SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-339505
----------
ContiMortgage Home Equity Loan Trust 1998-3
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
16-1556870
16-1556869
New York 16-1556868
- ------------------------------------------------- ----------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Manufacturers and Traders Trust Company
Corporate Trust Department
One M&T Plaza
Buffalo, New York 14240-2599
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 842-5589
---------------
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
None None
-------------------- ------------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
None
- --------------------------------------------------------------------------------
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be file by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (e 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. |X|
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1998-3
INDEX
Page
PART 1 ................................................................... 3
ITEM 1 - Business..................................................... 3
ITEM 2 - Properties................................................... 3
ITEM 3 - Legal Proceedings............................................ 3
ITEM 4 - Submission of Matters to a Vote of Security Holders.......... 3
PART II .................................................................. 3
ITEM 5 - Market for Registrant's Common Stock and
Related Stockholder Matters.................................. 3
ITEM 6 - Selected Financial Data...................................... 3
ITEM 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations ............... 4
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk... 4
ITEM 8 - Financial Statements and Supplementary Data.................. 4
ITEM 9 - Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure....................... 4
PART III................................................................... 4
ITEM 10 - Directors and Executive Officers of the Registrant........... 4
ITEM 11 - Executive Compensation....................................... 4
ITEM 12 - Security Ownership of Certain Beneficial
Owners and Management........................................ 4
ITEM 13 - Certain Relationships and Related Transactions............... 12
PART IV .................................................................. 12
ITEM 14 - Exhibits, Financial Statement Schedules and
Reports on Form 8-K......................................... 12
SIGNATURES ............................................................. 14
INDEX TO EXHIBITS ........................................................ 15
-1-
<PAGE>
PART I
ITEM 1 - Business
Not Applicable.
ITEM 2 - Properties
Not Applicable.
ITEM 3 - Legal Proceedings
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1998-3 (the "Trust")
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated September 1, 1998, among Manufacturers and Traders Trust Company, as
trustee (the "Trustee"), ContiSecurities Asset Funding Corp., as depositor (the
"Depositor") and ContiMortgage Corporation, as servicer (the "Servicer"), the
Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4 - Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - Market for Registrants Common Stock and Related Stockholders
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, Class A-8 Certificates, Class A-9
Certificates, , Class B-1I Certificates, Class B-II Certificates, Class A-10
Certificates, Class A-10, Certificates, Class A-11,Certificates, Class A-12
Certificates, Class A-13 Certificates, Class A-14 Certificates, Class A-15
certificates, Class A-16 Certificates, Class A-17 Certificates, Class A-18
Certificates, Class A-19 Certificates, Class A-20 Certificates., Class N-IO and
Certificates, Class P-IO Certificates, issued by the Trust are held by the
Depository Trust Company ("DTC") which in turn maintains records of holders of
beneficial interests in such Certificates. Based on information obtained by the
Trust from DTC, as of March 4, 1999, there were no holders of the Class A-1
Certificates, 12 holders of the Class A-2 Certificates, 8 holders of the Class
A-3 Certificates, 5 holders of the Class A-4 Certificates, 5 holders of the
Class A-5 Certificates, 8 holders of the Class A-6 Certificates, 3 holders of
the Class A-7 Certificates, 6 holders of the Class A-8 Certificates, 12 holders
of the Class A-9 Certificates, 2 holders of the Class M-1F Certificates, 3
holders of the Class M-2F Certificates, 2 holders of the Class B-1F
Certificates, 1 holder of the Class C Certificate, 7 holders of the Class A-10
Certificates, 3 holders of the Class M-1A Certificates, 1 holder of the Class
M-2A Certificates, 3 holders of the Class B-1A Certificates and 1 holder of the
Class A-11IO Certificate.
-2-
<PAGE>
ITEM 6 - Selected Financial Data
Not applicable.
ITEM 7 - Management's Discussion and Analysis of Financial Condition and
Results of Operations
Not applicable.
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk
Not applicable.
ITEM 8 - Financial Statements and Supplementary Data
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1998
was $3,040,889.
ITEM 9 - Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - Directors and Executive Officers of the Registrant
Not applicable.
ITEM 11 - Executive Compensation
Not applicable.
