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Previous: GENESISINTERMEDIA COM INC, SB-2/A, 1999-01-25 |
Next: HEADLANDS MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-2, 424B5, 1999-01-25 |
January 25, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Delta Funding Corporation Home Equity Loan Asset-Backed
Certificates, Series 1998-3; File No. 333-51545.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Delta Funding Corporation
under the Pooling and Servicing Agreement, dated as of August 31,
1998 (the "Pooling and Servicing Agreement") among Delta Funding
Corporation, as seller and servicer (the "Seller" and the "Servicer",
respectively), and Bankers Trust Company of California, N.A., as
trustee (the "Trustee").
The Home Equity Loan Asset-Backed Certificates, Series 1998-3 (the
"Certificates") will represent the entire beneficial interest in
Delta Funding Home Equity Loan Trust 1998-3 (the "Trust"). Only
Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class
A-6F, Class IOF, and Class A-1A (collectively, the "Offered
Certificates") are offered hereby.
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant 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 agent for Registrant will file, promptly after each Distribution
Date as defined in the Indenture 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.
Within 90 days after the end of each fiscal year, the agent for the
Registrant 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 agent for the Registrant 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 agent for the Registrant 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 of California, N.A.
S.E.C. Reporting Agent for Delta Funding Corporation Home Equity Loan
Asset-Backed Certificates, Series 1998-3.
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 15, 1998
DELTA FUNDING CORPORATION
(as seller and servicer under a Pooling and Servicing Agreement,
dated as of August 31, 1998, providing for inter alia, the issuance
of Home Equity Loan Asset-Backed Certificates, Series 1998-3.
DELTA FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
NEW YORK
(State or Other Jurisdiction of Incorporation)
333-51545 11-2609517
(Commission File Number) (I.R.S. Employer
Identification No.)
1000 WOODBURY ROAD
WOODBURY, NEW YORK 11797
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (516) 364-8500
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
October 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 16, 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 August 31, 1998.
Date: January 25, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of October 15, 1998.
Monthly Remittance Statement to the Certificateholders
dated as of November 16, 1998.
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 145,872,000.00 145,872,000.00 753,672.00 1,611,365.15 2,
>365,037.15 0.00 0.00 144,260,634.85
A-2F 94,886,000.00 94,886,000.00 463,359.97 0.00
>463,359.97 0.00 0.00 94,886,000.00
A-3F 58,921,000.00 58,921,000.00 292,640.97 0.00
>292,640.97 0.00 0.00 58,921,000.00
A-4F 68,805,000.00 68,805,000.00 356,639.25 0.00
>356,639.25 0.00 0.00 68,805,000.00
A-5F 32,016,000.00 32,016,000.00 171,018.80 0.00
>171,018.80 0.00 0.00 32,016,000.00
A-6F 44,500,000.00 44,500,000.00 219,904.17 0.00
>219,904.17 0.00 0.00 44,500,000.00
IOF* 113,104,000.00 113,104,000.00 565,520.00 0.00
>565,520.00 0.00 0.00 113,104,000.00
