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Previous: COMMUNITY SAVINGS BANKSHARES INC /DE/, S-8, 1998-12-30 |
Next: VALUE TREND FUNDS, N-1A, 1998-12-30 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 15, 1998
ContiMortgage Home Equity Loan Trust 1998-3
(Exact name of registrant as specified in its charter)
16-1556870
16-1556869
New York 33-339505 16-1556868
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index
Page 1
<PAGE>
Item 5. Other Events.
On December 15, 1998 a scheduled distribution was made from the Trust to
holders of the Class A, B and C Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of November, 1998 dated
December 15, 1998 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of November,
1998 was $828.750.24.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of November, 1998.
Page 3
<PAGE>
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Joy B. Tobert
---------------------------------------
Name: Joy B. Tobert
Title: Vice President and Assistant Secretary
Dated: December 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
19. Trustee's Monthly Servicing Report for the Month of November, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WHR9 A-1 80,000,000.00 74,102,238.28 4,761,786.39 329,030.41 5,090,816.80 69,340,451.89
21075WHS7 A-2 154,000,000.00 154,000,000.00 0.00 772,566.67 772,566.67 154,000,000.00
21075WHT5 A-3 188,000,000.00 188,000,000.00 0.00 903,966.67 903,966.67 188,000,000.00
21075WHU2 A-4 64,000,000.00 64,000,000.00 0.00 307,200.00 307,200.00 64,000,000.00
21075WHV0 A-5 83,000,000.00 83,000,000.00 0.00 414,308.33 414,308.33 83,000,000.00
21075WHW8 A-6 56,000,000.00 56,000,000.00 0.00 283,733.33 283,733.33 56,000,000.00
21075WHX6 A-7 65,000,000.00 65,000,000.00 0.00 343,416.67 343,416.67 65,000,000.00
21075WHY4 A-8 80,000,000.00 80,000,000.00 0.00 390,000.00 390,000.00 80,000,000.00
21075WJB2 A-9 231,725,000.00 226,279,115.28 3,107,868.66 1,006,900.52 4,114,769.18 223,171,246.62
21075WJC0 A-10 78,000,000.00 78,000,000.00 0.00 379,600.00 379,600.00 78,000,000.00
21075WJD8 A-11 75,000,000.00 66,391,487.29 5,980,209.63 294,792.96 6,275,002.59 60,411,277.66
21075X2C6 A-12* 130,000,000.00 130,000,000.00 0.00 593,666.67 593,666.67 130,000,000.00 130,000,000.00
21075X2D4 A-13* 192,000,000.00 192,000,000.00 0.00 884,800.00 884,800.00 192,000,000.00 192,000,000.00
21075X2E2 A-14* 42,000,000.00 42,000,000.00 0.00 195,825.00 195,825.00 42,000,000.00 42,000,000.00
21075X2F9 A-15* 70,000,000.00 70,000,000.00 0.00 332,500.00 332,500.00 70,000,000.00 70,000,000.00
21075X2G7 A-16* 25,000,000.00 25,000,000.00 0.00 121,666.67 121,666.67 25,000,000.00 25,000,000.00
21075WJK2 A-17 66,602,000.00 66,602,000.00 0.00 345,220.37 345,220.37 66,602,000.00 66,602,000.00
21075WJL0 A-18 124,200,000.00 124,200,000.00 0.00 566,283.00 566,283.00 124,200,000.00
21075WJM8 A-19 77,946,000.00 74,048,509.62 2,719,882.06 372,710.83 3,092,592.89 71,328,627.56
21075WJN6 A-20 126,427,000.00 126,427,000.00 0.00 618,438.74 618,438.74 126,427,000.00
21075WJA4 B-I 30,000,000.00 30,000,000.00 0.00 202,500.00 202,500.00 30,000,000.00
21075WJQ9 B-II 61,100,000.00 61,100,000.00 0.00 420,062.50 420,062.50 61,100,000.00
21075X2H5 C 0.00 0.00 0.00 5,824,588.32 5,824,588.32 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------
Total 2,100,000,000.00 2,076,150,350.47 16,569,746.74 15,903,777.66 32,473,524.40 2,059,580,603.73
