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Previous: TELTRUST INC, S-1/A, 1998-07-08 |
Next: TWEETER HOME ENTERTAINMENT GROUP INC, S-1/A, 1998-07-08 |
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): June 25, 1998
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-1 Trust
New York (governing law of 333-39325 52-2088119
Pooling and Servicing Agreement) (Commission (IRS EIN)
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 846-8130
Former name or former address, if changed since last report)
ITEM 5. Other Events
On June 25, 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 June 25, 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: 7/3/1998
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 June
25, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 5/29/1998
Distribution Date: 6/25/1998
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% 41,494,626.63 221,650.46 2,051,316.15
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 5.87844% 58,407,243.93 286,119.57 663,147.09
OC CTX9801OC SUB 0.00000% 1,212,743.20 0.00 0.00
R CTX98001R R 0.00000% 0.00 0.00 0.00
Totals 171,614,613.76 889,403.36 2,714,463.24
</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 39,443,310.48 2,272,966.61 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 57,744,096.18 949,266.66 0.00
OC 0.00 1,785,156.48 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 169,472,563.14 3,603,866.60 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 41,494,626.63 2,051,316.15 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 58,407,243.93 663,147.09 0.00 0.00 0.00
OC 480,115.99 1,212,743.20 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 175,480,115.99 171,614,613.76 2,714,463.24 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 2,051,316.15 39,443,310.48 0.88636653 2,051,316.15
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-5 663,147.09 57,744,096.18 0.96240160 663,147.09
OC 0.00 1,785,156.48 3.71817752 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 2,714,463.24 169,472,563.14 0.96576505 2,714,463.24
</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 44,500,000.00 932.46351978 46.09699213 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 60,000,000.00 973.45406550 11.05245150 0.00000000 0.00000000
OC 480,115.99 2.52593795 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 46.09699213 886.36652764 0.88636653 46.09699213
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 11.05245150 962.40160300 0.96240160 11.05245150
OC 0.00000000 0.00000000 3.71817752 3.71817752 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% 41,494,626.63 221,650.46 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 5.87844% 58,407,243.93 286,119.57 0.00 0.00
OC 480,115.99 0.00000% 1,212,743.20 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 175,480,115.99 889,403.36 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 0.00 221,650.46 0.00 39,443,310.48
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 0.00 286,119.57 0.00 57,744,096.18
OC 0.00 0.00 0.00 0.00 1,785,156.48
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 889,403.36 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% 932.46351978 4.98090921 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 5.87844% 973.45406550 4.76865950 0.00000000 0.00000000
OC 480,115.99 0.00000% 2.52593795 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 4.98090921 0.00000000 886.36652764
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 4.76865950 0.00000000 962.40160300
OC 0.00000000 0.00000000 0.00000000 0.00000000 3.71817752
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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,700,009.79
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 3,700,009.79
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 96,143.19
Payment of Interest and Principal 3,603,866.60
Total Withdrawals (Pool Distribution Amount) 3,700,009.79
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 71,506.11
Trustee Fee 1,430.08
Spread 1 Fee 14,932.63
Spread 2 Fee 8,274.37
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 96,143.19
</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 49 3,051,598.89 1.833832% 1.800645%
60 Days 2 205,833.00 0.074850% 0.121455%
90+ Days 2 68,211.69 0.074850% 0.040249%
Foreclosure 6 225,524.31 0.224551% 0.133074%
REO 0 0.00 0.000000% 0.000000%
Totals 59 3,551,167.89 2.208084% 2.095423%
</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 10.893896%
Weighted AverageNet Coupon 10.383896%
Weighted Average Pass-Through Rate 10.383896%
Weighted Average Maturity(Stepdown Calculation ) 269
Begin Scheduled Collateral Loan Count 2,706
Number Of Loans Paid In Full 34
End Scheduled Collateral Loan Count 2,672
Begining Scheduled Collateral Balance 171,614,613.77
Ending Scheduled Collateral Balance 169,472,563.81
Ending Actual Collateral Balance at 29-May-1998 169,472,563.81
Monthly P &I Constant 1,702,061.72
Ending Scheduled Balance for Premium Loans 169,472,563.81
Scheduled Principal 144,101.89
Unscheduled Principal 1,997,948.07
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Fixed 30 Year 6 Month LIBOR
Collateral Description 10.594131 9.981572
Weighted Average Net Rate 224.00 354.00
Weighted Average Maturity 2,068.00 638.00
Begining Loan Count 28.00 6.00
Loans Paid In Full 2,040.00 632.00
Ending Loan Count 112,715,349.55 58,899,264.22
Begining Scheduled Balance 111,040,917.92 58,431,645.89
Ending Scheduled Balance 98-05-29 98-05-29
Record Date 1,164,792.87 537,268.85
Principal And Interest Constant 121,787.91 22,313.98
Scheduled Principal 1,552,643.72 445,304.35
Unscheduled Principal
Group ID 1 2
Subordinate Amount 1,097,608.32 687,548.16
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 0.00 0.00
Subordinate Increase Amount 2,211,777.08 3,137,979.71
Extra Principal Distribution Amount 376,884.52 195,528.76
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquincy Status By Groups
Groups 30 Days 60 Days 90 + Days Foreclosures REOs
Number Amount Number Amount Number Amount Number Amount Number Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 39 2,088,997.89 1 23,105.00 2 68,211.69 4 133,524.31 0 0.00
2 10 962,601.00 1 182,728.00 0 0.00 2 92,000.00 0 0.00
Total 49 3,051,598.89 2 205,833.00 2 68,211.69 6 225,524.31 0 0.00
</TABLE>
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