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Previous: NORWEST ASSET SEC CORP MORT PASS THRU CERT SERI 1998-5 TRUST, 8-K, 1998-11-10 |
Next: IMPERIAL HOME DECOR GROUP INC, 10-Q, 1998-11-10 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 1998
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-1 Trust
New York (governing law of 333-39325-03 52-2088119
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of CENTEX HOME EQUITY
CORPORATION, Home Equity Loan Asset-Backed Certs., Series 1998-1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home
Equity Loan Asset-Backed Certs., Series 1998-1
Trust, relating to the October 26, 1998 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/04/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1998-1 Trust, relating to the
October 26, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
CHEC Series: 1998-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 152314AA8 SEQ 6.41000% 32,721,846.72 174,789.20 2,059,441.83
A-2 152314AB6 SEQ 6.40000% 46,000,000.00 245,333.33 0.00
A-3 152314AC4 SEQ 6.92000% 13,000,000.00 74,966.67 0.00
A-4 152314AD2 SEQ 6.40000% 11,500,000.00 61,333.33 0.00
A-5 152314AE0 SEQ 5.82375% 54,660,924.38 274,118.84 1,735,209.81
OC CTX9801OC SUB 0.00000% 3,455,428.89 0.00 0.00
R CTX98001R R 0.00000% 0.00 0.00 0.00
Totals 161,338,199.99 830,541.37 3,794,651.64
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 30,662,404.89 2,234,231.03 0.00
A-2 0.00 46,000,000.00 245,333.33 0.00
A-3 0.00 13,000,000.00 74,966.67 0.00
A-4 0.00 11,500,000.00 61,333.33 0.00
A-5 0.00 52,925,714.58 2,009,328.65 0.00
OC 0.00 4,041,464.18 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 158,129,583.65 4,625,193.01 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 44,500,000.00 32,721,846.72 2,059,441.83 0.00 0.00 0.00
A-2 46,000,000.00 46,000,000.00 0.00 0.00 0.00 0.00
A-3 13,000,000.00 13,000,000.00 0.00 0.00 0.00 0.00
A-4 11,500,000.00 11,500,000.00 0.00 0.00 0.00 0.00
A-5 60,000,000.00 54,660,924.38 1,735,209.81 0.00 0.00 0.00
OC 480,115.99 3,455,428.89 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 175,480,115.99 161,338,199.99 3,794,651.64 0.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 2,059,441.83 30,662,404.89 0.68904281 2,059,441.83
A-2 0.00 46,000,000.00 1.00000000 0.00
A-3 0.00 13,000,000.00 1.00000000 0.00
A-4 0.00 11,500,000.00 1.00000000 0.00
A-5 1,735,209.81 52,925,714.58 0.88209524 1,735,209.81
OC 0.00 4,041,464.18 8.41768294 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 3,794,651.64 158,129,583.65 0.90112537 3,794,651.64
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 44,500,000.00 735.32239820 46.27959169 0.00000000 0.00000000
A-2 46,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 13,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 11,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 60,000,000.00 911.01540633 28.92016350 0.00000000 0.00000000
OC 480,115.99 7.19707105 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All denominations are per $1000.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 46.27959169 689.04280652 0.68904281 46.27959169
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 28.92016350 882.09524300 0.88209524 28.92016350
OC 0.00000000 0.00000000 8.41768294 8.41768294 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 44,500,000.00 6.41000% 32,721,846.72 174,789.20 0.00 0.00
A-2 46,000,000.00 6.40000% 46,000,000.00 245,333.33 0.00 0.00
A-3 13,000,000.00 6.92000% 13,000,000.00 74,966.67 0.00 0.00
A-4 11,500,000.00 6.40000% 11,500,000.00 61,333.33 0.00 0.00
A-5 60,000,000.00 5.82375% 54,660,924.38 274,118.84 0.00 0.00
OC 480,115.99 0.00000% 3,455,428.89 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 175,480,115.99 830,541.37 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 174,789.20 0.00 30,662,404.89
A-2 0.00 0.00 245,333.33 0.00 46,000,000.00
A-3 0.00 0.00 74,966.67 0.00 13,000,000.00
A-4 0.00 0.00 61,333.33 0.00 11,500,000.00
A-5 0.00 0.00 274,118.84 0.00 52,925,714.58
