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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): May 26, 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 (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
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 May 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 May 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: 6/3/1998
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 May
26, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
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: (410) 884-2173
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% 43,186,223.18 230,686.41 1,691,596.55
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 5.88625% 59,166,067.55 280,547.82 758,823.62
OC CTX9801OC SUB 0.00000% 576,957.54 0.00 0.00
R CTX98001R R 0.00000% 0.00 0.00 0.00
Totals 173,429,248.27 892,867.56 2,450,420.17
</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 41,494,626.63 1,922,282.96 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 58,407,243.93 1,039,371.44 0.00
OC 0.00 1,212,743.20 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 171,614,613.76 3,343,287.73 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 43,186,223.18 1,691,596.55 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 59,166,067.55 758,823.62 0.00 0.00 0.00
OC 480,115.99 576,957.54 0.00 0.00 0.00 0.00
Totals 175,480,115.99 173,429,248.27 2,450,420.17 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 1,691,596.55 41,494,626.63 0.93246352 1,691,596.55
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-5 758,823.62 58,407,243.93 0.97345407 758,823.62
OC 0.00 1,212,743.20 2.52593795 0.00
Totals 2,450,420.17 171,614,613.76 0.97797185 2,450,420.17
</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 44,500,000.00 970.47692539 38.01340562 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 60,000,000.00 986.10112583 12.64706033 0.00000000 0.00000000
OC 480,115.99 1.20170449 0.00000000 0.00000000 0.00000000
R 0.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
</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 38.01340562 932.46351978 0.93246352 38.01340562
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 12.64706033 973.45406550 0.97345407 12.64706033
OC 0.00000000 0.00000000 2.52593795 2.52593795 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% 43,186,223.18 230,686.41 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 5.88625% 59,166,067.55 280,547.82 0.00 0.00
OC 480,115.99 0.00000% 576,957.54 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 175,480,115.99 892,867.56 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 0.00 230,686.41 0.00 41,494,626.63
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 0.00 280,547.82 0.00 58,407,243.93
OC 0.00 0.00 0.00 0.00 1,212,743.20
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 892,867.56 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% 970.47692539 5.18396427 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 5.88625% 986.10112583 4.67579700 0.00000000 0.00000000
OC 480,115.99 0.00000% 1.20170449 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 5.18396427 0.00000000 932.46351978
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 4.67579700 0.00000000 973.45406550
OC 0.00000000 0.00000000 0.00000000 0.00000000 2.52593795
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 3,440,554.77
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 3,440,554.77
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 97,267.04
Payment of Interest and Principal 3,343,287.73
Total Withdrawals (Pool Distribution Amount) 3,440,554.77
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 72,283.27
Trustee Fee 1,445.57
Spread 1 Fee 0.00
Spread 2 Fee 0.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 97,267.04
</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 51 2,963,097.00 1.884701% 1.726599%
60 Days 5 223,621.00 0.184775% 0.130304%
90+ Days 2 72,443.00 0.073910% 0.042213%
Foreclosure 1 42,387.00 0.036955% 0.024699%
REO 0 0.00 0.000000% 0.000000%
Totals 59 3,301,548.00 2.180340% 1.923815%
</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>
Group Level Collateral Statement
Group ID 1 2
Collateral Description Fixed 30 Year 6 Month LIBOR
<S> <C> <C>
Weighted Average Net Rate 10.595461 9.980596
Weighted Average Maturity 225.00 355.00
Begining Loan Count 2,088.00 644.00
Loans Paid In Full 20.00 6.00
Ending Loan Count 2,068.00 638.00
Begining Scheduled Balance 114,027,607.28 59,452,543.14
Ending Scheduled Balance 112,715,349.55 58,899,264.22
Record Date 98-04-30 98-04-30
Principal And Interest Constant 1,170,415.45 541,617.19
Scheduled Principal 119,016.06 23,505.75
Unscheduled Principal 1,197,116.55 531,405.58
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 379,338.82 205,544.70 0.00
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 2,932,500.00 3,630,000.00 0.00
Overcollateralization Amount 720,723.80 492,019.40 0.00
Overcollateralization Deficiency Amount 0.00 0.00
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 0.00 0.00
</TABLE>
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