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Previous: MONEY STORE HOME IMPROVEMENT LOAN BACKED CERT SERIES 1998-I, 8-K, 1998-11-24 |
Next: MERRILL LYNCH MOR INV FRST FRAN MOR LN AS BK CER SR 1998-FF2, 8-K, 1998-11-24 |
<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) November 16, 1998
-------------------------
The Money Store Inc. (as Representative under a Pooling and Servicing Agreement
dated as of August 31, 1998 providing for the issuance of The Money Store Trust
Series 1998-C) and each of the Originators listed on Schedule A attached hereto.
The Money Store, 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)
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 November 16, 1998 Remittance Date.
Item 7 Financial Statements and Exhibits
---------------------------------
The quarterly financial statement for the period ended September 30, 1997
for MBIA Inc. is incorporated by reference to the Form 10Q filed by MBIA Inc.
with the Securities and Exchange Commission on November 14, 1997.
<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 thereunto duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
------------------------------
Harry Puglisi
Treasurer
Dated: November 30, 1998
<PAGE>
Schedule A
List of Originators
-------------------
1998-C
------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
TRUST ADMINISTRATOR'S CERTIFICATE
IN ACCORDANCE WITH SECTION 7.10 OF THE SALE AND SERVICING AGREEMENT DATED
AS OF AUGUST 31,1998, THE MONEY STORE INC. REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1998-C FOR THE NOVEMBER 10, 1998
DETERMINATION DATE.
<TABLE>
<CAPTION>
POOL I POOL II
<S> <C> <C> <C>
1. AGGREGATE AMOUNT RECEIVED $9,793,466.18 $7,954,072.50
ADJ: RECALCULATION 0.00 0.00
------------------ ----------------
9,793,466.18 7,954,072.50
LESS: SERVICE FEE 99,002.84 58,350.07
CONTINGENCY FEE 99,002.84 58,350.07
OTHER SERVICER FEES (Late Charges / Escrow) 60,115.87 63,605.07
UNREIMBURSED MONTHLY ADVANCES 0.00 0.00
------------------ ----------------
258,121.55 180,305.21
PLUS: MONTHLY ADVANCE (6.11) - INCLUDING
COMPENSATING INTEREST (6.12) 285,215.32 532,255.96
------------------ ----------------
285,215.32 532,255.96
LESS: EXCESS SPREAD (I-19) 1,794,087.08 1,039,912.74
------------------ ----------------
AVAILABLE REMITTANCE AMOUNT 8,026,472.87 7,266,110.50
================== ================
2. (A) CLASS AF-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 398,031,000.00
(B) CLASS AF-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 132,677,000.00
(C) CLASS AV PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 357,368,000.00
</TABLE>
<PAGE>
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS AF-1 4,137,000.00
CLASS AF-2 1,379,000.00
TOTAL POOL I PRINCIPAL DISTRIBUTION AMOUNT : 5,516,000.00
CLASS AV (POOL II) PRINCIPAL DISTRIBUTION 5,546,000.00
4. TOTAL AMOUNT OF POOL I AND II INSURED PAYMENTS
POOL I INSURED PAYMENT 0.00
POOL II INSURED PAYMENT 0.00
5. CURRENT INTEREST REQUIREMENTS
CLASS AF-1 2,009,115.43
CLASS AF-2 645,694.73
CLASS AV 1,800,686.82
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD # ACCOUNTS DOLLARS
POOL I 94 3,657,933.07
POOL II 39 3,914,590.81
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD
POOL I 1,052,127.74
POOL II 408,193.85
