November 18, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Provident Bank Home Equity Loan Trust 1998-3 Home Equity Loan
Asset-Backed Certificates, Series 1998-3; File No. 333-45369.
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 September 1, 1998 (the "Pooling and Servicing Agreement")
between The Provident Bank, as Seller (the "Seller"), as Document
Custodian (the "Document Custodian") and as Master Servicer (the
"Master Servicer"), and Bankers Trust Company of California, N.A.,
as Trustee.
The Home Equity Loan Asset-Backed Certificates, Series 1998-3 (the
"Certificates"), will consist of ten Classes (each, a "Class") of
Certificates: the Class A-1 Certificates, the Class A-2 Certificates,
the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5
Certificates and the Class A-6 Certificates (collectively, the "Class
A Certificates"), the Class X-1 Certificates and the X-2 Certificates
(collectively, the "Class X Certificates") and the Class R-1
Certificates and Class R-2 Certificates (collectively, the Class R
Certificates"). The Class A-6 will be comprised of two components,
the Class A-6-1 Component and the Class A-6-2 Component (each, a
"Component"). Only the Class A Certificates (the "Offered
Certificates") are being offered hereby. The rights of the holders
of the Class X-1 Certificates and the Class X-2 Certificates to
receive distributions with respect to Mortgage Loans will be pari
passu with the rights of the holders of the Group 1 Certificates and
the Group 2 Certificates, respectively, to receive distributions of
interest. The rights of the holders of the Class R Certificates to
receive distributions of interest. The rights of the holders of the
Class R Certificates to receive distributions with respect to the
Mortgage Loans will be subordinate to the rights of the holders of
the Class A Certificates and the Class X Certificates.
The Certificates will evidence in the aggregate the entire beneficial
interest in a pool (the "Mortgage Pool") of closed-end fixed and
adjustable rate mortgage loans (the "Mortgage Loans") consisting of
two groups ("Loan Group 1" and "Loan Group 2", respectively, and each
a "Loan Group") held by Provident Bank Home Equity Loan Trust 1998-3
(the "Trust") to be formed pursuant to the Pooling and Servicing
Agreement. The Class A-1 Certificates, Class A-2 Certificates, Class
A-3 Certificates, Class A-4 Certificates, the Class A-5 Certificates,
and the Class A-6-1 Component (the "Group 1 Certificates") will
represent undivided ownership interests in Loan Group 1 which
consists of Mortgage Loans with fixed interest rates. The Class
A-6-2 Component (the "Group 2 Certificates") will represent undivided
ownership interests in Loan Group 2 which consists of Mortgage Loans
with adjustable interest rates. The assets of the Trust will also
include certain other property. The Mortgage Loans are secured by
first and second deeds of trust or mortgages primarily on one-to
four-family residential properties.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-45369). 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 Provident Bank Home Equity Loan Trust
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 26,
1998.
THE PROVIDENT BANK
(The Provident Bank, as Seller (the "Seller"), as Document Custodian
(the "Document Custodian") and as Master Servicer (the "Master
Servicer"), and Bankers Trust Company of California, N.A., as
Trustee).
PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-3 HOME EQUITY LOAN
ASSET-BACKED CERTIFICATES, SERIES 1998-3.
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-45369 31-0412725
(Commission File Number) (I.R.S. Employer Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
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
October 26, 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 September
1, 1998.
Date: November 18, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Report to Certificateholders as to distributions made on
October 26, 1998.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
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
1 36,769,000.00 36,769,000.00 305,204.59 1,101,897.54 1,
