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) : September 20, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(Exact name of registrant as specified in its charter)
Delaware 333-24327-04 13-3416059
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
250 Vesey Street, World Financial Center,
North Tower, 17th Floor
New York, New York 10281-1310
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 449-0336
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 20
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
This report and the attached exhibits are being filed pursuant to
"no-action" positions taken by the Securities and Exchange Commission with
respect to alternative means of satisfying the Registrant's reporting
obligations under the Securities Exchange Act of 1934, as amended, with respect
to the Registrant's Mortgage Loan Asset-Backed Certificates, Series 1998-FF1
(the "Certificates") . The Certificates were issued, and this report and
exhibits are being filed, pursuant to the terms of the Pooling and Servicing
Agreement, dated as of June 11, 1998 ( the "Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor, First Franklin Financial Corporation, as
master servicer, Option One Mortgage Corporation, as servicer, and Chase Bank of
Texas, N.A., as trustee (the Trustee). On June 22, 1998, July 20, 1998, August
20, 1998, and September 20, 1998 distributions were made to the
Certificateholders. Specific information with respect to the distributions is
filed as Exhibit 99.1, Exhibit 99.2, Exhibit 99.3, and Exhibit 99.4. No other
reportable transactions or matters have occurred during the current reporting
period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on June 22, 1998, July 20,1998,
August 20, 1998 and September 20, 1998 filed as Exhibit 99.1,
Exhibit 99.2, Exhibit 99.3, and Exhibit 99.4 hereto.
<PAGE>
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.
CHASE BANK OF TEXAS, N.A.,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: October 1, 1998 By: /s/ Bob Rakestraw
Bob Rakestraw
Vice President & Trust Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 5
June 22, 1998.
99.2 Monthly Certificateholder Statement on 9
July 20, 1998.
99.3 Monthly Certificateholder Statement on 13
August 20, 1998.
99.4 Monthly Certificateholder Statement on 17
September 20, 1998.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on June 22, 1998
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 06/22/98 PAGE # 1
RECORD DATE: 05/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
Inter- Ending Ending
Original Beginning Interest est LIBOR Applied Certif- Aggregate
Certificate Certificate Principal Distri- Carry- Carry- Total Realized icate Loan
Class Cusip # Balance Balance Distribution bution over over Distribution Loss Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 589929QV3 170,904,000.00 170,904,000.00 2,497,042.17 303,206.25 - - 2,800,248.42 - 168,406,957.83
M-1 589929QW1 11,889,000.00 11,889,000.00 - 21,891.86 - - 21,891.86 - 11,889,000.00
M-2 589929QX9 9,412,000.00 9,412,000.00 - 17,934.76 - - 17,934.76 - 9,412,000.00
B 589929QY7 5,945,000.00 5,945,000.00 - 12,272.92 - - 12,272.92 - 5,945,000.00 196,722,521.56
X N/A N/A N/A N/A 30,878.43 172,515.25 N/A 30,878.43 N/A N/A
R N/A N/A N/A N/A - N/A N/A - N/A N/A
===================================================================================================================================
TOTALS N/A 198,150,000.00 198,150,000.00 2,497,042.17 386,184.21 172,515.25 - 2,883,226.38 - 195,652,957.83 196,722,521.56
===================================================================================================================================
Factor Information Per $1,000 Pass Through Rate
- ---------------------------------------------------------------------------------------------------
Principal Principal End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through
Rate
- ---------------------------------------------------------------------------------------------------
A-1 589929QV3 14.61078834 1.774131944 985.3892117 0.0580625
M-1 589929QW1 0 1.841354167 1000 0.0602625
M-2 589929QX9 0 1.905520833 1000 0.0623625
B 589929QY7 0 2.064409722 1000 0.0675625
- ----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below
- --------------------------------------------------------------------------
Bob Rakestraw
Chase Bank of Texas, N.A.
