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Previous: CENTEX HOME EQUITY LOAN TRUST 1998-2, 8-K, 1998-10-19 |
Next: CENTEX HOME EQUITY LOAN TRUST 1998-2, 8-K, 1998-10-19 |
UNITED STATES
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 25, 1998
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-2 Trust
New York (governing law of 333-39325-04 52-2109584
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 846-8130
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 25, 1998 a distribution was made to holders of CENTEX HOME EQUITY
CORPORATION, Home Equity Loan Asset-Backed Certs., Series 1998-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home
Equity Loan Asset-Backed Certs., Series 1998-2
Trust, relating to the August 25, 1998
distribution.
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.
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1998-2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 8/27/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1998-2 Trust, relating to the
August 25, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 7/31/98
Distribution Date: 8/25/98
CHEC Series: 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 152314AF7 SEQ 6.40000% 45,809,537.12 244,317.53 1,659,326.53
A-2 152314AG5 SEQ 6.31000% 36,100,000.00 189,825.83 0.00
A-3 152314AH3 SEQ 6.44000% 17,000,000.00 91,233.33 0.00
A-4 152314AJ9 SEQ 6.82000% 14,200,000.00 80,703.33 0.00
A-5 152314AK6 SEQ 6.41000% 12,700,000.00 67,839.17 0.00
A-6 152314AL4 SEQ 5.80625% 72,382,539.46 338,551.74 848,634.56
OC CTX9802OC SUB 0.00000% 432,773.57 0.00 0.00
R CTX98002R R 0.00000% 0.00 0.00 0.00
Totals 198,624,850.15 1,012,470.93 2,507,961.09
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 44,150,210.59 1,903,644.06 0.00
A-2 0.00 36,100,000.00 189,825.83 0.00
A-3 0.00 17,000,000.00 91,233.33 0.00
A-4 0.00 14,200,000.00 80,703.33 0.00
A-5 0.00 12,700,000.00 67,839.17 0.00
A-6 0.00 71,533,904.90 1,187,186.30 0.00
OC 0.00 1,086,825.97 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 196,770,941.46 3,520,432.02 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 47,000,000.00 45,809,537.12 0.00 1,659,326.53 0.00 0.00
A-2 36,100,000.00 36,100,000.00 0.00 0.00 0.00 0.00
A-3 17,000,000.00 17,000,000.00 0.00 0.00 0.00 0.00
A-4 14,200,000.00 14,200,000.00 0.00 0.00 0.00 0.00
A-5 12,700,000.00 12,700,000.00 0.00 0.00 0.00 0.00
A-6 73,000,000.00 72,382,539.46 0.00 848,634.56 0.00 0.00
OC 2,411.98 432,773.57 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 200,002,411.98 198,624,850.15 0.00 2,507,961.09 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 1,659,326.53 44,150,210.59 0.93936618 1,659,326.53
A-2 0.00 36,100,000.00 1.00000000 0.00
A-3 0.00 17,000,000.00 1.00000000 0.00
A-4 0.00 14,200,000.00 1.00000000 0.00
A-5 0.00 12,700,000.00 1.00000000 0.00
A-6 848,634.56 71,533,904.90 0.97991651 848,634.56
OC 0.00 1,086,825.97 450.59493445 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 2,507,961.09 196,770,941.46 0.98384284 2,507,961.09
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 47,000,000.00 974.67100255 0.00000000 35.30481979 0.00000000
A-2 36,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 17,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 14,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 12,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 73,000,000.00 991.54163644 0.00000000 11.62513096 0.00000000
OC 2,411.98 179.42668264 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1,000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 35.30481979 939.36618277 0.93936618 35.30481979
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 11.62513096 979.91650548 0.97991651 11.62513096
OC 0.00000000 0.00000000 450.59493445 450.59493445 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 47,000,000.00 6.40000% 45,809,537.12 244,317.53 0.00 0.00
A-2 36,100,000.00 6.31000% 36,100,000.00 189,825.83 0.00 0.00
A-3 17,000,000.00 6.44000% 17,000,000.00 91,233.33 0.00 0.00
A-4 14,200,000.00 6.82000% 14,200,000.00 80,703.33 0.00 0.00
A-5 12,700,000.00 6.41000% 12,700,000.00 67,839.17 0.00 0.00
A-6 73,000,000.00 5.80625% 72,382,539.46 338,551.74 0.00 0.00
OC 2,411.98 0.00000% 432,773.57 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 200,002,411.98 1,012,470.93 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 244,317.53 0.00 44,150,210.59
