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 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
December 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
January 15, 1999.
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 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
December 15, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
January 15, 1999.
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 131,000,000.00 117,167,618.40 610,248.01 3,720,628.35 4,
>330,876.36 0.00 0.00 113,446,990.05
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 91,358.57 0.00
> 91,358.57 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 51,484.95 0.00
> 51,484.95 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 66,257.27 0.00
> 66,257.27 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 47,194,374.35 206,732.98 1,991,246.55 2,
>197,979.53 0.00 0.00 45,203,127.80
M-1A 7,012,500.00 7,012,500.00 31,904.24 0.00
> 31,904.24 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 22,984.35 0.00
> 22,984.35 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 20,906.01 0.00
> 20,906.01 0.00 0.00 4,037,500.00
R-1 0.00 0.00 291,207.73 0.00
>291,207.73 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 445,000,000.00 424,299,492.75 2,754,385.78 5,711,874.90 8,
>466,260.68 0.00 0.00 418,587,617.85
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 894.409301 4.658382 28.401743
> 33.060125 866.007558 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 4.614069 0.000000
> 4.614069 1,000.000000 5.727810% 5.985470%
M-2F 24763LDW7 1,000.000000 4.767125 0.000000
> 4.767125 1,000.000000 5.917810% 6.175470%
B-1F 24763LDX5 1,000.000000 5.258513 0.000000
> 5.258513 1,000.000000 6.527810% 6.785470%
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
> 5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 872.959526 3.823963 36.832306
> 40.656269 836.127219 5.437810% 5.695470%
M-1A 24763LEB2 1,000.000000 4.549624 0.000000
> 4.549624 1,000.000000 5.647810% 5.905470%
M-2A 24763LEC0 1,000.000000 4.702680 0.000000
> 4.702680 1,000.000000 5.837810% 6.095470%
B-1A 24763LED8 1,000.000000 5.177959 0.000000
> 5.177959 1,000.000000 6.427810% 6.685470%
* 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: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 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: December 15, 1998
GROUP I 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 15,724,213.26 5,
>848,496.66 3,519,037.59 1,083,008.58 4,550,146.57
NUMBER OF LOANS 203
> 67 44 20 59
PERCENTAGE OF LOANS 4.5330%
> 1.6860% 1.0140% 0.3120% 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
> 5,825,345.17
SERVICING FEES
> 86,941.36
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 342,446,990.06
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 349,866,008.67
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 346,909,200.28
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 4,462,210.22
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
> 37
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 2,728,345.02
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (3,775.83)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 232,239.20
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 2,955,478.14
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,226,208.86
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 5,732.16
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 310
THE WEIGHTED AVERAGE LOAN RATE
> 10.2143%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,250
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,213
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: December 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: November 15, 1998
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 4,900,388.25 1,
>662,398.45 1,016,327.98 348,500.00 972,504.06
NUMBER OF LOANS 47
> 20 12 3 13
PERCENTAGE OF LOANS 6.3650%
> 2.1590% 1.3200% 0.4530% 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
> 2,641,916.15
SERVICING FEES
> 15,423.85
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 76,140,627.80
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 78,981,874.35
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 76,990,627.80
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
> 20
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 1,976,019.16
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (218.63)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 15,446.02
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 666,093.44
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 353,554.91
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 5,821.08
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 353
THE WEIGHTED AVERAGE LOAN RATE
> 10.3158%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 780
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 760
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: December 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 131,000,000.00 113,446,990.05 590,869.74 3,981,688.28 4,
>572,558.02 0.00 0.00 109,465,301.77
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 19,800,000.00 102,052.26 0.00
>102,052.26 0.00 0.00 19,800,000.00
M-2F 10,800,000.00 10,800,000.00 57,431.87 0.00
> 57,431.87 0.00 0.00 10,800,000.00
B-1F 12,600,000.00 12,600,000.00 73,622.35 0.00
> 73,622.35 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 45,203,127.80 221,695.69 1,307,838.77 1,
>529,534.46 0.00 0.00 43,895,289.03
M-1A 7,012,500.00 7,012,500.00 35,660.43 0.00
> 35,660.43 0.00 0.00 7,012,500.00
M-2A 4,887,500.00 4,887,500.00 25,653.89 0.00
> 25,653.89 0.00 0.00 4,887,500.00
B-1A 4,037,500.00 4,037,500.00 23,243.61 0.00
> 23,243.61 0.00 0.00 4,037,500.00
R-1 0.00 0.00 352,159.25 0.00
>352,159.25 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 445,000,000.00 418,587,617.85 2,843,690.76 5,289,527.05 8,
>133,217.81 0.00 0.00 413,298,090.80
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 866.007558 4.510456 30.394567
> 34.905023 835.612991 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 5.154155 0.000000
> 5.154155 1,000.000000 5.985470% 5.450000%
M-2F 24763LDW7 1,000.000000 5.317766 0.000000
> 5.317766 1,000.000000 6.175470% 5.640000%
B-1F 24763LDX5 1,000.000000 5.843044 0.000000
> 5.843044 1,000.000000 6.785470% 6.250000%
A-1A 24763LDZ0 1,000.000000 5.116667 0.000000
> 5.116667 1,000.000000 6.140000% 6.140000%
A-2A 24763LEA4 836.127219 4.100730 24.191237
> 28.291967 811.935982 5.695470% 5.160000%
M-1A 24763LEB2 1,000.000000 5.085266 0.000000
> 5.085266 1,000.000000 5.905470% 5.370000%
M-2A 24763LEC0 1,000.000000 5.248878 0.000000
> 5.248878 1,000.000000 6.095470% 5.560000%
B-1A 24763LED8 1,000.000000 5.756931 0.000000
> 5.756931 1,000.000000 6.685470% 6.150000%
* 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: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 15, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 15, 1999
GROUP I 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 15,750,780.87 5,
>743,992.82 3,207,551.82 1,805,372.50 5,582,672.29
NUMBER OF LOANS 216
> 80 38 26 75
PERCENTAGE OF LOANS 4.5850%
> 1.6720% 0.9340% 0.5260% 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
> 6,195,852.23
SERVICING FEES
> 83,202.53
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 338,465,301.78
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 346,909,200.28
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 343,505,301.78
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 5,040,000.00
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
> 44
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 3,156,623.12
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (3,886.58)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 251,161.96
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 2,868,661.46
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 1,247,485.42
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 6,015.62
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 309
THE WEIGHTED AVERAGE LOAN RATE
> 10.2091%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 4,213
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 4,169
Page 2 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 15, 1999
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 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 15, 1999
GROUP II 30-59
> 60-89 91-119 120+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 5,257,517.23 1,
>649,962.50 685,368.80 358,700.00 1,001,839.12
NUMBER OF LOANS 57
> 16 8 4 18
PERCENTAGE OF LOANS 6.9470%
> 2.1800% 0.9060% 0.4740% 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
> 1,938,354.67
SERVICING FEES
> 14,719.53
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 74,832,789.03
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 76,990,627.80
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 75,682,789.03
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
> 1,287,665.93
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> (1,026.88)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 21,199.72
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 645,235.43
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 351,771.83
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 1,857.83
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 352
THE WEIGHTED AVERAGE LOAN RATE
> 10.3460%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 760
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 746
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-2
Statement To Certificateholders
Distribution Date: January 15, 1999
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 1999 Bankers Trust Company