600 Travis Street, 10th Floor
Houston, Texas 77002
(713) 216-5884
- ---------------------------------------------------------------------------
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 06/22/98 PAGE # 2
RECORD DATE: 05/31/98
<S> <C> <C>
--------------------------------------------------------------------------
Sec. 4.02 (6)-(8) Realized Loss Amount
--------------------------------------------------------------------------
Applied Unpaid Applied Realized
Class Realized Loss Realized Loss Loss Amortization
--------------------------------------------------------------------------
A-1 - - -
Sec. 4.02 (11)-(13) M-1 - - -
M-2 - - -
Sec. 4.02 (16)-(18) B - - -
--------------------------------------------------------------------------
Sec. 4.02 (19) Total - - -
--------------------------------------------------------------------------
Sec. 4.02 (20) Interest Remittance Amount 1,453,399.88
Sec. 4.02 (21) Principal Remittance Amount 1,432,303.44
Sec. 4.02 (22) Monthly Excess Cash Flow Amount 1,064,738.73
Sec. 4.02 (23) Extra Principal Distribution Flow Amount for this Distribution Date 1,064,738.73
Sec. 4.02 (24) Monthly Excess Interest Amount for this Distribution Date 1,064,738.73
Sec. 4.02 (25) Targeted Overcollateralization for this Distribution Date 2,972,250.00
Sec. 4.02 (26) Overcollateralization Amount for this Distribution Date 4,825.00
Sec. 4.02 (27) Overcollateralization Deficiency for this Distribution Date 2,967,425.00
Sec. 4.02 (28) Overcollateralization Release Amount for this Distribution Date -
Sec. 4.02 (29) Aggregate Master Servicer Fee Amount 16,512.90
Aggregate Servicer Fee Amount 66,051.61
Sec. 4.02 (30) Aggregate Amount of Monthly Advances for this Distribution Date -
Sec. 4.02 (31) The Aggregate Stated Principal Balance of the Mortgage Loans and
any REO Properties at the close of business for this Distribution Date 196,722,521.56
Sec. 4.02 (32) The Number of Mortgage Loans -
The Aggregate Principal Balance of the Mortgage Loans 196,722,521.56
The Weighted Average Remaining Term to Maturity of the Mortgage Loans -
The Weighted Average Mortgage Rate 8.60542%
<PAGE>
Sec. 4.02 (33) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
-----------------------------------------------------------------
Number of Loans Principal
Balance
-----------------------------------------------------------------
30 Days Past Due - -
60 Days Past Due - -
90 or MoRe Days Past Due - -
Foreclosure proceedings have been completed - -
Related mortgagor has filed for bankruptcy - -
------------------------------------------------------------------
Sec. 4.02 (34) With respect to any Mortgage Loans that became an REO property during the preceding calendar month.
-----------------------------------------------------------
Number Unpaid Stated Principal
Principal Balance
Balance
-----------------------------------------------------------
- - -
------------------------------------------------------------
Sec. 4.02 (35) The Book Value of any REO Property as of the close of business on the last Business Day
preceding the Distribution Date -
Sec. 4.02 (36) The aggregate amount of Principal Prepayment made during the related Collection Period 1,321,674.27
Sec. 4.02 (37) The aggregate amount of Realized Losses incurred during the related Collection Period -
Sec. 4.02 (38) The aggregate amount of Extraordinary Trust Fund Expenses withdrawn from
the Collection Account or Distribution Account -
Sec. 4.02 (41) The aggregate amount of any Prepayment Interest Shortfalls
to the extent not covered by payments by the Master Servicer -
Sec. 4.02 (44) The three-month rolling average of 60+ Day Delinquent Loans -
Sec. 4.02 (45) The unpaid principal balance of each mortgage
a) Which has been substituted pursuant to Section 2.03 -
b) Purchased pursuant to Section 2.03, 3.16, or 10.01 -
c) For which a liquidation Event has occurred -
Sec. 4.02 (46) Whether a Servicing Termination Trigger has occurred No
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
</TABLE>
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on July 20, 1998
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 07/20/98 PAGE # 1
RECORD DATE: 06/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
Inter- Ending Ending
Original Beginning Interest est LIBOR Applied Certif- Aggregate
Certificate Certificate Principal Distri- Carry- Carry- Total Realized icate Loan
Class Cusip # Balance Balance Distribution bution over over Distribution Loss Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 589929QV3 170,904,000.00 168,406,957.83 1,965,798.57 **762,662.50 - - 2,728,461.07 - 166,441,159.26
M-1 589929QW1 11,889,000.00 11,889,000.00 - 55,724.73 - - 55,724.73 - 11,889,000.00
M-2 589929QX9 9,412,000.00 9,412,000.00 - 45,065.40 - - 45,065.40 - 9,412,000.00
B 589929QY7 5,945,000.00 5,945,000.00 - 28,465.13 - - 28,465.13 - 5,945,000.00 194,803,877.40
X N/A N/A N/A N/A 10,786.21 580,670.53 N/A 10,786.21 N/A N/A
R N/A N/A N/A N/A - N/A N/A - N/A N/A
===================================================================================================================================
TOTALS N/A 198,150,000.00 195,652,957.83 1,965,798.57 902,703.97 580,670.53 - 2,868,502.54 - 193,687,159.26 194,803,877.40
===================================================================================================================================
**Class A-1 interest was calculated as if the beginning balance were $168,881.131.65
Factor Information Per $1,000 Pass Through Rate
- ---------------------------------------------------------------------------------------------------
Principal Principal End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through
Rate
- ---------------------------------------------------------------------------------------------------
A-1 589929QV3 11.50235553 4.515972222 976.66136 0.0580625
M-1 589929QW1 0 4.687083333 1000 0.0602625
M-2 589929QX9 0 4.788078837 1000 0.061561014
B 589929QY7 0 4.788078837 1000 0.061561014
- ----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below
- --------------------------------------------------------------------------
Bob Rakestraw
Chase Bank of Texas, N.A.
