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Previous: PALOMA STRATEGIC SECURITIES LTD, 13F-HR, 1999-08-10 |
Next: VANDERBILT MORT & FIN INC MFR HSG SR SUB PA TH CE SR 1998C, 15-15D, 1999-08-10 |
<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): July 7, 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 the following Remittance Dates of July 7, 1999 and June 7,
1999, 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.
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: July 7, 1999
<PAGE> 1
Exhibit 20
Chase Bank, Trustee Determination Date: 02-Jul-99
Manufactured Housing Contracts Remittance Date: 07-Jul-99
Senior/Subordinated Pass-
Through Certificates Series 1998C For the Period Ended: 25-Jun-99
Lock-Out Date: Sep-03
Information for Clauses (a) through (s), Section 7.01 - GROUP I
<TABLE>
<CAPTION>
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 2,026,362.73 193,415.00 111,906.67
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 876,630.49
(b) Partial Prepayments Received 51,986.81
(c) Principal Payments in Full (Scheduled Balance) 1,024,859.16
(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 1,953,476.46 0.00 0.00
(c) Interest Distribution 72,886.27 193,415.00 111,906.67
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 72,886.27 193,415.00 111,906.67
(d) Beginning Class I A and Class I B Principal Balance 17,518,982.70 38,300,000.00 21,800,000.00
Less: Principal Distribution 1,953,476.46 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 15,565,506.24 38,300,000.00 21,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 149,445.82 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.42297571
Section 6.02 Reimbursement Amount 34,097.07 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 183,542.89 Class I A-5 1.00000000
Class I A-6 1.00000000
Class I M-1 1.00000000
Class I B-1 1.00000000
Class I B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
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 4.9925% 4.9525% Libor
Section 6.02 Reimbursement Amount 38,300,000.00 6.0600% 0.04% Spread
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%
6,104,000.00 6.9700%
7,324,000.00 7.7250%
</TABLE>
<TABLE>
<CAPTION>
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
RATE
(e) Fees Due Servicer Class A-1 4.993% 17,518,982.70 874,635
Monthly Servicing Fee Class A-2 6.060% 38,300,000.00 2,320,980
Section 8.06 Reimbursement Amount Class A-3 6.160% 21,800,000.00 1,342,880
Section 6.02 Reimbursement Amount Class A-4 6.315% 15,200,000.00 959,880
Reimbursable Fees 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% 8,662,000.00 252,678
Class B-1 6.970% 6,104,000.00 425,449
Class B-2 7.725% 7,324,000.00 565,779
143,467,982.70 8,957,193 6.34%
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 97 2,678,357
60-89 Days Delinquent 21 449,480
90+ Days Delinquent 22 684,709
3-Month Avg Thirty-Day Delinquency Ratio 1.97%
3-Month Avg Sixty-Day Delinquency Ratio 0.70%
(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 413,339.13
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 47,148.25
(y) Remaining Amount Available 387,926.88
--------------
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 7 228,010.09
(q) Principal Prepayments paid 1,076,845.97
(r) Scheduled Principal Payments 876,630.49
(s) Weighted Average Interest Rate 10.64%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,229,864.80
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 1,095,491.56
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 6,050.27
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 3,458.69
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 83,522.10
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 27,112.48
(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 149,445.82
(iv) Reimbursable Liquidation Expenses 34,097.07
(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 183,542.89
Available Distribution Amount-Vanderbilt 1,968,850.08
Available Distribution Amount-SubServicer-21st 1,071,837.77
To Class A and B 2,699,909.22
Monthly Excess Cashflow 340,778.63
Weighted Average Remaining Term (months) 195.00
Scheduled Balance Computation
Prior Month Balance 143,467,982.70
Current Balance 141,560,648.39
Adv Principal 28,512.98
