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Previous: PACIFICAMERICA HOME EQ LN AB NOTES SERIES 1998-2F CLASS A-F, 8-K, 1998-12-17 |
Next: NUVEEN TAX FREE UNIT TRUST SERIES 1051, S-6, 1998-12-17 |
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
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 October
26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of November
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: December 17, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of October
26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of November
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 130,000,000.00 119,924,380.25 600,375.59 2,427,547.10 3,
>027,922.69 0.00 0.00 117,496,833.15
TOTALS 130,000,000.00 119,924,380.25 600,375.59 2,427,547.10 3,
>027,922.69 0.00 0.00 117,496,833.15
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 922.495233 4.618274 18.673439
> 23.291713 903.821793 5.813750% 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: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> 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: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> DELINQUENT INFORMATION
>
> EXCLUDING FORECLOSURE L
>OAN 30 TO 59 60 TO 89 90 PLUS
> AND REO INFORMATION
> DAYS DAYS DAYS TOTAL
>
> PRINCIPAL BALANCE
> 3,559,488.1,740,082.00 859,894.00 6,159,464.0
>
> PERCENTAGE OF POOL BALA
>NCE 2.9480% 1.4411% 0.7122% 5.1013%
>
> NUMBER OF LOANS
> 35 19 13 67
>
> PERCENTAGE OF LOANS
> 2.7069% 1.4695% 1.0054% 5.1817%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 123,116.00 3,499,906.00 3,623,022.0
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.1020% 2.8986% 3.0006%
>
> NUMBER OF LOANS
> 0 1 31 32
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0773% 2.3975% 2.4749%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 0.00 0.00 554,291.00 554,291.00
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.0000% 0.4591% 0.4591%
>
> NUMBER OF LOANS
> 0 0 7 7
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0000% 0.5414% 0.5414%
>
> * REO'S NOT INCLUDED IN
> THE ABOVE CATEGORIES
> LOANS IN REO
> 1
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 24,000.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 830,913.48
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,960,173.9
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 2,791,087.4
>
> INTEREST PAYMENT AMOUNT
> 600,375.59
>
> PRINCIPAL PAYMENT AMOUN
>T 1,960,173.9
>
> SUBORDINATION INCREASE
>AMOUNT 467,373.14
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 965,495.55
>
> 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 120,743,643
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.666996%
>
> REQUIRED SUBORDINATION
>AMOUNT 120,743,643.47
>
> SUBORDINATION AMOUNT
> 3,246,810.3
>
> NET MONTHLY EXCESS CASH
>FLOW 467,373.14
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> ADVANCES MADE BY SERVIC
>ER 261,354.56
>
> 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 965,495.55
>
> NOTE INTEREST RATE
> 5.813750%
>
> 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
> 130,403,134.95
>
> ROLLING DELINQUENCY PER
>CENTAGE 108.000000%
>
> AGGREGATE BEGINNING NUM
>BER OF LOANS IN THE POOL 1309
>
> AGGREGATE ENDING NUMBER
> OF LOANS IN THE POOL 1293
>
> AGGREGATE PREPAYMENT AM
>OUNT 1,820,628.7
>
>
> Page 4 of 4 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 130,000,000.00 117,496,833.15 532,591.60 2,327,045.40 2,
>859,637.00 0.00 0.00 115,169,787.75
TOTALS 130,000,000.00 117,496,833.15 532,591.60 2,327,045.40 2,
>859,637.00 0.00 0.00 115,169,787.75
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 903.821793 4.096858 17.900349
> 21.997208 885.921444 5.439380% 5.262340%
SELLER: Pacific-America Money Center, Inc. ADMI
>NISTRATOR: Andrea Davidson
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> 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: Andrea Davidson
SERVICER: Pacific-America Money Center, Inc.
> Bankers Trust Company
LEAD UNDERWRITER: Merrill Lynch & Co.
