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Previous: COMMUNITY SAVINGS BANKSHARES INC /DE/, DEF 14A, 1999-04-28 |
Next: FT 300, 24F-2NT, 1999-04-28 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): March 8, 1999
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-43583-04 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For each of the following Remittance Dates, The Chase Manhattan
Bank, as Trustee, made the monthly distributions to the holders of the
Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1998C:
Remittance Dates
----------------
March 8, 1999
February 8, 1999
January 7, 1999
December 7, 1998
November 9, 1998
October 7, 1998
September 8, 1998
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.
<TABLE>
<CAPTION>
Exhibit No. Description Page
---------------------------------------------------------------------
<S> <C> <C>
20 Monthly Reports delivered by 3
the Trustee to Certificateholders
in connection with the distributions
on the Remittance Dates specified
in Item 5 above.
</TABLE>
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.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
-------------------------------------
Name: David R. Jordan
Title: Secretary
Dated: March 8, 1999
<PAGE> 1
Monthly Report (March 8, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,186,008.20 193,415.00 111,906.67
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 732,667.13
(b) Partial Prepayments Received 54,814.86
(c) Principal Payments in Full (Scheduled Balance) 1,302,068.38
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- --------------
Total Principal Distribution 2,089,550.37 0.00 0.00
(c) Interest Distribution 96,457.83 193,415.00 111,906.67
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- --------------
Total Interest Distribution 96,457.83 193,415.00 111,906.67
(d) Beginning Class I A and Class I B Principal Balance 24,926,528.17 38,300,000.00 21,800,000.00
Less: Principal Distribution 2,089,550.37 0.00 0.00
------------- ------------- --------------
Remaining Class A and Class B Principal Balance 22,836,977.80 38,300,000.00 21,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 154,985.39 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.62057005
Section 6.02 Reimbursement Amount 12,944.45 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I A-3 1.00000000
------------ Class I A-4 1.00000000
Total Fees Due Servicer 167,929.84 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I M-1 1.00000000
(f) Delinquency Contracts Balance Class I B-1 1.00000000
Class I B-2 1.00000000
31-59 Days Delinquent 55 1,580,733
60-89 Days Delinquent 7 173,353
90+ Days Delinquent 18 538,810
3-Month Avg Thirty-Day Delinquency Ratio 1.15%
3-Month Avg Sixty-Day Delinquency Ratio 0.57%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 541,237.51
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 509,001.17
----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 7 162,481.03
(q) Principal Prepayments paid 1,356,883.24
(r) Scheduled Principal Payments 732,667.13
(s) Weighted Average Interest Rate 10.66%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,623,949.47
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 989,308.93
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 9,868.52
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 2,116.88
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 111,416.86
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 24,489.49
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 154,985.39
(iv) Reimbursable Liquidation Expenses 12,944.45
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 167,929.84
Available Distribution Amount-Vanderbilt 2,354,471.29
Available Distribution Amount-SubServicer-21st 966,936.32
To Class A and B 2,859,554.69
Monthly Excess Cashflow 461,852.92
Weighted Average Remaining Term (months) 221.00
Scheduled Balance Computation
Prior Month Balance 150,875,528.17
Current Balance 148,805,832.80
Adv Principal 34,811.64
Del Principal 54,666.64
Pool Scheduled Balance 148,785,977.80
Principal Payments in Full 1,302,068.38
Partial Prepayments 54,814.86
Scheduled Principal 732,667.13
Collateral Balance 148,805,832.80
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 79,990.00 111,338.50 73,237.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 79,990.00 111,338.50 73,237.50
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- -------------
Total Interest Distribution 79,990.00 111,338.50 73,237.50
(d) Beginning Class I A and Class I B Principal Balance 15,200,000.00 20,539,000.00 13,020,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 15,200,000.00 20,539,000.00 13,020,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,800,000.00 4.9753%
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600%
Reimbursable Fees 21,800,000.00 6.1600%
15,200,000.00 6.3150%
Total Fees Due Servicer 20,539,000.00 6.5050%
13,020,000.00 6.7500%
No. of 3,662,000.00 6.9000%
(f) Delinquency Contracts 6,104,000.00 6.9700%
7,324,000.00 7.7250%
31-59 Days Delinquent 55
60-89 Days Delinquent 7
90+ Days Delinquent 18
3-Month Avg Thirty-Day Delinquency Ratio 1.15%
3-Month Avg Sixty-Day Delinquency Ratio 0.57%
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I M-1 Class I B-1 Class I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 21,056.50 35,454.07 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------ ------------- ------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 21,056.50 35,454.07 47,148.25
Unpaid Interest Shortfall 0.00 0.00 0.00
------------ ------------- ------------
Total Interest Distribution 21,056.50 35,454.07 47,148.25
(d) Beginning Class I A and Class I B Principal Balance 3,662,000.00 6,104,000.00 7,324,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------- ------------
Remaining Class A and Class B Principal Balance 3,662,000.00 6,104,000.00 7,324,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 4.9353% Libor
Section 6.02 Reimbursement Amount 0.04% Spread
Reimbursable Fees
Total Fees Due Servicer
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 55
60-89 Days Delinquent 7
90+ Days Delinquent 18
3-Month Avg Thirty-Day Delinquency Ratio 1.15%
3-Month Avg Sixty-Day Delinquency Ratio 0.57%
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution 1,231,857.24
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 148,785,977.80
Less: Principal Distribution 2,089,550.37 is less than
162,749,000.00
Remaining Class A and Class B Principal Balance 0.10
16,274,900.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 4.975% 24,926,528.17 1,240,172
Section 6.02 Reimbursement Amount Class A-2 6.060% 38,300,000.00 2,320,980
Reimbursable Fees Class A-3 6.160% 21,800,000.00 1,342,880
Class A-4 6.315% 15,200,000.00 959,880
Total Fees Due Servicer Class A-5 6.505% 20,539,000.00 1,336,062
Class A-6 6.750% 13,020,000.00 878,850
No. of Class M-1 6.900% 3,662,000.00 252,678
(f) Delinquency Contracts Class B-1 6.970% 6,104,000.00 425,449
Class B-2 7.725% 7,324,000.00 565,779
31-59 Days Delinquent 55
60-89 Days Delinquent 7 150,875,528.17 9,322,730 6.18%
90+ Days Delinquent 18
3-Month Avg Thirty-Day Delinquency Ratio 1.15%
3-Month Avg Sixty-Day Delinquency Ratio 0.57%
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,165,434.02
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 172,521.90
(b) Partial Prepayments Received 42,704.33
(c) Principal Payments in Full (Scheduled Balance) 739,531.49
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
-------------
Total Principal Distribution 954,757.72
(x) Interest Distribution 210,676.30
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 210,676.30
(y) Beginning Class I A and Class I B Principal Balance 52,952,709.37
Less: Principal Distribution 954,757.72
-------------
Remaining Class A and Class B Principal Balance 51,997,951.65
(z) Fees Due Servicer
Monthly Servicing Fee 79,131.77
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 24,000.00
Reimbursable Fees 0.00
------------
Total Fees Due Servicer 103,131.77
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 52 1,534,673
60-89 Days Delinquent 11 439,070
90+ Days Delinquent 17 755,672
3-Month Avg Thirty-Day Delinquency Ratio 3.42%
3-Month Avg Sixty-Day Delinquency Ratio 1.46%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 641,051.17
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 90,003.03
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 29,631.58
(y) Remaining Amount Available 179,198.25
----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 3 90,003.03
(al) Principal Prepayments paid 782,235.82
(am) Scheduled Principal Payments 172,521.90
(an) Weighted Average Interest Rate 10.26%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,580,446.71
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 4,443.97
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 48,576.62
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 79,131.77
(iv) Reimbursable Liquidation Expenses 24,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 103,131.77
