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 ev 11/25/98
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(as depositor under the Sale and Servicing Agreement, dated as of
June 1, 1998, relating to the Empire Funding Home Loan Owner Trust 1998-2,
Home Loan Asset Backed Notes, Series 1998-2)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(Exact name of registrant as specified in its charter)
Delaware 333-51375 06-1204982
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1285 Avenue of the Americas
New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 713-2000
Item 5. Other Events
On behalf of Empire Funding Home Loan Owner Trust 1998-2, Home Loan Asset
Backed Notes, Series 1998-2, a Trust created pursuant to the Sale
and Servicing Agreement, dated June 1, 1998, by U.S. Bank
National Association d.b.a. First Bank National Association, as
Indenture Trustee for the Trust, the Indenture Trustee has caused to be
filed with the Commission, the monthly report dated
25-Nov-98 .
The Monthly Report is filed pursuant to and in accordance with (1)
numerous no-action letters and (2) current Commission policy in the area.
The filing of the Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1
1. Monthly Distribution Report
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-2
SERIES 1998-2
DISTRIBUTION STATEMENT
Distribution Date: 11/25/98
Beginning Ending
Certificate Principal Interest Total Certificate
ClassBalance * Distribution Distribution Distribution Balance
A-1 47,535,160.15 3,561,243.68 209,130.14 3,770,373.82 43,973,916.47
A-2 56,904,000.00 0.00 297,797.60 297,797.60 56,904,000.00
A-3 23,089,000.00 0.00 122,948.93 122,948.93 23,089,000.00
A-4 36,212,000.00 0.00 197,053.63 197,053.63 36,212,000.00
A-5 22,516,500.00 0.00 130,595.70 130,595.70 22,516,500.00
A-6 19,500,000.00 0.00 109,200.00 109,200.00 19,500,000.00
A-IO 30,300,000.00 0.00 128,522.50 128,522.50 30,300,000.00
M-1 30,300,000.00 0.00 176,497.50 176,497.50 30,300,000.00
M-2 21,967,500.00 0.00 136,015.44 136,015.44 21,967,500.00
B-1 25,755,000.00 0.00 193,806.38 193,806.38 25,755,000.00
B-2 9,090,000.00 0.00 69,765.75 69,765.75 9,090,000.00
Total292,869,160.15 3,561,243.68 1,771,333.57 5,332,577.25 289,307,916.47
Payment of LossInterest Allocable
Reimbursement Carry Forward Loss
ClassDeficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
A-4 NA 0.00 NA
A-5 NA 0.00 NA
A-6 NA 0.00 NA
A-IO NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B-1 0.00 0.00 0.00
B-2 0.00 0.00 0.00
Total 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass Through
ClassDistribution Distribution Distribution Balance Interest Rate
A-1 61.75638470 3.62657615 65.38296084 762.56228055 5.27938%
A-2 0.00000000 5.23333333 5.23333333 1,000.00000000 6.28000%
A-3 0.00000000 5.32500022 5.32500022 1,000.00000000 6.39000%
A-4 0.00000000 5.44166657 5.44166657 1,000.00000000 6.53000%
A-5 0.00000000 5.80000000 5.80000000 1,000.00000000 6.96000%
A-6 0.00000000 5.60000000 5.60000000 1,000.00000000 6.72000%
A-IO 0.00000000 4.24166667 4.24166667 1,000.00000000 5.09000%
M-1 0.00000000 5.82500000 5.82500000 1,000.00000000 6.99000%
M-2 0.00000000 6.19166678 6.19166678 1,000.00000000 7.43000%
B-1 0.00000000 7.52500019 7.52500019 1,000.00000000 9.03000%
B-2 0.00000000 7.67500000 7.67500000 1,000.00000000 9.21000%
Total
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-2
PASS-THROUGH CERTIFICATES
SERIES 1998-2
Distribution Date: 11/25/98
Payment Statement
Sale and Servicing Agreement Dated June 1, 1998
i) Available Collection Amount 5,579,209.42
Available Payment Amount 5,332,577.25
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 293,649,886.98
Ending Pool Principal Balance 291,387,219.65
Beginning Ending
iii) Class Factors Class A-1 0.82431867 0.76256228
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class A-5 1.00000000 1.00000000
Class A-6 1.00000000 1.00000000
Class A-IO 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B-1 1.00000000 1.00000000
Class B-2 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 3,312,403.89
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 0.00
3,312,403.89
Principal Collections (Regular Installments) 337,624.04
Principal Collections (Curtailments and Paid in Fulls) 1,925,043.29
Substitution Adjustment 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from Purchased Loans 0.00
2,262,667.33
Total Payments 5,575,071.22
plus: Interest Income on the Collection, Certificate and Note Di 4,138.20
less: Trust Fees and Expenses 246,632.17
Available Payment Amount 5,332,577.25
v) Optimal Principal Balances: 0.00
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
Class B-2
vi) Overcollateralization Deficiency Amount (before distribution 9,719,278.49
Overcollateralization Deficiency Amount (after distribution 8,420,702.14
Amounts distributed to the Residual Interest 0
vii) Servicing Compensation 244,708.24
Indenture Trustee Fee 1,590.60
Owner Trustee Fee 333.33
viii) Overcollateralization Amount 2,079,303.18
Undercollateralization Amount 0.00
Overcollateralization Target Amount 10,500,005.32
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 1298576.35
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 240 239
Weighted average Home Loan Interest Rate of 13.753% 13.750%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 1,676,057.92
Six-Month Rolling Delinquency Average 726,669.37
Net Delinquency Calculation Amount 0.00
xiii) Current
Aggregate
Combination Loans Number Prin Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
Cumulative
Aggregate
Combination Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
Current
Aggregate
Debt Consolidation Loans Number Prin Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
Cumulative
Aggregate
Debt Consolidation Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans (Defective) 0 0.00
D)Deleted Home Loans (Defaulted) 0 0.00
xiv) Liquidated and Defaulted Loan Current
Aggregate
Number Principal Balance
Liquidated Loans 0 0
Defaulted Loans 0 0
Cumulative
Number Aggregate
Liquidated Loans Principal Balance
Defaulted Loans 0 0
0 0
xiv) Delinquency And Foreclosure Information:
# of Accounts Prin Balance % of Total
30-59 Days Delinquent 44 1,442,772.64 0.495%
60-89 Days Delinquent 12 403,213.01 0.138%
90-179 Days Delinquent 22 711,469.97 0.244%
180 or more Days Delinquent 0 0.00 0.000%
Loans in foreclosure proceedings 0 0.00 0.000%
Foreclosed Properties 0 0.00 0.000%
Loans in bankruptcy proceedi # of Accounts Prin Balance % of Total
30-59 Days Delinquent 4 125,493.96 0.043%
60-89 Days Delinquent 4 120,736.47 0.041%
90-179 Days Delinquent 13 440,638.47 0.151%
180 or more Days Delinquent 0 0.00 0.000%
Aggregate 21 686,868.90 0.236%
Current
Original Period
Class A-1 Note Interest Rate 5.70844% 5.27938%
One-Month LIBOR 5.64844% 5.21938%
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 thereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
By:/sTina Hatfield
Name:Tina Hatfield
Title: Vice President
U.S. Bank Trust National Association
Dated 11/30/98
