January 26, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Delta Funding Home Equity Loan Trust 1998-2 Home Equity Loan
Asset-Backed Certificates, Series 1998-2; File No. 333-51545.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Delta Funding Corporation
under the Pooling and Servicing Agreement, dated as of May 31,
1998 (the "Pooling and Servicing Agreement") among Delta Funding
Corporation, as Seller and Servicer (the "Seller" and the "Servicer",
respectively), and Bankers Trust Company of California, N.A., as
trustee (the "Trustee").
The Home Equity Loan Asset-Backed Certificates, Series 1998-2 (the
"Certificates") will represent the entire beneficial interest in
Delta Funding Home Equity Loan Trust 1998-2 (the "Trust"). Only
Class A-1F, Class A-2F, Class A-3F, Class A-4F, Class A-5F, Class
A-6F, Class IOF, Class M-1F, Class M-2F, Class B-1F, Class A-1A,
Class A-2A, Class M-1A, Class M-2A, and Class B-1A (collectively,
the "Offered Certificates") are offered hereby.
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant is subject to the filing requirements of
Section 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The agent for Registrant will file, promptly after each Distribution
Date as defined in the Indenture Agreement), a Current
Report on Form 8-K in substantially the form enclosed herewith,
including as an exhibit thereto the applicable Distribution Date
Report. Each such Current Report will also disclose under Item 5
any matter occurring during the relevant reporting period which would
be reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
Within 90 days after the end of each fiscal year, the agent for the
Registrant will file an annual report of Form 10-K, which responds to
Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and
13 of Part III and Item 14 of Part IV thereof, and include as
exhibits thereto certain information from the Distribution Date
reports aggregated for such year and a copy of the independent
accountants' annual compliance statement required under the Pooling
and Servicing Agreement.
The agent for the Registrant will follow the above procedures except
for any fiscal year as to which its reporting obligations under
Section 15(d) of the Exchange Act have been suspended pursuant to
such Section. In such event, the agent for the Registrant will file
a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Delta Funding Home Equity Loan Trust Home
Equity Loan Asset-Backed Certificates, Series 1998-2.
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): July 15, 1998
DELTA FUNDING CORPORATION
(as seller and servicer under a Pooling and Servicing Agreement,
dated as of May 31, 1998, providing for inter alia, the issuance
of Delta Funding Home Equity Loan Trust 1998-2 Home Equity Loan
Asset-Backed Certificates, Series 1998-2.
DELTA FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
NEW YORK
(State or Other Jurisdiction of Incorporation)
333-51545 11-2609517
(Commission File Number) (I.R.S. Employer
Identification No.)
1000 WOODBURY ROAD
WOODBURY, NEW YORK 11797
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (516) 364-8500
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
July 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 16, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
September 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
October 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 16, 1998.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of May 31, 1998.
Date: January 26, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
July 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 16, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
September 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
October 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
November 16, 1998.
