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Previous: LIFEPOINT HOSPITALS INC, RW, 1999-08-10 |
Next: VANDERBILT MORT & FIN INC MFR HSG SR SUB PA TH CE SR 1998D, 15-15D, 1999-08-10 |
<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): July 7, 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 Remittance Dates of July 7, 1999 and June 7,
1999, 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.
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: July 7, 1999
<PAGE> 1
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-MAY-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
CLASS II A-1 CLASS II B-1
<S> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 1,235,596.19 48,375.31
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 164,597.71
(b) PARTIAL PREPAYMENTS RECEIVED 30,247.44
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 787,748.89
(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 0.00
------------- ------------
TOTAL PRINCIPAL DISTRIBUTION 982,594.04 0.00
(x) INTEREST DISTRIBUTION 253,002.15 48,375.31
UNPAID INTEREST SHORTFALL 0.00 0.00
------------- ------------
TOTAL INTEREST DISTRIBUTION 253,002.15 48,375.31
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 54,183,301.14 9,817,000.00
LESS: PRINCIPAL DISTRIBUTION 982,594.04 0.00
------------- ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 53,200,707.10 9,817,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE 81,243.82 (AC)
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS II A-1
SECTION 6.02 REIMBURSEMENT AMOUNT 28,000.00 CLASS II B-1
REIMBURSABLE FEES 0.00 CLASS II B-2
CLASS II B-3
-------------
TOTAL FEES DUE SERVICER 109,243.82
</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-2 CLASS II B-3
<S> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 24,777.09 48,321.81
(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 24,777.09 48,321.81
UNPAID INTEREST SHORTFALL 0.00 0.00
------------ --------------
TOTAL INTEREST DISTRIBUTION 24,777.09 48,321.81
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 3,760,000.00 7,101,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00
------------ --------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 3,760,000.00 7,101,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE POOL FACTOR ORIGINAL BALANCE
SECTION 8.06 REIMBURSEMENT AMOUNT 0.84630949 62,862,000.00
SECTION 6.02 REIMBURSEMENT AMOUNT 1.00000000 9,817,000.00
REIMBURSABLE FEES 1.00000000 3,760,000.00
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> <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 549,571.40
UNPAID INTEREST SHORTFALL
TOTAL INTEREST DISTRIBUTION When
73,878,707.10
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE is less than
LESS: PRINCIPAL DISTRIBUTION 83,540,000.00 982,594.04
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 5.4225% 4.9025% 0.52% 54,183,301 2,938,090
SECTION 6.02 REIMBURSEMENT AMOUNT 5.7225% 0.82% 9,817,000 561,778
REIMBURSABLE FEES 7.6525% 2.75% 3,760,000 287,734
7.9025% 3.00% 7,101,000 561,157
---------- ---------
TOTAL FEES DUE SERVICER 74,861,301 4,348,758 5.81%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(aa) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 98 3,086,248
60-89 DAYS DELINQUENT 17 620,676
90+ DAYS DELINQUENT 10 343,640
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 4.00%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 1.05%
(ab) SECTION 3.05 REPURCHASES 0.00
(ad) CLASS R DISTRIBUTION AMOUNT 631,611.45
REPOSSESSION PROFITS 0.00
(ae) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 68,789.15
(af) AGGREGATE NET LIQUIDATION LOSSES 0.00
(ag) (x) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 48,321.81
(y) REMAINING AMOUNT AVAILABLE 175,095.04
------------
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 2 71,083.30
(al) PRINCIPAL PREPAYMENTS PAID 817,996.33
(am) SCHEDULED PRINCIPAL PAYMENTS 164,597.71
(an) WEIGHTED AVERAGE INTEREST RATE 10.12%
</TABLE>
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<TABLE>
<S> <C>
(i) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,678,844.73
(ii) MONTHLY ADVANCE MADE 0.00
(iii)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 4,753.35
(v) PRINCIPAL DUE HOLDERS 0.00
LESS:
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 42,188.82
(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 81,243.82
(iv) REIMBURSABLE LIQUIDATION EXPENSES 28,000.00
(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 109,243.82
AVAILABLE DISTRIBUTION AMOUNT 1,532,165.44
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,357,070.40
MONTHLY EXCESS CASHFLOW CLASS II 175,095.04
