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Previous: LEHMAN ABS CORP HOME EQUITY LOAN ASSET BACK CERT SER 1998-2, 8-K, 1998-12-10 |
Next: LEHMAN HOME EQUITY LOAN TRUST 1997-2, 8-K, 1998-12-10 |
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 17,
1998.
LEHMAN ABS CORPORATION,
as Depositor (the "Depositor"), Home Loan and Investment Bank, F.S.B., as
Seller and Servicer (the "Seller" and the "Servicer", respectively), and
Bankers Trust Company of California, N.A., as Trustee (the "Trustee) under
the Pooling and Servicing Agreement, dated as of April 1, 1997,
providing for the issuance of the Home Equity Loan Asset-Backed
Certificates, Series 1997-1).
LEHMAN HOME EQUITY TRUST 1997-1 HOME EQUITY LOAN ASSET-BACKED
CERTIFICATES, SERIES 1997-1.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-14293 13-3447441
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
20 VESEY STREET
NEW YORK, NEW YORK 10022
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 526-7000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
August 17, 1998.
Monthly Report to Certificateholders as to distributions made on
September 15, 1998.
Monthly Report to Certificateholders as to distributions made on
October 15, 1998.
SIGNATURE
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.
Bankers Trust Company of California,
N.A., not in its individual
capacity, but solely as a duly
authorized agent of the Registrant
pursuant to the Pooling and
Servicing Agreement, dated as of
April 1, 1997.
Date: December 10, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT
Monthly Report to Certificateholders as to distributions made on
August 17, 1998.
Monthly Report to Certificateholders as to distributions made on
September 15, 1998.
Monthly Report to Certificateholders as to distributions made on
October 15, 1998.
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 21,962,000.00 11,280,824.66 66,838.88 727,766.42
>794,605.30 0.00 0.00 10,553,058.24
A-2 14,676,000.00 14,676,000.00 95,394.00 0.00
> 95,394.00 0.00 0.00 14,676,000.00
A-3 15,687,000.00 7,536,325.67 40,594.88 823,495.01
>864,089.89 0.00 0.00 6,712,830.66
R 0.00 0.00 56,747.31 0.00
> 56,747.31 0.00 0.00 0.00
TOTALS 52,325,000.00 33,493,150.33 259,575.07 1,551,261.43 1,
>810,836.50 0.00 0.00 31,941,888.90
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BC8 513.651974 3.043388 33.137529
> 36.180917 480.514445 7.110000% 7.110000%
A-2 525180BD6 1,000.000000 6.500000 0.000000
> 6.500000 1,000.000000 7.800000% 7.800000%
A-3 525180BE4 480.418542 2.587804 52.495379
> 55.083183 427.923163 5.876250% 5.860630%
R 0.000000 1.084516 0.000000
> 1.084516 0.000000 0.000000% 0.000000%
SELLER: Home Loan and Investment Bank, F.S.B. ADMI
>NISTRATOR: Jake D. Steen
SERVICER: Home Loan and Investment Bank, F.S.B.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: August 17, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> COPYRIGHT 1998 Bankers Trust Company
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 17, 1998
> ACCRUED SERVICING FEE C
>OLLECTED: 13,950.10
> PERMITTED REDUCTIONS TO
> SERVICING FEES: (5,629.87)
> TOTAL SERVICING FEES DU
>E MASTER SERVICER: 8,320.23
>
> AMOUNT OF MONTHLY ADVAN
>CES: 34,081.00
>
> AMOUNT OF COMPENSATING
>INTEREST: 5,629.87
>
> AMOUNT DUE THE CERTIFIC
>ATE INSURER: 3,970.34
>
> DELINQUENT LOAN
> TOTAL TOTAL
>
> INFORMATION:
> 30 TO 59 60 TO 89 90 AND OVER LOANS IN LOANS IN
>
> (INCLUDING LOANS IN FOR
>ECLOSURE) DAYS DAYS DAYS FORECLOSURE REO
> GROUP 1 PRINCIP
>AL BALANCE 20,818.71 38,930.64 103,771.98 62,329.22 0.00
>
> PERCENTAGE OF ENDING PO
>OL BALANCE 0.0825% 0.1543% 0.4113% 0.2471% 0.0000%
>
> NUMBER OF LOANS
> 1 3 2 2 0
>
> PERCENTAGE OF LOANS REM
>AINING 0.2141% 0.6424% 0.4283% 0.4283% 0.0000%
>
> GROUP 2 PRINCIP
>AL BALANCE 21,855.13 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF ENDING PO
