November 19, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Wilshire Funding Corporation Mortgage Backed Certificates,
Series 1998-WFC2; File No. 333-33807.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of June 1, 1998 (the "Pooling and Servicing Agreement")
among Wilshire Mortgage Funding Company VI, Inc., a Delaware
Corporation, its successors and permitted assigns, as Unaffiliated
Seller (the "Unaffiliated Seller"), Wilshire Servicing Corporation,
a Delaware corporation ("WSC"), its successors and permitted
assigns, as Servicer (the "Servicer"), Credit Suisse First Boston
Mortgage Securities Corp., a Delaware corporation, as Depositor (the
"Depositor"), and Bankers Trust Company of California, N.A., a
national banking association chartered under the laws of the United
States, its successors and permitted assigns, as Trustee (the
"Trustee") and as Back-up Servicer (the "Back-up Servicer").
The Wilshire Funding Corporation Mortgage-Backed Certificates, Series
1998-WFC2 (the "Certificates") will represent beneficial interests in
a trust (the "Trust"), the assets of which (the "Trust Fund") will
consist primarily of a pool of fixed and adjustable rate, closed-end
loans secured by mortgages on residential one- to four-family
properties, multifamily properties, commercial properties and
unimproved land (the "Mortgage Loans") purchased by Wilshire Funding
Corporation (the "Wilshire Seller") in the ordinary course of its
business and conveyed, together with certain related property
described in the Prospectus Supplement dated September 25, 1997, to
Wilshire Mortgage Funding Company VI. Inc. (the "Seller"). The
Seller will convey such property to Credit Suisse First Boston
Mortgage Securities Corp. (the "Depositor"), which will convey it to
the Trust. The Trust will be created and the Certificates will be
issued pursuant to the Pooling and Servicing Agreement.
The Certificates will consist of the following ten classes (each, a
"Class"); (i) the Class A-I Certificates, the Class A-II Certificates
and the Class A-III Certificates (collectively, the "Class A
Certificates"); (ii) the Class IO Certificates; (iii) the Class M-1
Certificates, the Class M-2 Certificates and the Class M-3
Certificates (collectively, the "Class M Certificates"); and (iv) the
Class B-1 Certificates, the Class B-2 Certificates and the Class B-3
Certificates (collectively, the "Class B Certificates"). The Class A
Certificates and the Class IO Certificates are referred to in the
Prospectus Supplement dated September 25, 1997 collectively as the
"Senior Certificates." The Class M Certificates and the Class B
Certificates are referred to in the Prospectus Supplement dated
September 25, 1997 as the "Subordinate Certificates." The Class A-I
Certificates and Subordinate Certificates are referred to in the
Prospectus Supplement dated September 25, 1997 as the "Group I
Certificates." The Trust will also issue a "residual interest" with
respect to each REMIC held by the Trust (collectively, the "Residual
Certificates").
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-33807). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company
S.E.C. Reporting Agent for Salomon Brothers Mortgage Securities VII,
Inc. Mortgage Pass-Through Certificates, Series 1998-WFC2.
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): July 27,
1998.
WILSHIRE MORTGAGE FUNDING COMPANY IV, INC.
Wilshire Mortgage Funding Company VI, Inc., a Delaware Corporation,
its successors and permitted assigns, as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, a Delaware
corporation ("WSC"), its successors and permitted assigns, as
Servicer (the "Servicer"), Credit Suisse First Boston Mortgage
Securities Corp., a Delaware corporation, as Depositor (the
"Depositor"), and Bankers Trust Company of California, N.A., a
national banking association chartered under the laws of the United
States, its successors and permitted assigns, as Trustee (the
"Trustee") and as Back-up Servicer (the "Back-up Servicer") under the
Pooling and Servicing Agreement, dated as of June 1, 1998, providing
for the issuance of the Wilshire Funding Corporation Mortgage Backed
Certificates, Series 1998-WFC2.)
WILSHIRE FUNDING CORPORATION MORTGAGE BACKED CERTIFICATES,
SERIES 1998-WFC2.
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-33807 13-3320910
(Commission File Number) (I.R.S. Employer Identification No.)
11 MADISON AVENUE
NEW YORK, NEW YORK 10010
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 325-2000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
July 27, 1998.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the
Registrant pursuant to the Pooling and
Servicing Agreement, dated as of June 1,
1998.
Date: November 19, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT:
Monthly Report to Certificateholders as to distributions made on July
27, 1998.