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD
POOL I 625,720.81
POOL II 168,525.65
9. AMOUNT OF INTEREST RECEIVED
POOL I 4,217,968.69
POOL II 2,344,899.64
10. (A) AMOUNT OF MONTHLY ADVANCES INCLUDING COMPENSATING
INTEREST TO BE MADE ON THE DETERMINATION DATE
TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii)
POOL I 0.00
POOL II 0.00
(B) AMOUNT OF COMPENSATING INTEREST
POOL I 0.00
POOL II 0.00
<PAGE>
<TABLE>
<S> <C> <C>
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. THE AMOUNT OF REALIZED LOSSES DURING
DUE PERIOD
POOL I 0.00
POOL II 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 2,009,115.43
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,137,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 6,146,115.43
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 645,694.73
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,379,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 2,024,694.73
POOL I REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 2,654,810.16
(B) PRINCIPAL DISTRIBUTION AMOUNT 5,516,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL I REMITTANCE AMOUNT 8,170,810.16
CLASS AV REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,800,686.82
(B) PRINCIPAL DISTRIBUTION AMOUNT 5,546,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS AV REMITTANCE AMOUNT 7,346,686.82
14. (A) REIMBURSABLE AMOUNTS
(B) CERTIFICATE REMITTANCE AMOUNT
POOL I 1,595,463.02
POOL II 922,780.39
15. (A) CLASS AF-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 393,894,000.00
</TABLE>
<PAGE>
(B) CLASS AF-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 131,298,000.00
(J) CLASS AV PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 351,822,000.00
(S) TOTAL POOL I PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 525,192,000.00
(T) TOTAL POOL II PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 351,822,000.00
16. (A) MONTHLY EXCESS SPREAD PERCENTAGE (FOR POOL I AND II) 100.00%
(B) EXCESS SPREAD (POOL I) 1,794,087.08
EXCESS SPREAD (POOL II) 1,039,912.74
TOTAL EXCESS SPREAD (POOL I and II) 2,833,999.82
(C) REMAINDER EXCESS SPREAD AMOUNT POOL I 0.00
REMAINDER EXCESS SPREAD AMOUNT POOL II 0.00
TOTAL REMAINDER EXCESS SPREAD AMOUNT POOL I and II 0.00
17. CUMULATIVE REALIZED LOSSES
POOL I 0.00
POOL II 0.00
18. (A) THE WEIGHTED AVERAGE MATURITY
POOL I 283.648
POOL II 356.553
(B) THE WEIGHTED AVERAGE MORTGAGE
INTEREST RATE
POOL I 10.624%
POOL II 10.051%
<PAGE>
<TABLE>
<S> <C> <C>
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD
POOL I 99,002.84
POOL II 58,350.07
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD
POOL I 99,002.84
POOL II 58,350.07
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE
POOL I 5,638.77
POOL II 3,797.04
(D) AMOUNT TO BE DEPOSITED TO THE INSURANCE ACCOUNT- MBIA
POOL I 48,648.00
POOL II 32,759.00
(E) TRUST ADMINISTRATOR FEE
POOL I 3,759.18
POOL II 3,275.88
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE POOL I POOL II
SERVICERS PURSUANT TO:
(A) SECTION 4.04 (b) 0.00 0.00
(B) SECTION 4.04 (c) 0.00 0.00
(C) SECTION 4.04 (d)(ii) 0.00 0.00
(D) SECTION 4.04 (e) 0.00 0.00
(E) SECTION 4.04 (f)(i) 198,005.68 116,700.14
21. CLASS A
CURRENT CLASS AF-1 PRINCIPAL BALANCE 393,894,000.00 0.98166729
ORIGINAL CLASS AF-1 PRINCIPAL BALANCE 401,250,000.00
