SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-339505
----------
ContiMortgage Home Equity Loan Trust 1998-2
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
16-6476570
16-6476571
New York 16-6476573
- ------------------------------------------------- ----------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Manufacturers and Traders Trust Company
Corporate Trust Department
One M&T Plaza
Buffalo, New York 14240-2599
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 842-5589
---------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
None None
-------------------- ------------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
None
- --------------------------------------------------------------------------------
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be file by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (e 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. |X|
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-2
INDEX
Page
PART 1 ................................................................... 3
ITEM 1 - Business..................................................... 3
ITEM 2 - Properties................................................... 3
ITEM 3 - Legal Proceedings............................................ 3
ITEM 4 - Submission of Matters to a Vote of Security Holders.......... 3
PART II .................................................................. 3
ITEM 5 - Market for Registrant's Common Stock and
Related Stockholder Matters.................................. 3
ITEM 6 - Selected Financial Data...................................... 3
ITEM 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations ............... 4
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk... 4
ITEM 8 - Financial Statements and Supplementary Data.................. 4
ITEM 9 - Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure....................... 4
PART III................................................................... 4
ITEM 10 - Directors and Executive Officers of the Registrant........... 4
ITEM 11 - Executive Compensation....................................... 4
ITEM 12 - Security Ownership of Certain Beneficial
Owners and Management........................................ 4
ITEM 13 - Certain Relationships and Related Transactions............... 12
PART IV .................................................................. 12
ITEM 14 - Exhibits, Financial Statement Schedules and
Reports on Form 8-K......................................... 12
SIGNATURES ............................................................. 14
INDEX TO EXHIBITS ........................................................ 15
-1-
<PAGE>
PART I
ITEM 1 - Business
Not Applicable.
ITEM 2 - Properties
Not Applicable.
ITEM 3 - Legal Proceedings
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1998-2 (the "Trust")
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated June 1, 1998, among Manufacturers and Traders Trust Company, as trustee
(the "Trustee"), ContiSecurities Asset Funding Corp., as depositor (the
"Depositor") and ContiMortgage Corporation, as servicer (the "Servicer"), the
Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4 - Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - Market for Registrants Common Stock and Related Stockholders
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Floaters Certificates,
Class A-2 Fixed Certificates Class A-3 Certificates, Class A-4 Certificates,
Class A-5 Certificates, Class A-6 Certificates, Class A-7 Certificates, Class
A-8 Certificates, Class A-9 Certificates, , Class A-10 IO Certificates and ,
Class B- Certificates issued by the Trust are held by the Depository Trust
Company ("DTC") which in turn maintains records of holders of beneficial
interests in such Certificates. Based on information obtained by the Trust from
DTC, as of March 4, 1999, there were 3 holders of the Class A-1 Certificates, 15
holders of the Class A-2 floating 14 holders of Class A-2 fixed Certificates
Certificates, 33 holders of the Class A-3 Certificates, 22 holders of the Class
A-4 Certificates, 12 holders of the Class A-5 Certificates, 12 holders of the
Class A-6 Certificates, 8 holders of the Class A-7 Certificates, 1 holder of the
Class A-8 Certificates, 10 holders of the Class A-9 Certificates,3 holders of
the Class A-10 IO and 2 holders of the Class B Certificates .
ITEM 6 - Selected Financial Data
Not applicable.
ITEM 7 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
-2-
<PAGE>
Not applicable.
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk
Not applicable.
ITEM 8 - Financial Statements and Supplementary Data
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1998
was $4,278,370.
ITEM 9 - Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - Directors and Executive Officers of the Registrant
Not applicable.
ITEM 11 - Executive Compensation
Not applicable.
