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Previous: INTERSTATE HOTELS MANAGEMENT INC, S-1/A, 1999-04-28 |
Next: CATHOLIC ALLIANCE FUNDS INC, N-1A/A, 1999-04-28 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): March 8, 1999
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-43583-05 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For each of the following Remittance Dates, The Chase Manhattan
Bank, as Trustee, made the monthly distributions to the holders of the
Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1998D:
Remittance Dates
March 8, 1999
February 8, 1999
January 7, 1999
December 7, 1998
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
--------------------------------------------------------------------
<S> <C> <C>
20 Monthly Reports delivered by 3
the Trustee to Certificateholders
in connection with the distributions
on the Remittance Dates specified
in Item 5 above.
</TABLE>
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 hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
----------------------------------------
Name: David R. Jordan
Title: Secretary
Dated: March 8, 1999
<PAGE> 1
Monthly Report (March 8, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 3,208,855.96 97,338.72
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 859,995.23
(b) Partial Prepayments Received 48,804.77
(c) Principal Payments in Full (Scheduled Balance) 1,472,684.78
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
-------------- -------------
Total Principal Distribution 2,381,484.78 0.00
(c) Interest Distribution 827,371.18 97,338.72
Unpaid Interest Shortfall 0.00 0.00
-------------- -------------
Total Interest Distribution 827,371.18 97,338.72
(d) Beginning Class I A and Class I B Principal Balance 157,938,230.01 16,348,000.00
Less: Principal Distribution 2,381,484.78 0.00
-------------- -------------
Remaining Class A and Class B Principal Balance 155,556,745.23 16,348,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 206,028.36 (h)
Section 8.06 Reimbursement Amount 0.00 Class I A-1
Section 6.02 Reimbursement Amount 12,000.00 Class I A-2
Reimbursable Fees 0.00 Class I M-1
-------------- Class I B-1
Total Fees Due Servicer 218,028.36 Class I B-2
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 61 1,721,861
60-89 Days Delinquent 14 447,872
90+ Days Delinquent 13 434,856
3-Month Avg Thirty-Day Delinquency Ratio 1.01%
3-Month Avg Sixty-Day Delinquency Ratio 0.34%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 388,194.21
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 0.00
(y) Remaining Amount Available 628,351.23
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 6 166,215.05
(q) Principal Prepayments paid 1,521,489.55
(r) Scheduled Principal Payments 859,995.23
(s) Weighted Average Interest Rate 10.44%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,381,042.64
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 1,110,816.16
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,972.23
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 2,187.22
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 156,808.03
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 33,863.39
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 206,028.36
(iv) Reimbursable Liquidation Expenses 12,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 218,028.36
Available Distribution Amount-Vanderbilt 3,014,178.48
Available Distribution Amount-SubServicer-21st 1,079,139.99
To Class A and B 3,464,967.24
Monthly Excess Cashflow 628,351.23
Weighted Average Remaining Term (months) 229.00
Scheduled Balance Computation
Prior Month Balance 197,787,230.01
Current Balance 195,420,023.01
Adv Principal 42,409.94
Del Principal 56,687.72
Pool Scheduled Balance 195,405,745.23
Principal Payments in Full 1,472,684.78
Partial Prepayments 48,804.77
Scheduled Principal 859,995.23
Collateral Balance 195,420,023.01
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I M-1 Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 25,679.98 51,352.58 81,740.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------ ------------ -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 25,679.98 51,352.58 81,740.00
Unpaid Interest Shortfall 0.00 0.00 0.00
------------ ------------ -------------
Total Interest Distribution 25,679.98 51,352.58 81,740.00
(d) Beginning Class I A and Class I B Principal Balance 4,087,000.00 7,153,000.00 12,261,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------ -------------
Remaining Class A and Class B Principal Balance 4,087,000.00 7,153,000.00 12,261,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.94566245 164,495,000.00
Section 6.02 Reimbursement Amount 1.00000000 16,348,000.00
Reimbursable Fees 1.00000000 4,087,000.00
1.00000000 7,153,000.00
Total Fees Due Servicer 1.00000000 12,261,000.00
