March 20, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Lehman ABS Corporation Home Equity Loan Asset-Backed
Certificates, Series 1998-3; File No. 333-39649.
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")
among 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), is a Current
Report on Form 8-K.
The Home Equity Loan Asset-Backed Certificates, Series 1998-3 (the
Certificates"), will consist of five Classes (each, a "Class") of
senior Certificates, the Class A-1 Certificates (the "Variable Rate
Certificates"), the Class A-2 Certificates, the Class A-3
Certificates, the Class A-4 Certificates and the Class A-5
Certificates (the "Fixed Rate Certificates," and together with the
Variable Rate Certificates, the "Class A Certificates") and one Class
of subordinated Certificates (the "Class R Certificates"). Only the
Class A Certificates are being offered hereby.
The Certificates evidence in the aggregate the entire beneficial
interest in a pool (the "Mortgage Pool") of closed-end fixed-rate
home equity loans (the "Mortgage Loans") held by Lehman Home Equity
Loan Trust 1998-3 (the "Trust") to be formed pursuant to the Pooling
and Servicing Agreement. The assets of the trust will also include
certain other property. The Mortgage Loans are secured by first and
second deeds of trust or mortgage primarily on one- to four-family
residential properties. All of the Mortgage Loans will be acquired
by Lehman ABS Corporation (the "Depositor") from Home Loan.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-39649). 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 of California, N.A.
S.E.C. Reporting Agent for Lehman Home Equity Loan Trust 1998-3 Home
Equity Loan Asset-Backed Certificates, Series 1998-3.
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 15, 1998.
LEHMAN ABS CORPORATION
(as depositor under the Pooling and Servicing Agreement, dated as of
June 1, 1998, which will issue Class A Certificates).
LEHMAN ABS CORPORATION HOME EQUITY LOAN ASSET-BACKED CERTIFICATES,
SERIES 1998-3.
(Exact name of Registrant as specified in its Charter)
(State or Other Jurisdiction of Incorporation)
333-39649 13-3447441
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
200 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
July 15, 1998.
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.
Monthly Report to Certificateholders as to distributions made on
November 16, 1998.
Monthly Report to Certificateholders as to distributions made on
December 15, 1998.
Monthly Report to Certificateholders as to distributions made on
January 15, 1999.
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
June 1, 1998.
Date: March 20, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Report to Certificateholders as to distributions made on
July 15, 1998.
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.
Monthly Report to Certificateholders as to distributions made on
November 16, 1998.
Monthly Report to Certificateholders as to distributions made on
December 15, 1998.
Monthly Report to Certificateholders as to distributions made on
January 15, 1999.
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 24,961,000.00 87,042.82 961,540.42 1,
>048,583.24 0.00 0.00 23,999,459.58
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
> 60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
> 63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
> 65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 79,063,000.00 377,937.63 961,540.42 1,
>339,478.05 0.00 0.00 78,101,459.58
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 525180BV6 1,000.000000000 3.487152758 38.521710669 42
>.008863427 961.478289331 5.706250% 5.706250%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000 5
>.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000 5
>.258333745 1,000.000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000 5
>.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000 5
>.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000 0
>.000000000 0.000000000 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: June 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: July 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: July 15, 1998
ACCRUED SERVICING FEE COLLECTED:
> 31,122.08
PERMITTED REDUCTIONS TO SERVICING FEES:
> (164.02)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 30,958.06
AMOUNT OF MONTHLY ADVANCES:
> 44,906.39
AMOUNT OF COMPENSATING INTEREST:
> 164.02
AMOUNT DUE THE CERTIFICATE INSURER:
> 8,565.16
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.0000%
> 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0
> 0 0 0 0
PERCENTAGE OF LOANS REMAINING 0.0000%
> 0.0000% 0.0000% 0.0000% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 78,102,345.27
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 78,102,345.27
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,289
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,276
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,289
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,276
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 210
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: July 15, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 799,761.01
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 13
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 72,442.64
