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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-10 TR, 8-K, 1998-11-10 |
Next: MITSUI VENDOR LEASING 1998-1 LLC, S-1/A, 1998-11-10 |
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
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Asset Backed Certificates, Series 1998-AQ1 Trust
New York (governing law of 333-44593-05 52-2107845
Pooling and Servicing Agreement) (Commission 52-2107852
(State or other File Number) IRS EIN
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (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 SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., Asset Backed Certificates, Series 1998-AQ1
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-AQ1 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.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Asset Backed Certificates, Series 1998-AQ1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 11/10/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-AQ1 Trust, relating to the October
26, 1998 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
SBMSVII Series: 1998-AQ1
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 79548KZD3 SEQ 6.56000% 187,886,759.91 1,027,114.29 10,072,219.31
A-2 79548KZE1 SEQ 6.43000% 93,019,000.00 498,426.81 0.00
A-3 79548KZF8 SEQ 6.56000% 111,152,000.00 607,630.93 0.00
A-4 79548KZG6 SEQ 6.74000% 91,336,000.00 513,003.87 0.00
A-5 79548KZH4 SEQ 7.15000% 21,127,000.00 125,881.71 0.00
A-6 79548KZJ0 SEQ 6.63000% 30,000,000.00 165,750.00 0.00
A-7 79548KZK7 SEQ 7.93000% 37,500,000.00 247,812.50 0.00
R-I 79548KZP6 SEQ 7.00000% 0.00 0.00 0.00
R-II 79548KZQ4 SEQ 7.00000% 0.00 0.00 0.00
P SAL98A00P IO 0.00000% 100.00 175,418.69 0.00
B-1 79548KZL5 SUB 7.00000% 26,925,465.97 157,065.22 19,193.47
B-2 79548KZM3 SUB 7.00000% 15,146,073.23 88,352.09 10,796.68
B-3 79548KZN1 SUB 7.00000% 8,413,709.50 49,079.97 5,997.60
B-4 SAL98A0B4 SUB 7.00000% 12,116,459.69 70,679.35 8,637.06
B-5 SAL98A0B5 SUB 7.00000% 5,722,160.14 33,379.27 4,078.97
B-6 SAL98A0B6 SUB 7.00000% 5,721,641.24 33,376.24 4,078.60
XS-N SAL98AXSN IO 3.18256% 0.00 459,519.73 0.00
XS-T SAL98AXST IO 2.81735% 0.00 824,631.15 0.00
XS-S SAL98AXSS IO 2.81735% 0.00 285,412.02 0.00
Totals 646,066,369.68 5,362,533.84 10,125,001.69
</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 0.00 177,814,540.60 11,099,333.60 0.00
A-2 0.00 93,019,000.00 498,426.81 0.00
A-3 0.00 111,152,000.00 607,630.93 0.00
A-4 0.00 91,336,000.00 513,003.87 0.00
A-5 0.00 21,127,000.00 125,881.71 0.00
A-6 0.00 30,000,000.00 165,750.00 0.00
A-7 0.00 37,500,000.00 247,812.50 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
P 0.00 100.00 175,418.69 0.00
B-1 0.00 26,906,272.50 176,258.69 0.00
B-2 0.00 15,135,276.55 99,148.77 0.00
B-3 0.00 8,407,711.89 55,077.57 0.00
B-4 0.00 12,107,822.62 79,316.41 0.00
B-5 0.00 5,718,081.17 37,458.24 0.00
B-6 0.00 5,717,562.64 37,454.84 0.00
XS-N 0.00 0.00 459,519.73 0.00
XS-T 0.00 0.00 824,631.15 0.00
XS-S 0.00 0.00 285,412.02 0.00
Totals 0.00 635,941,367.97 15,487,535.53 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-1 216,622,000.00 187,886,759.91 407,757.65 9,664,461.66 0.00 0.00
A-2 93,019,000.00 93,019,000.00 0.00 0.00 0.00 0.00
A-3 111,152,000.00 111,152,000.00 0.00 0.00 0.00 0.00
A-4 91,336,000.00 91,336,000.00 0.00 0.00 0.00 0.00
A-5 21,127,000.00 21,127,000.00 0.00 0.00 0.00 0.00
A-6 30,000,000.00 30,000,000.00 0.00 0.00 0.00 0.00