>407,102.13 0.00 0.00 35,667,102.46
2 22,961,000.00 22,961,000.00 190,589.97 0.00
>190,589.97 0.00 0.00 22,961,000.00
3 12,292,000.00 12,292,000.00 102,030.92 0.00
>102,030.92 0.00 0.00 12,292,000.00
4 12,906,000.00 12,906,000.00 107,127.48 0.00
>107,127.48 0.00 0.00 12,906,000.00
5 15,134,000.00 15,134,000.00 125,621.21 0.00
>125,621.21 0.00 0.00 15,134,000.00
6-1 37,438,000.00 37,438,000.00 310,757.69 0.00
>310,757.69 0.00 0.00 37,438,000.00
6-2 137,500,000.00 137,500,000.00 1,103,796.94 588,108.01 1,
>691,904.95 0.00 0.00 136,911,891.99
R1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 275,000,000.00 275,000,000.00 2,245,128.80 1,690,005.55 3,
>935,134.35 0.00 0.00 273,309,994.45
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 PB9803101 1,000.000000 8.300595 29.968113
> 38.268708 970.031887 11.067461% 9.961510%
2 PB9803102 1,000.000000 8.300595 0.000000
> 8.300595 1,000.000000 9.960715% 9.961510%
3 PB9803103 1,000.000000 8.300596 0.000000
> 8.300596 1,000.000000 9.960715% 9.961510%
4 PB9803104 1,000.000000 8.300595 0.000000
> 8.300595 1,000.000000 9.960715% 9.961510%
5 PB9803105 1,000.000000 8.300595 0.000000
> 8.300595 1,000.000000 9.960715% 9.961510%
6-1 PB9803106 1,000.000000 8.300595 0.000000
> 8.300595 1,000.000000 9.960715% 9.961510%
6-2 PB9803107 1,000.000000 8.027614 4.277149
> 12.304763 995.722851 10.703485% 9.629869%
R1 PB9803108 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: September 29, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
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
A1 36,769,000.00 36,769,000.00 151,857.44 1,101,897.54 1,
>253,754.98 0.00 0.00 35,667,102.46
A2 22,961,000.00 22,961,000.00 111,743.53 0.00
>111,743.53 0.00 0.00 22,961,000.00
A3 12,292,000.00 12,292,000.00 62,381.90 0.00
> 62,381.90 0.00 0.00 12,292,000.00
A4 12,906,000.00 12,906,000.00 65,497.95 0.00
> 65,497.95 0.00 0.00 12,906,000.00
A5 15,134,000.00 15,134,000.00 76,426.70 0.00
> 76,426.70 0.00 0.00 15,134,000.00
A-6-1 37,438,000.00 37,438,000.00 158,832.21 0.00
>158,832.21 0.00 0.00 37,438,000.00
A-6-2137,500,000.00 137,500,000.00 583,349.25 588,108.01 1,
>171,457.26 0.00 0.00 136,911,891.99
X1 0.00 0.00 514,592.13 0.00
>514,592.13 0.00 0.00 0.00
X2 0.00 0.00 520,447.69 0.00
>520,447.69 0.00 0.00 0.00
R2 0.00 0.00 630.16 0.00
> 630.16 0.00 0.00 0.00
**This statement is also available on Bankers Trust's Website, http://online.ba
>nkerstrust.com/invr/. We begin posting statements to the Web at 7:00 p.m.
East
>ern Time on the
business day before each distribution date.
TOTALS 275,000,000.00 275,000,000.00 2,245,758.96 1,690,005.55 3,
>935,764.51 0.00 0.00 273,309,994.45
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844BP6 1,000.000000 4.130040 29.968113
> 34.098153 970.031887 5.506720% 5.339380%
A2 743844BQ4 1,000.000000 4.866667 0.000000
> 4.866667 1,000.000000 5.840000% 5.840000%
A3 743844BR2 1,000.000000 5.075000 0.000000
> 5.075000 1,000.000000 6.090000% 6.090000%
A4 743844BS0 1,000.000000 5.075000 0.000000
> 5.075000 1,000.000000 6.090000% 6.090000%
A5 743844BT8 1,000.000000 5.050000 0.000000
> 5.050000 1,000.000000 6.060000% 6.060000%
A-6-1743844BU5 1,000.000000 4.242540 0.000000
> 4.242540 1,000.000000 5.656720% 5.489380%
A-6-2743844BU5 1,000.000000 4.242540 4.277149
> 8.519689 995.722851 5.656720% 5.489380%
X1 PB9803201 0.000000 1.871244 0.000000
> 1.871244 0.000000 4.490986% 4.278060%
X2 PB9803202 0.000000 1.892537 0.000000
> 1.892537 0.000000 4.542089% 4.140489%
R2 PB9803203 0.000000 0.002292 0.000000
> 0.002292 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: September 29, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> DELINQUENT AND
> LOANS LOANS LOANS
>
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS IN IN IN
> INFORMATION
> DAYS DAYS DAYS FORECLOSURE REO BANKRUPTCY
>
> GROUP 1 PRINCIPA
>L BALANCE 795,738.8612,074.06 0.00 0.00 0.00 64,539.86
>
> PERCENTAGE OF POOL BALA
>NCE 0.5832% 0.0088% 0.0000% 0.0000% 0.0000% 0.0473%
>
> NUMBER OF LOANS
> 11 1 0 0 0 1
>
> PERCENTAGE OF LOANS
> 0.5609% 0.0510% 0.0000% 0.0000% 0.0000% 0.0510%
>
> GROUP 2 PRINCIPA
>L BALANCE 0.00 80,500.00 0.00 0.00 0.00 212,390.41
