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)
January 15, 1999
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 January 15, 1999 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 December, 1998 dated January
15, 1999 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 December,
1998 was $823,484.45.
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 December, 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: January 29, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December, 1998.
Page 5
================================================================================
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
-----------------------------------------------------------------------------------------------------------------------------
</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
================================================================================
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%
-------------------------------------------------------------------------------------------
Total 12.41622759 4.87121908 17.28744666 968.33644086 B-I 8.10000%
- ----------------------------------------------------------------------------------------- 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
</TABLE>
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <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
<CAPTION>
Class B-I Class B-II
--------- ----------
<S> <C> <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> <C>
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>
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 22,670.64 0.00 125.78 22,796.42
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>
================================================================================
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
<CAPTION>
SEC. 7.08(b)(ii)&(iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C> <C>
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> <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
</TABLE>
* Denotes Notional Amounts for Class N-IO and P-IO
<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 22,670.64 0.00 125.78 22,796.42
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 5
