- -----------------------------------------------------------------
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)
August 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 August 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 July, 1998 dated August
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
July, 1998 was $716,773.26.
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 July, 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: August 28, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of July, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Aug-98
<TABLE>
<CAPTION>
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> <C>
21075WHD0 A-1 114,000,000.00 108,517,253.48 15,325,155.28 561,904.60 15,887,059.88 93,192,098.20
21075X1Y9 A-2 Internal 175,000,000.00 175,000,000.00 0.00 863,333.33 863,333.33 175,000,000.00 175,000,000.00
21075WHE8 A-2 Fixed 250,000,000.00 250,000,000.00 0.00 1,281,250.00 1,281,250.00 250,000,000.00 250,000,000.00
21075WHG3 A-3 275,000,000.00 275,000,000.00 0.00 1,404,791.67 1,404,791.67 275,000,000.00 275,000,000.00
21075WHH1 A-4 185,000,000.00 185,000,000.00 0.00 954,291.67 954,291.67 185,000,000.00 185,000,000.00
21075WHJ7 A-5 90,000,000.00 90,000,000.00 0.00 471,000.00 471,000.00 90,000,000.00 90,000,000.00
21075WHK4 A-6 97,000,000.00 97,000,000.00 0.00 514,100.00 514,100.00 97,000,000.00 97,000,000.00
21075WHL2 A-7 100,600,000.00 100,600,000.00 0.00 550,785.00 550,785.00 100,600,000.00 100,600,000.00
21075WHM0 A-8 235,000,000.00 235,000,000.00 0.00 1,272,304.69 1,272,304.69 235,000,000.00
21075WHN8 A-9 158,400,000.00 157,245,465.53 2,006,666.60 835,481.19 2,842,147.79 155,238,798.93
21075WHQ1 B 70,000,000.00 70,000,000.00 0.00 451,500.00 451,500.00 70,000,000.00
21075X1Z6 C 0.00 0.00 0.00 4,027,749.78 4,027,749.78 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------
Total 1,750,000,000.00 1,743,362,719.01 17,331,821.88 13,188,491.93 30,520,313.81 1,726,030,897.13
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
-------------------------------------------------------------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
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-1 134.43118667 4.92898772 139.36017439 817.4745456 A-1 5.64875% 5.64875%
21075X1Y9 A-2 Internal 0.00000000 4.93333331 4.93333331 1,000.0000000 A-2 Internal 5.92000% 5.92000%
21075WHE8 A-2 Fixed 0.00000000 5.12500000 5.12500000 1,000.0000000 A-2 Fixed 6.15000% 6.15000%
21075WHG3 A-3 0.00000000 5.10833335 5.10833335 1,000.0000000 A-3 6.13000% 6.13000%
21075WHH1 A-4 0.00000000 5.15833335 5.15833335 1,000.0000000 A-4 6.19000% 6.19000%
21075WHJ7 A-5 0.00000000 5.23333333 5.23333333 1,000.0000000 A-5 6.28000% 6.28000%
21075WHK4 A-6 0.00000000 5.30000000 5.30000000 1,000.0000000 A-6 6.36000% 6.36000%
21075WHL2 A-7 0.00000000 5.47500000 5.47500000 1,000.0000000 A-7 6.57000% 6.57000%
21075WHM0 A-8 0.00000000 5.41406251 5.41406251 1,000.0000000 A-8 5.90625% 5.90625%
21075WHN8 A-9 12.66834975 5.27450246 17.94285221 980.0429225 A-9 5.79625% 5.79625%
21075WHQ1 B 0.00000000 6.45000000 6.45000000 1,000.0000000 A-10IO 6.50000% 6.50000%
Total 9.90389822 5.23470980 15.13860802 986.30336979 B 7.74000% 7.74000%
---------------------------------------------------------------------------------------------------------------------
LIBOR: 5.65625%
-------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
-------------------------------------------------------------------------------------------------------------
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
<TABLE>
<CAPTION>
Distribution Period: 15-Aug-98
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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 1,234,716.54 13,975,781.02 114,657.72 (0.00) 15,325,155.28
Per $1000 Unit 10.83084684 122.59457035 1.00576947 (0.00000000) 134.43118667
--------------------------------------------------------------------------------------------------------
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 81,573.79 1,925,092.81 0.00 (0.00) 2,006,666.60