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 61
60-89 Days Delinquent 14
90+ Days Delinquent 13
3-Month Avg Thirty-Day Delinquency Ratio 1.01%
3-Month Avg Sixty-Day Delinquency Ratio 0.34%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 195,405,745.23
Less: Principal Distribution is less than
204,344,000.00
Remaining Class A and Class B Principal Balance 0.10
20,434,400.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 6.7353% 4.9353% Libor Class A-1
Section 6.02 Reimbursement Amount 7.1450% 1.80% Spread Class A-2
Reimbursable Fees 7.5400% Class M-1
8.6150% Class B-1
Total Fees Due Servicer 8.0000% Class B-2
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 61
60-89 Days Delinquent 14
90+ Days Delinquent 13
3-Month Avg Thirty-Day Delinquency Ratio 1.01%
3-Month Avg Sixty-Day Delinquency Ratio 0.34%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution 1,083,482.46
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 2,381,484.78
Remaining Class A and Class B Principal Balance
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 6.735% 157,938,230.01 10,637,629
Section 6.02 Reimbursement Amount 7.145% 16,348,000.00 1,168,065
Reimbursable Fees 7.540% 4,087,000.00 308,160
8.615% 7,153,000.00 616,231
Total Fees Due Servicer 8.000% 12,261,000.00 980,880
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 61
60-89 Days Delinquent 14 197,787,230.01 13,710,965 6.93%
90+ Days Delinquent 13
3-Month Avg Thirty-Day Delinquency Ratio 1.01%
3-Month Avg Sixty-Day Delinquency Ratio 0.34%
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,723,455.70
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 164,753.25
(b) Partial Prepayments Received 38,838.93
(c) Principal Payments in Full (Scheduled Balance) 759,786.07
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 515,741.13
-------------
Total Principal Distribution 1,479,119.38
(x) Interest Distribution 244,336.32
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 244,336.32
(y) Beginning Class I A and Class I B Principal Balance 57,585,490.41
Less: Principal Distribution 1,479,119.38
-------------
Remaining Class A and Class B Principal Balance 56,106,371.03
(z) Fees Due Servicer
Monthly Servicing Fee 84,250.54
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 12,000.00
Reimbursable Fees 0.00
------------
Total Fees Due Servicer 96,250.54
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 54 1,867,451
60-89 Days Delinquent 7 181,124
90+ Days Delinquent 4 151,371
3-Month Avg Thirty-Day Delinquency Ratio 2.34%
3-Month Avg Sixty-Day Delinquency Ratio 0.32%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 200,997.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 43,826.72
(y) Remaining Amount Available 88,386.90
------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 798,625.00
(am) Scheduled Principal Payments 164,753.25
(an) Weighted Average Interest Rate 10.13%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,545,747.21
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 3,732.75
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 46,881.62
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 84,250.54
(iv) Reimbursable Liquidation Expenses 12,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 96,250.54
Available Distribution Amount 1,406,347.80
To Class A and B - Scheduled Principal and Interest 1,317,960.90
Monthly Excess Cashflow Class II 88,386.90
Monthly Excess Cashflow Class I 628,351.23
Accelerated Principal Payment 515,741.13
Weighted Average Remaining Term (months) 215.00
Scheduled Balance Computation
Prior Month Balance 80,880,516.55
Current Balance 79,939,114.96
Adv Principal 11,383.61
Del Principal 33,360.27
Pool Scheduled Balance 79,917,138.30
Principal Payments in Full 759,786.07
Partial Prepayments 38,838.93
Scheduled Principal 164,753.25
Collateral Balance 79,939,114.96
Overcollateralization Amount 3,132,767
Required Overcollateralization Amount 3,132,767
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-1 Class II B-2
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 43,944.35 22,475.26
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------ ------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 43,944.35 22,475.26
Unpaid Interest Shortfall 0.00 0.00
------------ ------------
Total Interest Distribution 43,944.35 22,475.26
(y) Beginning Class I A and Class I B Principal Balance 9,817,000.00 3,760,000.00
Less: Principal Distribution 0.00 0.00
------------ ------------
Remaining Class A and Class B Principal Balance 9,817,000.00 3,760,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor
Section 8.06 Reimbursement Amount Class II A-1 0.89253239
Section 6.02 Reimbursement Amount Class II B-1 1.00000000
Reimbursable Fees Class II B-2 1.00000000
Class II B-3 1.00000000
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 43,826.72
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------
