November 19, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Provident Bank Home Equity Loan Trust 1998-2 Home Equity Loan
Asset-Backed Certificates, Series 1998-2; File No. 333-45369.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of June 1, 1998 (the "Pooling and Servicing Agreement")
between The Provident Bank, as Seller (the "Seller"), as Document
Custodian (the "Document Custodian") and as Master Servicer (the
"Master Servicer"), and Bankers Trust Company of California, N.A.,
as Trustee.
The Home Equity Loan Asset-Backed Certificates, Series 1998-2 (the
"Certificates"), will consist of eleven Classes (each, a "Class") of
Certificates: the Class A-1 Certificates, the Class A-2 Certificates,
the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5
Certificates, the Class A-6 Certificates and the Class A-7
Certificates (collectively, the "Class A Certificates"), the Class
X-1 Certificates and the X-2 Certificates (collectively, the "Class X
Certificates") and the Class R-1 Certificates and Class R-2
Certificates (collectively, the Class R Certificates"). The Class
A-7 Certificates will be comprised of two components, the Class
A-7-1 Component and the Class A-7-2 Component (each, a "Component").
Only the Class A Certificates (the "Offered Certificates") are being
offered hereby. The rights of the holders of the Class X-1
Certificates and the Class X-2 Certificates to receive distributions
with respect to Mortgage Loans will be pari passu with the rights of
the holders of the Group 1 Certificates and the Group 2 Certificates,
respectively, to receive distributions of interest. The rights of
the holders of the Class R Certificates to receive distributions of
interest. The rights of the holders of the Class R Certificates to
receive distributions with respect to the Mortgage Loans will be
subordinate to the rights of the holders of the Class A Certificates
and the Class X Certificates.
The Certificates will evidence in the aggregate the entire beneficial
interest in a pool (the "Mortgage Pool") of closed-end fixed and
adjustable rate mortgage loans (the "Mortgage Loans") consisting of
two groups ("Loan Group 1" and "Loan Group 2", respectively, and each
a "Loan Group") held by Provident Bank Home Equity Loan Trust 1998-2
(the "Trust") to be formed pursuant to the Pooling and Servicing
Agreement. The Class A-1 Certificates, Class A-2 Certificates, Class
A-3 Certificates, Class A-4 Certificates, the Class A-5 Certificates
and the Class A-7-1 Component (the "Group 1 Certificates") will
represent undivided ownership interests in Loan Group 1 which
consists of Mortgage Loans with fixed interest rates. The Class A-6
Certificates and the Class A-7-2 Component (the "Group 2
Certificates") will represent undivided ownership interests in Loan
Group 2 which consists of Mortgage Loans with adjustable interest
rates. The assets of the Trust will also include certain other
property. The Mortgage Loans are secured by first and second deeds
of trust or mortgages primarily on one-to four-family residential
properties.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-45369). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company
S.E.C. Reporting Agent for Provident Bank Home Equity Loan Trust
1998-2.
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): July 27,
1998.
THE PROVIDENT BANK
(The Provident Bank, as Seller (the "Seller"), as Document Custodian
(the "Document Custodian") and as Master Servicer (the "Master
Servicer"), and Bankers Trust Company of California, N.A., as
Trustee).
PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-2 HOME EQUITY LOAN
ASSET-BACKED CERTIFICATES, SERIES 1998-2.
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-45369 31-0412725
(Commission File Number) (I.R.S. Employer Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
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
July 27, 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 March 1,
1998.