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 131,000,000.00 131,000,000.00 682,291.67 1,968,022.99 2,
>650,314.66 0.00 0.00 129,031,977.01
A-2F 17,000,000.00 17,000,000.00 86,841.67 0.00
> 86,841.67 0.00 0.00 17,000,000.00
A-3F 79,800,000.00 79,800,000.00 414,960.00 0.00
>414,960.00 0.00 0.00 79,800,000.00
A-4F 21,000,000.00 21,000,000.00 111,650.00 0.00
>111,650.00 0.00 0.00 21,000,000.00
A-5F 32,000,000.00 32,000,000.00 180,000.00 0.00
>180,000.00 0.00 0.00 32,000,000.00
A-6F 36,000,000.00 36,000,000.00 191,100.00 0.00
>191,100.00 0.00 0.00 36,000,000.00
IOF* 36,000,000.00 36,000,000.00 300,000.00 0.00
>300,000.00 0.00 0.00 36,000,000.00
M-1F 19,800,000.00 19,800,000.00 53,735.00 0.00
> 53,735.00 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 30,222.00 0.00
> 30,222.00 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 38,675.00 0.00
> 38,675.00 0.00 0.00 12,600,000.00
A-1A 15,000,000.00 15,000,000.00 76,750.00 0.00
> 76,750.00 0.00 0.00 15,000,000.00
A-2A 54,062,500.00 54,062,500.00 139,751.56 877,894.91
>1,017,646.47 0.00 0.00 53,184,605.09
M-1A 7,012,500.00 7,012,500.00 18,781.81 0.00
> 18,781.81 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 13,503.08 0.00
> 13,503.08 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 12,213.44 0.00
> 12,213.44 0.00 0.00 4,037,500.00
R-1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-2 0 0 0 0
> 0 0 0 0
TOTALS 445,000,000.00 445,000,000.00 2,350,475.23 2,845,917.90
>5,196,393.13 0.00 0.00 442,154,082.10
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LDP2 1,000.000000 5.208333 15.023076
> 20.231410 984.976924 6.250000% 6.250000%
A-2F 24763LDQ0 1,000.000000 5.108334 0.000000
> 5.108334 1,000.000000 6.130000% 6.130000%
A-3F 24763LDR8 1,000.000000 5.200000 0.000000
> 5.200000 1,000.000000 6.240000% 6.240000%
A-4F 24763LDS6 1,000.000000 5.316667 0.000000
> 5.316667 1,000.000000 6.380000% 6.380000%
A-5F 24763LDT4 1,000.00000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
A-6F 24763LDU1 1,000.000000 5.308333 0.000000
> 5.308333 1,000.000000 6.370000% 6.370000%
IOF* 24763LDY3 1,000.000000 8.333333 0.000000
> 8.333333 1,000.000000 10.000000% 10.000000%
M-1F 24763LDV9 1,000.000000 2.713889 0.000000
> 2.713889 1,000.000000 6.106250% 6.106250%
M-2F 24763LDW7 1,000.000000 2.798333 0.000000
> 2.798333 1,000.000000 6.296250% 6.296250%
B-1F 24763LDX5 1,000.000000 3.069444 0.000000
> 3.069444 1,000.000000 6.906250% 6.906250%
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
> 5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 1,000.000000 2.585000 16.238519
> 18.823519 983.761481 5.816250% 5.816250%
M-1A 24763LEB2 1,000.000000 2.678333 0.000000
> 2.678333 1,000.000000 6.026250% 6.026250%
M-2A 24763LEC0 1,000.000000 2.762779 0.000000
> 2.762779 1,000.000000 6.216250% 6.216250%
B-1A 24763LED8 1000 3.025000619 0
>3.025000619 1000 0.0680625 0.0680625
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Todd Ebert
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated
> 3 Park Plaza
RECORD DATE: June 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: July 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: July 15, 1998
GROUP I 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 5,715,661.33
> 0.00 0.00 0.00 0.00
NUMBER OF LOANS 80
> 0 0 0 0
PERCENTAGE OF LOANS 1.5930%
> 0.0000% 0.0000% 0.0000% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1
> 3,606,439.34
SERVICING FEES
> 38,561.64
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 358,031,977.01
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 360,000,000.00
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 358,821,224.22
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 789,247.21
REQUIRED OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 5,040,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 12
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 885,224.92
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> 0.00
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 293,489.05
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 2,466,225.19
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,696,262.42
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 215.09
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 0
THE WEIGHTED AVERAGE LOAN RATE
> 10.2346%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,373
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,361
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: July 15, 1998
GROUP I CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: July 15, 1998
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 2,372,515.00
