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Previous: BANK ONE CORP, 424B3, 1998-12-04 |
Next: GLENBROOK LIFE SCUDDER VARIABLE ACCOUNT A, 497, 1998-12-04 |
UNITED STATES
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): November 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-8 Trust
New York (governing law of 333-47499-04 52-2119315
Pooling and Servicing Agreement) (Commission 52-2119317
(State or other File Number) 52-2119319
jurisdiction 52-2119321
IRS EIN
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On November 25, 1998 a distribution was made to holders of STRUCTURED ASSET
SECURITIES CORPORATION, Mortgage Pass-Through Certificates, Series 1998-8
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-8 Trust, relating to the November 25,
1998 distribution.
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.
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-8 Trust
By: The Chase Manhattan Bank, as Trustee
By: /s/ Kimberly Costa, Assistant Vice president
By: Kimberly Costa, Assistant Vice president
Date: 11/25/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-8 Trust, relating to the November 25,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/98
Distribution Date: 11/25/98
SASC Series: 1998-8
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 863572US0 SEQ 5.36938% 406,206,701.95 1,817,565.12 20,951,745.49
A-2 863572UT8 SEQ 5.46938% 92,000,000.00 419,319.13 0.00
A-3 863572UX9 SEQ 5.47938% 292,000,000.00 1,333,315.80 0.00
M-1 863572UU5 SUB 5.68938% 74,076,000.00 351,205.43 0.00
M-2 863572UV3 SUB 5.81938% 44,248,000.00 214,579.94 0.00
B 863572UW1 SUB 6.51938% 29,215,000.00 158,719.74 0.00
X-1 SAC98O8X1 EXCESS 0.00000% 0.00 0.00 0.00
X-2 SAC9808X2 EXCESS 0.00000% 0.00 0.00 0.00
X-3 SAC9808X3 EXCESS 0.00000% 0.00 0.00 0.00
X-4 SAC9808X4 EXCESS 0.00000% 0.00 0.00 0.00
Y-1 SAC98O8Y1 SEQ 0.00000% 0.00 389,165.72 0.00
Y-2 SAC9808Y2 SEQ 0.00000% 0.00 354,479.26 0.00
Y-3 SAC9808Y3 SEQ 0.00000% 0.00 365,733.88 0.00
Y-4 SAC9808Y4 SEQ 0.00000% 0.00 367,982.15 0.00
PR SAC9808PR RES 0.00000% 0.00 0.00 0.00
R-I SAC9808R1 RES 0.00000% 0.00 0.00 0.00
R-II SAC9808R2 RES 0.00000% 0.00 0.00 0.00
R-III SAC9808R3 RES 0.00000% 0.00 0.00 0.00
R-IV SAC9808R4 RES 0.00000% 0.00 0.00 0.00
Totals 937,745,701.95 5,772,066.17 20,951,745.49
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 385,254,956.46 22,769,310.61 0.00
A-2 0.00 92,000,000.00 419,319.13 0.00
A-3 0.00 292,000,000.00 1,333,315.80 0.00
M-1 0.00 74,076,000.00 351,205.43 0.00
M-2 0.00 44,248,000.00 214,579.94 0.00
B 0.00 29,215,000.00 158,719.74 0.00
X-1 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00
X-4 0.00 0.00 0.00 0.00
Y-1 0.00 0.00 389,165.72 0.00
Y-2 0.00 0.00 354,479.26 0.00
Y-3 0.00 0.00 365,733.88 0.00
Y-4 0.00 0.00 367,982.15 0.00
PR 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00
Totals 0.00 916,793,956.46 26,723,811.66 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 451,000,000.00 406,206,701.95 589,943.20 20,361,802.29 0.00 0.00
A-2 92,000,000.00 92,000,000.00 0.00 0.00 0.00 0.00
A-3 292,000,000.00 292,000,000.00 0.00 0.00 0.00 0.00
M-1 74,076,000.00 74,076,000.00 0.00 0.00 0.00 0.00
M-2 44,248,000.00 44,248,000.00 0.00 0.00 0.00 0.00
B 29,215,000.00 29,215,000.00 0.00 0.00 0.00 0.00
X-1 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00 0.00 0.00
X-4 0.00 0.00 0.00 0.00 0.00 0.00
Y-1 0.00 0.00 0.00 0.00 0.00 0.00
Y-2 0.00 0.00 0.00 0.00 0.00 0.00
Y-3 0.00 0.00 0.00 0.00 0.00 0.00
Y-4 0.00 0.00 0.00 0.00 0.00 0.00