ITEM 12 - Security Ownership of Certain Beneficial Owners and Management
The following table sets forth (i) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Certificates is based upon information obtained by the Trust from
DTC and represents ownership of beneficial interest in the Certificates held by
DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
-3-
<PAGE>
Amount Owned
------------
Name and Address All Dollar Amounts Are in Thousands
---------------- -----------------------------------
Principal Percent
--------- -------
Class A-1 Certificates
- ----------------------
Boston Safe Deposit and Trust Company $43,856 71.25%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room
153-3015Pittsburgh, PA 15259
State Street and Trust Company $8,464 13.75%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
PNC Bank National Association $9,233 15.00%
1835 Market Street
11 Penn Center - 15th Floor
Philadelphia, PA 19103
Class A-2 Certificates
- ----------------------
Bank of New York $18,500 12.01%
925 Patterson Plank Road
Seacaucus, NJ 07094
Bankers Trust Company $10,000 6.50%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $108,500 70.45%
4 New York Plaza - 13th Floor
New York, NY 10004
State Street Bank and Trust Company $10,000 6.50%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-3 Certificates
- ----------------------
Boston Safe Deposit and Trust Company $20,668 10.10%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
State Street Bank and Trust Company $13,500 7.18%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Chase Manhattan Bank $117,666 62.59%
4 New York Plaza
Proxy Department - 13th Floor
New York, NY 10004
Citibank, N.A. $31,333 16.67%
P.O. Box 30576
Tampa, FL 33630-3570
Class A-4 Certificates
- ----------------------
Chase Manhattan Bank $43,450 67.89%
4 New York Plaza - 13th Floor
New York, NY 10004
The Bank of New York $5,000 7.81%
925 Patterson Plank Road
Secaucus, NJ 07094
Boston Safe Deposit and Trust Company $5,000 7.81%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room 153-3015
Pitsburgh, PA. 15259
Morgan Stanley & Co. Incorporated $5,000 7.81%
One Pierpont Plaza
7th Floor
Brooklyn, NY 11201
Southtrust Bank of Alabama, N.A. $5,000 7.81%
P. O. Box 2554
Birmingham, AL 35290-0100
Class A-5 Certificates
Boston Safe Deposit and Trust Company $68,000 81.93%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room 153-3015
Pittsburgh, PA. 15259
UMB Bank, National Association $15,000 18.07%
P.O. Box 419260
Kansas City, MO 64141-6260
Class A-6 Certificates
- ----------------------
Chase Manhattan Bank $10,000 17.86%
4 New York Plaza - 13th Floor
New York, NY 10004
The Northern Trust Company $10,175 18.17%
801 S. Canal C-IN
Chicago, IL 60607
State Street Bank and Trust Company $31,000 55.36%
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1531
Class A-7 Certificates
- ----------------------
State Street Bank and Trust Company $65,000 100.0%
Global Corp Action Dept JAB5W
P. O. Box 1631
Boston, MA 02105-1631
Class A-8 Certificates
- ----------------------
Boston Safe Deposit and Trust Company $40,000 50.0%
c/o Mellon Bank N.A.
Three Mellon Bank Center - Room 153-3015
Pittsburgh, PA 15259
State Street Bank Trust Company $40,000 50.0%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-9 Certificates
- ----------------------
Chase Manhattan Bank 136,863 62.57%
4 New York Plaza - 13th Floor
New York, NY 10004
Norwest Bank, Minnestoa, National Association $61,355 28.05%
733 Marquette Avenue
Minneapolis, MN 55479-0056
Class A-10 Certificates
- -----------------------
Bankers Trust Company $30,000 38.46%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Boston Safe Deposit and Trust Company $12,000 15.38%
c/o Mellon Bank, N.A.
