|
|
|
|
|
|
|
|
|
|
Previous: CONEXANT SYSTEMS INC, 8-K, 1999-01-12 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998-20 TRUST, 8-K, 1999-01-12 |
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): December 28, 1998
CENTEX HOME EQUITY LOAN TRUST 1998-3
New York (governing law of 333-39649-11 52-2126935
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 December 28, 1998 a distribution was made to holders of CENTEX HOME
EQUITY LOAN TRUST 1998-3.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Centex Home Equity Loan Trust 1998-3
relating to the December 28, 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 CORPORATION
Mortgage Pass-Through Certificates, Series 1998-3
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 12/30/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1998-3 Trust, relating to the
December 28, 1998 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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 0.02 0.00
A-1 152314AM2 SEQ 6.29000% 60,662,856.42 317,974.47 1,582,611.06
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 5.29234% 75,483,669.10 366,194.80 1,549,571.28
OC CTX9802OC SUB 0.00000% 0.00 0.00 0.00
Totals 234,918,525.52 1,187,176.78 3,132,182.34
</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 0.02 0.00
A-1 0.00 59,080,245.36 1,900,585.53 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 73,934,097.82 1,915,766.08 0.00
OC 0.00 0.00 0.00 0.00
Totals 0.00 231,786,343.18 4,319,359.12 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 60,662,856.42 0.00 1,582,611.06 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 75,483,669.10 0.00 1,549,571.28 0.00 0.00
OC 0.00 0.00 0.00 0.00 0.00 0.00
Totals 240,000,000.00 234,918,525.52 0.00 3,132,182.34 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 1,582,611.06 59,080,245.36 0.92322981 1,582,611.06
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 1,549,571.28 73,934,097.82 0.95726158 1,549,571.28
OC 0.00 0.00 0.00000000 0.00
Totals 3,132,182.34 231,786,343.18 0.96577643 3,132,182.34
</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 63,993,000.00 947.96081478 0.00000000 24.73100277 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 77,235,000.00 977.32464686 0.00000000 20.06307089 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 24.73100277 923.22981201 0.92322981 24.73100277
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 20.06307089 957.26157597 0.95726158 20.06307089
OC 0.00000000 0.00000000 0.00000000 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% 60,662,856.42 317,974.47 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 5.29234% 75,483,669.10 366,194.80 0.00 0.00
OC 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 240,000,000.00 1,187,176.77 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 0.02 0.00 0.00
A-1 0.01 0.00 317,974.47 0.00 59,080,245.36
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 0.00 366,194.80 0.00 73,934,097.82
OC 0.00 0.00 0.00 0.00 0.00
Totals 0.02 0.00 1,187,176.78 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% 947.96081478 4.96889457 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 5.29234% 977.32464686 4.74130640 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 20000.00000000 0.00000000 0.00000000
A-1 0.00000016 0.00000000 4.96889457 0.00000000 923.22981201
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 4.74130640 0.00000000 957.26157597
OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<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 Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
SEQ 1,200.00000% 29,364.00 28,974.00 0.00 0.00 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,448,208.13
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 4,448,208.13
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 128,849.01
Payment of Interest and Principal 4,319,359.12
Total Withdrawals (Pool Distribution Amount) 4,448,208.13
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 98,500.01
Trustee Fee 985.00
Group 1 FGIC Premium 19,929.00
Group 2 FGIC Premium 9,435.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 128,849.01
</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 43 2,626,937.77 1.244573% 1.122254%
60 Days 9 711,281.75 0.260492% 0.303867%
90+ Days 1 57,579.41 0.028944% 0.024598%
Foreclosure 11 530,316.70 0.318379% 0.226556%
REO 0 0.00 0.000000% 0.000000%
Totals 64 3,926,115.63 1.852388% 1.677275%
</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 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class OC 0.00 .00000000% 0.00 0.000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 10.787953%
Weighted Average Net Coupon 10.456229%
Weighted Average Pass-Through Rate 10.138893%
Weighted Average Maturity(Stepdown Calculation ) 353
Begin Scheduled Collateral Loan Count 3,481
Number Of Loans Paid In Full 26
End Scheduled Collateral Loan Count 3,455
Begining Scheduled Collateral Balance 236,400,017.73
Ending Scheduled Collateral Balance 234,077,036.56
Ending Actual Collateral Balance at 30-Nov-1998 234,077,036.56
Monthly P &I Constant 2,289,198.03
Ending Scheduled Balance for Premium Loans 234,077,036.56
Scheduled Principal 163,971.06
Unscheduled Principal 2,159,010.11
</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 10.909736 10.530934
Weighted Average Net Rate 10.404736 10.025934
Weighted Average Maturity 306.00 353.00
Beginning Loan Count 2,730 751
Loans Paid In Full 16 10
Ending Loan Count 2,714 741
Beginning Scheduled Balance 160,398,831.54 76,001,186.19
Ending scheduled Balance 159,366,065.70 74,710,970.86
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 1,592,495.90 696,702.13
Scheduled Principal 134,238.52 29,732.54
Unscheduled Principal 898,527.32 1,260,482.79
Scheduled Interest 1,458,257.38 666,969.59
Servicing Fees 66,832.85 31,667.17
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 668.33 316.66
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 1,390,756.20 634,985.76
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
1 2
Group ID 1,513,820.34 776,873.04
Subordinate Amount 0.00 0.00
Subordinate Reduction Amount 3,418,042.09 4,247,913.70
Required Subordinate Amount 2,454,066.97 3,730,396.61
Subordinate Increase Amount 549,845.22 259,355.95
Extra Principal Distribution Amount 549,845.22 259,355.95
Excess Cash Amount
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptc
1 Principal Balance 1,712,192.15 504,360.54 57,579.41 382,888.45 0.00 524,814.67
Percentage Of Balanc 1.074% 0.316% 0.036% 0.240% 0.000% 0.329%
Loan Count 34 8 1 8 0 9
Percentage Of Loans 1.253% 0.295% 0.037% 0.295% 0.000% 0.332%
2 Principal Balance 914,745.62 206,921.21 0.00 147,428.25 0.00 55,686.92
Percentage Of Balanc 1.224% 0.277% 0.000% 0.197% 0.000% 0.075%
Loan Count 9 1 0 3 0 1
Percentage Of Loans 1.215% 0.135% 0.000% 0.405% 0.000% 0.135%
</TABLE>
|
|