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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-11 TR, 8-K, 1998-11-09 |
Next: AMCI INTERNATIONAL INC, 10SB12G/A, 1998-11-09 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 8, 1998
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-43583-03 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On June 8, 1998, The Chase Manhattan Bank, as Trustee, made the monthly
distributions to the holders of the Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates,
Series 1998B:
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
20 Monthly Reports delivered by 3
the Trustee to Certificateholders
in connection with the distribution
on June 8, 1998.
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 hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
--------------------------------
Name: David R. Jordan
Title: Vice President and Controller
Dated: June 8, 1998
<PAGE> 1
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998B FOR THE PERIOD ENDED: 25-MAY-98
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
<S> <C> <C> <C>
CLASS I A-1 CLASS I A-2 CLASS I A-3
(a) Class I A and Class I B Distribution Amounts 2,611,217.71 188,700.00 112,026.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 555,852.43
(b) Partial Prepayments Received 67,514.36
(c) Principal Payments in Full (Scheduled Balance) 1,928,655.03
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
---------------- ---------------- ----------------
Total Principal Distribution 2,552,021.82 0.00 0.00
(c) Interest Distribution 59,195.89 188,700.00 112,026.25
Unpaid Interest Shortfall 0.00 0.00 0.00
---------------- ---------------- ----------------
Total Interest Distribution 59,195.89 188,700.00 112,026.25
(d) Beginning Class I A and Class I B Principal Balance 37,400,000.00 37,000,000.00 21,700,000.00
Less: Principal Distribution 2,552,021.82 0.00 0.00
---------------- ---------------- ----------------
Remaining Class A And Class B Principal Balance 34,847,978.18 37,000,000.00 21,700,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.93176412
Section 6.02 Reimbursement Amount 0.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
---------------- Class I A-4 1.00000000
0.00
Class I A-5 1.00000000
Total Fees Due Servicer Class I A-6 1.00000000
Class I B-1 1.00000000
No. of Unpaid Principal Class I B-2 1.00000000
(f) Delinquency Contracts Balance
31-59 Days Delinquent 29 660,882
60-89 Days Delinquent 2 93,101
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 0.00
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 49,298.67
(y) Remaining Amount Available 332,237.83
-----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 1,996,169.39
(r) Scheduled Principal Payments 555,852.43
(s) Weighted Average Interest Rate 10.91%
<CAPTION>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C>
Class I A-4 Class I A-5 Class I A-6
(a) Class I A and Class I B Distribution Amounts 68,316.25 92,965.43 65,963.75
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
---------------- ---------------- ----------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 68,316.25 92,965.43 65,963.75
Unpaid Interest Shortfall 0.00 0.00 0.00
---------------- ---------------- ----------------
Total Interest Distribution 68,316.25 92,965.43 65,963.75
(d) Beginning Class I A and Class I B Principal Balance 12,900,000.00 17,084,000.00 11,675,000.00
Less: Principal Distribution 0.00 0.00 0.00
---------------- ---------------- ----------------
Remaining Class A and Class B Principal Balance 12,900,000.00 17,084,000.00 11,675,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 37,400,000.00 5.6980%
Section 6.02 Reimbursement Amount 37,000,000.00 6.1200%
Reimburseable Fees 21,700,000.00 6.1950%
12,900,000.00 6.3550%
17,084,000.00 6.5300%
Total Fees Due Servicer 11,675,000.00 6.7800%
10,119,000.00 7.0700%
7,784,000.00 7.6000%
(f) Delinquency
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Repossession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (X) Class B-2 Formula Distribution Amount
(Y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Units Repossessed
(q) Principal Prepayments Paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998B
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C>
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 59,617.78 49,298.67
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
----------------- --------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 59,617.78 49,298.67
Unpaid Interest Shortfall 0.00 0.00
----------------- --------------
Total Interest Distribution 59,617.78 49,298.67
(d) Beginning Class I A and Class I B Principal Balance 10,119,000.00 7,784,000.00
Less: Principal Distribution 0.00 0.00
----------------- --------------
Remaining Class A and Class B Principal Balance 10,119,000.00 7,784,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.6480% Libor
Section 6.02 Reimbursement Amount 0.05% Spread
Reimburseable Fees
Total Fees Due Servicer
(f) Delinquency
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Repossession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 2
<TABLE>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998B FOR THE PERIOD ENDED: 25-MAY-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,138,294.16
