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Previous: PROVIDENT BANK HOME EQ LN TR 1998-3 HELAB CERTS SER 1998-3, 8-K, 1998-11-18 |
Next: PACIFICAMERICA HOME EQUITY LN AB NOTES SERIES 1998-1, 8-K, 1998-11-18 |
November 18, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: PacificAmerica Home Equity Loan Asset-Backed Notes, Series 1998-2F , Class
A-F, Class A-V and 1998-2V, Class A-V; File No. 0-20897.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of PacificAmerica Home Equity Loan
Trust Series 1998-2F and 1998-2V (the "Trust") under the Indentures, dated as
of June 1, 1998, between PacificAmerica Home Equity Loan Trust Series 1998-2F
and 1998-2V, a Delaware business trust, as Issuer (the "Issuer"), and Bankers
Trust Company of California, N.A., a national banking association, as Indenture
Trustee (the "Indenture Trustee") is a Current Report on Form 8-K.
The PacificAmerica Home Equity Loan Trust Series 1998-2F and 1998-2V (the
"Issuer") will be formed pursuant to a Trust Agreement, dated as of June 1,
1998, between Merrill Lynch Mortgage Investors, Inc. (the "Depositor") and
Wilmington Trust Company, the Owner Trustee. The Series 1992F Issuer will
issue $62,036,000 aggregate principal amount of PacificAmerica Home Equity
Loan Asset-Backed Notes, Series 1998-2F (the "Class A-F Notes"). The Class
A-F Notes will be issued pursuant to an Indenture, dated as of June 1, 1998,
A-F Notes will be issued pursuant to an Indenture dated June 1, 1998, between
the Series 1992F Issuer and Bankers Trust Company of California, N.A.,
the Indenture Trustee. PacificAmerica Home Equity Loan Trust Series 1998-2V
(the "Series 1999-2V Issuer") will be formed pursuant to Trust Agreement, dated
as of June 1, 1998, between the Depositor and the Owner Trustee. The Series
1998-2V Issuer will issue $137,964,000 aggregate principal amount of
PacificAmerica Home Equity Loan Asset-Backed Notes, Series 1998-2V (the "Class
A-V Notes"). The Class A-V Notes will be issued pursuant to an Indenture,
dated as of June 1, 1998, between the Series 1998-2V Issuer and the Indenture
Trustee. Only the Class A-F Notes and the Class A-V Notes (together, the
"Notes") are offered hereby.
The Class A-F Notes and the Class A-V Notes will represent indebtedness of the
related Issuer and will be secured by the related trust estate (the related
"Trust Estate") created by the related Trust Agreement. The Trust Estate with
respect to the Class A-F Notes will consist primarily of fixed rate, one- to
four-family, first and second lien home equity loans (the "Initial Home Equity
Loans") and any funds on deposit in the Interest Coverage Account and
Pre-Funding Account (each as defined in the Prospectus Supplement, dated June
22, 1998. Additional Fixed Rate Loans (the "Fixed Rate Subsequent Loans" and,
together with the Initial Fixed Rate Loans, the "Fixed Rate Loans") having
an aggregate unpaid principal balance of up to $15,959,776 meeting the
criteria set forth in the Prospectus Supplement, dated June 22, 1998, are
intended to be purchased by the Series 1998-2F Issuer on or before August 25,
1998, with funds on deposit in the Pre-Funding Account, which will become part
of the related Trust Estate. The Trust Estate with respect to the Class A-V
Notes will consist primarily of adjustable rate, one- to four-family, first
lien home equity loans (the "Initial Adjustable Rate Loans") and any funds on
deposit in the Interest Coverage Account and Pre-Funding Account. Additional
Adjustable Rate Loans (the "Adjustable Rate Subsequent Loans" and, together
with the Initial Adjustable Rate Loans, the "Adjustable Rate Loans") having an
aggregate unpaid principal balance of up to $35,493,597 meeting the criteria
set forth in the Prospectus Supplement, dated June 22, 1998, are intended to be
purchased by the Series 1998-2V Issuer on or before August 25, 1998, with funds
on deposit in the Pre-Funding Account, which will become part of the related
Trust Estate. The Fixed Rate Loans and the Adjustable Rate Loans (each, a
"Loan Group") are sometimes referred to collectively as the Loans. In
addition, the Class A-F Notes and the Class A-V Notes will each have the
benefit of an irrevocable and unconditional financial guaranty insurance policy
(the related "Note Insurance Policy") to be issued by Financial Security
Assurance Inc. (the "Note Insurer") as described under "Description of the
Notes-Note Insurance Policies" in the Prospectus Supplement dated June 22,
1998.
