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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): August 25, 1998
STRUCTURED ASSET SECURITIES CORPORATION
Mortgage Pass-Through Certificates, Series 1998-8 Trust
New York (governing law of 333-47499-04 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 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 August 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/ Yarledy Marin, Vice president
By: Yarledy Marin, Vice president
Date: 8/28/1998
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 August 25,
1998 distribution.
<TABLE>
<CAPTION>
Structured Asset Securities Corporation
Mortgage Pass-Through Certificates
Record Date: 7/31/1998
Distribution Date: 8/25/1998
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 5.80625% 451,000,000.00 1,891,224.65 9,615,783.82
A-2 863572UT8 SEQ 5.90625% 92,000,000.00 392,437.50 0.00
A-3 863572UX9 SEQ 5.91625% 292,000,000.00 1,247,671.39 0.00
M-1 863572UU5 SUB 6.12625% 74,076,000.00 327,750.29 0.00
M-2 863572UV3 SUB 6.25625% 44,248,000.00 199,930.29 0.00
B 863572UW1 SUB 6.95625% 29,215,000.00 146,774.94 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% 0.00 807,329.62 0.00
Y-2 SAC9808Y2 SEQ 0.00000% 0.00 826,827.90 0.00
Y-3 SAC9808Y3 SEQ 0.00000% 0.00 841,783.97 0.00
Y-4 SAC9808Y4 SEQ 0.00000% 0.00 819,135.37 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 982,539,000.00 7,500,865.92 9,615,783.82
</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 0.00 441,384,216.18 11,507,008.47 0.00
A-2 0.00 92,000,000.00 392,437.50 0.00
A-3 0.00 292,000,000.00 1,247,671.39 0.00
M-1 0.00 74,076,000.00 327,750.29 0.00
M-2 0.00 44,248,000.00 199,930.29 0.00
B 0.00 29,215,000.00 146,774.94 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 0.00 807,329.62 0.00
Y-2 0.00 0.00 826,827.90 0.00
Y-3 0.00 0.00 841,783.97 0.00
Y-4 0.00 0.00 819,135.37 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 0.00 972,923,216.18 17,116,649.74 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-1 451,000,000.00 451,000,000.00 598,936.00 9,016,847.82 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 982,539,000.00 982,539,000.00 598,936.00 9,016,847.82 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 9,615,783.82 441,384,216.18 0.97867897 9,615,783.82
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
R-I 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-IV 0.00 0.00 0.00000000 0.00
Totals 9,615,783.82 972,923,216.18 0.99021333 9,615,783.82
</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 1000.00000000 1.32801774 19.99301069 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 21.32102843 978.67897157 0.97867897 21.32102843
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 5.80625% 451,000,000.00 1,891,224.65 0.00 0.00
A-2 92,000,000.00 5.90625% 92,000,000.00 392,437.50 0.00 0.00
A-3 292,000,000.00 5.91625% 292,000,000.00 1,247,671.39 0.00 0.00
M-1 74,076,000.00 6.12625% 74,076,000.00 327,750.29 0.00 0.00
M-2 44,248,000.00 6.25625% 44,248,000.00 199,930.29 0.00 0.00
B 29,215,000.00 6.95625% 29,215,000.00 146,774.94 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 4,205,789.06 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 1,891,224.65 0.00 441,384,216.18
A-2 0.00 0.00 392,437.50 0.00 92,000,000.00
A-3 0.00 0.00 1,247,671.39 0.00 292,000,000.00
M-1 0.00 0.00 327,750.29 0.00 74,076,000.00
M-2 0.00 0.00 199,930.29 0.00 44,248,000.00
B 0.00 0.00 146,774.94 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 0.00 807,329.62 0.00 0.00
Y-2 0.00 0.00 826,827.90 0.00 0.00
Y-3 0.00 0.00 841,783.97 0.00 0.00
Y-4 0.00 0.00 819,135.37 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 7,500,865.92 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 5.80625% 1000.00000000 4.19340277 0.00000000 0.00000000
A-2 92,000,000.00 5.90625% 1000.00000000 4.26562500 0.00000000 0.00000000
A-3 292,000,000.00 5.91625% 1000.00000000 4.27284723 0.00000000 0.00000000
M-1 74,076,000.00 6.12625% 1000.00000000 4.42451388 0.00000000 0.00000000
M-2 44,248,000.00 6.25625% 1000.00000000 4.51840287 0.00000000 0.00000000
B 29,215,000.00 6.95625% 1000.00000000 5.02395824 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 4.19340277 0.00000000 978.67897157
A-2 0.00000000 0.00000000 4.26562500 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.27284723 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 4.42451388 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.51840287 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.02395824 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 05000.0000 0.00000000 0.00000000
Y-2 0.00000000 0.00000000 75000.0000 0.00000000 0.00000000
Y-3 0.00000000 0.00000000 92500.0000 0.00000000 0.00000000
Y-4 0.00000000 0.00000000 42500.0000 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
Class Rate Balance Balance Balance Balance Percentage
<S> <C> <C> <C> <C> <C> <C>
A-1 1 5.80625% 0.00 0.00 111,732,166.00 109,595,372.82 98.08757562%