Three Mellon Bank Center - Room 153-3015
Pittsburgh, PA 15259
Investors Bank & Trust/M.F. Custody $4,000 5.13%
200 Claredon Street
15th Floor Hancock Tower
Boston, MA 02116
State Street Bank and Trust Company $13,000 16.67%
Global Corp Action Dept JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Star Bank, National Association, Cincinnati $16,000 20.51%
P. O. Box 1118
Mail Location 6120
Cincinnati, OH 45201-1118
Class A-11 Certificates
- -----------------------
PNC Bank, National Association $23,075 45.80%
1835 Market Street
11 Penn Center - 15th Floor
Philadelphia, PA 19103
State Street Bank and Trust Company $25,529 50.67%
Global Corp Action Dept. JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-12 Certificates
- -----------------------
Bankers Trust Company $61,000 46.92%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $64,000 49.23%
4 New York Plaza - 13th Floor
New York, NY 10004
Class A-13 Certificates
- -----------------------
The Bank of New York $60,000 31.25%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank 111,000 57.81%
4 New York Plaza - 13th Floor
New York, NY 10004
LBI - Lehman Government Securities Inc. $16,000 8.33%
101 Hudson Street
31st Floor
Jersey City, NJ 07302
Class A-14 Certificates
- -----------------------
Chase Manhattan Bank $42,000 100.0%
4 New York Plaza - 13th Floor
New York, NY 10004
Class A-15 Certificates
- -----------------------
Chase Manhattan Bank $70,000 100.0%
4 New York Plaza - 13th Floor
New York, NY 10004
Class A-16 Certificates
- -----------------------
Chase Manhattan Bank $25,000 100.0%
4 New York Plaza - 13th Floor
New York, NY 10004
Class A-17 Certificates
- -----------------------
The Bank of New York $28,868 43.34%
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company $9,432 14.16%
c/o BT Services tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $16,868 25.33%
4 New York Plaza - 13th Floor
New York, NY 10004
Norwest Investment Services, Inc. $9,434 14.16%
c/o ADP Proxy Services
Class A-18 Certificates
- -----------------------
The Bank of New York $20,000 16.10%
925 Patterson Plank Road
Secaucus, NJ 07094
Bear, Stearns Securities Corp. $51,600 41.55%
One Metrotech Center North
4th Floor
Brooklyn, NY 11201-3862
Lewco, Securities Corp. $7,000 5.64%
34 Exchange Pl. Plaza
4th Floor
Jersey City, NJ 07311-3988
Wachovia Bank, N.A. $25,000 20.13%
100 N. Main Street, NC 37121
Winston-Salem, NC 27150
Class A-19 Certificates
- -----------------------
Bankers Trust Company $17,322 25.66%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank $11,949 17.70%
4 New York Plaza - 13th Floor
New York, NY 10004
Citibank, N.A. $25,984 38.49%
P.O. Box 30576
Tampa, FL 33630-3576
PWI CMO Account $6,589 9.76%
1000 Harbor Blvd., 8th Floor
Weehawken, NJ 07087
State Street Bank and Trust Company $4,590 6.80%
Global Corp. Action Dept. JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class A-20 Certificate
- ----------------------
The Bank of New York $42,142 33.33%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank $42,143 33.33%
4 New York Plaza - 13th Floor
New York, NY 10004
Citibank, N.A. $21,071 16.67%
P.O. Box 30576
Tampa, FL 33630-3576
Compass Bank $21,071 16.67%
701 South 20th Street - 11th Floor
Birmingham, AL 35233
Class N-IO Certificate
- ----------------------
State Street Bank and Trust Company $80,000 100.0%
Global Corp Action Dept. JAB5W
P.P. Box 1631
Boston, MA 02105-1631
Class P-IO Certificates
- -----------------------
Funb - Phila. Main $91,602 100.0%
530 Walnut Street - FC1-9-81-48
Philadelphia, PA 19101
Class B-1 Certificates
- ----------------------
Chase Manhattan Bank $15,000 50.0%
4 New York Plaza - 13th Floor
New York, NY 10004
Westlb Securities Americas Inc. $15,000 50.0%
Participant Contact Not Listed By DTC
Class B-II Certificates
- -----------------------
Westlb Securities Americas Inc. $61,100 100.0%
Participant Contact Not Listed By DTC
(1) Represents the "Notional Principal Amount" of the Class C Certificates which
is based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
ITEM 13 - Certain Relationships and Related Transactions
None
PART IV
ITEM 14 - Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
----------- -----------
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
<PAGE>
b) Reports on Form 8-K.
10 reports on Form 8-K has been filed by the Issuer during the period covered by
this report.
Items Reported/Financial
Date of Report on Form 8-K Statements Filed
April 15, 1998 Trustee's Monthly Report for the
March Monthly Period.
May 15, 1998 Trustee's Monthly Report for the April
Monthly Period.
June 15, 1998 Trustee's Monthly Report for the May
Monthly Period.