Date: November 19, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT:
Monthly Report to Certificateholders as to distributions made on
July 27, 1998.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement to Certficateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
1 28,439,000.00 28,439,000.00 238,451.03 154,050.82
2 12,902,000.00 12,902,000.00 108,178.74 0.00
3 13,369,000.00 13,369,000.00 112,094.37 0.00
4 10,191,000.00 10,191,000.00 85,447.96 0.00
5 12,571,000.00 12,571,000.00 105,403.42 0.00
6 36,512,000.00 36,512,000.00 297,000.60 941,959.04
7-1 23,528,000.00 23,528,000.00 197,274.02 0.00
7-2 97,488,000.00 97,488,000.00 792,999.40 0.00
R1 0.00 0.00 0.00 0.00
TOT. 235,000,000.00 235,000,000.00 1,936,849.54 1,096,009.86
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
1 392,501.85 0.00 0.00 28,284,949.18
2 108,178.74 0.00 0.00 12,902,000.00
3 112,094.37 0.00 0.00 13,369,000.00
4 85,447.96 0.00 0.00 10,191,000.00
5 105,403.42 0.00 0.00 12,571,000.00
6 1,238,959.64 0.00 0.00 35,570,040.96
7-1 197,274.02 0.00 0.00 23,528,000.00
7-2 792,999.40 0.00 0.00 97,488,000.00
R1 0.00 0.00 0.00 0.00
TOTALS 3,032,859.40 0.00 0.00 233,903,990.14
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
1 PB9802101 1,000.000000 8.384649 5.416886
2 PB9802102 1,000.000000 8.384649 0.000000
3 PB9802103 1,000.000000 8.384649 0.000000
4 PB9802104 1,000.000000 8.384649 0.000000
5 PB9802105 1,000.000000 8.384649 0.000000
6 PB9802106 1,000.000000 8.134328 25.798615
7-1 PB9802107 1,000.000000 8.384649 0.000000
7-2 PB9802108 1,000.000000 8.134328 0.000000
R1 PB9802109 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
TOTAL BALANCE
1 13.801535 994.583114
2 8.384649 1,000.000000
3 8.384649 1,000.000000
4 8.384649 1,000.000000
5 8.384649 1,000.000000
6 33.932944 974.201385
7-1 8.384649 1,000.000000
7-2 8.134328 1,000.000000
R1 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
1 11.179532% 10.407721%
2 10.061578% 10.060797%
3 10.061578% 10.060797%
4 10.061578% 10.060797%
5 10.061578% 10.060797%
6 10.845771% 9.762902%
7-1 10.061578% 10.060797%
7-2 10.845771% 9.762902
R1 0.000000% 0.000000
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: June 30, 1998
DISTRIBUTION DATE: July 27, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 1 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement to Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 28,439,000.00 28,439,000.00 122,376.57 154,050.82
A2 12,902,000.00 12,902,000.00 66,445.30 0.00
A3 13,369,000.00 13,369,000.00 69,964.43 0.00
A4 10,191,000.00 10,191,000.00 53,672.60 0.00
A5 12,571,000.00 12,571,000.00 68,092.92 0.00
A6 36,512,000.00 36,512,000.00 158,877.91 941,959.04
A7 121,016,000.00 121,016,000.00 532,546.04 0.00
X1 0.00 0.00 362,759.81 0.00
X2 0.00 0.00 502,113.96 0.00
R2 0.00 0.00 196.71 0.00
TOT. 235,000,000.00 235,000,000.00 1,937,046.24 1,096,009.86
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A1 276,427.39 0.00 0.00 28,284,949.18
A2 66,445.30 0.00 0.00 12,902,000.00
A3 69,964.43 0.00 0.00 13,369,000.00
A4 53,672.60 0.00 0.00 10,191,000.00
A5 68,092.92 0.00 0.00 12,571,000.00
A6 1,100,836.95 0.00 0.00 35,570,040.96
A7 532,546.04 0.00 0.00 121,016,000.00
X1 362,759.81 0.00 0.00 0.00
X2 502,113.96 0.00 0.00 0.00
R2 196.71 0.00 0.00 0.00
TOT. 3,033,056.10 0.00 0.00 233,903,990.14
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A1 743844BG6 1,000.000000 4.303125 5.416886
A2 743844BH4 1,000.000000 5.150000 0.000000
A3 743844BJ0 1,000.000000 5.233333 0.000000
A4 743844BK7 1,000.000000 5.266667 0.000000
A5 743844BL5 1,000.000000 5.416667 0.000000
A6 743844BM3 1,000.000000 4.351389 25.798615
A7 743844BN1 1,000.000000 4.400625 0.000000
X1 PB9802201 0.000000 1.543659 0.000000
X2 PB9802202 0.000000 2.136655 0.000000
R2 PB9802203 0.000000 0.000837 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A1 9.720011 994.583114
A2 5.150000 1,000.000000
A3 5.233333 1,000.000000
A4 5.266667 1,000.000000
A5 5.416667 1.000.000000
A6 30.150004 974.201385
A7 4.400625 1,000.000000
X1 1.543659 0.000000
X2 2.136655 0.000000
R2 0.000837 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A1 5.737500% 5.706250%
A2 6.180000% 6.180000%
A3 6.280000% 6.280000%