</TABLE>
* Internal Class
<TABLE>
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHZ1 N-IO 80,000,000.00 80,000,000.00 0.00 433,333.33 433,333.33 80,000,000.00
21075WJP1 P-IO 91,602,000.00 91,602,000.00 0.00 496,177.50 496,177.50 91,602,000.00
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
<TABLE>
<S> <C> <C> <C>
Class A-9 Allocation 4,114,769.18 4,114,769.18
Class A-10 Allocation 379,600.00 379,600.00
Class A-11 Allocation 6,275,002.59 6,275,002.59
Class A-12 Internal Allocation 593,666.67 593,666.67
Class A-13 Internal Allocation 884,800.00 884,800.00
Class A-14 Internal Allocation 195,825.00 195,825.00
Class A-15 Internal Allocation 332,500.00 332,500.00
Class A-16 Internal Allocation 121,666.67 121,666.67
Class A-17 Allocation 345,220.37 345,220.37
Class A-18 Allocation 566,283.00 566,283.00
Class A-19 Allocation 3,092,592.89 3,092,592.89
Class A-20 Allocation 618,438.74 618,438.74
Class N-IO Allocation 433,333.33 433,333.33
Class P-IO Allocation 496,177.50 496,177.50
---------------------------------
Class A Distribution Amount 26,955,884.41 26,955,884.41
=================================
Class B-I Allocation 202,500.00 202,500.00
Class B-II Allocation 420,062.50 420,062.50
---------------------------------
Class B Distribution Amount 622,562.50 622,562.50
=================================
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v)
</TABLE>
<TABLE>
<CAPTION>
Beginning Principal Ending
Class Balance* Distribution Balance*
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 74,102,238.28 4,761,786.39 69,340,451.89
A-2 154,000,000.00 0.00 154,000,000.00
A-3 188,000,000.00 0.00 188,000,000.00
A-4 64,000,000.00 0.00 64,000,000.00
A-5 83,000,000.00 0.00 83,000,000.00
A-6 56,000,000.00 0.00 56,000,000.00
A-7 65,000,000.00 0.00 65,000,000.00
A-8 80,000,000.00 0.00 80,000,000.00
A-9 226,279,115.28 3,107,868.66 223,171,246.62
A-10 78,000,000.00 0.00 78,000,000.00
A-11 66,391,487.29 5,980,209.63 60,411,277.66
A-12 130,000,000.00 0.00 130,000,000.00
A-13 192,000,000.00 0.00 192,000,000.00
A-14 42,000,000.00 0.00 42,000,000.00
A-15 70,000,000.00 0.00 70,000,000.00
A-16 25,000,000.00 0.00 25,000,000.00
A-17 66,602,000.00 0.00 66,602,000.00
A-18 124,200,000.00 0.00 124,200,000.00
A-19 74,048,509.62 2,719,882.06 71,328,627.56
A-20 126,427,000.00 0.00 126,427,000.00
N-IO 80,000,000.00 NA 80,000,000.00
N-IO 91,602,000.00 NA 91,602,000.00
B-I 30,000,000.00 0.00 30,000,000.00
B-II 61,100,000.00 0.00 61,100,000.00
</TABLE>
* Denotes Notional Amounts for Class N-IO and P-IO
<TABLE>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 0.00 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 125.78 125.78
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 18,746,736.45
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.50162%
</TABLE>
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WHR9 A-1 59.52232988 4.11288013 63.63521000 866.75564863 A-1 5.51200%
21075WHS7 A-2 0.00000000 5.01666669 5.01666669 1,000.00000000 A-2 6.02000%
21075WHT5 A-3 0.00000000 4.80833335 4.80833335 1,000.00000000 A-3 5.77000%
21075WHU2 A-4 0.00000000 4.80000000 4.80000000 1,000.00000000 A-4 5.76000%
21075WHV0 A-5 0.00000000 4.99166663 4.99166663 1,000.00000000 A-5 5.99000%
21075WHW8 A-6 0.00000000 5.06666661 5.06666661 1,000.00000000 A-6 6.08000%
21075WHX6 A-7 0.00000000 5.28333338 5.28333338 1,000.00000000 A-7 6.34000%
