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Previous: INFINITY BROADCASTING CORP /DE/, S-1/A, 1998-11-09 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-21 TRUST, 8-K, 1998-11-09 |
UNITED STATES
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): October 26, 1998
Centex Home Equity Loan Trust 1998-03
New York (governing law of 333-39649-11 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of, Centex Home
Equity Loan Trust 1998-03.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Centex Home
Equity Loan Trust 1998-03, relating to the October
26, 1998 distribution.
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.
Centex Home Equity Loan Trust 1998-03
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/5/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Centex Home Equity
Loan Trust 1998-03, relating to the October 26, 1998
distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 9/30/98
Distribution Date: 10/26/98
CHEC Series: 1998-3
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
R CTX98002R R 0.00000% 0.00 0.00 0.00
A-1 152314AM2 SEQ 6.29000% 63,993,000.00 335,429.97 1,383,469.66
A-2 152314AN0 SEQ 5.93000% 10,531,000.00 52,040.69 0.00
A-3 152314AP5 SEQ 5.91000% 32,755,000.00 161,318.37 0.00
A-4 152314AQ3 SEQ 6.15000% 20,304,000.00 104,058.00 0.00
A-5 152314AR1 SEQ 6.58000% 18,906,000.00 103,667.90 0.00
A-6 152314AS9 SEQ 6.04000% 16,276,000.00 81,922.53 0.00
A-7 152314AT7 SEQ 5.87500% 77,235,000.00 325,835.16 801,633.05
OC CTX9802OC SUB 0.00000% 0.00 0.00 0.00
Totals 240,000,000.00 1,164,272.62 2,185,102.71
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
R 0.00 0.00 0.00 0.00
A-1 0.00 62,609,530.32 1,718,899.63 0.00
A-2 0.00 10,531,000.00 52,040.69 0.00
A-3 0.00 32,755,000.00 161,318.37 0.00
A-4 0.00 20,304,000.00 104,058.00 0.00
A-5 0.00 18,906,000.00 103,667.90 0.00
A-6 0.00 16,276,000.00 81,922.53 0.00
A-7 0.00 76,433,366.95 1,127,468.21 0.00
OC 0.00 646,399.39 0.00 0.00
Totals 0.00 238,461,296.66 3,349,375.33 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
R 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
A-1 63,993,000.00 63,993,000.00 0.00 1,383,469.66 0.00 0.00
A-2 10,531,000.00 10,531,000.00 0.00 0.00 0.00 0.00
A-3 32,755,000.00 32,755,000.00 0.00 0.00 0.00 0.00
A-4 20,304,000.00 20,304,000.00 0.00 0.00 0.00 0.00
A-5 18,906,000.00 18,906,000.00 0.00 0.00 0.00 0.00
A-6 16,276,000.00 16,276,000.00 0.00 0.00 0.00 0.00
A-7 77,235,000.00 77,235,000.00 0.00 801,633.05 0.00 0.00
OC 0.00 0.00 0.00 0.00 0.00 0.00
Totals 240,000,000.00 240,000,000.00 0.00 2,185,102.71 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
R 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
A-1 1,383,469.66 62,609,530.32 0.97838092 1,383,469.66
A-2 0.00 10,531,000.00 1.00000000 0.00
A-3 0.00 32,755,000.00 1.00000000 0.00
A-4 0.00 20,304,000.00 1.00000000 0.00
A-5 0.00 18,906,000.00 1.00000000 0.00
A-6 0.00 16,276,000.00 1.00000000 0.00
A-7 801,633.05 76,433,366.95 0.98962086 801,633.05
OC 0.00 646,399.39 0.00000000 0.00
Totals 2,185,102.71 238,461,296.66 0.99358874 2,185,102.71
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-1 63,993,000.00 1000.00000000 0.00000000 21.61907802 0.00000000
A-2 10,531,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 32,755,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 20,304,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 18,906,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 16,276,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 77,235,000.00 1000.00000000 0.00000000 10.37914223 0.00000000
OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1000.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1 0.00000000 21.61907802 978.38092166 0.97838092 21.61907802
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 10.37914223 989.62085777 0.98962086 10.37914223
OC 0.00000000 0.00000000 646,399.39000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
R 0.00 0.00000% 0.00 0.00 0.00 0.00
A-1 63,993,000.00 6.29000% 63,993,000.00 335,429.97 0.00 0.00
A-2 10,531,000.00 5.93000% 10,531,000.00 52,040.69 0.00 0.00
A-3 32,755,000.00 5.91000% 32,755,000.00 161,318.38 0.00 0.00
A-4 20,304,000.00 6.15000% 20,304,000.00 104,058.00 0.00 0.00
A-5 18,906,000.00 6.58000% 18,906,000.00 103,667.90 0.00 0.00
A-6 16,276,000.00 6.04000% 16,276,000.00 81,922.53 0.00 0.00
A-7 77,235,000.00 5.87500% 77,235,000.00 352,988.09 0.00 0.00
OC 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 240,000,000.00 1,191,425.56 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
R 0.00 0.00 0.00 0.00 0.00
