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)
December 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 December 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 November, 1998 dated
December 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 November,
1998 was $659,190.69.
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 November, 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/ Joy B. Tobert
--------------------------------------
Name: Joy B. Tobert
Title: Vice President and Assistant Secretary
Dated: December 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
19. Trustee's Monthly Servicing Report for the Month of November, 1998.
Page 5
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
Original Beginning
Certificate Certificate Principal Interest Total
CUSIP Class Face Value Balance Distribution Distribution Distribution
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
21075WHD0 A-1 114,000,000.00 38,960,639.99 24,850,856.33 177,285.79 25,028,142.12
21075X1Y9 A-2 Internal 175,000,000.00 175,000,000.00 0.00 863,333.33 863,333.33
21075WHE8 A-2 Fixed 250,000,000.00 250,000,000.00 0.00 1,281,250.00 1,281,250.00
21075WHG3 A-3 275,000,000.00 275,000,000.00 0.00 1,404,791.67 1,404,791.67
21075WHH1 A-4 185,000,000.00 185,000,000.00 0.00 954,291.67 954,291.67
21075WHJ7 A-5 90,000,000.00 90,000,000.00 0.00 471,000.00 471,000.00
21075WHK4 A-6 97,000,000.00 97,000,000.00 0.00 514,100.00 514,100.00
21075WHL2 A-7 100,600,000.00 100,600,000.00 0.00 550,785.00 550,785.00
21075WHM0 A-8 235,000,000.00 235,000,000.00 0.00 1,046,445.14 1,046,445.14
21075WHN8 A-9 158,400,000.00 146,484,262.62 3,963,237.86 639,308.14 4,602,546.00
21075WHQ1 B 70,000,000.00 70,000,000.00 0.00 451,500.00 451,500.00
21075X1Z6 C 0.00 0.00 0.00 4,160,466.70 4,160,466.70
R 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
Total 1,750,000,000.00 1,663,044,902.61 28,814,094.19 12,514,557.44 41,328,651.63
-------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------
Ending Planned
Certificate Principal
CUSIP Class Balance Balance
- --------------------------------------------------------------------
<S> <C> <C> <C>
21075WHD0 A-1 14,109,783.66
21075X1Y9 A-2 Internal 175,000,000.00 175,000,000.00
21075WHE8 A-2 Fixed 250,000,000.00 250,000,000.00
21075WHG3 A-3 275,000,000.00 275,000,000.00
21075WHH1 A-4 185,000,000.00 185,000,000.00
21075WHJ7 A-5 90,000,000.00 90,000,000.00
21075WHK4 A-6 97,000,000.00 97,000,000.00
21075WHL2 A-7 100,600,000.00 100,600,000.00
--------------------
21075WHM0 A-8 235,000,000.00
21075WHN8 A-9 142,521,024.76
21075WHQ1 B 70,000,000.00
21075X1Z6 C 0.00
R 0.00
- ------------------------------------------------
Total 1,634,230,808.42
-----------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHP3 A-10IO 197,600,000.00 197,600,000.00 0.00 1,070,333.33 1,070,333.33 197,600,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
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>
21075WHD0 A-1 217.98996781 1.55513851 219.54510632 123.77003211 A-1 5.64875% 5.64875%
21075X1Y9 A-2 Internal 0.00000000 4.93333331 4.93333331 1,000.00000000 A-2 Internal 5.92000% 5.92000%
21075WHE8 A-2 Fixed 0.00000000 5.12500000 5.12500000 1,000.00000000 A-2 Fixed 6.15000% 6.15000%
21075WHG3 A-3 0.00000000 5.10833335 5.10833335 1,000.00000000 A-3 6.13000% 6.13000%
21075WHH1 A-4 0.00000000 5.15833335 5.15833335 1,000.00000000 A-4 6.19000% 6.19000%
21075WHJ7 A-5 0.00000000 5.23333333 5.23333333 1,000.00000000 A-5 6.28000% 6.28000%
21075WHK4 A-6 0.00000000 5.30000000 5.30000000 1,000.00000000 A-6 6.36000% 6.36000%
21075WHL2 A-7 0.00000000 5.47500000 5.47500000 1,000.00000000 A-7 6.57000% 6.57000%
21075WHM0 A-8 0.00000000 4.45295804 4.45295804 1,000.00000000 A-8 5.90625% 5.52781%
21075WHN8 A-9 25.02044104 4.03603624 29.05647727 899.75394419 A-9 5.79625% 5.41781%
21075WHQ1 B 0.00000000 6.45000000 6.45000000 1,000.00000000 A-10IO 6.50000% 6.50000%
- -----------------------------------------------------------------------------------------
Total 16.46519668 4.77376614 21.23896282 933.84617624 B 7.74000% 7.74000%
-----------------------------------------------------------------------------------------------------------------------
LIBOR: 5.27781%
----------------
<CAPTION>
-----------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
21075WHP3 A-10IO 0.00000000 5.41666665 5.41666665 1,000.00000000
- -----------------------------------------------------------------------------------------
</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
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-98
--------------------------------------------------------------------------------------------------------------