ITEM 12 - Security Ownership of Certain Beneficial Owners and Management
The following table sets forth (i) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Certificates is based upon information obtained by the Trust from
DTC and represents ownership of beneficial interest in the Certificates held by
DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
-3-
<PAGE>
Amount Owned
------------
Name and Address All Dollar Amounts Are in Thousands
---------------- -----------------------------------
Principal Percent
--------- -------
Class A-1 Certificates
- ----------------------
- - none -
Class A-2 Fixed Certificates
- ----------------------------
Bankers Trust Company $13,320 5.6%
c/o B.T. Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
The Bank of New York/CDC-FP $28,543 12.0%
Participant Contact Not Listed by DTC
Boston Safe Deposit and Trust Company $25,688 10.8%
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $55,183 23.2%
4 New York Plaza - 13th Floor
New York, NY 10004
Citibank, N.A. $20,931 8.8%
P. O. Box 30576
Tampa, FL 33630-3576
Huntington National Bank $11,417 4.8%
Attn: Proxy Dept. HC1040
41 South High Street
Columbus, OH 43287
The Northern Trust Company $30,446 12.8%
801 S. Canal C-IN
Chicago, IL 60607
-4-
<PAGE>
State Street Bank and Trust Company $39,056 16.42%
Global Corp Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-2 Floating Certificates
- -------------------------------
Bankers Trust Company $28,538 17.14%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $63,420 38.09%
4 New York Plaza
New York, NY 10004
Deutsche Bank A. G., New York Branch $49,950 30.00%
31 West 52nd Street
New York, NY 10019
State Street Bank and Trust Company $8,392 5.04%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-3 Certificates
- ----------------------
The Bank of New York $29,950 10.89%
925 Patterson Plank Road
Secaucus, NJ 07094
Banque Nationale De Paris $20,000 7.27%
New York Branch
200 Liberty Street. 20th Floor
New York, NY 10281
Chase Manhattan Bank $69,260 25.19%
4 New York Plaza - 13th Floor
New York, NY 10004
-5-
<PAGE>
Citibank, N.A. $21,500 7.82%
P.O. Box 30576
Tampa, FL 33630-3576
Morgan Stanley & Co. Incorporated $37,700 13.71%
One Pierrepont Plaza, 7th Floor
Brooklyn, NY 11201
State Street Bank and Trust Company $53,675 19.52%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Wachovia Bank, N.A. $14,900 5.42%
100 North Main Street, NC 37121
Winston-Salem, NC 37121
Class A-4 Certificates
- ----------------------
American Express Trust Company $12,000 6.49%
1299 Northstar West
Minneapolis, MN 55440
Bankers Trust Company $42,450 22.95%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit and Trust Company $11,250 6.08%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank /FI-Trac 2 $41,800 22.59%
4 New York Plaza - 13th Floor
New York, NY 10004
Chase Manhattan Bank $10,000 5.41%
Broker and Dealer Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
-6-
<PAGE>
Citibank, N.A. $23,885 12.91%
P.O. Box 30576
Tampa, FL 33630-3576
SSB - Trust Custody $10,000 5.41%
225 Franklin Street, M4
Boston, MA 02110
State Street Bank and Trust Company $13,400 7.24%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Wachovia Bank/Safekeeping $10,000 5.41%
301 N. Main Street, NC 31058
Winston-Salem, NC 27150
Class A-5 Certificates
- ----------------------
The Bank of New York $8,000 8.89%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company $5,725 6.36%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN
Boston Safe Deposit and Trust Company $11,675 12.97%
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank $20,225 22.47%
4 New York Plaza - 13th Floor
New York, NY 10004
Harris Trust & Savings Bank $6,305 7.01%
Proxy Operations
111 West Monroe Street LLE
Chicago, IL 60603
-7-
<PAGE>
Magna/Trust $25,400 28.22%
One South Church Street
Belleville, IL 62220
Class A-6 Certificates
- ----------------------
The Bank of New York $9,280 9.57%
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company $48,975 50.49%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $6,160 6.35%
4 New York Plaza - 13th Floor
New York, NY 10004
M&I Marshall & Isley Bank $10,000 10.31%
1000 North Water Street
P.O. Box 2977
Milwaukee, WI 53202
U.S. Bank National Association/Safekeeking $6,800 7.01%
First Trust Center SPFT 0913
180 East Fifth Street - 9th Floor
St. Paul, MN 55101
Class A-7 Certificates
- ----------------------
Bank of New York $44,125 43.86%
925 Patterson Plank Road
Secaucus, NJ 07094
BNY/ITC - Dealers Clearance Special $23,300 23.16%
c/o N.A. Schapiro & Co. In.