Total Principal Distribution 0.00
(x) Interest Distribution 43,826.72
Unpaid Interest Shortfall 0.00
------------
Total Interest Distribution 43,826.72 When
76,784,371.03
(y) Beginning Class I A and Class I B Principal Balance 7,101,000.00 is less than
Less: Principal Distribution 0.00 83,540,000.00
------------ X
Remaining Class A and Class B Principal Balance 7,101,000.00 0.10
8,354,000.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Original Balance Rate Libor
Section 8.06 Reimbursement Amount 62,862,000.00 5.4553% 4.9353%
Section 6.02 Reimbursement Amount 9,817,000.00 5.7553%
Reimbursable Fees 3,760,000.00 7.6853%
7,101,000.00 7.9353%
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 442,969.55
Unpaid Interest Shortfall
Total Interest Distribution
(y) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 1,479,119.38
Remaining Class A and Class B Principal Balance
(z) Fees Due Servicer
Monthly Servicing Fee Spread
Section 8.06 Reimbursement Amount 0.52% 57,585,490 3,141,467
Section 6.02 Reimbursement Amount 0.82% 9,817,000 564,999
Reimbursable Fees 2.75% 3,760,000 288,968
3.00% 7,101,000 563,486
--------------------------------
Total Fees Due Servicer 78,263,490 4,558,920 5.83%
</TABLE>
<PAGE> 3
Monthly Report (February 8, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 3,156,459.28 97,338.72
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 746,699.87
(b) Partial Prepayments Received 70,522.63
(c) Principal Payments in Full (Scheduled Balance) 1,363,732.35
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
-------------- -------------
Total Principal Distribution 2,180,954.85 0.00
(c) Interest Distribution 975,504.43 97,338.72
Unpaid Interest Shortfall 0.00 0.00
-------------- -------------
Total Interest Distribution 975,504.43 97,338.72
(d) Beginning Class I A and Class I B Principal Balance 160,119,184.86 16,348,000.00
Less: Principal Distribution 2,180,954.85 0.00
-------------- -------------
Remaining Class A and Class B Principal Balance 157,938,230.01 16,348,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h)
Section 8.06 Reimbursement Amount 0.00 Class I A-1
Section 6.02 Reimbursement Amount 14,000.00 Class I A-2
Reimbursable Fees 0.00 Class I M-1
-------------- Class I B-1
Total Fees Due Servicer 14,000.00 Class I B-2
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 81 2,223,550
60-89 Days Delinquent 19 563,833
90+ Days Delinquent 5 107,863
3-Month Avg Thirty-Day Delinquency Ratio 0.95%
3-Month Avg Sixty-Day Delinquency Ratio 0.22%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 196,583.64
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 0.00
(y) Remaining Amount Available 205,907.03
------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 5 99,197.73
(q) Principal Prepayments paid 1,434,254.98
(r) Scheduled Principal Payments 746,699.87
(s) Weighted Average Interest Rate 10.44%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,769,589.74
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 986,809.72
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 8,160.32
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 2,417.04
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 108,678.36
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 25,820.87
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 14,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 14,000.00
Available Distribution Amount-Vanderbilt 2,655,071.70
Available Distribution Amount-SubServicer-21st 963,405.89
To Class A and B 3,412,570.56
Monthly Excess Cashflow 205,907.03
Weighted Average Remaining Term (months) 231.00
Scheduled Balance Computation
Prior Month Balance 199,968,184.86
Current Balance 197,824,665.55
Adv Principal 30,660.47
Del Principal 68,096.01
Pool Scheduled Balance 197,787,230.01
Principal Payments in Full 1,363,732.35
Partial Prepayments 70,522.63
Scheduled Principal 746,699.87
Collateral Balance 197,824,665.55
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I M-1 Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 25,679.98 51,352.58 81,740.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------ ------------ -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 25,679.98 51,352.58 81,740.00
Unpaid Interest Shortfall 0.00 0.00 0.00
------------ ------------ -------------
Total Interest Distribution 25,679.98 51,352.58 81,740.00
(d) Beginning Class I A and Class I B Principal Balance 4,087,000.00 7,153,000.00 12,261,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------ ------------ -------------
Remaining Class A and Class B Principal Balance 4,087,000.00 7,153,000.00 12,261,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.96014000 164,495,000.00
Section 6.02 Reimbursement Amount 1.00000000 16,348,000.00
Reimbursable Fees 1.00000000 4,087,000.00
1.00000000 7,153,000.00
Total Fees Due Servicer 1.00000000 12,261,000.00
