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):
December 28, 1998
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1998-3
(Exact name of registrant as specified in its charter)
New York 333-30759-4 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
Norwest Bank Minnesota,
National Association
Sixth Street and Marquette Avenue
Minneapolis, MN 55479-1026
(Address of Principal (Zip code)
Executive Offices)
Registrant's telephone number, including area code (612) 667-8058
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
Information relating to the distributions to
Certificateholders for the period from November 1, 1998 to
November 30, 1998 (the "Monthly Period") of the AMRESCO
Residential Securities Corporation Mortgage Loan Trust 1998-3
(the "Registrant" or "Trust") in respect of the Mortgage Loan
Asset Backed Certificates, Series 1998-3, Class A (the
"Certificates") issued by the Registrant and the performance of
the Trust (including distributions of principal and interest,
delinquent balances of mortgage loans, and the subordinated
amount remaining), together with certain other information
relating to the Certificates, is contained in the Monthly Report
for the Monthly Period provided to Certificateholders pursuant to
the Pooling and Servicing Agreement dated as of September 1,
1998, among AMRESCO Residential Securities Corporation in its
capacity as Depositor, AMRESCO Residential Capital Markets, Inc.
in its capacity as the Seller, Master Servicer and Special
Servicer, AMRESCO Residential Mortgage Corporation as Servicer,
the Federal Home Loan Mortgage Corporation as Guarantor and
Norwest Bank Minnesota, National Association, in its capacity as
the trustee.
Item 7. Exhibit.
Monthly Report for the Monthly Period relating to the
Certificates issued by the Trust.
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.
By: AMRESCO Residential Securities Corporation
Mortgage Loan Trust 1998-3
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: January 6, 1999
<TABLE>
<CAPTION>
AMRESCO Residential Securities Corporation Contact: Customer Service Columbia, MD
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Record Date: 30-Nov-1998 Securities Administration Services
Distribution Date: 28-Dec-1998 11000 Broken Land Parkway
Columbia, MD 21044
AMRESCO Series 1998-3 Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificate Holder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
CLASS CUSIP Description Rate Balance Distribution Distribution
Current Ending Cumulative
Realized Certificate Total Realized
Loss Balance Distribution Losses
<S> <C> <C> <C> <C> <C>
A-1 3133TGDK2 SEQ 6.21000% 76,618,216.65 396,499.27 3,051,203.16
0.00 73,567,013.49 3,447,702.43 0.00
A-2 3133TGDL0 SEQ 5.70000% 60,000,000.00 285,000.00 0.00
0.00 60,000,000.00 285,000.00 0.00
A-3 3133TGDM8 SEQ 5.90000% 27,000,000.00 132,750.00 0.00
0.00 27,000,000.00 132,750.00 0.00
A-4 3133TGDN6 SEQ 6.07000% 59,000,000.00 298,441.67 0.00
0.00 59,000,000.00 298,441.67 0.00
A-5 3133TGDP1 SEQ 6.40000% 21,289,000.00 113,541.33 0.00
0.00 21,289,000.00 113,541.33 0.00
A-6 3133TGDQ9 SEQ 5.95000% 27,300,000.00 135,362.50 0.00
0.00 27,300,000.00 135,362.50 0.00
A-7 03215PFG9 SEQ 5.28234% 404,975,229.98 1,960,948.78 11,466,409.51
0.00 393,508,820.47 13,427,358.29 0.00
A-8 03215PFH7 SEQ 5.94000% 143,000,000.00 707,850.00 0.00
0.00 143,000,000.00 707,850.00 0.00
C-AIO ARS98CAI3 IO 3.00000% 0.00 286,330.00 0.00
0.00 0.00 286,330.00 0.00
C-FIO ARS98CFI3 IO 7.50000% 0.00 170,625.00 0.00
0.00 0.00 170,625.00 0.00
M-1A 03215PFJ3 MEZ 5.46234% 55,650,000.00 278,647.62 0.00
0.00 55,650,000.00 278,647.62 0.00
M-2A 03215PFK0 MEZ 5.74234% 48,470,000.00 255,136.95 0.00
0.00 48,470,000.00 255,136.95 0.00
B-1A 03215PFL8 SUB 6.79234% 41,290,000.00 257,084.41 0.00
0.00 41,290,000.00 257,084.41 0.00
B-1F 03215PFM6 SUB 8.29000% 6,344,000.00 43,826.47 0.00