MONTHLY EXCESS CASHFLOW CLASS I 456,516.41
ACCELERATED PRINCIPAL PAYMENT 0.00
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 212.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 77,994,068.41
CURRENT BALANCE 77,047,287.02
ADV PRINCIPAL 10,181.18
DEL PRINCIPAL 45,993.83
POOL SCHEDULED BALANCE 77,011,474.37
PRINCIPAL PAYMENTS IN FULL 787,748.89
PARTIAL PREPAYMENTS 30,247.44
SCHEDULED PRINCIPAL 164,597.71
COLLATERAL BALANCE 77,047,287.02
OVERCOLLATERALIZATION AMOUNT 3,132,767
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,132,767
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-MAY-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 CLASS I M-1
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 3,084,711.74 97,338.72 25,679.98
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 722,929.88
(b) Partial Prepayments Received 31,814.33
(c) Principal Payments in Full (Scheduled Balance) 1,506,860.34
(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
--------------- ------------- ------------
Total Principal Distribution 2,261,604.55 0.00 0.00
(c) Interest Distribution 823,107.19 97,338.72 25,679.98
Unpaid Interest Shortfall 0.00 0.00 0.00
--------------- ------------- ------------
Total Interest Distribution 823,107.19 97,338.72 25,679.98
(d) Beginning Class I A and Class I B Principal Balance 151,190,667.66 16,348,000.00 4,087,000.00
Less: Principal Distribution 2,261,604.55 0.00 0.00
--------------- ------------- ------------
Remaining Class A and Class B Principal Balance 148,929,063.11 16,348,000.00 4,087,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 198,999.65 (h) POOL FACTOR
Section 8.06 Reimbursement Amount 0.00 CLASS I A-1 0.90537137
Section 6.02 Reimbursement Amount 30,859.66 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I M-1 1.00000000
--------------- CLASS I B-1 1.00000000
TOTAL FEES DUE SERVICER 229,859.31 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-1 CLASS I B-2
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts 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
(c) Interest Distribution 51,352.58 81,740.00
Unpaid Interest Shortfall 0.00 0.00
------------ --------------
Total Interest Distribution 51,352.58 81,740.00
(d) Beginning Class I A and Class I B Principal Balance 7,153,000.00 12,261,000.00
Less: Principal Distribution 0.00 0.00
------------ --------------
Remaining Class A and Class B Principal Balance 7,153,000.00 12,261,000.00
(e) Fees Due Servicer
Monthly Servicing Fee ORIGINAL BALANCE RATE
Section 8.06 Reimbursement Amount 164,495,000.00 6.5330% Class A-1 6.533% 151,190,667.66 9,877,286
Section 6.02 Reimbursement Amount 16,348,000.00 7.1450% Class A-2 7.145% 16,348,000.00 1,168,065
Reimbursable Fees 4,087,000.00 7.5400% Class M-1 7.540% 4,087,000.00 308,160
7,153,000.00 8.6150% Class B-1 8.615% 7,153,000.00 616,231
TOTAL FEES DUE SERVICER 12,261,000.00 8.0000% Class B-2 8.000% 12,261,000.00 980,880
191,039,667.66 12,950,622 6.78%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(f) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C>
31-59 DAYS DELINQUENT 126 3,949,928
60-89 DAYS DELINQUENT 22 641,716
90+ DAYS DELINQUENT 25 951,001
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 1.83%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.65%
(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 490,163.45
(k) AGGREGATE NET LIQUIDATION LOSSES 0.00
(l) (x) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 0.00
(y) REMAINING AMOUNT AVAILABLE 456,516.41
----------
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 10 320,143.80
(q) PRINCIPAL PREPAYMENTS PAID 1,538,674.67
(r) SCHEDULED PRINCIPAL PAYMENTS 722,929.88
(s) WEIGHTED AVERAGE INTEREST RATE 10.43%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 3,249,127.30
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER-21ST 924,486.65
(ii) MONTHLY ADVANCE MADE 0.00
(iii) SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 9,366.78
(iii) SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER-21ST 2,318.66
(v) PRINCIPAL DUE HOLDERS 0.00
LESS:
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 130,762.42
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER-21ST 27,338.23
(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 198,999.65
(iv) REIMBURSABLE LIQUIDATION EXPENSES 30,859.66
(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 229,859.31
AVAILABLE DISTRIBUTION AMOUNT-VANDERBILT 2,897,872.35
AVAILABLE DISTRIBUTION AMOUNT-SUBSERVICER-21ST 899,467.08
TO CLASS A AND B 3,340,823.02
MONTHLY EXCESS CASHFLOW 456,516.41
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 211.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 191,039,667.66
