<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 15, 1998
DiTech Home Loan Owner Trust 1998-1
--------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 333-51375-01 06-1204982
- ---------------------------- ---------------- -------------------
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
c/o The Bank of New York, as Indenture
Trustee with respect to Home Loan Asset Backed
Notes, Series 1998-1, issued by the Registrant
101 Barclay Street, 12E
New York, New York 10286
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(212) 815-8727
-------------------------------
(Registrant's telephone number,
including area code)
Not Applicable
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K relates to the DiTech Home
Loan Owner Trust 1998-1 (the "Registrant") formed by PaineWebber Mortgage
Acceptance Corporation IV, a Delaware corporation (the "Depositor"), pursuant to
a Trust Agreement, dated as of June 1, 1998 among the Depositor and certain
other parties thereto, and certain Home Loan Asset Backed Notes, Series 1998-1,
issued pursuant to an Indenture (the "Indenture"), dated as of June 1, 1998,
between the Registrant and The Bank of New York, as Indenture Trustee (the
"Indenture Trustee"). The Home Loan Asset Backed Notes, Series 1998-1, Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2 and Class
B-1 have been registered pursuant to the Securities Act of 1933 under a
Registration Statement on Form S-3 (File No. 333-51375).
This Current Report is being filed by the Indenture Trustee,
in its capacity as such under the Indenture, on behalf of the Registrant
pursuant to Section 4.09 of the Sale and Servicing Agreement dated as of June 1,
1998 among the Depositor, the Registrant, the Indenture Trustee and DiTech
Funding Corporation (the "Sale and Servicing Agreement"). The information
reported and contained herein has been derived from information supplied to the
Indenture Trustee by the Servicer (as such term is defined in the Sale and
Servicing Agreement) without independent review or investigation by the
Indenture Trustee. Pursuant to Section 6.01(b) of the Sale and Servicing
Agreement, the Indenture Trustee is entitled to fully rely upon information
provided by the Servicer.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
99.1 Monthly Payment Date Statement distributed to
Noteholders for the July 15, 1998 payment date.
-2-
<PAGE>
SIGNATURES
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.
Date: November 16, 1999 DITECH HOME LOAN OWNER
TRUST 1998-1
By: The Bank of New York, as Indenture
Trustee
By: /s/ Robert P. Muller
-----------------------------------
Name: Robert P. Muller
Title: Assistant Vice President
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Monthly Payment Date Statement distributed to
Noteholders for the July 15, 1998 payment date.
<PAGE>
Page Number: 1
Payment Date: 7/15/98
Revised Interest Distribution Factors
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
DiTech Home Loan Owner Trust 1998-1
Home Loan Asset Backed Notes, Series 1998-1
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Class Principal Allocable
Code Beginning Class Pass-Thru Principal Interest Total Optimal Interest Loss Ending Class
Name Principal Balance Rate Distribution Distribution Distribution Balance Carryforward Amount Principal Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 52,265,000.00 5.74% 349,132.22 124,918.79 474,051.01 0 0 0 51,915,867.78
A-2 57,770,000.00 6.36% 0 10,206.03 10,206.03 0 0 0 57,770,000.00
A-3 22,585,000.00 6.60% 0 4,140.58 4,140.58 0 0 0 22,585,000.00
A-4 32,387,000.00 6.91% 0 6,216.50 6,216.50 0 0 0 32,387,000.00
A-5 13,380,500.00 7.24% 0 2,690.97 2,690.97 0 0 0 13,380,500.00
M-1 27,009,375.00 7.25% 0 5,439.39 5,439.39 0 0 0 27,009,375.00
M-2 16,959,375.00 7.64% 0 3,599.16 3,599.16 0 0 0 16,959,375.00