Del Principal 74,655.13
Pool Scheduled Balance 141,514,506.24
Principal Payments in Full 1,024,859.16
Partial Prepayments 51,986.81
Scheduled Principal 876,630.49
Collateral Balance 141,560,648.39
</TABLE>
<PAGE> 2
CHASE BANK, TRUSTEE DETERMINATION DATE: 02-JUL-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUL-99
SENIOR/SUBORDINATED PASS-
THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-JUN-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
<TABLE>
<CAPTION>
CLASS II A-1 CLASS II B-1 CLASS II B-2
<S> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 1,077,308.12 42,216.51 21,108.78
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 172,941.62
(b) PARTIAL PREPAYMENTS RECEIVED 50,936.12
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 641,396.08
(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 865,273.82 0.00 0.00
(x) INTEREST DISTRIBUTION 212,034.30 42,216.51 21,108.78
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------ ------------
TOTAL INTEREST DISTRIBUTION 212,034.30 42,216.51 21,108.78
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 49,574,507.70 9,572,000.00 4,277,000.00
LESS: PRINCIPAL DISTRIBUTION 865,273.82 0.00 0.00
------------- ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 48,709,233.88 9,572,000.00 4,277,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE 75,612.81 (ac) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS II A-1 0.79199431
SECTION 6.02 REIMBURSEMENT AMOUNT 14,000.00 CLASS II B-1 1.00000000
REIMBURSABLE FEES 0.00 CLASS II B-2 1.00000000
CLASS II B-3 1.00000000
-------------
TOTAL FEES DUE SERVICER 89,612.81
</TABLE>
<TABLE>
<CAPTION>
CLASS II B-3
<S> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 31,835.65
(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 31,835.65
UNPAID INTEREST SHORTFALL 0.00
------------
TOTAL INTEREST DISTRIBUTION 31,835.65
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 6,110,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00
------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,110,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE LIBOR SPREAD
SECTION 8.06 REIMBURSEMENT AMOUNT 61,502,000.00 5.1325% 4.9525% 0.18% 49,574,508 2,544,412
SECTION 6.02 REIMBURSEMENT AMOUNT 9,572,000.00 5.2925% 0.34% 9,572,000 506,598
REIMBURSABLE FEES 4,277,000.00 5.9225% 0.97% 4,277,000 253,305
6,110,000.00 6.2525% 1.30% 6,110,000 382,028
---------- ---------
TOTAL FEES DUE SERVICER 69,533,508 3,686,343 5.30%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(aa) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C>
31-59 DAYS DELINQUENT 95 3,047,696
60-89 DAYS DELINQUENT 14 469,419
90+ DAYS DELINQUENT 17 564,657
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 4.57%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 1.39%
(ab) SECTION 3.05 REPURCHASES 0.00
(ad) CLASS R DISTRIBUTION AMOUNT 430,701.96
REPOSSESSION PROFITS 0.00
(ae) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 67,049.71
(af) AGGREGATE NET LIQUIDATION LOSSES 0.00
(ag) (x) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 31,835.65
(y) REMAINING AMOUNT AVAILABLE 89,923.33
----------
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 67,589.74
(al) PRINCIPAL PREPAYMENTS PAID 692,332.20
(am) SCHEDULED PRINCIPAL PAYMENTS 172,941.62
(an) WEIGHTED AVERAGE INTEREST RATE 10.15%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,379,140.44
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 2,935.70
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 30,070.94
(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 75,612.81
(iv) Reimbursable Liquidation Expenses 14,000.00
(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 89,612.81
Available Distribution Amount 1,262,392.39
To Class A and B - Scheduled Principal and Interest 1,172,469.06
Monthly Excess Cashflow Class II 89,923.33
Monthly Excess Cashflow Class I 340,778.63
ACCELERATED PRINCIPAL PAYMENT 0.00
Weighted Average Remaining Term (months) 202.00
Scheduled Balance Computation
Prior Month Balance 72,588,301.47
Current Balance 71,767,488.84
Adv Principal 9,592.34
Del Principal 54,053.53
Pool Scheduled Balance 71,723,027.65
Principal Payments in Full 641,396.08
Partial Prepayments 50,936.12
Scheduled Principal 172,941.62
