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Previous: PACIFICAMERICA HOME EQ LN AB NOTES SERIES 1998-2F CLASS A-F, 8-K, 1998-11-18 |
Next: EQUITY FOCUS TRUSTS SECTOR SERIES 1998 B, 487, 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 1998-1;
File No. 0-20897.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of PacificAmerica Home Equity Loan
Trust Series 1998-1 (the "Trust") under the Indenture, dated as of
March 1, 1998, between PacificAmerica Home Equity Loan Trust Series 1998-1, 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 1998-1 (the "Issuer") will be
formed pursuant to a Trust Agreement, dated as of March 1, 1998, between
Merrill Lynch Mortgage Investors, Inc. (the "Depositor") and Wilmington Trust
Company, the Owner Trustee. The Issuer will issue $130,000,000 aggregate
principal amount of PacificAmerica Home Equity Loan Asset-Backed Notes, Series
1998-1 (the "Notes"). The Notes will be issued pursuant to an Indenture,
dated as of March 1, 1998, between the Issuer and Bankers Trust Company of
California, N.A., the Indenture Trustee.
The Notes will represent indebtedness of the Issuer and will be secured by the
trust estate (the "Trust Estate") created by the Trust Agreement. The Trust
Estate will consist primarily of fixed and adjustable 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
19, 1997. Additional Home Equity Loans (the "Subsequent Home Equity Loans"
and, together with the Initial Home Equity Loans, the "Home Equity Loans")
having an aggregate unpaid principal balance of up to $30,282,598 meeting the
criteria set forth in the Prospectus Supplement, dated June 19, 1997, are
intended to be purchased by the Issuer on or before April 27, 1998, with
funds on deposit in the Pre-Funding Account, which will become part of the
Trust Estate. In addition, the Notes will have the benefit of an irrevocable
and unconditional financial guaranty insurance policy (the "Note Insurance
Policy") to be issued by Financial Security Assurance Inc. (the "Note
Insurer") as described under "Description of the Notes-Note Insurance Policy"
in the Prospectus Supplement, dated June 19, 1997
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 1998-1
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): April 27, 1998
MERRILL LYNCH MORTGAGE INVESTORS, INC.
(as depositor under the Indenture, dated as of March 1, 1998, providing for
inter alia, the issuance of PacificAmerica Home-Equity Loan Asset-Backed Notes,
Series 1998-1).
PACIFICAMERICA MONEY CENTER, INC.
(Exact name of Registrant as specified in its Charter)
CALIFORNIA
(State or Other Jurisdiction of Incorporation)
0-20897 95-446
(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 April
27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of May
26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of June
25, 1998.
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
March 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 April
27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of May
26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of June
25, 1998.
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 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 130,000,000.00 703,977.08 430,953.45 1,
>134,930.53 0.00 0.00 129,569,046.55
TOTALS 130,000,000.00 130,000,000.00 703,977.08 430,953.45 1,
>134,930.53 0.00 0.00 129,569,046.55
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 1,000.000000 5.415208 3.315027
> 8.730235 996.684973 5.907500% 5.876250%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: March 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: April 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 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 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: March 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: April 27, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> April 27, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 213,150.00 0.00 0.00 213,150.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.1743% 0.0000% 0.0000% 0.1743%
>
> NUMBER OF LOANS
> 3 0 0 3
>
> PERCENTAGE OF LOANS
> 0.2294% 0.0000% 0.0000% 0.2294%
>
> 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: 1,080,153.4
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 39,491.55
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 1,119,645.0
>
> INTEREST PAYMENT AMOUNT
> 703,977.08
>
> PRINCIPAL PAYMENT AMOUN
>T 39,491.55
>
> SUBORDINATION INCREASE
>AMOUNT 391,461.90