B-1 21,356,250.00 9.50% 0 5,635.68 5,635.68 0 0 0 21,356,250.00
B-2 7,537,500.00 9.50% 0 1,989.06 1,989.06 0 0 0 7,537,500.00
Residual 8,500,000.00 10.00% 0 0 0 0 0 0 8,570,833.33
Totals - 251,250,000.00 349,132.22 164,836.17 513,968.38 0 0 0 250,900,867.78
</TABLE>
<TABLE>
<CAPTION>
Original Class Information Factors per $1,000
Class Information
Original Pass-Thru Cusip Principal Interest Ending
Type Name Class Balance Rate Numbers Distribution Distribution Class Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 52,265,000.00 Floating 25500P-AJ5 6.6800386 2.39010414 993.3199614
A-2 57,770,000.00 6.36% 25500P-AK2 0 0.17666667 1000
A-3 22,585,000.00 6.60% 25500P-AL0 0 0.18333333 1000
A-4 32,387,000.00 6.91% 25500P-AM8 0 0.19194444 1000
A-5 13,380,500.00 7.24% 25500P-AN6 0 0.20111111 1000
Mezzanine M-1 27,009,375.00 7.25% 25500P-AP1 0 0.20138889 1000
M-2 16,959,375.00 7.64% 25500P-AQ9 0 0.21222222 1000
Subordinate B-1 21,356,250.00 9.50% 25500P-AS5 0 0.26388889 1000
B-2 7,537,500.00 9.50% 25500P-AR7 0 0.26388889 1000
Residual Residual 8,500,000.00 10.00% 0 0 1008.333333
Totals - 251,250,000.00 - 1.38958097 0.65606435 998.610419
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 7/15/98
Revised For Informational Purposes Only: 7/29/98
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
DiTech Home Loan Owner Trust 1998-1
Home Loan Asset Backed Notes, Series 1998-1
COLLATERAL INFORMATION
Number of Loans in Pool 3,569
Pool Principal Balance as of first day of Due Period 196,113,905.38
Scheduled Principal Payments during Due Period 127,727.43
Principal Prepayments during Due Period 159,500.68
Balance of Loans Charged Off 0
Substitution Adjustment Amount 5,406.98
Pool Reconciliation Adjustment Amount 0
Pool Principal Balance as of last day of Due Period 195,832,084.25
Cumulative Principal Prepayments since Cut-off Date 159,500.68
Weighted Average Maturity of the Home Loans 270
Weighted Average Interest Rate of the Home Loans 12.58%
Gross Interest Collected On Loans 315,277.80
Available Collection Amount (Collateral Inputs Only) 602,505.91
Plus Capitalized Interest requirement 35,667.95
Less Expense Fees:
Servicing Compensation 122,571.19
Indenture Trustee Fee 1,634.28
Owner Trustee Fee 0
Custodian Fee 0
Available Distribution Amount 513,968.38
OVERCOLLATERALIZATION
Overcollateralization Target Amount 10,000,000.00
Overcollateralization Amount -1,182,688.91
Overcollateralization Deficiency Amount 11,182,688.91
OTHER INFORMATION
Net Loan Losses 0
Allocable Loss Amount 0
DELINQUENCY INFORMATION
Aggregate
Principal
Days Delinquent Number of Loans Balance
30 Days 13 703,174.89
60 Days 4 299,521.37
90 Days 0 0
Totals 17 1,002,696.26
<TABLE>
<CAPTION>
Aggregate
Principal
Delinquent Status Number of Loans Balance Percent Book Value
<S> <C> <C> <C> <C>
In Foreclosure Proceedings 0 0 0.00% 0
In Bankruptcy (Delinquent) 0 0 0.00% NA
In Bankruptcy (Non-Delinquent) 0 0 0.00% NA
Foreclosure Properties 0 0 0.00% 0
</TABLE>
** Foreclosure and Bankruptcy Numbers are included in the 'Days Delinquent'
category above
60-Day Delinquent Amount 299,521.37
Six-Month Rolling Delinquency Average 299,521.37
Net Delinquency Calculation Amount 452,689.20
During Related Due Period
Aggregate
Principal
Number of Loans Balance
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 0 0
Cumulative Since Closing Date
Aggregate
Principal
Number of Loans Balance
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 0 0
CAPITALIZED INTEREST AND PRE-FUNDING ACCOUNTS
Capitalized Interest Initial Deposit 631,859.37
Beginning Capitalized Interest Account Balance 631,859.37
Capitalized Interest Requirement 35,667.95
Ending Capitalized Interest Account Balance 596,191.42
Original Pre-Funded Amount 53,886,094.62
Less Current Period Subsequent Transfer 0
Current Pre-Funded Account Balance 53,886,094.62
Pre-Funding Account Earnings paid to Residual 0
