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)
January 19, 1999
CHEC ASSET RECEIVABLES CORPORATION
(Exact name of registrant as specified in charter)
NEVADA 333-54027 13-3460894
- ------------------------------------------------------------------------------
(State or other (Commission File (IRS Employer
jurisdiction Number) Identification
of Incorporation) Number)
277 PARK AVENUE, NEW YORK, NEW YORK 10172
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
NOT APPLICABLE
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
monthly servicing report relating to the December 28, 1998 Distribution Date.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement dated as of November 1, 1998, among the
Depositor, Centex Credit Corporation d/b/a Centex Home Equity Corporation, as
Seller and Servicer, and Norwest Bank Minnesota, National Association, as
Trustee, which was previously filed as an exhibit to Registration Statement No.
333-54027.
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT NO.
19.1 Monthly Servicing Report
<PAGE>
SIGNATURES
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 thereunto duly authorized.
CHEC ASSET RECEIVABLES CORPORATION
(Registrant)
Date: January 19, 1999 By: /S/ ANTHONY H. BARONE
-------------------------
Name: Anthony H. Barone
Title: President and CEO
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
19.1 Monthly Servicing Report
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
Certificateholder Distribution Summary
- ------------------------------------------------------------------------------------------------------------------------------------
Certificate Certificate Beginning Current Ending Total Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Distri Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance bution Losses
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
R CTX98004R R 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-1 152314AU4 SEQ 6.71000% 137,433,000.00 768,479.52 1,128,230.54 0.00 136,304,769.46 1,896,710.06 0.00
A-2 152314AV2 SEQ 5.59891% 51,423,000.00 271,917.60 432,749.30 0.00 50,990,250.70 704,666.90 0.00
OC CTX9804OC SUB 0.00000% 10,214.83 0.00 0.00 0.00 107,231.46 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 188,866,214.83 1,040,397.12 1,560,979.84 0.00 187,402,251.62 2,601,376.96 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
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.
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
Principal Distribution Statement
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total Ending Ending Total
Face Certificate Principal Principal Realized Principal Certificate Certificate Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance Percentage Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00000000 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00000000 0.00
A-1 137,433,000.00 137,433,000.00 110,535.40 1,017,695.14 0.00 0.00 1,128,230.54 136,304,769.46 0.99179069 1,128,230.54
A-2 51,423,000.00 51,423,000.00 13,576.18 419,173.12 0.00 0.00 432,749.30 50,990,250.70 0.99158452 432,749.30
OC 10,214.83 10,214.83 0.00 0.00 0.00 0.00 0.00 107,231.46 10.49762551 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals188,866,214.83 188,866,214.83 124,111.58 1,436,868.26 0.00 0.00 1,560,979.84 187,402,251.62 0.99224868 1,560,979.84
- ------------------------------------------------------------------------------------------------------------------------------------
(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.
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total Ending Ending Total
Face Certificate Principal Principal Realized Principal Certificate Certificate Principal
Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction Balance Percentage Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1 137,433,000.00 1000.00000000 0.80428572 7.40502747 0.00000000 0.00000000 8.20931319 991.79068681 0.99179069 8.20931319
A-2 51,423,000.00 1000.00000000 0.26400988 8.15147152 0.00000000 0.00000000 8.41548140 991.58451860 0.99158452 8.41548140
OC 10,214.83 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 10497.62551114 10.49762551 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
All denominations are Per $1000
(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.
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
Interest Distribution Statement
- ------------------------------------------------------------------------------------------------------------------------------------
Class Original Current Beginning Current Payment Current Non- Realized Total Remaining Ending
Face Certificate Certificate/ Accrued of Interest Supported Losses Interest Unpaid Certificate/
Amount Rate Notional Interest Unpaid Shortfall Interest (4) Distri Interest Notional
Balance Interest Shortfall bution Shortfall Balance
Shortfall
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-1 137,433,000.00 6.71000% 137,433,000.00 768,479.52 0.00 0.00 0.00 0.00 768,479.52 0.00 136,304,769.46
A-2 51,423,000.00 5.59891% 51,423,000.00 271,917.60 0.00 0.00 0.00 0.00 271,917.60 0.00 50,990,250.70
OC 10,214.83 0.00000% 10,214.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 107,231.46
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 188,866,214.83 1,040,397.12 0.00 0.00 0.00 0.00 1,040,397.12 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
(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.
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
Interest Distribution Factors Statement
- ------------------------------------------------------------------------------------------------------------------------------------
Class Original Current Beginning Current Payment Current Non- Realized Total Remaining Ending
(5) Face Certificate Certificate/ Accrued of Interest Supported Losses Interest Unpaid Certificate/
Amount Rate Notional Interest Unpaid Shortfall Interest (6) Distri Interest Notional
Balance Interest Shortfall bution Shortfall Balance
Shortfall
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1 137,433,000.00 6.71000% 1000.00000000 5.59166663 0.00000000 0.00000000 0.00000000 0.00000000 5.59166663 0.00000000 991.79068681
A-2 51,423,000.00 5.59891% 1000.00000000 5.28785952 0.00000000 0.00000000 0.00000000 0.00000000 5.28785952 0.00000000 991.58451860
OC 10,214.83 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.0000000010497.62551114
- ------------------------------------------------------------------------------------------------------------------------------------
All denominations are Per $1000
(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.