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 81
60-89 Days Delinquent 19
90+ Days Delinquent 5
3-Month Avg Thirty-Day Delinquency Ratio 0.95%
3-Month Avg Sixty-Day Delinquency Ratio 0.22%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution
Remaining Class A and Class B Principal Balance
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 6.8539% 5.0539% Libor
Section 6.02 Reimbursement Amount 7.1450% 1.80% Spread
Reimbursable Fees 7.5400%
8.6150%
Total Fees Due Servicer 8.0000%
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 81
60-89 Days Delinquent 19
90+ Days Delinquent 5
3-Month Avg Thirty-Day Delinquency Ratio 0.95%
3-Month Avg Sixty-Day Delinquency Ratio 0.22%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution 1,231,615.71
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 197,787,230.01
Less: Principal Distribution is less than 2,180,954.85
204,344,000.00
Remaining Class A and Class B Principal Balance 0.10
20,434,400.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 6.854% 160,119,184.86 10,974,425
Section 6.02 Reimbursement Amount Class A-2 7.145% 16,348,000.00 1,168,065
Reimbursable Fees Class M-1 7.540% 4,087,000.00 308,160
Class B-1 8.615% 7,153,000.00 616,231
Total Fees Due Servicer Class B-2 8.000% 12,261,000.00 980,880
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 81
60-89 Days Delinquent 19 199,968,184.86 14,047,760 7.02%
90+ Days Delinquent 5
3-Month Avg Thirty-Day Delinquency Ratio 0.95%
3-Month Avg Sixty-Day Delinquency Ratio 0.22%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 2,042,686.03
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 175,222.97
(b) Partial Prepayments Received 63,469.24
(c) Principal Payments in Full (Scheduled Balance) 744,101.14
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 765,916.24
-------------
Total Principal Distribution 1,748,709.59
(x) Interest Distribution 293,976.44
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 293,976.44
(y) Beginning Class I A and Class I B Principal Balance 59,334,200.00
Less: Principal Distribution 1,748,709.59
-------------
Remaining Class A and Class B Principal Balance 57,585,490.41
(z) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 10,000.00
Reimbursable Fees 0.00
-------------
Total Fees Due Servicer 10,000.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 69 2,288,156
60-89 Days Delinquent 5 190,150
90+ Days Delinquent 3 117,349
3-Month Avg Thirty-Day Delinquency Ratio 1.92%
3-Month Avg Sixty-Day Delinquency Ratio 0.19%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 50,836.28
(y) Remaining Amount Available 560,009.21
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 807,570.38
(am) Scheduled Principal Payments 175,222.97
(an) Weighted Average Interest Rate 10.13%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,998,789.53
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 6,291.98
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 30,126.79
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 10,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 10,000.00
Available Distribution Amount 1,964,954.72
To Class A and B - Scheduled Principal and Interest 1,404,945.51
Monthly Excess Cashflow Class II 560,009.21
Monthly Excess Cashflow Class I 205,907.03
Accelerated Principal Payment 765,916.24
Weighted Average Remaining Term (months) 216.00
Scheduled Balance Computation
Prior Month Balance 81,863,309.90
Current Balance 80,910,024.80
Adv Principal 7,434.90
Del Principal 36,943.15
Pool Scheduled Balance 80,880,516.55
Principal Payments in Full 744,101.14
Partial Prepayments 63,469.24
Scheduled Principal 175,222.97
Collateral Balance 80,910,024.80
Overcollateralization Amount 2,617,026
Required Overcollateralization Amount 3,132,767
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 51,257.04 26,082.40
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------ ------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 51,257.04 26,082.40
Unpaid Interest Shortfall 0.00 0.00
------------ ------------
Total Interest Distribution 51,257.04 26,082.40
(y) Beginning Class I A and Class I B Principal Balance 9,817,000.00 3,760,000.00
Less: Principal Distribution 0.00 0.00
------------ ------------
Remaining Class A and Class B Principal Balance 9,817,000.00 3,760,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor
Section 8.06 Reimbursement Amount Class II A-1 0.91606202
Section 6.02 Reimbursement Amount Class II B-1 1.00000000
Reimbursable Fees Class II B-2 1.00000000
Class II B-3 1.00000000
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 50,836.28
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------
Total Principal Distribution 0.00
(x) Interest Distribution 50,836.28
Unpaid Interest Shortfall 0.00
------------
Total Interest Distribution 50,836.28 When
78,263,490.41
