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Previous: NORWEST INTEGRATED STRUCTURED ASS INC MORT ASS BACK PASS THR, 8-K, 1999-01-12 |
Next: C BASS TRUST 1998 3 ASSET BACKED CERT SERIES 1998 3, 8-K, 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 TRUST
Asset Backed Notes, Series 1998-OAC1
New York (governing law of 333-44067 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 TRUST , Asset Backed Notes, Series 1998-OAC1.
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 Notes, Series 1998-OAC1
, 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 TRUST
Asset Backed Notes, Series 1998-OAC1 Trust
By: Norwest Bank Minnesota, N.A., as Manager
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 1/11/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Notes, Series 1998-OAC1, relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
Ocwen Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date: 11/30/98
Distribution Date: 12/28/98
OAC Series: 1998-1
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-1 OAC9800A1 SEN_FL 5.69234% 85,283,921.98 445,009.66 3,895,222.12
A-2 OAC9800A2 SEN_FL 5.74234% 83,895,399.94 441,609.58 1,817,958.63
OC OAC9800OC JUN_WA 0.00000% 8,225,157.30 0.00 0.00
FSA SEN_IO 0.20000% 0.00 28,196.55 0.00
OWN_TRST SEN_IO 0.00000% 0.00 0.00 0.00
ISSUER SEN_IO 0.00000% 0.00 0.00 0.00
Totals 177,404,479.22 914,815.79 5,713,180.75
</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-1 0.00 81,388,699.86 4,340,231.78 0.00
A-2 0.00 82,077,441.31 2,259,568.21 0.00
OC 0.00 8,546,572.15 0.00 0.00
FSA 0.00 0.00 28,196.55 0.00
OWN_TRST 0.00 0.00 0.00 0.00
ISSUER 0.00 0.00 0.00 0.00
Totals 0.00 172,012,713.32 6,627,996.54 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-1 87,073,000.00 85,283,921.98 0.00 3,895,222.12 0.00 0.00
A-2 86,906,000.00 83,895,399.94 0.00 1,817,958.63 0.00 0.00
OC 8,199,103.68 8,225,157.30 0.00 0.00 0.00 0.00
Totals 182,178,103.68 177,404,479.22 0.00 5,713,180.75 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-1 3,895,222.12 81,388,699.86 0.93471799 3,895,222.12
A-2 1,817,958.63 82,077,441.31 0.94443929 1,817,958.63
OC 0.00 8,546,572.15 1.04237884 0.00
Totals 5,713,180.75 172,012,713.32 0.94420081 5,713,180.75
</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-1 87,073,000.00 979.45312531 0.00000000 44.73513167 0.00000000
A-2 86,906,000.00 965.35797229 0.00000000 20.91867800 0.00000000
OC 8,199,103.68 1003.17761807 0.00000000 0.00000000 0.00000000
FSA 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OWN_TRST 0.00 0.00000000 0.00000000 0.00000000 0.00000000
ISSUER 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1000 denomination
</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-1 0.00000000 44.73513167 934.71799364 0.93471799 44.73513167
A-2 0.00000000 20.91867800 944.43929429 0.94443929 20.91867800
OC 0.00000000 0.00000000 1,042.37883598 1.04237884 0.00000000
FSA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OWN_TRST 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
ISSUER 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-1 87,073,000.00 5.69234% 85,283,921.98 445,009.66 0.00 0.00
A-2 86,906,000.00 5.74234% 83,895,399.94 441,609.58 0.00 0.00
OC 8,199,103.68 0.00000% 8,225,157.30 0.00 0.00 0.00
FSA 0.00 0.20000% 169,179,321.92 28,196.55 0.00 0.00
OWN_TRST 0.00 0.00000% 0.00 0.00 0.00 0.00
ISSUER 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 182,178,103.68 914,815.79 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-1 0.00 0.00 445,009.66 0.00 81,388,699.86
A-2 0.00 0.00 441,609.58 0.00 82,077,441.31
OC 0.00 0.00 0.00 0.00 8,546,572.15
FSA 0.00 0.00 28,196.55 0.00 163,466,141.17
OWN_TRST 0.00 0.00 0.00 0.00 0.00
ISSUER 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 914,815.79 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-1 87,073,000.00 5.69234% 979.45312531 5.11076522 0.00000000 0.00000000
A-2 86,906,000.00 5.74234% 965.35797229 5.08146250 0.00000000 0.00000000
OC 8,199,103.68 0.00000% 1003.17761807 0.00000000 0.00000000 0.00000000