A-7 37,500,000.00 37,500,000.00 0.00 0.00 0.00 0.00
R-I 100.00 0.00 0.00 0.00 0.00 0.00
R-II 100.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
B-1 27,000,000.00 26,925,465.97 19,193.47 0.00 0.00 0.00
B-2 15,188,000.00 15,146,073.23 10,796.68 0.00 0.00 0.00
B-3 8,437,000.00 8,413,709.50 5,997.60 0.00 0.00 0.00
B-4 12,150,000.00 12,116,459.69 8,637.06 0.00 0.00 0.00
B-5 5,738,000.00 5,722,160.14 4,078.97 0.00 0.00 0.00
B-6 5,737,479.66 5,721,641.24 4,078.60 0.00 0.00 0.00
XS-N 0.00 0.00 0.00 0.00 0.00 0.00
XS-T 0.00 0.00 0.00 0.00 0.00 0.00
XS-S 0.00 0.00 0.00 0.00 0.00 0.00
Totals 675,006,779.66 646,066,369.68 460,540.03 9,664,461.66 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 10,072,219.31 177,814,540.60 0.82085172 10,072,219.31
A-2 0.00 93,019,000.00 1.00000000 0.00
A-3 0.00 111,152,000.00 1.00000000 0.00
A-4 0.00 91,336,000.00 1.00000000 0.00
A-5 0.00 21,127,000.00 1.00000000 0.00
A-6 0.00 30,000,000.00 1.00000000 0.00
A-7 0.00 37,500,000.00 1.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
B-1 19,193.47 26,906,272.50 0.99652861 19,193.47
B-2 10,796.68 15,135,276.55 0.99652861 10,796.68
B-3 5,997.60 8,407,711.89 0.99652861 5,997.60
B-4 8,637.06 12,107,822.62 0.99652861 8,637.06
B-5 4,078.97 5,718,081.17 0.99652861 4,078.97
B-6 4,078.60 5,717,562.64 0.99652861 4,078.60
XS-N 0.00 0.00 0.00000000 0.00
XS-T 0.00 0.00 0.00000000 0.00
XS-S 0.00 0.00 0.00000000 0.00
Totals 10,125,001.69 635,941,367.97 0.94212590 10,125,001.69
</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-1 216,622,000.00 867.34846835 1.88234644 44.61440509 0.00000000
A-2 93,019,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 111,152,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 91,336,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 21,127,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 30,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 37,500,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 100.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 100.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 27,000,000.00 997.23948037 0.71086926 0.00000000 0.00000000
B-2 15,188,000.00 997.23948051 0.71086911 0.00000000 0.00000000
B-3 8,437,000.00 997.23948086 0.71086879 0.00000000 0.00000000
B-4 12,150,000.00 997.23948066 0.71086914 0.00000000 0.00000000
B-5 5,738,000.00 997.23948066 0.71086964 0.00000000 0.00000000
B-6 5,737,479.66 997.23948128 0.71086962 0.00000000 0.00000000
XS-N 0.00 0.00000000 0.00000000 0.00000000 0.00000000
XS-T 0.00 0.00000000 0.00000000 0.00000000 0.00000000
XS-S 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Classes are Per $1000 Denominations.
</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 46.49675153 820.85171682 0.82085172 46.49675153
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 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.71086926 996.52861111 0.99652861 0.71086926
B-2 0.00000000 0.71086911 996.52861140 0.99652861 0.71086911
B-3 0.00000000 0.71086879 996.52861088 0.99652861 0.71086879
B-4 0.00000000 0.71086914 996.52861070 0.99652861 0.71086914
B-5 0.00000000 0.71086964 996.52861101 0.99652861 0.71086964
B-6 0.00000000 0.71086962 996.52861166 0.99652861 0.71086962
XS-N 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
XS-T 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
XS-S 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-1 216,622,000.00 6.56000% 187,886,759.91 1,027,114.29 0.00 0.00