> 0.00 0.00 0.00 0.00
NUMBER OF LOANS 23
> 0 0 0 0
PERCENTAGE OF LOANS 2.8080%
> 0.0000% 0.0000% 0.0000% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2
> 1,094,997.66
SERVICING FEES
> 6,843.90
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 84,122,105.09
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 85,482,804.52
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 84,482,804.52
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 360,699.43
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 4
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 478,703.00
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> 0.00
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 36,535.33
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 584,646.08
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 449,083.56
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 132.76
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 0
THE WEIGHTED AVERAGE LOAN RATE
> 10.1765%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 833
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 829
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: July 15, 1998
GROUP II CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 131,000,000.00 129,031,977.01 672,041.55 2,034,699.05 2,
>706,740.60 0.00 0.00 126,997,277.96
A-2F 17,000,000.00 17,000,000.00 86,841.67 0.00
>86,841.67 0.00 0.00 17,000,000.00
A-3F 79,800,000.00 79,800,000.00 414,960.00 0.00
>414,960.00 0.00 0.00 79,800,000.00
A-4F 21,000,000.00 21,000,000.00 111,650.00 0.00
>111,650.00 0.00 0.00 21,000,000.00
A-5F 32,000,000.00 32,000,000.00 180,000.00 0.00
>180,000.00 0.00 0.00 32,000,000.00
A-6F 36,000,000.00 36,000,000.00 191,100.00 0.00
>191,100.00 0.00 0.00 36,000,000.00
IOF* 36,000,000.00 36,000,000.00 300,000.00 0.00
>300,000.00 0.00 0.00 36,000,000.00
M-1F 19,800,000.00 19,800,000.00 110,828.44 0.00
>110,828.44 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 62,332.88 0.00
>62,332.88 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 79,767.19 0.00
>79,767.19 0.00 0.00 12,600,000.00
A-1A 15,000,000.00 15,000,000.00 76,750.00 0.00
>76,750.00 0.00 0.00 15,000,000.00
A-2A 54,062,500.00 53,184,605.09 283,557.05 2,139,740.56
>2,423,297.61 0.00 0.00 51,044,864.53
M-1A 7,012,500.00 7,012,500.00 38,737.49 0.00
>38,737.49 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 27,850.10 0.00
>27,850.10 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 25,190.21 0.00
>25,190.21 0.00 0.00 4,037,500.00
R-1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 445,000,000.00 442,154,082.10 2,661,606.58 4,174,439.61
>6,836,046.19 0.00 0.00 437,979,642.49
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LDP2 984.976924 5.130088 15.532054
> 20.662142 969.444870 6.250000% 6.250000%
A-2F 24763LDQ0 1,000.000000 5.108334 0.000000
>5.108334 1,000.000000 6.130000% 6.130000%
A-3F 24763LDR8 1,000.000000 5.200000 0.000000
>5.200000 1,000.000000 6.240000% 6.24000%
A-4F 24763LDS6 1,000.000000 5.316667 0.000000
>5.316667 1,000.000000 6.38000% 6.380000%
A-5F 24763LDT4 1,000.000000 5.625000 0.000000
>5.625000 1,000.000000 6.750000% 6.750000%
A-6F 24763LDU1 1,000.000000 5.308333 0.000000
>5.308333 1,000.000000 6.370000% 6.370000%
IOF* 24763LDY3 1,000.000000 8.333333 0.000000
>8.33333 1,000.000000 10.000000% 10.000000%
M-1F 24763LDV9 1,000.000000 5.597396 0.000000
>5.597396 1,000.000000 6.106250% 6.090630%
M-2F 24763LDW7 1,000.000000 5.771563 0.000000
>5.771563 1,000.000000 6.296250% 6.280630%
B-1F 24763LDX5 1,000.000000 6.330729 0.000000
>6.330729 1,000.000000 6.906250% 6.890630
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
>5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 983.761481 5.244986 39.579016
>44.824002 944.182465 5.816250% 5.800630%
M-1A 24763LEB2 1.000.000000 5.524063 0.000000
>5.524063 1,000.000000 6.026250% 6.010630
M-2A 24763LEC0 1,000.000000 5.698230 0.000000
>5.698230 1,000.000000 6.216250% 6.200630%
B-1A 24763LED8 1,000.000000 6.239061 0.000000
>6.239061 1,000.000000 6.806250% 6.790630%
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated
> 3 Park Plaza
RECORD DATE: July 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: August 17, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: August 17, 1998
GROUP I 30-59 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 7,662,949.71
>2,334,238.96 596,629.55 0.00 0.00
NUMBER OF LOANS 117
> 34 10 0 0
PERCENTAGE OF LOANS 2.1440%
> 0.6530% 0.1670% 0.0000% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1
> 4,245,058.02
SERVICING FEES
> 97,061.24
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 355,997,277.97