600 Travis Street, 10th Floor
Houston, Texas 77002
(713) 216-5884
- ---------------------------------------------------------------------------
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 07/20/98 PAGE # 2
RECORD DATE: 06/30/98
<S> <C> <C>
--------------------------------------------------------------------------
Sec. 4.02 (6)-(8) Realized Loss Amount
--------------------------------------------------------------------------
Applied Unpaid Applied Realized
Class Realized Loss Realized Loss Loss Amortization
--------------------------------------------------------------------------
A-1 - - -
Sec. 4.02 (11)-(13) M-1 - - -
M-2 - - -
Sec. 4.02 (16)-(18) B - - -
--------------------------------------------------------------------------
Sec. 4.02 (19) Total - - -
--------------------------------------------------------------------------
Sec. 4.02 (20) Interest Remittance Amount 952,317.41
Prepayment Penalties Amount 10,786.21
Sec. 4.02 (21) Principal Remittance Amount 1,918,644.16
Sec. 4.02 (22) Monthly Excess Cash Flow Amount 47,154.41
Sec. 4.02 (23) Extra Principal Distribution Flow Amount for this Distribution Date 47,154.41
Sec. 4.02 (24) Monthly Excess Interest Amount for this Distribution Date 47,154.41
Sec. 4.02 (25) Targeted Overcollateralization for this Distribution Date 2,972,250.00
Sec. 4.02 (26) Overcollateralization Amount for this Distribution Date 595,389.91
Sec. 4.02 (27) Overcollateralization Deficiency for this Distribution Date 2,376,860.09
Sec. 4.02 (28) Overcollateralization Release Amount for this Distribution Date -
Sec. 4.02 (29) Aggregate Master Servicer Fee Amount 16,393.54
Aggregate Servicer Fee Amount 65,574.17
Sec. 4.02 (30) Aggregate Amount of Monthly Advances for this Distribution Date 642,260.68
Sec. 4.02 (31) The Aggregate Stated Principal Balance of the Mortgage Loans and
any REO Properties at the close of business for this Distribution Date 194,803,877.40
Sec. 4.02 (32) The Number of Mortgage Loans 1,398.00
The Aggregate Principal Balance of the Mortgage Loans 194,803,877.40
The Weighted Average Remaining Term to Maturity of the Mortgage Loans 354
The Weighted Average Mortgage Rate 8.61939%
<PAGE>
Sec. 4.02 (33) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
-----------------------------------------------------------------
Number of Loans Principal
Balance
-----------------------------------------------------------------
30 Days Past Due - -
60 Days Past Due - -
90 or MoRe Days Past Due - -
Foreclosure proceedings have been completed - -
Related mortgagor has filed for bankruptcy - -
------------------------------------------------------------------
Sec. 4.02 (34) With respect to any Mortgage Loans that became an REO property during the preceding calendar month.