The Notes 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 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
Indenture.
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 Merrill Lynch Mortgage Investors Inc.
PacificAmerica Home-Equity Loan Asset-Backed Notes, Series 1998-2F and 1998-2V.
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): July 27, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(as depositor under the Indenture, dated as of June 1, 1998, providing for
inter alia, the issuance of PacificAmerica Home-Equity Loan Asset-Backed Notes,
Series 1998-2F and 1998-2V).
PACIFICAMERICA MONEY CENTER, INC.
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
0-20897 95-4465
(Commission File Number) (I.R.S. Employer
Identification No.)
VENTURA BOULEVARD, SUITE 102
WOODLAND HILLS, CALIFORNIA 91364
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (818) 992-8999
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 July
27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of August
25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of September
25, 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 Indenture, dated as of
June 1, 1998.
Date: November 18, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of July
27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of August
25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of September
25, 1998.
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2F
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-F 62,036,000.00 62,036,000.00 340,681.03 143,710.64
>484,391.67 0.00 0.00 61,892,289.36
TOTALS 62,036,000.00 62,036,000.00 340,681.03 143,710.64
>484,391.67 0.00 0.00 61,892,289.36
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-F 589929RA8 1,000.000000 5.491667 2.316568
> 7.808235 997.683432 6.590000% 6.590000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2F
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE F 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE F 0.000000 0.000000 0.000000
> 0.000000 0.000000 N/A N/A
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2V
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-V 137,964,000.00 137,964,000.00 714,500.23 431,913.52 1,
>146,413.75 0.00 0.00 137,532,086.48
TOTALS 137,964,000.00 137,964,000.00 714,500.23 431,913.52 1,
>146,413.75 0.00 0.00 137,532,086.48
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-V 589929RB6 1,000.000000 5.178889 3.130625
> 8.309514 996.869375 5.826250% 5.826250%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2V
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE V 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE V 0.000000 0.000000 0.000000
> 0.000000 0.000000 N/A N/A
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 4 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 20,000.00 0.00 0.00 20,000.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0434% 0.0000% 0.0000% 0.0434%
>
> NUMBER OF LOANS
> 1 0 0 1
>
> PERCENTAGE OF LOANS
> 0.1724% 0.0000% 0.0000% 0.1724%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> LOANS IN REO
> 0
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 0.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 467,334.41
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 9,360.01
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 484,391.67
>
> INTEREST PAYMENT AMOUNT
> 340,681.03
>
> PRINCIPAL PAYMENT AMOUN
>T 9,360.01
>
> SUBORDINATION INCREASE
>AMOUNT 134,350.63
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT N/A
>
> CURRENT CARRY FORWARD A
>MOUNT N/A
>
> AGGREGATE UNPAID CARRY