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 89,336.77
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 89,336.77
CURTAILMENTS
> 72,442.64
PREPAYMENTS
> 799,761.01
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 961,540.42
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 622,437.24
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,568,262.53
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.50%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: July 15, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 0.00
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 29,663.46
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 29,663.46
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 0.00
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 220,219.32
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 0.00
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 220,219.32
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 220,219.32
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 220,219.32
AMOUNT OF MONTHLY EXCESS SPREAD:
> 220,219.32
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: July 15, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 24,961,000.00 23,999,459.58 125,534.67 912,037.83
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
A-3 12,147,000.00 12,694,000.00 63,872.98 0.00
A-4 18,694,000.00 18,964,000.00 100,947.60 0.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
R 0.00 0.00 0.00 0.00
CURRENT
> REALIZED DEFERRED PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1,037,572.50 0.00 0.00 23,087,421.75
60,085.05 0.00 0.00 11,667,000.00
63,872.98 0.00 0.00 12,147,000.00
100,947.60 0.00 0.00 18,694,000.00
65,989.18 0.00 0.00 11,594,000.00
0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 78,101,459.58 416,429.48 912,037.83
> 1,328,467,.31 0.00 0.00 77,189,421.75
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-1 525180BV6 961.478289331 5.029232403 36.538513281
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000
A-3 525180BX2 1,000.000000000 5.257333745 0.000000000
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000
R LH9803101 0.000000000 0.000000000 0.000000000
PASS-THROUGH RATES
CURRENT NEXT
5.706250% 5.690630%
6.180000% 6.180000%
6.310000% 6.310000%
6.480000% 6.480000%
6.830000% 6.830000%
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 0
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: August 17, 1998
ACCRUED SERVICING FEE COLLECTED:
> 29,058.85
PERMITTED REDUCTIONS TO SERVICING FEES:
> 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 29,058.85
AMOUNT OF MONTHLY ADVANCES:
> 5,317.49
AMOUNT OF COMPENSATING INTEREST:
> 4,612.12
AMOUNT DUE THE CERTIFICATE INSURER:
> 8,460.99
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 169,180.38
> 0.00 0.00 0.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.2192%
> 0.0000% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 4
> 0 0 0 0
PERCENTAGE OF LOANS REMAINING 0.3160%
> 0.0000% 0.0000% 0.0000% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 78,102,345.27
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 77,190,307.44
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 78,102,345.27
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 77,190,307.44
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,276
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,266
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,276
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,266
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 209
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: August 17, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 760,843.14
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 10
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 53,614.99
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 97,579.70
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 97,579.70
CURTAILMENTS
> 53,614.99
PREPAYMENTS
> 760,843.14
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 912,037.83
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 614,082.46
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,497,498.30
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.50%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: August 17, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 29,663.46
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 29,663.46
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 0.00
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 29,663.46
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 0.00
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 220,219.32
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 160,570.00
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 490.79
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 161,060.79
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 381,280.11
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 160,570.00
AMOUNT OF MONTHLY EXCESS SPREAD:
> 160,570.00
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: August 17, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 23,087,421.75 105,835.48 1,027,283.08 1,
>133,118.56 0.00 0.00 22,060,138.67
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
> 60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
