================================================================================
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)
January 15, 1999
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 January 15, 1999 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 December, 1998 dated
January 15, 1999 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 December,
1998 was $659,128.80.
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 December, 1998.
Page 3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Joy B. Tobert
------------------------------
Name: Joy B. Tobert
Title: Vice President and Assistant Secretary
Dated: January 29, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
December, 1998.
Page 5
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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 Current
Principal Interest Total Certificate Original Pass 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%
----------------
<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
---------------------------------------------------------------------------------------------------------------
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.
<CAPTION>
Fixed Rate Adj. Rate I Adj. Rate II Total
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
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 0.103730951
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
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>
<S> <C> <C> <C> <C> <C>
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
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.
<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 10400177.00000% 630093.00000% 1690223.00000% 12720493.00000%
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 41854643.26% 7596997.92 5347117.37 54798758.55
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
</TABLE>
Page 3
<PAGE>
----------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
----------------------------------------------------------------
<TABLE>
Distribution Period: 15-Jan-99
Fixed Rate Adj. Rate Invest. Income Total
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account $43,602,733.93 5,254,970.11 24616.19 48882320.23
<CAPTION>
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C>
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
<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
---------- ----------- ------------ -----
<S> <C> <C> <C> <C> <C>
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>
----------------------------------------------------------------
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 74772.14 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 38383.67 List Pending
6386296 47571.51 Listed
6404297 186927.31 List Pending
6420210 75400 List Pending
6249734 118953.21 Listed
Page 4
<PAGE>
----------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-2
----------------------------------------------------------------
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
</TABLE>
(1) Allocated based upon the related Certificate Balances.