Available Distrubution Amount 1,433,182.29
To Class A and B - Scheduled Principal and Interest 1,253,984.04
Monthly Excess Cashflow Class II 179,198.25
Monthly Excess Cashflow Class I 461,852.92
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 205.00
Scheduled Balance Computation
Prior Month Balance 75,966,503.14
Current Balance 75,045,748.35
Adv Principal 13,511.68
Del Principal 47,514.61
Pool Scheduled Balance 75,011,745.42
Principal Payments in Full 739,531.49
Partial Prepayments 42,704.33
Scheduled Principal 172,521.90
Collateral Balance 75,045,748.35
Overcollateralization Amount 3,054,794
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 39,274.10 19,644.34 29,631.58
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------ ------------ ------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 39,274.10 19,644.34 29,631.58
Unpaid Interest Shortfall 0.00 0.00 0.00
------------ ------------ ------------
Total Interest Distribution 39,274.10 19,644.34 29,631.58
(y) Beginning Class I A and Class I B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------ ------------
Remaining Class A and Class B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount Class II A-1 0.84546765 61,502,000.00
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 9,572,000.00
Reimbursable Fees Class II B-2 1.00000000 4,277,000.00
Class II B-3 1.00000000 6,110,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 478,424.57
Unpaid Interest Shortfall
Total Interest Distribution
(y) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 954,757.72
Remaining Class A and Class B Principal Balance
(z) Fees Due Servicer
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.1153% 4.9353% 0.18%
Section 6.02 Reimbursement Amount 5.2753% 0.34%
Reimbursable Fees 5.9053% 0.97%
6.2353% 1.30%
-
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution When
71,956,951.65
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 81,461,000.00
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 52,952,709 2,708,695
Section 6.02 Reimbursement Amount 9,572,000 504,953
Reimbursable Fees 4,277,000 252,570
6,110,000 380,977
----------------------------------------
Total Fees Due Servicer 72,911,709 3,847,195 5.28%
</TABLE>
<PAGE> 3
Monthly Report (February 8, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,674,308.53 193,415.00 111,906.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 383,307.25
(b) Partial Prepayments Received 2,792.11
(c) Principal Payments in Full (Scheduled Balance) 1,168,305.62
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- -------------
Total Principal Distribution 1,554,404.98 0.00 0.00
(c) Interest Distribution 119,903.55 193,415.00 111,906.00
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 119,903.55 193,415.00 111,906.00
(d) Beginning Class I A and Class I B Principal Balance 26,480,933.15 38,300,000.00 21,800,000.00
Less: Principal Distribution 1,554,404.98 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 24,926,528.17 38,300,000.00 21,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 157,162.01 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.677351
Section 6.02 Reimbursement Amount 28,628.27 Class I A-2 1.000000
Reimbursable Fees 0.00 Class I A-3 1.000000
------------- Class I A-4 1.000000
Total Fees Due Servicer 185,790.28 Class I A-5 1.000000
Class I A-6 1.000000
No. of Unpaid Principal Class I M-1 1.000000
(f) Delinquency Contracts Balance Class I B-1 1.000000
Class I B-2 1.000000
31-59 Days Delinquent 72 2,162,678
60-89 Days Delinquent 16 410,397
90+ Days Delinquent 19 504,233
3-Month Avg Thirty-Day Delinquency Ratio 1.14%
3-Month Avg Sixty-Day Delinquency Ratio 0.55%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 196,583.64
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 296,761.66
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 4 101,291.17
(q) Principal Prepayments paid 1,171,097.73
(r) Scheduled Principal Payments 383,307.25
(s) Weighted Average Interest Rate 10.66%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,243,367.06
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 630,508.61
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 3,756.71
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 2,169.19
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 73,677.89
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 22,864.97
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 157,162.01
(iv) Reimbursable Liquidation Expenses 28,628.27
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 185,790.28
Available Distribution Amount-Vanderbilt 1,987,655.60
Available Distribution Amount-SubServicer-21st 609,812.83
To Class A and B 2,347,855.02
Monthly Excess Cashflow 249,613.41
Weighted Average Remaining Term (months) 223.00
Scheduled Balance Computation
Prior Month Balance 152,429,933.15
Current Balance 150,917,953.97
Adv Principal 22,747.18
Del Principal 65,172.98
Pool Scheduled Balance 150,875,528.17
Principal Payments in Full 1,168,305.62
Partial Prepayments 2,792.11
Scheduled Principal 383,307.25
Collateral Balance 150,917,953.97
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 79,990.00 111,338.50 73,237.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 79,990.00 111,338.50 73,237.50
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 79,990.00 111,338.50 73,237.50
(d) Beginning Class I A and Class I B Principal Balance 15,200,000.00 20,539,000.00 13,020,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 15,200,000.00 20,539,000.00 13,020,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,800,000.00 5.0939%
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600%
Reimbursable Fees 21,800,000.00 6.1600%
15,200,000.00 6.3150%
Total Fees Due Servicer 20,539,000.00 6.5050%
13,020,000.00 6.7500%
3,662,000.00 6.9000%
(f) Delinquency 6,104,000.00 6.9700%
7,324,000.00 7.7250%
No. of
Contracts
31-59 Days Delinquent 72
60-89 Days Delinquent 16
90+ Days Delinquent 19
3-Month Avg Thirty-Day Delinquency Ratio 1.14%
3-Month Avg Sixty-Day Delinquency Ratio 0.55%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-9
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-9
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-9
LOCK-OUT DATE: SEP-0
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I M-1 Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 21,056.50 35,454.07 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 21,056.50 35,454.07 47,148.25
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------ ------------
Total Interest Distribution 21,056.50 35,454.07 47,148.25
(d) Beginning Class I A and Class I B Principal Balance 3,662,000.00 6,104,000.00 7,324,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------ ------------
Remaining Class A and Class B Principal Balance 3,662,000.00 6,104,000.00 7,324,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.0539% Libor
Section 6.02 Reimbursement Amount 0.04% Spread
Reimbursable Fees
Total Fees Due Servicer
(f) Delinquency No. of
Contracts
31-59 Days Delinquent 72
60-89 Days Delinquent 16
90+ Days Delinquent 19
3-Month Avg Thirty-Day Delinquency Ratio 1.14%
3-Month Avg Sixty-Day Delinquency Ratio 0.55%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution 1,043,063.45
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 150,875,528.17
Less: Principal Distribution 1,554,404.98 is less than
162,749,000.00
Remaining Class A and Class B Principal Balance 0.10
16,274,900.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 5.094% 26,480,933.15 1,348,915
Section 6.02 Reimbursement Amount Class A-2 6.060% 38,300,000.00 2,320,980
Reimbursable Fees Class A-3 6.160% 21,800,000.00 1,342,880
Class A-4 6.315% 15,200,000.00 959,880
Total Fees Due Servicer Class A-5 6.505% 20,539,000.00 1,336,062
Class A-6 6.750% 13,020,000.00 878,850
Class M-1 6.900% 3,662,000.00 252,678
(f) Delinquency Class B-1 6.970% 6,104,000.00 425,449
Class B-2 7.725% 7,324,000.00 565,779
No. of
Contracts
31-59 Days Delinquent 72
60-89 Days Delinquent 16 152,429,933.15 9,431,473 6.19%
90+ Days Delinquent 19
3-Month Avg Thirty-Day Delinquency Ratio 1.14%
3-Month Avg Sixty-Day Delinquency Ratio 0.55%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: SEP-03
<S> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
(v) Class II A and Class II B Distribution Amounts 1,558,574.61
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 172,857.17
(b) Partial Prepayments Received 81,134.73
(c) Principal Payments in Full (Scheduled Balance) 1,052,150.76
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
---------------
Total Principal Distribution 1,306,142.66
(x) Interest Distribution 252,431.95
Unpaid Interest Shortfall 0.00
---------------
Total Interest Distribution 252,431.95
(y) Beginning Class I A and Class I B Principal Balance 54,258,852.03
Less: Principal Distribution 1,306,142.66
---------------
Remaining Class A and Class B Principal Balance 52,952,709.37
(z) Fees Due Servicer
Monthly Servicing Fee 80,492.34