One Chase Manhattan Plaza, 58th Floor
New York, NY 10005
-8-
<PAGE>
Morgan Stanley & Co Incorporated $6,000 5.96%
One Pierrepont Plaza - 7th Floor
Brooklyn, NY 11201
The Northern Trust Company $13,300 13.22%
801 S. Canal C-IN
Chicago, IL 60607
Class A-8 Certificates
- ----------------------
Bank of New York $235,000 100.0%
925 Paterson Plank Rd.
Secaucus, NJ 07094
Class A-9 Certificates
- ----------------------
Chase Manhattan Bank $56,640 41.04%
4 New York Plaza
New York, NY 10004
Citibank, N.A. $13,070 9.47%
P. O. Box 30576
Tampa, FL 33630-3576
Investors Fiduciary Trust Company/SSB $7,577 5.49%
Global Corp. Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Norwest Bank, Minnestoa, National Association $28,224 20.45%
733 Marquette Avenue
Minneapolis, MN 55479-0056
State Street Bank and Trust Company $12,021 8.71%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
-9-
<PAGE>
Class A-10 IO Certificates
- --------------------------
Boston Safe Deposit and Trust Company $38,000 19.23%
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
Citibank, N.A. $60,000 30.36%
P.O. Box 30576
Tampa, FL 33630-3576
State Street Bank and Trust Company $99,600 50.41%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class B Certificates
The Northern Trust Company $10,000 14.29%
801 S. Canal C-IN
Chicago, IL 60607
Westlb Securities Americas Inc. $60,000 85.71%
Participant Contact Not Listed by DTC
-10-
<PAGE>
-11-
<PAGE>
(1) Represents the "Notional Principal Amount" of the Class C Certificates which
is based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
-12-
<PAGE>
(1) Represents the "Notional Principal Amount" of the Certificates which
is based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
-13-
<PAGE>
ITEM 13 - Certain Relationships and Related Transactions
None
PART IV
ITEM 14 - Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
----------- -----------
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
-14-
<PAGE>
b) Reports on Form 8-K.
7 reports on Form 8-K has been filed by the Issuer during the period covered by
this report.
Items Reported/Financial
Date of Report on Form 8-K Statements Filed
- -------------------------- ----------------
July 15, 1998 Trustee's Monthly Report for the
June Monthly Period.
August 15, 1998 Trustee's Monthly Report for the July
Monthly Period.
September 15, 1998 Trustee's Monthly Report for the
August Monthly Period.
October 15, 1998 Trustee's Monthly Report for the
September Monthly Period.
November 15, 1998 Trustee's Monthly Report for the
October Monthly Period.
December 15, 1998 Trustee's Monthly Report for the
November Monthly Period.
January 15, 1999 Trustee's Monthly Report for the
December Monthly Period.
-15-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
AS DEPOSITOR
By: /s/ Peter Abeles
--------------------------------------
Name: Peter Abeles
Title: President
By: /s/ Robert Riedl
--------------------------------------
Name: Robert Riedl
Title: Vice President, Secretary & Treasurer
Date: March 31, 1999
-16-
<PAGE>
INDEX TO EXHIBITS
Item 14(a)3.
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to
the Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
-17-
[LETTERHEAD OF CONTIMORTGAGE CORPORATION]
March 12, 1999
Arthur Andersen, LLP
1345 Avenue of the America
New York, NY 10105
Dear Sirs:
As of and for the year ended December 31, 1998, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of December 31,1998 ContiMortgage Corporation had in effect fidelity
bond and errors and omissions policy in the amounts of $14,000,000 and
$6,000,000, respectively.