July 15, 1998 Trustee's Monthly Report for the
June Monthly Period.
August 15, 1998 Trustee's Monthly Report for the July
Monthly Period.
September 15, 1998 Trustee's Monthly Report for the
August Monthly Period.
October 15, 1998 Trustee's Monthly Report for the
September Monthly Period.
November 15, 1998 Trustee's Monthly Report for the
October Monthly Period.
December 15, 1998 Trustee's Monthly Report for the
November Monthly Period.
January 15, 1999 Trustee's Monthly Report for the
December Monthly Period.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
AS DEPOSITOR
By: /s/ Peter Abeles
--------------------------------------
Name: Peter Abeles
Title: President
By: /s/ Robert Riedl
--------------------------------------
Name: Robert Riedl
Title: Vice President, Secretary & Treasurer
Date: March 31, 1999
<PAGE>
INDEX TO EXHIBITS
Item 14(a)3.
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to
the Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
Exhibit 99.2
ARTHUR ANDERSEN
CONTIMORTGAGE CORPORATION
UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
FOR THE YEAR ENDED DECEMBER 31, 1998
TOGETHER WITH AUDITORS' REPORT
<PAGE>
ARTHUR ANDERSEN LLP
Independent Accountants' Report
To the Board of Directors of ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) and that ContiMortgage Corporation had in effect a fidelity bond
and errors and omissions policy in the amount of $14,000,000 and $6,000,000 as
of December 31, 1998, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $14,000,000 and $6,000,000 as of December 31, 1998, is fairly stated,
in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 11, 1999
ContiMortgage
One ContiPark
338 S. Warminster Road
Hatboro, PA. 19040-3430
(215) 347-3000
As of and for the year ended December 31, 1998, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of December 31,1998 ContiMortgage Corporation had in effect fidelity
bond and errors and omissions policy in the amounts of $14,000,000 and
$6,000,000, respectively.
/s/ Margaret M. Curry /s/ William P. Higgins
- ------------------------------ -------------------------------
Margaret M.Curry William P. Higgins
Sr. Vice President - Servicing Vice President and Controller
March 11, 1999 March 11, 1999
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<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 69,340,451.89 7,787,626.19 329,120.60 8,116,746.79 61,552,825.70
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-9 231,725,000.00 223,171,246.62 4,435,922.78 1,112,064.31 5,547,987.09 218,735,323.84
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 60,411,277.66 10,029,177.21 286,738.77 10,315,915.98 50,382,100.45
----------------
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 0.00 633,144.00 633,144.00 124,200,000.00
21075WJM8 A-19 77,946,000.00 71,328,627.56 3,821,351.75 359,020.76 4,180,372.51 67,507,275.81
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 5,522,208.63 5,522,208.63 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------
Total 2,100,000,000.00 2,059,580,603.73 26,074,077.93 15,751,768.69 41,825,846.62 2,033,506,525.80
------------------------------------------------------------------------------------------------------
* Internal Class
</TABLE>
<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
------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
- -----------------------------------------------------------------------------------------------------------------------------------
Ending Planned
Principal Interest Total Certificate Principal Current Pass
Class Distribution Distribution Distribution Balance Balance Class Thru Rate
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WHR9 A-1 97.34532738 4.11400750 101.45933488 769.41032125 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 19.14304792 4.79906920 23.94211712 943.94357035 A-9 5.78672%
21075WJC0 A-10 0.00000000 4.86666667 4.86666667 1,000.00000000 A-10 5.84000%
21075WJD8 A-11 133.72236280 3.82318360 137.54554640 671.76133933 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 127.44444444 127.44444444 25,000.00000000 A-18 5.92000%
21075WJM8 A-19 49.02562992 4.60601904 53.63164896 866.07748711 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%
------------------------------------------------------------------------------------------ B - I 8.10000%
Total 12.41622759 4.87121908 17.28744666 968.33644086 B - II 8.25000%
- ----------------------------------------------------------------------------------------------------------------------------------
Class A-18 Amounts Per $25,000 Unit.