-----------------------------------------------------------
Number Unpaid Stated Principal
Principal Balance
Balance
-----------------------------------------------------------
- - -
------------------------------------------------------------
Sec. 4.02 (35) The Book Value of any REO Property as of the close of business on the last Business Day
preceding the Distribution Date -
Sec. 4.02 (36) The aggregate amount of Principal Prepayment made during the related Collection Period 1,808,496.29
Sec. 4.02 (37) The aggregate amount of Realized Losses incurred during the related Collection Period -
Sec. 4.02 (38) The aggregate amount of Extraordinary Trust Fund Expenses withdrawn from
the Collection Account or Distribution Account -
Sec. 4.02 (41) The aggregate amount of any Prepayment Interest Shortfalls
to the extent not covered by payments by the Master Servicer -
Sec. 4.02 (44) The three-month rolling average of 60+ Day Delinquent Loans -
Sec. 4.02 (45) The unpaid principal balance of each mortgage
a) Which has been substituted pursuant to Section 2.03 -
b) Purchased pursuant to Section 2.03, 3.16, or 10.01 -
c) For which a liquidation Event has occurred -
Sec. 4.02 (46) Whether a Servicing Termination Trigger has occurred No
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
</TABLE>
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on August 20, 1998
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 08/20/98 PAGE # 1
RECORD DATE: 07/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
Inter- Ending Ending
Original Beginning Interest est LIBOR Total Applied Certif- Aggregate
Certificate Certificate Principal Distri- Carry- Carry- Distri- Realized icate Loan
Class Cusip # Balance Balance Distribution bution over over bution Loss Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 589929QV3 170,904,000.00 166,441,159.26 2,656,976.04 832,176.90 - - 3,489,152.94 - 163,784,183.22
M-1 589929QW1 11,889,000.00 11,889,000.00 - 61,695.24 - - 61,695.24 - 11,889,000.00
M-2 589929QX9 9,412,000.00 9,412,000.00 - 50,543.42 - - 50,543.42 - 9,412,000.00
B 589929QY7 5,945,000.00 5,945,000.00 - 34,587.31 - - 34,587.31 - 5,945,000.00 192,568,333.06
X N/A N/A N/A N/A 41,817.76 1,035,499.19 N/A 41,817.76 N/A N/A
R N/A N/A N/A N/A - N/A N/A - N/A N/A
===================================================================================================================================
TOTALS N/A 198,150,000.00 193,687,159.29 2,656,976.04 1,020,820.63 1,035,499.19 - 3,677,796.67 - 191,030,183.22 192,568,333.06
===================================================================================================================================
Factor Information Per $1,000 Pass Through Rate
- ---------------------------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through
Rate
- ---------------------------------------------------------------------------------------------------
A-1 589929QV3 15.5465995 4.999826389 958.3402566 0.0580625
M-1 589929QW1 0 5.189270833 1000 0.0602625
M-2 589929QX9 0 5.370104167 1000 0.0623625
B 589929QY7 0 5.817881944 1000 0.0675625
- ----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below
- --------------------------------------------------------------------------
Bob Rakestraw
Chase Bank of Texas, N.A.
600 Travis Street, 10th Floor
Houston, Texas 77002
(713) 216-5884
- ---------------------------------------------------------------------------
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 08/20/98 PAGE # 2
RECORD DATE: 07/31/98
<S> <C> <C>
--------------------------------------------------------------------------
Sec. 4.02 (6)-(8) Realized Loss Amount
--------------------------------------------------------------------------
Applied Unpaid Applied Realized
Class Realized Loss Realized Loss Loss Amortization
--------------------------------------------------------------------------
A-1 - - -
Sec. 4.02 (11)-(13) M-1 - - -
M-2 - - -
Sec. 4.02 (16)-(18) B - - -
--------------------------------------------------------------------------
Sec. 4.02 (19) Total - - -
--------------------------------------------------------------------------
Sec. 4.02 (20) Interest Remittance Amount 1,444,687.38
(INCLUDES Prepayment Penalties Received) 41,817.76
Sec. 4.02 (21) Principal Remittance Amount 2,235,544.34
Sec. 4.02 (22) Monthly Excess Cash Flow Amount 421,431.70
Sec. 4.02 (23) Extra Principal Distribution Flow Amount for this Distribution Date 421,431.70
Sec. 4.02 (24) Monthly Excess Interest Amount for this Distribution Date 421,431.70
Sec. 4.02 (25) Targeted Overcollateralization for this Distribution Date 2,972,250.00
Sec. 4.02 (26) Overcollateralization Amount for this Distribution Date 1,116,718.14
Sec. 4.02 (27) Overcollateralization Deficiency for this Distribution Date 1,855,531.86
Sec. 4.02 (28) Overcollateralization Release Amount for this Distribution Date -
Sec. 4.02 (29) Aggregate Master Servicer Fee Amount 16,233.66
Aggregate Servicer Fee Amount 64,934.63
Sec. 4.02 (30) Aggregate Amount of Monthly Advances for this Distribution Date 1,085,992.77
Sec. 4.02 (31) The Aggregate Stated Principal Balance of the Mortgage Loans and
any REO Properties at the close of business for this Distribution Date 192,568,333.06
Sec. 4.02 (32) The Number of Mortgage Loans 1,380.00
The Aggregate Principal Balance of the Mortgage Loans 192,568,333.06
The Weighted Average Remaining Term to Maturity of the Mortgage Loans 353
The Weighted Average Mortgage Rate 8.62674%
<PAGE>
Sec. 4.02 (33) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
-----------------------------------------------------------------
Number of Loans Principal
Balance
-----------------------------------------------------------------
30 Days Past Due - -
60 Days Past Due - -
90 or MoRe Days Past Due - -
Foreclosure proceedings have been completed - -
Related mortgagor has filed for bankruptcy - -
------------------------------------------------------------------
Sec. 4.02 (34) With respect to any Mortgage Loans that became an REO property during the preceding calendar month.
