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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): July 27, 1998
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Asset Backed Certificates, Series 1998-AQ1 Trust
New York (governing law of 333-50153 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, 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 July 27, 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 July 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.
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: 8/3/1998
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 July 27,
1998 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 6/30/1998
Distribution Date: 7/27/1998
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% 213,835,669.13 1,168,968.32 7,077,438.99
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 69,188.78 0.00
B-1 79548KZL5 SUB 7.00000% 26,981,632.42 157,392.86 18,489.60
B-2 79548KZM3 SUB 7.00000% 15,177,667.90 88,536.40 10,400.74
B-3 79548KZN1 SUB 7.00000% 8,431,260.47 49,182.35 5,777.66
B-4 SAL98A0B4 SUB 7.00000% 12,141,734.59 70,826.79 8,320.32
B-5 SAL98A0B5 SUB 7.00000% 5,734,096.55 33,448.90 3,929.38
B-6 SAL98A0B6 SUB 7.00000% 5,733,576.56 33,445.86 3,929.03
XS-N SAL98AXSN IO 3.20755% 0.00 499,779.01 0.00
XS-T SAL98AXST IO 2.84090% 0.00 860,859.98 0.00
XS-S SAL98AXSS IO 2.84090% 0.00 287,797.74 0.00
Totals 672,169,737.62 5,477,932.81 7,128,285.72
</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 0.00 206,758,230.15 8,246,407.31 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 69,188.78 0.00
B-1 0.00 26,963,142.82 175,882.46 0.00
B-2 0.00 15,167,267.15 98,937.14 0.00
B-3 0.00 8,425,482.81 54,960.01 0.00
B-4 0.00 12,133,414.27 79,147.11 0.00
B-5 0.00 5,730,167.17 37,378.28 0.00
B-6 0.00 5,729,647.54 37,374.89 0.00
XS-N 0.00 0.00 499,779.01 0.00
XS-T 0.00 0.00 860,859.98 0.00
XS-S 0.00 0.00 287,797.74 0.00
Totals 0.00 665,041,451.91 12,606,218.53 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-1 216,622,000.00 213,835,669.13 409,768.44 6,667,670.55 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 26,981,632.42 18,489.60 0.00 0.00 0.00
B-2 15,188,000.00 15,177,667.90 10,400.74 0.00 0.00 0.00
B-3 8,437,000.00 8,431,260.47 5,777.66 0.00 0.00 0.00
B-4 12,150,000.00 12,141,734.59 8,320.32 0.00 0.00 0.00
B-5 5,738,000.00 5,734,096.55 3,929.38 0.00 0.00 0.00
B-6 5,737,479.66 5,733,576.56 3,929.03 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 675,006,779.66 672,169,737.62 460,615.17 6,667,670.55 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 7,077,438.99 206,758,230.15 0.95446552 7,077,438.99
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 18,489.60 26,963,142.82 0.99863492 18,489.60
B-2 10,400.74 15,167,267.15 0.99863492 10,400.74
B-3 5,777.66 8,425,482.81 0.99863492 5,777.66
B-4 8,320.32 12,133,414.27 0.99863492 8,320.32
B-5 3,929.38 5,730,167.17 0.99863492 3,929.38
B-6 3,929.03 5,729,647.54 0.99863492 3,929.03
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 7,128,285.72 665,041,451.91 0.98523670 7,128,285.72