> 63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
> 65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 77,189,421.75 396,730.29 1,027,283.08 1,
>424,013.37 0.00 0.00 76,162,138.67
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 525180BV6 924.939776051 4.240033652 41.155525820 45
>.395559473 883.784250230 5.690630% 5.639840%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000 5
>.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000 5
>.258333745 1,000.000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000 5
>.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000 5
>.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000 0
>.000000000 0.000000000 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 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: September 15, 1998
ACCRUED SERVICING FEE COLLECTED:
> 30,007.03
PERMITTED REDUCTIONS TO SERVICING FEES:
> 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 30,007.03
AMOUNT OF MONTHLY ADVANCES:
> 8,129.04
AMOUNT OF COMPENSATING INTEREST:
> 0.00
AMOUNT DUE THE CERTIFICATE INSURER:
> 8,362.19
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 0.00
>131,192.08 0.00 0.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.0000%
> 0.1723% 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0
> 3 0 0 0
PERCENTAGE OF LOANS REMAINING 0.0000%
> 0.2406% 0.0000% 0.0000% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 77,190,307.44
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 76,163,024.36
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 77,190,307.44
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 76,163,024.36
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,266
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,247
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,266
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,247
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 208
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: September 15, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 660,152.80
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 19
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 274,327.12
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 92,803.16
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 92,803.16
CURTAILMENTS
> 274,327.12
PREPAYMENTS
> 660,152.80
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,027,283.08
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 626,584.60
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,606,029.30
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.50%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: September 15, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 0.00
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 7,378.62
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 7,378.62
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 381,280.11
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 173,653.75
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 950.47
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 174,604.22
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 555,884.33
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 173,653.75
AMOUNT OF MONTHLY EXCESS SPREAD:
> 173,653.75
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: September 15, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 22,060,138.67 103,679.71 451,347.43
>555,027.14 0.00 0.00 21,608,791.24
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
> 60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
> 63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
> 65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 76,162,138.67 394,574.52 451,347.43
>845,921.95 0.00 0.00 75,710,791.24
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 525180BV6 883.784250230 4.153668122 18.082105284 22
>.235773407 865.702144946 5.639840% 5.458590%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000 5
>.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000 5
>.258333745 1,000.000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000 5
>.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000 5
>.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000 0
>.000000000 0.000000000 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 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: October 15, 1998
ACCRUED SERVICING FEE COLLECTED:
> 27,359.33
PERMITTED REDUCTIONS TO SERVICING FEES:
> 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 27,359.33
AMOUNT OF MONTHLY ADVANCES:
> 12,430.39
AMOUNT OF COMPENSATING INTEREST:
> 0.00
AMOUNT DUE THE CERTIFICATE INSURER:
> 8,250.90
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 225,962.13
> 0.00 131,192.08 0.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.2985%
> 0.0000% 0.1733% 0.0000% 0.0000%
NUMBER OF LOANS 3
> 0 3 0 0
PERCENTAGE OF LOANS REMAINING 0.2421%
> 0.0000% 0.2421% 0.0000% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 76,163,024.36
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 75,711,676.93
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 76,163,024.36
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 75,711,676.93
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,247
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,239
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,247