0.00 6,344,000.00 43,826.47 0.00
D ARS98003D IO 0.00000% 0.00 0.00 0.00
0.00 0.00 0.00 0.00
OC ARS9803OC SUB 0.00000% 0.00 0.00 0.00
0.00 0.00 0.00 0.00
S ARS98003S IO 0.10000% 0.00 58,749.36 0.00
0.00 0.00 58,749.36 0.00
R ARS98003R RES 0.00000% 0.00 0.00 0.00
0.00 0.00 0.00 0.00
RL RES 0.00000% 0.00 0.00 0.00
0.00 0.00 0.00 0.00
TOTALS 970,936,446.63 5,380,793.36 14,517,612.67
0.00 956,418,833.96 19,898,406.03 0.00
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.
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
CLASS Amount Balance Distribution Distribution Accretion Loss (1)
Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
A-1 81,000,000.00 76,618,216.65 230,665.49 2,820,537.67 0.00 0.00
3,051,203.16 73,567,013.49 0.90823473 3,051,203.16
A-2 60,000,000.00 60,000,000.00 0.00 0.00 0.00 0.00
0.00 60,000,000.00 1.00000000 0.00
A-3 27,000,000.00 27,000,000.00 0.00 0.00 0.00 0.00
0.00 27,000,000.00 1.00000000 0.00
A-4 59,000,000.00 59,000,000.00 0.00 0.00 0.00 0.00
0.00 59,000,000.00 1.00000000 0.00
A-5 21,289,000.00 21,289,000.00 0.00 0.00 0.00 0.00
0.00 21,289,000.00 1.00000000 0.00
A-6 27,300,000.00 27,300,000.00 0.00 0.00 0.00 0.00
0.00 27,300,000.00 1.00000000 0.00
A-7 429,657,000.00 404,975,229.98 358,450.54 11,107,958.97 0.00 0.00
11,466,409.51 393,508,820.47 0.91586736 11,466,409.51
A-8 143,000,000.00 143,000,000.00 0.00 0.00 0.00 0.00
0.00 143,000,000.00 1.00000000 0.00
C-AIO 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
C-FIO 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
M-1A 55,650,000.00 55,650,000.00 0.00 0.00 0.00 0.00
0.00 55,650,000.00 1.00000000 0.00
M-2A 48,470,000.00 48,470,000.00 0.00 0.00 0.00 0.00
0.00 48,470,000.00 1.00000000 0.00
B-1A 41,290,000.00 41,290,000.00 0.00 0.00 0.00 0.00
0.00 41,290,000.00 1.00000000 0.00
B-1F 6,344,000.00 6,344,000.00 0.00 0.00 0.00 0.00
0.00 6,344,000.00 1.00000000 0.00
D 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
OC 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
S 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
RL 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00000000 0.00
TOTALS 1,000,000,000.00 970,936,446.63 589,116.03 13,928,496.64 0.00 0.00
14,517,612.67 956,418,833.96 0.95641883 14,517,612.67
(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.
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Class(2) Face Certificate Principal Principal Realized
Amount Balance Distribution Distribution Accretion Loss (3)
Total Ending Ending Total
Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
A-1 81,000,000.00 945.90390926 2.84772210 34.82145272 0.00000000 0.00000000
37.66917481 908.23473444 0.90823473 37.66917481
A-2 60,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-3 27,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-4 59,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-5 21,289,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-6 27,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
A-7 429,657,000.00 942.55471220 0.83427138 25.85308507 0.00000000 0.00000000
26.68735645 915.86735575 0.91586736 26.68735645
A-8 143,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
C-AIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
C-FIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
M-1A 55,650,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
M-2A 48,470,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
B-1A 41,290,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
B-1F 6,344,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
D 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
S 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
RL 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
All Denominations are Per $1000
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed, Please Refer to the Prospectus
Supplement for a Full Description.
