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
Saxon Asset Securities Trust 1998-4
Mortgage Loan Asset Backed Certificates, Series 1998-4
(Exact name of registrant as specified in its charter)
Virginia 34-0-20552 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7 consecutively numbered pages.
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Item 5. Other Events.
On December 28, 1998 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibit 99.1. No other reportable
transactions or matters have occurred during the current reporting
period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 28, 1998 filed
as Exhibit 99.1 hereto.
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<PAGE>
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.
SAXON ASSET SECURITIES TRUST 1998-4
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-4
Date: January 4, 1999 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
December 28, 1998 6
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 28, 1998
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<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1998-4
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-4
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 28-DEC-98 PAGE # 1
RECORD DATE: 8-DEC-98
- ------------------------------------------------------------------------------------------------------------------------------------
Certi- Certifi-
fi- cates
Interest cates Carry- Applied
Original Beginning Principal Interest Carry Carry- over Realized Total Ending
Certificate Certificate Distri- Distri- Forward over Amt Loss Distri- Certificate
Class Cusip # Balance Balance bution bution Amt Amt Paid Amount bution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
AF-1 805564CF6 110,000,000.00 110,000,000.00 3,298,586.08 583,458.33 - N/A N/A N/A 3,882,044.41 106,701,413.92
AF-2 805564CG4 31,000,000.00 31,000,000.00 - 160,037.50 - N/A N/A N/A 160,037.50 31,000,000.00
AF-3 805564CH2 50,000,000.00 50,000,000.00 - 261,041.67 - N/A N/A N/A 261,041.67 50,000,000.00
AF-4 805564CJ8 25,000,000.00 25,000,000.00 - 133,229.17 - N/A N/A N/A 133,229.17 25,000,000.00
AF-5 805564CK5 22,391,000.00 22,391,000.00 - 129,308.03 - N/A N/A N/A 129,308.03 22,391,000.00
AF-6 805564CL3 26,487,000.00 26,487,000.00 - 141,264.00 - N/A N/A N/A 141,264.00 26,487,000.00
MF-1 805564CM1 17,507,000.00 17,507,000.00 - 100,227.58 - N/A N/A - 100,227.58 17,507,000.00
MF-2 805564CN9 14,462,000.00 14,462,000.00 - 87,555.36 - N/A N/A - 87,555.36 14,462,000.00
BF-1 805564CP4 7,612,000.00 7,612,000.00 - 51,951.90 - N/A N/A - 51,951.90 7,612,000.00
AV-1 805564CQ2 181,224,000.00 181,224,000.00 3,887,203.51 612,165.61 - - - N/A 4,499,369.12 177,336,796.49
MV-1 805564CR0 17,076,000.00 17,076,000.00 - 61,286.81 - - - - 61,286.81 17,076,000.00
MV-2 805564CS8 13,771,000.00 13,771,000.00 - 52,102.66 - - - - 52,102.66 13,771,000.00
BV-1 805564CT6 8,263,000.00 8,263,000.00 - 37,001.30 - - - - 37,001.30 8,263,000.00
C N/A N/A N/A N/A - N/A N/A N/A N/A - N/A
R N/A N/A N/A N/A - N/A N/A N/A N/A - N/A
===================================================================================================================================
TOTALS 524,793,000.00 524,793,000.00 7,185,789.59 2,410,629.92 - - - - 9,596,419.51 517,607,210.41
===================================================================================================================================
Grp I 304,459,000.00 304,459,000.00 3,298,586.08 1,648,073.54 4,946,659.62 301,160,413.92
Grp II 220,334,000.00 220,334,000.00 3,887,203.51 762,556.38 4,649,759.89 216,446,796.49
===============
LIBOR RATE 5.56031%
===============
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- --------------------------------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates Certificates End Prin Current Pass
Class Cusip # Distribution Distribution Carry Forward Carryover Carryover Paid Balance Through Rate
- --------------------------------------------------------------------------------------------------------------------------------
AF-1 805564CF6 29.98714618 5.30416664 0.0000000 N/A N/A 970.0128538 6.3650%
AF-2 805564CG4 - 5.16250000 0.0000000 N/A N/A 1000.0000000 6.1950%
AF-3 805564CH2 - 5.22083340 0.0000000 N/A N/A 1000.0000000 6.2650%
AF-4 805564CJ8 - 5.32916680 0.0000000 N/A N/A 1000.0000000 6.3950%
AF-5 805564CK5 - 5.77500022 0.0000000 N/A N/A 1000.0000000 6.9300%
AF-6 805564CL3 - 5.33333333 0.0000000 N/A N/A 1000.0000000 6.4000%
MF-1 805564CM1 - 5.72500029 0.0000000 N/A N/A 1000.0000000 6.8700%
MF-2 805564CN9 - 6.05416678 0.0000000 N/A N/A 1000.0000000 7.2650%
BF-1 805564CP4 - 6.82500000 0.0000000 N/A N/A 1000.0000000 8.1900%
AV-1 805564CQ2 21.44971698 3.37795000 0.0000000 0.0000000 0.0000000 978.5502830 6.0803%
MV-1 805564CR0 - 3.58906126 0.0000000 0.0000000 0.0000000 1000.0000000 6.4603%
MV-2 805564CS8 - 3.78350592 0.0000000 0.0000000 0.0000000 1000.0000000 6.8103%
BV-1 805564CT6 - 4.47794990 0.0000000 0.0000000 0.0000000 1000.0000000 8.0603%
- ----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
600 Travis Street, 10th Floor
Houston, Texas
(713) 216-4756
---------------------------------------
CHASE BANK OF TEXAS
MASTER SERVICER
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SAXON ASSET SECURITIES TRUST 1998-4
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1998-4
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 28-DEC-98 PAGE # 2
RECORD DATE: 8-DEC-98
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Aggregate Scheduled Mortgage Principal Balance 301,797,949.90 217,753,421.52
Prepayment Amount 2,493,108.38 2,548,514.12
Liquidation Amount - -
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount 596,054.07 1,231,583.98
Applied Realized Loss Amount - -
Unpaid Realized Loss Amount - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate 8.71374%
Group II Net Rate 8.81147%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I -
The Largest Mortgage Loan Balance Outstanding in Group II -
Group I Group II
----------------------------------
Sec.3.04(a)(iv) Servicing Fees 125,759.08 108,466.48
Master Servicing Fees 12,687.52 9,183.71
----------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
----------------------------------------------------------------------------------------------------
30-59 Days - 0.00000% - 0 0.00000% -
60-89 Days - 0.00000% - 0 0.00000% -
90+ Days - 0.00000% - 0 0.00000% -
----------------------------------------------------------------------------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings - -
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings - -
Number of Mortgage Loans in Foreclosure in Prior Month - -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month - -
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings - -
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings - -
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period - -
Aggregate book value of REO Preperties - -
-----------------------------------
Servicer Group I Group II
---------------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech - -
---------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech - -
---------------------------------------------------
Note: Information for Sec 3.4(a)(iii) and Sec 3.04(b) is not available for this Distribution Date.
CHASE BANK OF TEXAS
MASTER SERVICER
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