>FORWARD AMOUNT 0.00
>
> SCHEDULED PAYMENTS PAID
> BY NOTE INSURER 0.00
>
> AGGREGATE SCHEDULED PAY
>MENTS NOT REIMBURSED 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERIOD 46,066,743.45
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.223921%
>
> REQUIRED SUBORDINATION
>AMOUNT 3,411,980.0
>
> SUBORDINATION AMOUNT
> 134,350.63
>
> NET MONTHLY EXCESS CASH
>FLOW 134,350.63
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 5 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> ADVANCES MADE BY SERVIC
>ER 7,697.25
>
> COMPENSATING INTEREST
> 0.00
>
> PREPAYMENT INTEREST SHO
>RTFALLS 0.00
>
> RELIEF ACT SHORTFALLS
> 0.00
>
> CURRENT REALIZED LOSSES
> 0.00
>
> AGGREGATE REALIZED LOSS
>ES 0.00
>
> UNPAID ACCRUED INTEREST
> 0.00
>
> MAXIMUM NOTE INTEREST R
>ATE 7.09%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT N/A
>
> NOTE INTEREST RATE
> 6.590000%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 0.000000%
>
> DELINQUENCY AMOUNT
> 0.00
>
> ROLLING DELINQUENCY PER
>CENTAGE 0.000000%
>
>
> Page 6 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 249,207.30 0.00 0.00 249,207.30
>
> PERCENTAGE OF POOL BALA
>NCE 0.2451% 0.0000% 0.0000% 0.2451%
>
> NUMBER OF LOANS
> 4 0 0 4
>
> PERCENTAGE OF LOANS
> 0.4145% 0.0000% 0.0000% 0.4145%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> LOANS IN REO
> 0
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 0.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 981,770.07
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 123,972.24
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 1,146,413.7
>
> INTEREST PAYMENT AMOUNT
> 714,500.23
>
> PRINCIPAL PAYMENT AMOUN
>T 123,972.24
>
> SUBORDINATION INCREASE
>AMOUNT 307,941.28
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 764,213.21
>
> CURRENT CARRY FORWARD A
>MOUNT 0.00
>
> AGGREGATE UNPAID CARRY
>FORWARD AMOUNT 0.00
>
> SCHEDULED PAYMENTS PAID
> BY NOTE INSURER 0.00
>
> AGGREGATE SCHEDULED PAY
>MENTS NOT REIMBURSED 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERIOD 101,531,773
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.108377%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,588,025.5
>
> SUBORDINATION AMOUNT
> 308,041.28
>
> NET MONTHLY EXCESS CASH
>FLOW 307,941.28
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 7 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> ADVANCES MADE BY SERVIC
>ER 40,671.44
>
> COMPENSATING INTEREST
> 0.00
>
> PREPAYMENT INTEREST SHO
>RTFALLS 0.00
>
> RELIEF ACT SHORTFALLS
> 0.00
>
> CURRENT REALIZED LOSSES
> 0.00
>
> AGGREGATE REALIZED LOSS
>ES 0.00
>
> UNPAID ACCRUED INTEREST
> 0.00
>
> MAXIMUM NOTE INTEREST R
>ATE 0.00%
>
> NOTE INTEREST RATE
> 0.340000%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 0.000000%
>
> DELINQUENCY AMOUNT
> 0.00
>
> ROLLING DELINQUENCY PER
>CENTAGE 0.000000%
>
>
> Page 8 of 8 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2F
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-F 62,036,000.00 61,892,289.36 339,891.82 311,684.95
>651,576.77 0.00 0.00 61,580,604.41
TOTALS 62,036,000.00 61,892,289.36 339,891.82 311,684.95
>651,576.77 0.00 0.00 61,580,604.41
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-F 589929RA8 997.683432 5.478945 5.024259
> 10.503204 992.659172 6.590000% 6.590000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2F
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE F 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE F 0.000000 0.000000 0.000000
> 0.000000 0.000000 N/A N/A
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2V
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-V 137,964,000.00 137,532,086.48 645,488.70 973,138.83 1,