CURRENT BALANCE 188,817,534.90
ADV PRINCIPAL 37,630.63
DEL PRINCIPAL 77,102.42
POOL SCHEDULED BALANCE 188,778,063.11
PRINCIPAL PAYMENTS IN FULL 1,506,860.34
PARTIAL PREPAYMENTS 31,814.33
SCHEDULED PRINCIPAL 722,929.88
COLLATERAL BALANCE 188,817,534.90
</TABLE>
<PAGE> 3
Exhibit 20
CHASE BANK, TRUSTEE DETERMINATION DATE: 02-JUL-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUL-99
SENIOR/SUBORDINATED PASS-
THROUGH CERTIFICATES SERIES 1998D FOR THE PERIOD ENDED: 25-JUN-99
LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<TABLE>
<CAPTION>
CLASS I A-1 CLASS I A-2 CLASS I M-1
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 3,868,837.13 97,338.72 25,679.98
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 748,740.80
(b) Partial Prepayments Received 58,527.67
(c) Principal Payments in Full (Scheduled Balance) 2,052,547.56
(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 2,859,816.03 0.00 0.00
--------------- ------------- ------------
(c) Interest Distribution 1,009,021.10 97,338.72 25,679.98
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution 1,009,021.10 97,338.72 25,679.98
--------------- ------------- ------------
(d) Beginning Class I A and Class I B Principal Balance 148,929,063.11 16,348,000.00 4,087,000.00
Less: Principal Distribution 2,859,816.03 0.00 0.00
--------------- ------------- ------------
Remaining Class A and Class B Principal Balance 146,069,4247.08 16,348,000.00 4,087,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE 196,643.82 (H) POOL FACTOR
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.88798594
Section 6.02 Reimbursement Amount 27,725.19 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I M-1 1.00000000
Class I B-1 1.00000000
Total Fees Due Servicer 224,369.01 Class I B-2 1.00000000
--------------
</TABLE>
<TABLE>
<CAPTION>
CLASS I B-1 CLASS I B-2
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts 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
------------ -------------
(c) Interest Distribution 51,352.58 81,740.00
Unpaid Interest Shortfall 0.00 0.00
Total Interest Distribution 51,352.58 81,740.00
------------ -------------
(d) Beginning Class I A and Class I B Principal Balance 7,153,000.00 12,261,000.00
Less: Principal Distribution 0.00 0.00
------------ -------------
Remaining Class A and Class B Principal Balance 7,153,000.00 12,261,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
Section 8.06 Reimbursement Amount 164,495,000.00 6.5330% Class A-1 6.533% 148,929,063.11 9,729,536
Section 6.02 Reimbursement Amount 16,348,000.00 7.1450% Class A-2 7.145% 16,348,000.00 1,168,065
Reimbursable Fees 4,087,000.00 7.5400% Class M-1 7.540% 4,087,000.00 308,160
7,153,000.00 8.6150% Class B-1 8.615% 7,153,000.00 616,231
Total Fees Due Servicer 12,261,000.00 8.0000% Class B-2 8.000% 12,261,000.00 980,880
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 129 4,211,606
60-89 DAYS DELINQUENT 19 567,549
90+ DAYS DELINQUENT 31 1,121,418
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 2.11%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.77%
(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 514,652.31
(K) AGGREGATE NET LIQUIDATION LOSSES 0.00
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 0.00
(Y) REMAINING AMOUNT AVAILABLE 117,323.28
---------------
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 8 207,207.10
(Q) PRINCIPAL PREPAYMENTS PAID 2,111,075.23
(R) SCHEDULED PRINCIPAL PAYMENTS 748,740.80
(S) WEIGHTED AVERAGE INTEREST RATE 10.42%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 3,705,615.56
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER-21ST 924,872.59
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 8,387.28
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER-21ST 2,230.29
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 139,187.69
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER-21ST 35,277.33
(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 196,643.82
(IV) REIMBURSABLE LIQUIDATION EXPENSES 27,725.19
(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 224,369.01
AVAILABLE DISTRIBUTION AMOUNT-VANDERBILT 3,350,446.14
AVAILABLE DISTRIBUTION AMOUNT-SUBSERVICER-21ST 891,825.55
TO CLASS A AND B 4,124,948.41
MONTHLY EXCESS CASHFLOW 117,323.28
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 209.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 188,778,063.11
CURRENT BALANCE 185,960,917.26
ADV PRINCIPAL 41,633.05
DEL PRINCIPAL 84,303.23
POOL SCHEDULED BALANCE 185,918,247.08
PRINCIPAL PAYMENTS IN FULL 2,052,547.56
PARTIAL PREPAYMENTS 58,527.67
SCHEDULED PRINCIPAL 748,740.80
