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): September 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-8 Trust
New York (governing law of 333-47499-04 52-2119315 52-2119319
Pooling and Servicing Agreement) (Commission 52-2119317 52-2119321
(State or other File Number) IRS EIN
jurisdiction
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
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 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
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-8 Trust,
relating to the September 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 Kosta, Vice president
By: Kimberly Kosta, Vice president
Date: 9/29/98
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 September
25, 1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/98
Distribution Date: 9/25/98
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 5.79844% 441,384,216.18 2,203,876.02 16,482,974.55
A-2 863572UT8 SEQ 5.89844% 92,000,000.00 467,287.52 0.00
A-3 863572UX9 SEQ 5.90844% 292,000,000.00 1,485,644.41 0.00
M-1 863572UU5 SUB 6.11844% 74,076,000.00 390,281.01 0.00
M-2 863572UV3 SUB 6.24844% 44,248,000.00 238,080.84 0.00
B 863572UW1 SUB 6.94844% 29,215,000.00 174,804.41 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% 0.00 617,089.24 0.00
Y-2 SAC9808Y2 SEQ 0.00000% 0.00 677,959.18 0.00
Y-3 SAC9808Y3 SEQ 0.00000% 0.00 642,965.49 0.00
Y-4 SAC9808Y4 SEQ 0.00000% 0.00 632,759.90 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 972,923,216.18 7,530,748.02 16,482,974.55
</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 0.00 424,901,251.63 18,686,850.57 0.00
A-2 0.00 92,000,000.00 467,287.52 0.00
A-3 0.00 292,000,000.00 1,485,644.41 0.00
M-1 0.00 74,076,000.00 390,281.01 0.00
M-2 0.00 44,248,000.00 238,080.84 0.00
B 0.00 29,215,000.00 174,804.41 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 0.00 617,089.24 0.00
Y-2 0.00 0.00 677,959.18 0.00
Y-3 0.00 0.00 642,965.49 0.00
Y-4 0.00 0.00 632,759.90 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 0.00 956,440,251.63 24,013,722.57 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-1 451,000,000.00 441,384,216.18 0.00 16,482,974.55 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 982,539,000.00 972,923,216.18 0.00 16,482,974.55 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 16,482,974.55 424,901,251.63 0.94213138 16,482,974.55
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 16,482,974.55 956,440,251.63 0.97343744 16,482,974.55
</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-1 451,000,000.00 978.67897157 0.00000000 36.54761541 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 36.54761541 942.13137834 0.94213138 36.54761541
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 5.79844% 441,384,216.18 2,203,876.02 0.00 0.00
A-2 92,000,000.00 5.89844% 92,000,000.00 467,287.52 0.00 0.00
A-3 292,000,000.00 5.90844% 292,000,000.00 1,485,644.41 0.00 0.00
M-1 74,076,000.00 6.11844% 74,076,000.00 390,281.01 0.00 0.00
M-2 44,248,000.00 6.24844% 44,248,000.00 238,080.84 0.00 0.00
B 29,215,000.00 6.94844% 29,215,000.00 174,804.41 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 4,959,974.21 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 2,203,876.02 0.00 424,901,251.63
A-2 0.00 0.00 467,287.52 0.00 92,000,000.00
A-3 0.00 0.00 1,485,644.41 0.00 292,000,000.00
M-1 0.00 0.00 390,281.01 0.00 74,076,000.00
M-2 0.00 0.00 238,080.84 0.00 44,248,000.00