A-1A 30,000,000.00 30,000,000.00 75,556.27 196,165.94
>271,722.21 0.00 0.00 29,803,834.06
BIO 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 475,000,000.00 475,000,000.00 2,898,311.43 1,807,531.09 4,
>705,842.52 0.00 0.00 473,192,468.91
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LEE6 1,000.000000 5.166667 11.046432
> 16.213099 988.953568 6.200000% 6.200000%
A-2F 24763LEF3 1,000.000000 4.883333 0.000000
> 4.883333 1,000.000000 5.860000% 5.860000%
A-3F 24763LEG1 1,000.000000 4.966667 0.000000
> 4.966667 1,000.000000 5.960000% 5.960000%
A-4F 24763LEH9 1,000.000000 5.183333 0.000000
> 5.183333 1,000.000000 6.220000% 6.220000%
A-5F 24763LEJ5 1,000.000000 5.341667 0.000000
> 5.341667 1,000.000000 6.410000% 6.410000%
A-6F 24763LEK2 1,000.000000 4.941667 0.000000
> 4.941667 1,000.000000 5.930000% 5.930000%
IOF* 24763LEL0 1,000.000000 5.000000 0.000000
> 5.000000 1,000.000000 6.000000% 6.000000%
A-1A 24763LEM8 1,000.000000 2.518542 6.538865
> 9.057407 993.461135 5.666720% 5.666720%
BIO DF9803101 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 5.568590%
R-1 DF9803102 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
R-2 DF9803103 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
R-3 DF9803104 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers Asset-Backed Securities
> 3 Park Plaza
RECORD DATE: September 29, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> GROUP I
> 30-59 60-89 91-119 120+
> DELINQUENT LOAN INFORMA
>TION DAYS DAYS DAYS DAYS FORECLOSURE
>
> PRINCIPAL BALANCE
> ########## 943,808.47 0.00 0.00 0.00
>
> NUMBER OF LOANS
> 83 11 0 0 0
>
> PERCENTAGE OF LOANS
> 1.2878% 0.2126% 0.0000% 0.0000% N/A
>
> GROUP I
> REO LOAN INFORMATION
> PRINCIPAL BALANCE
> 0.00
>
> NUMBER OF LOANS
> 0
>
> PERCENTAGE OF LOANS
> N/A
>
> GROUP I CERTIFICATE INF
>ORMATION
> AVAILABLE FUNDS FOR CER
>TIFICATE GROUP 1 4,477,650.0
>
> SERVICING FEES
> 87,232.67
>
> PREMIUM AMOUNT
> 42,491.41
>
> CERTIFICATE GROUP BALAN
>CE AFTER DISTRIBUTION - Group 1 443,388,634.85
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION 445,000,000.00
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION 443,941,511.88
>
> OVERCOLLATERALIZATION A
>MOUNT FOR DISTRIBUTION 552,877.03
>
> REQUIRED OVERCOLLATERAL
>IZATION AMOUNT FOR DISTRIBUTION 12,905,000.00
>
> HAS A TRIGGER EVENT OCC
>URRED? No
>
> NUMBER OF MORTGAGE LOAN
>S THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 15
>
> PRINCIPAL BALANCE OF MO
>RTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 795,367.07
>
> AMOUNT OF CURTAILMENTS
>RECEIVED DURING DUE PERIOD 0.00
>
> THE PRINCIPAL PORTION O
>F ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 263,121.05
>
> THE INTEREST PORTION OF
> ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 1,751,278.2
>
> THE AMOUNT OF MONTHLY A
>DVANCES TO BE MADE ON DETERMINATION DATE 945,615.42
>
> THE AMOUNT OF COMPENSAT
>ING INTEREST TO BE MADE ON DETERMINATION DATE 117.55
>
> THE WEIGHTED AVERAGE RE
>MAINING TERM TO MATURITY 313
>
> THE WEIGHTED AVERAGE LO
>AN RATE 10.1376%
>
> THE AMOUNT OF ALL PAYME
>NTS OR REIMBURSEMENTS TO SERVICER 0.00
>
> NUMBER OF LOANS OUTSTAN
>DING PRIOR TO DISTRIBUTION 0
>
> NUMBER OF LOANS OUTSTAN
>DING AFTER DISTRIBUTION 4,555
>
>
> Page 2 of 5 (c) COPYRIGHT 1998 B
>
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> GROUP I CERTIFICATE INF
>ORMATION (con't)
> THE AMOUNT OF LIQUIDATI