PR 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 982,539,000.00 937,745,701.95 589,943.20 20,361,802.29 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 20,951,745.49 385,254,956.46 0.85422385 20,951,745.49
A-2 0.00 92,000,000.00 1.00000000 0.00
A-3 0.00 292,000,000.00 1.00000000 0.00
M-1 0.00 74,076,000.00 1.00000000 0.00
M-2 0.00 44,248,000.00 1.00000000 0.00
B 0.00 29,215,000.00 1.00000000 0.00
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
X-3 0.00 0.00 0.00000000 0.00
X-4 0.00 0.00 0.00000000 0.00
Y-1 0.00 0.00 0.00000000 0.00
Y-2 0.00 0.00 0.00000000 0.00
Y-3 0.00 0.00 0.00000000 0.00
Y-4 0.00 0.00 0.00000000 0.00
PR 0.00 0.00 0.00000000 0.00
PR 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
R-IV 0.00 0.00 0.00000000 0.00
Totals 20,951,745.49 916,793,956.46 0.93308658 20,951,745.49
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 451,000,000.00 900.68004867 1.30807805 45.14812038 0.00000000
A-2 92,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 292,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 74,076,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 44,248,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 29,215,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
PR 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are Per $1000 Denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 46.45619843 854.22385024 0.85422385 46.45619843
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
PR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 451,000,000.00 5.36938% 406,206,701.95 1,817,565.12 0.00 0.00
A-2 92,000,000.00 5.46938% 92,000,000.00 419,319.13 0.00 0.00
A-3 292,000,000.00 5.47938% 292,000,000.00 1,333,315.80 0.00 0.00
M-1 74,076,000.00 5.68938% 74,076,000.00 351,205.43 0.00 0.00
M-2 44,248,000.00 5.81938% 44,248,000.00 214,579.94 0.00 0.00
B 29,215,000.00 6.51938% 29,215,000.00 158,719.74 0.00 0.00
X-1 0.00 0.00000% 0.00 0.00 0.00 0.00
X-2 0.00 0.00000% 0.00 0.00 0.00 0.00
X-3 0.00 0.00000% 0.00 0.00 0.00 0.00
X-4 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-1 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-2 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Y-4 0.00 0.00000% 0.00 0.00 0.00 0.00
PR 0.00 0.00000% 0.00 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 982,539,000.00 4,294,705.16 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,817,565.12 0.00 385,254,956.46
A-2 0.00 0.00 419,319.13 0.00 92,000,000.00
A-3 0.00 0.00 1,333,315.80 0.00 292,000,000.00
M-1 0.00 0.00 351,205.43 0.00 74,076,000.00
M-2 0.00 0.00 214,579.94 0.00 44,248,000.00
B 0.00 0.00 158,719.74 0.00 29,215,000.00
X-1 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00
X-3 0.00 0.00 0.00 0.00 0.00
X-4 0.00 0.00 0.00 0.00 0.00
Y-1 0.00 0.00 389,165.72 0.00 0.00
Y-2 0.00 0.00 354,479.26 0.00 0.00
Y-3 0.00 0.00 365,733.88 0.00 0.00
Y-4 0.00 0.00 367,982.15 0.00 0.00
PR 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 5,772,066.17 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 451,000,000.00 5.36938% 900.68004867 4.03007787 0.00000000 0.00000000
A-2 92,000,000.00 5.46938% 1000.00000000 4.55781663 0.00000000 0.00000000
A-3 292,000,000.00 5.47938% 1000.00000000 4.56615000 0.00000000 0.00000000
M-1 74,076,000.00 5.68938% 1000.00000000 4.74115004 0.00000000 0.00000000
M-2 44,248,000.00 5.81938% 1000.00000000 4.84948337 0.00000000 0.00000000
B 29,215,000.00 6.51938% 1000.00000000 5.43281670 0.00000000 0.00000000
X-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
Y-4 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
PR 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1000 Denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.03007787 0.00000000 854.22385024
