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Previous: MORGAN STANLEY CAPITAL I INC COMM MORT PA TH CERT 1998-WF2, 8-K, 1998-12-01 |
Next: PENNZOIL QUAKER STATE CO, 10-12B/A, 1998-12-01 |
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): November 16, 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
------------------------------
N/A
------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On November 16, 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 November 16, 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 Garcia
Title: Vice President
Dated: December 1, 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 October 1, 1998 to October 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 11th day of
November 1998.
THE CIT GROUP/CONSUMER FINANCE, INC.
BY /s/ Frank J. Madeira
-------------------------------
Frank J. Madeira
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- - ---------- -----------
20.1 Monthly Reports with respect to
the November 16, 1998 distribution.
<TABLE>
<CAPTION>
CIT Home Equity Loan Trust 1998-1
Home Equity Loan Asset Backed Certificates, Series 1998-1
Master Servicer's Certificate
Due Period 10/31/98
Determination Date 11/11/98
Distribution Date 11/16/98
<S> <C> <C> <C>
I Available in Certificate Account
Principal collected on Mortgage Loans 5,415,400.18
All Liquidation Proceeds with respect to Principal 0.00
Recoveries on 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 5,415,400.18
Interest collected on Mortgage Loans 2,822,124.24
Interest portion of Purchase Price on Repurchased Mortgage Loans 0.00
Recoveries on 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) 250,745.12
Reimbursement of previous months Servicer Advances -276,557.64
Compensating Interest 5,083.66
Investment Earnings on Certificate Account 0.00
Interest Remittance Amount 2,801,395.38
Amount not Required to be deposited (9,002.77)
Total available in the Certificate Account 8,207,792.79
II Distributions Per $ 1,000 Amount
----------- -----------
1. Aggregate Class A-1 Distribution 68.84633337 4,199,626.34
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 33.08842205 1,697,998.55
9. Aggregate Class IOX1 Distribution 299,387.28
10 Aggregate Class IOX2 Distribution 163,438.23
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 193,015.77
18. Aggregate Class R Distribution 410,365.64
Total Distributions = 8,207,792.79
<PAGE>
III Certificate Class Balances Factor % Amount
------- --------
Opening Class A Certificate Balances as reported in prior
Monthly Master Servicer Report:
(a) Class A-1 80.61815508% 49,177,074.60
(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 94.97865666% 48,740,197.24
--------------
246,789,271.84
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 655,961.54
(b) Principal Prepayments 84 4,759,438.64
(c) Liquidation Proceeds 0.00
(d) Repurchased Mortgage Loans 0 0.00
(e) Substitution Adjustment related to Principal 0.00
(f) Recoveries on previously Liquidated Mortgages with respect to Principal 0.00
------------
Total Principal Distribution 5,415,400.18
2(a). Class A Principal Distribution Amount
Per $ 1,000
-----------
1. Class A-1 64.89604377 3,958,658.67
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
(a) Class A-7 Lockout Percentage 0.00%
(b) Class A-7 Lockout Distribution Amount 0.00000000 0.00
8. Class A-8 28.38711363 1,456,741.51
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
<PAGE>
Factor % Amount
------------ -----------
Ending Class A Certificate Balances after distributions of
principal in this Monthly Master Servicer Report:
(a) Class A-1 74.12855070% 45,218,415.93
(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 92.13994530% 47,283,455.73
--------------
241,373,871.66
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
(b) Class B-3 100.00000000% 6,829,000.00
(b) 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 5.40859%
(c) Maximum Variable Rate 18.00000%
(d) Variable Rate (Class A-8) applicable Pass Through Rate 5.56859%
Interest Only Certificates
The Lesser of :
(a) Weighted Average Net Mortgage Rate of 9.341
(b) 9.358%
Strip Rate Component Rate
IO-X1 Class A-1 2.170% 1.291%
IO-X1 Class A-2 2.040% 1.291%
IO-X1 Class A-3 1.970% 1.291%
IO-X1 Class A-4 1.850% 1.291%
IO-X1 Class A-5 1.690% 1.291%
IO-X1 Class A-6 1.350% 1.291%
IO-X1 Class A-7 1.750% 1.291%
IO-X1 Class M-1 1.610% 1.291%
IO-X1 Class M-2 1.330% 1.291%
IO-X1 Class B-1 0.680% 1.291%