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of Non
Original Current Certificate Current Unpaid Current Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
CLASS Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(4)
Total Remaining Ending
Interest Unpaid Certificate/
Distribution Interest Notional
Shortfall Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 81,000,000.00 6.21000% 76,618,216.65 396,499.27 0.00 0.00 0.00 0.00
396,499.27 0.00 73,567,013.49
A-2 60,000,000.00 5.70000% 60,000,000.00 285,000.00 0.00 0.00 0.00 0.00
285,000.00 0.00 60,000,000.00
A-3 27,000,000.00 5.90000% 27,000,000.00 132,750.00 0.00 0.00 0.00 0.00
132,750.00 0.00 27,000,000.00
A-4 59,000,000.00 6.07000% 59,000,000.00 298,441.67 0.00 0.00 0.00 0.00
298,441.67 0.00 59,000,000.00
A-5 21,289,000.00 6.40000% 21,289,000.00 113,541.33 0.00 0.00 0.00 0.00
113,541.33 0.00 21,289,000.00
A-6 27,300,000.00 5.95000% 27,300,000.00 135,362.50 0.00 0.00 0.00 0.00
135,362.50 0.00 27,300,000.00
A-7 429,657,000.00 5.28234% 404,975,229.98 1,960,948.78 0.00 0.00 0.00 0.00
1,960,948.78 0.00 393,508,820.47
A-8 143,000,000.00 5.94000% 143,000,000.00 707,850.00 0.00 0.00 0.00 0.00
707,850.00 0.00 143,000,000.00
C-AIO 0.00 3.00000% 104,120,000.00 286,330.00 0.00 0.00 0.00 0.00
286,330.00 0.00 104,120,000.00
C-FIO 0.00 7.50000% 27,300,000.00 170,625.00 0.00 0.00 0.00 0.00
170,625.00 0.00 27,300,000.00
M-1A 55,650,000.00 5.46234% 55,650,000.00 278,647.62 0.00 0.00 0.00 0.00
278,647.62 0.00 55,650,000.00
M-2A 48,470,000.00 5.74234% 48,470,000.00 255,136.95 0.00 0.00 0.00 0.00
255,136.95 0.00 48,470,000.00
B-1A 41,290,000.00 6.79234% 41,290,000.00 257,084.41 0.00 0.00 0.00 0.00
257,084.41 0.00 41,290,000.00
B-1F 6,344,000.00 8.29000% 6,344,000.00 43,826.47 0.00 0.00 0.00 0.00
43,826.47 0.00 6,344,000.00
D 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
OC 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
S 0.00 0.10000% 975,904,330.42 81,325.36 0.00 22,576.00 0.00 0.00
58,749.36 22,576.00 963,693,628.51
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
RL 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
Totals1,000,000,000.00 5,403,369.36 0.00 22,576.00 0.00 0.00
5,380,793.36 22,576.00
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
Interest Distribution Factors Statement
Beginning Payment of Non
Original Current Certificate Current Unpaid Current Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
CLASS(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (6)
Total Remaining Ending
Interest Unpaid Certificate/
Distribution Interest Notional
Shortfall Balance
A-1 81,000,000.00 6.21000% 945.90390926 4.89505272 0.00000000 0.00000000 0.00000000 0.00000000
4.89505272 0.00000000 908.23473444
A-2 60,000,000.00 5.70000% 1000.00000000 4.75000000 0.00000000 0.00000000 0.00000000 0.00000000
4.75000000 0.00000000 1000.00000000
A-3 27,000,000.00 5.90000% 1000.00000000 4.91666667 0.00000000 0.00000000 0.00000000 0.00000000
4.91666667 0.00000000 1000.00000000
A-4 59,000,000.00 6.07000% 1000.00000000 5.05833339 0.00000000 0.00000000 0.00000000 0.00000000
5.05833339 0.00000000 1000.00000000
A-5 21,289,000.00 6.40000% 1000.00000000 5.33333318 0.00000000 0.00000000 0.00000000 0.00000000
5.33333318 0.00000000 1000.00000000