OC 0.00 0.00 0.00 0.00 4,041,464.18
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 830,541.37 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 44,500,000.00 6.41000% 735.32239820 3.92784719 0.00000000 0.00000000
A-2 46,000,000.00 6.40000% 1000.00000000 5.33333326 0.00000000 0.00000000
A-3 13,000,000.00 6.92000% 1000.00000000 5.76666692 0.00000000 0.00000000
A-4 11,500,000.00 6.40000% 1000.00000000 5.33333304 0.00000000 0.00000000
A-5 60,000,000.00 5.82375% 911.01540633 4.56864733 0.00000000 0.00000000
OC 480,115.99 0.00000% 7.19707105 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 3.92784719 0.00000000 689.04280652
A-2 0.00000000 0.00000000 5.33333326 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.76666692 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.33333304 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 4.56864733 0.00000000 882.09524300
OC 0.00000000 0.00000000 0.00000000 0.00000000 8.41768294
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
SEQ 1,200.00000% 21,507.00 20,986.00 0.00 0.00 88.06176829%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,715,268.76
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 4,715,268.76
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 90,075.74
Payment of Interest and Principal 4,625,193.02
Total Withdrawals (Pool Distribution Amount) 4,715,268.76
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 67,224.26
Trustee Fee 1,344.48
Group 1 MBIA Premium 13,763.00
Group 2 MBIA Premium 7,744.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 90,075.74
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 59 2,965,830.59 2.350598% 1.876044%
60 Days 14 1,100,538.72 0.557769% 0.696149%
90+ Days 9 451,063.84 0.358566% 0.285322%
Foreclosure 46 2,652,280.89 1.832669% 1.677708%
REO 0 0.00 0.000000% 0.000000%
Totals 128 7,169,714.04 5.099602% 4.535222%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.908659%
Weighted AverageNet Coupon 10.398659%
Weighted Average Pass-Through Rate 10.238695%
Weighted Average Maturity(Stepdown Calculation ) 264
Begin Scheduled Collateral Loan Count 2,555
Number Of Loans Paid In Full 45
End Scheduled Collateral Loan Count 2,510
Begining Scheduled Collateral Balance 161,338,199.99
Ending Scheduled Collateral Balance 158,089,583.65
Ending Actual Collateral Balance at 30-Sep-1998 158,089,584.15
Monthly P &I Constant 1,592,738.06
Ending Scheduled Balance for Premium Loans 158,089,583.65
Scheduled Principal 126,085.18
Unscheduled Principal 3,122,530.68
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Fixed 30 Year 6 Month LIBOR ARM
Weighted Average Coupon Rate 11.079023 10.587452
Weighted Average Net Rate 10.569023 10.077452
Weighted Average Maturity 220.00 350.00
Begining Loan Count 1,951.00 604.00
Loans Paid In Full 31.00 14.00
Ending Loan Count 1,920.00 590.00
Begining Scheduled Balance 105,423.278.95 55,914,921.04
Ending Scheduled Balance 103,722,168.66 54,367,414.99
Record Date 09/30/98 09/30/98
Principal And Interest Constant 1,082,351.69 510,386.37
Scheduled Principal 109,029,23 17,055.93
Unscheduled Principal 1,592,080.56 1,530,450.12
Scheduled Interest 973,322.46 493,330.44
Servicing Fee 43,926.36 23,297.90
Other Fee 878.52 465.92
Net Interest 928,517.58 469,566.62
Group ID 1 2
Subordinate Amount 2,559,763.77 1,441,700.41
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 0.00 0.00
Subordinate Increase Amount 731,068.27 2,376,003.34
Extra Principal Distribution Amount 358,332.04 187,703.76
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 52 2,478,442.79 8 413,329.75 7 309,238.31 32
2 7 487,387.80 6 687,208.97 2 141,825.53 14
Total 59 $2,965,830.59 14 $1,100,538.72 9 $451,063.84 46
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
<S> <C>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
1 32 1,446,122.90 0 0.00 13 633,337.24
2 14 1,206,157.99 0 0.00 4 250,974.75
TOTAL 46 2,652,280.89 0 0.00 17 884,311.99
</TABLE>
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