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 24,000.00
Reimbursable Fees 0.00
---------------
Total Fees Due Servicer 104,492.34
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 103 3,611,388
60-89 Days Delinquent 19 756,552
90+ Days Delinquent 8 329,278
3-Month Avg Thirty-Day Delinquency Ratio 3.83%
3-Month Avg Sixty-Day Delinquency Ratio 1.14%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 332,558.68
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 121,002.65
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 34,508.79
(y) Remaining Amount Available 82,945.27
---------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 3 123,461.80
(al) Principal Prepayments paid 1,133,285.49
(am) Scheduled Principal Payments 172,857.17
(an) Weighted Average Interest Rate 10.26%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,864,424.81
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 12,208.46
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 27,316.91
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 80,492.34
(iv) Reimbursable Liquidation Expenses 24,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 104,492.34
Available Distrubution Amount 1,744,824.02
To Class A and B - Scheduled Principal and Interest 1,661,878.75
Monthly Excess Cashflow Class II 82,945.27
Monthly Excess Cashflow Class I 249,613.41
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 206.00
Scheduled Balance Computation
Prior Month Balance 77,272,645.80
Current Balance 76,014,403.35
Adv Principal 7,554.00
Del Principal 55,454.21
Pool Scheduled Balance 75,966,503.14
Principal Payments in Full 1,052,150.76
Partial Prepayments 81,134.73
Scheduled Principal 172,857.17
Collateral Balance 76,014,403.35
Overcollateralization Amount 3,054,794
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: SEP-03
<S> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-1 Class II B-2
(v) Class II A and Class II B Distribution Amounts 45,893.78 22,901.57
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
-------------- -------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 45,893.78 22,901.57
Unpaid Interest Shortfall 0.00 0.00
-------------- -------------
Total Interest Distribution 45,893.78 22,901.57
(y) Beginning Class I A and Class I B Principal Balance 9,572,000.00 4,277,000.00
Less: Principal Distribution 0.00 0.00
-------------- -------------
Remaining Class A and Class B Principal Balance 9,572,000.00 4,277,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor
Section 8.06 Reimbursement Amount Class II A-1 0.86099166
Section 6.02 Reimbursement Amount Class II B-1 1.00000000
Reimbursable Fees Class II B-2 1.00000000
Class II B-3 1.00000000
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: SEP-03
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-3
(v) Class II A and Class II B Distribution Amounts 34,508.79
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
--------------
Total Principal Distribution 0.00
(x) Interest Distribution 34,508.79 438,681.36
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 34,508.79
(y) Beginning Class I A and Class I B Principal Balance 6,110,000.00
Less: Principal Distribution 0.00 1,306,142.66
-------------
Remaining Class A and Class B Principal Balance 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate Libor
Section 8.06 Reimbursement Amount 61,502,000.00 5.2339% 5.0539%
Section 6.02 Reimbursement Amount 9,572,000.00 5.3939%
Reimbursable Fees 4,277,000.00 6.0239%
6,110,000.00 6.3539%
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: Sep-03
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution When
72,911,709.37
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 81,461,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Spread
Section 8.06 Reimbursement Amount 0.18% 54,258,852 2,839,859
Section 6.02 Reimbursement Amount 0.34% 9,572,000 516,305
Reimbursable Fees 0.97% 4,277,000 257,643
1.30% 6,110,000 388,224
----------------------------------------
Total Fees Due Servicer 74,217,852 4,002,031 5.39%
</TABLE>
<PAGE> 5
Monthly Report (January 7, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-JAN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-DEC-98
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,901,257.10
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 849,089.72
(b) Partial Prepayments Received 15,090.68
(c) Principal Payments in Full (Scheduled Balance) 900,096.63
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) Through (e) 0.00
--------------
Total Principal Distribution 1,764,277.03
(c) Interest Distribution 136,980.07
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 136,980.07
(d) Beginning Class I A and Class I B Principal Balance 28,245,210.18
Less: Principal Distribution 1,764,277.03
--------------
Remaining Class A and Class B Principal Balance 26,480,933.15
(e) Fees Due Servicer
Monthly Servicing Fee 158,781.18
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 31,062.82
Reimbursable Fees 0.00
------------
Total Fees Due Servicer 189,844.00
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 53 1,440,076
60-89 Days Delinquent 21 545,848
90+ Days Delinquent 16 417,275
3-Month Avg Thirty-day Delinquency Ratio 1.00%
3-Month Avg Sixty-day Delinquency Ratio 0.44%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 473,169.55
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 396,335.07
-----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units Repossessed 2 82,537.92
(q) Principal Prepayments Paid 915,187.31
(r) Scheduled Principal Payments 849,089.72
(s) Weighted Average Interest Rate 10.67%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,150,103.63
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 1,061,837.97
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 2,569.95
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 2,932.80
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
Due Subsequent to the Due Period-Vanderbilt 79,272.27
(i) Scheduled Payments of principal and interest
Due Subsequent to the Due Period-SubServicer-21st 24,337.67
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 158,781.18
(iv) Reimbursable Liquidation Expenses 31,062.82
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 189,844.00
Available Distribution Amount-vanderbilt 1,883,557.31
Available Distribution Amount-subservicer-21st 1,040,433.10
to Class A and B 2,574,803.59
Monthly Excess Cashflow 349,186.82
Weighted Average Remaining Term (Months) 225.00
Scheduled Balance Computation
Prior Month Balance 154,194,210.18
Current Balance 152,462,152.45
Adv Principal 23,825.38
Del Principal 56,044.68
Pool Scheduled Balance 152,429,933.15
Principal Payments in Full 900,096.63
Partial Prepayments 15,090.68
Scheduled Principal 849,089.72
Collateral Balance 152,462,152.45
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-2 Class I A-3 Class I A-4
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 193,415.00 111,906.67 79,990.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
-------------- -------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 193,415.00 111,906.67 79,990.00
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- --------------
Total Interest Distribution 193,415.00 111,906.67 79,990.00
(d) Beginning Class I A and Class I B Principal Balance 38,300,000.00 21,800,000.00 15,200,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- --------------
Remaining Class A and Class B Principal Balance 38,300,000.00 21,800,000.00 15,200,000.00
(e) Fees Due Servicer
Monthly Servicing Fee (h) Pool Factor
Section 8.06 Reimbursement Amount Class I A-1 0.71959057
Section 6.02 Reimbursement Amount Class I A-2 1.00000000
Reimbursable Fees Class I A-3 1.00000000
CLASS I A-4 1.00000000
Total Fees Due Servicer Class I A-5 1.00000000
Class I A-6 1.00000000
Class I M-1 1.00000000
(f) Delinquency Class I B-1 1.00000000
Class I B-2 1.00000000
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-5 Class I A-6 Class I M-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 111,338.50 73,237.50 21,056.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
-------------- -------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 111,338.50 73,237.50 21,056.50
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- -------------
Total Interest Distribution 111,338.50 73,237.50 21,056.50
(d) Beginning Class I A and Class I B Principal Balance 20,539,000.00 13,020,000.00 3,662,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- -------------
Remaining Class A and Class B Principal Balance 20,539,000.00 13,020,000.00 3,662,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,800,000.00 5.6319%
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600%
Reimbursable Fees 21,800,000.00 6.1600%
15,200,000.00 6.3150%
Total Fees Due Servicer 20,539,000.00 6.5050%
13,020,000.00 6.7500%
3,662,000.00 6.9000%
(f) Delinquency 6,104,000.00 6.9700%
7,324,000.00 7.7250%
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 35,454.07 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
