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 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 July 15, 1998 a scheduled distribution was made from the Trust to
holders of the Class A, B, C and R Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of June, 1998 dated July
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 June,
1998 was $243,751.90.
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 June, 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: July 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of June, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
Original Beginning
Certificate Certificate Principal
CUSIP Class Face Value Balance Distribution
- ----- ----- ---------- ------- ------------
<S> <C> <C> <C> <C>
21075WHD0 A-1 114,000,000.00 114,000,000.00 5,482,746.52
21075X1Y9 A-2 Internal 175,000,000.00 175,000,000.00 0.00
21075WHE8 A-2 Fixed 250,000,000.00 250,000,000.00 0.00
21075WHG3 A-3 275,000,000.00 275,000,000.00 0.00
21075WHH1 A-4 185,000,000.00 185,000,000.00 0.00
21075WHJ7 A-5 90,000,000.00 90,000,000.00 0.00
21075WHK4 A-6 97,000,000.00 97,000,000.00 0.00
21075WHL2 A-7 100,600,000.00 100,600,000.00 0.00
21075WHM0 A-8 235,000,000.00 235,000,000.00 0.00
21075WHN8 A-9 158,400,000.00 158,400,000.00 1,154,534.47
21075WHQ1 B 70,000,000.00 70,000,000.00 0.00
21075X1Z6 C 0.00 0.00 0.00
R 0.00 0.00 0.00
-------------------------------------------------------------------------------
Total 1,750,000,000.00 1,750,000,000.00 6,637,280.99
-------------------------------------------------------------------------------
<CAPTION>
Ending Planned
Interest Total Certificate Principal
CUSIP Distribution Distribution Balance Balance
- ----- ------------ ------------ ------- -------
<C> <C> <C> <C> <C>
21075WHD0 286,203.33 5,768,949.85 108,517,253.48
21075X1Y9 460,444.44 460,444.44 175,000,000.00 175,000,000.00
21075WHE8 555,208.33 555,208.33 250,000,000.00 250,000,000.00
21075WHG3 608,743.06 608,743.06 275,000,000.00 275,000,000.00
21075WHH1 413,526.39 413,526.39 185,000,000.00 185,000,000.00
21075WHJ7 204,100.00 204,100.00 90,000,000.00 90,000,000.00
21075WHK4 222,776.67 222,776.67 97,000,000.00 97,000,000.00
21075WHL2 238,673.50 238,673.50 100,600,000.00 100,600,000.00
21075WHM0 616,875.00 616,875.00 235,000,000.00
21075WHN8 408,056.00 1,562,590.47 157,245,465.53
21075WHQ1 195,650.00 195,650.00 70,000,000.00
21075X1Z6 1,465,493.74 1,465,493.74 0.00
0.00 0.00 0.00
---------------------------------------------------------------
Total 5,675,750.46 12,313,031.45 1,743,362,719.01
---------------------------------------------------------------
</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 0.00 463,811.11 463,811.11 197,600,000.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT
Ending
Principal Interest Total Certificate
Class Distribution Distribution Distribution Balance
----- ------------ ------------ ------------ -------
<S> <C> <C> <C> <C> <C>
21075WHD0 A-1 48.09426772 2.51055553 50.60482325 951.90573228
21075X1Y9 A-2 Internal 0.00000000 2.63111109 2.63111109 1,000.00000000
21075WHE8 A-2 Fixed 0.00000000 2.22083332 2.22083332 1,000.00000000
21075WHG3 A-3 0.00000000 2.21361113 2.21361113 1,000.00000000
21075WHH1 A-4 0.00000000 2.23527778 2.23527778 1,000.00000000
21075WHJ7 A-5 0.00000000 2.26777778 2.26777778 1,000.00000000
21075WHK4 A-6 0.00000000 2.29666670 2.29666670 1,000.00000000
21075WHL2 A-7 0.00000000 2.37250000 2.37250000 1,000.00000000
21075WHM0 A-8 0.00000000 2.62500000 2.62500000 1,000.00000000
21075WHN8 A-9 7.28872771 2.57611111 9.86483883 992.71127229
21075WHQ1 B 0.00000000 2.79500000 2.79500000 1,000.00000000
------------------------------------------------------------------------------------------------------------
Total 3.79273199 2.40586098 6.19859298 996.20726801
------------------------------------------------------------------------------------------------------------
</TABLE>
PASS THROUGH RATES
Original Pass Current Pass
Class Thru Rate Thru Rate
----- --------- ---------
A-1 5.64875% 5.64875%
A-2 Internal 5.92000% 5.92000%
A-2 Fixed 6.15000% 6.15000%
A-3 6.13000% 6.13000%
A-4 6.19000% 6.19000%
A-5 6.28000% 6.28000%
A-6 6.36000% 6.36000%
A-7 6.57000% 6.57000%
A-8 5.90625% 5.90625%
A-9 5.79625% 5.79625%
A-10IO 6.50000% 6.50000%
B 7.74000% 7.74000%
- ------------------------------------------------------------
LIBOR: 5.65625%
=======
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
----- ------------ ------------ ------------ ------
<S> <C> <C> <C> <C> <C>
21075WHP3 A-10IO 0.00000000 2.34722222 2.34722222 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
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
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-1 441,763.39 5,038,277.54 0.00 2,705.59 5,482,746.52
Per $1000 Unit 3.87511746 44.19541702 0.00000000 0.02373325 48.09426772