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 358,821,224.22
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 357,464,866.73
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 1,467,588.76
REQUIRED OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 5,040,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 20
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 1,059,401.13
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (6,076.18)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 303,032.54
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 2,985,761.78
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,072,721.63
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 2,884.53
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 294
THE WEIGHTED AVERAGE LOAN RATE
> 10.2337%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,361
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,341
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: August 17, 1998
GROUP I CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: August 17, 1998
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 2,416,126.96
>949,949.90 119,750.00 0.00 0.00
NUMBER OF LOANS 29
> 12 2 0 0
PERCENTAGE OF LOANS 2.9260%
> 1.1510% 0.1450% 0.0000% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2
> 2,592,022.53
SERVICING FEES
> 17,596.61
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 81,982,384.53
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 84,482,804.52
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 82,568,186.17
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 585,821.64
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 15
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 1,879,931.28
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (1,681.75)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 36,368.82
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 695,000.80
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 349,687.04
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 2,707.99
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 300
THE WEIGHTED AVERAGE LOAN RATE
> 10.1757%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 829
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 814
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: August 17, 1998
GROUP II CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 131,000,000.00 126,997,277.96 661,444.16 2,805,266.10 3,
>466,710.26 0.00 0.00 124,192,011.86
A-2F 17,000,000.00 17,000,000.00 86,841.67 0.00
> 86,841.67 0.00 0.00 17,000,000.00
A-3F 79,800,000.00 79,800,000.00 414,960.00 0.00
>414,960.00 0.00 0.00 79,800,000.00
A-4F 21,000,000.00 21,000,000.00 111,650.00 0.00
>111,650.00 0.00 0.00 21,000,000.00
A-5F 32,000,000.00 32,000,000.00 180,000.00 0.00
>180,000.00 0.00 0.00 32,000,000.00
A-6F 36,000,000.00 36,000,000.00 191,100.00 0.00
>191,100.00 0.00 0.00 36,000,000.00
IOF* 36,000,000.00 36,000,000.00 300,000.00 0.00
>300,000.00 0.00 0.00 36,000,000.00
M-1F 19,800,000.00 19,800,000.00 97,394.69 0.00
> 97,394.69 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 54,777.38 0.00
> 54,777.38 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 70,098.44 0.00
> 70,098.44 0.00 0.00 12,600,000.00
A-1A 15,000,000.00 15,000,000.00 76,750.00 0.00
> 76,750.00 0.00 0.00 15,000,000.00
A-2A 54,062,500.00 51,044,864.53 239,161.14 1,871,320.90 2,
>110,482.04 0.00 0.00 49,173,543.63
M-1A 7,012,500.00 7,012,500.00 34,042.04 0.00
> 34,042.04 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 24,474.33 0.00
> 24,474.33 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 22,136.86 0.00
> 22,136.86 0.00 0.00 4,037,500.00
R-1 0.00 0.00 18,572.87 0.00
> 18,572.87 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 445,000,000.00 437,979,642.49 2,583,403.58 4,676,587.00 7,
>259,990.58 0.00 0.00 433,303,055.49
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LDP2 969.444870 5.049192 21.414245
> 26.463437 948.030625 6.250000% 6.250000%
A-2F 24763LDQ0 1,000.000000 5.108334 0.000000
> 5.108334 1,000.000000 6.130000% 6.130000%
A-3F 24763LDR8 1,000.000000 5.200000 0.000000
> 5.200000 1,000.000000 6.240000% 6.240000%
A-4F 24763LDS6 1,000.000000 5.316667 0.000000
> 5.316667 1,000.000000 6.380000% 6.380000%
A-5F 24763LDT4 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
A-6F 24763LDU1 1,000.000000 5.308333 0.000000
> 5.308333 1,000.000000 6.370000% 6.370000%
IOF* 24763LDY3 1,000.000000 8.333333 0.000000
> 8.333333 1,000.000000 10.000000% 10.000000%
M-1F 24763LDV9 1,000.000000 4.918924 0.000000
