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Previous: SIMON PROPERTY GROUP INC /DE/, 8-K, 1998-11-25 |
Next: SECTOR SPDR TRUST, 8-A12B, 1998-11-25 |
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 15, 1998
ContiMortgage Home Equity Loan Trust 1998-2
(Exact name of registrant as specified in its charter)
16-6476570
16-6476571
16-6476572
New York 33-339505 16-6476573
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
Note: Please see page 5 for Exhibit Index
Page 1
<PAGE>
Item 5. Other Events.
On November 15, 1998 a scheduled distribution was made from the Trust
to holders of the Class A, B and C Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of October, 1998 dated
November 15, 1998 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer for the month of
October, 1998 was $682,730.80.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of October,
1998.
Page 3
<PAGE>
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Robert Riedl
Name: Robert Riedl
Title: Vice President,Secretary
and Treasurer
Dated: November 25, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
October, 1998.
Page 5
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 11/15/98
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WHD0 A-1 114,000,000 59,979,231 21,018,591 301,162 21,319,753 38,960,640
21075X1Y9 A-2 Internal 175,000,000 175,000,000 0 863,333 863,333 175,000,000 175,000,000
21075WHE8 A-2 Fixed 250,000,000 250,000,000 0 1,281,250 1,281,250 250,000,000 250,000,000
21075WHG3 A-3 275,000,000 275,000,000 0 1,404,792 1,404,792 275,000,000 275,000,000
21075WHH1 A-4 185,000,000 185,000,000 0 954,292 954,292 185,000,000 185,000,000
21075WHJ7 A-5 90,000,000 90,000,000 0 471,000 471,000 90,000,000 90,000,000
21075WHK4 A-6 97,000,000 97,000,000 0 514,100 514,100 97,000,000 97,000,000
21075WHL2 A-7 100,600,000 100,600,000 0 550,785 550,785 100,600,000 100,600,000
21075WHM0 A-8 235,000,000 235,000,000 0 1,182,017 1,182,017 235,000,000
21075WHN8 A-9 158,400,000 149,296,858 2,812,596 736,344 3,548,940 146,484,263
21075WHQ1 B 70,000,000 70,000,000 0 451,500 451,500 70,000,000
21075X1Z6 C 0 0 0 3,986,757 3,986,757 0
R 0 0 0 0 0 0
Total 1,750,000,000 1,686,876,089 23,831,186 12,697,332 36,528,518 1,663,044,903
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WHP3 A-10IO 197,600,000 197,600,000 0 1,070,333 1,070,333 197,600,000
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WHD0 A-1 184.37360211 2.64177526 187.01537737 341.75999991 A-1 5.64875% 5.64875%
21075X1Y9 A-2 Internal 0.00000000 4.93333331 4.93333331 1000.00000000 A-2 Internal 5.92000% 5.92000%
21075WHE8 A-2 Fixed 0.00000000 5.12500000 5.12500000 1000.00000000 A-2 Fixed 6.15000% 6.15000%
21075WHG3 A-3 0.00000000 5.10833335 5.10833335 1000.00000000 A-3 6.13000% 6.13000%
21075WHH1 A-4 0.00000000 5.15833335 5.15833335 1000.00000000 A-4 6.19000% 6.19000%
21075WHJ7 A-5 0.00000000 5.23333333 5.23333333 1000.00000000 A-5 6.28000% 6.28000%
21075WHK4 A-6 0.00000000 5.30000000 5.30000000 1000.00000000 A-6 6.36000% 6.36000%
21075WHL2 A-7 0.00000000 5.47500000 5.47500000 1000.00000000 A-7 6.57000% 6.57000%
21075WHM0 A-8 0.00000000 5.02985779 5.02985779 1000.00000000 A-8 5.90625% 5.65859%
21075WHN8 A-9 17.75628617 4.64863668 22.40492285 924.77438523 A-9 5.79625% 5.54859%
21075WHQ1 B 0.00000000 6.45000000 6.45000000 1000.00000000 A-10IO 6.50000% 6.50000%
Total 13.61782078 4.97747125 18.59529203 950.31137292 B 7.74000% 7.74000%
