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Previous: ACCORD VENTURES INC, 10SB12G/A, 1999-05-26 |
Next: HEADLANDS MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-2, 8-K, 1999-05-26 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) May 17, 1999
------------------------
The Money Store Home Improvement Loan Backed Certificates, Series 1998_I and the
Originators as listed below under a Pooling and Servicing Agreement dated as of
August 31, 1998 providing for the issuance of The Money Store Home Improvement
Loan Backed Certificates, Series 1998-I
TMS Mortgage Inc.
The Money Store Home Equity Corp.
The Money Store/ Minnesota Inc.
The Money Store/ Kentucky Inc.
The Money Store/ D.C. Inc.
(Exact name of registrant as specified in its charter)
New Jersey Applied For
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation) 333-20817
2840 Morris Avenue, Union, New Jersey 07083
- ----------------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
--------------
n/a
- ---------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
Attached herein as Annex A is a copy of the Monthly Statement sent to Class
A Certificate holders with respect to the May 17, 1999 Remittance Date.
<PAGE>
SIGNATURES
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 there unto duly authorized.
THE MONEY STORE INC.
By: /s/ Arthur Lyon
------------------------------
Arthur Lyon
Sr. Vice President
Dated: 05/28/99
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING
AGREEMENT DATED AS OF AUGUST 31, 1998, THE MONEY STORE INC. REPORTS
THE FOLLOWING INFORMATION PERTAINING TO THE HOME IMPROVEMENT TRUST1998-I
FOR THE MAY 12, 1999 DETERMINATION DATE.
<TABLE>
<S> <C>
1. AGGREGATE AMOUNT RECEIVED $5,228,813.09
LESS: SERVICE FEE 35,462.15
CONTINGENCY FEE 35,462.15
OTHER SERVICER FEES (Late Charges / Escrow) 29,527.94
UNREIMBURSED MONTHLY ADVANCES 0.00
-----------------
100,452.24
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 29,495.68
PRE-FUNDING ACCOUNT TRANSFER 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER 0.00
-----------------
29,495.68
AMOUNT WITHDRAWN FROM THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01(b)(vi) 0.00
-----------------
AVAILABLE REMITTANCE AMOUNT (I-2) 5,157,856.53
=================
2. (A) CLASS AH PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 129,300,848.37
(B) CLASS MH-1PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 16,750,000.00
(C) CLASS MH-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 15,250,000.00
(D) CLASS BH PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 12,750,000.00
3. PRINCIPAL DISTRIBUTION AMOUNTS:
CLASS AH 4,309,997.27
CLASS MH-1 0.00
CLASS MH-2 0.00
CLASS BH 0.00
TOTAL PRINCIPAL DISTRIBUTION AMOUNT: 4,309,997.27
</TABLE>
<PAGE>
<TABLE>
<S> <C>
4. THE AMOUNT ON DEPOSIT IN THE SPREAD ACCOUNT AND
THE SUPPLEMENTAL ACCOUNT
(A) BEFORE ALL DISTRIBUTIONS ARE MADE 0.00
(B) AFTER ALL DISTRIBUTIONS ARE MADE 0.00
5. (A) POOL SUBORDINATED AMOUNT 5,114,424.63
(B) POOL SPECIFIED SUBORDINATED AMOUNT 10,300,000.00
(C) POOL AVAILABLE MAXIMUM SUBORDINATED AMOUNT 10,365,776.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD
AMOUNT 2,857,376.60
# OF LOANS 171
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 116,363.83
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 362,392.06
9. AMOUNT OF INTEREST RECEIVED 1,850,698.00
10. (A) AMOUNT OF MONTHLY ADVANCES TO BE MADE ON
THE DETERMINATION DATE
MONTHLY ADVANCE TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii) 29,495.68
(B) AMOUNT OF COMPENSATING INTEREST 106.46
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 1,194,246.89
13. CLASS AH REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 597,226.25