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1998-WFC2
Statement to Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-I 22,692,783.00 22,692,783.00 111,201.92 103,912.53
A-II 33,552,979.00 33,552,979.00 224,764.48 472,359.52
A-III 40,232,784.00 40,232,784.00 234,691.24 443,322.09
IO(*) 119,794,194.00 119,794,194.00 73,297.97 0.00
M-1 12,059,818.00 12,059,818.00 59,096.98 13,850.64
M-2 11,255,830.00 11,255,830.00 55,157.18 12,927.26
M-3 8,843,866.00 8,843,866.00 43,337.76 10,157.14
B-1 20,099,697.00 20,099,697.00 98,494.96 23,084.40
B-2 3,215,951.00 3,215,951.00 15,759.19 3,693.50
B-3 8,843,869.00 8,843,869.30 43,337.80 10,157.14
R-II 0.00 0.00 0.00 0.00
TOTALS 160,797,577.30 160,797,577.30 959,139.48 1,093,464.22
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A-I 215,114.45 0.00 0.00 22,588,870.47
A-II 697,124.00 0.00 0.00 33,080,619.48
A-III 678,013.33 0.00 0.00 39,789,461.91
IO(*) 73,297.97 0.00 0.00 118,747,821.96
M-1 72,947.62 0.00 0.00 12,045,967.36
M-2 68,084.44 0.00 0.00 11,242,902.74
M-3 53,494.90 0.00 0.00 8,833,708.86
B-1 121,579.36 0.00 0.00 20,076,612.60
B-2 19,452.69 0.00 0.00 3,212,257.50
B-3 53,494.94 0.00 0.00 8,833,712.16
R-II 0.00 0.00 0.00 0.00
TOTALS 2,052,603.70 0.00 0.00 159,704,113.08
(*)Represents Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A-I 22540AGQ5 1,000.000000 4.900321 4.579100
A-II 22540AGR3 1,000.000000 6.698794 14.078020
A-III 22540AGS1 1,000.000000 5.833333 11.018927
IO(*) 1,000.000000 0.611866 0.000000
M-1 22540AGU6 1,000.000000 4.900321 1.148495
M-2 22540AGV4 1,000.000000 4.900321 1.148495
M-3 22540AGW2 1,000.000000 4.900318 1.148495
B-1 22540AGX0 1,000.000000 4.900321 1.148495
B-2 22540AGY8 1,000.000000 4.900320 1.148494
B-3 22540AGZ5 1,000.000000 4.900321 1.148495
R-II 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
TOTAL BALANCE
A-I 9.479421 995.420900
A-II 20.776814 985.921980
A-III 16.852260 988.981073
IO(*) 0.611866 991.265252
M-1 6.048816 998.851505
M-2 6.048816 998.851505
M-3 6.048814 998.851505
B-1 6.048816 998.851505
B-2 6.048814 998.851506
B-3 6.048816 998.851505
R-II 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A-I 5.880385% 5.876093%
A-II 8.038552% NA
A-III 7.000000% NA
IO(*) 0.734239% NA
M-1 5.880385% NA
M-2 5.880385% NA
M-3 5.880385% NA
B-1 5.880385% NA
B-2 5.880385% NA
B-3 5.880385% NA
R-II 0.000000% NA
SELLER: Wilshire Mortgage Funding Company VI, Inc.
SERVICER: Wilshire Servicing Corporation
LEAD UNDERWRITER: Credit Suisse First Boston Mortgage Securities Corp.
RECORD DATE: June 30, 1998
DISTRIBUTION DATE: July 27, 1998
ADMINISTRATOR: Jennifer Bohannon
Bankers Trust Company
3 Park Plaza
Irvine, CA 92614
FACTOR INFO: (800)735-7777
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1998-WFC2
Statement to Certificateholders
Distribution Date: July 27, 1998
DELINQUENCY ADVANCES FOR DISTRIBUTION DATE:
INTEREST: 835,612.55
PRINCIPAL: 220,462.62
UNREIMBURSED DELINQUENCY
ADVANCES REMAINING AFTER DISTRIBUTION DATE: 0.00
UNREIMBURSED SERVICING
ADVANCES REMAINING AFTER DISTRIBUTION DATE: 0.00
DELINQUENT LOAN 31 TO 60 61 TO 90 91+
INFORMATION DAYS DAYS DAYS TOTAL
PRIN. BAL.(*) 10,868,775.12 4,932,756.65 688,249.30 16,489,781.07
NUMBER OF LOANS(*) 106 42 10 158
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 631,507.71
NUMBER OF LOANS 6
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
BOOK VALUE PRINCIPAL BALANCE OF REO LOANS: NA
PRINCIPAL PREPAYMENTS 771,698.04
SUBSTITUTION AMOUNTS OR REPURCHASE AMOUNTS 0.00
OTHER UNSCHEDULED RECOVERIES 0.00
ENDING MORTGAGE LOAN PRINCIPAL BALANCE 159,704,113.08
ENDING LOAN COUNT 1,168
(*)Exclusive of Bankruptcies, Foreclosures and REOs.
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