/s/ Margaret M. Curry /s/ William P. Higgins
- ------------------------------ -------------------------------
Margaret M.Curry William P. Higgins
Sr. Vice President - Servicing Vice President and Controller
March 12, 1999 March 12, 1999
18
Exhibit 99.2
CONTIMORTGAGE CORPORATION
UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
FOR THE YEAR ENDED DECEMBER 31, 1998
TOGETHER WITH AUDITORS' REPORT
19
<PAGE>
INDEPENDENT ACCOUNTANTS' REPORT
To the Board of Directors of ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers ("USAP") and that ContiMortgage Corporation had in effect a fidelity
bond and errors and omissions policy in the amount of $14,000,000 and $6,000,000
as of December 31, 1998, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $14,000,000 and $6,000,000 as of December 31, 1998, is fairly stated,
in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 12, 1999
20
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Jan-99
<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>
21075WHD0 A-1 114,000,000.00 14,109,783.66 14,109,783.66 68,632.83 14,178,416.49 0.00
21075X1Y9 A-2 Internal 175,000,000.00 175,000,000.00 8,500,757.40 863,333.33 9,364,090.73 166,499,242.60 161,382,258.19
21075WHE8 A-2 Fixed 250,000,000.00 250,000,000.00 12,143,939.15 1,281,250.00 13,425,189.15 237,856,060.85 230,546,083.12
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 1,170,754.14 1,170,754.14 235,000,000.00
21075WHN8 A-9 158,400,000.00 142,521,024.76 4,508,477.77 696,530.22 5,205,007.99 138,012,546.99
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 24,616.19 24,616.19 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,750,000,000.00 1,634,230,808.42 39,262,957.98 8,451,585.05 47,714,543.03 1,594,967,850.44
</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-1 123.77003211 0.60204237 124.37207447 0.00000000 A-1 5.64875% 5.64875%
21075X1Y9 A-2 Internal 48.57575657 4.93333331 53.50908989 951.42424343 A-2 Internal 5.92000% 5.92000%
21075WHE8 A-2 Fixed 48.57575660 5.12500000 53.70075660 951.42424340 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 4.98193251 4.98193251 1,000.00000000 A-8 5.90625% 5.78547%
21075WHN8 A-9 28.46261218 4.39728674 32.85989893 871.29133201 A-9 5.79625% 5.67547%
21075WHQ1 B 0.00000000 6.45000000 6.45000000 1,000.00000000 A-10IO 6.50000% 6.50000%
Total 22.43597599 4.81541078 27.25138677 911.41020025 B 7.74000% 7.74000%
-----------------------------------------------------------------------------------------------------------------------
LIBOR: 5.53547%
--------------------------
</TABLE>
<TABLE>
<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
Distribution Period: 15-Jan-99
<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 1,198,792.21 12,910,991.45 0.00 0.00 14,109,783.66
Per $1000 Unit 10.51572114 113.25431096 0.00000000 0.00000000 123.77003211
-----------------------------------------------------------------------------------------------------------
Class A-2 Internal 0.00 6,939,273.06 156,574.88 1,404,909.46 8,500,757.40
Per $1000 Unit 0.00000000 39.65298891 0.89471360 8.02805406 48.57575657
-----------------------------------------------------------------------------------------------------------
Class A-2 Fixed 0.00 9,913,247.24 223,678.39 2,007,013.52 12,143,939.15
Per $1000 Unit 0.00000000 39.65298896 0.89471356 8.02805408 48.57575660
-----------------------------------------------------------------------------------------------------------
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 70,057.82 4,013,562.91 0.00 424,857.04 4,508,477.77
Per $1,000 Unit 0.44228422 25.33814968 0.00000000 2.68217828 28.46261218
-----------------------------------------------------------------------------------------------------------
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 1,268,850.03 33,777,074.66 380,253.27 2,431,870.56 39,262,957.98
Per $1000 Unit 0.72505716 19.30118552 0.21728758 1.38964032 22.43597599
-----------------------------------------------------------------------------------------------------------
</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
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,233,967,928.64 219,782,658.43 145,037,404.03 1,598,787,991.10