------------- -------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 35,454.07 47,148.25 1,159,713.38
Unpaid Interest Shortfall 0.00 0.00
------------- -------------
Total Interest Distribution 35,454.07 47,148.25
(d) Beginning Class I A and Class I B Principal Balance 6,104,000.00 7,324,000.00
Less: Principal Distribution 0.00 0.00 1,764,277.03
------------- -------------
Remaining Class A and Class B Principal Balance 6,104,000.00 7,324,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.5919% Libor Class A-1
Section 6.02 Reimbursement Amount 0.04% Spread Class A-2
Reimbursable Fees Class A-3
CLASS A-4
Total Fees Due Servicer Class A-5
Class A-6
Class M-1
(f) Delinquency Class B-1
Class B-2
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 152,429,933.15
Less: Principal Distribution is Less Than
162,749,000.00
Remaining Class A and Class B Principal Balance 0.10
16,274,900.00
(e) Fees Due Servicer We Can Prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 5.632% 28,245,210.18 1,590,736
Section 6.02 Reimbursement Amount 6.060% 38,300,000.00 2,320,980
Reimbursable Fees 6.160% 21,800,000.00 1,342,880
6.315% 15,200,000.00 959,880
Total Fees Due Servicer 6.505% 20,539,000.00 1,336,062
6.750% 13,020,000.00 878,850
6.900% 3,662,000.00 252,678
(f) Delinquency 6.970% 6,104,000.00 425,449
7.725% 7,324,000.00 565,779
31-59 Days Delinquent
60-89 Days Delinquent 154,194,210.18 9,673,294 6.27%
90+ Days Delinquent
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-JAN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-DEC-98
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,204,405.96
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 165,161.11
(b) Partial Prepayments Received 14,805.89
(c) Principal Payments in Full (Scheduled Balance) 750,137.15
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) Through (e) 0.00
(g) Accelerated Principal Payment 0.00
---------------
Total Principal Distribution 930,104.15
(x) Interest Distribution 274,301.81
Unpaid Interest Shortfall 0.00
---------------
Total Interest Distribution 274,301.81
(y) Beginning Class I A and Class I B Principal Balance 55,188,956.18
Less: Principal Distribution 930,104.15
---------------
Remaining Class A and Class B Principal Balance 54,258,852.03
(z) Fees Due Servicer
Monthly Servicing Fee 81,461.20
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 36,000.00
Reimbursable Fees 0.00
---------------
Total Fees Due Servicer 117,461.20
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 73 2,666,512
60-89 Days Delinquent 21 821,066
90+ Days Delinquent 7 227,547
3-Month Avg Thirty-day Delinquency Ratio 3.33%
3-Month Avg Sixty-day Delinquency Ratio 0.96%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 573,441.48
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 50,490.85
(af) Aggregate Net Liquidation Losses 0.00
(Ag) (x) Class B-3 Formula Distribution Amount 36,260.86
(Yy Remaining Amount Available 224,254.66
--------------
Amount of (X) Over (Y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units Repossessed 0 0.00
(al) Principal Prepayments Paid 764,943.04
(am) Scheduled Principal Payments 165,161.11
(an) Weighted Average Interest Rate 10.26%
Computation of Available Distribution Amount
(i) Certificate Account Balance At Monthly Cutoff-Vanderbilt 1,673,010.10
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 8,711.02
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
Due Subsequent to the Due Period-Vanderbilt 26,277.37
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 81,461.20
(iv) Reimbursable Liquidation Expenses 36,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 117,461.20
Available Distribution Amount 1,537,982.55
To Class A and B - Scheduled Principal and Interest 1,313,727.89
Monthly Excess Cashflow Class II 224,254.66
Monthly Excess Cashflow Class I 349,186.82
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (Months) 208.00
Scheduled Balance Computation
Prior Month Balance 78,202,749.95
Current Balance 77,312,008.09
Adv Principal 7,576.82
Del Principal 46,939.11
Pool Scheduled Balance 77,272,645.80
Principal Payments in Full 750,137.15
Partial Prepayments 14,805.89
Scheduled Principal 165,161.11
Collateral Balance 77,312,008.09
Overcollateralization Amount 3,054,794
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 48,893.85 24,167.22 36,260.86
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 48,893.85 24,167.22 36,260.86
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- -------------
Total Interest Distribution 48,893.85 24,167.22 36,260.86
(y) Beginning Class I A and Class I B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount Class II A-1 0.88222907 61,502,000.00
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 9,572,000.00
Reimbursable Fees Class II B-2 1.00000000 4,277,000.00
Class II B-3 1.00000000 6,110,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<S> <C> <C> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 607,878.40
Unpaid Interest Shortfall
Total Interest Distribution When
74,217,852.03
(y) Beginning Class I A and Class I B Principal Balance is Less Than
Less: Principal Distribution 930,104.15 81,461,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We Can Prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.7719% 5.5919% 0.18% 55,188,956 3,185,440
Section 6.02 Reimbursement Amount 5.9319% 0.34% 9,572,000 567,800
Reimbursable Fees 6.5619% 0.97% 4,277,000 280,652
6.8919% 1.30% 6,110,000 421,094
------------------------
Total Fees Due Servicer 75,147,956 4,454,985 5.93%
</TABLE>
<PAGE> 7
Monthly Report (December 7, 1998 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-DEC-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-DEC-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-NOV-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,949,317.22
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 832,171.65
(b) Partial Prepayments Received 21,637.87
(c) Principal Payments in Full (Scheduled Balance) 971,014.42
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
--------------
Total Principal Distribution 1,824,823.94
(c) Interest Distribution 124,493.28
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 124,493.28
(d) Beginning Class I A and Class I B Principal Balance 30,070,034.12
Less: Principal Distribution 1,824,823.94
--------------
Remaining Class A and Class B Principal Balance 28,245,210.18
(e) Fees Due Servicer
Monthly Servicing Fee 160,618.97
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 8,011.00
Reimbursable Fees 0.00
--------------
Total Fees Due Servicer 168,629.97
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 57 1,613,845
60-89 Days Delinquent 13 373,396
90+ Days Delinquent 9 250,388
3-Month Avg Thirty-day Delinquency Ratio 0.90%
3-Month Avg Sixty-day Delinquency Ratio 0.26%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 525,270.49
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 471,826.62
--------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units Repossessed 13 404,429.79
(q) Principal Prepayments Paid 992,652.29
(r) Scheduled Principal Payments 832,171.65
(s) Weighted Average Interest Rate 10.68%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,214,723.40
Certificate Account Balance at Monthly Cutoff-Subservicer-21st 1,116,901.62
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 2,488.36
(iii) Section 5.05 Certificate Fund Income-Subservicer-21st 3,240.47
(v) Principal Due Holders 0.00
LESS:
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 98,781.69
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Subservicer-21st 22,400.11
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 160,618.97
(iv) Reimbursable Liquidation Expenses 8,011.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be Deposited-Subservicer-21st 0.00
Total Due Servicer 168,629.97
Available Distribution Amount-Vanderbilt 1,949,800.10
Available Distribution Amount-Subservicer-21st 1,097,741.98
To Class A and B 2,622,863.71
Monthly Excess Cashflow 424,678.37
Weighted Average Remaining Term (Months) 227.00
Scheduled Balance Computation
Prior Month Balance 156,019,034.12
Current Balance 154,211,205.40
Adv Principal 28,381.22
Del Principal 45,376.44
Pool Scheduled Balance 154,194,210.18
Principal Payments in Full 971,014.42
Partial Prepayments 21,637.87
Scheduled Principal 832,171.65
Collateral Balance 154,211,205.40
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-2 Class I A-3 Class I A-41
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 193,415.00 111,906.67 79,990.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 193,415.00 111,906.67 79,990.00
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- --------------
Total Interest Distribution 193,415.00 111,906.67 79,990.00
(d) Beginning Class I A and Class I B Principal Balance 38,300,000.00 21,800,000.00 15,200,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- --------------
Remaining Class A and Class B Principal Balance 38,300,000.00 21,800,000.00 15,200,000.00