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 950,397.73
>
> 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 122,270,637
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.608176%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,150,000.0
>
> SUBORDINATION AMOUNT
> 391,462.11
>
> NET MONTHLY EXCESS CASH
>FLOW 391,461.90
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> April 27, 1998
> ADVANCES MADE BY SERVIC
>ER 2,614.91
>
> 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 14.50%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 950,397.73
>
> NOTE INTEREST RATE
> 5.907500%
>
> 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 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 129,569,046.55 613,333.98 1,408,617.37 2,
>021,951.35 0.00 0.00 128,160,429.18
TOTALS 130,000,000.00 129,569,046.55 613,333.98 1,408,617.37 2,
>021,951.35 0.00 0.00 128,160,429.18
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 996.684973 4.717954 10.835518
> 15.553472 985.849455 5.876250% 5.868440%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: April 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: May 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 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 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: April 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: May 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> May 26, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 37,050.00 0.00 0.00 37,050.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0287% 0.0000% 0.0000% 0.0287%
>
> NUMBER OF LOANS
> 1 0 0 1
>
> PERCENTAGE OF LOANS
> 0.0728% 0.0000% 0.0000% 0.0728%
>
> 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: 1,145,187.2
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 775,432.70
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 1,920,619.9
>
> INTEREST PAYMENT AMOUNT
> 613,333.98
>
> PRINCIPAL PAYMENT AMOUN
>T 902,163.38
>
> SUBORDINATION INCREASE
>AMOUNT 506,453.99
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 1,010,968.9
>
> 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 129,058,345
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.573500%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,150,000.0
>
> SUBORDINATION AMOUNT
> 897,916.10
>
> NET MONTHLY EXCESS CASH
>FLOW 506,453.99
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> May 26, 1998
> ADVANCES MADE BY SERVIC
>ER 433.49
>
> 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 14.50%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 1,010,968.9
>
> NOTE INTEREST RATE
> 5.876250%
>
> 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 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 128,160,429.18 626,751.49 1,654,181.03 2,
>280,932.52 0.00 0.00 126,506,248.15
TOTALS 130,000,000.00 128,160,429.18 626,751.49 1,654,181.03 2,
>280,932.52 0.00 0.00 126,506,248.15
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 985.849455 4.821165 12.724469
> 17.545635 973.124986 5.868440% 5.876250%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: May 29, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: June 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 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 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: May 29, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: June 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> June 25, 1998
> DELINQUENT AND
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS
> INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 2,041,648. 662,036.03 0.00 2,703,684.8
>
> PERCENTAGE OF POOL BALA
>NCE 1.5964% 0.5177% 0.0000% 2.1141%
>
> NUMBER OF LOANS
> 30 7 0 37
>
> PERCENTAGE OF LOANS
> 2.2091% 0.5155% 0.0000% 2.7246%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 233,969.36 430,854.00 664,823.36
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.1829% 0.3369% 0.5198%
>
> NUMBER OF LOANS
> 0 2 5 7
>
> PERCENTAGE OF LOANS
> 0.0000% 0.1473% 0.3682% 0.5155%
>
> 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%
>
> * REO'S NOT INCLUDED IN
> THE ABOVE CATEGORIES
> 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: 999,990.44
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,169,381.9
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 2,169,372.3
>
> INTEREST PAYMENT AMOUNT
> 626,751.49
>
> PRINCIPAL PAYMENT AMOUN
>T 1,169,381.9
>
> SUBORDINATION INCREASE
>AMOUNT 484,799.12