(y) Beginning Class I A and Class I B Principal Balance 7,101,000.00 is less than
Less: Principal Distribution 0.00 83,540,000.00
------------ X
Remaining Class A and Class B Principal Balance 7,101,000.00 0.10
8,354,000.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Original Balance Rate Libor
Section 8.06 Reimbursement Amount 62,862,000.00 5.5739% 5.0539%
Section 6.02 Reimbursement Amount 9,817,000.00 5.8739%
Reimbursable Fees 3,760,000.00 7.8039%
7,101,000.00 8.0539%
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-FEB-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JAN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 982,161.37
Unpaid Interest Shortfall
Total Interest Distribution
(y) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 1,748,709.59
Remaining Class A and Class B Principal Balance
(z) Fees Due Servicer
Monthly Servicing Fee Spread
Section 8.06 Reimbursement Amount 0.52% 59,334,200 3,307,235
Section 6.02 Reimbursement Amount 0.82% 9,817,000 576,642
Reimbursable Fees 2.75% 3,760,000 293,427
3.00% 7,101,000 571,908
---------------------------------
Total Fees Due Servicer 80,012,200 4,749,212 5.94%
</TABLE>
<PAGE> 5
Monthly Report (January 7, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-JAN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-DEC-98
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,689,794.37
(B) Formula Principal Distribution Amount
(a) Scheduled Principal Due 678,577.58
(b) Partial Prepayments Received 43,117.57
(c) Principal Payments in Full (Scheduled Balance) 938,337.29
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) Through (e) 0.00
---------------
Total Principal Distribution 1,660,032.44
(c) Interest Distribution 1,029,761.93
Unpaid Interest Shortfall 0.00
---------------
Total Interest Distribution 1,029,761.93
(d) Beginning Class I A and Class I B Principal Balance 161,779,217.30
Less: Principal Distribution 1,660,032.44
---------------
Remaining Class A and Class B Principal Balance 160,119,184.86
(e) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 3,975.46
Reimbursable Fees 0.00
--------------
Total Fees Due Servicer 3,975.46
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 67 2,028,913
60-89 Days Delinquent 11 378,054
90+ Days Delinquent 3 62,645
3-Month Avg Thirty-day Delinquency Ratio 0.57%
3-Month Avg Sixty-day Delinquency Ratio 0.10%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 473,169.55
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 0.00
(y) Remaining Amount Available 285,403.25
--------------
Amount of (x) Over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units Repossessed 1 81,260.52
(q) Principal Prepayments Paid 981,454.86
(r) Scheduled Principal Payments 678,577.58
(s) Weighted Average Interest Rate 10.44%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,568,799.49
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 802,905.57
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 5,261.24
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 1,622.05
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 119,871.38
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-SubServicer-21st 23,432.61
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 3,975.46
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts Not Required to be Deposited-SubServicer-21st 0.00
Total Due Servicer 3,975.46
Available Distribution Amount-Vanderbilt 2,450,213.89
Available Distribution Amount-SubServicer-21st 781,095.01
to Class A and B 2,945,905.65
Monthly Excess Cashflow 285,403.25
Weighted Average Remaining Term (Months) 233.00
Scheduled Balance Computation
Prior Month Balance 201,628,217.30
Current Balance 199,995,651.89
Adv Principal 31,951.11
Del Principal 59,418.14
Pool Scheduled Balance 199,968,184.86
Principal Payments in Full 938,337.29
Partial Prepayments 43,117.57
Scheduled Principal 678,577.58
Collateral Balance 199,995,651.89
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-2 Class I M-1 Class I B-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 97,338.72 25,679.98 51,352.58
(B) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
-------------- ------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 97,338.72 25,679.98 51,352.58
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- --------------
Total Interest Distribution 97,338.72 25,679.98 51,352.58
(d) Beginning Class I A and Class I B Principal Balance 16,348,000.00 4,087,000.00 7,153,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- --------------
Remaining Class A and Class B Principal Balance 16,348,000.00 4,087,000.00 7,153,000.00
(e) Fees Due Servicer
Monthly Servicing Fee (h) Pool Factor
Section 8.06 Reimbursement Amount Class I A-1 0.97339849
Section 6.02 Reimbursement Amount Class I A-2 1.00000000
Reimbursable Fees Class I M-1 1.00000000
Class I B-1 1.00000000
Total Fees Due Servicer Class I B-2 1.00000000
