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Previous: HARD ROCK HOTEL INC, S-4/A, 1998-09-02 |
Next: MORGAN STANLEY CAP I INC COMM MORT PASS THR CER SER 1998 XL2, 8-K, 1998-09-02 |
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): August 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) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 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 August 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: 8/27/1998
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
August 25, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 7/31/1998
Distribution Date: 8/25/1998
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% 37,430,396.88 199,940.70 2,321,188.88
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% 56,904,879.06 269,825.93 996,450.56
OC CTX9801OC SUB 0.00000% 2,332,566.34 0.00 0.00
R CTX98001R R 0.00000% 0.00 0.00 0.00
Totals 167,167,842.28 851,399.96 3,317,639.44
</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 35,109,208.00 2,521,129.58 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 55,908,428.51 1,266,276.49 0.00
OC 0.00 2,904,941.81 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 164,422,578.32 4,169,039.40 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 37,430,396.88 2,321,188.88 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 56,904,879.06 996,450.56 0.00 0.00 0.00
OC 480,115.99 2,332,566.34 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 175,480,115.99 167,167,842.28 3,317,639.44 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 2,321,188.88 35,109,208.00 0.78897097 2,321,188.88
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-5 996,450.56 55,908,428.51 0.93180714 996,450.56
OC 0.00 2,904,941.81 6.05050003 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 3,317,639.44 164,422,578.32 0.93698695 3,317,639.44
</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 44,500,000.00 841.13251416 52.16154787 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 60,000,000.00 948.41465100 16.60750933 0.00000000 0.00000000
OC 480,115.99 4.85833921 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 52.16154787 788.97096629 0.78897097 52.16154787
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 16.60750933 931.80714183 0.93180714 16.60750933
OC 0.00000000 0.00000000 6.05050003 6.05050003 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% 37,430,396.88 199,940.70 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% 56,904,879.06 269,825.94 0.00 0.00
OC 480,115.99 0.00000% 2,332,566.34 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 175,480,115.99 851,399.97 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 0.00 199,940.70 0.00 35,109,208.00
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 0.00 269,825.93 0.00 55,908,428.51
OC 0.00 0.00 0.00 0.00 2,904,941.81
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 851,399.96 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% 841.13251416 4.49304944 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% 948.41465100 4.49709900 0.00000000 0.00000000
OC 480,115.99 0.00000% 4.85833921 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 4.49304944 0.00000000 788.97096629
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 4.49709883 0.00000000 931.80714183
OC 0.00000000 0.00000000 0.00000000 0.00000000 6.05050003
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 Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
SEQ 1,200.00000% 22,453.00 22,001.00 0.00 0.00 92.32092652%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,262,538.75
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 4,262,538.75
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 93,499.33
Payment of Interest and Principal 4,169,039.42
Total Withdrawals (Pool Distribution Amount) 4,262,538.75
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 69,653.26
Trustee Fee 1,393.07
Spread 1 Fee 14,391.00
Spread 2 Fee 8,062.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 93,499.33
</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 86 4,428,594.52 3.310239% 2.693422%
60 Days 21 1,216,697.41 0.808314% 0.739982%
90+ Days 2 223,491.45 0.076982% 0.135925%
Foreclosure 16 985,940.89 0.615858% 0.599638%
REO 0 0.00 0.000000% 0.000000%
Totals 125 6,854,724.27 4.811393% 4.168968%
</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 10.891627%
Weighted AverageNet Coupon 10.381627%
Weighted Average Pass-Through Rate 10.220450%
Weighted Average Maturity(Stepdown Calculation ) 266
Begin Scheduled Collateral Loan Count 2,638
Number Of Loans Paid In Full 40
End Scheduled Collateral Loan Count 2,598
Begining Scheduled Collateral Balance 167,167,842.28
Ending Scheduled Collateral Balance 164,422,578.31
Ending Actual Collateral Balance at 31-Jul-1998 164,422,578.31
Monthly P &I Constant 1,660,928.60
Ending Scheduled Balance for Premium Loans 164,422,578.31
Scheduled Principal 143,653.82
Unscheduled Principal 2,601,610.15
</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 11.086062 10.523408
Weighted Average Net Rate 10.576062 10.013408
Weighted Average Maturity 222.00 352.00
Begining Loan Count 2,014.00 624.00
Loans Paid In Full 30.00 10.00
Ending Loan Count 1,984.00 614.00
Begining Scheduled Balance 109,400,027.26 57,767,815.02
Ending Scheduled Balance 107,447,057.88 56,975,520.43
Record Date 98-07-31 98-07-31
Principal And Interest Constant 1,131,773.53 529,155.07
Scheduled Principal 121,093.99 22,559.83
Unscheduled Principal 1,831,875.39 769,734.76
Scheduled Interest 1,010,679.54 506,595.24
Servicing Fee 45,583.34 24,069.92
Other Fee 911.68 481.41
Net Interest 964,184.52 482,043.91
Subordinate Amount 1,837,849.88 1,067,091.93
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 0.00 0.00
Subordinate Increase Amount 1,462,869.62 2,767,064.04
Extra Principal Distribution Amount 368,219.50 204,155.97
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 68 3,292,494.18 15 768,953.90 1 40,763.65
2 18 1,136,100.34 6 447,743.51 1 182,727.80
Total 86 4,428,594.52 21 1,216,697.41 2 223,491.45
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 13 614,390.83 0 0.00 6 307,394.78
2 3 371,550.06 0 0.00 1 71,878.66
TOTAL 16 985,940.89 0 0.00 7 379,273.44
</TABLE>
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