----------------------------------------------------------------------------------------------------------------
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 25,278.75 1,131,167.95 0.00 (1,912.23) 1,154,534.47
Per $1,000 Unit 0.15958807 7.14121181 0.00000000 (0.01207216) 7.28872771
----------------------------------------------------------------------------------------------------------------
Class B 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
----------------------------------------------------------------------------------------------------------------
Total 467,042.14 6,169,445.49 0.00 793.36 6,637,280.99
Per $1000 Unit 0.26688122 3.52539742 0.00000000 0.00045335 3.79273199
----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
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>
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,345,783,375.89 233,733,877.59 163,845,465.53 1,743,362,719.01
SEC. 7.09 (a) (vii) Scheduled Principal Received 414,462.27 27,301.12 25,278.75 467,042.14
Prepayments (incl. Curtailments
& Purchased Principal) 3,802,102.95 1,236,174.59 1,131,167.95 6,169,445.49
Liquidation Proceeds applied to principal 0.00 0.00 0.00 0.00
Realized Loss of Principal 0.00 0.00 0.00 0.00
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>
SEC. 7.09 (a) (ix) Loan Purchase Prices 0.00 0.00 0.00 0.00
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.48619% 10.26802% 9.72763% 10.3854%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 242 359 357
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
Total
-----
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 4.0152%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 0.00
SEC. 7.09 (a) (xv)
</TABLE>
<TABLE>
<CAPTION>
Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- -----------
<S> <C> <C> <C>
Class B 0.00 0.00 0.00
</TABLE>
Page 2
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
Group I Group II
------- --------
<S> <C> <C> <C>
SEC. 7.09 (a) (xvii) Available Funds Cap 9.07034% 9.15474%
SEC. 7.09 (a) (xviii) Insured Payment 0.00 0.00
SEC. 7.09 (a) (xix) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xxi) Largest Home Equity Loan Balance Outstanding 448,952.98
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
---------------- ------ ------ ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 164 0.82891% 9,529,031.01 0.70807%
Fixed Rate 60-89 Days 16 0.08087% 761,181.24 0.05656%
90+ Days 2 0.01011% 179,113.98 0.01331%
--------------------------------------------------------------------------------------------------------
30-59 Days 7 0.28090% 566,612.01 0.24242%
Adjustable Rate I 60-89 Days 0 0.00000% 0.00 0.00000%
90+ Days 0 0.00000% 0.00 0.00000%
--------------------------------------------------------------------------------------------------------
30-59 Days 25 1.54321% 1,932,827.81 1.17967%
Adjustable Rate II 60-89 Days 4 0.24691% 237,948.15 0.14523%
90+ Days 1 0.06173% 150,311.56 0.09174%
--------------------------------------------------------------------------------------------------------
30-59 Days 196 0.82019% 12,028,470.83 0.68996%
TOTAL 60-89 Days 20 0.08369% 999,129.39 0.05731%
90+ Days 3 0.01255% 329,425.54 0.01890%
--------------------------------------------------------------------------------------------------------
Total Fixed 19,785 100.00000% 1,345,783,375.89 100.00000%
---------------------------------------------------------------------------------------
Total Adjust. I 2,492 100.00000% 233,733,877.59 100.00000%
---------------------------------------------------------------------------------------
Total Adjust. II 1,620 100.00000% 163,845,465.53 100.00000%
---------------------------------------------------------------------------------------
Total 23,897 100.00000% 1,743,362,719.01 100.00000%
---------------------------------------------------------------------------------------
</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> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 0.00 1.00 0.00 1.00
Loans in Foreclosure (LIF): Balance 0.00 158,400.00 0.00 158,400.00
Newly Commenced LIF: Count 0.00 1.00 0.00 1.00
Newly Commenced LIF: Balance 0.00 158,400.00 0.00 158,400.00
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 3.00 0.00 0.00 3.00
Loans in Bankruptcy: Balance 137,453.92 0.00 0.00 137,453.92
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 12,392.00 3.00 4.00 12,399.00
Balloon Loans: Balance 966,365,633.92 166,049.52 513,328.59 967,045,012.03
SEC. 7.09 (b) (v&vi) REO Properties: Count 0.00 0.00 0.00 0.00
REO Properties: Balance 0.00 0.00 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 0.00 0.00 0.00 0.00
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 940,295.22 0.00 388,259.71 1,328,554.93
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day