SEC. 7.09 (a) (vii) Scheduled Principal Received 1,104,421.12 94,371.09 70,057.82 1,268,850.03
Prepayments (incl. Curtailments) 26,219,998.49 3,514,613.26 4,013,562.91 33,748,174.66
Purchased Principal 28,900.00 0.00 0.00 28,900.00
Liquidation Proceeds applied to
principal 380,253.27 0.00 0.00 380,253.27
Realized Loss of Principal 16639.36 0 0 16639.36
Realized Loss of Interest 14194.97 42.5 0 $14,237.47
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 2918594.00000% 0.00000% 0.00000% 2918594.0000%
Substitution Amounts 0 0 0 0
SEC. 7.09 (a) (x) Weighted Average Coupon 0.10447 0.1025411 0.0992603 0.10373095
SEC. 7.09 (a) (xi) Weighted Average Remaining
Term to Maturity 238.0467827 352.9796171 351.1904027
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 0.00 0.00 0.05
Targeted Overcollateralization Amount 25374988.5
Overcollateralization Stepdown Amount 0
SEC. 7.09 (a) (xiv) Overcollateralization Amount 3820140.66
</TABLE>
Page 2
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
SEC. 7.09 (a) (xv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- -----------
Class B 0 0 0.00
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (xvii) Available Funds Cap 0.08 0.088550127
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 447600.68
<CAPTION>
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 419 2.29237% 23,911,175.89 1.93775%
Fixed Rate 60-89 Days 189 1.03403% 11,166,817.02 0.90495%
90+ Days 471 2.57687% 30,687,826.24 2.48692%
30-59 Days 49 2.07101% 3,849,356.87 1.75144%
-----------------------------------------------------------------------------------------------------
Adjustable Rate I 60-89 Days 26 1.09890% 2,718,027.42 1.23669%
90+ Days 53 2.24007% 4,878,970.50 2.21991%
30-59 Days 37 2.55172% 2,791,335.91 1.92456%
-----------------------------------------------------------------------------------------------------
Adjustable Rate II 60-89 Days 19 1.31034% 1,585,177.30 1.09294%
90+ Days 44 3.03448% 3,761,940.07 2.59377%
30-59 Days 505 2.28569% 30,551,868.67 1.91094%
TOTAL 60-89 Days 234 1.05911% 15,470,021.74 0.96761%
90+ Days 568 2.57083% 39,328,736.81 2.45991%
Total Fixed 18,278 100.00000% 1,233,967,928.64 100.00000%
---------------------------------------------------------------------------------
Total Adjust. I 2366 1 219782658.4 1
---------------------------------------------------------------------------------
Total Adjust. II 1450 1 145037404 1
---------------------------------------------------------------------------------
Total 22094 1 1598787991 1
---------------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
</TABLE>
<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 236.00 29.00 24.00 289.00
Loans in Foreclosure (LIF): Balance 15,362,313 2,756,876 2,143,722 20,262,910
Newly Commenced LIF: Count 75.00 6.00 6.00 87.00
Newly Commenced LIF: Balance 4,910,599 465,700 435,511 5,811,811
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 94.00 6.00 11.00 111.00
Loans in Bankruptcy: Balance 6,985,938 579,138 834,972 8,400,048
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 6,841.00 0.00 1.00 6,842.00
Balloon Loans: Balance 505,441,140.93 0.00 49,963.30 505,491,104.23
SEC. 7.09 (b) (v&vi) REO Properties: Count 10 1 0 11
REO Properties: Balance 767,889.62 118,953.21 0.00 886,842.83
SEC. 7.09 (b) (vii) Cumulative Realized Losses 10,400,177.00 630,093.00 1,690.223.00 12,720.493.00
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 41,854,643.26 7,596.997.92 5,347,117.37 54,798,758.55
SEC. 7.09 (b) (ix) Three Month Rolling Average of 60+ Day
Delinquency Rate 0.028018807 0.025619276 0.030048412
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
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
4733416 $74,772.14 List Pending
4738233 $99,887.24 List Pending
5476049 $116,100.00 Eviction
5864897 $48,000.00 List Pending
5957394 $38,375.06 List Pending
6138234 $42,472.69 List Pending
6243588 $38,383.67 List Pending
6386296 $47,571.51 Listed
6404297 $186,927.31 List Pending
6420210 $75,400.00 List Pending
6249734 $118,953.21 Listed
Page 4
<PAGE>
Distribution Period: 15-Jan-99