</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-1 216,622,000.00 987.13735969 1.89162892 30.78020954 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 27,000,000.00 999.31971926 0.68480000 0.00000000 0.00000000
B-2 15,188,000.00 999.31971952 0.68479984 0.00000000 0.00000000
B-3 8,437,000.00 999.31971909 0.68480028 0.00000000 0.00000000
B-4 12,150,000.00 999.31971934 0.68480000 0.00000000 0.00000000
B-5 5,738,000.00 999.31971941 0.68479958 0.00000000 0.00000000
B-6 5,737,479.66 999.31971872 0.68480068 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 32.67183846 954.46552128 0.95446552 32.67183846
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 0.68480000 998.63491926 0.99863492 0.68480000
B-2 0.00000000 0.68479984 998.63491902 0.99863492 0.68479984
B-3 0.00000000 0.68480028 998.63491881 0.99863492 0.68480028
B-4 0.00000000 0.68480000 998.63491934 0.99863492 0.68480000
B-5 0.00000000 0.68479958 998.63491983 0.99863492 0.68479958
B-6 0.00000000 0.68480068 998.63491978 0.99863492 0.68480068
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% 213,835,669.13 1,168,968.32 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% 26,981,632.42 157,392.86 0.00 0.00
B-2 15,188,000.00 7.00000% 15,177,667.90 88,536.40 0.00 0.00
B-3 8,437,000.00 7.00000% 8,431,260.47 49,182.35 0.00 0.00
B-4 12,150,000.00 7.00000% 12,141,734.59 70,826.79 0.00 0.00
B-5 5,738,000.00 7.00000% 5,734,096.55 33,448.90 0.00 0.00
B-6 5,737,479.66 7.00000% 5,733,576.56 33,445.86 0.00 0.00
XS-N 0.00 3.20755% 186,975,857.95 499,779.01 0.00 0.00
XS-T 0.00 2.84090% 363,627,898.26 860,859.98 0.00 0.00
XS-S 0.00 2.84090% 121,565,981.41 287,797.74 0.00 0.00
Totals 675,006,779.66 5,408,744.03 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 1,168,968.32 0.00 206,758,230.15
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 69,188.78 0.00 100.00
B-1 0.00 0.00 157,392.86 0.00 26,963,142.82
B-2 0.00 0.00 88,536.40 0.00 15,167,267.15
B-3 0.00 0.00 49,182.35 0.00 8,425,482.81
B-4 0.00 0.00 70,826.79 0.00 12,133,414.27
B-5 0.00 0.00 33,448.90 0.00 5,730,167.17
B-6 0.00 0.00 33,445.86 0.00 5,729,647.54
XS-N 0.00 0.00 499,779.01 0.00 183,585,320.69
XS-T 0.00 0.00 860,859.98 0.00 0.00
XS-S 0.00 0.00 287,797.74 0.00 0.00
Totals 0.00 0.00 5,477,932.81 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% 987.13735969 5.39635088 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% 999.31971926 5.82936519 0.00000000 0.00000000
B-2 15,188,000.00 7.00000% 999.31971952 5.82936529 0.00000000 0.00000000
B-3 8,437,000.00 7.00000% 999.31971909 5.82936470 0.00000000 0.00000000
B-4 12,150,000.00 7.00000% 999.31971934 5.82936543 0.00000000 0.00000000
B-5 5,738,000.00 7.00000% 999.31971941 5.82936563 0.00000000 0.00000000
B-6 5,737,479.66 7.00000% 999.31971872 5.82936446 0.00000000 0.00000000
XS-N 0.00 3.20755% 990.63860195 2.64793747 0.00000000 0.00000000
XS-T 0.00 2.84090% 997.06593907 2.36047390 0.00000000 0.00000000
XS-S 0.00 2.84090% 1000.00000000 2.36742004 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.