Per $1,000 Unit 0.51498605 12.15336370 0.00000000 (0.00000000) 12.66834975
--------------------------------------------------------------------------------------------------------
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 1,316,290.33 15,900,873.83 114,657.72 0.00 17,331,821.88
Per $1000 Unit 0.75216590 9.08621362 0.06551870 0.00000000 9.90389822
--------------------------------------------------------------------------------------------------------
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
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,331,523,651.64 232,668,446.56 161,838,798.93 1,726,030,897.13
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,134,811.78 99,904.76 81,573.79 1,316,290.33
Prepymnts incl. Curtailmnts & Purch Prin 13,010,254.75 965,526.27 1,925,092.81 15,900,873.83
Liquidation Proceeds applied to principal 114,657.72 0.00 0.00 114,657.72
Realized Loss of Principal 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C) Info-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 502,794.61 0.00 0.00 502,794.61
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 10.48250% 10.26446% 9.73065% 10.3826%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 242 358 356
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 4.0555%
SEC. 7.09 (a) (xiv) Overcollateralization Amount 0.00
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class B 0.00 0.00 0.00
</TABLE>
Page 2
Distribution Period: 15-Aug-98
<TABLE>
<CAPTION>
Group I Group II
<S> <C> <C> <C>
SEC. 7.09 (a) (xvii) Available Funds Cap 9.06440% 9.15817%
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 448,686.44
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 311 1.57948% 18,934,998.42 1.42205%
Fixed Rate 60-89 Days 81 0.41138% 5,323,714.06 0.39982%
90+ Days 15 0.07618% 803,087.75 0.06031%
--------------------------------------------------------------------------------------------------
30-59 Days 17 0.68438% 1,623,346.58 0.69771%
Adjustable Rate I 60-89 Days 7 0.28180% 738,850.00 0.31755%
90+ Days 0 0.00000% 0.00 0.00000%
--------------------------------------------------------------------------------------------------
30-59 Days 25 1.55569% 2,348,705.53 1.45126%
Adjustable Rate II 60-89 Days 13 0.80896% 816,187.95 0.50432%
90+ Days 3 0.18668% 149,193.52 0.09219%
--------------------------------------------------------------------------------------------------
30-59 Days 353 1.48438% 22,907,050.53 1.32715%
TOTAL 60-89 Days 101 0.42471% 6,878,752.01 0.39853%
90+ Days 18 0.07569% 952,281.27 0.05517%
--------------------------------------------------------------------------------------------------
Total Fixed 19,690 100.00000 1,331,523,651.64 100.00000%
--------------------------------------------------------------------------
Total Adjust. I 2,484 100.00000% 232,668,446.56 100.00000%
--------------------------------------------------------------------------
Total Adjust. II 1,607 100.00000% 161,838,798.93 100.00000%
--------------------------------------------------------------------------
Total 23,781 100.00000 1,726,030,897.13 100.00000%
--------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs;Based on each respective Group's loan count and bal.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 3 1 2 6
Loans in Foreclosure (LIF): Balance 223,225.50 158,400.00 115,584.79 497,210.29
Newly Commenced LIF: Count 3 0 2 5
Newly Commenced LIF: Balance 223,225.50 0.00 115,584.79 338,810.29
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 9 0 0 9
Loans in Bankruptcy: Balance 907,393.43 0.00 0.00 907,393.43
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 12,329 3 4 12,336
Balloon Loans: Balance 960,400,948.39 165,958.25 513,150.76 961,080,057.40
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0 0 0
REO Properties: Balance 0.00 0.00 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 1,668.06 0.00 0.00 1,668.06
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 6,126,801.81 738,850.00 965,381.47 7,831,033.28