(e) Fees Due Servicer
Monthly Servicing Fee (h) Pool Factor
Section 8.06 Reimbursement Amount Class I A-1 0.76753289
Section 6.02 Reimbursement Amount Class I A-2 1.00000000
Reimbursable Fees Class I A-3 1.00000000
Class I A-4 1.00000000
Total Fees Due Servicer Class I A-5 1.00000000
Class I A-6 1.00000000
Class I M-1 1.00000000
(f) Delinquency Class I B-1 1.00000000
Class I B-2 1.00000000
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-5 Class I A-6 Class I M-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 111,338.50 73,237.50 21,056.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 111,338.50 73,237.50 21,056.50
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- -------------
Total Interest Distribution 111,338.50 73,237.50 21,056.50
(d) Beginning Class I A and Class I B Principal Balance 20,539,000.00 13,020,000.00 3,662,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- -------------
Remaining Class A and Class B Principal Balance 20,539,000.00 13,020,000.00 3,662,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,800,000.00 5.3230%
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600%
Reimbursable Fees 21,800,000.00 6.1600%
15,200,000.00 6.3150%
Total Fees Due Servicer 20,539,000.00 6.5050%
13,020,000.00 6.7500%
3,662,000.00 6.9000%
(f) Delinquency 6,104,000.00 6.9700%
7,324,000.00 7.7250%
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 35,454.07 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------ -------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 35,454.07 47,148.25 1,222,718.14
Unpaid Interest Shortfall 0.00 0.00
------------- -------------
Total Interest Distribution 35,454.07 47,148.25
(d) Beginning Class I A and Class I B Principal Balance 6,104,000.00 7,324,000.00
Less: Principal Distribution 0.00 0.00 1,824,823.94
------------- -------------
Remaining Class A and Class B Principal Balance 6,104,000.00 7,324,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.2830% Libor Class A-1
Section 6.02 Reimbursement Amount 0.04% Spread Class A-2
Reimbursable Fees Class A-3
Class A-4
Total Fees Due Servicer Class A-5
Class A-6
Class M-1
(f) Delinquency Class B-1
Class B-2
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 154,194,210.18
Less: Principal Distribution is Less Than
162,749,000.00
Remaining Class A and Class B Principal Balance 0.10
16,274,900.00
(e) Fees Due Servicer We Can Prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 5.323% 30,070,034.12 1,600,628
Section 6.02 Reimbursement Amount 6.060% 38,300,000.00 2,320,980
Reimbursable Fees 6.160% 21,800,000.00 1,342,880
6.315% 15,200,000.00 959,880
Total Fees Due Servicer 6.505% 20,539,000.00 1,336,062
6.750% 13,020,000.00 878,850
6.900% 3,662,000.00 252,678
(f) Delinquency 6.970% 6,104,000.00 425,449
7.725% 7,324,000.00 565,779
31-59 Days Delinquent
60-89 Days Delinquent 156,019,034.12 9,683,186 6.21%
90+ Days Delinquent
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-DEC-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-DEC-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-NOV-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-1
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,825,636.93
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 170,220.45
(b) Partial Prepayments Received 77,538.98
(c) Principal Payments in Full (Scheduled Balance) 748,304.85
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) Through (e) 0.00
(g) Accelerated Principal Payment 588,342.63
--------------
Total Principal Distribution 1,584,406.91
(x) Interest Distribution 241,230.02
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 241,230.02
(y) Beginning Class I A and Class I B Principal Balance 56,773,363.09
Less: Principal Distribution 1,584,406.91
--------------
Remaining Class A and Class B Principal Balance 55,188,956.18
(z) Fees Due Servicer
Monthly Servicing Fee 82,498.76
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 18,000.00
Reimbursable Fees 0.00
--------------
Total Fees Due Servicer 100,498.76
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 73 2,576,889
60-89 Days Delinquent 9 289,633
90+ Days Delinquent 6 216,309
3-Month Avg Thirty-Day Delinquency Ratio 2.88%
3-Month Avg Sixty-Day Delinquency Ratio 0.56%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 61,992.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 171,031.65
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 31,283.88
(y) Remaining Amount Available 225,656.26
--------------
Amount of (x) Over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 6 138,428.68
(al) Principal Prepayments Paid 825,843.83
(am) Scheduled Principal Payments 170,220.45
(an) Weighted Average Interest Rate 10.26%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance At Monthly Cutoff-Vanderbilt 1,680,614.92
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 9,920.39
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 33,138.55
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 82,498.76
(iv) Reimbursable Liquidation Expenses 18,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts Not Required to be deposited-SubServicer 0.00
Total Due Servicer 100,498.76
Available Distribution Amount 1,556,898.00
to Class A and B - Scheduled Principal and Interest 1,331,241.74
Monthly Excess Cashflow Class II 225,656.26
Monthly Excess Cashflow Class I 424,678.37
Accelerated Principal Payment 588,342.63
Weighted Average Remaining Term (Months) 209.00
Scheduled Balance Computation
Prior Month Balance 79,198,814.23
Current Balance 78,233,106.31
Adv Principal 8,121.60
Del Principal 38,477.96
Pool Scheduled Balance 78,202,749.95
Principal Payments in Full 748,304.85
Partial Prepayments 77,538.98
Scheduled Principal 170,220.45
Collateral Balance 78,233,106.31
Overcollateralization Amount 3,054,794
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 41,862.61 20,800.95 31,283.88
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
------------ ------------- ------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 41,862.61 20,800.95 31,283.88
Unpaid Interest Shortfall 0.00 0.00 0.00
------------ ------------- ------------
Total Interest Distribution 41,862.61 20,800.95 31,283.88
(y) Beginning Class I A and Class I B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------ ------------
Remaining Class A and Class B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount Class II A-1 0.89735222 61,502,000.00
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 9,572,000.00
Reimbursable Fees Class II B-2 1.00000000 4,277,000.00
Class II B-3 1.00000000 6,110,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 560,833.72
Unpaid Interest Shortfall
Total Interest Distribution When
75,147,956.18
(y) Beginning Class I A and Class I B Principal Balance is Less Than
Less: Principal Distribution 1,584,406.91 81,461,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We Can Prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.4630% 5.2830% 0.18% 56,773,363 3,101,529
Section 6.02 Reimbursement Amount 5.6230% 0.34% 9,572,000 538,234
Reimbursable Fees 6.2530% 0.97% 4,277,000 267,441
6.5830% 1.30% 6,110,000 402,221
---------------------------
Total Fees Due Servicer 76,732,363 4,309,424 5.62%
</TABLE>
<PAGE> 9
Monthly Report (November 9, 1998 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-NOV-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-NOV-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-OCT-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,899,296.27 193,415.00 111,906.67
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 715,875.05
(b) Partial Prepayments Received 31,751.63
(c) Principal Payments in Full (Scheduled Balance) 993,765.62
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
--------------- ------------- -------------
Total Principal Distribution 1,741,392.30 0.00 0.00
(c) Interest Distribution 157,903.97 193,415.00 111,906.67
Unpaid Interest Shortfall 0.00 0.00 0.00
--------------- ------------- -------------
Total Interest Distribution 157,903.97 193,415.00 111,906.67
(d) Beginning Class I A and Class I B Principal Balance 31,811,426.42 38,300,000.00 21,800,000.00
Less: Principal Distribution 1,741,392.30 0.00 0.00
--------------- ------------- -------------
Remaining Class A and Class B Principal Balance 30,070,034.12 8,300,000.00 21,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.81712049
Section 6.02 Reimbursement Amount 4,131.50 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I A-3 1.00000000
--------------- Class I A-4 1.00000000
Total Fees Due Servicer 4,131.50 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I M-1 1.00000000
(f) Delinquency Contracts Balance Class I B-1 1.00000000
Class I B-2 1.00000000
31-59 Days Delinquent 61 1,589,180
60-89 Days Delinquent 13 329,688
90+ Days Delinquent 3 107,378
3-Month Avg Thirty-Day Delinquency Ratio 0.72%
3-Month Avg Sixty-Day Delinquency Ratio 0.15%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 189,079.68
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 479,318.61