>618,627.53 0.00 0.00 136,558,947.65
TOTALS 137,964,000.00 137,532,086.48 645,488.70 973,138.83 1,
>618,627.53 0.00 0.00 136,558,947.65
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-V 589929RB6 996.869375 4.678675 7.053571
> 11.732246 989.815804 5.826250% 5.818440%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2V
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE V 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE V 0.000000 0.000000 0.000000
> 0.000000 0.000000 N/A N/A
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 4 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> DELINQUENT INFORMATION
>
> EXCLUDING FORECLOSURE L
>OAN 30 TO 59 60 TO 89 90 PLUS
> AND REO INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 160,550.00 20,000.00 0.00 180,550.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.3406% 0.0424% 0.0000% 0.3830%
>
> NUMBER OF LOANS
> 2 1 0 3
>
> PERCENTAGE OF LOANS
> 0.3361% 0.1681% 0.0000% 0.5042%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> LOANS IN REO
> 0
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 0.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 447,776.19
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 179,745.42
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 651,576.77
>
> INTEREST PAYMENT AMOUNT
> 339,891.82
>
> PRINCIPAL PAYMENT AMOUN
>T 179,745.42
>
> SUBORDINATION INCREASE
>AMOUNT 131,939.53
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT N/A
>
> CURRENT CARRY FORWARD A
>MOUNT N/A
>
> AGGREGATE UNPAID CARRY
>FORWARD AMOUNT 0.00
>
> SCHEDULED PAYMENTS PAID
> BY NOTE INSURER 0.00
>
> AGGREGATE SCHEDULED PAY
>MENTS NOT REIMBURSED 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERIOD 47,139,331.
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.219895%
>
> REQUIRED SUBORDINATION
>AMOUNT 3,411,980.0
>
> SUBORDINATION AMOUNT
> 266,290.16
>
> NET MONTHLY EXCESS CASH
>FLOW 131,939.53
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 5 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> ADVANCES MADE BY SERVIC
>ER 24,055.16
>
> COMPENSATING INTEREST
> 0.00
>
> PREPAYMENT INTEREST SHO
>RTFALLS 0.00
>
> RELIEF ACT SHORTFALLS
> 0.00
>
> CURRENT REALIZED LOSSES
> 0.00
>
> AGGREGATE REALIZED LOSS
>ES 0.00
>
> UNPAID ACCRUED INTEREST
> 0.00
>
> MAXIMUM NOTE INTEREST R
>ATE 7.09%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT N/A
>
> NOTE INTEREST RATE
> 6.590000%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 3.000000%
>
> DELINQUENCY AMOUNT
> 0.00
>
> ROLLING DELINQUENCY PER
>CENTAGE 0.000000%
>
>
> Page 6 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 1,506,770. 217,725.00 0.00 1,724,495.2
>
> PERCENTAGE OF POOL BALA
>NCE 1.4132% 0.2042% 0.0000% 1.6174%
>
> NUMBER OF LOANS
> 22 3 0 25
>
> PERCENTAGE OF LOANS
> 2.1761% 0.2967% 0.0000% 2.4728%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> LOANS IN REO
> 0
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 0.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 954,583.25
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 593,546.43
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 1,618,627.5
>
> INTEREST PAYMENT AMOUNT
> 645,488.70
>
> PRINCIPAL PAYMENT AMOUN
>T 593,546.43
>
> SUBORDINATION INCREASE
>AMOUNT 379,592.40
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 806,212.73
>
> CURRENT CARRY FORWARD A
>MOUNT 0.00
>
> AGGREGATE UNPAID CARRY
>FORWARD AMOUNT 0.00
>
> SCHEDULED PAYMENTS PAID
> BY NOTE INSURER 0.00
>
> AGGREGATE SCHEDULED PAY
>MENTS NOT REIMBURSED 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERIOD 106,031,127