> 4.918924 1,000.000000 6.106250% 6.039840%
M-2F 24763LDW7 1,000.000000 5.071980 0.000000
> 5.071980 1,000.000000 6.296250% 6.229840%
B-1F 24763LDX5 1,000.000000 5.563368 0.000000
> 5.563368 1,000.000000 6.906250% 6.839840%
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
> 5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 944.182465 4.423790 34.614028
> 39.037818 909.568437 5.816250% 5.749840%
M-1A 24763LEB2 1,000.000000 4.854480 0.000000
> 4.854480 1,000.000000 6.026250% 5.959840%
M-2A 24763LEC0 1,000.000000 5.007536 0.000000
> 5.007536 1,000.000000 6.216250% 6.149840%
B-1A 24763LED8 1,000.000000 5.482814 0.000000
> 5.482814 1,000.000000 6.806250% 6.739840%
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated
> 3 Park Plaza
RECORD DATE: August 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: September 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: September 15, 1998
GROUP I 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 11,439,346.75 3,
>718,414.55 1,716,903.43 155,750.00 185,617.77
NUMBER OF LOANS 155
> 56 26 3 4
PERCENTAGE OF LOANS 3.2180%
> 1.0460% 0.4830% 4.4000% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1
> 4,974,366.52
SERVICING FEES
> 95,500.12
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 353,192,011.87
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 357,464,866.73
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 355,445,074.60
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 2,253,062.73
REQUIRED OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 5,040,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 19
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 1,743,788.04
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (4,858.75)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 280,862.84
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 3,050,074.51
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,137,952.77
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 2,332.66
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 313
THE WEIGHTED AVERAGE LOAN RATE
> 10.2305%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,341
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,322
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: September 15, 1998
GROUP I CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, www.online.banker
>strust.com/invr
WE BEGIN POSTING STATEMENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: September 15, 1998
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 2,833,382.36 1,
>206,754.11 376,412.02 86,250.00 33,500.00
NUMBER OF LOANS 34
> 16 5 1 1
PERCENTAGE OF LOANS 3.5000%
> 1.4910% 0.4650% 10.7000% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2
> 2,286,650.79
SERVICING FEES
> 17,203.05
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 80,111,043.63
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 82,568,186.17
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 80,961,043.63
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 14
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 1,579,478.76
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (783.99)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 28,449.77
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 696,711.30
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 353,691.46
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 6,046.01
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 356
THE WEIGHTED AVERAGE LOAN RATE
> 10.1891%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 814
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 800
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: September 15, 1998
GROUP II CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, www.online.banker
>strust.com/invr
WE BEGIN POSTING STATEMENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 131,000,000.00 124,192,011.86 646,833.40 2,906,907.01 3,
>553,740.41 0.00 0.00 121,285,104.85
A-2F 17,000,000.00 17,000,000.00 86,841.67 0.00
> 86,841.67 0.00 0.00 17,000,000.00
A-3F 79,800,000.00 79,800,000.00 414,960.00 0.00
>414,960.00 0.00 0.00 79,800,000.00
A-4F 21,000,000.00 21,000,000.00 111,650.00 0.00
>111,650.00 0.00 0.00 21,000,000.00
A-5F 32,000,000.00 32,000,000.00 180,000.00 0.00
>180,000.00 0.00 0.00 32,000,000.00
A-6F 36,000,000.00 36,000,000.00 191,100.00 0.00
>191,100.00 0.00 0.00 36,000,000.00
IOF* 36,000,000.00 36,000,000.00 300,000.00 0.00
>300,000.00 0.00 0.00 36,000,000.00
M-1F 19,800,000.00 19,800,000.00 99,657.36 0.00
> 99,657.36 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 56,068.56 0.00