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,309,997.27
TOTAL CLASS AH REMITTANCE AMOUNT 4,907,223.52
CLASS MH-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 81,535.28
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
TOTAL CLASS MH-1 REMITTANCE AMOUNT 81,535.28
</TABLE>
<PAGE>
<TABLE>
<S> <C>
CLASS MH-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 76,944.72
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
TOTAL CLASS MH-2 REMITTANCE AMOUNT 76,944.72
CLASS BH REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 76,797.50
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
TOTAL CLASS BH REMITTANCE AMOUNT 76,797.50
AGGREGATE REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 832,503.75
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,309,997.27
TOTAL REMITTANCE AMOUNT 5,142,501.02
CLASS AH INTEREST CARRYFORWARD AMOUNT 0.00
CLASS MH-I INTEREST CARRYFORWARD AMOUNT 0.00
CLASS MH-2 INTEREST CARRYFORWARD AMOUNT 0.00
CLASS BH INTEREST CARRYFORWARD AMOUNT 0.00
14. (A) THE REIMBURSABLE AMOUNTS 0.00
(B) CLASS X REMITTANCE AMOUNT PAYABLE
PURSUANT TO SECTION 6.08(d)(z)(xix) 0.00
15. (A) CLASS AH PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 124,990,851.10
(B) CLASS MH-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 16,750,000.00
(C) CLASS MH-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 15,250,000.00
(D) CLASS BH PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 12,750,000.00
(E) TOTAL POOL PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 169,740,851.10
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
16. (A) MONTHLY EXCESS SPREAD PERCENTAGE 100.00%
(B) EXCESS SPREAD 1,044,789.08
(C) REMAINDER EXCESS SPREAD AMOUNT 0.00
17. CUMULATIVE REALIZED LOSSES 3,584,442.78
18. (A) WEIGHTED AVERAGE MATURITY 224.461
(B) WEIGHTED AVERAGE INTEREST RATE 13.047%
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 35,462.15
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 35,462.15
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT 2,900.85
(D) FHA PREMIUM ACCOUNT 12,454.66
(E) TRUST ADMINISTRATOR FEE 2,167.58
(F) FHA CUSTODIAN FEE 74.74
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE SERVICERS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f)(i) 70,924.30
21. CLASS AH POOL FACTOR (I-5):
CURRENT CLASS AH PRINCIPAL BALANCE 124,990,851.10 0.80509405
ORIGINAL CLASS AH PRINCIPAL BALANCE 155,250,000.00
CLASS MH-1 POOL FACTOR (I-5):
CURRENT CLASS MH-1 PRINCIPAL BALANCE 16,750,000.00 1.00000000
ORIGINAL CLASS MH-1 PRINCIPAL BALANCE 16,750,000.00
CLASS MH-2 POOL FACTOR (I-5):
CURRENT CLASS MH-2 PRINCIPAL BALANCE 15,250,000.00 1.00000000
ORIGINAL CLASS MH-2 PRINCIPAL BALANCE 15,250,000.00
CLASS BH POOL FACTOR (I-5):
CURRENT CLASS BH PRINCIPAL BALANCE 12,750,000.00 1.00000000
ORIGINAL CLASS BH PRINCIPAL BALANCE 12,750,000.00
POOL FACTOR:
CURRENT POOL PRINCIPAL BALANCE 169,740,851.10 0.84870426
ORIGINAL POOL PRINCIPAL BALANCE 200,000,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 13.047%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 14.597%
(C) WEIGHTED AVERAGE CLASS AH, CLASS MH-1
CLASS MH-2 AND CLASS BH
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 5.40569%
------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 03/31/99 04/30/99
------------------------
13.052% 13.047%
23. CLASS AH REMITTANCE RATE 5.19625%
CLASS MH-1 REMITTANCE RATE 5.47625%
CLASS MH-2 REMITTANCE RATE 5.67625%
CLASS BH REMITTANCE RATE 6.77625%
IF REMITTANCE RATES BASED ON THE NET FUNDS CAP
LIBOR PLUS MARGIN FOR CLASS AH
CLASS MH-1
CLASS MH-2
CLASS BH
24. LIBOR RATE 4.92625%
25. NET FUNDS CAP
26. (A) IF THE REMITTANCE RATE IS BASED ON NET FUNDS CAP