A-2 93,019,000.00 6.43000% 93,019,000.00 498,426.81 0.00 0.00
A-3 111,152,000.00 6.56000% 111,152,000.00 607,630.93 0.00 0.00
A-4 91,336,000.00 6.74000% 91,336,000.00 513,003.87 0.00 0.00
A-5 21,127,000.00 7.15000% 21,127,000.00 125,881.71 0.00 0.00
A-6 30,000,000.00 6.63000% 30,000,000.00 165,750.00 0.00 0.00
A-7 37,500,000.00 7.93000% 37,500,000.00 247,812.50 0.00 0.00
R-I 100.00 7.00000% 0.00 0.00 0.00 0.00
R-II 100.00 7.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
B-1 27,000,000.00 7.00000% 26,925,465.97 157,065.22 0.00 0.00
B-2 15,188,000.00 7.00000% 15,146,073.23 88,352.09 0.00 0.00
B-3 8,437,000.00 7.00000% 8,413,709.50 49,079.97 0.00 0.00
B-4 12,150,000.00 7.00000% 12,116,459.69 70,679.35 0.00 0.00
B-5 5,738,000.00 7.00000% 5,722,160.14 33,379.27 0.00 0.00
B-6 5,737,479.66 7.00000% 5,721,641.24 33,376.24 0.00 0.00
XS-N 0.00 3.18256% 173,263,969.72 459,519.73 0.00 0.00
XS-T 0.00 2.81735% 351,236,418.53 824,631.15 0.00 0.00
XS-S 0.00 2.81735% 121,565,981.41 285,412.02 0.00 0.00
Totals 675,006,779.66 5,187,115.15 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 1,027,114.29 0.00 177,814,540.60
A-2 0.00 0.00 498,426.81 0.00 93,019,000.00
A-3 0.00 0.00 607,630.93 0.00 111,152,000.00
A-4 0.00 0.00 513,003.87 0.00 91,336,000.00
A-5 0.00 0.00 125,881.71 0.00 21,127,000.00
A-6 0.00 0.00 165,750.00 0.00 30,000,000.00
A-7 0.00 0.00 247,812.50 0.00 37,500,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 175,418.69 0.00 100.00
B-1 0.00 0.00 157,065.22 0.00 26,906,272.50
B-2 0.00 0.00 88,352.09 0.00 15,135,276.55
B-3 0.00 0.00 49,079.97 0.00 8,407,711.89
B-4 0.00 0.00 70,679.35 0.00 12,107,822.62
B-5 0.00 0.00 33,379.27 0.00 5,718,081.17
B-6 0.00 0.00 33,376.24 0.00 5,717,562.64
XS-N 0.00 0.00 459,519.73 0.00 169,019,333.94
XS-T 0.00 0.00 824,631.15 0.00 345,356,052.61
XS-S 0.00 0.00 285,412.02 0.00 121,565,981.41
Totals 0.00 0.00 5,362,533.84 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-1 216,622,000.00 6.56000% 867.34846835 4.74150497 0.00000000 0.00000000
A-2 93,019,000.00 6.43000% 1000.00000000 5.35833335 0.00000000 0.00000000
A-3 111,152,000.00 6.56000% 1000.00000000 5.46666664 0.00000000 0.00000000
A-4 91,336,000.00 6.74000% 1000.00000000 5.61666670 0.00000000 0.00000000
A-5 21,127,000.00 7.15000% 1000.00000000 5.95833341 0.00000000 0.00000000
A-6 30,000,000.00 6.63000% 1000.00000000 5.52500000 0.00000000 0.00000000
A-7 37,500,000.00 7.93000% 1000.00000000 6.60833333 0.00000000 0.00000000
R-I 100.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 100.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 27,000,000.00 7.00000% 997.23948037 5.81723037 0.00000000 0.00000000
B-2 15,188,000.00 7.00000% 997.23948051 5.81723005 0.00000000 0.00000000
B-3 8,437,000.00 7.00000% 997.23948086 5.81723006 0.00000000 0.00000000
B-4 12,150,000.00 7.00000% 997.23948066 5.81723045 0.00000000 0.00000000
B-5 5,738,000.00 7.00000% 997.23948066 5.81723074 0.00000000 0.00000000
B-6 5,737,479.66 7.00000% 997.23948128 5.81723021 0.00000000 0.00000000
XS-N 0.00 3.18256% 917.99004755 2.43463508 0.00000000 0.00000000
XS-T 0.00 2.81735% 963.08856156 2.26113463 0.00000000 0.00000000
XS-S 0.00 2.81735% 1000.00000000 2.34779514 0.00000000 0.00000000
<FN>
All Classes are Per $1000 Denominations. Original Notional Balance for Class XS-N $188,742,754.00, Class XS-T $364,697,944.25,
Class XS-S $121,565,981.41.