> 56,068.56 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 71,818.32 0.00
> 71,818.32 0.00 0.00 12,600,000.00
A-1A 15,000,000.00 15,000,000.00 76,750.00 0.00
> 76,750.00 0.00 0.00 15,000,000.00
A-2A 54,062,500.00 49,173,543.63 235,616.67 1,006,742.68 1,
>242,359.35 0.00 0.00 48,166,800.95
M-1A 7,012,500.00 7,012,500.00 34,827.82 0.00
> 34,827.82 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 25,047.79 0.00
> 25,047.79 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 22,676.75 0.00
> 22,676.75 0.00 0.00 4,037,500.00
R-1 0.00 0.00 263,686.98 0.00
>263,686.98 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
This statement is a
>lso available on Bankers Trust's Website,http://online.bankerstrust.com/invr/.
> We begin posting statements to the Web at
7:00 p.m. Eastern
> Time on the business day before each distribution date.
TOTALS 445,000,000.00 433,303,055.49 2,817,535.32 3,913,649.69 6,
>731,185.01 0.00 0.00 429,389,405.80
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LDP2 948.030625 4.937660 22.190130
> 27.127789 925.840495 6.250000% 6.250000%
A-2F 24763LDQ0 1,000.000000 5.108334 0.000000
> 5.108334 1,000.000000 6.130000% 6.130000%
A-3F 24763LDR8 1,000.000000 5.200000 0.000000
> 5.200000 1,000.000000 6.240000% 6.240000%
A-4F 24763LDS6 1,000.000000 5.316667 0.000000
> 5.316667 1,000.000000 6.380000% 6.380000%
A-5F 24763LDT4 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
A-6F 24763LDU1 1,000.000000 5.308333 0.000000
> 5.308333 1,000.000000 6.370000% 6.370000%
IOF* 24763LDY3 1,000.000000 8.333333 0.000000
> 8.333333 1,000.000000 10.000000% 10.000000%
M-1F 24763LDV9 1,000.000000 5.033200 0.000000
> 5.033200 1,000.000000 6.039840% 5.858590%
M-2F 24763LDW7 1,000.000000 5.191533 0.000000
> 5.191533 1,000.000000 6.229840% 6.048590%
B-1F 24763LDX5 1,000.000000 5.699867 0.000000
> 5.699867 1,000.000000 6.839840% 6.658590%
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
> 5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 909.568437 4.358227 18.621830
> 22.980057 890.946607 5.749840% 5.568590%
M-1A 24763LEB2 1,000.000000 4.966534 0.000000
> 4.966534 1,000.000000 5.959840% 5.778590%
M-2A 24763LEC0 1,000.000000 5.124868 0.000000
> 5.124868 1,000.000000 6.149840% 5.968590%
B-1A 24763LED8 1,000.000000 5.616533 0.000000
> 5.616533 1,000.000000 6.739840% 6.558590%
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: October 15, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: October 15, 1998
GROUP I 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 12,464,692.14 4,
>715,009.24 2,660,864.57 500,526.37 1,090,429.20
NUMBER OF LOANS 150
> 68 42 9 17
PERCENTAGE OF LOANS 3.5280%
> 1.3350% 0.7530% 0.1420% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1
> 5,066,665.69
SERVICING FEES
> 91,462.61
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 350,285,104.86
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 355,445,074.60
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 353,296,167.81
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 3,011,062.95
REQUIRED OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 5,040,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 30
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 1,930,985.40
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (8,179.74)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 226,101.13
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 3,009,221.51
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,188,598.18
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 5,294.41
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 312
THE WEIGHTED AVERAGE LOAN RATE
> 10.2257%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,322
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,292
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: October 15, 1998
GROUP I CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, http://online.ban
>kerstrust.com/invr/
WE BEGIN POSTING STATEMENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: October 15, 1998
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 3,906,411.54 1,
>005,538.88 756,073.23 269,107.98 119,084.44
NUMBER OF LOANS 40
> 11 10 3 2
PERCENTAGE OF LOANS 4.8860%
> 1.2580% 0.9460% 0.3370% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2
> 1,665,537.60
SERVICING FEES
> 15,845.54
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 79,104,300.95
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 80,961,043.63
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 79,954,300.95
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
HAS A TRIGGER EVENT OCCURRED?