B 0.00 0.00 174,804.41 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 0.00 617,089.24 0.00 0.00
Y-2 0.00 0.00 677,959.18 0.00 0.00
Y-3 0.00 0.00 642,965.49 0.00 0.00
Y-4 0.00 0.00 632,759.90 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 7,530,748.02 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 5.79844% 978.67897157 4.88664306 0.00000000 0.00000000
A-2 92,000,000.00 5.89844% 1000.00000000 5.07921217 0.00000000 0.00000000
A-3 292,000,000.00 5.90844% 1000.00000000 5.08782332 0.00000000 0.00000000
M-1 74,076,000.00 6.11844% 1000.00000000 5.26865665 0.00000000 0.00000000
M-2 44,248,000.00 6.24844% 1000.00000000 5.38060116 0.00000000 0.00000000
B 29,215,000.00 6.94844% 1000.00000000 5.98337874 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 4.88664306 0.00000000 942.13137834
A-2 0.00000000 0.00000000 5.07921217 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.08782332 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 5.26865665 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.38060116 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.98337874 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 154272310000.000 0.00000000 0.00000000
Y-2 0.00000000 0.00000000 169489795000.000 0.00000000 0.00000000
Y-3 0.00000000 0.00000000 160741372500.000 0.00000000 0.00000000
Y-4 0.00000000 0.00000000 158189975000.000 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 Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 1 5.79844% 0.00 0.00 109,595,372.82 105,539,079.37 94.45720346%
A-1 2 5.79844% 0.00 0.00 112,378,865.98 106,876,908.90 93.57893597%
A-1 3 5.79844% 0.00 0.00 111,263,789.04 108,104,535.15 94.96905132%
A-1 4 5.79844% 0.00 0.00 108,146,188.34 104,380,728.21 93.84556080%
A-2 1 5.89844% 0.00 0.00 22,792,371.00 22,792,371.00 100.00000000%
A-2 2 5.89844% 0.00 0.00 23,297,916.00 23,297,916.00 100.00000000%
A-2 3 5.89844% 0.00 0.00 23,220,582.00 23,220,582.00 100.00000000%
A-2 4 5.89844% 0.00 0.00 22,689,131.00 22,689,131.00 100.00000000%
A-3 1 5.90844% 0.00 0.00 72,341,003.00 72,341,003.00 100.00000000%
A-3 2 5.90844% 0.00 0.00 73,945,558.00 73,945,558.00 100.00000000%
A-3 3 5.90844% 0.00 0.00 73,700,108.00 73,700,108.00 100.00000000%
A-3 4 5.90844% 0.00 0.00 72,013,331.00 72,013,331.00 100.00000000%
M-1 1 6.11844% 0.00 0.00 18,351,822.00 18,351,822.00 100.00000000%
M-1 2 6.11844% 0.00 0.00 18,758,874.00 18,758,874.00 100.00000000%
M-1 3 6.11844% 0.00 0.00 18,696,607.00 18,696,607.00 100.00000000%
M-1 4 6.11844% 0.00 0.00 18,268,697.00 18,268,697.00 100.00000000%
M-2 1 6.24844% 0.00 0.00 10,962,140.00 10,962,140.00 100.00000000%
M-2 2 6.24844% 0.00 0.00 11,205,284.00 11,205,284.00 100.00000000%
M-2 3 6.24844% 0.00 0.00 11,168,090.00 11,168,090.00 100.00000000%
M-2 4 6.24844% 0.00 0.00 10,912,486.00 10,912,486.00 100.00000000%
B 1 6.94844% 0.00 0.00 7,237,816.00 7,237,816.00 100.00000000%
B 2 6.94844% 0.00 0.00 7,398,355.00 7,398,355.00 100.00000000%
B 3 6.94844% 0.00 0.00 7,373,797.00 7,373,797.00 100.00000000%
B 4 6.94844% 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 21,850,796.88
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 21,850,796.88
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 407,848.12
Payment of Interest and Principal 21,442,948.76
Total Withdrawals (Pool Distribution Amount) 21,850,796.88
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 402,610.43
Trustee Fee 2,415.69
Spread 1 Fee 2,822.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 407,848.12