>OL BALANCE 0.3256% 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 1 0 0 0 0
>
> PERCENTAGE OF LOANS REM
>AINING 0.8696% 0.0000% 0.0000% 0.0000% 0.0000%
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN GROUP I: 36,638,164.39
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN GROUP I: 25,956,989.05
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN GROUP I: 25,229,222.63
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN GROUP II: 15,687,057.04
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN GROUP II: 7,536,383.0
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN GROUP II: 6,712,888.0
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN POOL: 52,325,221.79
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN POOL: 33,493,372.12
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN POOL: 31,942,110.69
>
> NUMBER OF LOANS IN GROU
>P I AT THE BEGINNING OF THE RELATED DUE PERIOD: 478
>
> NUMBER OF LOANS IN GROU
>P I AT THE END OF THE RELATED DUE PERIOD: 467
>
> NUMBER OF LOANS IN GROU
>P II AT THE BEGINNING OF THE RELATED DUE PERIOD: 129
>
> NUMBER OF LOANS IN GROU
>P II AT THE END OF THE RELATED DUE PERIOD: 115
>
> TOTAL NUMBER OF LOANS A
>T THE BEGINNING OF THE RELATED DUE PERIOD: 607
>
> TOTAL NUMBER OF LOANS A
>T THE END OF THE RELATED DUE PERIOD: 582
>
> GROUP I WEIGHTED AVERAG
>E REMAINING TERM TO MATURITY: 195
>
> GROUP II WEIGHTED AVERA
>GE REMAINING TERM TO MATURITY: 274
>
>
> Page 2 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 17, 1998
> PRINCIPAL BALANCE OF LO
>ANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 1,458,362.8
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 25
>
> PRINCIPAL CURTAILMENTS
>ON MORTGAGE LOANS: 39,641.48
>
> PRINCIPAL PORTION OF MO
>NTHLY PAYMENTS ON MORTGAGE LOANS: 53,257.08
>
> FIXED RATE PRINCIPAL RE
>MITTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D PRINCIPAL PAYMENTS 46,152.61
> CURTAILM
>ENTS 36,413.45
> PREPAYME
>NTS 645,200.36
> INSURANC
>E PROCEEDS 0.00
> RELEASED
> MORTGAGE PROPERTY PROCEEDS 0.00
> NET LIQU
>IDATION PROCEEDS 0.00
> UNRECOVE
>RED CLASS A-1 PORTION 0.00
> UNRECOVE
>RED CLASS A-2 PORTION 0.00
> PRIOR FI
>XED RATE CARRY FORWARD AMOUNT 0.00
> PRINCIPA
>L PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS 0.00
> PRINCIPA
>L SUBSTITUTION ADJUSTMENT AMOUNT 0.00
> REMAININ
>G PRE-FUNDING AMOUNTS FOR DISTRIBUTION 0.00
> FIXED RATE PRINCIPAL RE
>MITTANCE AMOUNT: 727,766.42
>
> VARIABLE RATE PRINCIPAL
> REMITTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D PRINCIPAL PAYMENTS 7,104.47
> CURTAILM
>ENTS 3,228.03
> PREPAYME
>NTS 813,162.51
> INSURANC
>E PROCEEDS 0.00
> RELEASED
> MORTGAGE PROPERTY PROCEEDS 0.00
> NET LIQU
>IDATION PROCEEDS 0.00
> UNRECOVE
>RED CLASS A-3 PORTION 0.00
> PRIOR CL
>ASS A-3 CARRY FORWARD AMOUNT 0.00
> PRINCIPA
>L PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS 0.00
> PRINCIPA
>L SUBSTITUTION ADJUSTMENT AMOUNT 0.00
> CLASS A-3 PRINCIPAL REM
>ITTANCE AMOUNT: 823,495.01
>
> TOTAL AMOUNT OF INTERES
>T RECEIVED ON MORTGAGE LOANS: 273,382.40
>
> AMOUNT OF FIXED RATE IN
>SURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
>
> AMOUNT OF VARIABLE RATE
> INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
>
> FIXED RATE AVAILABLE RE
>MITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 919,047.59
>
> VARIABLE RATE AVAILABLE
> REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 891,400.54
>
>
> Page 3 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 17, 1998
> GROUP I WEIGHTED AVERAG
>E MORTGAGE INTEREST RATE: 9.36%
>
> GROUP II WEIGHTED AVERA
>GE MORTGAGE INTEREST RATE: 10.87%
>
> CLASS A-1 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 66,838.88
> LESS: CL
>ASS A-1 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-1 INTEREST REMI
>TTANCE AMOUNT: 66,838.88