> No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 11
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 988,566.61
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (2,585.78)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 20,761.85
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 674,640.45
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 356,856.26
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 1,684.18
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 355
THE WEIGHTED AVERAGE LOAN RATE
> 10.1960%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 800
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 789
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: October 15, 1998
GROUP II CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> No
THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, http://online.ban
>kerstrust.com/invr/
WE BEGIN POSTING STATEMENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1F 131,000,000.00 121,285,104.85 631,693.25 4,117,486.45 4,
>749,179.70 0.00 0.00 117,167,618.40
A-2F 17,000,000.00 17,000,000.00 86,841.67 0.00
> 86,841.67 0.00 0.00 17,000,000.00
A-3F 79,800,000.00 79,800,000.00 414,960.00 0.00
>414,960.00 0.00 0.00 79,800,000.00
A-4F 21,000,000.00 21,000,000.00 111,650.00 0.00
>111,650.00 0.00 0.00 21,000,000.00
A-5F 32,000,000.00 32,000,000.00 180,000.00 0.00
>180,000.00 0.00 0.00 32,000,000.00
A-6F 36,000,000.00 36,000,000.00 191,100.00 0.00
>191,100.00 0.00 0.00 36,000,000.00
IOF* 36,000,000.00 36,000,000.00 300,000.00 0.00
>300,000.00 0.00 0.00 36,000,000.00
M-1F 19,800,000.00 19,800,000.00 103,111.18 0.00
>103,111.18 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 58,066.46 0.00
> 58,066.46 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 74,576.21 0.00
> 74,576.21 0.00 0.00 12,600,000.00
A-1A 15,000,000.00 15,000,000.00 76,750.00 0.00
> 76,750.00 0.00 0.00 15,000,000.00
A-2A 54,062,500.00 48,166,800.95 238,418.81 972,426.60 1,
>210,845.41 0.00 0.00 47,194,374.35
M-1A 7,012,500.00 7,012,500.00 36,019.88 0.00
> 36,019.88 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 25,930.21 0.00
> 25,930.21 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 23,538.05 0.00
> 23,538.05 0.00 0.00 4,037,500.00
R-1 0.00 0.00 246,619.51 0.00
>246,619.51 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 445,000,000.00 429,389,405.80 2,799,275.23 5,089,913.05 7,
>889,188.28 0.00 0.00 424,299,492.75
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1F 24763LDP2 925.840495 4.822086 31.431194
> 36.253280 894.409301 6.250000% 6.250000%
A-2F 24763LDQ0 1,000.000000 5.108334 0.000000
> 5.108334 1,000.000000 6.130000% 6.130000%
A-3F 24763LDR8 1,000.000000 5.200000 0.000000
> 5.200000 1,000.000000 6.240000% 6.240000%
A-4F 24763LDS6 1,000.000000 5.316667 0.000000
> 5.316667 1,000.000000 6.380000% 6.380000%
A-5F 24763LDT4 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
A-6F 24763LDU1 1,000.000000 5.308333 0.000000
> 5.308333 1,000.000000 6.370000% 6.370000%
IOF* 24763LDY3 1,000.000000 8.333333 0.000000
> 8.333333 1,000.000000 10.000000% 10.000000%
M-1F 24763LDV9 1,000.000000 5.207635 0.000000
> 5.207635 1,000.000000 5.858590% 5.727810%
M-2F 24763LDW7 1,000.000000 5.376524 0.000000
> 5.376524 1,000.000000 6.048590% 5.917810%
B-1F 24763LDX5 1,000.000000 5.918747 0.000000
> 5.918747 1,000.000000 6.658590% 6.527810%
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
> 5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 890.946607 4.410059 17.987082
> 22.397141 872.959526 5.568590% 5.437810%
M-1A 24763LEB2 1,000.000000 5.136525 0.000000
> 5.136525 1,000.000000 5.778590% 5.647810%
M-2A 24763LEC0 1,000.000000 5.305414 0.000000
> 5.305414 1,000.000000 5.968590% 5.837810%
B-1A 24763LED8 1,000.000000 5.829858 0.000000