</TABLE>
<TABLE>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 81,740.00
(B) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
--------------
Total Principal Distribution 0.00
(c) Interest Distribution 81,740.00
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 81,740.00
(d) Beginning Class I A and Class I B Principal Balance 12,261,000.00
Less: Principal Distribution 0.00
--------------
Remaining Class A and Class B Principal Balance 12,261,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 164,495,000.00 7.3919% 5.5919% Libor
Section 6.02 Reimbursement Amount 16,348,000.00 7.1450% 1.80% Spread
Reimburseable Fees 4,087,000.00 7.5400%
7,153,000.00 8.6150%
Total Fees Due Servicer 12,261,000.00 8.0000%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
(a) Class I A and Class I B Distribution Amounts
(B) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 199,968,184.86
Less: Principal Distribution is Less Than
204,344,000.00
Remaining Class A and Class B Principal Balance 0.10
20,434,400.00
(e) Fees Due Servicer We Can Prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 7.392% 161,779,217.30 11,958,526
Section 6.02 Reimbursement Amount Class A-2 7.145% 16,348,000.00 1,168,065
Reimbursable Fees Class M-1 7.540% 4,087,000.00 308,160
Class B-1 8.615% 7,153,000.00 616,231
Total Fees Due Servicer Class B-2 8.000% 12,261,000.00 980,880
(f) Delinquency
31-59 Days Delinquent
60-89 Days Delinquent 201,628,217.30 15,031,861 7.46%
90+ Days Delinquent
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-JAN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-DEC-98
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,806,419.93
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 161,388.59
(e) Partial Prepayments Received 22,924.84
(c) Principal Payments in Full (Scheduled Balance) 855,563.87
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) Through (e) 0.00
(g) Accelerated Principal Payment 446,443.75
--------------
Total Principal Distribution 1,486,321.05
(x) Interest Distribution 320,098.88
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 320,098.88
(y) Beginning Class I A and Class I B Principal Balance 60,820,521.05
Less: Principal Distribution 1,486,321.05
--------------
Remaining Class A and Class B Principal Balance 59,334,200.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 0.00
Reimbursable Fees 0.00
--------------
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 44 1,528,593
60-89 Days Delinquent 4 144,584
90+ Days Delinquent 0 0
3-Month Avg Thirty-day Delinquency Ratio 0.98%
3-Month Avg Sixty-day Delinquency Ratio 0.06%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 27,234.51
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 52,537.20
(y) Remaining Amount Available 161,040.50
--------------
Amount of (x) Over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units Repossessed 1 14,954.69
(al) Principal Prepayments Paid 878,488.71
(am) Scheduled Principal Payments 161,388.59
(an) Weighted Average Interest Rate 10.14%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance At Monthly Cutoff-Vanderbilt 1,678,449.15
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 4,387.72
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
Due Subsequent to the Due Period-Vanderbilt 28,070.83
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distribution Amount 1,654,766.04
to Class A and B - Scheduled Principal and Interest 1,493,725.54
Monthly Excess Cashflow Class II 161,040.50
Monthly Excess Cashflow Class I 285,403.25
Accelerated Principal Payment 446,443.75
Weighted Average Remaining Term (Months) 217.00
Scheduled Balance Computation
Prior Month Balance 82,903,187.20
Current Balance 81,883,225.65
Adv Principal 6,707.05
Del Principal 26,622.80
Pool Scheduled Balance 81,863,309.90
Principal Payments in Full 855,563.87
Partial Prepayments 22,924.84
Scheduled Principal 161,388.59
Collateral Balance 81,883,225.65
Overcollateralization Amount 1,851,110
Required Overcollateralization Amount 3,132,767
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2 Class II B-3
<C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 54,203.01 27,009.15 52,537.20
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(e) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
-------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 54,203.01 27,009.15 52,537.20
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- -------------
Total Interest Distribution 54,203.01 27,009.15 52,537.20
(y) Beginning Class I A and Class I B Principal Balance 9,817,000.00 3,760,000.00 7,101,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 9,817,000.00 3,760,000.00 7,101,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount Class II A-1 0.94388025 62,862,000.00
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 9,817,000.00
Reimbursable Fees Class II B-2 1.00000000 3,760,000.00