A-6 27,300,000.00 5.95000% 1000.00000000 4.95833333 0.00000000 0.00000000 0.00000000 0.00000000
4.95833333 0.00000000 1000.00000000
A-7 429,657,000.00 5.28234% 942.55471220 4.56398658 0.00000000 0.00000000 0.00000000 0.00000000
4.56398658 0.00000000 915.86735575
A-8 143,000,000.00 5.94000% 1000.00000000 4.95000000 0.00000000 0.00000000 0.00000000 0.00000000
4.95000000 0.00000000 1000.00000000
C-AIO 0.00 3.00000% 1000.00000000 2.75000000 0.00000000 0.00000000 0.00000000 0.00000000
2.75000000 0.00000000 1000.00000000
C-FIO 0.00 7.50000% 1000.00000000 6.25000000 0.0000000 0.00000000 0.00000000 0.00000000
6.25000000 0.00000000 1000.00000000
M-1A 55,650,000.00 5.46234% 1000.00000000 5.00714501 0.00000000 0.00000000 0.00000000 0.00000000
5.0071450 0.00000000 1000.00000000
M-2A 48,470,000.00 5.74234% 1000.00000000 5.26381164 0.00000000 0.00000000 0.00000000 0.00000000
5.26381164 0.00000000 1000.00000000
B-1A 41,290,000.00 6.79234% 1000.00000000 6.22631170 0.00000000 0.00000000 0.00000000 0.00000000
6.22631170 0.00000000 1000.00000000
B-1F 6,344,000.00 8.29000% 1000.00000000 6.90833386 0.00000000 0.00000000 0.00000000 0.00000000
6.90833386 0.00000000 1000.00000000
D 0.00 0.00000% 0.00000000 0.00 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
OC 0.00 0.0000000% 0.00000000 0.00 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
S 0.00 0.10000% 975.90905337 0.08132575 0.00000000 0.02257611 0.00000000 0.00000000
0.05874964 0.02257611 963.69829237
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
RL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000
All Denominations are Per $1000
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
</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>
Fee 0.11000% 271,207,216.65 268,156,013.49 0.00 0.00 97.30287257%
Certificateholder Account Statement
Certificate account
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 20,287,408.58
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 20,287,408.58
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 389,002.55
Payment of Interest and Principal 19,898,406.03
Total Withdrawals (Pool Distribution Amount) 20,287,408.58
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES
Gross Servicing Fee 325,301.46
Trustee Fee 2,032.22
Special Servicing Fee Pool 1 8,996.00
Special Servicing Fee Pool 2 13,580.00
FHLMC Fee 24,860.66
Master Servicing Fee 14,232.21
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 389,002.55
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
Reserve Fund 0.00 22,576.00 22,576.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Delinquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid Number Unpaid
Number Principal Of Loans Balance
Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 260 23,946,581.07 2.629450% 2.484875%
60 Days 134 12,139,504.82 1.355178% 1.259685%
90+ Days 129 13,180,454.70 1.304612% 1.367702%
Foreclosure 16 1,515,744.91 0.161812% 0.157285%
REO 0 0.00 0.000000% 0.000000%
Totals 539 50,782,285.50 5.451052% 5.269547%
Current Period Realized Loss-Includes Interest Shortfall 0.00
Cumulative Realized Losses-Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
Class M-2A 47,634,000.00 4.76340000% 47,634,000.00 4.94285721% 5.029607% 0.000000%
Class B-1F 0.00 0.00000000% 0.00 0.00000000% 0.658301% 0.000000%