CLASS AF-2 POOL FACTOR (I-5):
CURRENT CLASS AF-2 PRINCIPAL BALANCE 131,298,000.00 0.98166729
ORIGINAL CLASS AF-2 PRINCIPAL BALANCE 133,750,000.00
POOL I FACTOR:
CURRENT POOL I PRINCIPAL BALANCE 525,192,000.00 0.98166729
ORIGINAL POOL I PRINCIPAL BALANCE 535,000,000.00
CLASS AV (POOL II) FACTOR:
CURRENT CLASS AV PRINCIPAL BALANCE 351,822,000.00 0.97728333
ORIGINAL CLASS AV PRINCIPAL BALANCE 360,000,000.00
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE
POOL I 10.624%
POOL II 10.051%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS
POOL I 10.001%
POOL II 9.428%
(C) WEIGHTED AVERAGE CLASS AF-1 AND CLASS AF-2, 5.750%
CLASS AV ADJUSTED MORTGAGE LOAN REMITTANCE RATE 5.791%
<CAPTION>
---------------------------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 09/30/98 10/31/98
---------------------------------------------------
<S> <C> <C>
POOL I 10.630% 10.624%
POOL II 10.053% 10.051%
</TABLE>
<PAGE>
23. CLASS AF-1 REMITTANCE RATE 5.67859%
CLASS AF-2 REMITTANCE RATE 5.4750%
CLASS AV REMITTANCE RATE 5.66859%
IF REMITTANCE RATES BASED ON THE NET FUNDS CAP
LIBOR PLUS MARGIN OR AUCTION RATE FOR CLASS AH-1 N/A
CLASS AH-2 N/A
CLASS AV N/A
24. LIBOR RATE 5.40859%
AUCTION RATE 5.47500%
25. CLASS AF-1 NET FUNDS CAP 10.0073%
CLASS AF-2 NET FUNDS CAP 10.0073%
CLASS AV NET FUNDS CAP 9.4303%
26. CLASS AV CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER 0.00
27. (A) AMOUNT OF DISTRIBUTION ALLOCABLE TO LIBOR
INTEREST CARRYOVER 0.00
(B) LIBOR INTEREST CARRYOVER BALANCE 0.00
28. (A) SUPPLEMENTAL INTEREST AMOUNT 0.00
(B) SUPPLEMENTAL INTEREST PAYMENT 0.00
(C) SUPPLEMENTAL INTEREST EXCESS 0.00
29. SPREAD BALANCE
30. SPECIFIED SPREAD ACCOUNT REQUIREMENT
POOL I 20,062,500.00
POOL II 20,880,000.00
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT O (POOL I)
REMIC DELINQUENCIES AS OF - OCTOBER 31, 1998
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1998-C-I $525,192,767.69 10,320 1 TO 29 DAYS 37,245,919.00 794 7.09%
30 TO 59 DAYS 7,568,350.64 135 1.44%
60 TO 89 DAYS 1,517,969.16 30 0.29%
90 AND OVER 339,427.31 6 0.06%
FORECLOSURE 416,193.56 7 0.08%
REO PROPERTY 0.00 0 0.00%
TOTALS $47,087,859.67 972 8.97%
==================================
<CAPTION>
EXHIBIT O (POOL II)
REMIC DELINQUENCIES AS OF - OCTOBER 31, 1998
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1998-C-II $351,823,066.70 4,136 1 TO 29 DAYS 21,659,355.93 263 6.16%
30 TO 59 DAYS 4,672,529.57 51 1.33%
60 TO 89 DAYS 1,183,704.17 12 0.34%
90 AND OVER 246,958.25 2 0.07%
FORECLOSURE 145,545.28 2 0.04%
REO PROPERTY 0.00 0 0.00%
TOTALS $27,908,093.20 330 7.93%
================================
</TABLE>
<PAGE>
1998-C
The following additional information, presented in dollars, pursuant to Section
6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxxvi) is provided for
each Class per $1,000 original dollar amount as of the Cut-Off Date.
POOL I
SUBCLAUSE CLASS AF-1 CLASS AF-2 CLASS AV
- --------------------------------------------------------------------------------
(ii) 991.98 991.98 992.69
(vi) 6.84 6.84 10.87
(vii) 1.97 1.97 1.13
(viii) 1.51 1.51 3.40
(xiii) (a) 5.01 4.83 5.00
(b) 10.31 10.31 15.41
(c) 0.00 0.00 0.00
(d) 0.00 0.00 0.00
(xv) 981.67 981.67 977.28
(xxxvi) 0.00 0.00 0.00
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