SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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 17, 1998
--------------------------------
CIT Home Equity Loan Trust 1998-1
------------------------------------------------------------------------
Exact name of registrant as specified in its charter)
New York
------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
001-14393 22-3599147
------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Consumer Finance, Inc.
650 CIT Drive, Livingston, New Jersey 07039
------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (973) 740-5000
------------------------------
c/o The Bank of New York
101 Barclay Street
New York, New York 10286
------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
On August 17, 1998, The Bank of New York (a New York Banking
Corporation), as Trustee, made the monthly distribution to the holders of CIT
Home Equity Loan Trust 1998-1, Class A-1 5.88% Home Equity Loan Asset Backed
Certificates, Class A-2 6.01% Home Equity Loan Asset Backed Certificates, Class
A-3 6.08% Home Equity Loan Asset Backed Certificates, Class A-4 6.20% Home
Equity Loan Asset Backed Certificates, Class A-5 6.36% Home Equity Loan Asset
Backed Certificates, Class A-6 6.70% Home Equity Loan Asset Backed Certificates,
Class A-7 6.30% Home Equity Loan Asset Backed Certificates, Class A-8 Home
Equity Loan Asset Backed Certificates, Class M-1 6.44% Home Equity Loan Asset
Backed Certificates, Class M-2 6.72% Home Equity Loan Asset Backed Certificates,
and Class B-1 7.37% Home Equity Loan Asset Backed Certificates.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distributions
on August 17, 1998
SIGNATURES
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.
THE CIT GROUP/CONSUMER
FINANCE, INC., as master servicer
By: /s/ Frank J. Madeira
--------------------------
Name: Frank J. Madeira
Title: Vice President
Dated: August 28, 1998
<PAGE>
THE CIT GROUP/CONSUMER FINANCE, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that he is a Vice President of The CIT Group/Consumer
Finance, Inc., a corporation organized under the laws of Delaware ("CITCF"), and
that as such he is duly authorized to execute and deliver this certificate on
behalf of CITCF pursuant to Section 6.02 of the Pooling and Servicing Agreement,
dated as of July 1, 1998 (the "Agreement"), among CITCF, The CIT Group
Securitization Corporation III and The Bank Of New York, as Trustee (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The Monthly Report for the period from July 1, 1998 to July 31, 1998
------------------------------
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has
occurred.
IN WITNESS WHEREOF, he has affixed hereunto his signature this 12th day of
----------
August 1998.
- - -----------
THE CIT GROUP/CONSUMER FINANCE, INC.
BY /s/ Frank Madeira
--------------------------------
Frank Madeira
Vice President
<PAGE>
CIT Home Equity Loan Trust 1998-1
Home Equity Loan Asset Backed Certificates, Series 1998-1
Master Servicer's Certificate
I Available in Certificate Account
Principal collected on
Mortgage Loans 3,975,990.12
All Liquidated Proceeds with
respect to Principal 0.00
Recoveries previously Liquidated
Mortgages with respect to Principal 0.00
Principal portion of Purchase Price
on Repurchased Mortgage Loans 0.00
Substitution Adjustment with respect
to Principal 0.00
Principal Distribution Amount 3,975,990.12
Interest collected on mortgage Loans 2,795,092.35
Interest portion of Purchase Price on
Repurchased Mortgage Loans 0.00
Recoveries previously Liquidated Mortgages
with respect to Interest 0.00
Substitution Adjustment with respect to
Interest 0.00
Master Servicer Monthly Advances