SEC. 7.09 (b) (ix) Three Month Rolling Ave of 60+ Day Delin Rate 0.17667% 0.10585% 0.27783% 0.17664%
Delinquency Trigger Event Occurrence NO
Cum Realized Loss Trigger Event Occurrence NO
</TABLE>
Page 3
Distribution Period: 15-Aug-98
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Acc 31,696,205.56
<TABLE>
<CAPTION>
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
<S> <C> <C>
Class A-1 Allocation 15,887,059.88 15,887,059.88
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 1,272,304.69 1,272,304.69
Class A-9 Allocation 2,842,147.79 2,842,147.79
Class A-10IO Allocation 1,070,333.33 1,070,333.33
---------------------------
Class A Distribution Amount 27,111,397.36 27,111,397.36
Class B Allocation 451,500.00 451,500.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
SEC. 7.08(b)(v)
<TABLE>
<CAPTION>
Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C>
A-1 108,517,253.48 5,325,155.28 93,192,098.20
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-9 157,245,465.53 2,006,666.60 155,238,798.93
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>
<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) 1,668.06 0.00 0.00 1,668.06
Cumulative Realized Losses 1,668.06 0.00 0.00 1,668.06
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 7,831,033.28
3-Month Rolling Ave of 60+ Day Delinq Rate 0.17664%
Insurer's Report
Distribution Period: 15-Aug-98
Group I Group II Total
* Monthly Excess Cashflow Amount 4,019,171.21
* Premium paid from cash flow (1) 93,800.00 9,702.00 103,502.00
* Trustee Fee paid from cash flow (1) 1,863.15 193.27 2,056.42
* Interest Collected on Mortgage
Loans (net of Service Fee) 13,095,471.65 1,260,333.46 14,355,805.11
* Current Period Realized Losses:
Principal 0.00 0.00 0.00
Interest 1,668.06 0.00 1,668.06
(1) Allocated based upon the related Certificate Balances.
</TABLE>
------------------------------------------------------
ContiMortgage Grantor Trust
Series 1998-A
------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Period: 15-Aug-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> <C>
21075WHF5 A-2 (1) 175,000,000.00 175,000,000.00 0.00 912,169.27 912,169.27 175,000,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
21075WHF5 A-2 (1) 0.00000000 5.21239583 5.21239583 1,000.0000000 A-2 5.71750% 5.68625%
- ------------------------------------------------------------------------------------------------------------------------------------
LIBOR: 5.65625%
SEC. 7.09 (a) (iv) Class A-2 Floating Cert 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 Payment received from the Swap Counterparty 912,169.27
Swap Payment due to the Swap Counterparty 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 130.68
(1) Class A-2 Floating Certificate
Distribution Period: 15-Aug-98
SEC. 7.08(b)(1) Amount on Deposit in the Certificate Account 1,775,502.60
SEC. 7.08(b)(2) Amount Due Amount Paid
Class A-2 Floating Certificate Allocation 912,169.27 912,169.27
SEC. 7.08(b)(3) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(5) Beginning Principal Ending
Class Balance Distribution Balance
--------------------------------------------------------
A-2 Floating 175,000,000.00 0.00 175,000,000.00
Amount Due Amount Received
SEC. 7.08(b)(6)(7) Amt of any Swap Payment payable to the Grantor Trustee 912,169.27 912,169.27
Investment Inc on Grantor Trust paid to Seller in July each yr 0.00
Accrued but Unpaid Investment Income on Grantor Trust 130.68
</TABLE>
- -----------------------------------------------------------------
CSHC / NatWest
Swap Side Agreement
- -----------------------------------------------------------------
Distribution Period: 15-Aug-98
Class A-2 Internal Pass-Through Rate 5.92000%
Class A-2 Floating Pass-Through Rate 5.68625%
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 912,169.27 Class A-2 Internal Swap Notional
Balance Interest Amount 863,333.33 Class A-2 Floating Swap Notional Balance
Interest Amount 912,169.27
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 Swap Gains Payable to CRC II 0.00 Swap Losses
Payable to NatWest (limited to Class R Cashflow) 0.00