-----------------------------------------------------------
Number Unpaid Stated Principal
Principal Balance
Balance
-----------------------------------------------------------
- - -
------------------------------------------------------------
Sec. 4.02 (35) The Book Value of any REO Property as of the close of business on the last Business Day
preceding the Distribution Date -
Sec. 4.02 (36) The aggregate amount of Principal Prepayment made during the related Collection Period 2,125,933.26
Sec. 4.02 (37) The aggregate amount of Realized Losses incurred during the related Collection Period -
Sec. 4.02 (38) The aggregate amount of Extraordinary Trust Fund Expenses withdrawn from
the Collection Account or Distribution Account -
Sec. 4.02 (41) The aggregate amount of any Prepayment Interest Shortfalls
to the extent not covered by payments by the Master Servicer -
Sec. 4.02 (44) The three-month rolling average of 60+ Day Delinquent Loans -
Sec. 4.02 (45) The unpaid principal balance of each mortgage
a) Which has been substituted pursuant to Section 2.03 -
b) Purchased pursuant to Section 2.03, 3.16, or 10.01 -
c) For which a liquidation Event has occurred -
Sec. 4.02 (46) Whether a Servicing Termination Trigger has occurred No
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
</TABLE>
<PAGE>
Exhibit 99.4
Monthly Certificateholder Statement on September 20, 1998
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DIST DATE: 09/20/98 PAGE # 1
RECORD DATE: 08/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
Inter- Ending Ending
Original Beginning Interest est LIBOR Total Applied Certif- Aggregate
Certificate Certificate Principal Distri- Carry- Carry- Distri- Realized icate Loan
Class Cusip # Balance Balance Distribution bution over over bution Loss Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
A-1 589929QV3 170,904,000.00 163,784,183.22 2,293,945.18 817,790.99 - - 3,111,736.16 - 161,490,238.04
M-1 589929QW1 11,889,000.00 11,889,000.00 - 61,615.28 - - 61,615.28 - 11,889,000.00
M-2 589929QX9 9,412,000.00 9,412,000.00 - 50,480.12 - - 50,480.12 - 9,412,000.00
B 589929QY7 5,945,000.00 5,945,000.00 - 34,547.33 - - 34,547.33 - 5,945,000.00 190,695,256.68
X N/A N/A N/A N/A 10,080.69 548,311.90 N/A 10,080.69 N/A N/A
R N/A N/A N/A N/A - N/A N/A - N/A N/A
===================================================================================================================================
TOTALS N/A 198,150,000.00 191,030,183.22 2,293,945.18 974,514.41 548,311.90 - 3,268,459.59 - 188,736,238.04 190,695,256.68
===================================================================================================================================
Factor Information Per $1,000 Pass Through Rate
- ---------------------------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through
Rate
- ---------------------------------------------------------------------------------------------------
A-1 589929QV3 13.34479372 4.7850898 944.9178372 0.0579844
M-1 589929QW1 0 5.182545556 1000 0.0601844
M-2 589929QX9 0 5.363378889 1000 0.0622844
B 589929QY7 0 5.811156667 1000 0.0674844
- ----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager
listed below
- --------------------------------------------------------------------------
Bob Rakestraw
Chase Bank of Texas, N.A.
