<PAGE>
CONFORMED WITH EXHIBITS
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
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ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1998
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR (15d) OF THE SECURITIES
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EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from ___________ to ___________________________
Commission file number 333-59731
GREENPOINT CREDIT CORP.
Seller and Servicer
(as Seller and Servicer of certain Manufactured Housing Contracts
conveyed to a certain trust which trust issued)
6.635% GreenPoint Manufactured Housing Contract
Pass-Through Certificates, Series 1998-1, Class I A
GreenPoint Credit Manufactured Housing Contract
Pass-Through Certificates, Series 1998-1, Class II A
(Principal and interest payable on the 15th of each month beginning in December,
1998)
............................................................
(Exact name of registrant as specified in its charter)
GREENPOINT CREDIT CORP
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(Exact name of registrant as specified in charter)
DELAWARE
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(state or other jurisdiction of incorporation)
333-59731
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(commission file number)
13-4002891
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(I.R.S. Employer Identification Number)
10089 Willow Creek Road
San Diego, CA 92131
(619) 530-9394
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(address and telephone number of registrant's
principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
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None None
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Securities registered pursuant to Section 12(g) of the Act:
Title of each class Name of each exchange on which registered
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None None
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Indicate by check mark whether the registrant has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes x No /1/
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Aggregate market value of voting stock held by non-affiliates of the Registrant:
Not applicable.
Documents Incorporated by Reference: None
Number of shares of Registrant's common stock outstanding as of December 31,
1998: Not applicable.
<PAGE>
Item 1. Business
GreenPoint Credit Corp. (the "Registrant") is filing this Annual
Report on Form 10-K in its capacity as Seller of certain Manufactured Housing
Contracts (the "Contracts") conveyed to a trust (the "Series 1998-1 Trust").
The Series 1998-1 Trust issued the GreenPoint Credit Manufactured Housing
Contract Pass-Through Certificates, Series 1998-1, Class I A, GreenPoint Credit
Manufactured Housing Contract Pass-Through Certificates, Series 1998-1 Class II
A pursuant to a Pooling and Servicing Agreement dated as of November 1, 1998
(the "Series 1998-1 Agreement"), between the Registrant, as Seller and Servicer,
and The First National Bank of Chicago, as Trustee (the "Trustee"). The Class A
Certificates evidence undivided beneficial interests in the Trust Fund
established by the 1998-1 Agreement.
Item 2. Properties
Reference is hereby made to the Annual Statement as to Compliance
delivered to the Trustee with respect to the Series 1998-1 Trust (the "Annual
Statement as to Compliance"), filed as Exhibit 99.1 to this Annual Report on
Form 10-K.
Item 3. Legal Proceedings
The Registrant was a party to no material pending legal proceedings
during the period covered by this Annual Report and during such period knew of
no other material pending legal proceedings involving the Series 1998-1 Trust,
the manufactured housing contracts contained in such Trust (the "Contract
Pool"), or with respect to the Contract Pool, the Trustee or the Servicer other
than ordinary routine litigation incidental to the Trustee's or the Servicer's
duties under the Series 1998-1 Agreement.
Item 4. Submission of Matters to a Vote of Security Holders
The Registrant knows of no vote or consent of holders of any
Certificate that was solicited for any purpose during the calendar year covered
by this Annual Report on Form 10-K.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
(a) There is no established public trading market for the Class A
Certificates.
(b) As of December 31, 1998, the Certificates were held of record by
1 Depository Trust Company Participants.
1
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form
10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
GREENPOINT CREDIT CORP.
BY: /s/ Charles O. Ryan
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Name: Charles O. Ryan
Title: Senior Vice President
Dated: March 29, 1999
San Diego, California
Pursuant to the requirements of the Securities Exchange Act of 1934,
this Annual Report on Form 10-K has been signed below by the following person on
behalf of the Registrant and in the capacity and on the date indicated.
GREENPOINT CREDIT CORP.
BY: /s/ Charles O. Ryan
--------------------------------------------------
Name: Charles O. Ryan
Title: Senior Vice President
Dated: March 29, 1999
San Diego, California
2
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequentially
Exhibit No. Description Numbered Page
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<S> <C> <C>
99.1 Annual Statement as to Compliance
for the Series1998-1 Trust for the
year ended December 31, 1998.