LIBOR: 5.40859%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WHP3 A-10IO 0.00000000 5.41666665 5.41666665 1000.00000000
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
<TABLE>
<PAGE>
Distribution Period: 11/15/98
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Class A-1 1,409,948.75 19,251,244.14 331,426.99 25,970.76 21,018,590.64
Per $1000 Unit 12.36797149 168.87056263 2.90725430 0.22781368 184.37360211
Class A-2 Internal 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-2 Fixed 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-3 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-4 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-5 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-6 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-7 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Class A-8 0 0 0 0 0
Per $1,000 Unit 0 0 0 0 0
Class A-9 77,804.87 2,734,790.86 0 (0.00) 2,812,595.73
Per $1,000 Unit 0.49119236 17.26509381 0.00000000 (0.00000000) 17.75628617
Class B 0 0 0 0 0
Per $1000 Unit 0 0 0 0 0
Total 1,487,753.62 21,986,035.00 331,426.99 25,970.76 23,831,186.37
Per $1000 Unit 0.85014493 12.56344857 0.18938685 0.01484043 13.61782078
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0
Class A-1 Interest Carry-Forward Amount 0
Class A-2 Internal Interest Carry-Forward Amount 0
Class A-2 Fixed Interest Carry-Forward Amount 0
Class A-3 Interest Carry-Forward Amount 0
Class A-4 Interest Carry-Forward Amount 0
Class A-5 Interest Carry-Forward Amount 0
Class A-6 Interest Carry-Forward Amount 0
Class A-7 Interest Carry-Forward Amount 0
Class A-8 Interest Carry-Forward Amount 0
Class A-9 Interest Carry-Forward Amount 0
Class A-10IO Interest Carry-Forward Amount 0
Class B Interest Carry-Forward Amount 0
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,283,386,258.19 226,574,381.80 153,084,262.62 1,663,044,902.61
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,313,304.89 96,643.86 77,804.87 1,487,753.62
Prepayments (incl. Curtailments) 16,515,335.29 2,380,308.85 2,734,790.86 21,630,435.00
Purchased Principal 47,600.00 308,000.00 0.00 355,600.00
Liquidation Proceeds applied to principal 331,426.99 0.00 0.00 331,426.99
Realized Loss of Principal 25,970.76 0.00 0.00 25,970.76
Realized Loss of Interest 14,212.66 0.00 0.00 14,212.66
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (a) (ix) Loan Purchase Prices 49,563.50 318,510.50 0.00 368,074.00
Substitution Amounts 0 0 0 0
SEC. 7.09 (a) (x) Weighted Average Coupon 10.46550% 10.26119% 9.79439% 10.37570%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 240 355 353
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 4.2091%
Targeted Overcollateralization Amount 0
Overcollateralization Stepdown Amount 0
SEC. 7.09 (a) (xiv) Overcollateralization Amount 0
Page 2
</TABLE>
<PAGE>
Distribution Period: 11/15/98
<TABLE>
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
<S> <C> <C> <C>
Class B 0 0 0
Group I Group II Total
SEC. 7.09 (a) (xvii) Available Funds Cap 0.0902366% 0.0922249%
SEC. 7.09 (a) (xviii) Insured Payment 0 0 0
SEC. 7.09 (a) (xix) Reimbursement Amount Paid 0
Remaining Reimbursement Amount Unpaid 0
</TABLE>
<TABLE>
SEC. 7.09 (a) (xxi) Largest Home Equity Loan Balance Outstanding 447,875.08
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 434 2.28758% 24,930,192.20 1.94253%