---------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 2 49,394.11
(q) Principal Prepayments paid 1,025,517.25
(r) Scheduled Principal Payments 715,875.05
(s) Weighted Average Interest Rate 10.68%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,114,157.28
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 972,565.63
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 4,755.03
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 2,869.21
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 66,866.45
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 18,336.08
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 4,131.50
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 4,131.50
Available Distribution Amount-Vanderbilt 2,047,914.36
Available Distribution Amount-SubServicer-21st 957,098.76
To Class A and B 2,572,842.76
Monthly Excess Cashflow 432,170.36
Weighted Average Remaining Term (months) 228.00
Scheduled Balance Computation
Prior Month Balance 157,760,426.42
Current Balance 156,045,794.35
Adv Principal 18,773.50
Del Principal 45,533.73
Pool Scheduled Balance 156,019,034.12
Principal Payments in Full 993,765.62
Partial Prepayments 31,751.63
Scheduled Principal 715,875.05
Collateral Balance 156,045,794.35
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 79,990.00 111,338.50 73,237.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- ------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 79,990.00 111,338.50 73,237.50
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- --------------
Total Interest Distribution 79,990.00 111,338.50 73,237.50
(d) Beginning Class I A and Class I B Principal Balance 15,200,000.00 20,539,000.00 13,020,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- --------------
Remaining Class A and Class B Principal Balance 15,200,000.00 20,539,000.00 13,020,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,800,000.00 5.4150%
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600%
Reimbursable Fees 21,800,000.00 6.1600%
15,200,000.00 6.3150%
Total Fees Due Servicer 20,539,000.00 6.5050%
13,020,000.00 6.7500%
3,662,000.00 6.9000%
(f) Delinquency 6,104,000.00 6.9700%
7,324,000.00 7.7250%
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I M-1 Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 21,056.50 35,454.07 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------ ------------ ------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 21,056.50 35,454.07 47,148.25
Unpaid Interest Shortfall 0.00 0.00 0.00
------------ ------------ ------------
Total Interest Distribution 21,056.50 35,454.07 47,148.25
(d) Beginning Class I A and Class I B Principal Balance 3,662,000.00 6,104,000.00 7,324,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------- -------------
Remaining Class A and Class B Principal Balance 3,662,000.00 6,104,000.00 7,324,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.3750% Libor
Section 6.02 Reimbursement Amount 0.04% Spread
Reimbursable Fees
Total Fees Due Servicer
(f) Delinquency
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution 1,263,620.82
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 156,019,034.12
Less: Principal Distribution 1,741,392.30 is less than
162,749,000.00
Remaining Class A and Class B Principal Balance 0.10
16,274,900.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 5.415% 31,811,426.42 1,722,589
Section 6.02 Reimbursement Amount Class A-2 6.060% 38,300,000.00 2,320,980
Reimbursable Fees Class A-3 6.160% 21,800,000.00 1,342,880
Class A-4 6.315% 15,200,000.00 959,880
Total Fees Due Servicer Class A-5 6.505% 20,539,000.00 1,336,062
Class A-6 6.750% 13,020,000.00 878,850
Class M-1 6.900% 3,662,000.00 252,678
(f) Delinquency Class B-1 6.970% 6,104,000.00 425,449
Class B-2 7.725% 7,324,000.00 565,779
157,760,426.42 9,805,146 6.22%
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-NOV-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-NOV-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-OCT-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,417,607.66
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 164,421.39
(b) Partial Prepayments Received 13,460.10
(c) Principal Payments in Full (Scheduled Balance) 273,314.72
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (A) Through (e) 0.00
(g) Accelerated Principal Payment 671,599.39
-------------
Total Principal Distribution 1,122,795.60
(x) Interest Distribution 294,812.06
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 294,812.06
(y) Beginning Class I A and Class I B Principal Balance 57,896,158.69
Less: Principal Distribution 1,122,795.60
-------------
Remaining Class A and Class B Principal Balance 56,773,363.09
(z) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 6,000.00
Reimbursable Fees 0.00
-------------
Total Fees Due Servicer 6,000.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 79 2,572,298
60-89 Days Delinquent 16 607,233
90+ Days Delinquent 3 86,224
3-Month Avg Thirty-day Delinquency Ratio 2.27%
3-Month Avg Sixty-day Delinquency Ratio 0.37%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 35,308.62
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 37,385.56
(y) Remaining Amount Available 239,429.03
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 2 35,308.62
(al) Principal Prepayments paid 286,774.82
(am) Scheduled Principal Payments 164,421.39
(an) Weighted Average Interest Rate 10.27%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,116,396.37
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 7,540.72
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 20,092.81
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 6,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 6,000.00
Available Distribution Amount 1,097,844.28
To Class A and B - Scheduled Principal and Interest 858,415.25
Monthly Excess Cashflow Class II 239,429.03
Monthly Excess Cashflow Class I 432,170.36
Accelerated Principal Payment 671,599.39
Weighted Average Remaining Term (months) 210.00
Scheduled Balance Computation
Prior Month Balance 79,650,010.44
Current Balance 79,232,687.68
Adv Principal 5,155.88
Del Principal 39,029.33
Pool Scheduled Balance 79,198,814.23
Principal Payments in Full 273,314.72
Partial Prepayments 13,460.10
Scheduled Principal 164,421.39
Collateral Balance 79,232,687.68
Overcollateralization Amount 2,466,451
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-Nov-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-Nov-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-Oct-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 50,145.32 24,876.10 37,385.56
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 50,145.32 24,876.10 37,385.56
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 50,145.32 24,876.10 37,385.56
(y) Beginning Class I A and Class I B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount CLASS II A-1 0.92311410 61,502,000.00
Section 6.02 Reimbursement Amount CLASS II B-1 1.00000000 9,572,000.00
Reimbursable Fees CLASS II B-2 1.00000000 4,277,000.00
CLASS II B-3 1.00000000 6,110,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-Nov-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-Nov-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-Oct-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<S> <C> <C> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 646,648.07
Unpaid Interest Shortfall
Total Interest Distribution When
76,732,363.09
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 1,122,795.60 81,461,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.5550% 5.3750% 0.18% 57,896,159 3,216,132
Section 6.02 Reimbursement Amount 5.7150% 0.34% 9,572,000 547,040
Reimbursable Fees 6.3450% 0.97% 4,277,000 271,376
6.6750% 1.30% 6,110,000 407,843
---------------------------
Total Fees Due Servicer 77,855,159 4,442,390 5.71%
</TABLE>
<PAGE> 11
Monthly Report (October 7, 1998 Monthly Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-OCT-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-SEP-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,725,859.08 193,415.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 553,397.36
(b) Partial Prepayments Received 64,829.26
(c) Principal Payments in Full (Scheduled Balance) 1,950,738.50
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
--------------- --------------
Total Principal Distribution 2,568,965.12 0.00
(c) Interest Distribution 156,893.96 193,415.00
Unpaid Interest Shortfall 0.00 0.00
--------------- --------------
Total Interest Distribution 156,893.96 193,415.00
(d) Beginning Class I A and Class I B Principal Balance 34,380,391.54 38,300,000.00
Less: Principal Distribution 2,568,965.12 0.00
--------------- --------------
Remaining Class A and Class B Principal Balance 31,811,426.42 38,300,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h)
Section 8.06 Reimbursement Amount 0.00 Class I A-1
Section 6.02 Reimbursement Amount 16,011.00 Class I A-2
Reimbursable Fees 0.00 Class I A-3
--------------- Class I A-4