* Internal Class
LIBOR: 5.53672%
---------------
AUCTION RATE: 5.92000%
---------------
</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-Jan-99
<TABLE>
<CAPTION>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 445,249.47 138,075.95 929,536.83 1,512,862.25
Prepayments (incl. Curtailments) 7,142,328.22 4,291,749.12 12,888,689.84 24,322,767.18
Purchased Principal 96,500.00 0.00 38,400.00 134,900.00
Liquidation Proceeds applied to principal 95,302.38 0.00 0.00 95,302.38
Realized Loss of Principal 8,246.12 0.00 0.00 8,246.12
Realized Loss of Interest 3,089.20 0.00 0.00 3,089.20
Extra Principal Distribution / (OC Reduction) 8,246.12 6,097.71 (6,097.71) 8,246.12
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
</TABLE>
<TABLE>
<CAPTION>
Group I Group IIa Group IIb Total
------- --------- --------- -----
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 781,552,825.70 311,960,139.69 939,993,560.41 2,033,506,525.80
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 99,091.44 0.00 39,555.60 138,647.04
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (ix) & (x) Weighted Average Coupon 10.06464% 10.06639% 10.56402% 10.2962%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term
to Maturity 341 355 213
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <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 3.8385% 4.8804%
Targeted Overcollateralization Amount 0.00 0.00
Overcollateralization Amount 0.00 0.00
Class A Optimal Balance 751,552,825.70 1,190,853,700.10
Class B Optimal Balance 30,000,000.00 61,100,000.00
Class B - I Class B - II
----------- ------------
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
Group I Group IIa Group IIb Total
------- --------- --------- -----
SEC. 7.09 (a) (xvi) Available Funds Cap 8.83322% 9.49482% 9.34665%
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 462,809.95
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
------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<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 162 1.56870% 10,698,469.04 1.36887%
Group I 60-89 Days 74 0.71657% 5,788,714.52 0.74067%
90+ Days 66 0.63910% 4,422,051.32 0.56580%
-----------------------------------------------------------------------------------------------------
30-59 Days 50 1.56986% 4,352,865.26 1.39533%
Group IIa 60-89 Days 25 0.78493% 2,392,913.83 0.76706%
90+ Days 29 0.91052% 2,219,114.38 0.71135%
-----------------------------------------------------------------------------------------------------
30-59 Days 268 1.81277% 14,243,642.45 1.51529%
Group IIb 60-89 Days 97 0.65611% 5,974,839.68 0.63563%
90+ Days 142 0.96050% 8,555,794.90 0.91020%
-----------------------------------------------------------------------------------------------------
30-59 Days 480 1.69635% 29,294,976.75 1.44061%
TOTAL 60-89 Days 196 0.69268% 14,156,468.03 0.69616%
90+ Days 237 0.83757% 15,196,960.60 0.74733%
-----------------------------------------------------------------------------------------------------
Total Group I 10,327 100.00000% 781,552,825.70 100.00000%
-----------------------------------------------------------------------------------
Total Group IIa 3,185 100.00000% 311,960,139.69 100.00000%
-----------------------------------------------------------------------------------
Total Group IIb 14,784 100.00000% 939,993,560.41 100.00000%
-----------------------------------------------------------------------------------
Total 28,296 100.00000% 2,033,506,525.80 100.00000%
-----------------------------------------------------------------------------------
</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> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 42 18 70 130
Loans in Foreclosure (LIF): Balance 3,055,852.69 1,511,566.48 3,997,813.43 8,565,232.60
Newly Commenced LIF: Count 26 11 44 81
Newly Commenced LIF: Balance 1,962,170.94 772,336.48 2,345,411.71 5,079,919.13
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 13 8 23 44
Loans in Bankruptcy: Balance 797,213.83 538,783.69 1,445,277.59 2,781,275.11
SEC. 7.09 (b) (iv&v) REO Properties: Count 0 0 1 1
REO Properties: Balance 0.00 0.00 31,500.00 31,500.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 11,335.32 0.00 125.78 11,461.10
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 10,210,765.84 4,612,028.21 14,530,634.58 29,353,428.63
SEC. 7.09 (b) (viii) Three Month Rolling Average of 60+ Day
Delinquency Rate 0.82237% 1.09504% 1.00914% 0.95070%
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>
Page 4
<PAGE>
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
7241409 31500 List Pending
Page 5
<PAGE>
