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)
October 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 October 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 September, 1998 dated
October 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
September, 1998 was $677,667.46.
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 September,
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: October 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
September, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Oct-98
<TABLE>
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>
21075WHD0 A-1 114,000,000.00 80,188,559.12 20,209,328.49 377,470.94 20,586,799.43 59,979,230.63
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 1,143,635.33 1,143,635.33 235,000,000.00
21075WHN8 A-9 158,400,000.00 152,779,173.19 3,482,314.84 729,500.18 4,211,815.02 149,296,858.35
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 4,160,996.85 4,160,996.85 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ----------
--------------------------------------------------------------------------------------------------------------------
Total 1,750,000,000.00 1,710,567,732.31 23,691,643.33 12,902,654.97 36,594,298.30 1,686,876,088.98
--------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
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-1 177.27481132 3.31114860 180.58595991 526.1336020 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 4.86653332 4.86653332 1,000.0000000 A-8 5.90625% 5.83984%
21075WHN8 A-9 21.98431086 4.60543043 26.58974129 942.5306714 A-9 5.79625% 5.72984%
21075WHQ1 B 0.00000000 6.45000000 6.45000000 1,000.0000000 A-10IO 6.50000% 6.50000%
- ---------------
------------------------------------------------------------------------
Total 13.53808190 4.99523321 18.53331511 963.92919370 B 7.74000% 7.74000%
---------------------------------------------------------------------------------------------------------------------
LIBOR: 5.58984%
---------------------------------------------------------------------------------------
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-Oct-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 1,188,472.47 18,489,930.10 514,794.32 16,131.60 20,209,328.49
Per $1000 Unit 10.42519711 162.19236930 4.51573965 0.14150526 177.27481132
--------------------------------------------------------------------------------------------------------
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 77,870.66 3,404,444.18 0.00 0.00 3,482,314.84
Per $1,000 Unit 0.49160770 21.49270316 0.00000000 0.00000000 21.98431086
-------------------------------------------------------------------------------------------------------
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 1,266,343.13 21,894,374.28 514,794.32 16,131.60 23,691,643.33
Per $1000 Unit 0.72362465 12.51107102 0.29416818 0.00921806 13.53808190
--------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <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>
Fixed Rate Adj. Rate I Adj. Rate II Total
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,301,619,896.12 229,359,334.51 155,896,858.35 1,686,876,088.98
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,093,630.70 94,841.77 77,870.66 1,266,343.13
Prepayments (incl. Curtailments) 16,450,899.11 1,522,387.39 3,404,444.18 21,377,730.68
Purchased Principal 516,643.60 0.00 0.00 516,643.60
Liquidation Proceeds applied to principal 206,227.51 308,566.81 0.00 514,794.32
Realized Loss of Principal 16131.6 0 0 16131.6
Realized Loss of Interest 5357.85 2660.17 0 $8,018.02
SEC. 7.09 (a) (viii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Yr End.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.09 (a) (ix) Loan Purchase Prices 533,705.75 0.00 0.00 533,705.75
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (x) Weighted Average Coupon 0.1047421 0.1026323 0.0974304 0.10377558
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 240 356 354
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 4.1487%
Targeted Overcollateralization Amount 0
Overcollateralization Stepdown Amount 0
SEC. 7.09 (a) (xiv) Overcollateralization Amount 0
Page 2
<PAGE>
</TABLE>
Distribution Period: 15-Oct-98
<TABLE>
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
<S> <C> <C> <C> <C>
Class B 0.00 0.00 0.00
Group I Group II Total
SEC. 7.09 (a) (xvii) Available Funds Cap 9.04236% 9.17136%
SEC. 7.09 (a) (xviii) Insured Payment 0.00 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 448147.50
--------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balan Percentage
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 425 2.20619% 24,771,302.33 1.90311%
Fixed Rate 60-89 Days 164 0.85133% 10,201,925.21 0.78379%
90+ Days 157 0.81499% 10,219,673.25 0.78515%
------------------------------------------------------------------------------
-----------------
30-59 Days 30 1.22100% 2,685,773.76 1.17099%
Adjustable Rate I 60-89 Days 22 0.89540% 1,778,772.11 0.77554%
90+ Days 14 0.56980% 1,781,782.66 0.77685%
------------------------------------------------------------------------------
-----------------
30-59 Days 34 2.18228% 2,766,952.77 1.77486%
Adjustable Rate II 60-89 Days 15 0.96277% 1,229,814.94 0.78886%
90+ Days 18 1.15533% 1,511,035.49 0.96925%
------------------------------------------------------------------------------
30-59 Days 489 2.10061% 30,224,028.86 1.79172%
------------------------------------------------------------
TOTAL 60-89 Days 201 0.86344% 13,210,512.26 0.78313%
------------------------------------------------------------
90+ Days 189 0.81189% 13,512,491.40 0.80104%
-------------------------------------------------------------
Total Fixed 19,264 100.0000% 1,301,619,896.12 100.00000%
-------------------------------------------------------------------------
Total Adjust. I 2457 100.0000% 229,359,334.51 100.00000%
Total Adjust. II 1558 100.0000% 155,896,858.35 100.00000%
Total 23279 100.0000% 1,686,876,088.98 100.00000%
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ;
Based on each respective Group's loan count and balance.