Fixed Rate 60-89 Days 167 0.88024% 11,235,099.08 0.87543%
90+ Days 268 1.41261% 17,369,375.67 1.35340%
30-59 Days 49 2.01895% 4,072,363.14 1.79736%
Adjustable Rate I 60-89 Days 12 0.49444% 1,254,953.68 0.55388%
90+ Days 34 1.40091% 3,190,002.16 1.40793%
30-59 Days 25 1.63292% 1,636,102.89 1.06876%
Adjustable Rate II 60-89 Days 15 0.97975% 1,378,344.31 0.90038%
90+ Days 28 1.82887% 2,412,612.75 1.57600%
30-59 Days 508 2.21544% 30,638,658.23 1.84232%
TOTAL 60-89 Days 194 0.84605% 13,868,397.07 0.83392%
90+ Days 330 1.43916% 22,971,990.58 1.38132%
Total Fixed 18,972 100.00000% 1,283,386,258.19 100.00000%
Total Adjust. I 2,427 100.00000% 226,574,381.80 100.00000%
Total Adjust. II 1,531 100.00000% 153,084,262.62 100.00000%
Total 22,930 100.00000% 1,663,044,902.61 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs ;
Based on each respective Group's loan count and balance.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 113 17 13 143
Loans in Foreclosure (LIF): Balance 6,592,171 1,846,043 1,289,838 9,728,051
Newly Commenced LIF: Count 110 18 10 138
Newly Commenced LIF: Balance 6,258,809 2,004,285 1,085,408 9,348,503
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 57 5 5 67
Loans in Bankruptcy: Balance 5,092,381 485,525 383,559 5,961,465
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 7,133 0 1 7,134
Balloon Loans: Balance 527,874,439 0 50,095 527,924,534
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0 0 0
REO Properties: Balance 0 0 0 0
SEC. 7.09 (b) (vii) Cumulative Realized Losses 65,552 2,660 0 68,212
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 28,604,475 4,444,956 3,790,957 36,840,388
SEC. 7.09 (b) (ix) Three Month Rolling Ave of 60+ Day Delinq Rate 1.61693% 1.47629% 1.82347% 1.61692%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (x) Loans repurchsed for loss mitigation purposes
</TABLE>
Page 3
<PAGE>
<TABLE>
Distribution Period: 11/15/98
Fixed Rate Adj. Rate Invest. Income Total
<S> <C> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Cert Account 33,653,501.49 4,020,067.56 26,854.27 37,700,423.32
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
Class A-1 Allocation 21,319,753.02 21,319,753.02
Class A-2 Internal Allocation 863,333.33 863,333.33
Class A-2 Fixed Allocation 1,281,250.00 1,281,250.00
Class A-3 Allocation 1,404,791.67 1,404,791.67
Class A-4 Allocation 954,291.67 954,291.67
Class A-5 Allocation 471,000.00 471,000.00
Class A-6 Allocation 514,100.00 514,100.00
Class A-7 Allocation 550,785.00 550,785.00
Class A-8 Allocation 1,182,016.58 1,182,016.58
Class A-9 Allocation 3,548,939.78 3,548,939.78
Class A-10IO Allocation 1,070,333.33 1,070,333.33
Class A Distribution Amount 33,160,594.38 33,160,594.38
Class B Allocation 451,500.00 451,500.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0
</TABLE>
<TABLE>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C>
A-1 59,979,230.63 21,018,590.64 38,960,639.99
A-2Internal 175,000,000.00 0.00 175,000,000.00
A-2Fixed 250,000,000.00 0.00 250,000,000.00
A-3 275,000,000.00 0.00 275,000,000.00
A-4 185,000,000.00 0.00 185,000,000.00
A-5 90,000,000.00 0.00 90,000,000.00
A-6 97,000,000.00 0.00 97,000,000.00
A-7 100,600,000.00 0.00 100,600,000.00
A-8 235,000,000.00 0.00 235,000,000.00
A-9 149,296,858.35 2,812,595.73 146,484,262.62
A-10IO 197,600,000.00 NA 197,600,000.00
B 70,000,000.00 0.00 70,000,000.00
* Denotes Notional Amounts for Class A-10IO.