A-1 2 5.80625% 0.00 0.00 114,210,434.00 112,378,865.98 98.39632164%
A-1 3 5.80625% 0.00 0.00 113,831,331.00 111,263,789.04 97.74443298%
A-1 4 5.80625% 0.00 0.00 111,226,069.00 108,146,188.34 97.23097230%
A-2 1 5.90625% 0.00 0.00 22,792,371.00 22,792,371.00 100.00000000%
A-2 2 5.90625% 0.00 0.00 23,297,916.00 23,297,916.00 100.00000000%
A-2 3 5.90625% 0.00 0.00 23,220,582.00 23,220,582.00 100.00000000%
A-2 4 5.90625% 0.00 0.00 22,689,131.00 22,689,131.00 100.00000000%
A-3 1 5.91625% 0.00 0.00 72,341,003.00 72,341,003.00 100.00000000%
A-3 2 5.91625% 0.00 0.00 73,945,558.00 73,945,558.00 100.00000000%
A-3 3 5.91625% 0.00 0.00 73,700,108.00 73,700,108.00 100.00000000%
A-3 4 5.91625% 0.00 0.00 72,013,331.00 72,013,331.00 100.00000000%
M-1 1 6.12625% 0.00 0.00 18,351,822.00 18,351,822.00 100.00000000%
M-1 2 6.12625% 0.00 0.00 18,758,874.00 18,758,874.00 100.00000000%
M-1 3 6.12625% 0.00 0.00 18,696,607.00 18,696,607.00 100.00000000%
M-1 4 6.12625% 0.00 0.00 18,268,697.00 18,268,697.00 100.00000000%
M-2 1 6.25625% 0.00 0.00 10,962,140.00 10,962,140.00 100.00000000%
M-2 2 6.25625% 0.00 0.00 11,205,284.00 11,205,284.00 100.00000000%
M-2 3 6.25625% 0.00 0.00 11,168,090.00 11,168,090.00 100.00000000%
M-2 4 6.25625% 0.00 0.00 10,912,486.00 10,912,486.00 100.00000000%
B 1 6.95625% 0.00 0.00 7,237,816.00 7,237,816.00 100.00000000%
B 2 6.95625% 0.00 0.00 7,398,355.00 7,398,355.00 100.00000000%
B 3 6.95625% 0.00 0.00 7,373,797.00 7,373,797.00 100.00000000%
B 4 6.95625% 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 17,527,313.18
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 17,527,313.18
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 410,663.44
Payment of Interest and Principal 17,116,649.74
Total Withdrawals (Pool Distribution Amount) 17,527,313.18
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 405,243.98
Trustee Fee 2,431.46
Spread 1 Fee 2,988.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 410,663.44
</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 2,465,869.35 807,329.62 0.00 1,658,539.73
Reserve Fund 2,520,563.97 826,827.90 0.00 1,693,736.07
Reserve Fund 2,512,198.23 841,783.97 0.00 1,670,414.26
Reserve Fund 2,454,701.01 819,135.37 0.00 1,635,565.64
</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 153 13,982,737.66 1.564257% 1.447091%
60 Days 42 4,241,351.52 0.429404% 0.438943%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 195 18,224,089.18 1.993661% 1.886034%
</TABLE>
<TABLE>
<CAPTION>
<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 9.761439%
Weighted AverageNet Coupon 9.261472%
Weighted Average Pass-Through Rate 9.254800%
Weighted Average Maturity(Stepdown Calculation ) 346
Begin Scheduled Collateral Loan Count 7,530
Number Of Loans Paid In Full (2,251)
End Scheduled Collateral Loan Count 9,781
Beginning Scheduled Collateral Balance 982,539,000.00
Ending Scheduled Collateral Balance 966,264,960.48
Ending Actual Collateral Balance at 31-Jul-1998 966,756,153.77
Monthly P &I Constant 8,510,465.38
Ending Scheduled Balance for Premium Loans 966,264,960.48
Scheduled Principal 598,936.00
Unscheduled Principal 5,721,770.96
</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 9.715394 9.724711 9.811253 9.794424
Weighted Average Net Rate 9.209914 9.217667 9.304196 9.287272
Weighted Average Maturity 345.00 346.00 345.00 344.00
Begining Loan Count 2,456 2,455 2,456 2,455
Loans Paid In Full 11 7 8 15
Ending Loan Count 2,445 2,448 2,448 2,440
Begining Scheduled Balance 240,951,448.65 246,295,857.06 245,478,316.77 239,860,044.99
Ending Scheduled Balance 239,621,985.09 245,291,116.91 243,752,558.78 237,599,299.70
Record Date 98-07-31 98-07-31 98-07-31 98-07-31
Principal And Interest Constan 2,100,899.05 2,143,696.46 2,158,602.65 2,107,267.22
Scheduled Principal 150,117.21 147,733.00 151,561.07 149,524.72
Unscheduled Principal 1,179,346.35 857,007.12 1,574,196.92 2,111,220.57
Scheduled Interest 1,950,781.84 1,995,963.46 2,007,041.58 1,957,742.50
Servicing Fee 100,396.43 102,623.29 102,282.65 99,941.69
Trustee Fee 602.38 615.74 613.70 599.65
Other Fee 498.00 830.00 830.00 830.00
Net Interest 1,849,285.03 1,891,894.43 1,903,315.23 1,856,371.16
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 807,329.62 826,827.90 841,783.97 819,135.37
Excess Cash Amount 807,329.62 826,827.90 841,783.97 819,135.37
</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 42 4,267,702.51 9 795,378.32 0 0.00
2 44 3,605,379.52 11 1,033,919.99 0 0.00
3 33 2,593,567.97 9 783,266.75 0 0.00
4 34 3,516,087.66 13 1,628,786.46 0 0.00
Total 153 13,982,737.66 42 4,241,351.52 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquency Status By Groups (Continued)
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 0.00 0 0.00 0 0.00
</TABLE>
<TABLE>
<CAPTION>
Group ID Miscellaneous Reporting
<S> <C> <C>
Prepayment Penalties 1 11,369.63
Prepayment Penalties 2 2,815.61
Prepayment Penalties 3 14,689.50
Prepayment Penalties 4 15,513.29
</TABLE>
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