A-1 0.00 0.00 335,429.97 0.00 62,609,530.32
A-2 0.00 0.00 52,040.69 0.00 10,531,000.00
A-3 0.00 0.00 161,318.37 0.00 32,755,000.00
A-4 0.00 0.00 104,058.00 0.00 20,304,000.00
A-5 0.00 0.00 103,667.90 0.00 18,906,000.00
A-6 0.00 0.00 81,922.53 0.00 16,276,000.00
A-7 0.01 0.00 325,835.16 0.00 76,433,366.95
OC 0.00 0.00 0.00 0.00 646,399.39
Totals 0.01 0.00 1,164,272.62 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
A-1 63,993,000.00 6.29000% 1000.00000000 5.24166659 0.00000000 0.00000000
A-2 10,531,000.00 5.93000% 1000.00000000 4.94166651 0.00000000 0.00000000
A-3 32,755,000.00 5.91000% 1000.00000000 4.92500015 0.00000000 0.00000000
A-4 20,304,000.00 6.15000% 1000.00000000 5.12500000 0.00000000 0.00000000
A-5 18,906,000.00 6.58000% 1000.00000000 5.48333333 0.00000000 0.00000000
A-6 16,276,000.00 6.04000% 1000.00000000 5.03333313 0.00000000 0.00000000
A-7 77,235,000.00 5.87500% 1000.00000000 4.57031255 0.00000000 0.00000000
OC 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1000.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1 0.00000000 0.00000000 5.24166659 0.00000000 978.38092166
A-2 0.00000000 0.00000000 4.94166651 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.92499985 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.12500000 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.48333333 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.03333313 0.00000000 1000.00000000
A-7 0.00000013 0.00000000 4.21875005 0.00000000 989.62085777
OC 0.00000000 0.00000000 0.00000000 0.00000000 646399.39000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
SEQ 1,200.00000% 30,000.00 29,731.00 0.01 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,480,374.80
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 3,480,374.80
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 130,999.45
Payment of Interest and Principal 3,349,375.35
Total Withdrawals (Pool Distribution Amount) 3,480,374.80
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 99,999.45
Trustee Fee 1,000.00
Group 1 FGIC Premium 20,346.00
Group 2 FGIC Premium 9,654.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 130,999.45
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 18 1,135,026.58 0.513552% 0.475979%
60 Days 1 42,400.00 0.028531% 0.017781%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 1 32,245.31 0.028531% 0.013522%
REO 0 0.00 0.000000% 0.000000%
Totals 20 1,209,671.89 0.570613% 0.507282%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 10,907.62
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 10.794801%
Weighted AverageNet Coupon 10.361173%
Weighted Average Pass-Through Rate 10.139800%
Weighted Average Maturity(Stepdown Calculation ) 355
Begin Scheduled Collateral Loan Count 3,505
Number Of Loans Paid In Full 0
End Scheduled Collateral Loan Count 3,505
Begining Scheduled Collateral Balance 239,998,703.52
Ending Scheduled Collateral Balance 238,461,296.66
Ending Actual Collateral Balance at 30-Sep-1998 238,461,296.66
Monthly P &I Constant 2,116,381.68
Ending Scheduled Balance for Premium Loans 238,461,296.66
Scheduled Principal 172,708.07
Unscheduled Principal 1,364,698.68
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Fixed 30 Year 6 Month LIBOR ARM
Weighted Average Coupon Rate 9.880988 9.364877
Weighted Average Net Rate 9.375988 8.859877
Weighted Average Maturity 308.00 355.00
Begining Loan Count 2,762.00 762.00
Loans Paid In Full 13.00 6.00
Ending Loan Count 2,749.00 756.00
Begining Scheduled Balance 162,763,908.95 77,234,794.54
Ending Scheduled Balance 161,793,382.03 76,667,914.63
Record Date 98-09-30 98-09-30
Principal And Interest Constant 1,481,520.22 634,861.46
Scheduled Principal 141,296.75 32,116.19
Unscheduled Principal 829,230.18 534,763.74
Scheduled Interest 1,340,223.47 602,745.27
Servicing Fee 67,818.30 32,181.15
Other Fee 678.19 321.81
Net Interest 1,271,726.98 570,242.31
Group ID 1 2
Subordinate Amount 411,852.47 234,753.14
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 3,418,042.09 4,247,913.70
Subordinate Increase Amount 3,419,133.13 4,248,119.14
Extra Principal Distribution Amount 412,943.51 234,753.14
Excess Cash Amount 412,943.51 234,753.14
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 13 761,199.69 1 42,400.00 0 0.00
2 5 373,826.89 0 0.00 0 0.00
Total 18 $1,135,026.58 1 $42,400.00 0 $0.00
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 1 32,245.31 0 0.00 5 303,816.98
2 0 0.00 0 0.00 0 0.00
TOTAL 1 32,245.31 0 0.00 5 303,816.98
</TABLE>
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