Delinquency Rate 0.02329% 0.00000% 0.07899% 0.02540%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
</TABLE>
Page 3
<PAGE>
ContiMortgage Grantor Trust
Series 1998-A
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
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) 175,000,000.00 175,000,000.00 0.00 444,694.44 444,694.44 175,000,000.00
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT
Ending
Principal Interest Total Certificate
Class Distribution Distribution Distribution Balance
----- ------------ ------------ ------------ -------
<S> <C> <C> <C> <C> <C>
21075WHF5 A-2(1) 0.00000000 2.54111109 2.54111109 1,000,000,000.00
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
PASS THROUGH RATES
Original Pass Current Pass
Class Thru Rate Thru Rate
----- --------- ---------
A-2 5.71750% 5.71750%
----------------------------------------------------
LIBOR: 5.68750%
=======
<TABLE>
<CAPTION>
<S> <C>
SEC 7.09(a)(iv) Class A-2 Floating Certificate Interest Carry-Forward Amount 0.00
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 0.00
SEC 7.09(a)(viii) Swap Payments received from the Swap Counterparty 444,694.44
Swap Payments due to the Swap Counterparty 460,444.44
Investment Income on Grantor Trust paid to Seller in July each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 0.00
</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>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
<S> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 12,883,490.06
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 5,768,949.85 5,768,949.85
Class A-2 Internal Allocation 460,444.44 460,444.44
Class A-2 Fixed Allocation 555,208.33 555,208.33
Class A-3 Allocation 608,743.06 608,743.06
Class A-4 Allocation 413,526.39 413,526.39
Class A-5 Allocation 204,100.00 204,100.00
Class A-6 Allocation 222,776.67 222,776.67
Class A-7 Allocation 238,673.50 238,673.50
Class A-8 Allocation 616,875.00 616,875.00
Class A-9 Allocation 1,562,590.47 1,562,590.47
Class A-10IO Allocation 463,811.11 463,811.11
------------- -------------
Class A Distribution Amount 11,115,698.82 11,115,698.82
============= =============
Class B Allocation 195,650.00 195,650.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
----- --------- ------------ ---------
<S> <C> <C> <C> <C>
A-1 114,000,000.00 5,482,746.52 108,517,253.48
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-9 158,400,000.00 1,154,534.47 157,245,465.53
A-10IO 197,600,000.00 NA 197,600,000.00
B 70,000,000.00 0.00 70,000,000.00
</TABLE>
* Denotes Notional Amounts for Class A-10IO.
<TABLE>
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 0.00 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00 0.00
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 1,328,554.93
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.02540%
</TABLE>
<PAGE>
ContiMortgage Grantor Trust
Series 1998-A
Distribution Period: 15-Jul-98
<TABLE>
<CAPTION>
SEC.7.08(b)(1) Amount on Deposit is in the Certificate Account 905,138.88
SEC.7.08(b)(2) Amount Due Amount Paid
---------- -----------
<S> <C> <C> <C>
Class A-3 Floating Certificate Allocation 444,694.44 444,694.44
SEC.7.08(b)(3) Insured Payments made by the Certificate Insurer 0.00
SEC.7.08(b)(5)
<CAPTION>
Beginning Principal Ending
Class Balance * Distribution Balance *
----- --------- ------------ ---------
<S> <C> <C> <C> <C>
A-2 Floating 175,000,000.00 0.00 175,000,000.00
SEC.7.08(b)(6)(7) Amount of any Swap Payment payable to the Grantor Trustee Amount Due Amount Received
---------- ---------------
444,694.44 444,694.44
Investment Income on Grantor Trust paid to Seller in July each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 0.00
</TABLE>
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Jul-98
Insurer's Report
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 1,465,493.74
* Premium paid from cash flow (1) 94,757.00 9,828.00 104,585.00
* Trustee Fee paid from cash flow (1) 1,868.03 194.47 2,062.50
* Interest Collected on Mortgage
Loans (net of Service Fee) 5,697,183.10 549,819.33 6,247,002.43
* Current Period Realized Losses:
Principal 0.00 0.00 0.00
Interest 0.00 0.00 0.00
</TABLE>
(1) Allocated based upon the related Certificate Balances.
<PAGE>
CSHC/NatWest
Swap Side Agreement
Distribution Period: 15-Jul-98
Class A-2 Internal Pass-Through Rate 5.92000%
Class A-2 Floating Pass-Through Rate 5.71750%
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 460,444.44
Class A-2 Floating Actual Balance Interest Amount 444,694.44
Class A-2 Internal Swap Notional Balance Interest Amount 460,444.44
Class A-2 Floating Swap Notional Balance Interest Amount 444,694.44
Current Swap Gains 0.00
Swap Gains Carry-Forward 0.00
Current Swap Losses 0.00
Swap Losses Carry-Forward 0.00
Swap Gains Payable to CSHC 0.00
Sqap Gains Payable to CRC II 0.00
Swap Losses Payable to NatWest [ILLEGIBLE] to Class R Cashflow) 0.00