(net of Compensating Interest) 826,220.96
Reimbursement of previous months
Servicer Advances 0.00
Compensating Interest 8,415.22
Investment Earnings on Certificate
Account 0.00
Interest Remittance Amount 3,629,728.53
Amount not Required to be deposited (662,952.01)
Total available in the Certificate
Account 6,942,766.64
II Distributions Per $ 1,000 Amount
----------- ------
1. Aggregate Class A-1 Distribution 55,70391705 3,397,938.94
2. Aggregate Class A-2 Distribution 5.00833333 190,316.67
3. Aggregate Class A-3 Distribution 5.06666667 228,000.00
4. Aggregate Class A-4 Distribution 5.16666667 129,166.67
5. Aggregate Class A-5 Distribution 5.30000000 58,300.00
6. Aggregate Class A-6 Distribution 5.58333333 60,702.00
7. Aggregate Class A-7 Distribution 5.25000000 99.750.00
8. Aggregate Class A-8 Distribution 22.41688026 1,150,367.04
9. Aggregate Class IOX1 Distribution 316,216.63
10.Aggregate Class IOX2 Distribution 166,789.91
11.Aggregate Class M-1 Distribution 5.36666667 123,680.20
12.Aggregate Class M-2 Distribution 5.60000000 109,939.20
13.Aggregate Class B-1 Distribution 6.14166667 73,392.92
14.Aggregate Class B-2 Distribution 6.66666667 68,280.00
15.Aggregate Class B-3 Distribution 6.66666667 45,526.67
16.Aggregate Class B-4 Distribution 6.66666667 56,906.67
17.Aggregate Master Servicer Distribution 179,246.73
18.Aggregate Class R Distribution 488,246.39
Total Distributions = 6,942,766.64
II Certificate Class Balances Factor% Amount
------- ------
Opening Class A Certificate Balances
as reported in prior
Monthly Master Servicer Report:
(a)Class A-1 100.00000000% 61,000,000.00
(b)Class A-2 100.00000000% 38,000,000.00
(c)Class A-3 100.00000000% 45,000,000.00
(d)Class A-4 100.00000000% 25,000,000.00
(e)Class A-5 100.00000000% 11,000,000.00
(f)Class A-6 100.00000000% 10,872,000.00
(g)Class A-7 100.00000000% 19,000,000.00
(h)Class A-8 100.00000000% 51,317,000.02
-------------
261,189,000.00
Opening Class M Certificate Balances
as reported in prior
Monthly Master Servicer Report
(a)Class M-1 100.00000000% 23,046,000.00
(b)Class M.2 100.00000000% 19,632,000.00
-------------
42,678,000.00
Opening Class B Certificate Balances
as reported in prior
Monthly Master Servicer Report:
(a)Class B-1 100.00000000% 11,950,000.00
(b)Class B-2 100.00000000% 10,242,000.00
(c)Class B-3 100.00000000% 6,829,000.00
(d)Class B-4 100.00000000% 8,536,000.00
-------------
37,557,000.00
IV Principal Distribution Amount
1.Principal Remittance Amount No. Amount
-- ----------
(a) Stated principal collected 527,467.50
(b) Principal Prepayments 56 3,448,522.62
(c) Liquidation Proceeds 0.00
(d) Repurchased Mortgage Loans 0 0.00
(e) Substitution Adjustment related
to Principal 0.00
-------------
Total Principal Distribution 3,975,990.12
2(a). Class A Principal Distribution
Amount
Per $ 1,000
-----------
1. Class A-1 50.80391705 3,099,038.94
2. Class A-2 0.00000000 0.00
3. Class A-3 0.00000000 0.00
4. Class A-4 0.00000000 0.00
5. Class A-5 0.00000000 0.00
6. Class A-6 0.00000000 0.00
7. Class A-7 0.00000000 0.00
(a) Class A-7
Lockout
Percentage 0.00%
(b) Class A-7 Lockout
Distribution
Amount 0.00000000 0.00
8. Class A-8 17.08890192 875,951.18
2(b). Class M Principal
Distribution Amount
1. Class M-1 0.00000000 0.00
2. Class M-2 0.00000000 0.00
2(c). Class B Principal
Distribution Amount
1. Class B-1 0.00000000 0.00
2. Class B-2 0.00000000 0.00
3. Class B-3 0.00000000 0.00
4. Class B-4 0.00000000 0.00
2(d). Class M Applied Realized
Loss
1. Class M-1 0.00000000 0.00
2. Class M-2 0.00000000 0.00
2(e). Class B Applied Realized
Loss
1. Class B-1 0.00000000 0.00
2. Class B-2 0.00000000 0.00
3. Class B-3 0.00000000 0.00
4. Class B-4 0.00000000 0.00
Factor % Amount
-------- -----------