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0588% 0.0000% 0.0000% 0.0000% 0.1551%
>
> NUMBER OF LOANS
> 0 1 0 0 0 2
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0684% 0.0000% 0.0000% 0.0000% 0.1369%
>
> Note: Quantity and Pri
>ncipal Balance of Foreclosures, Bankruptcies, & REOs are Included in the
Delinq
>
>
> GROUP 1 GROUP 2
>
> BOOK VALUE OF LOANS IN
>REO: 0.00 0.00
>
> NUMBER OF LOANS IN BANK
>RUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 1 2
>
> PRINCIPAL BALANCE OF LO
>ANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE 64,539.86 212,390.41
>
> WEIGHTED AVERAGE MORTGA
>GE INTEREST RATE: 10.470715% 10.143137%
>
> WEIGHTED AVERAGE REMAIN
>ING TERM TO MATURITY 266 359
>
> PRIOR NUMBER OF MORTGAG
>E LOANS INCLUDED IN THE POOL 1,973 1,466
>
> CURRENT NUMBER OF MORTG
>AGE LOANS INCLUDED IN THE POOL 1,961 1,461
>
> PRIOR AGGREGATE PRINCIP
>AL BALANCE OF THE MORTGAGE LOANS 137,538,396.91 137,538,794.85
>
> CURRENT AGGREGATE PRINC
>IPAL BALANCE OF THE MORTGAGE LOANS 136,436,499.37 136,950,686.84
>
> POOL FACTOR OF LOAN GRO
>UPS 99.198844% 99.572406%
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS 12 5
>
> SCHEDULE
> PRINCIPAL RECEIVED 153,826.70 64,111.03
>
> PREPAYME
>NTS IN FULL 948,071.34 523,997.08
>
> CURTAILM
>ENTS (0.50) (0.10)
>
> LIQUIDAT
>IONS 0.00 0.00
>
> INSURANC
>E PRINCIPAL PROCEEDS 0.00 0.00
>
> REPURCHA
>SED PRINCIPAL AMOUNTS 0.00 0.00
>
> TOTAL PRINCIPAL RECEIVE
>D: 1,101,897.54588,108.01
>
> SERVICER ADVANCES:
> 67,048.47 56,512.64
>
> CUM NET FUNDS CAP CARRY
>OVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES 0.00
>
> 3 MONTH ROLLING AVERAGE
> OF PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 0.00
>
>
> Page 3 of 5 (c) COPYRIGHT 1998 B
>
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
>
> GROUP 1 GROUP 2
>
> SCHEDULED INTEREST
> 1,200,104.411,162,562.3
>
> LIQUIDATION INTEREST
> 0.00 0.00
>
> REPURCHASE INTEREST
> 0.00 0.00
>
> STOP ADVANCE INTEREST
> 0.00 0.00
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 57,307.67 57,307.83
>
> TOTAL SERVICING FEES DU
>E MASTER SERVICER: 57,307.67 57,307.83
>
> LESS: COMPENSATING IN
>TEREST (78.31) (54.82)
>
> LESS: DELINQUENT SER
>VICE FEES: (3,249.19) (2,803.37)
>
> COLLECTED SERVICING FEE
>S FOR CURRENT PERIOD: 53,980.17 54,449.64
>
> AMOUNTS PAID TO CERTIFI
>CATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i 0.00 0.00
>
> REIMBURSEMENT AMOUNT
> 0.00 0.00
>
> PREMIUM AMOUNT PAID
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> REIMBURSEMENTS TO MASTE
>R SERVICER PURSUANT TO SECT 3.03 0.00 0.00
>
> INSURED PAYMENTS
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> TOTAL PRINCIPAL COLLECT
>ED 1,101,897.54588,108.01
>
> TOTAL INTEREST COLLECTE
>D 1,142,796.741,105,254.5
>
> TOTAL AVAILABLE FUNDS F
>OR DISTRIBUTION 2,244,694.281,693,362.5
>
> BASE SPREAD ACCOUNT REQ
>UIREMENT 12,375,000.00 16,843,750.00
>
> SPREAD ACCOUNT BALANCE
>BEGINNING 12,375,000.00 16,843,750.00
>
> SPREAD ACCOUNT BALANCE
>ENDING 12,375,000.00 16,843,750.00
>
> NET LIQUIDATION PROCEED
>S 0.00 0.00
>
> OUTSTANDING CLASS INTER
>EST CARRYOVER SHORTFALL 0.00 0.00
>
> OUTSTANDING CLASS A PRI
>NCIPAL SHORTFALL AMOUNT 0.00 0.00
>
> CURRENT NET LOSSES
> 0.00 0.00
>
> CUMULATIVE NET LOSSES
> 0.00 0.00
>
>
> Page 4 of 5 (c) COPYRIGHT 1998 B
>
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
>
> GROUP 1 GROUP 2
>
> SCHEDULED INTEREST
> 1,200,104.411,162,562.3
>
> LIQUIDATION INTEREST
> 0.00 0.00
>
> STOP ADVANCE INTEREST
> 0.00 0.00
>
> COMPENSATING INTEREST
> (78.31) (54.82)
>
> REIMBURSEMENTS TO MASTE
>R SERVICER PURSUANT TO SECT 3.03 0.00 0.00
>
> INSURED PAYMENTS
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> TOTAL PRINCIPAL COLLECT
>ED 1,101,897.54588,108.01
>
> TOTAL INTEREST COLLECTE
>D 1,142,796.741,105,254.5
>
> TOTAL AVAILABLE FUNDS F
>OR DISTRIBUTION 2,244,694.281,693,362.5
>
> O/C AMOUNT
> 38,396.91 38,794.85
>
> OUTSTANDING CLASS INTER
>EST CARRYOVER SHORTFALL 0.00 0.00
>
> OUTSTANDING CLASS A PRI
>NCIPAL SHORTFALL AMOUNT 0.00 0.00
>
>
> Page 5 of 5 (c) COPYRIGHT 1998 B
>
uency Figures.
ankers Trust Company
ankers Trust Company
ankers Trust Company