IO-X1 Class B-2 0.050% 1.291%
IO-X1 Class B-3 0.050% 1.291%
IO-X1 Class B-4 0.050% 1.291%
IO-X2 Class A-8 0.000% 3.772%
<PAGE>
INTEREST REMITTANCE AMOUNT
1. Interest collected on Mortgage Loans 2,822,124.24
2. Interest advanced on Mortgage Loans -25,812.52
3. Compensating Interest on Mortgage Loans 5,083.66
4. Substitution Adjustment interest 0.00
5. Purchase Price interest on repurchased accounts 0.00
6. Liquidation Proceeds interest portion 0.00
7. Recoveries on previously Liquidated Mortgages with respect to Interest 0.00
TOTAL INTEREST REMITTANCE AMOUNT 2,801,395.38
Current Interest Requirement
1. Class A-1 @ applicable Pass-Through Rate 240,967.67
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 241,257.04
9. Class A-8 Extra Interest @ applicable Pass-Through Rate 0.00
10. Class IOX1 @ applicable Strip Rate 299,387.28
11. Class IOX2 @ applicable Strip Rate 163,438.23
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
15. Class B-4 0.00
Certificates Interest Distribution Amount
Per $ 1,000
------------
1. Class A-1 3.95028960 240,967.67
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 4.70130842 241,257.04
9. Class IOX1 299,387.28
10. Class IOX2 163,438.23
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
------------
2,189,011.21
VI Trigger Information
1. (a) Delinquency Trigger percentage 1.84%
(b) Delinquency Trigger in effect ? NO
2. (a) Specified Senior Enhancement Percentage 47.00%
(b) Senior Enhancement Percentage 24.95%
<PAGE>
VII Pool Information No. Amount
--- ------------
(a) Closing Mortgage Loan Principal Balance:
1. Fixed Rate 4,656 274,325,853.45
2. Adjustable Rate 535 7,283,529.43
Total Closing Mortgage Loan Principal Balance: 5,191 321,609,382.88
(b) Weighted Average Mortgage Rate:
1. Fixed Rate 9.861%
2. Adjustable Rate 9.642%
Total Weighted Average Mortgage Rate 9.829%
(c) Weighted Average Net Mortgage Rate: 9.329%
(d) Weighted Average Remaining Maturity:
1. Fixed Rate 268.23
2. Adjustable Rate 347.61
(e) Weighted Average Original Maturity:
1. Fixed Rate 275.50
2. Adjustable Rate 354.99
VIII Delinquency Information No. % Amount
-----------------------------
A. Fixed Rate Mortgage Loans:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 155 2.85% 7,821,197.74
2. 60 - 89 Day Accounts 53 1.03% 2,815,767.79
3. 90 - 119 Day Accounts 25 0.47% 1,281,350.63
4. 120 + Day Accounts 21 0.41% 1,121,255.20
(b) Mortgage Loans - In Foreclosure 6 0.09% 244,348.98
(c) REO Property Accounts 1 0.02% 63,977.42
B. Adjustable Rate Mortgage Loans:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 25 3.97% 1,874,874.50
2. 60 - 89 Day Accounts 5 0.37% 174,338.87
3. 90 - 119 Day Accounts 5 0.67% 317,692.12
4. 120 + Day Accounts 6 0.63% 295,790.62
(b) Mortgage Loans - In Foreclosure 2 0.26% 122,939.09
(c) REO Property Accounts 0 0.00% 0.00
C. Total For All Mortgage Loans
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 180 3.01% 9,696,072.24
2. 60 - 89 Day Accounts 58 0.93% 2,990,106.66
3. 90 - 119 Day Accounts 30 0.50% 1,599,042.75
4. 120 + Day Accounts 27 0.44% 1,417,045.82
(b) Mortgage Loans - In Foreclosure 8 0.11% 367,288.07
(c) REO Property Accounts 1 0.02% 63,977.42
IX Realized Losses No. Amount
---- ---------
1. (a) Gross Realized Losses during the period 0 0.00
(b) Realized Losses during the period
1. Fixed Rate 0.00
2. Adjustable Rate 0.00
---------
0.00
Total
(c) Cumulative Gross Realized Losses 0 0.00
(d) Cumulative Realized Losses
1. Fixed Rate 0.00
2. Adjustable Rate 0.00
Total 0.00
(e) Cumulative Applied Realized Losses
i. Class B-4 0.00
ii. Class B-3 0.00
iii. Class B-2 0.00
X iv. Class B-1 0.00
v. Class M-2 0.00
vi. Class M-1 0.00
Miscellaneous Information
1. (a) Monthly Master Servicer Fee
i. Monthly Servicing Fee 136,260.33
ii. Mortgage Fees 56,755.44
(b) Amount of prior unpaid Master Servicing Fees paid with this distribution 0.00
(c) Total Master Servicing Fees paid with this distribution 193,015.77
(d) Amount of unpaid Master Servicing Fees as of this distribution 0.00
2. (a) Opening Master Servicer Advance Balance 1,236,564.29
(b) Current Advance (exclusive of Compensating Interest) 250,745.12
(c) Reimbursement of prior Master Servicer Advances -276,557.64
-------------
(d) Ending Master Servicer Advance Balance 1,210,751.77
3. Current period Compensating Interest 5,083.66
4. (a) Stepdown Date in effect? NO
5. Loans Repurchased pursuant to Section 5.14 0.00
</TABLE>
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