>
> CLASS A-1 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> GROUP I MORTGAGE LOAN I
>NTEREST SHORTFALL AMOUNT: 0.00
>
> CLASS A-2 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 95,394.00
> LESS: A-
>2 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-2 INTEREST REMI
>TTANCE AMOUNT: 95,394.00
>
> CLASS A-2 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> CLASS A-2 MORTGAGE LOAN
> INTEREST SHORTFALL AMOUNT: 0.00
>
> CLASS A-3 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 40,594.88
> LESS: A-
>3 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-3 INTEREST REMI
>TTANCE AMOUNT: 40,594.88
>
> CLASS A-3 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> CLASS A-3 MORTGAGE LOAN
> INTEREST SHORTFALL AMOUNT: 0.00
>
> REIMBURSEMENTS TO THE S
>ERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS: 0.00
>
> REIMBURSEMENTS TO THE S
>ERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANCES: 0.00
>
>
> Page 4 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 17, 1998
> AMOUNT TRANSFERRED FROM
> THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCOUNT: 0.00
>
> SIMPLE INTEREST EXCESS
>SUB-ACCOUNT BEGINNING BALANCE: 39,237.50
>
> NET SIMP
>LE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S 14,407.81
> NET SIMP
>LE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB 0.00
> LESS: A
>NNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03 0.00
> SIMPLE INTEREST EXCESS
>SUB-ACCOUNT ENDING BALANCE: 53,645.31
>
> AMOUNT TRANSFERRED FROM
> THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT: 56,747.31
>
> SPREAD ACCOUNT BEGINNIN
>G BALANCE: 936,589.94
>
> ADD'L NE
>T SIMPLE INTEREST SHORTFALL WITHDRAWAL 0.00
> AMOUNT O
>F MONTHLY EXCESS SPREAD DEPOSITED 52,388.60
> GAIN / (
>LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUN 4,358.71
> TOTAL AM
>OUNT DEPOSITED IN THE SPREAD ACCOUNT 56,747.31
> TOTAL AM
>OUNTS WITHDRAWN FROM THE SPREAD ACCOUNT 56,747.31
> SPREAD ACCOUNT ENDING B
>ALANCE: 936,589.94
>
> EXCESS SPREAD PERCENTAG
>E: 100.00%
>
> AMOUNT OF EXCESS SPREAD
>: 52,388.60
>
> AMOUNT OF MONTHLY EXCES
>S SPREAD: 52,388.60
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO REIMBURSABLE AMOUNTS: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO MONTHLY ADVANCES: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS: 0.00
>
> BASE SPREAD ACCOUNT REQ
>UIREMENT: 936,589.94
>
> SUMMARY OF REALIZED LOS
>SES:
> CURRENT
>GROUP I REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE GROUP I REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE REALIZED LOSSES ON THE FIXED RATE CERTIFICATES: 0.00
>
> CURRENT
>GROUP II REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE GROUP II REALIZED LOSSES: 5,208.85
>
>
> Page 5 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 17, 1998
> CUMMULAT
>IVE REALIZED LOSSES ON THE VARIABLE RATE CERTIFICATES: 0.00
>
> COMPONENTS OF REIMBURSE
>MENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSUANT TO:
> SECTION
>3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES 0.00
> SECTION
>3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE 0.00
> SECTION
>3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER 0.00
> SECTION
>3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S 0.00
> SECTION
>3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES 0.00
> TOTAL AMOUNT OF REIMBUR
>SEMENTS TO THE SERVICER: 0.00
>
> AMOUNT DUE THE SELLER P
>URSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIBUTION DATE: 0.00
>
> CLASS A-3 NET FUNDS CAP
> CARRYOVER AMOUNT DISTRIBUTED TO CLASS A-3: 0.00
>
> BALANCE OF CLASS A-3 N
>ET FUNDS CAP CARRYOVER RESERVE ACCOUNT: 0.00
>
>
> Page 6 of 6 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 21,962,000.00 10,553,058.24 62,526.87 850,577.00
>913,103.87 0.00 0.00 9,702,481.24
