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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): October 26, 1998
MORTGAGE LENDERS HOME EQUITY LOAN TRUST
Asset Backed Certificates, Series 1998-1 Trust
New York (governing law of 333-27355-03 PENDING
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 MORTGAGE LENDERS
HOME EQUITY LOAN TRUST, Asset Backed Certificates, 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
Asset Backed Certificates, 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.
MORTGAGE LENDERS HOME EQUITY LOAN TRUST
Asset Backed Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Manager
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/09/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-1 Trust, relating to the October 26,
1998 distribution.
<TABLE>
<CAPTION>
Mortgage Lenders Network
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
MLN 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 61913JAA4 SEN 6.75500% 110,049,223.81 619,485.42 2,874,581.88
R MLN98001R OC 0.00000% 302.37 0.00 0.00
Totals 110,049,526.18 619,485.42 2,874,581.88
</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 0.00 107,174,641.93 3,494,067.30 0.00
R 0.00 302.37 0.00 0.00
Totals 0.00 107,174,944.30 3,494,067.30 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 120,000,000.00 110,049,223.81 117,380.75 2,757,201.13 0.00 0.00
R 302.37 302.37 0.00 0.00 0.00 0.00
Totals 120,000,302.37 110,049,526.18 117,380.75 2,757,201.13 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 2,874,581.88 107,174,641.93 0.89312202 2,874,581.88
R 0.00 302.37 1.00000000 0.00
Totals 2,874,581.88 107,174,944.30 0.89312229 2,874,581.88
</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 120,000,000.00 917.07686508 0.97817292 22.97667608 0.00000000
R 302.37 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are Per $1,000 Denomination
</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 0.00000000 23.95484900 893.12201608 0.89312202 23.95484900
R 0.00000000 0.00000000 1,000.00000000 1.00000000 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 120,000,000.00 6.75500% 110,049,223.81 619,485.42 0.00 0.00
R 302.37 0.00000% 302.37 0.00 0.00 0.00
Totals 120,000,302.37 619,485.42 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 0.00 0.00 619,485.42 0.00 107,174,641.93
R 0.00 0.00 0.00 0.00 302.37
Totals 0.00 0.00 619,485.42 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 120,000,000.00 6.75500% 917.07686508 5.16237850 0.00000000 0.00000000
R 302.37 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1,000 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 0.00000000 0.00000000 5.16237850 0.00000000 893.12201608
R 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
<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 3,604,370.17
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 15,841.64
Realized Losses (63,984.53)
Total Deposits 3,556,227.28
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 62,159.98
Payment of Interest and Principal 3,494,067.30
Total Withdrawals (Pool Distribution Amount) 3,556,227.28
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 46,542.29
Trustee Fee 1,861.69
Pool Insurance Fee 13,756.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 62,159.98
</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
</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 85 5,075,249.00 4.786036% 4.657759%
60 Days 12 610,517.00 0.675676% 0.560296%
90+ Days 7 380,803.00 0.394144% 0.349478%
Foreclosure 35 2,153,530.00 1.970721% 1.976381%
REO 5 525,728.00 0.281532% 0.482482%
Totals 144 8,745,827.00 8.108108% 8.026396%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 63,984.53
Cumulative Realized Losses - Includes Interest Shortfall 68,511.87
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 0.00 0.00000000% 0.00 0.00000000% 98.358460% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 9.476747%
Weighted AverageNet Coupon 8.976747%
Weighted Average Pass-Through Rate 8.956748%
Weighted Average Maturity(Stepdown Calculation ) 220
Begin Scheduled Collateral Loan Count 1,818
Number Of Loans Paid In Full 42
End Scheduled Collateral Loan Count 1,776
Beginning Scheduled Collateral Balance 111,701,392.24
Ending Scheduled Collateral Balance 108,963,318.71
Ending Actual Collateral Balance at 30-Sep-1998 108,963,318.71
Monthly P &I Constant 999,518.98
Class A Optimal Amount 3,507,823.30
Ending Scheduled Balance for Premium Loans 108,963,318.71
Required Overcollateralization Amount 5,400,013.61
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 1,652,168.43
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 200,492.88
Excess Cash Amount 200,492.88
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Bankruptcy 7 $313,497.00
Aggregate Balance - 3 largest loans $652,493.23
Rolling Loss Percentage .0571%
Delinquency Percentage 3.2892%
Overcollateralization Deficit $0.00
Overcollateralization Surplus $0.00
</TABLE>
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