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Previous: NOLBO INC, SB-2, 1998-10-29 |
Next: CAPCO AMERICA SEC CORP COMM MORT PASS THROU CERT SER 1998-D7, 8-K, 1998-10-29 |
<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 October 15, 1998
--------------------
The Money Store Residential Trust 1998-I and the Originators as listed below
under a Pooling and Servicing Agreement dated as of February 28, 1998 providing
for the issuance of The Money Store Residential Loan Certificates, Series 1998-I
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 October 15, 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
<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 OCTOBER 9, 1998 DETERMINATION DATE.
<TABLE>
<CAPTION>
POOL I POOL II
<S> <C> <C> <C>
1. AGGREGATE AMOUNT RECEIVED $7,227,628.22 $4,311,083.31
ADJ: RECALCULATION 0.00 0.00
------------- -------------
7,227,628.22 4,311,083.31
LESS: SERVICE FEE 64,814.45 36,788.44
CONTINGENCY FEE 64,814.45 36,788.44
OTHER SERVICER FEES (Late Charges / Escrow) 135,341.13 199,292.13
UNREIMBURSED MONTHLY ADVANCES 0.00 0.00
------------- -------------
264,970.03 272,869.01
PLUS: MONTHLY ADVANCE (6.11) - INCLUDING
COMPENSATING INTEREST (6.12) 1,370,209.19 1,258,698.53
------------- -------------
1,370,209.19 1,258,698.53
LESS: EXCESS SPREAD (I-19) 2,783,505.36 1,798,073.87
------------- -------------
AVAILABLE REMITTANCE AMOUNT 5,549,362.01 3,498,838.96
============= =============
2. (A) ORIGINAL CLASS AF-1 PRINCIPAL BALANCE 401,250,000.00
(B) ORIGINAL CLASS AF-2 PRINCIPAL BALANCE 133,750,000.00
(C) ORIGINAL CLASS AV PRINCIPAL BALANCE 360,000,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
3. PRINCIPAL DISTRIBUTION AMOUNTS:
CLASS AF-1 3,219,000.00
CLASS AF-2 1,073,000.00
TOTAL POOL I PRINCIPAL DISTRIBUTION AMOUNT: 4,292,000.00
CLASS AV (POOL II) PRINCIPAL DISTRIBUTION 2,632,000.00
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 1,008,781.73
CLASS AF-2 326,944.44
CLASS AV 903,475.20
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD # ACCOUNTS DOLLARS
58 2,867,458.18
23 2,045,407.75
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD
POOL I 926,903.12
POOL II 497,703.55
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD
POOL I 497,521.06
POOL II 88,254.34
9. AMOUNT OF INTEREST RECEIVED
POOL I 2,800,404.73
POOL II 1,480,425.54
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
</TABLE>
<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 1,008,781.73
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,219,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 4,227,781.73
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 326,944.44
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,073,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 1,399,944.44
POOL I REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,335,726.18
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,292,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL I REMITTANCE AMOUNT 5,627,726.18
CLASS AV REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 903,475.20
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,632,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS AV REMITTANCE AMOUNT 3,535,475.20
14.(A) REIMBURSABLE AMOUNTS
(B) CLASS X REMITTANCE AMOUNT PAYABLE
POOL I 2,653,758.82
POOL II 1,723,862.63
15.(A) CLASS AF-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 398,031,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
(B) CLASS AF-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCA
OF REALIZED LOSSES 132,677,000.00
(J) CLASS AV PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 357,368,000.00