A-2 14,676,000.00 14,676,000.00 95,394.00 0.00
> 95,394.00 0.00 0.00 14,676,000.00
A-3 15,687,000.00 6,712,830.66 31,691.69 265,427.99
>297,119.68 0.00 0.00 6,447,402.67
R 0.00 0.00 64,645.26 0.00
> 64,645.26 0.00 0.00 0.00
TOTALS 52,325,000.00 31,941,888.90 254,257.82 1,116,004.99 1,
>370,262.81 0.00 0.00 30,825,883.91
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BC8 480.514445 2.847048 38.729487
> 41.576535 441.784958 7.110000% 7.110000%
A-2 525180BD6 1,000.000000 6.500000 0.000000
> 6.500000 1,000.000000 7.800000% 7.800000%
A-3 525180BE4 427.923163 2.020252 16.920252
> 18.940504 411.002911 5.860630% 5.860630%
R 0.000000 1.235457 0.000000
> 1.235457 0.000000 0.000000% 0.000000%
SELLER: Home Loan and Investment Bank, F.S.B. ADMI
>NISTRATOR: Jake D. Steen
SERVICER: Home Loan and Investment Bank, F.S.B.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: September 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> COPYRIGHT 1998 Bankers Trust Company
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 15, 1998
> ACCRUED SERVICING FEE C
>OLLECTED: 13,492.50
> PERMITTED REDUCTIONS TO
> SERVICING FEES: (4,703.01)
> TOTAL SERVICING FEES DU
>E MASTER SERVICER: 8,789.49
>
> AMOUNT OF MONTHLY ADVAN
>CES: 39,102.01
>
> AMOUNT OF COMPENSATING
>INTEREST: 4,703.01
>
> AMOUNT DUE THE CERTIFIC
>ATE INSURER: 3,782.49
>
> DELINQUENT LOAN
> TOTAL TOTAL
>
> INFORMATION:
> 30 TO 59 60 TO 89 90 AND OVER LOANS IN LOANS IN
>
> (INCLUDING LOANS IN FOR
>ECLOSURE) DAYS DAYS DAYS FORECLOSURE REO
> GROUP 1 PRINCIP
>AL BALANCE 129,833.69 0.00 118,635.72 62,329.22 0.00
>
> PERCENTAGE OF ENDING PO
>OL BALANCE 0.5326% 0.0000% 0.4866% 0.2557% 0.0000%
>
> NUMBER OF LOANS
> 2 0 3 2 0
>
> PERCENTAGE OF LOANS REM
>AINING 0.4444% 0.0000% 0.6667% 0.4444% 0.0000%
>
> GROUP 2 PRINCIP
>AL BALANCE 176,862.21 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF ENDING PO
>OL BALANCE 2.7431% 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 2 0 0 0 0
>
> PERCENTAGE OF LOANS REM
>AINING 1.8349% 0.0000% 0.0000% 0.0000% 0.0000%
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN GROUP I: 36,638,164.39
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN GROUP I: 25,229,222.63
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN GROUP I: 24,378,645.63
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN GROUP II: 15,687,057.40
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN GROUP II: 6,712,888.0
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN GROUP II: 6,447,460.0
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN POOL: 52,325,221.79
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN POOL: 31,942,110.69
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN POOL: 30,826,105.70
>
> NUMBER OF LOANS IN GROU
>P I AT THE BEGINNING OF THE RELATED DUE PERIOD: 467
>
> NUMBER OF LOANS IN GROU
>P I AT THE END OF THE RELATED DUE PERIOD: 450
>
> NUMBER OF LOANS IN GROU
>P II AT THE BEGINNING OF THE RELATED DUE PERIOD: 115
>
> NUMBER OF LOANS IN GROU
>P II AT THE END OF THE RELATED DUE PERIOD: 109
>
> TOTAL NUMBER OF LOANS A
>T THE BEGINNING OF THE RELATED DUE PERIOD: 582
>
> TOTAL NUMBER OF LOANS A
>T THE END OF THE RELATED DUE PERIOD: 559
>
> GROUP I WEIGHTED AVERAG
>E REMAINING TERM TO MATURITY: 194
>
> GROUP II WEIGHTED AVERA
>GE REMAINING TERM TO MATURITY: 273
>
>
> Page 2 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 15, 1998
> PRINCIPAL BALANCE OF LO
>ANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 1,055,195.2
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 23
>
> PRINCIPAL CURTAILMENTS
>ON MORTGAGE LOANS: 14,949.04
>
> PRINCIPAL PORTION OF MO
>NTHLY PAYMENTS ON MORTGAGE LOANS: 45,860.68
>
> FIXED RATE PRINCIPAL RE
>MITTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D PRINCIPAL PAYMENTS 40,292.95
> CURTAILM
>ENTS 12,682.20
> PREPAYME