Ending Class A Certificate
Balances after distributions
of principal in this Monthly
Master Servicer Report:
(a) Class A-1 94.91960830% 57,900,961.06
(b) Class A-2 100.00000000% 38,000,000.00
(c) Class A-3 100.00000000% 45,000,000.00
(d) Class A-4 100.00000000% 25,000,000.00
(e) Class A-5 100.00000000% 11,000,000.00
(f) Class A-6 100.00000000% 10,872,000.00
(g) Class A-7 100.00000000% 19,000,000.00
(h) Class A-8 98.29110981% 50,440,048.82
-------------
257,213,009.98
Ending Class M Certificate Balances
after distributions of principal
in this Monthly Master Servicer
Report:
(a) Class M-1 100.00000000% 23,046,000.00
(b) Class M-2 100.00000000% 19,632,000.00
-------------
42,678,000.00
Ending Class B Certificate Balances
after distributions of principal in this
Monthly Master Servicer Report:
(a) Class B-1 100.00000000% 11,950,000.00
(b) Class B-2 100.00000000% 10,242,000.00
(c) Class B-3 100.00000000% 6,829,000.00
(d) Class B-4 100.00000000% 8,536,000.00
-------------
37,557,000.00
V Interest Distribution Amount
Fixed Rate Certificates
(b) Fixed Rate Certificates applicable
Pass-Through Rate
1. Class A-1 5.88000%
2. Class A-2 6.01000%
3. Class A-3 6.08000%
4. Class A-4 6.20000%
5. Class A-5 6.36000%
6. Class A-6 6.70000%
7. Class A-7 6.30000%
8. Class M-1 6.44000%
9. Class M-2 6.72000%
10. Class B-1 7.37000%
11. Class B-2 8.00000%
12. Class B-3 8.00000%
12. Class B-4 8.00000%
Variable Rate Certificates
(b) LIBOR Rate 5.65234%
(c) Maximum Variable Rate 18.00000%
(d) Variable Rate (Class A-8) 5.81234%
applicable Pass Through
Rate
Interest Only Certificates
The Lesser of :
(a) Weighted Average Net Mortgage
Rate of 9.358
(b) 9.358%
Strip Rate Component Rate
iO-X1 Class A-1 2.170% 1.308%
IO-X1 Class A-2 2.040% 1.308%
IO-X1 Class A-3 1.970% 1.308%
IO-X1 Class A-4 1.850% 1.308%
IO-X1 Class A-5 1.690% 1.308%
IO-X1 Class A-6 1.350% 1.308%
IO-X1 Class A-7 1.750% 1.308%
IO-X1 Class M-1 1.610% 1.308%
IO-X1 Class M-2 1.330% 1.308%
IO-X1 Class B-1 0.680% 1.308%
IO-X1 Class B-2 0.050% 1.308%
IO-X1 Class B-3 0.050% 1.308%
IO-X1 Class B-4 0.050% 1.308%
IO-X2 Class A-8 0.000% 3.546%
INTEREST REMITTANCE AMOUNT
1. Interest collected on Mortgage
Loans 2,832,059.77
2. Interest advanced on Mortgage
Loans 826,220.96
3. Compensating Interest on Mortgage
Loans 8,415.22
4. Substitution Adjustment interest 0.00
5. Purchace Price interest on repurchased
accounts 0.00
6. Liquidatioon Proceeds interest portion 0.00
TOTAL INTEREST REMITTANCE AMOUNT 3,666,695.95
Current Interest Requirement
1. Class A-1 @ applicable Pass-Through Rate 298,900.00
2. Class A-2 @ applicable Pass-Through Rate 190,316.67
3. Class A-3 @ applicable Pass-Through Rate 228,000.00
4. Class A-4 @ applicable Pass-Through Rate 129,166.67
5. Class A-5 @ applicable Pass-Through Rate 58,300.00
6. Class A-6 @ applicable Pass-Through Rate 60,702.00
7. Class A-7 @ applicable Pass-Through Rate 99,750.00
8. Class A-8 @ applicable Pass-Through Rate 273,415.86
9. Class A-8 Extra Interest @ applicable
Pass-Through Rate 0.00
10. Class IOX1 @ applicable Strip Rate 316,216.63
11. Class IOX2 @ applicable Strip Rate 166,789.91
12. Class M-1 @ applicable Pass-Through Rate 123,680.20
13. Class M-2 @ applicable Pass-Through Rate 109,939.20
14. Class B-1 @ applicable Pass-Through Rate 73,392.92
15. Class B-2 @ applicable Pass-Through Rate 68,280.00
16. Class B-3 @ applicable Pass-Through Rate 45,526.67
17. Class B-4 @ applicable Pass-Through Rate 56,906.67
Interest Carry Forward Amount
1. Class A-1 0.00
2. Class A-2 0.00
3. Class A-3 0.00
4. Class A-4 0.00
5. Class A-5 0.00
6. Class A-6 0.00
7. Class A-7 0.00
8. Class A-8 0.00
9. Class IOX1 0.00
10. Class IOX2 0.00
11. Class M-1 0.00
12. Class M-2 0.00
13. Class B-1 0.00