</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 1,658,539.73 617,089.24 0.00 1,041,450.49
Reserve Fund 1,693,736.07 677,959.18 0.00 1,015,776.89
Reserve Fund 1,670,414.26 642,965.49 0.00 1,027,448.77
Reserve Fund 1,635,565.64 632,759.22 0.00 1,002,806.42
</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 300 23,986,307.43 3.101096% 2.518637%
60 Days 77 7,183,849.30 0.795948% 0.754327%
90+ Days 37 4,003,168.05 0.382468% 0.420345%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 414 35,173,324.78 4.279512% 3.693308%
</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 9.858840%
Weighted AverageNet Coupon 9.358900%
Weighted Average Pass-Through Rate 9.352400%
Weighted Average Maturity(Stepdown Calculation ) 345
Begin Scheduled Collateral Loan Count 9,781
Number Of Loans Paid In Full 107
End Scheduled Collateral Loan Count 9,674
Begining Scheduled Collateral Balance 966,264,960.48
Ending Scheduled Collateral Balance 952,352,759.06
Ending Actual Collateral Balance at 31-Aug-1998 952,936,743.33
Monthly P &I Constant 8,539,572.73
Ending Scheduled Balance for Premium Loans 952,352,759.06
Scheduled Principal 598,036.00
Unscheduled Principal 15,760,879.14
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C> <C> <C> <C>
Group ID 1 2 3 4
Collateral Description Mixed ARM Mixed ARM Mixed ARM Mixed ARM
Weighted Average Coupon Rate 9.755376 9.982469 9.832031 9.863056
Weighted Average Net Rate 9.250141 9.476220 9.324944 9.355864
Weighted Average Maturity 344.00 345.00 344.00 343.00
Begining Loan Count 2,445.00 2,448.00 2,448.00 2,440.00
Loans Paid In Full 26.00 36.00 20.00 25.00
Ending Loan Count 2,419.00 2,412.00 2,428.00 2,415.00
Begining Scheduled Balance 239,621,985.09 245,291,116.91 243,752,558.78 237,599,299.70
Ending Scheduled Balance 236,182,780.88 240,467,119.01 241,236,270.38 234,466,588.79
Record Date 98-08-31 98-08-31 98-08-31 98-08-31
Principal And Interest Constant 2,098,821.54 2,189,170.97 2,149,008.33 2,102,571.89
Scheduled Principal 150,767.65 148,661.91 151,856.16 149,692.65
Unscheduled Principal 3,288,436.56 4,675,335.99 2,364,432.24 2,983,018.26
Scheduled Interest 1,948,053.89 2,040,509.06 1,997,152.17 1,952,879.24
Servicing Fee 99,842.52 102,204.61 101,563.59 98,999.71
Trustee Fee 599.05 613.24 609.40 594.00
Other Fee 498.00 664.00 830.00 830.00
Net Interest 1,847,114.32 1,937,027.21 1,894,149.18 1,852,455.53
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 0.00 0.00 0.00 0.00
Overcollateralization Deficiency Amount 3,710,652.31 3,792,956.20 3,780,366.08 3,693,844.69
Base Overcollateralization Amount 0.00 0.00 0.00 0.00
Extra Principal Distribution Amount 617,089.24 677,959.18 642,965.49 632,759.22
Excess Cash Amount 617,089.24 677,959.18 642,965.49 632,759.22
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 67 4,842,938.06 17 1,498,296.22 8 694,244.04
2 86 7,735,363.11 17 1,963,261.59 10 890,272.23
3 76 6,164,463.80 18 1,402,189.80 7 688,092.10
4 71 5,243,542.46 25 2,320,101.69 12 1,730,559.68
Total 300 $23,986,307.43 77 $7,183,849.30 37 $4,003,168.05
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 0 0.00 0 0.00 0 0.00
2 0 0.00 0 0.00 0 0.00
3 0 0.00 0 0.00 0 0.00
4 0 0.00 0 0.00 0 0.00
TOTAL 0.00 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
Group Miscellaneous Reporting Items
<S> <C> <C>
1 Prepayment Penalties 18,518.01
2 Prepayment Penalties 55,349.51
3 Prepayment Penalties 20,465.96
4 Prepayment Penalties 28,658.89
</TABLE>