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): April 27, 1998
MORTGAGE LENDERS HOME EQUITY LOAN TRUST
Asset Backed Certificates, Series 1998-1 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of PENDING
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) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On April 27, 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 April 27, 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/ Nancy Burgess, Vice president
By: Nancy Burgess, Vice president
Date: 5/12/1998
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 April 27,
1998 distribution.
<TABLE>
<CAPTION>
Mortgage Lenders Network
Mortgage Pass-Through Certificates
Record Date: 3/31/1998
Distribution Date: 4/27/1998
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: (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 61913JAA4 SEN 6.75500% 120,000,000.00 675,500.00 1,214,198.15
R MLN98001R OC 0.00000% 302.37 0.00 0.00
Totals 120,000,302.37 675,500.00 1,214,198.15
</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 $118,785,801.85 $1,889,698.15 $0.00
R $0.00 $302.37 $0.00 $0.00
Totals $0.00 $118,786,104.22 $1,889,698.15 $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 120,000,000.00 120,000,000.00 121,077.72 1,093,120.43 0.00 0.00
R 302.37 302.37 0.00 0.00 0.00 0.00
Totals $120,000,302.37 $120,000,302.37 $121,077.72 $1,093,120.43 $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 $1,214,198.15 $118,785,801.85 0.98988168 $1,214,198.15
R $0.00 $302.37 1.00000000 $0.00
Totals $1,214,198.15 $118,786,104.22 0.98988171 $1,214,198.15
</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 1000.00000000 1.00898100 9.10933692 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 10.11831792 989.88168208 0.98988168 10.11831792
R 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
<FN>
(3) 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>
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% 120,000,000.00 675,500.00 0.00 0.00
R 302.37 0.00000% 302.37 0.00 0.00 0.00
Totals 120,000,302.37 675,500.00 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 0.00 675,500.00 0.00 118,785,801.85
R 0.00 0.00 0.00 0.00 302.37
Totals 0.00 0.00 675,500.00 0.00
<FN>
(4) 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>
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% 1000.00000000 5.62916667 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
</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 5.62916667 0.00000000 989.88168208
R 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
<FN>
(6) 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>
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>
JUN_OC 0.00000% 0.00 0.00 0.00 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,846,925.90
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 109,772.39
Realized Losses 0.00
Total Deposits 1,956,698.29
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 67,000.14
Payment of Interest and Principal 1,889,698.15
Total Withdrawals (Pool Distribution Amount) 1,956,698.29
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 50,000.13
Trustee Fee 2,000.01
Pool Insurance Fee 15,000.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 67,000.14
</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 21 1,014,480.00 1.082474% 0.851995%
60 Days 3 105,644.40 0.154639% 0.088724%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 24 1,120,124.40 1.237113% 0.940719%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
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 302.37 0.00025197% 302.37 0.00025394% 99.760367% 0.000000%
Class R 0.00 0.00000000% 0.00 0.00000000% 0.000254% 100.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 0.00 0.00000000% 0.00 0.00000000%
Fraud 0.00 0.00000000% 0.00 0.00000000%
Special Hazard 0.00 0.00000000% 0.00 0.00000000%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 0.000000%
Weighted Average Net Coupon 9.775284%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity (Stepdown Calculation) 226
Beginning Scheduled Collateral Loan Count 1,951
Number of Loans Paid in Full 11
Ending Scheduled Collateral Loan Count 1,940
Beginning Scheduled Collateral Balance 120,000,302.37
Ending Scheduled Collateral Balance 119,071,135.50
Ending Actual Collateral Balance at 31-Mar-1998 119,071,135.50
Monthly P&I Constant 1,148,609.13
Class A Optimal Amount $1,904,698.15
Class AP Deferred Amount $0.00
Unpaid Principal Balance of Outstanding Mortgage
Loans with Original LTV:
Less than or equal to 80% 0.00
Greater than 80%, less than or equal to 85% 0.00
Greater than 85%, less than or equal to 95% 0.00
Greater than 95% 0.00
</TABLE>