14. Class B-2 0.00
15. Class B-3 0.00
16. Class B-4 0.00
17. Class B-4 0.00
Certificates Interest Distribution
Amount
Per $ 1,000
-----------
1. Class A-1 4.90000000 298,900.00
2. Class A-2 5.00833333 190,316.67
3. Class A-3 5.06666667 228,000.00
4. Class A-4 5.16666667 129,166.67
5. Class A-5 5.30000000 58,300.00
6. Class A-6 5.58333333 60,702.00
7. Class A-7 5.25000000 99,750.00
8. Class A-8 5.32797833 273,415.86
9. Class IOX1 316,216.63
10. Class IOX2 166,789.91
11. Class M-1 5.36666667 123,680.20
12. Class M-2 5.60000000 109,939.20
13. Class B-1 6.14166667 73,392.92
14. Class B-2 6.66666667 68,280.00
15. Class B-3 6.66666667 45,526.67
16. Class B-4 6.66666667 56,906.67
------------
2,299,283.39
VI Trigger Information
1. (a) Delinquency Trigger percentage 0.64%
(b) Delinquency Trigger in effect ? NO
2. (a) Specified Senior Enhancement Percentage 47.00%
(b) Senior Enhancement Percentage 23.78%
VI Pool Information
No. Amount
-- --------------
(a) Closing Mortgage Loan Principal
Balance:
1. Fixed Rate 4.852 287,008,398.60
2. Adjustable Rate 570 50,440,122.52
Total Closing Mortgage Loan
Principal Balance: 5,422 337,448,521.12
(b) Weighted Average Mortgage Rate:
1. Fixed Rate 9.889%
2. Adjustable Rate 9.628%
Total Weighted Average Mortgage Rate 9.850%
(c) Weighted Average Net Mortgage Rate: 9.350%
(d) Weighted Average Remaining Maturity:
1. Fixed Rate 270.60
2. Adjustable Rate 350.83
(e) Weighted Average Original Maturity:
1. Fixed Rate 274.97
2. Adjustable Rate 355.28
VI Delinquency Information
No. % Amount
A. Fixed Rate Mortgage Loans: ----------------------------
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 111 2.07% 5,930,618.18
2. 60 - 89 Day Accounts 37 0.65% 1,855,521.17
3. 90 - 119 Day Accounts 0 0.00% 0.00
4. 120 + Day Accounts 0 0.00% 0.00
(b) Mortgage Loans - In Foreclosure 0 0.00% 0.00
(c) REO Property Accounts 0 0.00% 0.00
B. Adjustable Rate Mortgage Loans:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 544 2.26% 1,142,387.13
2. 60 - 89 Day Accounts 5 0.67% 336,618.63
3. 90 - 119 Day Accounts 0 0.00% 0.00
4. 120 + Day Accounts 0 0.00% 0.00
(b) Mortgage Loans - In Foreclosure 0 0.00% 0.00
(c) REO Property Accounts 0 0.00% 0.00
C. Total For All Mortgage Loans
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 655 2.10% 7,073,005.31
2. 60 - 89 Day Accounts 42 0.65% 2,192,139.80
3. 90 - 119 Day Accounts 0 0.00% 0.00
4. 120 + Day Accounts 0 0.00% 0.00
(b) Mortgage Loans - In Foreclosure 0 0.00% 0.00
(c) REO Property Accounts 0 0.00% 0.00
IX Realized Losses
No. Amount
--- ----------
1. (a) Gross Realized Losses
during the period 0 0.00
(b) Net Realized Losses during the
period
(c) Cumulative Gross Realized Losses 0 0.00
(d) Cumulative Net Realized Losses
(e) Cumulative Applied Realized Losses 0.00
i. Class B-4 0.00
ii. Class B-3 0.00
iii. Class B-2 0.00
iv. Class B-1 0.00
v. Class M-2 0.00
vi. Class M-1 0.00
X Miscellaneous Information
1. (a) Monthly Master Servicer Fee
i. Monthly Servicing Fee 142,260.21
ii. Mortgage Fees 36,986.52
(b) Amount of prior unpaid Master
Servicing Fees paid with this
distribution 0.00
(c) Total Master Servicing Fees paid
with this distribution 179,246.73
(d) Amount of unpaid Master Servicing
Fees as of this distribution 0.00
2. (a) Opening Master Servicer Advance Balance 0.00
(b) Current Advance (exclusive of Compensating
Interest) 826,220.96
(c) Reimbursement of prior Master Servicer
Advances 0.00
-----------
(d) Ending Master Servicer Advance Balance 826,220.96
3. Current period Compensating Interest 8,415.22
4. (a) Stepdown Date in effect ? NO
5. Loans Repurchased pursuant to Section 5.14 0.00
6. Subsequent Cumulative Net Losses on loans
repurchased pursuant to Section 5.14 0.00