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,239
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 207
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: October 15, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 387,313.70
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 8
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 10,107.78
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 53,925.95
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 53,925.95
CURTAILMENTS
> 10,107.78
PREPAYMENTS
> 387,313.70
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 451,347.43
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 554,929.70
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 1,022,225.54
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.49%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: October 15, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 7,378.62
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 7,378.62
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 0.00
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 7,378.62
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 0.00
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 44,846.63
SPREAD ACCOUNT BEGINNING BALANCE:
> 555,884.33
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 168,052.69
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 1,231.81
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 169,284.50
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 44,846.63
SPREAD ACCOUNT ENDING BALANCE:
> 680,322.20
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 168,052.69
AMOUNT OF MONTHLY EXCESS SPREAD:
> 168,052.69
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: October 15, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 21,608,791.24 104,847.58 1,677,316.13 1,
>782,163.71 0.00 0.00 19,931,475.11
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
> 60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
> 63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
> 65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 75,710,791.24 395,742.39 1,677,316.13 2,
>073,058.52 0.00 0.00 74,033,475.11
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 525180BV6 865.702144946 4.200455911 67.197473258 71
>.397929170 798.504671688 5.458590% 5.327810%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000 5
>.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000 5
>.258333745 1,000.000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000 5
>.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000 5
>.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000 0
>.000000000 0.000000000 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: October 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: November 16, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: November 16, 1998
ACCRUED SERVICING FEE COLLECTED:
> 32,118.81
PERMITTED REDUCTIONS TO SERVICING FEES:
> (2,459.00)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 29,659.81
AMOUNT OF MONTHLY ADVANCES:
> 56,397.08
AMOUNT OF COMPENSATING INTEREST:
> 2,459.00
AMOUNT DUE THE CERTIFICATE INSURER:
> 8,202.00
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 386,153.10
>235,251.83 238,854.21 100,000.00 0.00
PERCENTAGE OF ENDING POOL BALANCE 0.5216%
> 0.3178% 0.3226% 0.1351% 0.0000%
NUMBER OF LOANS 7
> 3 5 2 0
PERCENTAGE OF LOANS REMAINING 0.5780%
> 0.2477% 0.4129% 0.1652% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 75,711,676.93
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 74,034,360.80
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 75,711,676.93
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 74,034,360.80
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,239
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,211
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,239
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,211
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 206
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: November 16, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 1,529,415.71
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 28
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 56,061.73
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 91,838.69
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 91,838.69
CURTAILMENTS
> 56,061.73
PREPAYMENTS
> 1,529,415.71
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,677,316.13
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 610,607.98
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 2,246,611.48
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.32%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: November 16, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 47,725.52
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 48,316.98
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 0.00
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 47,725.52
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 591.46
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 733,784.03
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 165,350.96
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 1,671.12
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 167,022.08