A-2 0.00 0.00 189,825.83 0.00 36,100,000.00
A-3 0.00 0.00 91,233.33 0.00 17,000,000.00
A-4 0.00 0.00 80,703.33 0.00 14,200,000.00
A-5 0.00 0.00 67,839.17 0.00 12,700,000.00
A-6 0.00 0.00 338,551.74 0.00 71,533,904.90
OC 0.00 0.00 0.00 0.00 1,086,825.97
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,012,470.93 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 47,000,000.00 6.40000% 974.67100255 5.19824532 0.00000000 0.00000000
A-2 36,100,000.00 6.31000% 1000.00000000 5.25833324 0.00000000 0.00000000
A-3 17,000,000.00 6.44000% 1000.00000000 5.36666647 0.00000000 0.00000000
A-4 14,200,000.00 6.82000% 1000.00000000 5.68333310 0.00000000 0.00000000
A-5 12,700,000.00 6.41000% 1000.00000000 5.34166693 0.00000000 0.00000000
A-6 73,000,000.00 5.80625% 991.54163644 4.63769507 0.00000000 0.00000000
OC 2,411.98 0.00000% 179.42668264 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1,000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.19824532 0.00000000 939.36618277
A-2 0.00000000 0.00000000 5.25833324 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.36666647 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.68333310 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.34166693 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 4.63769507 0.00000000 979.91650548
OC 0.00000000 0.00000000 0.00000000 0.00000000 450.59493445
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
SEQ 1,200.00000% 25,377.00 25,057.00 0.00 0.00 97.84832865%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,629,396.97
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 3,629,396.97
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 108,964.95
Payment of Interest and Principal 3,520,432.02
Total Withdrawals (Pool Distribution Amount) 3,629,396.97
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 82,760.35
Trustee Fee 827.60
Spread 1 Fee 15,726.00
Spread 2 Fee 9,651.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 108,964.95
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 41 2,287,894.88 1.427577% 1.162720%
60 Days 9 662,125.54 0.313370% 0.336496%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 3 126,130.08 0.104457% 0.064100%
REO 0 0.00 0.000000% 0.000000%
Totals 53 3,076,150.50 1.845404% 1.563315%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 10.726684%
Weighted AverageNet Coupon 10.226684%
Weighted Average Pass-Through Rate 10.068368%
Weighted Average Maturity(Stepdown Calculation ) 320
Begin Scheduled Collateral Loan Count 2,899
Number Of Loans Paid In Full 27
End Scheduled Collateral Loan Count 2,872
Begining Scheduled Collateral Balance 198,624,850.15
Ending Scheduled Collateral Balance 196,770,941.46
Ending Actual Collateral Balance at 31-Jul-1998 196,770,941.46
Monthly P &I Constant 1,922,424.21
Ending Scheduled Balance for Premium Loans 196,770,941.46
Scheduled Principal 146,935.92
Unscheduled Principal 1,706,972.77
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Fixed 30 Year 6 Month LIBOR ARM
Weighted Average Coupon Rate 10.907920 10.411148
Weighted Average Net Rate 10.402920 9.906148
Weighted Average Maturity 300.00 353.00
Begining Loan Count 2,111.00 788.00
Loans Paid In Full 18.00 9.00
Ending Loan Count 2,093.00 779.00
Begining Scheduled Balance 126,160,998.94 72,463,851.21
Ending Scheduled Balance 124,905,729.52 71,865,211.94
Record Date 98-07-31 98-07-31
Principal And Interest Constant 1,262,984.55 659,439.66
Scheduled Principal 116,189.49 30,746.43
Unscheduled Principal 1,139,079.93 567,892.84
Scheduled Interest 1,146,795.06 628,693.23
Servicing Fee 52,567.08 30,193.26
Other Fee 525.67 301.92
Net Interest 1,093,702.31 598,198.05
Group ID 1 2
Subordinate Amount 755,518.93 331,307.04
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 2,857,554.27 4,234,000.00
Subordinate Increase Amount 2,506,092.45 4,152,688.25
Extra Principal Distribution Amount 404,057.11 249,995.29
Excess Cash Amount 404,057.11 249,995.29
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 31 1,346,143.71 8 588,525.54 0 0.00
2 10 941,751.17 1 73,600.00 0 0.00
Total 41 2,287,894.88 9 662,125.54 0 0.00
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 3 126,130.08 0 0 4 185,014.54
2 0 0.00 0 0 1 125,793.55
TOTAL 3 126,130.08 0 0 5 310,808.09
</TABLE>
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