A4 6.320000% 6.320000%
A5 6.500000% 6.500000%
A6 5.801852% 0.000000%
A7 11.735000% 11.672500%
X1 4.310017% 4.293995%
X2 4.496543% 5.629376%
R 0.000000% 0.000000%
SELLER: Provident Bank
SERVICER: Provident Bank
LEAD UNDERWRITER: Lehman Brothers
RECORD DATE: June 30, 1998
DISTRIBUTION DATE: July 27, 1998
ADMINISTRATOR: Alan Sueda
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFORMATION: (800)735-7777
Page 2 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Statement To Certificateholders
Distribution Date: July 27, 1998
DELINQUENT AND
FORCLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP I PRIN. BAL. 131,810.41 89,677.42 0.00
% OF POOL BALANCE 0.1307% 0.0889% 0.0000%
NUMBER OF LOANS 2 1 0
% OF LOANS 1.1285% 0.0643% 0.0000%
GROUP 2 PRINCIPAL BAL. 294,674.10 0.00 0.00%
% OF POOL BALANCE 0.2214% 0.0000% 0.0000%
NUMBER OF LOANS 3 0 0
% OF LOANS 0.2242% 0.0000% 0.0000%
DELINQUENT AND LOANS LOANS LOANS
FORCLOSURE LOAN IN IN IN
INFORMATION FORECLOSURE REO BANKRUPTCY
GROUP I PRIN. BAL. 0.00 0.00 0.00
% OF POOL BALANCE 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0
% OF LOANS 0.0000% 0.0000% 0.0000%
GROUP 2 PRINCIPAL BAL. 0.00 0.00 0.00
% OF POOL BALANCE 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0
% OF LOANS 0.0000% 0.0000% 0.0000%
Note: Quantity and Principal Balance of Foreclosures,
Bankruptcies, & REOs are Included in the Delinquency Figures.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 0 0
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 0.00 0.00
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.571578% 10.271194%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 260 359
PRIOR NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,556 1,348
CURRENT NUMBER OF
MORTGAGE LOANS INCLUDED IN THE POOL 1,556 1,338
PRIOR AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 101,003,531.17 134,020,543.55
CURRENT AGGREGATE PRINCIPAL
BALANCE OF THE MORTGAGE LOANS 100,849,480.35 133,078,584.51
POOL FACTOR OF LOAN GROUPS 99.847480% 99.297153%
NUMBER OF LOANS
SUBJECT TO PRINCIPAL PREPAYMENTS 0 10
SCHEDULE PRICIPAL RECEIVED 154,051.46 62,166.55
PREPAYMENTS IN FULL 0.00 879,792.75
CURTAILMENTS (0.64) (0.26)
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 154,050.82 941,959.04
SERVICER ADVANCES: 45,165.88 50,220.01
CUM NET FUNDS CAP
CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES 0.00
3 MONTH ROLLING AVERAGE OF
PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 0.00
Page 3 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
Distribution Date: July 27, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 889,805.63 1,147,125.84
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 42,084.80 55,841.89
TOTAL SERVICING FEES DUE MASTER SERVICR: 42,084.80 55,841.89
LESS: COMPENSATING INTEREST 0.00 (71.94)
LESS: DELINQUENT SERVICE FEES: (2,092.22) (2,424.41)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 39,992.58 53,345.54
AMOUNTS PAID TO CERTIFICATE INSURER
PURSUANT SECT 5.09(a)(i)(4) AND 5.01(a)(ii)(4) 0.00 0.00
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 154,050.82 941,959.04
TOTAL INTEREST COLLECTED 847,720.83 1,091,283.95
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 1,001,771.65 2,033,242.99
BASE SPREAD ACCOUNT REQUIREMENT 9,595,000.00 16,750,000.00
SPREAD ACCOUNT BALANCE BEGINNING 9,595,000.00 16,750,000.00
SPREAD ACCOUNT BALANCE ENDING 9,595,000.00 16,750,000.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRICIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
Page 4 of 5 COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-1
Trustee Remittance Report
Distribution Date: July 27, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 889,805.63 1,147,125.84
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST 0.00 (71.94)
REIMBURSEMENTS TO MASTER
SERVICER PURSUANT TO SECT 3.03 0.00 0.00
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 154,050.82 941,959.04
TOTAL INTEREST COLLECTED 847,720.83 1,091,283.95
TOT. AVAILABLE FUNDS FOR DISTRIBUTION 1,001,771.65 2,033,242.99
O/C AMOUNT 3,531.17 20,543.55
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
Page 5 of 5 COPYRIGHT 1998 Bankers Trust Company
