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Previous: CENTEX HOME EQUITY LOAN TRUST 1998-2, 8-K, 1998-10-19 |
Next: RHYTHMS NET CONNECTIONS INC, S-4/A, 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): September 25, 1998
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Pass-Through 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.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD 21703 (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 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 September 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: 9/30/98
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
September 25, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/98
Distribution Date: 9/25/98
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% 44,150,210.59 235,467.79 1,712,023.36
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 5.79844% 71,533,904.90 357,176.02 865,038.06
OC CTX9802OC SUB 0.00000% 1,086,825.97 0.00 0.00
R CTX98002R R 0.00000% 0.00 0.01 0.00
Totals 196,770,941.46 1,022,245.48 2,577,061.42
</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 42,438,187.23 1,947,491.15 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 70,668,866.84 1,222,214.08 0.00
OC 0.00 1,715,083.14 0.00 0.00
R 0.00 0.00 0.01 0.00
Totals 0.00 194,822,137.21 3,599,306.90 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 44,150,210.59 0.00 1,712,023.36 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 71,533,904.90 0.00 865,038.06 0.00 0.00
OC 2,411.98 1,086,825.97 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 200,002,411.98 196,770,941.46 0.00 2,577,061.42 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 1,712,023.36 42,438,187.23 0.90294015 1,712,023.36
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-6 865,038.06 70,668,866.84 0.96806667 865,038.06
OC 0.00 1,715,083.14 711.06855778 0.00
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 2,577,061.42 194,822,137.21 0.97409894 2,577,061.42
</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 47,000,000.00 939.36618277 0.00000000 36.42602894 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 73,000,000.00 979.91650548 0.00000000 11.84983644 0.00000000
OC 2,411.98 450.59493445 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 36.42602894 902.94015383 0.90294015 36.42602894
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 11.84983644 968.06666904 0.96806667 11.84983644
OC 0.00000000 0.00000000 711.06855778 711.06855778 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% 44,150,210.59 235,467.79 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 5.79844% 71,533,904.90 357,176.02 0.00 0.00
OC 2,411.98 0.00000% 1,086,825.97 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 200,002,411.98 1,022,245.47 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 0.00 235,467.79 0.00 42,438,187.23
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 0.00 357,176.02 0.00 70,668,866.84
OC 0.00 0.00 0.00 0.00 1,715,083.14
R 0.00 0.00 0.01 0.00 0.00
Totals 0.00 0.00 1,022,245.48 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% 939.36618277 5.00995298 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 5.79844% 979.91650548 4.89282219 0.00000000 0.00000000
OC 2,411.98 0.00000% 450.59493445 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 5.00995298 0.00000000 902.94015383
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 4.89282219 0.00000000 968.06666904
OC 0.00000000 0.00000000 0.00000000 0.00000000 711.06855778
R 0.00000000 0.00000000 10000.00000000 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% 25,057.00 24,728.00 0.00 0.00 96.56357388%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,707,171.68
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 3,707,171.68
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 107,864.78
Payment of Interest and Principal 3,599,306.90
Total Withdrawals (Pool Distribution Amount) 3,707,171.68
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 81,987.90
Trustee Fee 819.88
Group 1 MBIA Premium 15,519.00
Group 2 MBIA Premium 9,538.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 107,864.78
</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 43 2,231,750.24 1.511424% 1.145532%
60 Days 14 615,624.67 0.492091% 0.315993%
90+ Days 1 30,400.00 0.035149% 0.015604%
Foreclosure 9 662,900.39 0.316344% 0.340259%
REO 0 0.00 0.000000% 0.000000%
Totals 67 3,540,675.30 2.355009% 1.817389%
</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 10.723336%
Weighted Average Net Coupon 10.218336%
Weighted Average Pass-Through Rate 10.065527%
Weighted Average Maturity (Stepdown Calculation ) 319
Beginning Scheduled Collateral Loan Count 2,872
Number Of Loans Paid In Full 27
Ending Scheduled Collateral Loan Count 2,845
Begining Scheduled Collateral Balance 196,770,941.46
Ending Scheduled Collateral Balance 194,822,137.20
Ending Actual Collateral Balance at 31-Aug-1998 194,822,137.20
Monthly P &I Constant 1,906,755.56
Ending Scheduled Balance for Premium Loans 194,822,137.20
Scheduled Principal 148,388.14
Unscheduled Principal 1,800,416.12
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group 1 2
Collateral Description Fixed 30 Year 6 Month LIBOR ARM
Weighted Average Coupon Rate 10.901584 10.413530
Weighted Average Net Rate 10.396584 9.908530
Weighted Average Maturity 299.00 352.00
Begining Loan Count 2,093.00 779.00
Loans Paid In Full 21.00 6.00
Ending Loan Count 2,072.00 773.00
Begining Scheduled Balance 124,905,729.52 71,865,211.94
Ending Scheduled Balance 123,595,278.49 71,226,858.71
Record Date 08-31-98 08-31-98
Principal And Interest Constant 1,254,407.86 652,347.70
Scheduled Principal 119,682.57 28,705.57
Unscheduled Principal 1,190,768.46 609,647.66
Scheduled Interest 1,134,725.29 623,642.13
Servicing Fee 52,044.05 29,943.85
Other Fee 520.44 299.43
Net Interest 1,082,160.80 593,398.85
Group 1 2
Subordinate Amount 1,157,091.26 557,991.87
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 2,857,554.27 4,234,000.00
Subordinate Increase Amount 2,102,035.34 3,902,692.96
Extra Principal Distribution Amount 401,572.33 226,684.83
Excess Cash Amount 401,572.33 226,684.83
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 33 1,543,850.72 13 511,644.04 1 30,400.00
2 10 687,899.52 1 103,980.63 0 0.00
Total 43 $2,231,750.24 14 $615,624.67 1 $30,400.00
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
<S> <C>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
1 8 589,300.39 0 0.00 4 184,932.90
2 1 73,600.00 0 0.00 1 125,733.69
TOTAL 9 662,900.39 0 0.00 5 310,666.59
</TABLE>
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