</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 4.74150497 0.00000000 820.85171682
A-2 0.00000000 0.00000000 5.35833335 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.46666664 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.61666670 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.95833341 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.52500000 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 6.60833333 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1754186.90000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.81723037 0.00000000 996.52861111
B-2 0.00000000 0.00000000 5.81723005 0.00000000 996.52861140
B-3 0.00000000 0.00000000 5.81723006 0.00000000 996.52861088
B-4 0.00000000 0.00000000 5.81723045 0.00000000 996.52861070
B-5 0.00000000 0.00000000 5.81723074 0.00000000 996.52861101
B-6 0.00000000 0.00000000 5.81723021 0.00000000 996.52861166
XS-N 0.00000000 0.00000000 2.43463508 0.00000000 895.50104763
XS-T 0.00000000 0.00000000 2.26113463 0.00000000 946.96462663
XS-S 0.00000000 0.00000000 2.34779514 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 15,800,363.21
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 15,800,363.21
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 312,827.68
Payment of Interest and Principal 15,487,535.53
Total Withdrawals (Pool Distribution Amount) 15,800,363.21
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall -39,864.64
Servicing Fee Support 39,864.64
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 269,194.32
Trustee Fee 3,768.72
Supported Prepayment/Curtailment Interest Shortfall 39,864.64
Net Servicing Fee 233,098.40
</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 312 26,275,202.60 4.110672% 4.131702%
60 Days 134 10,518,618.96 1.765481% 1.654023%
90+ Days 49 3,533,981.07 0.645586% 0.555709%
Foreclosure 106 8,720,087.07 1.396574% 1.371209%
REO 0 0.00 0.000000% 0.000000%
Totals 601 49,047,889.70 7.918314% 7.712643%
</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 226,096.89
</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 B-5 663,531,300.00 98.29994601% 624,505,724.16 98.20177702% 0.899152% 0.000000%
Class B-4 651,381,300.00 96.49996409% 612,397,901.54 96.29785581% 1.903921% 0.000000%
Class B-3 642,944,300.00 95.25005072% 603,990,189.65 94.97576665% 1.322089% 0.000000%
Class B-2 627,756,300.00 92.99999925% 588,854,913.10 92.59578678% 2.379980% 0.000000%
Class B-1 600,756,300.00 89.00003942% 561,948,640.60 88.36485074% 4.230936% 0.000000%
Class XS-T 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<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 219,000.00 0.03244412% 219,000.00 0.03443714%
Fraud 20,250,000.00 2.99996987% 20,250,000.00 3.18425582%
Special Hazard 6,750,000.00 0.99998996% 6,750,000.00 1.06141861%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 10.141518%
Weighted AverageNet Coupon 9.641576%
Weighted Average Pass-Through Rate 9.634518%
Weighted Average Maturity(Stepdown Calculation ) 293
Begin Scheduled Collateral Loan Count 7,696
Number Of Loans Paid In Full 106
End Scheduled Collateral Loan Count 7,590
Begining Scheduled Collateral Balance 646,066,369.66
Ending Scheduled Collateral Balance 635,941,367.96
Ending Actual Collateral Balance at 30-Sep-1998 635,941,367.96
Monthly P &I Constant 5,920,618.23
Class A Optimal Amount 1,569,562.90
Ending Scheduled Balance for Premium Loans 635,941,367.96
Scheduled Principal 460,540.04
Unscheduled Principal 9,664,461.66
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description 6 Month LIBOR ARM 6 Month LIBOR ARM
Weighted Average Coupon Rate 10.408785 10.043575
Weighted Average Net Rate 9.901785 9.536575
Weighted Average Maturity 331.00 331.00
Begining Loan Count 2,099.00 5,597.00
Loans Paid In Full 42.00 64.00
Ending Loan Count 2,057.00 5,533.00
Begining Scheduled Balance 173,263,969.72 472,802,399.94
Ending Scheduled Balance 169,019,333.94 466,922,034.02
Record Date 98-09-30 98-09-30
Principal And Interest Constant 1,620,733.45 4,299,884.78
Scheduled Principal 117,843.94 342,696.10
Unscheduled Principal 4,126,791.84 5,537,669.82
Scheduled Interest 1,502,889.51 3,957,188.68
Servicing Fee 72,193.32 197,001.00
Other Fee 1,010.71 2,758.01
Net Interest 1,429,685.48 3,757,429.67
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 156 13,137,601.30 67 5,259,309.48 25 1,766,990.54 53
2 156 13,137,601.30 67 5,259,309.48 24 1,766,990.53 53
Total 312 $26,275,202.60 134 $10,518,618.96 49 $3,533,981.07 106
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
<S> <C>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
1 53 4,360,043.54 0 0.00 0 0.00
2 53 4,360,043.53 0 0.00 0 0.00
TOTAL 106.00 8,720,087.07 0.00 0.00 0.00 0.00
</TABLE>
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