>NTS 797,601.85
> INSURANC
>E PROCEEDS 0.00
> RELEASED
> MORTGAGE PROPERTY PROCEEDS 0.00
> NET LIQU
>IDATION PROCEEDS 0.00
> UNRECOVE
>RED CLASS A-1 PORTION 0.00
> UNRECOVE
>RED CLASS A-2 PORTION 0.00
> PRIOR FI
>XED RATE CARRY FORWARD AMOUNT 0.00
> PRINCIPA
>L PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS 0.00
> PRINCIPA
>L SUBSTITUTION ADJUSTMENT AMOUNT 0.00
> REMAININ
>G PRE-FUNDING AMOUNTS FOR DISTRIBUTION 0.00
> FIXED RATE PRINCIPAL RE
>MITTANCE AMOUNT: 850,577.00
>
> VARIABLE RATE PRINCIPAL
> REMITTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D PRINCIPAL PAYMENTS 5,567.73
> CURTAILM
>ENTS 2,266.84
> PREPAYME
>NTS 257,593.42
> INSURANC
>E PROCEEDS 0.00
> RELEASED
> MORTGAGE PROPERTY PROCEEDS 0.00
> NET LIQU
>IDATION PROCEEDS 0.00
> UNRECOVE
>RED CLASS A-3 PORTION 0.00
> PRIOR CL
>ASS A-3 CARRY FORWARD AMOUNT 0.00
> PRINCIPA
>L PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS 0.00
> PRINCIPA
>L SUBSTITUTION ADJUSTMENT AMOUNT 0.00
> CLASS A-3 PRINCIPAL REM
>ITTANCE AMOUNT: 265,427.99
>
> TOTAL AMOUNT OF INTERES
>T RECEIVED ON MORTGAGE LOANS: 266,473.24
>
> AMOUNT OF FIXED RATE IN
>SURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
>
> AMOUNT OF VARIABLE RATE
> INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
>
> FIXED RATE AVAILABLE RE
>MITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 1,044,450.6
>
> VARIABLE RATE AVAILABLE
> REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 325,218.26
>
>
> Page 3 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 15, 1998
> GROUP I WEIGHTED AVERAG
>E MORTGAGE INTEREST RATE: 9.36%
>
> GROUP II WEIGHTED AVERA
>GE MORTGAGE INTEREST RATE: 10.85%
>
> CLASS A-1 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 62,526.87
> LESS: CL
>ASS A-1 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-1 INTEREST REMI
>TTANCE AMOUNT: 62,526.87
>
> CLASS A-1 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> GROUP I MORTGAGE LOAN I
>NTEREST SHORTFALL AMOUNT: 0.00
>
> CLASS A-2 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 95,394.00
> LESS: A-
>2 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-2 INTEREST REMI
>TTANCE AMOUNT: 95,394.00
>
> CLASS A-2 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> CLASS A-2 MORTGAGE LOAN
> INTEREST SHORTFALL AMOUNT: 0.00
>
> CLASS A-3 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 31,691.69
> LESS: A-
>3 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-3 INTEREST REMI
>TTANCE AMOUNT: 31,691.69
>
> CLASS A-3 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> CLASS A-3 MORTGAGE LOAN
> INTEREST SHORTFALL AMOUNT: 0.00
>
> REIMBURSEMENTS TO THE S
>ERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS: 0.00
>
> REIMBURSEMENTS TO THE S
>ERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANCES: 0.00
>
>
> Page 4 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 15, 1998
> AMOUNT TRANSFERRED FROM
> THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCOUNT: 0.00
>
> SIMPLE INTEREST EXCESS
>SUB-ACCOUNT BEGINNING BALANCE: 53,645.31
>
> NET SIMP
>LE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S 25,986.57
> NET SIMP
>LE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB 0.00
> LESS: A
>NNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03 0.00
> SIMPLE INTEREST EXCESS
>SUB-ACCOUNT ENDING BALANCE: 79,631.88
>
> AMOUNT TRANSFERRED FROM
> THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT: 64,645.26
>
> SPREAD ACCOUNT BEGINNIN
>G BALANCE: 936,589.94
>
> ADD'L NE
>T SIMPLE INTEREST SHORTFALL WITHDRAWAL 0.00
> AMOUNT O
>F MONTHLY EXCESS SPREAD DEPOSITED 60,268.84
> GAIN / (
>LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUN 4,376.43
> TOTAL AM
>OUNT DEPOSITED IN THE SPREAD ACCOUNT 64,645.27
> TOTAL AM
>OUNTS WITHDRAWN FROM THE SPREAD ACCOUNT 64,645.26
> SPREAD ACCOUNT ENDING B