21075WHY4 A-8 0.00000000 4.87500000 4.87500000 1,000.00000000 A-8 5.85000%
21075WJB2 A-9 13.41188331 4.34523905 17.75712236 963.08661828 A-9 5.52391%
21075WJC0 A-10 0.00000000 4.86666667 4.86666667 1,000.00000000 A-10 5.84000%
21075WJD8 A-11 79.73612840 3.93057280 83.66670120 805.48370213 A-11 5.51200%
21075X2C6 A-12* 0.00000000 4.56666669 4.56666669 1,000.00000000 1,000.00000000 A-12* 5.48000%
21075X2D4 A-13* 0.00000000 4.60833333 4.60833333 1,000.00000000 1,000.00000000 A-13* 5.53000%
21075X2E2 A-14* 0.00000000 4.66250000 4.66250000 1,000.00000000 1,000.00000000 A-14* 5.59500%
21075X2F9 A-15* 0.00000000 4.75000000 4.75000000 1,000.00000000 1,000.00000000 A-15* 5.70000%
21075X2G7 A-16* 0.00000000 4.86666680 4.86666680 1,000.00000000 1,000.00000000 A-16* 5.84000%
21075WJK2 A-17 0.00000000 5.18333338 5.18333338 1,000.00000000 A-17 6.22000%
21075WJL0 A-18 0.00000000 113.98611111 113.98611111 25,000.00000000 A-18 5.66000%
21075WJM8 A-19 34.89444051 4.78165435 39.67609486 915.10311703 A-19 6.04000%
21075WJN6 A-20 0.00000000 4.89166665 4.89166665 1,000.00000000 A-20 5.87000%
21075WJA4 B-I 0.00000000 6.75000000 6.75000000 1,000.00000000 N-IO 6.50000%
21075WJQ9 B-II 0.00000000 6.87500000 6.87500000 1,000.00000000 P-IO 6.50000%
-------------------------------------------------------------------------
Total 7.89035559 4.79961397 12.68996956 980.75266844 B-I 8.10000%
B-II 8.25000%
Class A-18 Amounts Per $25,000 Unit.
* Internal Class
LIBOR: 5.27391%
--------
AUCTION RATE: 5.66000%
--------
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
21075WHZ1 N-IO 0.00000000 5.41666663 5.41666663 1,000.00000000
21075WJP1 P-IO 0.00000000 5.41666667 5.41666667 1,000.00000000
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 2
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C>
SEC.7.09 (a) (ii) Scheduled Principal Received 445,653.21 138,662.23 931,910.29 1,516,225.73
Prepayments (incl. Curtailments) 4,260,133.18 2,924,301.39 7,703,636.44 14,888,071.01
Purchased Principal 56,000.00 53,250.00 56,200.00 165,450.00
Liquidation Proceeds applied to principal 0.00 0.00 0.00 0.00
Realized Loss of Principal 0.00 0.00 0.00 0.00
Realized Loss of Interest 0.00 0.00 0.00 0.00
Extra Principal Distribution / (OC Reduction) 0.00 (8,344.96) 8,344.96 (0.00)
SEC.7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10 Interest Carry-Forward Amount 0.00
Class A-11 Interest Carry-Forward Amount 0.00
Class A-12 Internal Interest Carry-Forward Amount 0.00
Class A-13 Internal Interest Carry-Forward Amount 0.00
Class A-14 Internal Interest Carry-Forward Amount 0.00
Class A-15 Internal Interest Carry-Forward Amount 0.00
Class A-16 Internal Interest Carry-Forward Amount 0.00
Class A-17 Interest Carry-Forward Amount 0.00
Class A-18 Interest Carry-Forward Amount 0.00
Class A-19 Interest Carry-Forward Amount 0.00
Class A-20 Interest Carry-Forward Amount 0.00
Class N-IO Interest Carry-Forward Amount 0.00
Class P-IO Interest Carry-Forward Amount 0.00
Class B-I Interest Carry-Forward Amount 0.00
Class B-II Interest Carry-Forward Amount 0.00
<CAPTION>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C>
SEC.7.09 (a) (vi) Outstanding Loan Balance: 789,340,451.89 316,389,964.76 953,850,187.08 2,059,580,603.73
SEC.7.09 (a) (vii) Code Section 6049(d)(7)(C)
Information-Required Market Discount
Information Provided at Calendar Year End.
