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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1998 24 TRUST, 8-K, 1999-01-12 |
Next: EQUITY INVESTOR FD SEL TEN PORT 1999 SER J DEFINED ASSET FDS, 497, 1999-01-12 |
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): December 28, 1998
OCWEN MORTGAGE LOAN
Asset Backed Certificates, Series 1998-OFS3 Trust
New York (governing law of 333-44067-03 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 December 28, 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
Monthly report distributed to holders of
EX-99.1 Asset Backed Certificates, Series 1998-OFS3
Trust, relating to the December 28, 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: 1/8/99
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 December 28,
1998 distribution.
<TABLE>
<CAPTION>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
Mortgage Pass-Through Certificates
Record Date: 11/30/98
Distribution Date: 12/28/98
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 5.35234% 218,790,481.75 1,073,454.29 3,706,523.14
M-1 67574TAP6 MEZ_FL 5.54234% 16,353,000.00 83,081.06 0.00
M-2 67574TAQ4 MEZ_FL 5.79234% 10,465,000.00 55,565.43 0.00
B 67574TAR2 JUN_FL 6.89234% 8,504,739.00 53,732.76 0.00
OC OCW9803OC SEN_IO 0.00000% 0.00 95,923.82 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% 0.00 0.00 0.00
OV_COLL OCW9803OV JUN_WA 0.00000% 0.00 0.00 0.00
Totals 254,113,220.75 1,361,757.36 3,706,523.14
</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 0.00 215,083,958.61 4,779,977.43 0.00
M-1 0.00 16,353,000.00 83,081.06 0.00
M-2 0.00 10,465,000.00 55,565.43 0.00
B 0.00 8,504,739.00 53,732.76 0.00
OC 0.00 0.00 95,923.82 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 0.00 0.00
OV_COLL 0.00 0.00 0.00 0.00
Totals 0.00 250,406,697.61 5,068,280.50 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 226,326,000.00 218,790,481.75 163,326.15 3,543,197.00 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 0.00 0.00 0.00 0.00 0.00
OV_COLL 0.00 0.00 0.00 0.00 0.00 0.00
Totals 261,648,839.00 254,113,220.75 163,326.15 3,543,197.00 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 3,706,523.14 215,083,958.61 0.95032810 3,706,523.14
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 0.00 0.00 0.00000000 0.00
OV_COLL 0.00 0.00 0.00000000 0.00
Totals 3,706,523.14 250,406,697.61 0.95703347 3,706,523.14
</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 226,326,000.00 966.70502616 0.72164113 15.65528044 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 0.00000000 0.00000000 0.00000000 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 16.37692152 950.32810464 0.95032810 16.37692152
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 0.00000000 0.00000000 0.00000000 0.00000000
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 5.35234% 218,790,481.75 1,073,454.29 0.00 0.00
M-1 16,353,000.00 5.54234% 16,353,000.00 83,081.06 0.00 0.00
M-2 10,465,000.00 5.79234% 10,465,000.00 55,565.43 0.00 0.00
B 8,504,739.00 6.89234% 8,504,739.00 53,732.76 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% 0.00 0.00 0.00 0.00
OV_COLL 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 261,648,839.00 1,265,833.54 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 1,073,454.29 0.00 215,083,958.61
M-1 0.00 0.00 83,081.06 0.00 16,353,000.00
M-2 0.00 0.00 55,565.43 0.00 10,465,000.00
B 0.00 0.00 53,732.76 0.00 8,504,739.00
OC 0.00 0.00 95,923.82 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 0.00 0.00 0.00
OV_COLL 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,361,757.36 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 5.35234% 966.70502616 4.74295613 0.00000000 0.00000000
M-1 16,353,000.00 5.54234% 1000.00000000 5.08047820 0.00000000 0.00000000
M-2 10,465,000.00 5.79234% 1000.00000000 5.30964453 0.00000000 0.00000000
B 8,504,739.00 6.89234% 1000.00000000 6.31797872 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% 0.00000000 0.00000000 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 4.74295613 0.00000000 950.32810464
M-1 0.00000000 0.00000000 5.08047820 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.30964453 0.00000000 1000.00000000
B 0.00000000 0.00000000 6.31797872 0.00000000 1000.00000000
OC 0.00000000 0.00000000 239809550000.000 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 0.00000000 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 5,222,656.83
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 5,222,656.83
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 154,376.32
Payment of Interest and Principal 5,068,280.51
Total Withdrawals (Pool Distribution Amount) 5,222,656.83
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 106,693.19
Special Servicing Fee 45,816.00
Trustee Fee 1,867.13
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 154,376.32
</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 75 5,828,296.34 3.514527% 2.302255%
60 Days 138 16,348,860.54 6.466729% 6.458019%
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 213 22,177,156.88 9.981256% 8.760274%
</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 10.399177%
Weighted Average Net Coupon 9.899178%
Weighted Average Pass-Through Rate 9.890428%
Weighted Average Maturity(Stepdown Calculation ) 343
Begin Scheduled Collateral Loan Count 2,166
Number Of Loans Paid In Full 32
End Scheduled Collateral Loan Count 2,134
Begining Scheduled Collateral Balance 256,063,658.52
Ending Scheduled Collateral Balance 253,155,968.30
Ending Actual Collateral Balance at 30-Nov-1998 253,155,968.30
Monthly P &I Constant 2,347,168.75
Ending Scheduled Balance for Premium Loans 253,155,968.30
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 2,749,270.69
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 798,832.92
Excess Cash Amount 798,832.92
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Principal Prepayments 2,779,564.26
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptc
1 Principal Balance 1,565,654.75 1,960,773.94 645,788.26 0.00 0.00 0.00
Percentage Of Balanc 2.266% 2.837% 0.935% 0.000% 0.000% 0.000%
Loan Count 22 33 13 0 0 0
Percentage Of Loans 2.910% 4.365% 1.720% 0.000% 0.000% 0.000%
2 Principal Balance 4,585,877.36 14,237,410.10 131,836.67 0.00 0.00 0.00
Percentage Of Balanc 2.492% 7.735% 0.072% 0.000% 0.000% 0.000%
Loan Count 54 103 2 0 0 0
Percentage Of Loans 3.919% 7.475% 0.145% 0.000% 0.000% 0.000%
</TABLE>
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