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Previous: AERCO LTD, F-4, 1998-11-09 |
Next: EQUITY INVESTOR FD SEL TEN PORT 1999 SER J DEFINED ASSET FDS, S-6, 1998-11-09 |
UNITED STATES
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
OCWEN MORTGAGE LOAN
Asset Backed Certificates, Series 1998-OFS3 Trust
New York (governing law of 333-44067-02 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of OCWEN MORTGAGE
LOAN, Asset Backed Certificates, Series 1998-OFS3 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset
Backed Certificates, Series 1998-OFS3 Trust,
relating to the October 26, 1998 distribution.
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.
OCWEN MORTGAGE LOAN
Asset Backed Certificates, Series 1998-OFS3 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/6/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-OFS3 Trust, relating to the
October 26, 1998 distribution.
<TABLE>
<CAPTION>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
Mortgage Pass-Through Certificates
Record Date: 9/30/98
Distribution Date: 10/26/98
OCW Series: 1998-3
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A 67574TAN1 SEN_FL 5.69672% 226,326,000.00 966,986.88 3,445,321.58
M-1 67574TAP6 MEZ_FL 5.88672% 16,353,000.00 72,199.15 0.00
M-2 67574TAQ4 MEZ_FL 6.13672% 10,465,000.00 48,165.58 0.00
B 67574TAR2 JUN_FL 7.23672% 8,504,739.00 46,159.81 0.00
OC OCW9803OC SEN_IO 0.00000% 0.00 0.00 0.00
R-I OCW9803R1 RES 0.00000% 0.00 0.00 0.00
R-II OCW9803R2 RES 0.00000% 0.00 0.00 0.00
R-III OCW9803R3 RES 0.00000% 0.00 0.00 0.00
R-IV OCW9803R4 RES 5.69672% 100.00 0.41 100.00
OV_COLL OCW9803OV JUN_WA 0.00000% 0.00 0.00 0.00
Totals 261,648,839.00 1,133,511.83 3,445,421.58
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A 0.00 222,880,678.42 4,412,308.46 0.00
M-1 0.00 16,353,000.00 72,199.15 0.00
M-2 0.00 10,465,000.00 48,165.58 0.00
B 0.00 8,504,739.00 46,159.81 0.00
OC 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 100.41 0.00
OV_COLL 0.00 0.00 0.00 0.00
Totals 0.00 258,203,417.42 4,578,933.41 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A 226,326,000.00 226,326,000.00 182,326.04 3,262,995.54 0.00 0.00
M-1 16,353,000.00 16,353,000.00 0.00 0.00 0.00 0.00
M-2 10,465,000.00 10,465,000.00 0.00 0.00 0.00 0.00
B 8,504,739.00 8,504,739.00 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
R-IV 100.00 100.00 5.29 94.71 0.00 0.00
OV_COLL 0.00 0.00 0.00 0.00 0.00 0.00
Totals 261,648,839.00 261,648,839.00 182,331.33 3,263,090.25 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A 3,445,321.58 222,880,678.42 0.98477717 3,445,321.58
M-1 0.00 16,353,000.00 1.00000000 0.00
M-2 0.00 10,465,000.00 1.00000000 0.00
B 0.00 8,504,739.00 1.00000000 0.00
OC 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
R-IV 100.00 0.00 0.00000000 100.00
OV_COLL 0.00 0.00 0.00000000 0.00
Totals 3,445,421.58 258,203,417.42 0.98683189 3,445,421.58
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A 226,326,000.00 1000.00000000 0.80559034 14.41723682 0.00000000
M-1 16,353,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 10,465,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 8,504,739.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 100.00 1000.00000000 52.90000000 947.10000000 0.00000000
OV_COLL 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A 0.00000000 15.22282716 984.77717284 0.98477717 15.22282716
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 1000.00000000 0.00000000 0.00000000 1000.00000000
OV_COLL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 226,326,000.00 5.69672% 226,326,000.00 966,986.89 0.00 0.00
M-1 16,353,000.00 5.88672% 16,353,000.00 72,199.15 0.00 0.00
M-2 10,465,000.00 6.13672% 10,465,000.00 48,165.58 0.00 0.00
B 8,504,739.00 7.23672% 8,504,739.00 46,159.81 0.00 0.00
OC 0.00 0.00000% 0.00 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
R-IV 100.00 5.69672% 100.00 0.41 0.00 0.00
OV_COLL 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 261,648,839.00 1,133,511.84 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 966,986.88 0.00 222,880,678.42
M-1 0.00 0.00 72,199.15 0.00 16,353,000.00
M-2 0.00 0.00 48,165.58 0.00 10,465,000.00
B 0.00 0.00 46,159.81 0.00 8,504,739.00
OC 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
R-IV 0.00 0.00 0.41 0.00 0.00
OV_COLL 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,133,511.83 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 226,326,000.00 5.69672% 1000.00000000 4.27254001 0.00000000 0.00000000
M-1 16,353,000.00 5.88672% 1000.00000000 4.41504005 0.00000000 0.00000000
M-2 10,465,000.00 6.13672% 1000.00000000 4.60253989 0.00000000 0.00000000
B 8,504,739.00 7.23672% 1000.00000000 5.42753987 0.00000000 0.00000000
OC 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 100.00 5.69672% 1000.00000000 4.10000000 0.00000000 0.00000000
OV_COLL 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.27253996 0.00000000 984.77717284
M-1 0.00000000 0.00000000 4.41504005 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.60253989 0.00000000 1000.00000000
B 0.00000000 0.00000000 5.42753987 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-IV 0.00000000 0.00000000 4.10000000 0.00000000 0.00000000
OV_COLL 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
[/TABLE]
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,689,861.63
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 4,689,861.63
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 110,928.21
Payment of Interest and Principal 4,578,933.42
Total Withdrawals (Pool Distribution Amount) 4,689,861.63
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 109,020.47
Trustee Fee 1,907.87
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 110,928.34
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,000.00 0.00 0.00 1,000.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 0 0.00 0.000000% 0.000000%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 0 0.00 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.392479%
Weighted AverageNet Coupon 9.892478%
Weighted Average Pass-Through Rate 9.883728%
Weighted Average Maturity(Stepdown Calculation ) 345
Begin Scheduled Collateral Loan Count 2,205
Number Of Loans Paid In Full 12
End Scheduled Collateral Loan Count 2,193
Begining Scheduled Collateral Balance 261,648,839.00
Ending Scheduled Collateral Balance 259,224,960.36
Ending Actual Collateral Balance at 30-Sep-1998 259,345,183.34
Monthly P &I Constant 2,394,254.75
Ending Scheduled Balance for Premium Loans 259,224,960.36
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 8,111,114.01
Overcollateralized Amount 1,021,542.94
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 1,021,543.33
Excess Cash Amount 1,021,543.33
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Principal Prepayments 2,295,606.88
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 0 0.00 0 0.00 0 0.00
2 0 0.00 0 0.00 0 0.00
Total 0 $0.00 0 $0.00 0 $0.00
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 0 0.00 0 0.00 0 0.00
2 0 0.00 0 0.00 0 0.00
TOTAL 0 0.00 0 0.00 0 0.00
</TABLE>
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