>ON LOAN LOSSES 0.00
>
> LOAN LOSSES AS A PERCEN
>TAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE NET LOSSES A
>S A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE LOSS EVENT
> No
>
> THIS STATEMENT IS ALSO
>AVAILABLE ON BANKERS TRUST'S WEBSITE, www.online.bankerstrust.com/invr
> WE BEGIN POSTING STATEM
>ENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
> ON THE BUSINESS DAY BEF
>ORE EACH DISTRIBUTION DATE
>
> Page 3 of 5 (c) COPYRIGHT 1998 B
>
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> GROUP II
> 30-59 60-89 91-119 120+
> DELINQUENT LOAN INFORMA
>TION DAYS DAYS DAYS DAYS FORECLOSURE
>
> PRINCIPAL BALANCE
> 518,486.52 20,132.24 0.00 0.00 0.00
>
> NUMBER OF LOANS
> 5 1 0 0 0
>
> PERCENTAGE OF LOANS
> 1.7315% 0.0672% 0.0000% 0.0000% N/A
>
> GROUP II
> REO LOAN INFORMATION
> PRINCIPAL BALANCE
> 0.00
>
> NUMBER OF LOANS
> 0
>
> PERCENTAGE OF LOANS
> N/A
>
> GROUP II CERTIFICATE IN
>FORMATION
> AVAILABLE FUNDS FOR CER
>TIFICATE GROUP 2 274,648.40
>
> SERVICING FEES
> 5,983.06
>
> PREMIUM AMOUNT
> 2,856.20
>
> CERTIFICATE GROUP BALAN
>CE AFTER DISTRIBUTION - Group 2 29,803,834.06
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION 30,000,000.00
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION 29,943,782.22
>
> OVERCOLLATERALIZATION A
>MOUNT FOR DISTRIBUTION 139,948.16
>
> REQUIRED OVERCOLLATERIZ
>ATION AMOUNT FOR DISTRIBUTION 1,560,000.0
>
> HAS A TRIGGER EVENT OCC
>URRED? No
>
> NUMBER OF MORTGAGE LOAN
>S THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 2
>
> PRINCIPAL BALANCE OF MO
>RTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 42,018.00
>
> AMOUNT OF CURTAILMENTS
>RECEIVED DURING DUE PERIOD 0.00
>
> THE PRINCIPAL PORTION O
>F ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 14,199.78
>
> THE INTEREST PORTION OF
> ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 121,356.95
>
> THE AMOUNT OF MONTHLY A
>DVANCES TO BE MADE ON DETERMINATION DATE 90,109.53
>
> THE AMOUNT OF COMPENSAT
>ING INTEREST TO BE MADE ON DETERMINATION DATE 0.00
>
> THE WEIGHTED AVERAGE RE
>MAINING TERM TO MATURITY 357
>
> THE WEIGHTED AVERAGE LO
>AN RATE 10.2895%
>
> THE AMOUNT OF ALL PAYME
>NTS OR REIMBURSEMENTS TO SERVICER 0.00
>
> NUMBER OF LOANS OUTSTAN
>DING PRIOR TO DISTRIBUTION 0
>
> NUMBER OF LOANS OUTSTAN
>DING AFTER DISTRIBUTION 284
>
>
> Page 4 of 5 (c) COPYRIGHT 1998 B
>
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 15, 1998
> GROUP II CERTIFICATE IN
>FORMATION (con't)
> THE AMOUNT OF LIQUIDATI
>ON LOAN LOSSES 0.00
>
> LOAN LOSSES AS A PERCEN
>TAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE NET LOSSES A
>S A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE LOSS EVENT
> No
>
> THIS STATEMENT IS ALSO
>AVAILABLE ON BANKERS TRUST'S WEBSITE, www.online.bankerstrust.com/invr
> WE BEGIN POSTING STATEM
>ENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
> ON THE BUSINESS DAY BEF
>ORE EACH DISTRIBUTION DATE
>
> Page 5 of 5 (c) COPYRIGHT 1998 B
>
S
ankers Trust Company
ankers Trust Company
S
ankers Trust Company
ankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 145,872,000.00 144,260,634.85 745,346.61 2,797,037.97 3,
>542,384.58 0.00 0.00 141,463,596.88
A-2F 94,886,000.00 94,886,000.00 463,359.97 0.00
>463,359.97 0.00 0.00 94,886,000.00
A-3F 58,921,000.00 58,921,000.00 292,640.97 0.00
>292,640.97 0.00 0.00 58,921,000.00
A-4F 68,805,000.00 68,805,000.00 356,639.25 0.00