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Class A-1 1,174,556.29 23,405,633.90 265,871.71 4,794.43 24,850,856.33
Per $1000 Unit 10.30312535 205.31257807 2.33220798 0.04205640 217.98996781
--------------------------------------------------------------------------------------------------------------
Class A-2 Internal 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-2 Fixed 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $1,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
Class A-9 69,938.11 3,677,120.12 202,466.05 13,713.58 3,963,237.86
Per $1,000 Unit 0.44152847 23.21414217 1.27819476 0.08657563 25.02044104
--------------------------------------------------------------------------------------------------------------
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
Total 1,244,494.40 27,082,754.02 468,337.76 18,508.01 28,814,094.19
Per $1000 Unit 0.71113966 15.47585944 0.26762158 0.01057601 16.46519668
--------------------------------------------------------------------------------------------------------------
</TABLE>
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Internal Interest Carry-Forward Amount 0.00
Class A-2 Fixed Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10IO Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,261,718,140.88 223,391,642.78 149,121,024.76 1,634,230,808.42
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,078,672.37 95,883.92 69,938.11 1,244,494.40
Prepayments (incl. Curtailments) 20,406,712.94 2,856,920.96 3,677,120.12 26,940,754.02
Purchased Principal 0.00 142,000.00 0.00 142,000.00
Liquidation Proceeds applied to principal 178,760.53 87,111.18 202,466.05 468,337.76
Realized Loss of Principal 3971.47 822.96 13713.58 18508.01
Realized Loss of Interest 3643.95 2775.3 3188.65 $9,607.90
------- ------ ------- ---------
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C)
Information-Required Market
Discount Information Provided at
Calendar Year End.
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ix) Loan Purchase Prices 0.00000% 14817779.00000% 0.00000% 14817779.0000%
Substitution Amounts 0 0 0 0
SEC. 7.09 (a) (x) Weighted Average Coupon 0.1045614 0.1025542 0.0987218 0.103750399
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 238.956833 353.9113135 352.168584
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event
Occurrence NO
--
Cumulative Realized Loss Termination
Trigger Occurrence
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 0.00 0.00 0.04
Targeted Overcollateralization Amount 0
Overcollateralization Stepdown Amount 0
SEC. 7.09 (a) (xiv) Overcollateralization Amount 0
</TABLE>
Page 2
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class B 2.38419E-07 2.38419E-07 0.00
Group I Group II Total
SEC. 7.09 (a) (xvii) Available Funds Cap 0.09 0.093009628
SEC. 7.09 (a) (xviii) Insured Payment 0.00 0 0
SEC. 7.09 (a) (xix) Reimbursement Amount Paid 0
Remaining Reimbursement Amount Unpaid 0
-----------------------------------------------------------------------------------------------------
SEC. 7.09 (a) (xxi) Largest Home Equity Loan Balance Outstanding 447875.08
-----------------------------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 491 2.62750% 29,452,080.74 2.33428%
Fixed Rate 60-89 Days 176 0.94183% 10,197,808.78 0.80825%
90+ Days 373 1.99604% 24,940,275.31 1.97669%
-----------------------------------------------------------------------------------------------------
30-59 Days 47 1.95589% 4,481,568.10 2.00615%
Adjustable Rate I 60-89 Days 18 0.74906% 1,477,090.72 0.66121%
90+ Days 38 1.58136% 3,588,043.16 1.60617%
-----------------------------------------------------------------------------------------------------
30-59 Days 40 2.68456% 3,685,603.28 2.47155%
Adjustable Rate II 60-89 Days 7 0.46980% 808,896.43 0.54244%
90+ Days 39 2.61745% 3,443,172.77 2.30898%
-----------------------------------------------------------------------------------------------------
30-59 Days 578 2.55979% 37,619,252.12 2.30195%
---------------------------------------------------------------------------------
TOTAL 60-89 Days 201 0.89017% 12,483,795.93 0.76389%
---------------------------------------------------------------------------------
90+ Days 450 1.99291% 31,971,491.24 1.95636%
---------------------------------------------------------------------------------
Total Fixed 18,687 100.00000% 1,261,718,140.88 100.00000%
---------------------------------------------------------------------------------
Total Adjust. I 2403 1 223391642.8 1
Total Adjust. II 1490 1 149121024.8 1
Total 22580 1 1634230808 1
- ---------- -
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each
respective Group's loan count and balance.