> 5.829858 1,000.000000 6.558590% 6.427810%
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: November 16, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: November 16, 1998
GROUP I 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 14,079,611.90 5,
>176,774.07 2,650,253.79 1,077,594.92 2,587,373.98
NUMBER OF LOANS 181
> 69 38 19 36
PERCENTAGE OF LOANS 4.0240%
> 1.4800% 0.7580% 0.3080% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1
> 6,270,309.58
SERVICING FEES
> 86,144.35
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 346,167,618.41
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 353,296,167.81
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 349,866,008.67
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 3,698,390.26
REQUIRED OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 5,040,000.00
HAS A TRIGGER EVENT OCCURRED?
> NO
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 42
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 3,190,830.41
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (6,271.65)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 245,600.38
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 2,926,294.79
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,244,963.95
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 4,579.83
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 311
THE WEIGHTED AVERAGE LOAN RATE
> 10.2212%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,292
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,250
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: November 16, 1998
GROUP I CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> NO
THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, http://online.ban
>kerstrust.com/invr/
WE BEGIN POSTING STATEMENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE
Page 3 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: November 16, 1998
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 4,096,660.84 1,
>787,208.63 558,938.41 120,000.00 924,265.65
NUMBER OF LOANS 46
> 20 7 1 12
PERCENTAGE OF LOANS 5.1870%
> 2.2630% 0.7080% 0.1520% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
PERCENTAGE OF LOANS
> N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2
> 1,619,889.62
SERVICING FEES
> 14,794.83
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 78,131,874.39
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 79,954,300.95
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 78,981,874.35
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION
> 850,000.00
HAS A TRIGGER EVENT OCCURRED?
> NO
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 9
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 955,713.86
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (874.65)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 17,587.39
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 662,257.84
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 370,498.12
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 3,289.40
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 354
THE WEIGHTED AVERAGE LOAN RATE
> 10.2355%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 789
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 780
Page 4 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: November 16, 1998
GROUP II CERTIFICATE INFORMATION (con't)
THE AMOUNT OF LIQUIDATION LOAN LOSSES
> 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE
> 0.0000%
CUMULATIVE LOSS EVENT
> NO
THIS STATEMENT IS ALSO AVAILABLE ON BANKERS TRUST'S WEBSITE, http://online.ban
>kerstrust.com/invr/
WE BEGIN POSTING STATEMENTS TO THE WEBSITE AT 7:00 P.M. EASTERN STANDARD TIME
ON THE BUSINESS DAY BEFORE EACH DISTRIBUTION DATE
Page 5 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
