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Previous: CONVERGYS CORP, 8-K, 1998-12-04 |
Next: MERCURY ASSET MANAGEMENT FUNDS INC, N-1A/A, 1998-12-04 |
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): November 25, 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 November 25, 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
November 25, 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: 11/30/1998
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
November 25, 1998 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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% 177,814,540.60 972,052.82 9,904,478.47
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% 100.00 160,890.96 0.00
B-1 79548KZL5 SUB 7.00000% 26,906,272.50 156,953.26 19,379.26
B-2 79548KZM3 SUB 7.00000% 15,135,276.55 88,289.11 10,901.19
B-3 79548KZN1 SUB 7.00000% 8,407,711.89 49,044.99 6,055.66
B-4 SAL98A0B4 SUB 7.00000% 12,107,822.62 70,628.97 8,720.67
B-5 SAL98A0B5 SUB 7.00000% 5,718,081.17 33,355.47 4,118.45
B-6 SAL98A0B6 SUB 7.00000% 5,717,562.64 33,352.45 4,118.08
XS-N SAL98AXSN IO 3.17307% 0.00 446,925.29 0.00
XS-T SAL98AXST IO 2.81171% 0.00 809,201.08 0.00
XS-S SAL98AXSS IO 2.81171% 0.00 284,840.31 0.00
Totals 635,941,367.97 5,264,040.53 9,957,771.78
</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 0.00 167,910,062.13 10,876,531.29 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 0.00 100.00 160,890.96 0.00
B-1 0.00 26,886,893.24 176,332.52 0.00
B-2 0.00 15,124,375.35 99,190.30 0.00
B-3 0.00 8,401,656.23 55,100.65 0.00
B-4 0.00 12,099,101.96 79,349.64 0.00
B-5 0.00 5,713,962.72 37,473.92 0.00
B-6 0.00 5,713,444.57 37,470.53 0.00
XS-N 0.00 0.00 446,925.29 0.00
XS-T 0.00 0.00 809,201.08 0.00
XS-S 0.00 0.00 284,840.31 0.00
Totals 0.00 625,983,596.20 15,221,812.31 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-1 216,622,000.00 177,814,540.60 404,743.73 9,499,734.74 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 26,906,272.50 19,379.26 0.00 0.00 0.00
B-2 15,188,000.00 15,135,276.55 10,901.19 0.00 0.00 0.00
B-3 8,437,000.00 8,407,711.89 6,055.66 0.00 0.00 0.00
B-4 12,150,000.00 12,107,822.62 8,720.67 0.00 0.00 0.00
B-5 5,738,000.00 5,718,081.17 4,118.45 0.00 0.00 0.00
B-6 5,737,479.66 5,717,562.64 4,118.08 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 675,006,779.66 635,941,367.97 458,037.04 9,499,734.74 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 9,904,478.47 167,910,062.13 0.77512931 9,904,478.47
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 19,379.26 26,886,893.24 0.99581086 19,379.26
B-2 10,901.19 15,124,375.35 0.99581086 10,901.19
B-3 6,055.66 8,401,656.23 0.99581086 6,055.66
B-4 8,720.67 12,099,101.96 0.99581086 8,720.67
B-5 4,118.45 5,713,962.72 0.99581086 4,118.45
B-6 4,118.08 5,713,444.57 0.99581086 4,118.08
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 9,957,771.78 625,983,596.20 0.92737379 9,957,771.78
</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-1 216,622,000.00 820.85171682 1.86843317 43.85397023 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 27,000,000.00 996.52861111 0.71775037 0.00000000 0.00000000
B-2 15,188,000.00 996.52861140 0.71775020 0.00000000 0.00000000
B-3 8,437,000.00 996.52861088 0.71775039 0.00000000 0.00000000
B-4 12,150,000.00 996.52861070 0.71775062 0.00000000 0.00000000
B-5 5,738,000.00 996.52861101 0.71775009 0.00000000 0.00000000
B-6 5,737,479.66 996.52861166 0.71775069 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 45.72240340 775.12931341 0.77512931 45.72240340
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 0.71775037 995.81086074 0.99581086 0.71775037
B-2 0.00000000 0.71775020 995.81086055 0.99581086 0.71775020
B-3 0.00000000 0.71775039 995.81086050 0.99581086 0.71775039
B-4 0.00000000 0.71775062 995.81086091 0.99581086 0.71775062
B-5 0.00000000 0.71775009 995.81086093 0.99581086 0.71775009
B-6 0.00000000 0.71775069 995.81086271 0.99581086 0.71775069
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% 177,814,540.60 972,052.82 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% 26,906,272.50 156,953.26 0.00 0.00
B-2 15,188,000.00 7.00000% 15,135,276.55 88,289.11 0.00 0.00
B-3 8,437,000.00 7.00000% 8,407,711.89 49,044.99 0.00 0.00
B-4 12,150,000.00 7.00000% 12,107,822.62 70,628.97 0.00 0.00
B-5 5,738,000.00 7.00000% 5,718,081.17 33,355.47 0.00 0.00
B-6 5,737,479.66 7.00000% 5,717,562.64 33,352.45 0.00 0.00
XS-N 0.00 3.17307% 169,019,333.94 446,925.29 0.00 0.00
XS-T 0.00 2.81171% 345,356,052.61 809,201.08 0.00 0.00
XS-S 0.00 2.81171% 121,565,981.41 284,840.31 0.00 0.00
Totals 675,006,779.66 5,103,149.57 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 0.00 972,052.82 0.00 167,910,062.13
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 0.00 160,890.96 0.00 100.00
B-1 0.00 0.00 156,953.26 0.00 26,886,893.24
B-2 0.00 0.00 88,289.11 0.00 15,124,375.35
B-3 0.00 0.00 49,044.99 0.00 8,401,656.23
B-4 0.00 0.00 70,628.97 0.00 12,099,101.96
B-5 0.00 0.00 33,355.47 0.00 5,713,962.72
B-6 0.00 0.00 33,352.45 0.00 5,713,444.57
XS-N 0.00 0.00 446,925.29 0.00 165,134,792.68