<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 $43,602,733.93 5,254,970.11 24616.19 48882320.23
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 14,178,416.49 14,178,416.49
Class A-2 Internal Allocation 9,364,090.73 9,364,090.73
Class A-2 Fixed Allocation 13,425,189.15 13,425,189.15
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 1,170,754.14 1,170,754.14
Class A-9 Allocation 5,205,007.99 5,205,007.99
Class A-10IO Allocation 1,070,333.33 1,070,333.33
-----------------------------
Class A Distribution Amount 48,308,760.17 48,308,760.17
=============================
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>
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
----------------------------------------------------------------------
<S> <C> <C> <C>
A-1 14,109,783.66 14,109,783.66 0.00
A-2 Internal 175,000,000.00 8,500,757.40 166,499,242.60
A-2 Fixed 250,000,000.00 12,143,939.15 237,856,060.85
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-9 142,521,024.76 4,508,477.77 138,012,546.99
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
---------- ----------- ------------- -----
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 30,834.33 42.50 0.00 30,876.83
Cumulative Realized Losses 104,001.77 6,300.93 16,902.23 127,204.93
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 54,798,758.55
Three-Month Rolling Average of 60+ Day Delinquency Rate 2.78767%
</TABLE>
<PAGE>
Insurer's Report
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 3,411,922.98 424,857.04 3,836,780.02
* Premium paid from cash flow (1) 86,898.00 8,652.00 95,550.00
* Trustee Fee paid from cash flow (1) 1,721.06 172.81 1,893.87
* Interest Collected on Mortgage
Loans (net of Service Fee) 12,260,176.70 1,171,349.38 13,431,526.08
* Current Period Realized Losses:
Principal 16,639.36 0.00 16,639.36
Interest 14,237.47 0.00 14,237.47
(1) Allocated based upon the related
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Grantor Trust
Series 1998-A
- --------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<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 8,500,757.40 838,873.78 9,339,631.18 166,499,242.60
- ---------------------------------------------------------------------------------------------------------------------------
<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>
21075WHF5 A-2 (1) 48.57575659 4.79356446 53.36932105 951.42424343 A-2 5.71750% 5.56672%
- --------------------------------------------------------------------------------------------------------------------------------
LIBOR: 5.53672%
--------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <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 Payment received from the NatWest 838,873.78
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 2,144.62
</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>
- --------------------------------------------------------------------------------
ContiMortgage Grantor Trust
Series 1998-A
- --------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
<S> <C> <C>
SEC. 7.08(b)(1) Amount on Deposit in the Certificate Account 10,202,964.51
SEC. 7.08(b)(2) Amount Due Amount Paid
------------- -----------
Class A-2 Floating Certificate Allocation 9,339,631.18 9,339,631.18
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 8,500,757.40 166,499,242.60
Amount Due Amount Received
SEC. 7.08(b)(6)(7) Amount of any Swap Payment payable to the Grantor Trustee 838,873.78 838,873.78
Investment Income on Grantor Trust paid to Seller in July each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 2,144.62
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Grantor Trust
Series 1998-A
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CSHC / NatWest
Swap Side Agreement
- --------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
Class A-2 Internal Pass-Through Rate 5.92000%
Class A-2 Floating Pass-Through Rate 5.56672%
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 838,873.78
Class A-2 Internal Swap Notional Balance Interest Amount 863,333.33
Class A-2 Floating Swap Notional Balance Interest Amount 838,873.78
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