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
Group I Group II Invest. Income Total
------- -------- -------------- -----
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 14,067,755.25 28,808,350.83 19,432.01 42,895,538.09
SEC. 7.08(b)(ii)&(iv) Amount Due Amount Paid
----------- ------------
Class A-1 Allocation 8,116,746.79 8,116,746.79
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
Class A-5 Allocation 414,308.33 414,308.33
Class A-6 Allocation 283,733.33 283,733.33
Class A-7 Allocation 343,416.67 343,416.67
Class A-8 Allocation 390,000.00 390,000.00
Class A-9 Allocation 5,547,987.09 5,547,987.09
Class A-10 Allocation 379,600.00 379,600.00
Class A-11 Allocation 10,315,915.98 10,315,915.98
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 633,144.00 633,144.00
Class A-19 Allocation 4,180,372.51 4,180,372.51
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 36,610,586.32 36,610,586.32
===============================
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
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
------------------------------------------------------------------
<S> <C> <C> <C>
A-1 69,340,451.89 7,787,626.19 61,552,825.70
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-9 223,171,246.62 4,435,922.78 218,735,323.84
A-10 78,000,000.00 0.00 78,000,000.00
A-11 60,411,277.66 10,029,177.21 50,382,100.45
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 71,328,627.56 3,821,351.75 67,507,275.81
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
* Denotes Notional Amounts for Class N-IO and P-IO
</TABLE>
<TABLE>
<CAPTION>
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 11,335.32 0.00 0.00 11,335.32
Cumulative Realized Losses 11,335.32 0.00 125.78 11,461.10
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 29,353,428.63
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.95070%
</TABLE>
<PAGE>
------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
------------------------------------------------------------------------------
Insurer's Report
Distribution Period: 15-Jan-99
Group I Group II Total
------- -------- -----
* Monthly Excess Cashflow Amount 18,604,47.10 3,650,575.14 5,511,022.74
* Premium paid from cash flow (1) 46,973.00 74,428.00 121,401.00
* Trustee Fee paid from cash flow (1) 809.48 1,302.66 2,112.14
* Broker-Dealer Fee (1) 16,042.50 16,042.50
* Auction Rate Fee (1) 625.00 625.00
* Interest Collected on Mortgage
Loans (net of Service Fee) 6288375.18 10521899.09 16810274.27
* Current Period Realized Losses:
Principal 8,246.12 0.00 8,246.12
Interest 3089.2 0.00 3089.2
(1) Allocated based upon the related Certificate Balances.
<PAGE>
- --------------------------------------------------------------------------------
CSHC / NatWest
Swap Side Agreement
- --------------------------------------------------------------------------------
Distribution Period: 15-Jan-99
- --------------------------------------------------------------------------------
Fixed Internal Floating
Current Swap Pass-Through Pass-Through
Balance Notional Balance Rate Rate
- --------------------------------------------------------------------------------
Class A-12 130,000,000.00 130,000,000.00 5.48000% 5.69672%
Class A-13 192,000,000.00 192,000,000.00 5.53000% 5.77672%
Class A-14 42,000,000.00 42,000,000.00 5.59500% 5.78672%
Class A-15 70,000,000.00 70,000,000.00 5.70000% 5.80672%
Class A-16 25,000,000.00 25,000,000.00 5.84000% 5.85672%
- --------------------------------------------------------------------------------
Total 459,000,000.00 459,000,000.00
- ------------------------------------------------
- --------------------------------------------------------------------------------
Internal Floating Internal Swap Floating Swap
Actual Balance Actual Balance Notional Balance Notional Balance
Interest Interest Interest Interest
- --------------------------------------------------------------------------------
Class A-12 593,666.67 637716.16 593,666.67 637,716.16
Class A-13 884,800.00 955084.37 884,800.00 955,084.37
Class A-14 195,825.00 209286.37 195,825.00 209,286.37
Class A-15 332,500.00 350016.18 332,500.00 350,016.18
Class A-16 121,666.67 126082.17 121,666.67 126,082.17
- --------------------------------------------------------------------------------
Total 2,128,458.34 2278185.25 2,128.458.34 2,278,185.25
- --------------------------------------------------------------------------------
Current Swap Gains 0.00
Swap Gains Carry-Forward 0.00
Current Swap Losses 0.00
Swap Losses Carry-Forward 0.00
Swap Gains Payable to CSHC 0.00
Swap Losses Payable to NatWest (limited to Class R Cashflow) 0.00