>ALANCE: 936,589.94
>
> EXCESS SPREAD PERCENTAG
>E: 100.00%
>
> AMOUNT OF EXCESS SPREAD
>: 60,268.84
>
> AMOUNT OF MONTHLY EXCES
>S SPREAD: 60,268.84
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO REIMBURSABLE AMOUNTS: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO MONTHLY ADVANCES: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS: 0.00
>
> BASE SPREAD ACCOUNT REQ
>UIREMENT: 936,589.94
>
> SUMMARY OF REALIZED LOS
>SES:
> CURRENT
>GROUP I REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE GROUP I REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE REALIZED LOSSES ON THE FIXED RATE CERTIFICATES: 0.00
>
> CURRENT
>GROUP II REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE GROUP II REALIZED LOSSES: 5,208.85
>
>
> Page 5 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 15, 1998
> CUMMULAT
>IVE REALIZED LOSSES ON THE VARIABLE RATE CERTIFICATES: 0.00
>
> COMPONENTS OF REIMBURSE
>MENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSUANT TO:
> SECTION
>3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES 0.00
> SECTION
>3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE 0.00
> SECTION
>3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER 0.00
> SECTION
>3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S 0.00
> SECTION
>3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES 0.00
> TOTAL AMOUNT OF REIMBUR
>SEMENTS TO THE SERVICER: 0.00
>
> AMOUNT DUE THE SELLER P
>URSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIBUTION DATE: 0.00
>
> CLASS A-3 NET FUNDS CAP
> CARRYOVER AMOUNT DISTRIBUTED TO CLASS A-3: 0.00
>
> BALANCE OF CLASS A-3 N
>ET FUNDS CAP CARRYOVER RESERVE ACCOUNT: 0.00
>
>
> Page 6 of 6 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 21,962,000.00 9,702,481.24 57,487.20 794,287.06
>851,774.26 0.00 0.00 8,908,194.18
A-2 14,676,000.00 14,676,000.00 95,394.00 0.00
> 95,394.00 0.00 0.00 14,676,000.00
A-3 15,687,000.00 6,447,402.67 31,488.20 242,926.02
>274,414.22 0.00 0.00 6,204,476.65
R 0.00 0.00 58,175.16 0.00
> 58,175.16 0.00 0.00 0.00
TOTALS 52,325,000.00 30,825,883.91 242,544.56 1,037,213.08 1,
>279,757.64 0.00 0.00 29,788,670.83
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 525180BC8 441.784958 2.617576 36.166427
> 38.784002 405.618531 7.110000% 7.110000%
A-2 525180BD6 1,000.000000 6.500000 0.000000
> 6.500000 1,000.000000 7.800000% 7.800000%
A-3 525180BE4 411.002911 2.007280 15.485818
> 17.493097 395.517094 5.860630% 5.628590%
R 0.000000 1.111804 0.000000
> 1.111804 0.000000 0.000000% 0.000000%
SELLER: Home Loan and Investment Bank, F.S.B. ADMI
>NISTRATOR: Jake D. Steen
SERVICER: Home Loan and Investment Bank, F.S.B.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: October 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 6
> COPYRIGHT 1998 Bankers Trust Company
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> ACCRUED SERVICING FEE C
>OLLECTED: 12,587.74
> PERMITTED REDUCTIONS TO
> SERVICING FEES: (1,304.66)
> TOTAL SERVICING FEES DU
>E MASTER SERVICER: 11,283.08
>
> AMOUNT OF MONTHLY ADVAN
>CES: 37,906.35
>
> AMOUNT OF COMPENSATING
>INTEREST: 1,304.66
>
> AMOUNT DUE THE CERTIFIC
>ATE INSURER: 3,650.08
>
> DELINQUENT LOAN
> TOTAL TOTAL
>
> INFORMATION:
> 30 TO 59 60 TO 89 90 AND OVER LOANS IN LOANS IN
>
> (INCLUDING LOANS IN FOR
>ECLOSURE) DAYS DAYS DAYS FORECLOSURE REO
> GROUP 1 PRINCIP
>AL BALANCE 22,814.75 0.00 118,635.72 0.00 0.00
>
> PERCENTAGE OF ENDING PO
>OL BALANCE 0.0967% 0.0000% 0.5030% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 1 0 3 0 0
>
> PERCENTAGE OF LOANS REM
>AINING 0.2309% 0.0000% 0.6928% 0.0000% 0.0000%
>
> GROUP 2 PRINCIP
>AL BALANCE 0.00 102,367.33 0.00 62,329.22 0.00
>
> PERCENTAGE OF ENDING PO
>OL BALANCE 0.0000% 1.6499% 0.0000% 0.2643% 0.0000%
>
> NUMBER OF LOANS
> 0 1 0 2 0
>
> PERCENTAGE OF LOANS REM