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 172.00 24.00 18.00 214.00
Loans in Foreclosure (LIF): Balance 10,930,549 2,335,375 1,708,229 14,974,153
Newly Commenced LIF: Count 152.00 21.00 13.00 186.00
Newly Commenced LIF: Balance 9,566,951 1,989,477 1,358,325 12,914,754
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 70.00 4.00 7.00 81.00
Loans in Bankruptcy: Balance 5,465,102 386,511 555,527 6,407,140
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 7,003.00 0.00 1.00 7,004.00
Balloon Loans: Balance 517,566,209.23 0.00 50,095.37 517,616,304.60
SEC. 7.09 (b) (v&vi) REO Properties: Count 5 1 0 6
REO Properties: Balance 344,415.11 118,953.21 0.00 463,368.32
SEC. 7.09 (b) (vii) Cumulative Realized Losses 7316744.00000% 625843.00000% 1690223.00000% 9632810.00000%
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 3513808409.00% 5065133.88 4252069.2 44455287.17
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+
Day Delinquency Rate 0.021942349 0.019271929 0.023619751 0.021732219
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>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
- --------------------------------------------------------------------------------
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate Invest. Income Total
---------- --------- -------------- -----
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account $37,329,560.58 5,141,946.68 27164 42498671.26
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 25,028,142.12 25,028,142.12
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 1,046,445.14 1,046,445.14
Class A-9 Allocation 4,602,546.00 4,602,546.00
Class A-10IO Allocation 1,070,333.33 1,070,333.33
---------------------------------
Class A Distribution Amount 37,787,018.26 37,787,018.26
=================================
Class B Allocation 451,500.00 451,500.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
-------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 38,960,639.99 24,850,856.33 14,109,783.66
A-2 Internal 175,000,000.00 0.00 175,000,000.00
A-2 Fixed 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-9 146,484,262.62 3,963,237.86 142,521,024.76
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.
<CAPTION>
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) 7,615.42 3,598.26 16,902.23 28,115.91
Cumulative Realized Losses 73,167.44 6,258.43 16,902.23 96,328.10
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 44,455,287.17
Three-Month Rolling Average of 60+ Day Delinquency Rate 2.17322%
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
- --------------------------------------------------------------------------------
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
4738233 99887.24 List Pending
5476049 $116,100.00 List Pending
6138234 $42,472.69 Eviction
6243588 $38,383.67 List Pending
6386296 $47,571.51 List Pending
6249734 $118,953.21 List Pending
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
- --------------------------------------------------------------------------------
Insurer's Report
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 4,133,302.70
* Premium paid from cash flow (1) 88,858.00 8,908.00 97,766.00
* Trustee Fee paid from cash flow (1) 1,743.53 176.77 1,920.30
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,483,498.68 1,192,422.40 13,675,921.08
* Current Period Realized Losses:
Principal 4,794.43 13,713.58 18,508.01
Interest 6,419.25 3,188.65 9,607.90
</TABLE>
(1) Allocated based upon the related Certificate Balances.