</TABLE>
<TABLE>
Fixed Rate Adj. Rate I Adj. Rate II Total
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 40,183.42 0.00 0.00 40,183.42
Cumulative Realized Losses 65,552.02 2,660.17 0.00 68,212.19
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 36,840,387.65
3-Mon Rolling Ave of 60+ Day Delinquency Rate 1.61692%
</TABLE>
<TABLE>
<PAGE>
Insurer's Report
Distribution Period: 11/15/98
Group I Group II Total
* Monthly Excess Cashflow Amount 3,959,903.02
<S> <C> <C> <C>
* Premium paid from cash flow (1) 90,412.00 9,155.00 99,567.00
* Trustee Fee paid from cash flow (1) 1,819.38 185.27 2,004.65
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,660,881.61 1,207,471.83 13,868,353.44
* Current Period Realized Losses:
Principal 25,970.76 0.00 25,970.76
Interest 14,212.66 0.00 14,212.66
(1) Allocated based upon the related Certificate Balances.
</TABLE>
<PAGE>
<TABLE>
ContiMortgage Grantor Trust
Series 1998-A
Distribution Period: 11/15/98
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHF5 A-2 (1) 175,000,000 175,000,000 0 845,931 845,931 175,000,000
</TABLE>
<TABLE>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WHF5 A-2 (1) 0.00000 4.83389 4.83389 1000.00000 A-2 5.71750% 5.43813%
LIBOR: 5.40813%
SEC. 7.09 (a) (iv) Class A-2 Floating Certificate Interest Carry-Forward Amount 0
SEC. 7.09 (a) (vi) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
SEC. 7.09 (a) (vii) Insured Payment 0
SEC. 7.09 (a) (viii) Swap Payment received from the NatWest 845,931.33
Swap Payment due to the NatWest 863,333.33
Investment Income on Grantor Trust paid to Seller in July each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 1,378.02
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M&T Plaza-7th Floor
Buffalo,NY 14240
(1) Class A-2 Floating Certificate
<PAGE>
Distribution Period: 1/15/98
SEC. 7.08(b)(1) Amount on Deposit in the Certificate Account 1709264.66
<TABLE>
SEC. 7.08(b)(2) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-2 Floating Certificate Allocation 845931.33 845931.33
SEC. 7.08(b)(3) Insured Payment made by the Certificate Insurer 0
SEC. 7.08(b)(5) Beginning Principal Ending
Class Balance Distribution Balance
A-2 Floating 175,000,000 0 175,000,000
Amount Due Amount Received
SEC. 7.08(b)(6)(7) Amount of any Swap Payment payable to the Grantor Trustee 845931.33 845931.33
Investment Income on Grantor Trust paid to Seller in July each year 0
Accrued but Unpaid Investment Income on Grantor Trust 1378.02
</TABLE>
<PAGE>
<TABLE>
CSHC / NatWest
Swap Side Agreement
Distribution Period: 11/15/98
<S> <C> <C>
Class A-2 Internal Pass-Through Rate 5.92000%
Class A-2 Floating Pass-Through Rate 5.43813%
Class A-2 Internal Current Balance 175,000,000.00
Swap Notional Balance 175,000,000.00
Class A-2 Internal Actual Balance Interest Amount 863,333.33
Class A-2 Floating Actual Balance Interest Amount 845,931.33
Class A-2 Internal Swap Notional Balance Interest Amount 863,333.33
Class A-2 Floating Swap Notional Balance Interest Amount 845,931.33
Current Swap Gains 0
Swap Gains Carry-Forward 0
Current Swap Losses 0
Swap Losses Carry-Forward 0
Swap Gains Payable to CSHC 0
Swap Gains Payable to CRC II 0
Swap Losses Payable to NatWest (limited to Class R Cashflow) 0
</TABLE>
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