Collateral Balance 71,767,488.84
Overcollateralization Amount 3,054,794
Required Overcollateralization Amount 3,054,794
</TABLE>
<PAGE> 3
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-
THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-MAY-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
<TABLE>
<CAPTION>
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 2,137,670.97 193,415.00 111,906.67
(b) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 898,048.44
(b) PARTIAL PREPAYMENTS RECEIVED 39,038.18
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 1,117,279.36
(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 2,054,365.98 0.00 0.00
(c) INTEREST DISTRIBUTION 83,304.99 193,415.00 111,906.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- -------------
TOTAL INTEREST DISTRIBUTION 83,304.99 193,415.00 111,906.67
(d) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 19,573,348.68 38,300,000.00 21,800,000.00
LESS: PRINCIPAL DISTRIBUTION 2,054,365.98 0.00 0.00
------------- ------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 17,518,982.70 38,300,000.00 21,800,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE 151,585.78 (h) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS I A-1 0.47605931
SECTION 6.02 REIMBURSEMENT AMOUNT 22,830.00 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 174,415.78 CLASS I A-5 1.00000000
CLASS I A-6 1.00000000
CLASS I M-1 1.00000000
CLASS I B-1 1.00000000
CLASS I B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
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 4.9425%
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%
20,539,000.00 6.5050%
13,020,000.00 6.7500%
3,662,000.00 6.9000%
6,104,000.00 6.9700%
7,324,000.00 7.7250%
</TABLE>
<TABLE>
<CAPTION>
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 RATE
MONTHLY SERVICING FEE LIBOR 4.9025% Class A-1 4.943% 19,573,348.68 967,413
SECTION 8.06 REIMBURSEMENT AMOUNT SPREAD 0.04% Class A-2 6.060% 38,300,000.00 2,320,980
SECTION 6.02 REIMBURSEMENT AMOUNT Class A-3 6.160% 21,800,000.00 1,342,880
REIMBURSABLE FEES Class A-4 6,315% 15,200,000.00 959,880
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
Class B-1 6.970% 6,104,000.00 425,449
Class B-2 7.725% 7,324,000.00 565,779
145,522,348,68 9,049,971 6.22%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(f) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C>
31-59 DAYS DELINQUENT 106 3,007,556
60-89 DAYS DELINQUENT 5 146,908
90+ DAYS DELINQUENT 27 817,405
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 1.91%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.66%
(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 399,542.52
(k) AGGREGATE NET LIQUIDATION LOSSES 0.00
(l) (x) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 47,148.25
(y) REMAINING AMOUNT AVAILABLE 336,407.45
------------
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 $ 236,499.24
(q) PRINCIPAL PREPAYMENTS PAID 1,156,317.54
(r) SCHEDULED PRINCIPAL PAYMENTS 898,048.44
(s) WEIGHTED AVERAGE INTEREST RATE 10.65%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,317,469.51
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER-21ST 1,049,280.56
(ii) MONTHLY ADVANCE MADE 0.00
(iii)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 7,901.92
(iii)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER-21ST 3,289.58
(v) PRINCIPAL DUE HOLDERS 0.00
LESS:
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 80,384.09
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER-21ST 22,665.04
(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 151,585.78
(iv) REIMBURSABLE LIQUIDATION EXPENSES 22,830.00
(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 174,415.78
AVAILABLE DISTRIBUTION AMOUNT-VANDERBILT 2,070,571.56
AVAILABLE DISTRIBUTION AMOUNT-SUBSERVICER-21ST 1,029,905.10
TO CLASS A AND B 2,811,217.46
MONTHLY EXCESS CASHFLOW 289,259.20
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 205.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 145,522,348.68
CURRENT BALANCE 143,515,655.93
ADV PRINCIPAL 26,187.35
DEL PRINCIPAL 73,860.58
POOL SCHEDULED BALANCE 143,467,982.70
PRINCIPAL PAYMENTS IN FULL 1,117,279.36
PARTIAL PREPAYMENTS 39,038.18
SCHEDULED PRINCIPAL 898,048.44
COLLATERAL BALANCE 143,515,655.93
