SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment 1
(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
Commission File No.: 333-39325-04
Centex Home Equity Corporation
Home Equity Loan Asset-Backed Certs.
Series 1998-2 Trust
(Exact name of registrant as specified in its charter)
New York 52-2109584
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code:
(410) 884-2000
Securities to be registered pursuant to Section 12(b)
of the Act:
NONE
Securities to be registered pursuant to Section 12(g)
of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed 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 ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual
Report on Form 10-K (the "Original Form 10-K") filed on March 25, 1999, on
behalf of Centex Home Equity Loan Trust 1998-1 established pursuant to the
Pooling and Servicing among DLJ Mortgage Acceptance Corp. as Depositor,
Centex Credit Corp. d/b/a Centex Home Equity Corp as Seller, Centex Credit
Corp. d/b/a Centex Home Equity Corp as Servicer and Norwest Bank Minnesota,
National Association, as Trustee, pursuant to which the Centex Home Equity
Loan Trust Series 1998-1 Trust registered under the Securities Act of 1933
(the "Certificates") were issued.
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K.
(a) Exhibits
(99.1) Annual Independent Accountants' Servicing
Reports concerning servicing activities for
the year ended December 31, 1998.
a) Centex <F1>
(99.2) Report of Management as to Compliance with
Minimum Servicing Standards for the year
ended December 31, 1998.
a) Centex <F1>
(99.3) Annual Statements of Compliance under the
Pooling and Servicing Agreements for the
year ended December 31, 1998.
a) Centex <F1>
(99.4) Aggregate Statement of Principal and
Interest Distributions to Certificate
Holders. <F2>
(b) On October 6, 1998, November 9, 1998, and
December 8, 1998, reports on Form 8-K were filed
by the Company in order to provide the
statements for the monthly distributions to
holders of the Certificates. No other reports on
Form 8-K have been filed during the last quarter
of the period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized:
Centex Home Equity Corporation
Home Equity Loan Asset-Backed Certs.
Series 1998-2 Trust
Signed: Norwest Bank Minnesota, N.A., as Trustee
By: Sherri J. Sharps, Vice president
By: /s/ Sherri J. Sharps, Vice president
Dated: December 15, 1999
Exhibit Index
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1998.
a) Centex <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards
for the year ended December 31, 1998.
a) Centex <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1998.
a) Centex <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.<F2>
<F1> Filed herewith.
<F2> Previously filed.
Arthur Anderson LLP
(logo)
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Management of
Centex Credit Corporation:
We have examined management's assertion about Centex Credit 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) (except for minimum servicing standards 1.4., III.3, III.4, V.3.,
and V.4., which apply only to those entities with service contracts covering
escrow accounts and therefore are nonapplicable to Centex Credit Corporation) as
of and for the year ended March 31, 1999 included in the accompanying management
assertion. Management is responsible for Centex Credit Corporation's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about the entity's compliance 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 Centex Credit 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 Centex Credit Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that Centex Credit Corporation complied
with the aforementioned minimum servicing standards as of and for the year ended
March 31, 1999 is fairly stated, in all material respects.
Arthur Anderson LLP
Dallas, Texas,
August 2, 1999
(logo)
CENTEX
FINANCIAL SERVICES, INC.
P.O. Box 199000
Dallas, Texas 75219-9000
2728 North Harwood
Dallas, Texas 75201
Phone: 214 981-5000
MANAGEMENT ASSERTION
As of and for the year ended March 31, 1999, Centex Credit Corporation has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers (except for minimum servicing standards I.4.,
III.3, III.4, V.3., and V.4., which apply only to those entities with service
contracts covering escrow accounts and therefore are nonapplicable to Centex
Credit Corporation). As of and for this same period, Centex Credit Corporation
had in effect a fidelity bond and errors and omissions policy in the amount of
$3,000,000.
Anthony H. Barone
President and Chief Executive Officer
Centex Credit Corporation
Date
8/2/99
ANNUAL STATEMENT AS TO COMPLIANCE
As of and for the year ended March 31, 1999, pursuant to Section 8.16 of
the Pooling and Servicing Agreement, the undersigned on behalf of Centex Credit
Corporation has performed the reviews of the activities of the Servicer during
such preceding fiscal year and of performance under the Pooling and Servicing
Agreement, for Centex Home Equity Loan Trust 1998-4 under my supervision.
To the best of my kmowledge, based on such review, the Servicer has
fulfilled all obligations under the Polling and Servicing Agreement for file
fiscal year above referenced.
Anthony H. Barone
President