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 1,004,001.9
>
> 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 127,888,963
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.563731%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,150,000.0
>
> SUBORDINATION AMOUNT
> 1,382,715.2
>
> NET MONTHLY EXCESS CASH
>FLOW 484,799.12
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> June 25, 1998
> ADVANCES MADE BY SERVIC
>ER 137,737.48
>
> 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 14.50%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 1,004,001.9
>
> NOTE INTEREST RATE
> 5.868440%
>
> 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
> 1,278,889.6
>
> ROLLING DELINQUENCY PER
>CENTAGE 1.000000%
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 126,506,248.15 660,784.30 2,199,909.39 2,
>860,693.69 0.00 0.00 124,306,338.76
TOTALS 130,000,000.00 126,506,248.15 660,784.30 2,199,909.39 2,
>860,693.69 0.00 0.00 124,306,338.76
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 973.124986 5.082956 16.922380
> 22.005336 956.202606 5.876250% 5.876250%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
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 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 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 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
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 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> 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
> 3,649,547. 754,167.25 407,489.33 4,811,203.7
>
> PERCENTAGE OF POOL BALA
>NCE 2.8935% 0.5979% 0.3231% 3.8145%
>
> NUMBER OF LOANS
> 41 12 4 57
>
> PERCENTAGE OF LOANS
> 3.0438% 0.8909% 0.2970% 4.2316%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 777,673.33 1,129,271.94 1,906,945.2
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.6166% 0.8953% 1.5119%
>
> NUMBER OF LOANS
> 0 10 11 21
>
> PERCENTAGE OF LOANS
> 0.0000% 0.7424% 0.8166% 1.5590%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 166,489.92 0.00 166,489.92
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.1320% 0.0000% 0.1320%
>
> NUMBER OF LOANS
> 0 2 0 2
>
> PERCENTAGE OF LOANS
> 0.0000% 0.1485% 0.0000% 0.1485%
>
> * REO'S NOT INCLUDED IN
> THE ABOVE CATEGORIES
> 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: 939,469.52
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,760,349.4
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 2,699,818.9
>
> INTEREST PAYMENT AMOUNT
> 660,784.30
>
> PRINCIPAL PAYMENT AMOUN
>T 1,760,349.4
>
> SUBORDINATION INCREASE
>AMOUNT 439,559.92
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 993,770.07
>
> 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 126,128,613
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.552197%
>
> REQUIRED SUBORDINATION
>AMOUNT 126,128,613.90
>
> SUBORDINATION AMOUNT
> 1,822,275.14
>
> NET MONTHLY EXCESS CASH
>FLOW 439,559.92
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> July 27, 1998
> ADVANCES MADE BY SERVIC
>ER 186,720.34
>
> 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 14.50%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 993,770.07
>
> NOTE INTEREST RATE
> 5.876250%
>
> 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
> 32,793,439.61
>
> ROLLING DELINQUENCY PER
>CENTAGE 26.000000%
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 124,306,338.76 588,422.18 2,138,743.54 2,
>727,165.72 0.00 0.00 122,167,595.22
TOTALS 130,000,000.00 124,306,338.76 588,422.18 2,138,743.54 2,
>727,165.72 0.00 0.00 122,167,595.22
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 956.202606 4.526324 16.451873
> 20.978198 939.750732 5.876250% 5.868440%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
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 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 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 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Vince P. Greco
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 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> 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
> 2,964,564.2,298,117.40 344,567.27 5,607,248.8
>
> PERCENTAGE OF POOL BALA
>NCE 2.3814% 1.8461% 0.2768% 4.5042%
>
> NUMBER OF LOANS
> 42 24 6 72
>
> PERCENTAGE OF LOANS
> 3.1627% 1.8072% 0.4518% 5.4217%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 513,049.98 1,978,138.81 2,491,188.7
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.4121% 1.5890% 2.0011%