AMOUNT OF SUPPLEMENTAL PAYMENT FOR CLASS AH 0.00
CLASS MH-1 0.00
CLASS MH-2 0.00
CLASS BH 0.00
(B) CLASS AH CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER
CLASS MH-1 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER
CLASS MH-2 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER
CLASS BH CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER
27. (A) AMOUNT OF DISTRIBUTION ALLOCABLE TO LIBOR
INTEREST CARRYOVER FOR CLASS AH 0.00
CLASS MH-1 0.00
CLASS MH-2 0.00
CLASS BH 0.00
AGGREGATE DISTRIBUTION ALLOCABLE TO LIBOR INTEREST CARRYOVER AMOUNT 0.00
(B) CLASS AH LIBOR INTEREST CARRYOVER BALANCE 0.00
CLASS MH-1 LIBOR INTEREST CARRYOVER BALANCE 0.00
CLASS MH-2 LIBOR INTEREST CARRYOVER BALANCE 0.00
CLASS BH LIBOR INTEREST CARRYOVER BALANCE 0.00
AGGREGATE LIBOR INTEREST CARRYOVER BALANCE 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
28. IS TRIGGER EVENT IN EFFECT NO
29. CLASS A PERCENTAGE 100.00%
CLASS MH-1 PERCENTAGE 0.00%
CLASS MH-2 PERCENTAGE 0.00%
CLASS BH PERCENTAGE 0.00%
30. (A) POOL AGGREGATE APPLIED REALIZED LOSS AMOUNT
CLASS AH APPLIED REALIZED LOSS AMOUNT 0.00
CLASS MH-1 APPLIED REALIZED LOSS AMOUNT 0.00
CLASS MH-2 APPLIED REALIZED LOSS AMOUNT 0.00
CLASS BH APPLIED REALIZED LOSS AMOUNT 0.00
(B) POOL AGGREGATE REALIZED LOSS AMOUNT
CLASS AH REALIZED LOSS AMOUNT 0.00
CLASS MH-1 REALIZED LOSS AMOUNT 0.00
CLASS MH-2 REALIZED LOSS AMOUNT 0.00
CLASS BH REALIZED LOSS AMOUNT 0.00
(C) POOL AGGREGATE UNPAID REALIZED LOSS AMOUNT
CLASS AH UNPAID REALIZED LOSS AMOUNT 0.00
CLASS MH-1 UNPAID REALIZED LOSS AMOUNT 0.00
CLASS MH-2 UNPAID REALIZED LOSS AMOUNT 0.00
CLASS BH UNPAID REALIZED LOSS AMOUNT 0.00
31. ACCELERATED PRINCIPAL DISTRIBUTION AMOUNT 973,864.78
32. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 12,454.66
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PUSUANT TO 6.06(b)(i) 4,914.78
33. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE DUE PERIOD 0.00
34. THE RESERVE AMOUNT FOR THE DUE PERIOD 20,000,000.00
35. CLAIMS FILED DURING THE DUE PERIOD 0.00
36. CLAIMS PAID DURING THE PERIOD 0.00
37. CLAIMS DENIED BY FHA DURING THE DUE PERIOD 0.00
38. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
39. NUMBER OF ALL DEFAULTED MORTGAGE LOANS PURCHACHED DURING THE DUE PERIOD
PRINCIPAL BALANCE OF ALL DEFAULTED MORTGAGE LOANS PURCHACHED DURING THE DUE PERIOD
CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT TO 6.06(b)(i) 0.00
</TABLE>
<PAGE>
EXHIBIT O
REMIC DELINQUENCIES AS OF - APRIL 30, 1999
<TABLE>
<CAPTION>
HOME OUTSTANDING #
IMPROVEMENT DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1998-I $174,855,275.73 9,019 1 TO 29 DAYS 24,223,673.61 1,215 13.85%
30 TO 59 DAYS 2,638,545.59 144 1.51%
60 TO 89 DAYS 1,724,197.23 85 0.99%
90 AND OVER 2,210,204.75 99 1.26%
FORECLOSURE 286,234.82 16 0.16%
REO PROPERTY 0.00 0 0.00%
TOTALS $31,082,856.00 1,559 17.78%
==========================================
</TABLE>
<PAGE>
HOME IMPROVEMENT TRUST 1998-I
The following additional information, presented in dollars, pursuant to Section
6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxii) is provided for
each Class per $1,000 original dollar amount as of the Cut-Off Date.
<TABLE>
<CAPTION>
SUBCLAUSE CLASS AH CLASS MH-1 CLASS MH-2 CLASS BH
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(ii) 832.86 1,000.00 1,000.00 1,000.00
(vi) 18.41 0.00 0.00 0.00
(vii) 0.75 0.00 0.00 0.00
(viii) 2.32 0.00 0.00 0.00
(xiii) (a) 3.85 4.87 5.05 6.02
(b) 27.76 0.00 0.00 0.00
(c) 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00
(xv) 805.09 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00 0.00
</TABLE>
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