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
Certificateholder Component Statement
- ------------------------------------------------------------------------------------------------------------------------------------
Class Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
FSA 0.17000% 188,856,000.00 187,294,702.11 0.00 0.00 99.17328658%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
Certificateholder Account Statement
- -----------------------------------------------------------------------
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,707,613.30
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 2,707,613.30
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 106,236.34
Payment of Interest and Principal 2,601,376.96
------------------
Total Withdrawals (Pool Distribution Amount) 2,707,613.30
Ending Balance 0.00
==================
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall (0.02)
Servicing Fee Support 0.00
---------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
=========
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SERVICING FEES
Gross Servicing Fee 78.694.28
Trustee Fee 787.46
Group 1 FSA Premium 19,469.68
Group 2 FSA Premium 7,284.92
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 106,236.34
============
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
OTHER ACCOUNTS
Account Type Beginning Current Current Ending
Balance Withdrawals Deposits Balance
- -------------------------------------------------------------------------------
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
- -------------------------------------------------------------------------------
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
of Loans Balance of Loans Balance
--------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
30 Days 11 845,470.63 0.394265 % 0.451153 %
60 Days 2 187,067.47 0.071685 % 0.099821 %
90+ Days 0 0.00 0.000000 % 0.000000 %
Foreclosure 1 43,958.13 0.035842 % 0.023457 %
REO 0 0.00 0.000000 % 0.000000 %
Totals 14 1,076,496.23 0.501792 % 0.574431 %
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 9,787.03
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
- -------------------------------------------------------------------------------
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 0.000000%
Weighted Average Net Coupon 7.401777%
Weighted Average Pass-Through Rate 7.396784%
Weighted Average Maturity (Stepdown Calculation) 323
Beginning Scheduled Collateral Loan Count 2,803
Number of Loans Paid in Full 13
Ending Scheduled Collateral Loan Count 2,790
Beginning Scheduled Collateral Balance 188,866,214.83
Ending Scheduled Collateral Balance 187,402,093.12
Ending Actual Collateral Balance at 30-Nov-1998 187,402,251.19
Monthly P&I Consent 1,368,079.27
Ending Scheduled Balance for Premium Loans 187,402,093.12
- -------------------------------------------------------------------------------
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Group 1 2
Collateral Description Mixed Fixed 6 Month LIBOR ARM
<S> <C> <C>
Weighted Average Coupon Rate 7.914706 7.867246
Weighted Average Net Rate 7.409706 7.362246
Weighted Average Maturity 323.00 323.00
Record Date 11/30/98 11/30/98
Principal And Interest Constant 1,017,051.46 351,027.81
Beginning Loan Count 2,275 528
Loans Paid In Full 11 2
Ending Loan Count 2,264 526
Beginning Scheduled Balance 137,442,781.22 51,423,433.10
Ending Scheduled Balance 136,375,277.03 51,026,816.09
Scheduled Principal 110,535.40 13,893.80
Unscheduled Principal 956,968.79 382,882.76
Scheduled Interests 906,516.06 337,134.01
Servicing Fee 57,267.86 21,426.42
Master Servicing Fee 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 572.68 214.28
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 848,675.52 315,493.31
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
- -----------------------------------------------------------------------------------------------------------
1 2
Subordinate Amount 70,507.57 36,723.89
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 5,016,661.53 2,956,847.41
Subordinated Increase Amount 5,006,880.31 2,956,254.76
Extra Principal Distribution Amount 60,726.35 36,290.79
Excess Cash Amount 60,726.35 36,290.79
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Centex Home Equity Corporation Contact: Customer Service - Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
24-Dec-1998 12:49:59 PM Telephone: (301) 815-6600
Fax: (410) 884-2369
CHEC SERIES 1998-4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Delinquency Status By Group
- ------------------------------------------------------------------------------------------------------------------------------------
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 Principal Balance 437,372.18 13,678.74 0.00 43,958.13 0.00 0.00
Percentage Of Balance 0.321% 0.010% 0.000% 0.032% 0.000% 0.000%
Loan Count 7 1 0 1 0 0
Percentage of Loan Count 0.309% 0.044% 0.000% 0.044% 0.000% 0.000%
2 Principal Balance 408,098.45 173,388.73 0.00 0.00 0.00 0.00
Percentage Of Balance 0.800% 0.340% 0.000% 0.000% 0.000% 0.000%
Loan Count 4 1 0 0 0 0
Percentage of Loan Count 0.760% 0.190% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