>356,639.25 0.00 0.00 68,805,000.00
A-5F 32,016,000.00 32,016,000.00 171,018.80 0.00
>171,018.80 0.00 0.00 32,016,000.00
A-6F 44,500,000.00 44,500,000.00 219,904.17 0.00
>219,904.17 0.00 0.00 44,500,000.00
IOF* 113,104,000.00 113,104,000.00 565,520.00 0.00
>565,520.00 0.00 0.00 113,104,000.00
A-1A 30,000,000.00 29,803,834.06 150,703.82 963,966.05 1,
>114,669.87 0.00 0.00 28,839,868.01
BIO 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 475,000,000.00 473,192,468.91 2,965,133.59 3,761,004.02 6,
>726,137.61 0.00 0.00 469,431,464.89
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LEE6 988.953568 5.109593 19.174605
> 24.284198 969.778963 6.200000% 6.200000%
A-2F 24763LEF3 1,000.000000 4.883333 0.000000
> 4.883333 1,000.000000 5.860000% 5.860000%
A-3F 24763LEG1 1,000.000000 4.966667 0.000000
> 4.966667 1,000.000000 5.960000% 5.960000%
A-4F 24763LEH9 1,000.000000 5.183333 0.000000
> 5.183333 1,000.000000 6.220000% 6.220000%
A-5F 24763LEJ5 1,000.000000 5.341667 0.000000
> 5.341667 1,000.000000 6.410000% 6.410000%
A-6F 24763LEK2 1,000.000000 4.941667 0.000000
> 4.941667 1,000.000000 5.930000% 5.930000%
IOF* 24763LEL0 1,000.000000 5.000000 0.000000
> 5.000000 1,000.000000 6.000000% 6.000000%
A-1A 24763LEM8 993.461135 5.023461 32.132202
> 37.155662 961.328934 5.688590% 5.688590%
BIO DF9803101 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 5.557810%
R-1 DF9803102 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
R-2 DF9803103 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
R-3 DF9803104 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
This statement is also available on Bankers Trust's website, online.banker
>strust.com/invr.
We begin posting statements to the website at 7:00 p.m. Eastern Standard T
>ime
on the business day before each distribution date.
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers Asset-Backed Securities
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 16, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 16, 1998
> GROUP I
> 30-59 60-89 90+
> DELINQUENT LOAN INFORMA
>TION DAYS DAYS DAYS FORECLOSURE
>
> PRINCIPAL BALANCE
> 9,805,340.73 2,119,934.54 730,808.47 0.00
>
> NUMBER OF LOANS
> 137 30 8 0
>
> PERCENTAGE OF LOANS
> 2.2193% 0.4798% 0.1654% N/A
>
> GROUP I
> REO LOAN INFORMATION
> PRINCIPAL BALANCE
> 0.00
>
> NUMBER OF LOANS
> 0
>
> PERCENTAGE OF LOANS
> N/A
>
> GROUP I CERTIFICATE INF
>ORMATION
> AVAILABLE FUNDS FOR CER
>TIFICATE GROUP 1 5,654,726.9
>
> SERVICING FEES
> 108,396.87
>
> PREMIUM AMOUNT
> 42,223.36
>
> CERTIFICATE GROUP BALAN
>CE AFTER DISTRIBUTION - Group 1 440,591,596.88
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION 443,941,511.88
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION 443,823,253.97
>
> OVERCOLLATERALIZATION A
>MOUNT FOR DISTRIBUTION 1,231,657.0
>
> REQUIRED OVERCOLLATERAL
>IZATION AMOUNT FOR DISTRIBUTION 12,905,000.00
>
> HAS A TRIGGER EVENT OCC
>URRED? No
>
> NUMBER OF MORTGAGE LOAN
>S THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 23
>
> PRINCIPAL BALANCE OF MO
>RTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 1,798,459.1
>
> AMOUNT OF CURTAILMENTS
>RECEIVED DURING DUE PERIOD (5,830.78)
>
> THE PRINCIPAL PORTION O
>F ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 323,157.81
>
> THE INTEREST PORTION OF
> ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 2,132,872.6
>