(S) TOTAL POOL I PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 530,708,000.00
(T) TOTAL POOL II PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 357,368,000.00
16. (A) MONTHLY EXCESS SPREAD PERCENTAGE (FOR POOL I AND II) 100.00%
(B) EXCESS SPREAD (POOL I) 2,783,505.36
EXCESS SPREAD (POOL II) 1,798,073.87
TOTAL EXCESS SPREAD (POOL I and II) 4,581,579.24
(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 284.618
POOL II 357.541
(B) THE WEIGHTED AVERAGE MORTGAGE
INTEREST RATE
POOL I 10.630%
POOL II 10.053%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD
POOL I 64,814.45
POOL II 36,788.44
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD
POOL I 64,814.45
POOL II 36,788.44
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE
POOL I 5,684.38
POOL II 3,825.00
(D) AMOUNT TO BE DEPOSITED TO THE INSURANCE ACCOUNT- MBIA
POOL I 45,698.00
POOL II 33,750.00
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO 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) 129,628.90 73,576.88
21. CLASS
CURRENT CLASS AF-1 PRINCIPAL BALANCE 398,031,000.00 0.99197757
ORIGINAL CLASS AF-1 PRINCIPAL BALANCE 401,250,000.00
CLASS AF-2 POOL FACTOR (I-5):
CURRENT CLASS AF-2 PRINCIPAL BALANCE 132,677,000.00 0.99197757
ORIGINAL CLASS AF-2 PRINCIPAL BALANCE 133,750,000.00
POOL I FACTOR:
CURRENT POOL I PRINCIPAL BALANCE 530,708,000.00 0.99197757
ORIGINAL POOL I PRINCIPAL BALANCE 535,000,000.00
CLASS AV (POOL II) FACTOR:
CURRENT CLASS AV PRINCIPAL BALANCE 357,368,000.00 0.99268889
ORIGINAL CLASS AV PRINCIPAL BALANCE 360,000,000.00
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE
POOL I 10.630%
POOL II 10.053%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS
POOL I 9.925%
POOL II 9.328%
(C) WEIGHTED AVERAGE CLASS AF-1AND CLASS AF-2, 5.733%
CLASS AV ADJUSTED MORTGAGE LOAN REMITTANCE RATE 5.772%
----------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 08/31/98 09/30/98
----------------------------------
POOL I 10.651% 10.630%
POOL II 10.055% 10.053%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
23. CLASS AH-1 REMITTANCE RATE 5.64672%
CLASS AH-2 REMITTANCE RATE
CLASS AV REMITTANCE RTATE
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 5.62500%
AUCTION RATE
25. CLASS AH-1 NET FUNDS CAP
CLASS AH-2 NET FUNDS CAP
CLASS AV NET FUNDS CAP
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
</TABLE>
<PAGE>
EXHIBIT O ( POOL I )
REMIC DELINQUENCIES AS OF -SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1998-C-I $530,708,149.31 10,416 1 TO 29 DAYS 46,538,693.67 857 8.77%
30 TO 59 DAYS 6,098,575.45 111 1.15%
60 TO 89 DAYS 1,103,858.59 18 0.21%
90 AND OVER 0.00 0 0.00%
FORECLOSURE 31,257.41 2 0.01%
REO PROPERTY 0.00 0 0.00%
TOTALS $53,772,385.12 988 10.13%
===================================
</TABLE>
EXHIBIT O ( POOL II )
REMIC DELINQUENCIES AS OF -SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1998-C-II $357,368,634.49 4,189 1 TO 29 DAYS 29,906,215.05 313 8.37%
30 TO 59 DAYS 3,143,026.80 35 0.88%
60 TO 89 DAYS 147,607.35 1 0.04%
90 AND OVER 0.00 0 0.00%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $33,196,849.20 349 9.29%
=================================
</TABLE>
<PAGE>
1998-C
The following additional information, presented in dollars, pursuant to
Secton 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.
<TABLE>
<CAPTION>
POOL I
SUBCLAUSE CLASS AF-1 CLASS AF-2 CLASS AV
- -------------------------------------------------------------
<S> <C> <C> <C>
(ii) 1,000.00 1,000.00 1,000.00
(vi) 5.36 5.36 5.68
(vii) 1.73 1.73 1.38
(viii) 0.93 0.93 0.25
(xiii) (a) 2.51 2.44 2.51
(b) 8.02 8.02 7.31
(c) 0.00 0.00 0.00
(d) 0.00 0.00 0.00
(xv) 991.98 991.98 992.69
(xxxvi) 0.00 0.00 0.00
</TABLE>
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