SEC.7.09 (a) (viii) Loan Purchase Prices 56,916.22 54,374.17 57,374.58 168,664.97
Substitution Amounts 0.00 0.00 0.00 0.00
SEC.7.09 (a) (ix)&(x) Weighted Average Coupon 10.06782% 10.05967% 10.56650% 10.2978%
SEC.7.09 (a) (xi) Weighted Average Remaining Term to Maturity 342 356 213
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C>
SEC.7.09 (a) (xii) Delinquency Trigger Event Occurrence NO NO
Cumulative Realized Loss Trigger Event
Occurrence NO NO
Cumulative Realized Loss Termination
Trigger Occurrence NO
SEC.7.09 (a) (xiii) Class A Enhancement Percentage 3.8006% 4.8101%
Targeted Overcollateralization Amount 0.00 0.00
Overcollateralization Amount 0.00 0.00
Class A Optimal Balance 759,340,451.89 1,209,140,151.84
Class B Optimal Balance 30,000,000.00 61,100,000.00
<CAPTION>
Class B-I Class B-II
--------- ----------
<S> <C> <C>
SEC.7.09 (a) (xiv) Applied Realized Loss Amount 0.00 0.00
Realized Loss Amortization Amount 0.00 0.00
Unpaid Realized Loss Amount 0.00 0.00
<CAPTION>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C>
SEC.7.09 (a) (xvi) Available Funds Cap 8.84005% 9.48775% 9.35516%
SEC.7.09 (a) (xvii) Insured Payment 0.00 0.00 0.00
SEC.7.09 (a) (xviii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC.7.09 (a) (xx) Largest Home Equity Loan Balance Outstanding 463,051.68
SEC.7.09 (a) (xxi) Auction Remainder Account Remainder Amount 0.00
</TABLE>
Page 3
<PAGE>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
<TABLE>
<CAPTION>
SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 154 1.47736% 10,569,725.10 1.339058%
Group I 60-89 Days 45 0.43170% 2,772,213.34 0.351206%
90+ Days 39 0.37414% 2,850,444.79 0.361117%
-----------------------------------------------------------------------------------------------
30-59 Days 51 1.58189% 4,155,325.11 1.313356%
Group IIa 60-89 Days 23 0.71340% 1,747,504.10 0.552326%
90+ Days 16 0.49628% 1,468,302.18 0.464080%
-----------------------------------------------------------------------------------------------
30-59 Days 222 1.47990% 12,699,291.80 1.331372%
Group IIb 60-89 Days 101 0.67329% 6,110,514.14 0.640616%
90+ Days 71 0.47330% 3,797,757.90 0.398150%
-----------------------------------------------------------------------------------------------
30-59 Days 427 1.49045% 27,424,342.01 1.331550%
TOTAL 60-89 Days 169 0.58990% 10,630,231.58 0.516136%
90+ Days 126 0.43981% 8,116,504.87 0.394085%
------------------------------------------------------------------------------
Total Group I 10,424 100.00000% 789,340,451.89 100.000000%
------------------------------------------------------------------------------
Total Group IIa 3,224 100.00000% 316,389,964.76 100.000000%
------------------------------------------------------------------------------
Total Group IIb 15,001 100.00000% 953,850,187.08 100.000000%
------------------------------------------------------------------------------
Total 28,649 100.00000% 2,059,580,603.73 100.000000%
------------------------------------------------------------------------------
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective
Group's loan count and balance.
<TABLE>
<CAPTION>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 17 7 29 53
Loans in Foreclosure (LIF): Balance 1,239,224.73 739,200.00 1,832,607.95 3,811,032.68
Newly Commenced LIF: Count 17 7 28 52
Newly Commenced LIF: Balance 1,239,224.73 739,200.00 1,807,338.52 3,785,763.25
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 7 6 18 31
Loans in Bankruptcy: Balance 713,835.36 453,929.57 1,095,683.34 2,263,448.27
SEC. 7.09 (b) (iv&v) REO Properties: Count 0 0 1 1
REO Properties: Balance 0 0 31,500.00 31,500.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 0 0 125.78 125.78
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 5,622,658.13 3,215,806.28 9,908,272.04 18,746,736.45
SEC. 7.09 (b) (viii) Three Month Rolling Average of
60+ Day Delinquency Rate 0.40139% 0.63588% 0.53986% 0.50162%
Delinquency Trigger Event Occurrence NO NO
Cumulative Realized Loss Trigger Event
Occurrence NO NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0.00 0.00 0.00 0.00
</TABLE>
Distribution Period: 15-Dec-98
<TABLE>
<CAPTION>
Group I Group II Invest. Income Total
------- -------- -------------- -----
<S> <C> <C> <C> <C>
SEC.7.08(b)(i) Amount on Deposit in the Certificate Account 11,093,309.12 22,427,797.14 23,752.42 33,544,858.68
SEC.7.08(b)(ii)&(iv)
<CAPTION>
Amount Due Amount Paid
---------- -----------
<S> <C> <C> <C>
Class A-1 Allocation 5,090,816.80 5,090,816.80
Class A-2 Allocation 772,566.67 772,566.67
Class A-3 Allocation 903,966.67 903,966.67
Class A-4 Allocation 307,200.00 307,200.00
</TABLE>
Page 4
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