Class II B-3 1.00000000 7,101,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<C> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(e) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution When
80,012,200.00
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 3,540,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,354,000.00
(z) Fees Due Servicer We Can Prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 6.1119% 5.5919% 0.52% 60,820,521 3,717,277
Section 6.02 Reimbursement Amount 6.4119% 0.82% 9,817,000 629,454
Reimbursable Fees 8.3419% 2.75% 3,760,000 313,655
8.5919% 3.00% 7,101,000 610,109
-----------------------
Total Fees Due Servicer 81,498,521 5,270,496 6.47%
</TABLE>
<PAGE> 7
Monthly Report (December 7, 1998 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-DEC-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-DEC-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-NOV-98
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 3,136,519.79
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 804,270.28
(b) Partial Prepayments Received 112,473.80
(c) Principal Payments in Full (Scheduled Balance) 1,799,038.62
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
---------------
Total Principal Distribution 2,715,782.70
(c) Interest Distribution 420,737.09
Unpaid Interest Shortfall 0.00
---------------
Total Interest Distribution 420,737.09
(d) Beginning Class I A and Class I B Principal Balance 164,495,000.00
Less: Principal Distribution 2,715,782.70
---------------
Remaining Class A and Class B Principal Balance 161,779,217.30
(e) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 0.00
Reimbursable Fees 0.00
---------------
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 52 1,407,828
60-89 Days Delinquent 7 171,707
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 525,270.49
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 0.00
(y) Remaining Amount Available 953,950.59
---------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 8 235,537.14
(q) Principal Prepayments paid 1,911,512.42
(r) Scheduled Principal Payments 804,270.28
(s) Weighted Average Interest Rate 10.44%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,654,071.33
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 857,955.31
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 140,705.53
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 24,739.45
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 0.00
Available Distribution Amount-Vanderbilt 3,513,365.80
Available Distribution Amount-SubServicer-21st 833,215.86
To Class A and B 3,392,631.07
Monthly Excess Cashflow 953,950.59
Weighted Average Remaining Term (months) 235.00
Scheduled Balance Computation
Prior Month Balance 204,344,000.00
Current Balance 201,633,763.63
Adv Principal 36,005.16
Del Principal 41,551.49
Pool Scheduled Balance 201,628,217.30
Principal Payments in Full 1,799,038.62
Partial Prepayments 112,473.80
Scheduled Principal 804,270.28
Collateral Balance 201,633,763.63
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I A-2 Class I M-1 Class I B-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 97,338.72 25,679.98 51,352.58
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 97,338.72 25,679.98 51,352.58
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- -------------
Total Interest Distribution 97,338.72 25,679.98 51,352.58
(d) Beginning Class I A and Class I B Principal Balance 16,348,000.00 4,087,000.00 7,153,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 16,348,000.00 4,087,000.00 7,153,000.00
(e) Fees Due Servicer
Monthly Servicing Fee (h) Pool Factor
Section 8.06 Reimbursement Amount Class I A-1 0.98349018
Section 6.02 Reimbursement Amount Class I A-2 1.00000000
Reimbursable Fees Class I M-1 1.00000000
Class I B-1 1.00000000
Total Fees Due Servicer Class I B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
Class I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 81,740.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
---------------
Total Principal Distribution 0.00
(c) Interest Distribution 81,740.00
Unpaid Interest Shortfall 0.00
---------------
Total Interest Distribution 81,740.00
(d) Beginning Class I A and Class I B Principal Balance 12,261,000.00
Less: Principal Distribution 0.00
----------------
Remaining Class A and Class B Principal Balance 12,261,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 164,495,000.00 7.0830% 5.2830% Libor
Section 6.02 Reimbursement Amount 16,348,000.00 7.1450% 1.80% Spread
Reimbursable Fees 4,087,000.00 7.5400%
7,153,000.00 8.6150%
Total Fees Due Servicer 12,261,000.00 8.0000%
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 -
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal Balance 201,628,217.30
Less: Principal Distribution is less than
204,344,000.00