>
> NUMBER OF LOANS
> 0 5 21 26
>
> PERCENTAGE OF LOANS
> 0.0000% 0.3765% 1.5813% 1.9578%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 323,757.66 323,757.66
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.2601% 0.2601%
>
> NUMBER OF LOANS
> 0 0 4 4
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.3012% 0.3012%
>
> * REO'S NOT INCLUDED IN
> THE ABOVE CATEGORIES
> 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: 891,976.45
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,640,328.8
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 2,532,305.2
>
> INTEREST PAYMENT AMOUNT
> 588,422.18
>
> PRINCIPAL PAYMENT AMOUN
>T 1,640,328.8
>
> SUBORDINATION INCREASE
>AMOUNT 498,414.71
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 981,729.71
>
> 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 124,488,285.07
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.566950%
>
> REQUIRED SUBORDINATION
>AMOUNT 124,488,285.07
>
> SUBORDINATION AMOUNT
> 2,320,689.8
>
> NET MONTHLY EXCESS CASH
>FLOW 498,414.71
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> August 25, 1998
> ADVANCES MADE BY SERVIC
>ER 220,262.43
>
> 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 14.50%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 981,729.71
>
> NOTE INTEREST RATE
> 5.876250%
>
> 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
> 69,713,439.64
>
> ROLLING DELINQUENCY PER
>CENTAGE 56.000000%
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A 130,000,000.00 122,167,595.22 617,359.15 2,243,214.97 2,
>860,574.12 0.00 0.00 119,924,380.25
TOTALS 130,000,000.00 122,167,595.22 617,359.15 2,243,214.97 2,
>860,574.12 0.00 0.00 119,924,380.25
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A 588929QH4 939.750732 4.748917 17.255500
> 22.004416 922.495233 5.868440% 5.813750%
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 4
> (c) COPYRIGHT 1998 Bankers Trust Company
PACIFIC AMERICA HOME EQUITY LOANS
ASSET-BACKED NOTES
SERIES 1998-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
CERTIFICATE 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 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
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 4
> (c) COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> 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
> 4,327,110. 750,339.70 707,657.43 5,785,107.4
>
> PERCENTAGE OF POOL BALA
>NCE 3.5265% 0.6115% 0.5767% 4.7147%
>
> NUMBER OF LOANS
> 52 14 10 76
>
> PERCENTAGE OF LOANS
> 3.9725% 1.0695% 0.7639% 5.8060%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 917,088.46 3,625,755.35 4,542,843.8
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.7474% 2.9549% 3.7023%
>
> NUMBER OF LOANS
> 0 12 35 47
>
> PERCENTAGE OF LOANS
> 0.0000% 0.9167% 2.6738% 3.5905%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 48,054.33 0.00 506,701.20 554,755.53
>
> PERCENTAGE OF POOL BALA
>NCE 0.0392% 0.0000% 0.4129% 0.4521%
>
> NUMBER OF LOANS
> 1 0 6 7
>
> PERCENTAGE OF LOANS
> 0.0764% 0.0000% 0.4584% 0.5348%
>
> * REO'S NOT INCLUDED IN
> THE ABOVE CATEGORIES
> 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: 851,595.10
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,784,467.6
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 2,636,062.7
>
> INTEREST PAYMENT AMOUNT
> 617,359.15
>
> PRINCIPAL PAYMENT AMOUN
>T 1,784,467.6
>
> SUBORDINATION INCREASE
>AMOUNT 458,747.33
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 972,366.24
>
> 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 122,703,817
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.598799%
>
> REQUIRED SUBORDINATION
>AMOUNT 122,703,817.43
>
> SUBORDINATION AMOUNT
> 2,779,437.1
>
> NET MONTHLY EXCESS CASH
>FLOW 458,747.33
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 (c) COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> September 25, 1998
> ADVANCES MADE BY SERVIC
>ER 249,482.94
>
> 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 14.50%
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 972,366.24
>
> NOTE INTEREST RATE
> 5.868440%
>
> 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
> 115,341,588.38
>
> ROLLING DELINQUENCY PER
>CENTAGE 94.000000%
>
> AGGREGATE BEGINNING NUM
>BER OF LOANS IN THE POOL 1328
>
> AGGREGATE ENDING NUMBER
> OF LOANS IN THE POOL 1309
>
> AGGREGATE PREPAYMENT AM
>OUNT 1,723,317.8
>
>
> Page 4 of 4 (c) COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
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