Total Fees Due Servicer 16,011.00 Class I A-5
Class I A-6
No. of Unpaid Principal Class I M-1
(f) Delinquency Contracts Balance Class I B-1
Class I B-2
31-59 Days Delinquent 42 993,361
60-89 Days Delinquent 5 125,263
90+ Days Delinquent 1 47,148
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 191,068.25
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 481,468.48
---------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 52,320.67
(q) Principal Prepayments paid 2,015,567.76
(r) Scheduled Principal Payments 553,397.36
(s) Weighted Average Interest Rate 10.69%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,149,592.83
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 804,791.07
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 9,778.16
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 2,438.62
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 94,745.94
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 22,117.94
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 16,011.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 16,011.00
Available Distribution Amount-Vanderbilt 3,048,614.05
Available Distribution Amount-SubServicer-21st 785,111.75
To Class A and B 3,399,405.57
Monthly Excess Cashflow 434,320.23
Weighted Average Remaining Term (months) 230.00
Scheduled Balance Computation
Prior Month Balance 160,329,391.54
Current Balance 157,766,672.37
Adv Principal 25,356.70
Del Principal 31,602.65
Pool Scheduled Balance 157,760,426.42
Principal Payments in Full 1,950,738.50
Partial Prepayments 64,829.26
Scheduled Principal 553,397.36
Collateral Balance 157,766,672.37
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-3 Class I A-4 Class I A-5
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 111,906.67 79,990.00 111,338.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 111,906.67 79,990.00 111,338.50
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- --------------
Total Interest Distribution 111,906.67 79,990.00 111,338.50
(d) Beginning Class I A and Class I B Principal Balance 21,800,000.00 15,200,000.00 20,539,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- --------------
Remaining Class A and Class B Principal Balance 21,800,000.00 15,200,000.00 20,539,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.86444094 36,800,000.00
Section 6.02 Reimbursement Amount 1.00000000 38,300,000.00
Reimbursable Fees 1.00000000 21,800,000.00
1.00000000 15,200,000.00
Total Fees Due Servicer 1.00000000 20,539,000.00
1.00000000 13,020,000.00
3,662,000.00
(f) Delinquency 1.00000000 6,104,000.00
1.00000000 7,324,000.00
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-6 Class I M-1 Class I B-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 73,237.50 21,056.50 35,454.07
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 73,237.50 21,056.50 35,454.07
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- -------------
Total Interest Distribution 73,237.50 21,056.50 35,454.07
(d) Beginning Class I A and Class I B Principal Balance 13,020,000.00 3,662,000.00 6,104,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 13,020,000.00 3,662,000.00 6,104,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 5.6650% 5.6250% Libor
Section 6.02 Reimbursement Amount 6.0600% 0.04% Spread
Reimbursable Fees 6.1600%
6.3150%
Total Fees Due Servicer 6.5050%
6.7500%
6.9000%
(f) Delinquency 6.9700%
7.7250%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I B-2
<S> <C> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a)
through (e)
-------------
Total Principal Distribution 0.00
(c) Interest Distribution 47,148.25
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 47,148.25
(d) Beginning Class I A and Class I B Principal When
Balance 7,324,000.00 157,760,426.42
Less: Principal Distribution 0.00 is less than
------------- 162,749,000.00
Remaining Class A and Class B Principal
Balance 7,324,000.00 0.10
16,274,900.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 5.665% 34,380,391.54 1,947,649
Section 6.02 Reimbursement Amount Class A-2 6.060% 38,300,000.00 2,320,980
Reimbursable Fees Class A-3 6.160% 21,800,000.00 1,342,880
Class A-4 6.315% 15,200,000.00 959,880
Total Fees Due Servicer Class A-5 6.505% 20,539,000.00 1,336,062
Class A-6 6.750% 13,020,000.00 878,850
Class M-1 6.900% 3,662,000.00 252,678
(f) Delinquency Class B-1 6.970% 6,104,000.00 425,449
Class B-2 7.725% 7,324,000.00 565,779
31-59 Days Delinquent
60-89 Days Delinquent 160,329,391.54 10,030,207 6.26%
90+ Days Delinquent
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-OCT-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-SEP-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,809,033.38
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 174,130.24
(b) Partial Prepayments Received 30,328.36
(c) Principal Payments in Full (Scheduled Balance) 617,049.99
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 709,627.90
--------------
Total Principal Distribution 1,531,136.49
(x) Interest Distribution 277,896.89
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 277,896.89
(y) Beginning Class I A and Class I B Principal Balance 59,427,295.18
Less: Principal Distribution 1,531,136.49
-------------
Remaining Class A and Class B Principal Balance 57,896,158.69
(z) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 8,000.00
Reimburseable Fees 0.00
-------------
Total Fees Due Servicer 8,000.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 48 1,665,242
60-89 Days Delinquent 2 63,720
90+ Days Delinquent 2 57,097
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 26,807.86
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 34,084.47
(y) Remaining Amount Available 275,307.67
-----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 1 26,807.86
(al) Principal Prepayments paid 647,378.35
(am) Scheduled Principal Payments 174,130.24
(an) Weighted Average Interest Rate 10.27%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,509,195.95
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 4,450.63
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 28,132.01
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 8,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 8,000.00
Available Distrubution Amount 1,477,514.57
To Class A and B - Scheduled Principal and Interest 1,202,206.90
Monthly Excess Cashflow Class II 275,307.67
Monthly Excess Cashflow Class I 434,320.23
Accelerated Principal Payment 709,627.90
Weighted Average Remaining Term (months) 212.00
Scheduled Balance Computation
Prior Month Balance 80,471,519.03
Current Balance 79,672,436.77
Adv Principal 7,001.60
Del Principal 29,427.93
Pool Scheduled Balance 79,650,010.44
Principal Payments in Full 617,049.99
Partial Prepayments 30,328.36
Scheduled Principal 174,130.24
Collateral Balance 79,672,436.77
Overcollateralization Amount 1,794,852
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-OCT-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-SEP-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 45,994.79 22,722.16 34,084.47
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
-------------- -------------- ---------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 45,994.79 22,722.16 34,084.47
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- --------------
Total Interest Distribution 45,994.79 22,722.16 34,084.47
(y) Beginning Class I A and Class I B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- --------------
Remaining Class A and Class B Principal Balance 9,572,000.00 4,277,000.00 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount Class II A-1 0.94137034 61,502,000.00
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 9,572,000.00
Reimburseable Fees Class II B-2 1.00000000 4,277,000.00
Class II B-3 1.00000000 6,110,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution When
77,855,158.69
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 81,461,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.8050% 5.6250% 0.18% 59,427,295 3,449,754
Section 6.02 Reimbursement Amount 5.9650% 0.34% 9,572,000 570,970
Reimburseable Fees 6.5950% 0.97% 4,277,000 282,068
6.9250% 1.30% 6,110,000 423,118 5.95%
----------- ---------
Total Fees Due Servicer 79,386,295 4,725,910
</TABLE>
<PAGE> 13
Monthly Report (September 8, 1998 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1 Class II B-1
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 2,194,352.86 19,132.19
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 332,422.65
(b) Partial Prepayments Received 23,184.83
(c) Principal Payments in Full (Scheduled Balance) 633,873.49
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 1,085,223.85
------------- ------------
Total Principal Distribution 2,074,704.82 0.00
(x) Interest Distribution 119,648.04 19,132.19
Unpaid Interest Shortfall 0.00 0.00
------------- ------------
Total Interest Distribution 119,648.04 19,132.19
(y) Beginning Class I A and Class I B Principal Balance 61,502,000.00 9,572,000.00
Less: Principal Distribution 2,074,704.82 0.00