Class OC 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Please Refer to the Prospectus Supplement for a Full Description Of Loss Exposure
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 9.931351%
Weighted Average Net Coupon 9.531352%
Weighted Average Pass-Through Rate 9.511351%
Weighted Average Maturity (Stepdown Calculation) 344
Beginning Scheduled Collateral Loan Count 10,003
Number of Loans Paid in Full 115
Ending Scheduled Collateral Loan Count 9,888
Beginning Scheduled Collateral Balance 975,904,330.42
Ending Scheduled Collateral Balance 963,693,628.51
Ending Actual Collateral Balance at 30-Nov-1998 964,261,359.69
Monthly P&I Constant 8,665,823.34
Ending Scheduled Balance for Premium Loans 963,693,628.51
Group 1 2 3
Collateral Description Mixed Fixed Mixed Fixed 6 Month LIBOR ARM
Weighted Average Coupon Rate 9.990809 9.946612 9.053270
Weighted Average Net Rate 9.570809 9.526612 8.633270
Weighted Average Maturity 325.00 351.00 335.00
Record Date 11/30/98 11/30/98 11/30/98
Principal And Interest Constant 2,550,345.63 5,861,450.31 254,027.40
Beginning Loan Count 3,867 6,026 110
Loans Paid In Full 36 79 0
Ending Loan Count 3,831 5,947 110
Beginning Scheduled Balance 278,617,706.25 666,831,416.19 30,455,207.98
Ending Scheduled Balance 276,164,541.99 657,099,680.50 30,429,406.02
Scheduled Principal 230,665.49 334,189.16 24,261.38
Unscheduled Principal 2,222,498.77 9,397,546.53 1,540.58
Scheduled Interest 2,319,680.14 5,527,261.15 229,766.02
Servicing Fee 92,872.57 222,277.16 10,151.73
Master Servicing Fee 4,063.17 9,724.63 444.13
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 580.46 1,389.26 63.46
Pool Insurance Fee 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00
Net Interest 2,222,163.94 5,293,870.10 219,106.70
Realized Loss Amount 0.00 0.00 0.00
Cummulative Realized Loss 0.00 0.00 0.00
1 2 3
Required Overcollateralization Amount 0.00 0.00 0.00
Overcollateralization Increase Amount 0.00 0.00 0.00
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 5,638,660.00 17,951,675.00 0.00
Overcollateralization Amount 1,664,528.50 5,610,266.05 0.00
Overcollateralization Deficiency Amount 3,974,131.50 12,341,408.95 0.00
Base Overcollateralization Amount 0.00 0.00 0.00
Extra Principal Distribution Amount 598,038.90 1,708,871.86 0.00
Excess Cash Amount 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Deliquency Status By Group
Group 30 Day 60 Day 90 + Day Foreclosure REO Bankruptcy
<S> <C> <C> <C> <C> <C> <C>
1 Principal Balance 6,695,246.42 2,455,393.12 2,616,245.24 660,844.69 0.00 172,761.51
Percentage Of Balance 2.424% 0.889% 0.947% 0.239% 0.000% 0.063%
Loan Count 92 45 41 8 0 3
Percentage Of Loan Count 2.401% 1.175% 1.070% 0.209% 0.000% 0.078%
2 Principal Balance 16,983,442.62 8,605,528.81 9,827,850.86 854,900.22 0.00 644,186.93
Percentage Of Balance 2.585% 1.310% 1.496% 0.130% 0.000% 0.098%
Loan Count 167 81 86 8 0 7
Percentage Of Loan Count 2.808% 1.362% 1.446% 0.135% 0.000% 0.118%
3 Principal Balance 267,892.03 1,078,582.89 736,358.60 0.00 0.00 0.00
Percentage Of Balance 0.880% 3.545% 2.420% 0.000% 0.000% 0.000%
Loan Count 1 8 2 0 0 0
Percentage Of Loan Count 0.909% 7.273% 1.818% 0.000% 0.000% 0.000%
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