> THE AMOUNT OF MONTHLY A
>DVANCES TO BE MADE ON DETERMINATION DATE 1,511,348.2
>
> THE AMOUNT OF COMPENSAT
>ING INTEREST TO BE MADE ON DETERMINATION DATE 2,856.47
>
> THE WEIGHTED AVERAGE RE
>MAINING TERM TO MATURITY 264
>
> THE WEIGHTED AVERAGE LO
>AN RATE 10.1283%
>
> THE AMOUNT OF ALL PAYME
>NTS OR REIMBURSEMENTS TO SERVICER 0.00
>
> NUMBER OF LOANS OUTSTAN
>DING PRIOR TO DISTRIBUTION 4,555
>
> NUMBER OF LOANS OUTSTAN
>DING AFTER DISTRIBUTION 5,381
>
>
> Page 2 of 5 (c) COPYRIGHT 1998 B
>
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 16, 1998
> GROUP I CERTIFICATE INF
>ORMATION (con't)
> THE AMOUNT OF LIQUIDATI
>ON LOAN LOSSES 0.00
>
> LOAN LOSSES AS A PERCEN
>TAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE NET LOSSES A
>S A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE LOSS EVENT
> No
>
>
> Page 3 of 5 (c) COPYRIGHT 1998 B
>
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 16, 1998
> GROUP II
> 30-59 60-89 90+
> DELINQUENT LOAN INFORMA
>TION DAYS DAYS DAYS FORECLOSURE
>
> PRINCIPAL BALANCE
> 1,125,796.77 319,525.92 20,132.24 0.00
>
> NUMBER OF LOANS
> 14 3 1 0
>
> PERCENTAGE OF LOANS
> 3.8726% 1.0991% 0.0693% N/A
>
> GROUP II
> REO LOAN INFORMATION
> PRINCIPAL BALANCE
> 0.00
>
> NUMBER OF LOANS
> 0
>
> PERCENTAGE OF LOANS
> N/A
>
> GROUP II CERTIFICATE IN
>FORMATION
> AVAILABLE FUNDS FOR CER
>TIFICATE GROUP 2 1,117,503.5
>
> SERVICING FEES
> 6,547.27
>
> PREMIUM AMOUNT
> 2,763.82
>
> CERTIFICATE GROUP BALAN
>CE AFTER DISTRIBUTION - Group 2 28,839,868.02
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION 29,943,782.22
>
> THE AGGREGATE PRINCIPAL
> BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION 29,070,553.24
>
> OVERCOLLATERALIZATION A
>MOUNT FOR DISTRIBUTION 230,685.22
>
> REQUIRED OVERCOLLATERIZ
>ATION AMOUNT FOR DISTRIBUTION 1,560,000.0
>
> HAS A TRIGGER EVENT OCC
>URRED? No
>
> NUMBER OF MORTGAGE LOAN
>S THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 7
>
> PRINCIPAL BALANCE OF MO
>RTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 857,522.29
>
> AMOUNT OF CURTAILMENTS
>RECEIVED DURING DUE PERIOD 0.00
>
> THE PRINCIPAL PORTION O
>F ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 12,589.96
>
> THE INTEREST PORTION OF
> ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD 130,318.64
>
> THE AMOUNT OF MONTHLY A
>DVANCES TO BE MADE ON DETERMINATION DATE 121,148.25
>
> THE AMOUNT OF COMPENSAT
>ING INTEREST TO BE MADE ON DETERMINATION DATE 0.00
>
> THE WEIGHTED AVERAGE RE
>MAINING TERM TO MATURITY 342
>
> THE WEIGHTED AVERAGE LO
>AN RATE 10.3121%
>
> THE AMOUNT OF ALL PAYME
>NTS OR REIMBURSEMENTS TO SERVICER 0.00
>
> NUMBER OF LOANS OUTSTAN
>DING PRIOR TO DISTRIBUTION 284
>
> NUMBER OF LOANS OUTSTAN
>DING AFTER DISTRIBUTION 292
>
>
> Page 4 of 5 (c) COPYRIGHT 1998 B
>
> Delta Funding Home Equi
>ty Loan Trust
> Asset-Backed Certificat
>es
> Series 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 16, 1998
> GROUP II CERTIFICATE IN
>FORMATION (con't)
> THE AMOUNT OF LIQUIDATI
>ON LOAN LOSSES 0.00
>
> LOAN LOSSES AS A PERCEN
>TAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE NET LOSSES A
>S A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
>
> CUMULATIVE LOSS EVENT
> No
>
>
> Page 5 of 5 (c) COPYRIGHT 1998 B
>
S
ankers Trust Company
ankers Trust Company
S
ankers Trust Company
ankers Trust Company
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