A-2 0.00000000 0.00000000 4.55781663 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.56615000 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.74115004 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.84948337 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.43281670 0.00000000 1000.00000000
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Y-1 0.00000000 0.00000000 97291429999.9999 0.00000000 0.00000000
Y-2 0.00000000 0.00000000 88619815000.0000 0.00000000 0.00000000
Y-3 0.00000000 0.00000000 91433470000.0000 0.00000000 0.00000000
Y-4 0.00000000 0.00000000 91995537500.0000 0.00000000 0.00000000
PR 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
A-1 1 5.36938% 0.00 0.00 100,625,784.14 96,099,001.92 86.00835852%
A-1 2 5.36938% 0.00 0.00 101,305,061.79 95,922,903.97 83.98786399%
A-1 3 5.36938% 0.00 0.00 104,336,487.09 98,875,099.92 86.86105930%
A-1 4 5.36938% 0.00 0.00 99,939,368.93 94,357,950.65 84.83438415%
A-2 1 5.46938% 0.00 0.00 22,792,371.00 22,792,371.00 100.00000000%
A-2 2 5.46938% 0.00 0.00 23,297,916.00 23,297,916.00 100.00000000%
A-2 3 5.46938% 0.00 0.00 23,220,582.00 23,220,582.00 100.00000000%
A-2 4 5.46938% 0.00 0.00 22,689,131.00 22,689,131.00 100.00000000%
A-3 1 5.47938% 0.00 0.00 72,341,003.00 72,341,003.00 100.00000000%
A-3 2 5.47938% 0.00 0.00 73,945,558.00 73,945,558.00 100.00000000%
A-3 3 5.47938% 0.00 0.00 73,700,108.00 73,700,108.00 100.00000000%
A-3 4 5.47938% 0.00 0.00 72,013,331.00 72,013,331.00 100.00000000%
M-1 1 5.68938% 0.00 0.00 18,351,822.00 18,351,822.00 100.00000000%
M-1 2 5.68938% 0.00 0.00 18,758,874.00 18,758,874.00 100.00000000%
M-1 3 5.68938% 0.00 0.00 18,696,607.00 18,696,607.00 100.00000000%
M-1 4 5.68938% 0.00 0.00 18,268,697.00 18,268,697.00 100.00000000%
M-2 1 5.81938% 0.00 0.00 10,962,140.00 10,962,140.00 100.00000000%
M-2 2 5.81938% 0.00 0.00 11,205,284.00 11,205,284.00 100.00000000%
M-2 3 5.81938% 0.00 0.00 11,168,090.00 11,168,090.00 100.00000000%
M-2 4 5.81938% 0.00 0.00 10,912,486.00 10,912,486.00 100.00000000%
B 1 6.51938% 0.00 0.00 7,237,816.00 7,237,816.00 100.00000000%
B 2 6.51938% 0.00 0.00 7,398,355.00 7,398,355.00 100.00000000%
B 3 6.51938% 0.00 0.00 7,373,797.00 7,373,797.00 100.00000000%
B 4 6.51938% 0.00 0.00 7,205,032.00 7,205,032.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 27,116,264.64
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 27,116,264.64
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 392,452.98
Payment of Interest and Principal 26,723,811.66
Total Withdrawals (Pool Distribution Amount) 27,116,264.64
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 390,112.11
Trustee Fee 2,340.87
Spread 1 Fee 0.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 392,452.98
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 1,000.00 0.00 0.00 1,000.00
Reserve Fund 389,663.88 389,663.88 0.00 0.00
Reserve Fund 355,309.67 355,309.67 0.00 0.00
Reserve Fund 366,564.15 366,564.15 0.00 0.00
Reserve Fund 368,813.05 368,813.05 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 297 24,753,938.59 3.165636% 2.695536%
60 Days 171 14,296,568.45 1.822639% 1.556799%
90+ Days 207 18,452,712.47 2.206353% 2.009375%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 675 57,503,219.51 7.194628% 6.261711%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.734287%
Weighted Average Net Coupon 9.234286%
Weighted Average Pass-Through Rate 9.231286%
Weighted Average Maturity (Stepdown Calculation) 343
Beginning Scheduled Collateral Loan Count 9,545
Number Of Loans Paid In Full 163