Remaining Class A and Class B Principal Balance 0.10
20,434,400.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 7.083% 164,495,000.00 11,651,181
Section 6.02 Reimbursement Amount Class A-2 7.145% 16,348,000.00 1,168,065
Reimbursable Fees Class M-1 7.540% 4,087,000.00 308,160
Class B-1 8.615% 7,153,000.00 616,231
Total Fees Due Servicer Class B-2 8.000% 12,261,000.00 980,880
(f) Delinquency
31-59 Days Delinquent
60-89 Days Delinquent 204,344,000.00 14,724,516 7.21%
90+ Days Delinquent
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-DEC-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-DEC-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-NOV-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 2,173,208.02
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 324,033.25
(b) Partial Prepayments Received 88,688.21
(c) Principal Payments in Full (Scheduled Balance) 224,091.34
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) Through (e) 0.00
(g) Accelerated Principal Payment 1,404,666.15
---------------
Total Principal Distribution 2,041,478.95
(x) Interest Distribution 131,729.07
Unpaid Interest Shortfall 0.00
---------------
Total Interest Distribution 131,729.07
(y) Beginning Class I A and Class I B Principal Balance 62,862,000.00
Less: Principal Distribution 2,041,478.95
---------------
Remaining Class A and Class B Principal Balance 60,820,521.05
(z) Fees Due Servicer
Monthly Servicing Fee 0.00
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 0.00
Reimbursable Fees 0.00
---------------
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 24 884,852
60-89 Days Delinquent 0 0
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 12,279.82
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 21,239.68
(y) Remaining Amount Available 450,715.56
-------------
Amount of (x) Over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units Repossessed 1 12,279.82
(al) Principal Prepayments Paid 312,779.55
(am) Scheduled Principal Payments 324,033.25
(an) Weighted Average Interest Rate 10.14%
Computation of Available Distribution Amount
(i) Certificate Account Balance At Monthly Cutoff-Vanderbilt 1,305,932.49
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
Due Subsequent to the Due Period-Vanderbilt 32,893.05
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distribution Amount 1,273,039.44
to Class a and B - Scheduled Principal and Interest 822,323.88
Monthly Excess Cashflow Class II 450,715.56
Monthly Excess Cashflow Class I 953,950.59
Accelerated Principal Payment 1,404,666.15
Weighted Average Remaining Term (Months) 218.00
Scheduled Balance Computation
Prior Month Balance 83,540,000.00
Current Balance 82,914,013.57
Adv Principal 8,132.23
Del Principal 18,958.60
Pool Scheduled Balance 82,903,187.20
Principal Payments in Full 224,091.34
Partial Prepayments 88,688.21
Scheduled Principal 324,033.25
Collateral Balance 82,914,013.57
Overcollateralization Amount 1,404,666
Required Overcollateralization Amount 3,132,767
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-DEC-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-DEC-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-NOV-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 21,635.30 10,907.03 21,239.68
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
-------------- ------------ -------------
Total Principal Distribution 0.00 0.00 0.00
(x) Interest Distribution 21,635.30 10,907.03 21,239.68
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------ -------------
Total Interest Distribution 21,635.30 10,907.03 21,239.68
(y) Beginning Class I A and Class I B Principal Balance 9,817,000.00 3,760,000.00 7,101,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 9,817,000.00 3,760,000.00 7,101,000.00
(z) Fees Due Servicer
Monthly Servicing Fee (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount Class II A-1 0.96752444 62,862,000.00
Section 6.02 Reimbursement Amount Class II B-1 1.00000000 9,817,000.00
Reimbursable Fees Class II B-2 1.00000000 3,760,000.00
Class II B-3 1.00000000 7,101,000.00
Total Fees Due Servicer
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<S> <C> <C> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) Through (e)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution When
81,498,521.05
(y) Beginning Class I A and Class I B Principal Balance is Less Than
Less: Principal Distribution 83,540,000.00
X
Remaining Class A and Class B Principal Balance 0.10
8,354,000.00
(z) Fees Due Servicer We Can Prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 5.8030% 5.2830% 0.52% 62,862,000 3,647,882
Section 6.02 Reimbursement Amount 6.1030% 0.82% 9,817,000 599,132
Reimbursable Fees 8.0330% 2.75% 3,760,000 302,041
8.2830% 3.00% 7,101,000 588,176
------------------------
Total Fees Due Servicer 83,540,000 5,137,230 6.15%
</TABLE>
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