------------- ------------
Remaining Class A and Class B Principal Balance 59,427,295.18 9,572,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac)
Section 8.06 Reimbursement Amount 0.00 Class II A-1
Section 6.02 Reimbursement Amount 0.00 Class II B-1
Reimbursable Fees 0.00 Class II B-2
Class II B-3
-------------
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 33 1,174,505
60-89 Days Delinquent 2 57,097
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 14,167.66
(y) Remaining Amount Available 332,969.83
----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 657,058.32
(am) Scheduled Principal Payments 332,422.65
(an) Weighted Average Interest Rate 10.27%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,511,589.29
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 26,743.70
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distribution Amount 1,484,845.59
To Class A and B - Scheduled Principal and Interest 1,151,875.76
Monthly Excess Cashflow Class II 332,969.83
Monthly Excess Cashflow Class I 752,254.02
Accelerated Principal Payment 1,085,223.85
Weighted Average Remaining Term (months) 213.00
Scheduled Balance Computation
Prior Month Balance 81,461,000.00
Current Balance 80,488,224.91
Adv Principal 6,080.74
Del Principal 22,786.62
Pool Scheduled Balance 80,471,519.03
Principal Payments in Full 633,873.49
Partial Prepayments 23,184.83
Scheduled Principal 332,422.65
Collateral Balance 80,488,224.91
Overcollateralization Amount 1,085,224
Required Overcollateralization Amount 3,054,794
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-2 Class II B-3
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 9,446.90 14,167.66
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------ ------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 9,446.90 14,167.66
Unpaid Interest Shortfall 0.00 0.00
------------ ------------
Total Interest Distribution 9,446.90 14,167.66
(y) Beginning Class I A and Class I B Principal Balance 4,277,000.00 6,110,000.00
Less: Principal Distribution 0.00 0.00
------------ ------------
Remaining Class A and Class B Principal Balance 4,277,000.00 6,110,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.96626606 61,502,000.00
Section 6.02 Reimbursement Amount 1.00000000 9,572,000.00
Reimbursable Fees 1.00000000 4,277,000.00
1.00000000 6,110,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution When
79,386,295.18
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 81,461,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,146,100.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.8363% 5.6563% 0.18%
Section 6.02 Reimbursement Amount 5.9963% 0.34%
Reimbursable Fees 6.6263% 0.97%
6.9563% 1.30%
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(y) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution
Remaining Class A and Class B Principal Balance
(z) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 61,502,000 3,589,441
Section 6.02 Reimbursement Amount 9,572,000 573,966
Reimbursable Fees 4,277,000 283,407
6,110,000 425,030
------------------------------
Total Fees Due Servicer 81,461,000 4,871,844 5.98%
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,489,483.07 193,415.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 458,522.09
(b) Partial Prepayments Received 62,969.75
(c) Principal Payments in Full (Scheduled Balance) 1,898,116.62
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- -------------
Total Principal Distribution 2,419,608.46 0.00
(c) Interest Distribution 69,874.61 193,415.00
Unpaid Interest Shortfall 0.00 0.00
------------- -------------
Total Interest Distribution 69,874.61 193,415.00
(d) Beginning Class I A and Class I B Principal Balance 36,800,000.00 38,300,000.00
Less: Principal Distribution 2,419,608.46 0.00
------------- -------------
Remaining Class A and Class B Principal Balance 34,380,391.54 38,300,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h)
Section 8.06 Reimbursement Amount 0.00 Class I A-1
Section 6.02 Reimbursement Amount 0.00 Class I A-2
Reimburseable Fees 0.00 Class I A-3
------------ Class I A-4
Total Fees Due Servicer 0.00 Class I A-5
Class I A-6
No. of Unpaid Principal Class I M-1
(f) Delinquency Contracts Balance Class I B-1
Class I B-2
31-59 Days Delinquent 33 842,181
60-89 Days Delinquent 2 97,247
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 115,435.90
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 799,402.27
----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 46,820.66
(q) Principal Prepayments paid 1,961,086.37
(r) Scheduled Principal Payments 458,522.09
(s) Weighted Average Interest Rate 10.68%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,422,117.48
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 611,988.02
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 88,626.07
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 30,195.85
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 0.00
Available Distribution Amount-Vanderbilt 3,333,491.41
Available Distribution Amount-SubServicer-21st 581,792.17
To Class A and B 3,163,029.56
Monthly Excess Cashflow 752,254.02
Weighted Average Remaining Term (months) 231.00
Scheduled Balance Computation
Prior Month Balance 162,749,000.00
Current Balance 160,330,574.02
Adv Principal 25,873.17
Del Principal 27,055.65
Pool Scheduled Balance 160,329,391.54
Principal Payments in Full 1,898,116.62
Partial Prepayments 62,969.75
Scheduled Principal 458,522.09
Collateral Balance 160,330,574.02
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-3 Class I A-4
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts 111,906.67 79,990.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 111,906.67 79,990.00
Unpaid Interest Shortfall 0.00 0.00
------------- ------------
Total Interest Distribution 111,906.67 79,990.00
(d) Beginning Class I A and Class I B Principal Balance 21,800,000.00 15,200,000.00
Less: Principal Distribution 0.00 0.00
------------- ------------
Remaining Class A and Class B Principal Balance 21,800,000.00 15,200,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Pool Factor
Section 8.06 Reimbursement Amount 0.93424977
Section 6.02 Reimbursement Amount 1.00000000
Reimbursable Fees 1.00000000
1.00000000
Total Fees Due Servicer 1.00000000
1.00000000
No. of
(f) Delinquency Contracts 1.00000000
1.00000000
31-59 Days Delinquent 33
60-89 Days Delinquent 2
90+ Days Delinquent 0
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-5 Class I A-6 Class I M-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 111,338.50 73,237.50 21,056.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 111,338.50 73,237.50 21,056.50
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 111,338.50 73,237.50 21,056.50
(d) Beginning Class I A and Class I B Principal Balance 20,539,000.00 13,020,000.00 3,662,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 20,539,000.00 13,020,000.00 3,662,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,800,000.00 5.6963%
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600%
Reimbursable Fees 21,800,000.00 6.1600%
15,200,000.00 6.3150%
Total Fees Due Servicer 20,539,000.00 6.5050%
13,020,000.00 6.7500%
No. of 3,662,000.00 6.9000%
(f) Delinquency Contracts 6,104,000.00 6.9700%
7,324,000.00 7.7250%
31-59 Days Delinquent 33
60-89 Days Delinquent 2
90+ Days Delinquent 0
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 35,454.07 47,148.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 35,454.07 47,148.25
Unpaid Interest Shortfall 0.00 0.00
------------- ------------
Total Interest Distribution 35,454.07 47,148.25
When
(d) Beginning Class I A and Class I B Principal Balance 6,104,000.00 7,324,000.00 160,329,391.54
Less: Principal Distribution 0.00 0.00 is less than
------------ ------------ 162,749,000.00
Remaining Class A and Class B Principal Balance 6,104,000.00 7,324,000.00 0.10
16,274,900.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 5.6563% Libor Class A-1
Section 6.02 Reimbursement Amount 0.04% Spread Class A-2
Reimbursable Fees Class A-3
Class A-4
Total Fees Due Servicer Class A-5
Class A-6
No. of Class M-1
(f) Delinquency Contracts Class B-1
Class B-2
31-59 Days Delinquent 33
60-89 Days Delinquent 2
90+ Days Delinquent 0
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-SEP-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-AUG-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution
Remaining Class A and Class B Principal Balance
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 5.696% 36,800,000.00 2,096,238
Section 6.02 Reimbursement Amount 6.060% 38,300,000.00 2,320,980
Reimbursable Fees 6.160% 21,800,000.00 1,342,880
6.315% 15,200,000.00 959,880
Total Fees Due Servicer 6.505% 20,539,000.00 1,336,062
6.750% 13,020,000.00 878,850
No. of 6.900% 3,662,000.00 252,678
(f) Delinquency Contracts 6.970% 6,104,000.00 425,449
7.725% 7,324,000.00 565,779
31-59 Days Delinquent 33
60-89 Days Delinquent 2 162,749,000.00 10,178,796 6.25%
90+ Days Delinquent 0
</TABLE>
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