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> COPYRIGHT 1998 Bankers Trust Company
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 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
> 4,431,671.1,680,191.00 663,143.00 6,775,005.0
>
> PERCENTAGE OF POOL BALA
>NCE 3.7260% 1.4127% 0.5576% 5.6963%
>
> NUMBER OF LOANS
> 56 17 9 82
>
> PERCENTAGE OF LOANS
> 4.3922% 1.3333% 0.7059% 6.4314%
>
> FORECLOSURE LOAN INFORM
>ATION:
> PRINCIPAL BALANCE
> 0.00 143,769.00 5,198,753.00 5,342,522.0
>
> PERCENTAGE OF POOL BALA
>NCE 0.0000% 0.1209% 4.3710% 4.4919%
>
> NUMBER OF LOANS
> 0 1 58 59
>
> PERCENTAGE OF LOANS
> 0.0000% 0.0784% 4.5490% 4.6275%
>
> BANKRUPTCY LOAN INFORMA
>TION:
> PRINCIPAL BALANCE
> 83,739.00 0.00 931,303.00 1,015,042.0
>
> PERCENTAGE OF POOL BALA
>NCE 0.0704% 0.0000% 0.7830% 0.8534%
>
> NUMBER OF LOANS
> 2 0 9 11
>
> PERCENTAGE OF LOANS
> 0.1569% 0.0000% 0.7059% 0.8627%
>
> * REO'S NOT INCLUDED IN
> THE ABOVE CATEGORIES
> LOANS IN REO
> 3
>
> PRINCIPAL BALANCE OF LO
>ANS IN REO 91,726.00
>
> AGGREGATE COLLECTIONS O
>F NET INTEREST WITH RESPECT TO THE MORTGAGE LOANS: 801,527.42
>
> AGGREGATE COLLECTIONS O
>F PRINCIPAL WITH RESPECT TO THE MORTGAGE LOANS: 1,805,661.8
>
> AGGREGATE COLLECTIONS W
>ITH RESPECT TO THE MORTGAGE LOANS: 2,607,189.3
>
> INTEREST PAYMENT AMOUNT
> 532,591.60
>
> PRINCIPAL PAYMENT AMOUN
>T 1,805,661.8
>
> SUBORDINATION INCREASE
>AMOUNT 521,383.52
>
> GUARANTEED INTEREST PAY
>MENT AMOUNT 953,550.32
>
> 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 118,937,981
>
> WEIGHTED AVERAGE NET MO
>RTGAGE RATE 10.700591%
>
> REQUIRED SUBORDINATION
>AMOUNT 7,150,000.0
>
> SUBORDINATION AMOUNT
> 3,768,193.8
>
> NET MONTHLY EXCESS CASH
>FLOW 521,383.52
>
> SUBORDINATION REDUCTION
> AMOUNT 0.00
>
>
> Page 3 of 4 COPYRIGHT 1998 B
>
> PACIFIC AMERICA HOME EQ
>UITY LOANS
> ASSET-BACKED NOTES
> SERIES 1998-1
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> ADVANCES MADE BY SERVIC
>ER 276,477.23
>
> 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 953,550.32
>
> NOTE INTEREST RATE
> 5.439380%
>
> REPURCHASES:
> CURRENT MONTH'S REPURCH
>ASES 0.00
>
> AGGREGATE REPURCHASES S
>INCE CLOSING DATE 0.00
>
> CUMULATIVE LOSS PERCENT
>AGE 0.000000%
>
> DELINQUENCY PERCENTAGE
> 2.153303%
>
> DELINQUENCY AMOUNT
> 2,105,893.0
>
> ROLLING DELINQUENCY PER
>CENTAGE 1.770581%
>
> AGGREGATE BEGINNING NUM
>BER OF LOANS IN THE POOL 1293
>
> AGGREGATE ENDING NUMBER
> OF LOANS IN THE POOL 1275
>
> AGGREGATE PREPAYMENT AM
>OUNT 1,748,600.4
>
>
> Page 4 of 4 COPYRIGHT 1998 B
>
ankers Trust Company
ankers Trust Company
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