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 473,515.33
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 162,542.62
(ii) Monthly Advance Made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-Cc 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of Principal and interest
due subsequent to the Due Period-Vanderbilt 64,109.96
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 16,654.53
(i) Scheduled Payments of Principal And Interest
due subsequent to the Due Period-SubServicer-CC 6,333.10
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 0.00
Available Distrubution Amount-Vanderbilt 3,074,184.20
Available Distrubution Amount-SubServicer-21st 456,860.80
Available Distrubution Amount-SubServicer-CC 156,209.52
To Class A and B 3,248,105.84
Monthly Excess Cashflow 439,148.68
Weighted Average Remaining Term (Months) 213.00
Scheduled Balance Computation
Prior Month Balance 155,662,000.00
Current Balance 153,130,443.60
Adv Principal 22,226.81
Del Principal 42,692.23
Pool Scheduled Balance 153,109,978.18
Principal Payments in Full 1,928,655.03
Partial Prepayments 67,514.36
Scheduled Principal 555,852.43
Collateral Balance 153,130,443.60
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998B FOR THE PERIOD ENDED: 25-MAY-98
INFORMATION for CLAUSES (v) through (ap), SECTION 7.01 - GROUP II
<S> <C>
Class II A-1
(v) Class II A and Class II B Distribution Amounts 1,326,417.07
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 230,630.18
(b) Partial Prepayments Received 28,196.15
(c) Principal Payments in Full (Scheduled Balance) 269,580.81
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 719,347.34
-------------
Total Principal Distribution 1,247,754.48
(x) Interest Distribution 78,662.59
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 78,662.59
(y) Beginning Class I A and Class I B Principal Balance 48,674,000.00
Less: Principal Distribution 1,247,754.48
-------------
Remaining Class A and Class B Principal Balance 47,426,245.52
(z) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 0.00
Reimburseable Fees 0.00
-------------
Total Fees Due Servicer 0.00
No. Of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 19 573,439
60-89 Days Delinquent 1 29,470
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 9,950.37
(y) Remaining Amount Available 280,198.66
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 297,776.96
(am) Scheduled Principal Payments 230,630.18
(an) Weighted Average Interest Rate 10.49%
<CAPTION>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C> <C>
Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 12,977.34 5,949.20 9,950.37
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (A) through (E)
(g) Accelerated Principal Payment
-------------- ------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 12,977.34 5,949.20 9,950.37
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- --------------
Total Interest Distribution 12,977.34 5,949.20 9,950.37
(y) Beginning Class I A and Class I B Principal Balance 7,789,000.00 3,246,000.00 5,193,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- --------------
Remaining Class A and Class B Principal Balance 7,789,000.00 3,246,000.00 5,193,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount Class II A-1 0.97436507 48,674,000.00 5.8180%
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 7,789,000.00 5.9980%
Reimburseable Fees Class II B-2 1.00000000 3,246,000.00 6.5980%
Class II B-3 1.00000000 5,193,000.00 6.8980%
Total Fees Due Servicer
No. Of
(aa) Delinquency Contracts
31-59 Days Delinquent 19
60-89 Days Delinquent 1
90+ Days Delinquent 0
(ab) Section 3.05 Repurchases
(ad) Class R Distribution Amount
Reposession Profits
(ae) Principal Balance of Contracts in Repossession
(af) Aggregate Net Liquidation Losses
(ag) (x) Class B-3 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(ah) Class B-2 Liquidation Loss Amount
(ai) Guarantee Payment
(aj) Unadvanced Shortfalls
(ak) Units repossessed
(al) Principal Prepayments paid
(am) Scheduled Principal Payments
(an) Weighted Average Interest Rate
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998B FOR THE PERIOD ENDED: 25-MAY-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 937,546.96
(ii) Monthly Advance Made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 21,401.66
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (C) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distrubution Amount 916,145.30
To Class A and B - Scheduled Principal and Interest 635,946.64
Monthly Excess Cashflow Class II 280,198.66
Monthly Excess Cashflow Class I 439,148.68
Accelerated Principal Payment 719,347.34
Weighted Average Remaining Term (months) 202.00
Scheduled Balance Computation
Prior Month Balance 64,902,000.00
Current Balance 64,389,418.94
Adv Principal 4,885.66
Del Principal 20,711.74
Pool Scheduled Balance 64,373,592.86
Principal Payments in Full 269,580.81
Partial Prepayments 28,196.15
Scheduled Principal 230,630.18
Collateral Balance 64,389,418.94
Overcollateralization Amount 719,347
Required Overcollateralization Amount 2,433,846
</TABLE>
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