FSA 0.00 0.20000% 972.41231367 0.16206870 0.00000000 0.00000000
OWN_TRST 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
ISSUER 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All classes are per $1000 denomination
</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-1 0.00000000 0.00000000 5.11076522 0.00000000 934.71799364
A-2 0.00000000 0.00000000 5.08146250 0.00000000 944.43929429
OC 0.00000000 0.00000000 0.00000000 0.00000000 1042.37883598
FSA 0.00000000 0.00000000 0.16206870 0.00000000 939.57397830
OWN_TRST 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
ISSUER 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>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 6,569,112.88
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 116,355.15
Realized Losses 0.00
Total Deposits 6,685,468.03
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 57,471.49
Payment of Interest and Principal 6,627,996.54
Total Withdrawals (Pool Distribution Amount) 6,685,468.03
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 55,438.89
Trustee Fee 2,032.60
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 57,471.49
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Liquidity Account A1 435,365.00 0.00 0.00 435,365.00
Liquidity Account A2 434,530.00 0.00 0.00 434,530.00
Reserve Fund A1 & A2 0.00 0.00 0.00 0.00
</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 59 5,410,113.74 3.440233% 3.145182%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 59 5,410,113.74 3.440233% 3.145182%
</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 116,355.15
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 8.708660%
Weighted Average Net Coupon 8.362116%
Weighted Average Pass-Through Rate 8.362116%
Weighted Average Maturity(Stepdown Calculation ) 330
Begin Scheduled Collateral Loan Count 1,771
Number Of Loans Paid In Full 56
End Scheduled Collateral Loan Count 1,715
Begining Scheduled Collateral Balance 177,404,479.22
Ending Scheduled Collateral Balance 172,012,713.32
Ending Actual Collateral Balance at 30-Nov-1998 172,012,713.32
Monthly P &I Constant 1,450,028.33
Ending Scheduled Balance for Premium Loans 172,012,713.32
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 8.748559 8.753209
Weighted Average Net Rate 8.359809 8.364459
Weighted Average Maturity 329.00 321.00
Beginning Loan Count 1,059 712
Loans Paid In Full 42 14
Ending Loan Count 1,017 698
Beginning Scheduled Balance 89,399,987.10 88,004,492.12
Ending scheduled Balance 85,668,347.00 86,344,366.32
Record Date 11/30/98 11/30/98
Principal And Interest Constant 724,163.19 725,865.14
Scheduled Principal 72,491.89 84,432.58
Unscheduled Principal 3,659,244.45 1,576,195.43
Scheduled Interest 651,767.54 641,934.77
Servicing Fees 27,937.49 27,501.40
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 1,024.39 1,008.39
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 622,805.66 613,424.98
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 163,582.02 157,832.83
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 7,294,135.30 7,280,113.00
Overcollateralization Amount 4,279,647.14 4,266,925.01
Overcollateralization Deficiency Amount 3,178,070.18 3,171,020.82
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 163,582.02 157,832.83
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 4,178,091.35 3,064,255.10 0.00 0.00 0.00 0.00
Percentage Of Balance 4.877% 3.577% 0.000% 0.000% 0.000% 0.000%
Loan Count 46 38 0 0 0 0
Percentage Of Loans 4.523% 3.736% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 4,813,645.61 2,345,858.64 0.00 0.00 0.00 0.00
Percentage Of Balance 5.575% 2.717% 0.000% 0.000% 0.000% 0.000%
Loan Count 41 21 0 0 0 0
Percentage Of Loans 5.874% 3.009% 0.000% 0.000% 0.000% 0.000%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Group Miscellaneous Reporting Items
1 Principal Prepayments $3,659.244.45
1 Aggregate Outstanding Balance 3 Largest Loans $671,809.55
2 Principal Prepayments $1,576,195.43.
2 Aggregate Outstanding Balance 3 Largest Loans $2,363,617.98
</TABLE>
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