</TABLE>
<PAGE> 4
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-
THROUGH CERTIFICATES SERIES 1998C FOR THE PERIOD ENDED: 25-MAY-99
LOCK-OUT DATE: SEP-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<TABLE>
<CAPTION>
CLASS II A-1 CLASS II B-1 CLASS II B-2
<S> <C> <C> <C>
(V) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 955,317.17 43,211.60 21,628.25
(W) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 169,291.17
(B) PARTIAL PREPAYMENTS RECEIVED 59,046.93
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 506,794.04
(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 735,132.14 0.00 0.00
(X) INTEREST DISTRIBUTION 220,185.03 43,211.60 21,628.25
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------ ------------
TOTAL INTEREST DISTRIBUTION 220,185.03 43,211.60 21,628.25
(Y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 50,309,639.84 9,572,000.00 4,277,000.00
LESS: PRINCIPAL DISTRIBUTION 735,132.14 0.00 0.00
------------- ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 49,574,507.70 9,572,000.00 4,277,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE 76,378.58 (AC) POOL FACTOR
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.80606334
Section 6.02 Reimbursement Amount 20,000.00 Class II B-1 1.00000000
Reimbursable Fees 0.00 Class II B-2 1.00000000
Class II B-3 1.00000000
-------------
Total Fees Due Servicer 96,378.58
</TABLE>
<TABLE>
<CAPTION>
CLASS II B-3
<S> <C>
(V) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 32,633.76
(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 32,633.76
UNPAID INTEREST SHORTFALL 0.00
------------
TOTAL INTEREST DISTRIBUTION 32,633.76
(Y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 6,110,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00
------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,110,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE LIBOR SPREAD
Section 8.06 Reimbursement Amount 61,502,000.00 5.0825% 4.9025% 0.18% 50,309,640 2,556,987
Section 6.02 Reimbursement Amount 9,572,000.00 5.2425% 0.34% 9,572,000 501,812
Reimbursable Fees 4,277,000.00 5.8725% 0.97% 4,277,000 251,167
6,110,000.00 6.2025% 1.30% 6,110,000 378,973
Total Fees Due Servicer ---------- ---------
70,268,640 3,688,939 5.25%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(AA) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C>
31-59 DAYS DELINQUENT 99 3,536,807
60-89 DAYS DELINQUENT 12 382,510
90+ DAYS DELINQUENT 15 564,544
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 4.50%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 1.50%
(AB) SECTION 3.05 REPURCHASES 0.00
(AD) CLASS R DISTRIBUTION AMOUNT 598,029.68
REPOSSESSION PROFITS 0.00
(AE) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 56,900.24
(AF) AGGREGATE NET LIQUIDATION LOSSES 0.00
(AG) (X) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 32,633.76
(Y) REMAINING AMOUNT AVAILABLE 308,770.48
--------------
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 61,137.84
(AL) PRINCIPAL PREPAYMENTS PAID 565,840.97
(AM) SCHEDULED PRINCIPAL PAYMENTS 169,291.17
(AN) WEIGHTED AVERAGE INTEREST RATE 10.21%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,488,177.83
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 3,417.09
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 33,655.08
(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 76,378.58
(IV) REIMBURSABLE LIQUIDATION EXPENSES 20,000.00
(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 96,378.58
AVAILABLE DISTRIBUTION AMOUNT 1,361,561.26
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,052,790.78
MONTHLY EXCESS CASHFLOW CLASS II 308,770.48
MONTHLY EXCESS CASHFLOW CLASS I 289,259.20
ACCELERATED PRINCIPAL PAYMENT 0.00
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 203.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 73,323,433.61
CURRENT BALANCE 72,629,978.86
ADV PRINCIPAL 10,738.75
DEL PRINCIPAL 52,416.14
POOL SCHEDULED BALANCE 72,588,301.47
PRINCIPAL PAYMENTS IN FULL 506,794.04
PARTIAL PREPAYMENTS 59,046.93
SCHEDULED PRINCIPAL 169,291.17
COLLATERAL BALANCE 72,629,978.86
OVERCOLLATERALIZATION AMOUNT 3,054,794
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,054,794
</TABLE>
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