February 10, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Delta Funding Corporation Home Equity Loan Asset-Backed
Certificates, Series 1998-4; 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 November 30,
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 Seller will form a Trust, and the Trust will issue Home Equity
Loan Asset-Backed Certificates, Series 1998-4 (the "Certificates").
The Seller is offering only Class A-1F, Class A-2F, Class A-3F, Class
A-4F, Class IOF, Class A-1A, and Class B. The Trust will include a
pool of fixed and adjustable rate mortgage loans that are secured
primarily by first and second liens on residential properties. The
mortgage loans are not insured or guaranteed by any person. The
Certificates are obligations only of the Trust. MBIA Insurance
Corporation will guarantee certain distributions on the offered
Certificates, excluding the Class B Certificates. The Class B
Certificates are not insured.
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 Corporation Home Equity Loan
Asset-Backed Certificates, Series 1998-4.
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): January 15, 1999
DELTA FUNDING CORPORATION
(as seller and servicer under a Pooling and Servicing Agreement,
dated as of November 30, 1998, providing for inter alia, the issuance
of Home Equity Loan Asset-Backed Certificates, Series 1998-4.
DELTA FUNDING HOME EQUITY LOAN TRUST 1998-4
(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
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 November 30, 1998.
Date: February 10, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of January 15, 1999.
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-4
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 108,880,000.00 108,880,000.00 558,917.33 1,163,021.65 1,
>721,938.98 0.00 0.00 107,716,978.35
A-2F 75,120,000.00 75,120,000.00 373,096.00 0.00
>373,096.00 0.00 0.00 75,120,000.00
A-3F 133,200,000.00 133,200,000.00 703,740.00 0.00
>703,740.00 0.00 0.00 133,200,000.00
A-4F 36,800,000.00 36,800,000.00 189,826.67 0.00
>189,826.67 0.00 0.00 36,800,000.00
B 14,000,000.00 14,000,000.00 78,750.00 0.00
> 78,750.00 0.00 0.00 14,000,000.00
IOF *117,000,000.00 117,000,000.00 585,000.00 0.00
>585,000.00 0.00 0.00 117,000,000.00
A-1A 32,000,000.00 32,000,000.00 126,244.44 105,131.90
>231,376.34 0.00 0.00 31,894,868.10
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
R-3 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 400,000,000.00 400,000,000.00 2,615,574.44 1,268,153.55 3,
>883,727.99 0.00 0.00 398,731,846.45
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 24763LEP1 1,000.000000 5.133333 10.681683
> 15.815016 989.318317 6.160000% 6.160000%
A-2F 24763LEQ9 1,000.000000 4.966667 0.000000
> 4.966667 1,000.000000 5.960000% 5.960000%
A-3F 24763LER7 1,000.000000 5.283333 0.000000
> 5.283333 1,000.000000 6.340000% 6.340000%
A-4F 24763LES5 1,000.000000 5.158333 0.000000
> 5.158333 1,000.000000 6.190000% 6.190000%
B 24763LEU0 1,000.000000 5.625000 0.000000
> 5.625000 1,000.000000 6.750000% 6.750000%
IOF *24763LEV8 1,000.000000 5.000000 0.000000
> 5.000000 1,000.000000 6.000000% 6.000000%
A-1A 24763LET3 1,000.000000 3.945139 3.285372
> 7.230511 996.714628 6.175000% 5.600000%
R-1 DF9804101 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
R-2 DF9804102 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
R-3 DF9804103 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
This statement is also available on Bankers Trust's website, online.banker
>strust.com/invr.
We begin posting statements to the website at 7:00 p.m. Eastern Standard T
>ime
on the business day before each distribution date.
* BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMI
>NISTRATOR: Joyce Santiago
SERVICER: Delta Funding Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers Asset-Backed Securities
> 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 1998-4
Statement To Certificateholders
Distribution Date: January 15, 1999
GROUP I 30-59
> 60-89 90+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 6,563,960.36 1,
>515,554.66 0.00 0.00
NUMBER OF LOANS 73
> 14 0 0
PERCENTAGE OF LOANS 0.0179%
> 41.2756% 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
> 3,635,986.44
SERVICING FEES
> 76,421.17
PREMIUM AMOUNT
> 30,975.00
REIMBURSEMENT AMOUNTS TO CERTIFICATE INSURER
> 0.00
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1
> 437,834,493.13
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 368,000,000.00
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 367,179,376.79
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 400,140.74
REQUIRED OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION
> 6,000,000.00
AMOUNT OF INSURED PAYMENTS
> 0
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 4
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 529,516.00
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> 0.00
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 288,312.58
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 1,494,848.88
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 799,847.88
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 680.30
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 324
THE WEIGHTED AVERAGE LOAN RATE
> 0.0000%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 0
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 3,806
Page 2 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-4
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%
Page 3 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-4
Statement To Certificateholders
Distribution Date: January 15, 1999
GROUP II 30-59
> 60-89 90+
DELINQUENT LOAN INFORMATION DAYS
> DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 631,497.28
> 49,500.00 0.00 0.00
NUMBER OF LOANS 8
> 1 0 0
PERCENTAGE OF LOANS 0.1976%
> 0.1549% 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
> 282,316.55
SERVICING FEES
> 4,511.23
PREMIUM AMOUNT
> 2,800.00
REIMBURSEMENTS TO CERTIFICATE INSURER
> 0.00
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2
> 28,523,528.62
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
> 32,000,000.00
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
> 31,952,610.41
AMOUNT OF INSURED PAYMENTS
> 0.00
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS
> 1
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 37,450.00
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD
> 0.00
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 9,514.82
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
> 88,058.75
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE
> 126,923.38
THE AMOUNT OF COMPENSATING INTEREST TO BE MADE ON DETERMINATION DATE
> 0.00
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 359
THE WEIGHTED AVERAGE LOAN RATE
> 0.0000%
ONE MONTH LIBOR
> 5.5750%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSEMENTS TO SERVICER
> 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION
> 0
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION
> 375
Page 4 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
Delta Funding Home Equity Loan Trust
Asset-Backed Certificates
Series 1998-4
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%
LIBOR CARRYOVER SHORTFALL AMOUNT
> 0.00
ALLOCATED PREFUNDED AMOUNT
> 2247280921.0000%
Page 5 of 5
> (c) COPYRIGHT 1999 Bankers Trust Company
