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Previous: FINK LAURENCE, 4, 1999-01-08 |
Next: NORWEST ASSET SECURITIES CORP MOR PAS THR CERT SER 1998-6 TR, 8-K, 1999-01-08 |
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): December 28, 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.
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 December 28, 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
Monthly report distributed to holders of
EX-99.1 Home Equity Loan Asset-Backed Certs.,
Series 1998-1 Trust, relating to the
December 28, 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: 12/30/1998
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
December 28, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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% 27,852,683.13 148,779.75 1,816,020.21
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 5.27234% 50,956,529.25 246,271.80 2,522,907.57
OC CTX9801OC SUB 0.00000% 4,564,238.67 0.00 0.00
R CTX98001R R 0.00000% 0.00 0.00 0.00
Totals 153,873,451.05 776,684.88 4,338,927.78
</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 26,036,662.92 1,964,799.96 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 48,433,621.68 2,769,179.37 0.00
OC 5,574.95 0.00 0.00 5,574.95
R 0.00 0.00 0.00 0.00
Totals 5,574.95 144,970,284.60 5,115,612.66 5,574.95
<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 27,852,683.13 1,816,020.21 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 50,956,529.25 2,522,907.57 0.00 0.00 0.00
OC 480,115.99 4,564,238.67 0.00 0.00 0.00 5,574.95
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 175,480,115.99 153,873,451.05 4,338,927.78 0.00 0.00 5,574.95
<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 1,816,020.21 26,036,662.92 0.58509355 1,816,020.21
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 2,522,907.57 48,433,621.68 0.80722703 2,522,907.57
OC 5,574.95 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 4,344,502.73 144,970,284.60 0.82613511 4,338,927.78
</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 44,500,000.00 625.90299169 40.80944292 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 60,000,000.00 849.27548750 42.04845950 0.00000000 0.00000000
OC 480,115.99 9.50653335 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 40.80944292 585.09354876 0.58509355 40.80944292
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 42.04845950 807.22702800 0.80722703 42.04845950
OC 0.01161167 0.01161167 0.00000000 0.00000000 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% 27,852,683.13 148,779.75 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 5.27234% 50,956,529.25 246,271.80 0.00 0.00
OC 480,115.99 0.00000% 4,564,238.67 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 175,480,115.99 776,684.88 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 0.00 148,779.75 0.00 26,036,662.92
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 0.00 246,271.80 0.00 48,433,621.68
OC 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 776,684.88 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% 625.90299169 3.34336517 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 5.27234% 849.27548750 4.10453000 0.00000000 0.00000000
OC 480,115.99 0.00000% 9.50653335 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 3.34336517 0.00000000 585.09354876
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 4.10453000 0.00000000 807.22702800
OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
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
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
SEQ 1,200.00000% 20,333.00 19,733.00 0.00 0.00 82.80391087%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,206,916.86
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (5,574.94)
Total Deposits 5,201,341.92
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 85,729.26
Payment of Interest and Principal 5,115,612.66
Total Withdrawals (Pool Distribution Amount) 5,201,341.92
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 64,113.93
Trustee Fee 1,282.28
Group 1 MBIA Premium 13,114.00
Group 2 MBIA Premium 7,219.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 85,729.21
</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 81 4,292,089.41 3.369384% 2.860222%
60 Days 10 461,690.00 0.415973% 0.307667%
90+ Days 13 746,310.38 0.540765% 0.497337%
Foreclosure 38 2,198,749.63 1.580699% 1.465233%
REO 6 370,190.42 0.249584% 0.246693%
Totals 148 8,069,029.84 6.156406% 5.377153%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 5,574.95
Cumulative Realized Losses - Includes Interest Shortfall 5,574.94
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 10.877884%
Weighted Average Net Coupon 10.377883%
Weighted Average Pass-Through Rate 10.367881%
Weighted Average Maturity(Stepdown Calculation ) 262
Begin Scheduled Collateral Loan Count 2,453
Number Of Loans Paid In Full 49
End Scheduled Collateral Loan Count 2,404
Begining Scheduled Collateral Balance 153,873,450.65
Ending Scheduled Collateral Balance 150,061,382.12
Ending Actual Collateral Balance at 30-Nov-1998 150,061,382.12
Monthly P &I Constant 1,487,748.76
Ending Scheduled Balance for Premium Loans 150,061,382.12
</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 11.031515 10.582151
Weighted Average Net Rate 10.534549 10.082929
Weighted Average Maturity 218.00 348.00
Beginning Loan Count 1,881 572
Loans Paid In Full 30 19
Ending Loan Count 1,851 553
Beginning Scheduled Balance 101,266,126.80 52,607,323.85
Ending scheduled Balance 99,469,162.92 50,592,219.20
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 1,003,010.89 484,737.87
Scheduled Principal 72,078.53 20,822.33
Unscheduled Principal 1,724,885.75 1,994,282.32
Scheduled Interest 930,932.36 463,915.54
Servicing Fees 42,194.22 21,919.71
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 843.89 438.37
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 887,894.25 441,557.46
Realized Loss Amount 10.46 5,564.48
Cumulative Realized Loss 10.46 5,564.48
1 2
Group ID 2,932,500.00 2,158,597.52
Subordinate Amount 0.00 0.00
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 344,356.75 182,502.07
Subordinate Increase Amount 344,356.75 182,502.07
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptc
1 Principal Balance 2,850,648.48 461,690.00 505,739.47 1,230,006.55 316,665.27 1,179,901.84
Percentage Of Balanc 2.866% 0.464% 0.508% 1.237% 0.318% 1.186%
Loan Count 62 10 10 28 5 20
Percentage Of Loans 3.350% 0.540% 0.540% 1.513% 0.270% 1.080%
2 Principal Balance 1,441,440.93 0.00 240,570.91 968,743.08 53,525.15 565,244.38
Percentage Of Balanc 2.849% 0.000% 0.476% 1.915% 0.106% 1.117%
Loan Count 19 0 3 10 1 6
Percentage Of Loans 3.436% 0.000% 0.542% 1.808% 0.181% 1.085%
</TABLE>
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