XS-T 0.00 0.00 809,201.08 0.00 339,282,822.10
XS-S 0.00 0.00 284,840.31 0.00 121,565,981.41
Totals 0.00 0.00 5,264,040.53 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% 820.85171682 4.48732271 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% 996.52861111 5.81308370 0.00000000 0.00000000
B-2 15,188,000.00 7.00000% 996.52861140 5.81308336 0.00000000 0.00000000
B-3 8,437,000.00 7.00000% 996.52861088 5.81308403 0.00000000 0.00000000
B-4 12,150,000.00 7.00000% 996.52861070 5.81308395 0.00000000 0.00000000
B-5 5,738,000.00 7.00000% 996.52861101 5.81308296 0.00000000 0.00000000
B-6 5,737,479.66 7.00000% 996.52861166 5.81308379 0.00000000 0.00000000
XS-N 0.00 3.17307% 895.50104763 2.36790701 0.00000000 0.00000000
XS-T 0.00 2.81171% 946.96462663 2.21882545 0.00000000 0.00000000
XS-S 0.00 2.81171% 1000.00000000 2.34309226 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 4.48732271 0.00000000 775.12931341
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 1608909.60000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.81308370 0.00000000 995.81086074
B-2 0.00000000 0.00000000 5.81308336 0.00000000 995.81086055
B-3 0.00000000 0.00000000 5.81308403 0.00000000 995.81086050
B-4 0.00000000 0.00000000 5.81308395 0.00000000 995.81086091
B-5 0.00000000 0.00000000 5.81308296 0.00000000 995.81086093
B-6 0.00000000 0.00000000 5.81308379 0.00000000 995.81086271
XS-N 0.00000000 0.00000000 2.36790701 0.00000000 874.91990649
XS-T 0.00000000 0.00000000 2.21882545 0.00000000 930.31185793
XS-S 0.00000000 0.00000000 2.34309226 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 15,294,417.06
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 15,294,417.06
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 233,495.73
Payment of Interest and Principal 15,060,921.33
Total Withdrawals (Pool Distribution Amount) 15,294,417.06
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 35,189.50
Servicing Fee Support 35,189.50
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 264,975.56
Trustee Fee 3,709.67
Supported Prepayment/Curtailment Interest Shortfall 35,189.50
Net Servicing Fee 233,495.73
</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 413 34,543,973.07 5.519914% 5.518351%
60 Days 114 8,957,338.70 1.523657% 1.430922%
90+ Days 41 3,351,147.51 0.547982% 0.535341%
Foreclosure 194 15,120,472.38 2.592890% 2.415474%
REO 1 87,809.05 0.013365% 0.014027%
Totals 763 62,060,740.71 10.197808% 9.914116%
</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 277,777.77
</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% 614,556,188.91 98.17448774% 0.912798% 0.000000%
Class B-4 651,381,300.00 96.49996409% 602,457,086.95 96.24167320% 1.932815% 0.000000%
Class B-3 642,944,300.00 95.25005072% 594,055,430.72 94.89952042% 1.342153% 0.000000%
Class B-2 627,756,300.00 92.99999925% 578,931,055.37 92.48342271% 2.416098% 0.000000%
Class B-1 600,756,300.00 89.00003942% 552,044,162.13 88.18827929% 4.295143% 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 0.03498494%
Fraud 20,250,000.00 2.99996987% 20,250,000.00 3.23490905%
Special Hazard 6,750,000.00 0.99998996% 6,750,000.00 1.07830302%
<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 10.136472%
Weighted Average Net Coupon 9.629472%
Weighted Average Pass-Through Rate 9.629472%
Weighted Average Maturity(Stepdown Calculation ) 292
Begin Scheduled Collateral Loan Count 7,590
Number Of Loans Paid In Full 108
End Scheduled Collateral Loan Count 7,482
Begining Scheduled Collateral Balance 635,941,367.96
Ending Scheduled Collateral Balance 625,983,596.19
Ending Actual Collateral Balance at 30-Oct-1998 625,983,596.19
Monthly P &I Constant 5,829,871.82
Class A Optimal Amount 1,540,966.68
Ending Scheduled Balance for Premium Loans 625,983,596.19
Scheduled Principal 458,037.03
Unscheduled Principal 9,499,734.74
</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 10.401790 10.040430
Weighted Average Net Rate 9.894790 9.533430
Weighted Average Maturity 330.00 330.00
Beginning Loan Count 2,057 5,533
Loans Paid In Full 2,057 5,533
Ending Loan Count 1 1
Beginning Scheduled Balance 169,019,333.94 466,922,034.02
Ending scheduled Balance 165,134,792.68 460,848,803.51
Record Date 10/30/1998 10/30/1998
Principal And Interest Constant 1,581,614.59 4,248,257.23
Scheduled Principal 116,528.18 341,508.85
Unscheduled Principal 3,768,013.08 5,731,721.66
Scheduled Interest 1,465,086.41 3,906,748.38
Servicing Fees 70,424.71 194,550.85
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 985.94 2,723.71
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 1,393,675.76 3,709,473.82
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
</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 0.00 0.00 0.00 0.00 0.00 0.00
Percentage Of Balanc 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 0 0 0 0 0 0
Percentage Of Loans 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 0.00 0.00 0.00 0.00 0.00 0.00
Percentage Of Balanc 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 0 0 0 0 0 0
Percentage Of Loans 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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