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 900,806.11
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 165,350.96
AMOUNT OF MONTHLY EXCESS SPREAD:
> 165,350.96
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: November 16, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 19,931,475.11 85,542.84 2,088,842.08 2,
>174,384.92 0.00 0.00 17,842,633.03
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
> 60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
> 63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
> 65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 74,033,475.11 376,437.65 2,088,842.08 2,
>465,279.73 0.00 0.00 71,944,633.03
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 525180BV6 798.504671688 3.427059813 83.684230600 87
>.111290413 714.820441088 5.327810% 5.585470%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000 5
>.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000 5
>.258333745 1,000.000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000 5
>.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000 5
>.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000 0
>.000000000 0.000000000 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: November 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: December 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: December 15, 1998
ACCRUED SERVICING FEE COLLECTED:
> 30,457.53
PERMITTED REDUCTIONS TO SERVICING FEES:
> (2,389.50)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 28,068.03
AMOUNT OF MONTHLY ADVANCES:
> 72,362.18
AMOUNT OF COMPENSATING INTEREST:
> 2,389.50
AMOUNT DUE THE CERTIFICATE INSURER:
> 8,020.29
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 854,136.63
>258,630.47 238,854.21 131,588.28 0.00
PERCENTAGE OF ENDING POOL BALANCE 1.1872%
> 0.3595% 0.3320% 0.1829% 0.0000%
NUMBER OF LOANS 9
> 4 5 3 0
PERCENTAGE OF LOANS REMAINING 0.7595%
> 0.3376% 0.4219% 0.2532% 0.0000%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 74,034,360.80
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 71,945,518.72
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 74,034,360.80
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 71,945,518.72
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,211
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,185
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,211
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,185
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 204
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: December 15, 1998
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 1,969,529.09
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 26
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 29,294.54
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 90,018.45
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 90,018.45
CURTAILMENTS
> 29,294.54
PREPAYMENTS
> 1,969,529.09
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 2,088,842.08
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 586,109.63
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 2,645,739.18
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.48%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: December 15, 1998
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 591.46
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 18,817.00
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 19,408.46
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 900,806.11
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 172,439.16
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 2,480.76
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 174,919.92
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 1,075,726.03
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 172,439.16
AMOUNT OF MONTHLY EXCESS SPREAD:
> 172,439.16
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: December 15, 1998
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
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 24,961,000.00 17,842,633.03 85,817.90 1,727,626.69 1,
>813,444.59 0.00 0.00 16,115,006.34
A-2 11,667,000.00 11,667,000.00 60,085.05 0.00
>60,085.05 0.00 0.00 11,667,000.00
A-3 12,147,000.00 12,147,000.00 63,872.98 0.00
>63,872.98 0.00 0.00 12,147,000.00
A-4 18,694,000.00 18,694,000.00 100,947.60 0.00
>100,947.60 0.00 0.00 18,694,000.00
A-5 11,594,000.00 11,594,000.00 65,989.18 0.00
>65,989.18 0.00 0.00 11,594,000.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 79,063,000.00 71,944,633.03 376,712.71 1,727,626.69
>2,104,339.40 0.00 0.00 70,217,006.34
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 525180BV6 714.820441088 3.438079404 69.213039942 72
>.651119346 645.607401146 5.585470% 5.050000%
A-2 525180BW4 1,000.000000000 5.150000000 0.000000000
>5.150000000 1,000.000000000 6.180000% 6.180000%
A-3 525180BX2 1,000.000000000 5.258333745 0.000000000
>5.258333745 1,000.000000000 6.310000% 6.310000%
A-4 525180BY0 1,000.000000000 5.400000000 0.000000000
>5.400000000 1,000.000000000 6.480000% 6.480000%
A-5 525180BZ7 1,000.000000000 5.691666379 0.000000000
>5.691666379 1,000.000000000 6.830000% 6.830000%
R LH9803101 0.000000000 0.000000000 0.000000000
>0.000000000 0.000000000 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: December 31, 1998
> Irvine, CA 92617