99.2 Annual Servicing Report for the
Series 1998-1 Trust for the year
ended December 31, 1998.
99.3 Aggregate Payment Amounts for
Calendar Year 1998
</TABLE>
3
<PAGE>
EXHIBIT 99.1
ANNUAL STATEMENT AS TO COMPLIANCE
The undersigned certifies that she is an Assistant Vice President of GreenPoint
Credit Corp. (the "Servicer") and that, as such, she is duly authorized to
execute and deliver this certificate on behalf of the Servicer pursuant to
Section 4.20 of the Pooling and Servicing Agreement (the "Agreement"), dated
as of November 1, 1998 between GreenPoint Credit Corp., Contract Seller and
Sevicer and The First National Bank of Chicago, as Trustee of the Trust 1998-1,
(all capitalized terms used herein without definition having the respective
meanings specified in the Agreement) and further certifies that:
1. I have reviewed the activities for the period ending December 31, 1998 and
performance under this agreement has been made under such officer's
supervision under Section 4.20 of the Agreement; and
2. To the best of my knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such period.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 28th day of
February, 1999
GREENPOINT CREDIT CORP.
By__________________________________
Mary Churley
Assistant Vice President and Manager
Investor Servicing
<PAGE>
EXHIBIT 99.2
GREENPOINT CREDIT CORPORATION
REPORT ON MORTGAGE LOANS SERVICED FOR OTHERS
OCTOBER 1, 1998 - DECEMBER 31, 1998
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
February 22, 1999
To the Board of Directors and Stockholders
of GreenPoint Credit Corporation
We have examined management's assertion about GreenPoint Credit Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
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Bankers (USAP) as of and for the three months ended December 31, 1998 included
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in the accompanying management assertion for the loan servicing pools listed in
Attachment A. Management is responsible for GreenPoint Credit Corporation's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the entity's compliance based
on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about GreenPoint Credit Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on GreenPoint Credit Corporation's compliance
with the minimum servicing standards.
In our opinion, management's assertion that GreenPoint Credit Corporation
complied with the aforementioned minimum servicing standards for the loan
servicing pools listed in Attachment A, as of and for the three months ended
December 31, 1998 is fairly stated, in all materials respects.
<PAGE>
GreenPoint Credit Corporation
Report on Loans Serviced for others
December 31, 1998
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ATTACHMENT A
<TABLE>
<S> <C>
==========================================================================================================================
Merrill Lynch Mortgage Investors Manufactured Housing Contracts Pass-Through Certificate Series 1988-J
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1988-P
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1989-C
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1989-E
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1989-G
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-A
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-C
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-F
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-H
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1991-A
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Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1991-C
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Security Pacific Acceptance Corporation Manufactured Housing contract Pass-Through Certificate Series 1991-2
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Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1991-3
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Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-1
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Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-2
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Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-3
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Security Pacific Acceptance Corporation Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series
1995-1
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Greenwich Capital Acceptance, Inc. Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series
1995-BA1
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BankAmerica Manufactured Housing Contract Trust Senior/Subordinate Pass-Through Certificates, Series 1996-1
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BankAmerica Manufactured Housing Contract Trust II Senior/Subordinate Pass-Through Certificates, Series 1997-1
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BankAmerica Manufactured Housing Contract Trust III Senior/Subordinate Pass-Through Certificates, Series 1997-2
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BankAmerica Manufactured Housing Contract Trust IV Senior/Subordinate Pass-Through Certificates, Series 1998-1
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BankAmerica Manufactured Housing Contract Trust V Senior/Subordinate Pass-Through Certificates, Series 1998-2