<TABLE>
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 31.00 2.00 9.00 42.00
Loans in Foreclosure (LIF): Balance 2,425,119 114,100 642,184 3,181,403
Newly Commenced LIF: Count 32.00 3.00 8.00 43.00
Newly Commenced LIF: Balance 2,387,591 272,342 551,576 3,211,509
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 37.00 3.00 2.00 42.00
Loans in Bankruptcy: Balance 3,369,529 388,889 233,146 3,991,563
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 12,058.00 3.00 4.00 12,065.00
Balloon Loans: Balance 939,519,279.27 165,845.66 512,374.64 940,197,499.57
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 25368.60 2,660.17 0.00 28,028.77
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 20,421,598.46 3,560,554.77 2,740,850.43 26,723,003.66
SEC. 7.09 (b) (ix)
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (x) Loans repurchsed for loss mitigation purposes
Page 3
</TABLE>
<TABLE>
Distribution Period: 15-Oct-98
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 $33,037,748.78 4,709,938.23 20,026.97 37,767,713.98
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 20,586,799.43 20,586,799.43
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 1,143,635.33 1,143,635.33
Class A-9 Allocation 4,211,815.02 4,211,815.02
Class A-10IO Allocation 1,070,333.33 1,070,333.33
------------------------------
Class A Distribution Amount 33,052,134.78 33,052,134.78
==============================
Class B Allocation 451,500.00 451,500.00
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
<TABLE>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 80,188,559.12 20,209,328.49 59,979,230.63
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-9 152,779,173.19 3,482,314.84 149,296,858.35
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.
Fixed Rate Adj. Rate I Adj. Rate II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 21,489.45 2,660.17 0.00 24,149.62
Cumulative Realized Losses 25,368.60 2,660.17 0.00 28,028.77
SEC. 7.08(b)(vii)Loan Balance of 60+ Day Delinquent Loans 26,723,003.66
Three-Month Rolling Average of 60+ Day Delinquency Rate 1.02974%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ContiMortgage Grantor Trust
Series 1998-A
Distribution Period: 15-Oct-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 0.00 818,421.04 818,421.04 175,000,000.00
------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
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 4.67669166 4.67669166 1,000.000000 A-2 5.71750% 5.61203%
------------------------------------------------------------------------------------------------------------------------------
LIBOR: 5.58203%
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) Info-Required Market Discount Info Provided at Calendar Year End.
SEC. 7.09 (a) (vii) Insured Payment 0.00
SEC. 7.09 (a) (viii) Swap Payment received from the NatWest 818,421.04
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 1,180.63
</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: 15-Oct-98
SEC. 7.08(b)(1)Amount on Deposit in the Certificate Account 1,681,754.37
SEC. 7.08(b)(2)
<TABLE>
Amount Due Amount Paid
---------- -----------
<S> <C> <C>
Class A-2 Floating Certificate Allocation 818,421.04 818,421.04
SEC. 7.08(b)(3) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(5) 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
Amount Due Amount Received
SEC. 7.08(b)(6)(7) Amount of any Swap Payment payable to the Grantor Trustee 818,421.04 818,421.04
Investment Income on Grantor Trust paid to Seller in July each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 1,180.63
</TABLE>
<PAGE>
- ----------------------------------------------------------------------------
CSHC / NatWest
Swap Side Agreement
- ----------------------------------------------------------------------------
Distribution Period: 15-Oct-98
Class A-2 Internal Pass-Through Rate 5.92000%
Class A-2 Floating Pass-Through Rate 5.61203%
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 818,421.04
Class A-2 Internal Swap Notional Balance Interest Amount 863,333.33
Class A-2 Floating Swap Notional Balance Interest Amount 818,421.04
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
<PAGE>
Insurer's Report
Distribution Period: 15-Oct-98
<TABLE>
Group I Group II Total
<S> <C>
* Monthly Excess Cashflow Amount 4,140,969.88
* Premium paid from cash flow (1) 91,725.00 9,331.00 101,056.00
* Trustee Fee paid from cash flow (1) 1,837.55 188.80 2,026.35
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,844,551.89 1,227,623.39 14,072,175.28
* Current Period Realized Losses:
Principal 16,131.60 0.00 16,131.60
Interest 8,018.02 0.00 8,018.02
(1) Allocated based upon the related Certificate Balances.
</TABLE>