DISTRIBUTION DATE: January 15, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: January 15, 1999
ACCRUED SERVICING FEE COLLECTED:
> 30,552.14
PERMITTED REDUCTIONS TO SERVICING FEES:
> (1,510.67)
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 29,041.47
AMOUNT OF MONTHLY ADVANCES:
> 79,057.65
AMOUNT OF COMPENSATING INTEREST:
> 1,510.67
AMOUNT DUE THE CERTIFICATE INSURER:
> 7,794.00
DELINQUENT LOAN
> TOTAL TOTAL
INFORMATION: 30 TO 59 6
>0 TO 89 90 AND OVER LOANS IN LOANS IN
(INCLUDING LOANS IN FORECLOSURE) DAYS
> DAYS DAYS FORECLOSURE REO
GROUP 1 PRINCIPAL BALANCE 730,542.34
>573,672.90 456,098.05 131,588.28 62,603.80
PERCENTAGE OF ENDING POOL BALANCE 1.0404%
> 0.8170% 0.6495% 0.1874% 0.0892%
NUMBER OF LOANS 11
> 7 8 3 1
PERCENTAGE OF LOANS REMAINING 0.9524%
> 0.6061% 0.6926% 0.2597% 0.0866%
BOOK VALUE OF REO PROPERTY:
> 0.00
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 71,945,518.72
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN GROUP I:
> 70,217,892.03
ORIGINAL PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 79,063,885.69
BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 71,945,518.72
ENDING PRINCIPAL BALANCE OF MORTGAGE LOAN POOL:
> 70,217,892.03
NUMBER OF LOANS IN GROUP I AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,185
NUMBER OF LOANS IN GROUP I AT THE END OF THE RELATED DUE PERIOD:
> 1,155
TOTAL NUMBER OF LOANS AT THE BEGINNING OF THE RELATED DUE PERIOD:
> 1,185
TOTAL NUMBER OF LOANS AT THE END OF THE RELATED DUE PERIOD:
> 1,155
GROUP I WEIGHTED AVERAGE REMAINING TERM TO MATURITY:
> 203
Page 2 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: January 15, 1999
PRINCIPAL BALANCE OF LOANS SUBJECT TO PREPAYMENTS AS OF THE CURRENT DISTRIBUTIO
>N DATE: 1,583,367.65
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS AS OF THE CURRENT DISTRIBUTION
> DATE: 30
PRINCIPAL CURTAILMENTS ON MORTGAGE LOANS:
> 53,332.24
PRINCIPAL PORTION OF MONTHLY PAYMENTS ON MORTGAGE LOANS:
> 90,926.80
FIXED RATE PRINCIPAL REMITTANCE AMOUNT COMPONENTS:
SCHEDULED PRINCIPAL PAYMENTS
> 90,926.80
CURTAILMENTS
> 53,332.24
PREPAYMENTS
> 1,583,367.65
INSURANCE PROCEEDS
> 0.00
RELEASED MORTGAGE PROPERTY PROCEEDS
> 0.00
NET LIQUIDATION PROCEEDS
> 0.00
UNRECOVERED CLASS A-1 PORTION
> 0.00
UNRECOVERED CLASS A-2 PORTION
> 0.00
PRIOR FIXED RATE CARRY FORWARD AMOUNT
> 0.00
PRINCIPAL PORTION OF PRICE ON REPURCHASED MORTGAGE LOANS
> 0.00
PRINCIPAL SUBSTITUTION ADJUSTMENT AMOUNT
> 0.00
REMAINING PRE-FUNDING AMOUNTS FOR DISTRIBUTION
> 0.00
FIXED RATE PRINCIPAL REMITTANCE AMOUNT:
> 1,727,626.69
TOTAL AMOUNT OF INTEREST RECEIVED ON MORTGAGE LOANS:
> 567,928.67
AMOUNT OF FIXED RATE INSURED PAYMENTS AS OF THE CURRENT DISTRIBUTION DATE:
> 0.00
FIXED RATE AVAILABLE REMITTANCE AMOUNT AS OF THE CURRENT DISTRIBUTION DATE:
> 2,266,862.20
GROUP I WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 9.48%
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF REIMBURSABLE AMOUNTS:
> 0.00
REIMBURSEMENTS TO THE SERVICER OR SELLER TO THE EXTENT OF NONRECOVERABLE ADVANC
>ES: 0.00
Page 3 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: January 15, 1999
AMOUNT TRANSFERRED FROM THE SIMPLE INTEREST SUB-ACCOUNT TO THE CERTIFICATE ACCO
>UNT: 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT BEGINNING BALANCE:
> 19,408.46
NET SIMPLE INTEREST EXCESS DEPOSITED IN SIMPLE INTEREST EXCESS S
>UB-ACCT. 14,104.99
NET SIMPLE INTEREST SHORTFALL WITHDRAWN FROM SIMPLE INTEREST SUB
>-ACCT. 0.00
LESS: ANNUAL WITHDRAWAL OF 90% OF BALANCE - P&S SECTION 5.03
> 0.00
SIMPLE INTEREST EXCESS SUB-ACCOUNT ENDING BALANCE:
> 33,513.45
AMOUNT TRANSFERRED FROM THE SPREAD ACCOUNT TO THE CERTIFICATE ACCOUNT:
> 0.00
SPREAD ACCOUNT BEGINNING BALANCE:
> 1,075,726.03
AMOUNT OF MONTHLY EXCESS SPREAD DEPOSITED
> 154,728.80
GAIN / (LOSSES) ON AMOUNTS INVESTED IN SPREAD ACCOUNT
> 3,595.73
TOTAL AMOUNT DEPOSITED IN THE SPREAD ACCOUNT
> 158,324.53
TOTAL AMOUNTS WITHDRAWN FROM THE SPREAD ACCOUNT
> 0.00
SPREAD ACCOUNT ENDING BALANCE:
> 1,234,050.56
EXCESS SPREAD PERCENTAGE:
> 100.00%
AMOUNT OF EXCESS SPREAD:
> 154,728.80
AMOUNT OF MONTHLY EXCESS SPREAD:
> 154,728.80
AMOUNT OF SPREAD ACCOUNT EXCESS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO REIMBURSABLE AMOUNTS:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO MONTHLY ADVANCES:
> 0.00
AMOUNT OF SPREAD ACCOUNT EXCESS APPLIED TO CLASS R CERTIFICATEHOLDERS:
> 0.00
BASE SPREAD ACCOUNT REQUIREMENT:
> 1,502,213.83
SUMMARY OF REALIZED LOSSES:
CURRENT GROUP I REALIZED LOSSES:
> 0.00
CUMMULATIVE GROUP I REALIZED LOSSES:
> 0.00
CUMULATIVE LOSS PERCENTAGE
> 0.00%
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Lehman Home Equity Loan Trust
Home Equity Loan Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
Distribution Date: January 15, 1999
COMPONENTS OF REIMBURSEMENTS TO THE SERVICER FROM THE CERTIFICATE ACCOUNT PURSU
>ANT TO:
SECTION 3.03 (ii) ACCRUED & UNPAID SERVICING FEES & ADVANCES
> 0.00
SECTION 3.03 (iv) INTEREST EARNED ON SPREAD ACCOUNT DUE SERVICE
>R 0.00
SECTION 3.03 (v) AMOUNTS DEPOSITED IN CERTIFICATE ACCOUNT IN ER
>ROR 0.00
SECTION 3.03 (vii) REO CONSERVATION & DISPOSITION AMOUNTS DUE S
>ERVICER 0.00
SECTION 3.03 (viii) REIMBURSEMENT OF NONRECOVERABLE ADVANCES
> 0.00
TOTAL AMOUNT OF REIMBURSEMENTS TO THE SERVICER:
> 0.00
AMOUNT DUE THE SELLER PURSUANT TO SECTION 3.02 (b) (ii) AS OF THE FIRST DISTRIB
>UTION DATE: 0.00
Page 5 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