COLLATERAL BALANCE 185,960,917.26
</TABLE>
<PAGE> 4
CHASE BANK, TRUSTEE DETERMINATION DATE: 02-JUL-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUL-99
SENIOR/SUBORDINATED PASS-THROUGH FOR THE PERIOD ENDED: 25-JUN-99
CERTIFICATES SERIES 1998D LOCK-OUT DATE: DEC-03
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
<TABLE>
<CAPTION>
CLASS II A-1 CLASS II B-1 CLASS II B-2 CLASS II B-3
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 1,250,198.83 47,223.86 24,134.50 47,058.92
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 177,649.26
(b) PARTIAL PREPAYMENTS RECEIVED 73,528.60
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 756,403.58
(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 0.00
------------- ------------ ------------ ------------
TOTAL PRINCIPAL DISTRIBUTION 1,007,581.44 0.00 0.00 0.00
(x) INTEREST DISTRIBUTION 242,617.39 47,223.86 24,134.50 47,058.92
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
TOTAL INTEREST DISTRIBUTION 242,617.39 47,223.86 24,134.50 47,058.92
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 53,200,707.10 9,817,000.00 3,760,000.00 7,101,000.00
LESS: PRINCIPAL DISTRIBUTION 1,007,581.44 0.00 0.00 0.00
------------- ------------ ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 52,193,125.66 9,817,000.00 3,760,000.00 7,101,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE 80,220.29 (ac) POOL FACTOR ORIGINAL BALANCE
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 Class II A-1 0.83028102 62,862,000.00
SECTION 6.02 REIMBURSEMENT AMOUNT 22,000.00 Class II B-1 1.00000000 9,817,000.00
REIMBURSABLE FEES 0.00 Class II B-2 1.00000000 3,760,000.00
------------- Class II B-3 1.00000000 7,101,000.00
TOTAL FEES DUE SERVICER 102,220.29
</TABLE>
<TABLE>
<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 585,561.50
UNPAID INTEREST SHORTFALL
TOTAL INTEREST DISTRIBUTION When
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 72,871,125.66
LESS: PRINCIPAL DISTRIBUTION is less than
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 83,540,000.00 1,007,581.44
(z) FEES DUE SERVICER X
MONTHLY SERVICING FEE 0.10
8,354,000.00
We can prepaid
SECTION 8.06 REIMBURSEMENT AMOUNT RATE LIBOR SPREAD
SECTION 6.02 REIMBURSEMENT AMOUNT 5.4725% 4.9525% 0.52%
REIMBURSABLE FEES 5.7725% 0.82%
7.7025% 2.75%
TOTAL FEES DUE SERVICER 7.9525% 3.00%
</TABLE>
<TABLE>
<S> <C> <C> <C>
SECTION 8.06 REIMBURSEMENT AMOUNT
SECTION 6.02 REIMBURSEMENT AMOUNT 53,200,707 2,911,409
REIMBURSABLE FEES 9,817,000 566,686
3,760,000 289,614
7,101,000 564,707
---------- ---------
TOTAL FEES DUE SERVICER 73,878,707 4,332,416 5.86%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(aa) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 78 2,660,114
60-89 DAYS DELINQUENT 16 496,238
90+ DAYS DELINQUENT 14 491,146
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 3.97%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 1.21%
(ab) SECTION 3.05 REPURCHASES 0.00
(ad) CLASS R DISTRIBUTION AMOUNT 341,850.11
REPOSSESSION PROFITS 0.00
(ae) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 141,247.35
(af) AGGREGATE NET LIQUIDATION LOSSES 0.00
(ag) (x) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 47,058.92
(y) REMAINING AMOUNT AVAILABLE 224,526.83
--------------
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 6 $ 151,402.18
(al) PRINCIPAL PREPAYMENTS PAID 829,932.18
(am) SCHEDULED PRINCIPAL PAYMENTS 177,649.26
(an) WEIGHTED AVERAGE INTEREST RATE 10.12%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,738,386.06
(ii) MONTHLY ADVANCE MADE 0.00
(iii) SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 3,715.63
(v) PRINCIPAL DUE HOLDERS 0.00
LESS:
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 46,738.46
(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 80,220.29
(iv) REIMBURSABLE LIQUIDATION EXPENSES 22,000.00
(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 102,220.29
AVAILABLE DISTRIBUTION AMOUNT 1,593,142.94
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,368,616.11
MONTHLY EXCESS CASHFLOW CLASS II 224,526.83
MONTHLY EXCESS CASHFLOW CLASS I 117,323.28
ACCELERATED PRINCIPAL PAYMENT 0.00
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 211.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 77,011,474.37
CURRENT BALANCE 76,041,444.09
ADV PRINCIPAL 11,309.93
DEL PRINCIPAL 48,861.09
POOL SCHEDULED BALANCE 76,003,892.93
PRINCIPAL PAYMENTS IN FULL 756,403.58
PARTIAL PREPAYMENTS 73,528.60
SCHEDULED PRINCIPAL 177,649.26
COLLATERAL BALANCE 76,041,444.09
OVERCOLLATERALIZATION AMOUNT 3,132,767
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,132,767
</TABLE>
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