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.122237%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,588,025.50
>
> SUBORDINATION AMOUNT
> 687,533.68
>
> NET MONTHLY EXCESS CASH
>FLOW 379,592.40
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 7 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2F
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> ADVANCES MADE BY SERVIC
>ER 70,497.85
>
> COMPENSATING INTEREST
> 0.00
>
> PREPAYMENT INTEREST SHO
>RTFALLS 0.00
>
> RELIEF ACT SHORTFALLS
> 0.00
>
> CURRENT REALIZED LOSSES
> 0.00
>
> AGGREGATE REALIZED LOSS
>ES 0.00
>
> UNPAID ACCRUED INTEREST
> 0.00
>
> MAXIMUM NOTE INTEREST R
>ATE 0.00%
>
> NOTE INTEREST RATE
> 0.340000%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 3.000000%
>
> DELINQUENCY AMOUNT
> 1,060,311.2
>
> ROLLING DELINQUENCY PER
>CENTAGE 1.000000%
>
>
> Page 8 of 8 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-F 62,036,000.00 61,580,604.41 338,180.15 608,492.32
>946,672.47 0.00 0.00 60,972,112.09
TOTALS 62,036,000.00 61,580,604.41 338,180.15 608,492.32
>946,672.47 0.00 0.00 60,972,112.09
> 435168.7268
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-F 589929RA8 992.659172 5.451353 9.808697
> 15.260050 982.850475 6.590000% 6.590000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE F 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE F 0.000000 0.000000 0.000000
> 0.000000 0.000000 N/A N/A
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-V 137,964,000.00 136,558,947.65 684,204.48 2,745,381.05 3,
>429,585.53 0.00 0.00 133,813,566.60
TOTALS 137,964,000.00 136,558,947.65 684,204.48 2,745,381.05 3,
>429,585.53 0.00 0.00 133,813,566.60
> 1139844.71
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-V 589929RB6 989.815804 4.959297 19.899257
> 24.858554 969.916548 5.818440% 5.818440%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 3 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE V 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
CERTIFICATE V 0.000000 0.000000 0.000000
> 0.000000 0.000000 N/A N/A
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Amy Paik
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 4 of 8
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> DELINQUENT INFORMATION
>
> EXCLUDING FORECLOSURE L
>OAN 30 TO 59 60 TO 89 90 PLUS
> AND REO INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 586,112.33 0.00 20,000.00 606,112.33
>
> PERCENTAGE OF POOL BALA
>NCE 0.9545% 0.0000% 0.0326% 0.9870%
>
> NUMBER OF LOANS
> 6 0 1 7
>
> PERCENTAGE OF LOANS
> 0.7947% 0.0000% 0.1325% 0.9272%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 55,250.00 0.00 55,250.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0900% 0.0000% 0.0900%
>
> NUMBER OF LOANS
> 0 1 0 1
>
> PERCENTAGE OF LOANS
> 0.0000% 0.1325% 0.0000% 0.1325%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> LOANS IN REO
> 0
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 0.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 469,856.00
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 439,613.75
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 946,672.47
>
> INTEREST PAYMENT AMOUNT
> 338,180.15
>
> PRINCIPAL PAYMENT AMOUN
>T 439,613.75
>
> SUBORDINATION INCREASE
>AMOUNT 168,878.57
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT N/A
>
> CURRENT CARRY FORWARD A
>MOUNT N/A
>
> AGGREGATE UNPAID CARRY
>FORWARD AMOUNT 0.00
>
> SCHEDULED PAYMENTS PAID
> BY NOTE INSURER 0.00
>
> AGGREGATE SCHEDULED PAY
>MENTS NOT REIMBURSED 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERIOD 61,407,280.