600 Travis Street, 10th Floor
Houston, Texas 77002
(713) 216-5884
- ---------------------------------------------------------------------------
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
----------------------------------------------------------------------------------------------------------------------------------
FIRST FRANKLIN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-FF1
STATEMENT TO CERTIFICATEHOLDERS
----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 09/20/98 PAGE # 2
RECORD DATE: 08/31/98
<S> <C> <C>
--------------------------------------------------------------------------
Sec. 4.02 (6)-(8) Realized Loss Amount
--------------------------------------------------------------------------
Applied Unpaid Applied Realized
Class Realized Loss Realized Loss Loss Amortization
--------------------------------------------------------------------------
A-1 - - -
Sec. 4.02 (11)-(13) M-1 - - -
M-2 - - -
Sec. 4.02 (16)-(18) B - - -
--------------------------------------------------------------------------
Sec. 4.02 (19) Total - - -
--------------------------------------------------------------------------
Sec. 4.02 (20) Interest Remittance Amount 1,387,709.62
Prepayment Penalties Received 10,080.69
Sec. 4.02 (21) Principal Remittance Amount 1,873,076.38
Sec. 4.02 (22) Monthly Excess Cash Flow Amount 407,602.25
Sec. 4.02 (23) Extra Principal Distribution Flow Amount for this Distribution Date 407,602.25
Sec. 4.02 (24) Monthly Excess Interest Amount for this Distribution Date 407,602.25
Sec. 4.02 (25) Targeted Overcollateralization for this Distribution Date 2,972,250.00
Sec. 4.02 (26) Overcollateralization Amount for this Distribution Date (1,118,826.20)
Sec. 4.02 (27) Overcollateralization Deficiency for this Distribution Date 4,091,076.20
Sec. 4.02 (28) Overcollateralization Release Amount for this Distribution Date -
Sec. 4.02 (29) Aggregate Master Servicer Fee Amount 16,047.36
Aggregate Servicer Fee Amount 64,189.44
Sec. 4.02 (30) Aggregate Amount of Monthly Advances for this Distribution Date -
Sec. 4.02 (31) The Aggregate Stated Principal Balance of the Mortgage Loans and
any REO Properties at the close of business for this Distribution Date 190,695,256.68
Sec. 4.02 (32) The Number of Mortgage Loans 1,368.00
The Aggregate Principal Balance of the Mortgage Loans 190,695,256.68
The Weighted Average Remaining Term to Maturity of the Mortgage Loans 352
The Weighted Average Mortgage Rate 12.27100%
<PAGE>
Sec. 4.02 (33) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
-----------------------------------------------------------------
Number of Loans Principal
Balance
-----------------------------------------------------------------
30 Days Past Due - -
60 Days Past Due - -
90 or MoRe Days Past Due - -
Foreclosure proceedings have been completed - -
Related mortgagor has filed for bankruptcy - -
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Sec. 4.02 (34) With respect to any Mortgage Loans that became an REO property during the preceding calendar month.
-----------------------------------------------------------
Number Unpaid Stated Principal
Principal Balance
Balance
-----------------------------------------------------------
- - -
------------------------------------------------------------
Sec. 4.02 (35) The Book Value of any REO Property as of the close of business on the last Business Day
preceding the Distribution Date -
Sec. 4.02 (36) The aggregate amount of Principal Prepayment made during the related Collection Period 1,763,575.44
Sec. 4.02 (37) The aggregate amount of Realized Losses incurred during the related Collection Period -
Sec. 4.02 (38) The aggregate amount of Extraordinary Trust Fund Expenses withdrawn from
the Collection Account or Distribution Account -
Sec. 4.02 (41) The aggregate amount of any Prepayment Interest Shortfalls
to the extent not covered by payments by the Master Servicer -
Sec. 4.02 (44) The three-month rolling average of 60+ Day Delinquent Loans -
Sec. 4.02 (45) The unpaid principal balance of each mortgage
a) Which has been substituted pursuant to Section 2.03 -
b) Purchased pursuant to Section 2.03, 3.16, or 10.01 -
c) For which a liquidation Event has occurred -
Sec. 4.02 (46) Whether a Servicing Termination Trigger has occurred No
CHASE BANK OF TEXAS, N.A.
TRUSTEE
OPTION ONE MORTGAGE CORPORATION SERVICER
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