Ending Scheduled Collateral Loan Count 9,382
Beginning Scheduled Collateral Balance 936,268,330.26
Ending Scheduled Collateral Balance 918,330,822.79
Ending Actual Collateral Balance at 30-Oct-1998 918,968,225.80
Monthly P &I Constant 8,184,863.52
Ending Scheduled Balance for Premium Loans 918,330,822.79
Scheduled Principal 589,943.20
Unscheduled Principal 20,361,802.29
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Group one prepayment penalty: $ 54,907.92
Group two prepayment penalty: $ 41,981.47
Group three prepayment penalty: $ 42,958.12
Group four prepayment penalty: $ 43,815.01
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 3 4
Collateral Description Mixed ARM Mixed ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 9.976208 9.955452 9.969407 9.977189
Weighted Average Net Rate 9.403636 9.351819 9.356743 9.374874
Weighted Average Maturity 342.00 343.00 342.00 341.00
Beginning Loan Count 2,382 2,375 2,403 2,385
Loans Paid In Full 34 35 43 51
Ending Loan Count 2,348 2,340 2,360 2,334
Beginning Scheduled Balance 231,921,770.42 235,556,569.53 238,129,937.21 230,660,053.10
Ending scheduled Balance 228,148,468.65 230,929,552.69 233,433,240.95 225,819,560.50
Record Date 10/30/98 10/30/98 10/30/98 10/30/98
Principal And Interest Constant 2,076,052.10 2,098,061.12 2,128,428.20 2,064,953.86
Scheduled Principal 148,175.21 144,127.71 150,276.60 147,363.68
Unscheduled Principal 3,625,126.56 4,482,889.13 4,546,419.66 4,693,128.92
Scheduled Interest 1,928,083.21 1,954,226.77 1,978,345.25 1,917,782.53
Servicing Fees 96,634.07 98,148.56 99,220.79 96,108.34
Master Servicing Fees 0.00 0.00 0.00 0.00
Trustee Fee 579.81 588.91 595.33 576.66
FRY Amount 0.00 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00 0.00
Other Fee 13,446.00 19,754.00 21,762.00 19,090.00
Pool Insurance Fee 0.00 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00 0.00
Net Interest 1,817,423.33 1,835,735.30 1,856,767.13 1,802,007.53
Realized Loss Amount 0.00 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00 0.00
Group ID 1 2 3 4
Required Overcollateralization Amount 0.00 0.00 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00 0.00
Specified Overcollateralization Amount 3,710,652.31 3,792,956.20 3,780,366.08 3,693,844.69
Overcollateralization Amount 363,318.49 399,000.90 397,296.49 374,271.47
Overcollateralization Deficiency Amount 3,347,333.82 3,393,956.00 3,383,069.59 3,319,573.22
Base Overcollateralization Amount 0.00 0.00 0.00 0.00
Extra Principal Distribution Amount 752,982.29 754,310.57 763,860.64 743,084.52
Excess Cash Amount 752,982.29 754,310.57 763,860.64 743,084.52
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 5,086,328.85 4,230,592.95 3,435,247.62 0.00 0.00 0.00
Percentage Of Balance 2.229% 1.854% 1.506% 0.000% 0.000% 0.000%
Loan Count 67 55 40 0 0 0
Percentage Of Loans 2.853% 2.342% 1.704% 0.000% 0.000% 0.000%
2 Principal Balance 5,850,356.79 3,352,304.16 5,412,412.16 0.00 0.00 0.00
Percentage Of Balance 2.533% 1.452% 2.344% 0.000% 0.000% 0.000%
Loan Count 67 34 57 0 0 0
Percentage Of Loans 2.863% 1.453% 2.436% 0.000% 0.000% 0.000%
3 Principal Balance 7,822,131.79 3,744,728.73 4,810,461.09 0.00 0.00 0.00
Percentage Of Balance 3.351% 1.604% 2.061% 0.000% 0.000% 0.000%
Loan Count 86 46 59 0 0 0
Percentage Of Loans 3.644% 1.949% 2.500% 0.000% 0.000% 0.000%
4 Principal Balance 5,995,121.16 2,968,942.61 4,794,591.60 0.00 0.00 0.00
Percentage Of Balance 2.655% 1.315% 2.123% 0.000% 0.000% 0.000%
Loan Count 77 36 51 0 0 0
Percentage Of Loans 3.299% 1.542% 2.185% 0.000% 0.000% 0.000%
</TABLE>
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