>AINING 0.0000% 0.9615% 0.0000% 0.4619% 0.0000%
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN GROUP I: 36,638,164.39
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN GROUP I: 24,378,645.63
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN GROUP I: 23,584,358.57
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN GROUP II: 15,687,057.40
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN GROUP II: 6,447,460.0
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN GROUP II: 6,204,534.0
>
> ORIGINAL PRINCIPAL BALA
>NCE OF MORTGAGE LOAN POOL: 52,325,221.79
>
> BEGINNING PRINCIPAL BAL
>ANCE OF MORTGAGE LOAN POOL: 30,826,105.70
>
> ENDING PRINCIPAL BALANC
>E OF MORTGAGE LOAN POOL: 29,788,892.62
>
> NUMBER OF LOANS IN GROU
>P I AT THE BEGINNING OF THE RELATED DUE PERIOD: 450
>
> NUMBER OF LOANS IN GROU
>P I AT THE END OF THE RELATED DUE PERIOD: 433
>
> NUMBER OF LOANS IN GROU
>P II AT THE BEGINNING OF THE RELATED DUE PERIOD: 109
>
> NUMBER OF LOANS IN GROU
>P II AT THE END OF THE RELATED DUE PERIOD: 104
>
> TOTAL NUMBER OF LOANS A
>T THE BEGINNING OF THE RELATED DUE PERIOD: 559
>
> TOTAL NUMBER OF LOANS A
>T THE END OF THE RELATED DUE PERIOD: 537
>
> GROUP I WEIGHTED AVERAG
>E REMAINING TERM TO MATURITY: 194
>
> GROUP II WEIGHTED AVERA
>GE REMAINING TERM TO MATURITY: 272
>
>
> Page 2 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> PRINCIPAL BALANCE OF LO
>ANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 981,148.74
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 22
>
> PRINCIPAL CURTAILMENTS
>ON MORTGAGE LOANS: 12,023.81
>
> PRINCIPAL PORTION OF MO
>NTHLY PAYMENTS ON MORTGAGE LOANS: 44,040.53
>
> FIXED RATE PRINCIPAL RE
>MITTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D PRINCIPAL PAYMENTS 38,178.12
> CURTAILM
>ENTS 10,036.99
> PREPAYME
>NTS 746,071.95
> INSURANC
>E PROCEEDS 0.00
> RELEASED
> MORTGAGE PROPERTY PROCEEDS 0.00
> NET LIQU
>IDATION PROCEEDS 0.00
> UNRECOVE
>RED CLASS A-1 PORTION 0.00
> UNRECOVE
>RED CLASS A-2 PORTION 0.00
> PRIOR FI
>XED RATE CARRY FORWARD AMOUNT 0.00
> PRINCIPA
>L PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS 0.00
> PRINCIPA
>L SUBSTITUTION ADJUSTMENT AMOUNT 0.00
> REMAININ
>G PRE-FUNDING AMOUNTS FOR DISTRIBUTION 0.00
> FIXED RATE PRINCIPAL RE
>MITTANCE AMOUNT: 794,287.06
>
> VARIABLE RATE PRINCIPAL
> REMITTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D PRINCIPAL PAYMENTS 5,862.41
> CURTAILM
>ENTS 1,986.82
> PREPAYME
>NTS 235,076.79
> INSURANC
>E PROCEEDS 0.00
> RELEASED
> MORTGAGE PROPERTY PROCEEDS 0.00
> NET LIQU
>IDATION PROCEEDS 0.00
> UNRECOVE
>RED CLASS A-3 PORTION 0.00
> PRIOR CL
>ASS A-3 CARRY FORWARD AMOUNT 0.00
> PRINCIPA
>L PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS 0.00
> PRINCIPA
>L SUBSTITUTION ADJUSTMENT AMOUNT 0.00
> CLASS A-3 PRINCIPAL REM
>ITTANCE AMOUNT: 242,926.02
>
> TOTAL AMOUNT OF INTERES
>T RECEIVED ON MORTGAGE LOANS: 257,170.66
>
> AMOUNT OF FIXED RATE IN
>SURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
>
> AMOUNT OF VARIABLE RATE
> INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE: 0.00
>
> FIXED RATE AVAILABLE RE
>MITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 978,740.43
>
> VARIABLE RATE AVAILABLE
> REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE: 300,446.60
>
>
> Page 3 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> GROUP I WEIGHTED AVERAG
>E MORTGAGE INTEREST RATE: 9.36%
>
> GROUP II WEIGHTED AVERA
>GE MORTGAGE INTEREST RATE: 10.85%
>
> CLASS A-1 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 57,487.20
> LESS: CL
>ASS A-1 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-1 INTEREST REMI
>TTANCE AMOUNT: 57,487.20
>
> CLASS A-1 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> GROUP I MORTGAGE LOAN I
>NTEREST SHORTFALL AMOUNT: 0.00
>
> CLASS A-2 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 95,394.00