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.072477%
>
> REQUIRED SUBORDINATION
>AMOUNT 3,411,980.00
>
> SUBORDINATION AMOUNT
> 435,168.73
>
> NET MONTHLY EXCESS CASH
>FLOW 168,878.57
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 5 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> ADVANCES MADE BY SERVIC
>ER 37,202.72
>
> COMPENSATING INTEREST
> 0.00
>
> PREPAYMENT INTEREST SHO
>RTFALLS 0.00
>
> RELIEF ACT SHORTFALLS
> 0.00
>
> CURRENT REALIZED LOSSES
> 0.00
>
> AGGREGATE REALIZED LOSS
>ES 0.00
>
> UNPAID ACCRUED INTEREST
> 0.00
>
> MAXIMUM NOTE INTEREST R
>ATE 7.09%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT N/A
>
> NOTE INTEREST RATE
> 6.590000%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 12.000000%
>
> DELINQUENCY AMOUNT
> 1,228,145.62
>
> ROLLING DELINQUENCY PER
>CENTAGE 2.000000%
>
> AGGREGATE BEGINNING NUM
>BER OF LOANS IN THE POOL 758
> AGGREGATE ENDING NUMBER
> OF LOANS IN THE POOL 755
>
> AGGREGATE PREPAYMENT AM
>OUNT 384,067.17
>
>
> Page 6 of 8 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 1,949,677. 562,061.51 76,050.00 2,587,789.0
>
> PERCENTAGE OF POOL BALA
>NCE 1.4206% 0.4095% 0.0554% 1.8855%
>
> NUMBER OF LOANS
> 26 10 1 37
>
> PERCENTAGE OF LOANS
> 2.0218% 0.7776% 0.0778% 2.8771%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 804,702.00 141,675.00 946,377.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.5863% 0.1032% 0.6896%
>
> NUMBER OF LOANS
> 0 9 2 11
>
> PERCENTAGE OF LOANS
> 0.0000% 0.6998% 0.1555% 0.8554%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 0.00 0.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.0000% 0.0000%
>
> NUMBER OF LOANS
> 0 0 0 0
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.0000% 0.0000%
>
> LOANS IN REO
> 0
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 0.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 992,659.01
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 2,293,070.0
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 3,429,585.5
>
> INTEREST PAYMENT AMOUNT
> 684,204.48
>
> PRINCIPAL PAYMENT AMOUN
>T 2,293,070.0
>
> SUBORDINATION INCREASE
>AMOUNT 452,311.03
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 1,050,724.1
>
> CURRENT CARRY FORWARD A
>MOUNT 0.00
>
> AGGREGATE UNPAID CARRY
>FORWARD AMOUNT 0.00
>
> SCHEDULED PAYMENTS PAID
> BY NOTE INSURER 0.00
>
> AGGREGATE SCHEDULED PAY
>MENTS NOT REIMBURSED 0.00
>
> AGGREGATE PRINCIPAL BAL
>ANCE OF THE MORTGAGE LOANS AS OF THE END OF THE DUE PERIOD 134,953,411
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.170978%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,588,025.50
>
> SUBORDINATION AMOUNT
> 1,139,844.71
>
> NET MONTHLY EXCESS CASH
>FLOW 452,311.03
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 7 of 8 COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-2
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> ADVANCES MADE BY SERVIC
>ER 143,856.50
>
> COMPENSATING INTEREST
> 0.00
>
> PREPAYMENT INTEREST SHO
>RTFALLS 0.00
>
> RELIEF ACT SHORTFALLS
> 0.00
>
> CURRENT REALIZED LOSSES
> 0.00
>
> AGGREGATE REALIZED LOSS
>ES 0.00
>
> UNPAID ACCRUED INTEREST
> 0.00
>
> MAXIMUM NOTE INTEREST R
>ATE 0.00%
>
> NOTE INTEREST RATE
> 0.340000%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 12.000000%
>
> DELINQUENCY AMOUNT
> 5,398,136.4
>
> ROLLING DELINQUENCY PER
>CENTAGE 4.000000%
>
> AGGREGATE BEGINNING NUM
>BER OF LOANS IN THE POOL 1304
>
> AGGREGATE ENDING NUMBER
> OF LOANS IN THE POOL 1286
>
> AGGREGATE PREPAYMENT AM
>OUNT 2,203,653.5
>
>
> Page 8 of 8 ) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
ankers Trust Company
ankers Trust Company
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