</FN> Class XS-S $121,565,981.41
</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 5.39635088 0.00000000 954.46552128
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 691887.80000000 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.82936519 0.00000000 998.63491926
B-2 0.00000000 0.00000000 5.82936529 0.00000000 998.63491902
B-3 0.00000000 0.00000000 5.82936470 0.00000000 998.63491881
B-4 0.00000000 0.00000000 5.82936543 0.00000000 998.63491934
B-5 0.00000000 0.00000000 5.82936563 0.00000000 998.63491983
B-6 0.00000000 0.00000000 5.82936446 0.00000000 998.63491978
XS-N 0.00000000 0.00000000 2.64793747 0.00000000 972.67480102
XS-T 0.00000000 0.00000000 2.36047390 0.00000000 0.00000000
XS-S 0.00000000 0.00000000 2.36742004 0.00000000 0.00000000
<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 12,889,781.72
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 12,889,781.72
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 283,563.13
Payment of Interest and Principal 12,606,218.59
Total Withdrawals (Pool Distribution Amount) 12,889,781.72
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 63,268.60
Servicing Fee Support 63,268.60
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 279,642.20
Trustee Fee 3,920.93
Supported Prepayment/Curtailment Interest Shortfall 63,268.60
Net Servicing Fee 220,294.53
</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 287 21,838,888.83 3.637516% 3.283839%
60 Days 90 6,875,255.42 1.140684% 1.033809%
90+ Days 22 2,203,087.55 0.278834% 0.331271%
Foreclosure 7 627,637.34 0.088720% 0.094376%
REO 0 0.00 0.000000% 0.000000%
Totals 406 31,544,869.14 5.145754% 4.743294%
</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 336,914.49
</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% 653,581,637.20 98.27682701% 0.861626% 0.000000%
Class B-4 651,381,300.00 96.49996409% 641,448,222.93 96.45236716% 1.824460% 0.000000%
Class B-3 642,944,300.00 95.25005072% 633,022,740.12 95.18545623% 1.266911% 0.000000%
Class B-2 627,756,300.00 92.99999925% 617,855,472.97 92.90480634% 2.280650% 0.000000%
Class B-1 600,756,300.00 89.00003942% 590,892,330.15 88.85045112% 4.054355% 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% 0.00 0.00000000%
Fraud 20,250,000.00 2.99996987% 0.00 0.00000000%
Special Hazard 6,750,000.00 0.99998996% 0.00 0.00000000%
<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 10.162267%
Weighted AverageNet Coupon 9.655267%
Weighted Average Pass-Through Rate 9.662267%
Weighted Average Maturity(Stepdown Calculation ) 296
Begin Scheduled Collateral Loan Count 7,959
Number Of Loans Paid In Full 89
End Scheduled Collateral Loan Count 7,890
Begining Scheduled Collateral Balance 672,169,737.62
Ending Scheduled Collateral Balance 665,041,451.90
Ending Actual Collateral Balance at 30-Jun-1998 665,041,451.90
Monthly P &I Constant 6,152,922.37
Class A Optimal Amount 1,648,436.74
Ending Scheduled Balance for Premium Loans 665,041,451.90
Scheduled Principal 460,615.17
Unscheduled Principal 666,767.55
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description 6 Month LIBOR 6 Month LIBOR
Weighted Average Net Rate 9.920691 9.554043
Weighted Average Maturity 334.00 334.00
Begining Loan Count 2,213.00 5,746.00
Loans Paid In Full 39.00 50.00
Ending Loan Count 2,185.00 5,705.00
Begining Scheduled Balance 186,975,857.95 485,193,879.67
Ending Scheduled Balance 183,585,320.69 481,456,131.21
Record Date 98-06-30 98-06-30
Principal And Interest Constant 1,745,635.88 4,407,286.49
Scheduled Principal 121,292.37 339,322.80
Unscheduled Principal 3,269,244.89 3,398,425.66
</TABLE>
<TABLE>
<CAPTION>
Delinquincy Status By Groups
30 Days 60 Days 90 + Days Foreclosures REOs
Groups Number Balance Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 85 4,871,462.09 34 2,712,046.96 6 743,430.82 0 0.00 0 0.00
2 235 17,130,767.37 68 4,321,022.39 32 2,175,350.39 0 0.00 0 0.00
Total 320 $22,002,229.46 102 $7,033,069.35 38 $2,918,781.21 0 $0.00 0 $0.00
</TABLE>
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