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GreenPoint Manufactured Housing Contract Trust Pass-Through Certificates, Series 1998-1
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Merrill Lynch Mortgage Capital Inc., Manufactured Housing Contracts
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Merrill Lynch Mortgage Capital Inc. Manufactured Housing Contract Pass-Through Certificate Series 1991-2
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Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1990-1
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Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1991-1
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Resolution Trust Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-MH1
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DLJ Mortgage Capital Manufactured Home Loan Backed Securities Series 1992-MH1
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Home Owners Federal Savings and Loan Association Manufactured Housing Contract Pass-Through Certificates, Series 1988-A
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Series 1991-1, Manufactured Housing Residual Interest Trust
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Western Savings and Loan Association Manufactured Housing Contract Pass-Through Certificate Series 1987-1
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Western Savings and Loan Association Manufactured Housing Contract Pass-Through Certificate Series 1988-1
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Western Saving and Loan Association Manufactured Housing Contract Pass-Through Certificate Series 1988-2
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Merrill Lynch Mortgage Investors Inc. Manufactured Housing Contract Pass-Through Certificate Series 1988-R
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Merrill Lynch Mortgage Investors Inc. Manufactured Housing Contract Pass-Through Certificate Series 1988-U
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Merrill Lynch Mortgage Investors Inc. Manufactured Housing Contract Pass-Through Certificate Series 1989-A
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Master Sale and Servicing Agreement dated as of June 9, 1988
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General Electric Credit Corporation Manufactured Housing Portfolio Grantor Trust Pass-Through Certificates Series 1987-P1
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General Electric Credit Corporation Manufactured Housing Portfolio Grantor Trust Pass-Through Certificates Series 1988-MH1
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General Electric Credit Corporation Manufactured Housing Portfolio Grantor Trust Pass-Through Certificates Series 1988-MH2
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</TABLE>
<PAGE>
EXHIBIT 99.3
GREENPOINT MANUFACTURED HOUSING CONTRACT TRUST
PASS THROUGH CERTIFICATES
SERIES 1998-1
AGGREGATE PAYMENT AMOUNTS FOR CALENDAR YEAR
January 1, 1998 to December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTIONS: CLASS I A CLASS II A
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<S> <C> <C>
Scheduled Principal Reduction 1,148,947.26 531,790.39
Partial Principal Prepayments 355,434.20 156,334.41
Principal Prepayments In Full 5,159,223.66 3,406,123.95
Contract Liquidations 62,402.03 51,932.48
Contract Repurchases 0.00 0.00
Previously Undistributed Shortfalls 0.00 0.00
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TOTAL PRINCIPAL DISTRIBUTION: $6,726,007.15 $4,146,181.23
==================== ======================
INTEREST DISTRIBUTIONS: CLASS I A CLASS II A
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Interest Distribution Amount 5,270,309.87 1,934,309.80
Unpaid Interest Shortfall 0.00 0.00
TOTAL INTEREST DISTRIBUTION: 5,270,309.87 1,934,309.80
==================== ======================
<CAPTION>
Class I A Class II A
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<S> <C> <C>
1998 Distribution Allocable to Principal 6,726,007.15 4,146,181.23
1998 Distributions Allocable to Interest 5,270,309.87 1,934,309.80
12/31/98 Remaining Principal Balance 471,248,059.66 245,602,634.43
</TABLE>
Number and aggregate remaining principal balance of Contracts with payments
delinquent:
<TABLE>
<CAPTION>
Days Delinquent Number Aggregate Remaining Principal Balance
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<S> <C> <C>
31 - 59 183 6,420,645.13
60 - 89 47 1,578,261.00
90 or more 0 0.00
</TABLE>
<TABLE>
<S> <C>
Aggregate amount of servicing fees and expenses payable out of the trust for 1998: 1,209,444.43
The number of contracts that were repurchased or replaced during 1998 0
1998 Aggregate Principal Balance of All Contracts repossessed or foreclosed upon 1,295,293.66
The balance in the Reserve Account as of 12/31/98 0.00
1998 Cumulative Realized Losses 68,540.05
The amount of any outstanding Monthly Advance Amount as of 12/31/98 0.00
1998 amounts deposited to Reserve Account 0.00
</TABLE>
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<TABLE>
<S> <C>
The pool scheduled principal balance, expressed as a percentage 98.5059988%
of the Cut-Off Date pool principal balance
The number of Manufactured Homes Currently held by the Servicer due to Repossessions 38
and the aggregate principal balance of the related defaulted Contracts 1,180,438.30
</TABLE>
