<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 20, 1998
-----------------
First Alliance Mortgage Company
on behalf of
First Alliance Mortgage Loan Trust 1998-3
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-44585-04 95-2944875
- ---------------------------- -------------------- -------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification
No.)
c/o First Alliance Mortgage Company
Attention: Francisco Nebot
Executive Vice President & CFO
17305 Von Karman Avenue
Irvine, CA 92614
----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (949) 224-8500
Not Applicable
--------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
Information relating to the distributions to Certificateholders for
the November 1998 Monthly Period of the Trust in respect of the First Alliance
Mortgage Loan Asset Backed Certificates, Series 1998-3, Class A (the
"Certificates") issued by the Registrant and the performance of the Trust
(including distributions of principal and interest, delinquent balances of
Mortgage Loans, and the subordinated amount remaining), together with certain
other information relating to the certificates, is contained in the Monthly
Report for the Monthly Period provided to certificateholders pursuant to the
Pooling and Servicing Agreement (the "Agreement") dated as of September 1, 1998
between First Alliance Mortgage Company as Servicer, and Chase Manhattan Bank,
as trustee.
Item 7. Exhibit.
Monthly Report for the November 1998 Monthly Period relating to the
First Alliance Mortgage Loan Asset Backed Certificates Series 1998-3, Class A
issued by the First Alliance Mortgage Loan Trust 1998-3.
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------
FIRST ALLIANCE MORTGAGE COMPANY
MORTGAGE LOAN ASSET BACKED NOTES
SERIES 1998-3
==================================================================================================================
DISTRIBUTION: 20-Nov-98
<CAPTION>
====================================================================================================
ORIGINAL BEGINNING ENDING
CLASS NOTE NOTE PRINCIPAL INTEREST TOTAL CERTIFICATE
BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 30,000,000.00 28,967,503.72 932,998.12 149,665.44 1,082,663.56 28,034,505.60
A-2 22,000,000.00 22,000,000.00 0.00 112,933.33 112,933.33 22,000,000.00
A-3 18,000,000.00 18,000,000.00 0.00 96,900.00 96,900.00 18,000,000.00
A-4 30,000,000.00 29,800,677.37 81,654.17 140,546.02 222,200.19 29,719,023.20
R 0.00 0.00 0.00 0.00 0.00 0.00
====================================================================================================
TOTALS 100,000,000.00 98,768,181.09 1,014,652.29 500,044.79 1,514,697.08 97,753,528.80
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
============================================================================================
ORIGINAL BEGINNING SCHEDULED UNSCHEDULED
CLASS FACE CERTIFICATE PRINCIPAL PRINCIPAL REALIZED
BALANCE BALANCE DISTRIBUTION DISTRIBUTION ACCERTION LOSS (3)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 30,000,000.00 965.58345733 0.00000000 31.09993733 0.00000000 0.00000000
A-2 22,000,000.00 1,000.00000000 0.00000000 0.0000000 0.00000000 0.00000000
A-3 18,000,000.00 1,000.00000000 0.00000000 0.0000000 0.00000000 0.00000000
A-4 30,000,000.00 993.35591233 0.00000000 2.72180567 0.00000000 0.00000000
R 0.00 0.000000 0.00000000 0.00000000 0.00000000 0.00000000
============================================================================================
</TABLE>
Principal Distribution Factors Statement (cont'd)
================================================================================
ENDING ENDING TOTAL TOTAL
CERTIFICATE CERTIFICATE PRINCIPAL PRINCIPAL
CLASS BALANCE PERCENTAGE REDUCTION DISTRIBUTION
- --------------------------------------------------------------------------------
A-1 934.48352000 0.93448352 31.09993733 31.09993733
A-2 1000.00000000 1.00000000 0.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000 0.00000000
A-4 990.63410666 0.99063411 2.72180567 2.72180567
R 0.00000000 0.00000000 0.00000000 0.00000000
================================================================================
<TABLE>
Interest Distribution Factors Statement
<CAPTION>
======================================================================================================================
ORIGINAL CURRENT BEGINNING CURRENT PAYMENT OF CURRENT NON-SUPPORTED
CLASS FACE CERTIFICATE CERTIFICATE/ ACCRUED UNPAID INTEREST INTEREST REALIZED
BALANCE RATE NOTIONAL BAL. INTEREST INTEREST SHORTFALL SHORTFALL SHORTFALL LOSSES
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 30,000,000.00 6.20000% 965.58345733 4.98884800 0.00000000 0.00000000 0.00000000 0.000000000
A-2 22,000,000.00 6.16000% 1,000.00000000 5.13333318 0.00000000 0.00000000 0.000000000 0.000000000
A-3 18,000,000.00 6.46000% 1,000.00000000 5.38333333 0.00000000 0.00000000 0.000000000 0.000000000
A-4 30,000,000.00 5.47688% 993.35591233 4.68486733 0.00000000 0.00000000 0.000000000 0.000000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.000000000 0.000000000
======================================================================================================================
</TABLE>
Interest Distribution Factors Statement (Cont'd)
================================================================================
ENDING TOTAL
CLASS CERTIFICATE/ INTEREST
NOTIONAL BAL DISTRIBUTION
- --------------------------------------------------------------------------------
A-1 934.48352000 4.98884800
A-2 1000.00000000 5.13333318
A-3 1000.00000000 5.38333333
A-4 990.63410666 4.68486733
R 0.00000000 0.00000000
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FIRST ALLIANCE MORTGAGE COMPANY
MORTGAGE LOAN ASSET BACKED NOTES
SERIES 1998-3
================================================================================
DELINQUENCY STATUS
Percentage Delinquent
Base On
Current Unpaid
Number Principal Number of Unpaid Balance
of Loans Balance Loans
------------------------------------------------------------
30 Days 5 393,032.23 0.469925% 0.400510%
60 Days 1 137,020.61 0.093985% 0.139628%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 5 327,044.77 0.469925% 0.333267%
REO 0 0.00 0.000000% 0.000000%
------------------------------------------------------------
Totals 11 857,097.61 1.033835% 0.873404%
------------------------------------------------------------
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
Group 1 2
--------- ---------
Subordinate Amount 276,445.50 102,989.32
Subordinate Reduction Amount - -
Required Subordinate Amount 1,225,000.00 825,000.00
Suborindate Increase Amount 1,086,013.38 772,943.13
Extra Principal Distribtion Amount 137,458.88 50,932.45
Excess Cash Amount 137,458.88 50,932.45
-------------------------------------------------------------------
COLLATERAL STATEMENT
-------------------------------------------------------------------
Beginning Scheduled Collateral Balance 98,959,224.58
Ending Scheduled Collateral Balance 98,132,963.62
Ending Actual Collateral Balance at 31-Oct-1998 -
Monthly P&I Constant 801,914.37
Scheduled Principal 65,111.04
Unscheduled Principal 761,149.92
-------------------------------------------------------------------
<PAGE>
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.
First Alliance Mortgage Loan Trust 1998-3
------------------------------------------
(Registrant)
By: First Alliance Mortgage Company
---------------------------------------
(Servicer)
Date: December 21, 1998 By: /S/ Francisco Nebot
------------------ ---------------------------------------
Name: Francisco Nebot
-------------------------------------
Executive Vice President and
Title: Chief Financial Officer
------------------------------------