> LESS: A-
>2 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-2 INTEREST REMI
>TTANCE AMOUNT: 95,394.00
>
> CLASS A-2 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> CLASS A-2 MORTGAGE LOAN
> INTEREST SHORTFALL AMOUNT: 0.00
>
> CLASS A-3 INTEREST REMI
>TTANCE AMOUNT COMPONENTS:
> SCHEDULE
>D INTEREST PAYMENTS 31,488.20
> LESS: A-
>3 MORTGAGE LOAN INTEREST SHORTFALL AMOUNT 0.00
> CLASS A-3 INTEREST REMI
>TTANCE AMOUNT: 31,488.20
>
> CLASS A-3 MORTGAGE LOAN
> INTEREST SHORTFALL COMPONENTS:
> AMOUNT O
>F PREPAYMENT INTEREST SHORTFALL 0.00
> AMOUNT O
>F CIVIL RELIEF ACT SHORTFALL 0.00
> CLASS A-3 MORTGAGE LOAN
> INTEREST SHORTFALL AMOUNT: 0.00
>
> REIMBURSEMENTS TO THE S
>ERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS: 0.00
>
> REIMBURSEMENTS TO THE S
>ERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANCES: 0.00
>
>
> Page 4 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> AMOUNT TRANSFERRED FROM
> THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCOUNT: 0.00
>
> SIMPLE INTEREST EXCESS
>SUB-ACCOUNT BEGINNING BALANCE: 79,631.88
>
> NET SIMP
>LE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S 20,722.10
> NET SIMP
>LE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB 0.00
> LESS: A
>NNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03 0.00
> SIMPLE INTEREST EXCESS
>SUB-ACCOUNT ENDING BALANCE: 100,353.98
>
> AMOUNT TRANSFERRED FROM
> THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT: 58,175.16
>
> SPREAD ACCOUNT BEGINNIN
>G BALANCE: 936,589.94
>
> ADD'L NE
>T SIMPLE INTEREST SHORTFALL WITHDRAWAL 0.00
> AMOUNT O
>F MONTHLY EXCESS SPREAD DEPOSITED 53,954.47
> GAIN / (
>LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUN 4,220.69
> TOTAL AM
>OUNT DEPOSITED IN THE SPREAD ACCOUNT 58,175.16
> TOTAL AM
>OUNTS WITHDRAWN FROM THE SPREAD ACCOUNT 58,175.16
> SPREAD ACCOUNT ENDING B
>ALANCE: 936,589.94
>
> EXCESS SPREAD PERCENTAG
>E: 100.00%
>
> AMOUNT OF EXCESS SPREAD
>: 53,954.47
>
> AMOUNT OF MONTHLY EXCES
>S SPREAD: 53,954.47
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO REIMBURSABLE AMOUNTS: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO MONTHLY ADVANCES: 0.00
>
> AMOUNT OF SPREAD ACCOUN
>T EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS: 0.00
>
> BASE SPREAD ACCOUNT REQ
>UIREMENT: 936,589.94
>
> SUMMARY OF REALIZED LOS
>SES:
> CURRENT
>GROUP I REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE GROUP I REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE REALIZED LOSSES ON THE FIXED RATE CERTIFICATES: 0.00
>
> CURRENT
>GROUP II REALIZED LOSSES: 0.00
>
> CUMMULAT
>IVE GROUP II REALIZED LOSSES: 5,208.85
>
>
> Page 5 of 6 COPYRIGHT 1998 B
>
> Lehman Home Equity Loan
> Trust
> Home Equity Loan Asset-
>Backed Certificates
> Series 1997-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> CUMMULAT
>IVE REALIZED LOSSES ON THE VARIABLE RATE CERTIFICATES: 0.00
>
> COMPONENTS OF REIMBURSE
>MENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSUANT TO:
> SECTION
>3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES 0.00
> SECTION
>3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE 0.00
> SECTION
>3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER 0.00
> SECTION
>3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S 0.00
> SECTION
>3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES 0.00
> TOTAL AMOUNT OF REIMBUR
>SEMENTS TO THE SERVICER: 0.00
>
> AMOUNT DUE THE SELLER P
>URSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIBUTION DATE: 0.00
>
> CLASS A-3 NET FUNDS CAP
> CARRYOVER AMOUNT DISTRIBUTED TO CLASS A-3: 0.00
>
> BALANCE OF CLASS A-3 N
>ET FUNDS CAP CARRYOVER RESERVE ACCOUNT: 0.00
>
>
> Page 6 of 6 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
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