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Previous: PNC MORTGAGE SEC CORP MORT PASS THR CERT SER 1999-7, 8-K, 1999-07-14 |
Next: SHOPNOW COM INC, 8-A12G, 1999-07-14 |
<PAGE>
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
June 15, 1999
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity Loan
Trust
1998-2 Revolving Home Equity Loan Asset-Backed Notes, Series 1998-2)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-28031-3
-------- -----------
(State or Other Jurisdiction of Incorporation) (Commission File Number)
68-0397342
----------
(I.R.S. Employer Identification No.)
700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939
----------------------------------------------------------
(Address of Principal Executive Offices)
(415) 461-6790
--------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
------------
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of the Headlands Home Equity Loan Trust
1998-2 Revolving Home Equity Loan Asset-Backed Notes Series, 1998-2
(the "Series 1998-2 Notes").
The following exhibit which relates specifically to the Series 1998-2
Notes is included with this Current Report:
Item 7(c). Exhibits
--------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1998-2 Notes dated June 15, 1999.
<PAGE>
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 thereunto duly authorized.
Date: July 12, 1999
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
---------------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to holders
of Series 1998-2 Notes dated June 15, 1999............................ 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
==========================================================================================================================
HEADLANDS MORTGAGE SERVICING CERTIFICATE
==========================================================================================================================
<S> <C> <C>
Revolving Home Equity Loan LIBOR: 4.90250% Current Collection Period: 05/01/99-05/31/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.55250% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 6/15/99
Class A-3 Note Rate: 6.67000% Record Date: 06/14/99
Interest Period 5/17/99 thru 6/14/99: 29 Pool Factor: 88.1427231%
Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 2,041,531.37
Class A-1 Premium Fee Rate: 0.19000% Initial Class A-2 O/C Amt: 2,430,777.93
Class A-2 Premium Fee Rate: 0.22000% Initial Class A-3 O/C Amt: 3,312,404.71
Class A-3 Premium Fee Rate: 0.40000% Class A-1 O/C Amt as of Pmt 4,294,335.12
Date:
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt 3,645,226.68
Date:
Class A-1 Weighted Avg Loan Rate: 11.08257% Class A-3 O/C Amt as of Pmt 4,535,485.20
Date:
Class A-2 Weighted Avg Loan Rate: 11.11654% Class A-1 WAM: 283
Class A-3 Weighted Avg Loan Rate: 13.44704% Class A-2 WAM: 173
Total Management Fee 1,000.00 Class A-3 WAM: 253
==================================================================================================
BALANCES
Beginning HELOC Pool Balance 124,692,904.44
Beginning Second Lien Pool Balance 73,861,899.34
Beginning HLTV Pool Balance 45,323,047.09
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 120,939,426.29
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 70,427,945.07
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 41,008,796.28
Overcollateralization Amount 4,690,333.48
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 121,863,013.93
Ending Second Lien Pool Balance 71,967,504.73
Ending HLTV Pool Balance 44,874,617.10
Ending Class A-1 Note Balance -- CUSIP 422093AG9 117,568,678.81
Ending Class A-2 Note Balance -- CUSIP 422093AH7 68,322,278.05
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 40,339,131.90
Additional Balances Class A-1 1,932,925.55
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 1830
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 6,675
Ending Loan Count 6,544
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 5,916,998.92
2 Total Mortgage Interest Collections (Gross) 1,154,182.86
Servicing Fees (current collection period) 51,955.38
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 4,762,816.06
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 4,762,816.06
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 2,532,172.60
2 Total Mortgage Interest Collections (Gross) 637,777.99
Servicing Fees (current collection period) 30,775.79
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 1,894,394.61
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,894,394.61
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 905,586.91
2 Total Mortgage Interest Collections (Gross) 457,156.92
Servicing Fees (current collection period) 18,884.60
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 448,429.99
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 448,429.99
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 25,000.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 9,354,758.43
2 Total Mortgage Interest Collections (Gross) 2,249,117.77
Servicing Fees (current collection period) 101,615.77
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 7,105,640.66
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 7,105,640.66
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 25,000.00
Class A-1 Net Interest Collection 1,102,227.48
Class A-2 Net Interest Collection 607,002.20
Class A-3 Net Interest Collection 438,272.32
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 540,943.58
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 19,148.74
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 540,856.97
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 755.87
Management Fee 8.6 (d)(iii) 522.32
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 1,102,227.48
Maximum Principal Payment 2,829,890.51
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C
Redctin Amt) 8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 540,856.97
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 3,370,747.48
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 382,071.60
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 12,911.79
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 211,272.41
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 440.17
Management Fee 8.6 (d)(iii) 306.22
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 607,002.20
Maximum Principal Payment 1,894,394.61
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool
O/C Redctin Amt) 8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 211,272.41
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,105,667.02
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 227,940.56
Class A-3 Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 13,669.60
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 196,234.39
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 256.30
Management Fee 8.6 (d)(iii) 171.46
Payment to Servicer per Section 7.03 5.01 (x) 0.00
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 0.00
Total Certificateholders Distribution Allocable to Interest 438,272.31
Maximum Principal Payment 448,429.99
Scheduled Principal Collection Payment/Corr for ln loss 5/99 dist- pool bal was reduced but
not cert bal 25,000.00
Accelerated Principal Distribution Amount 196,234.39
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 669,664.38
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,150,955.74
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 45,730.13
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 948,363.77
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,452.35
Management Fee 8.6 (d)(iii) 1,000.00
Payment to Servicer per Section 7.03 5.01 (x) 0.00
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 0.00
Total Certificateholders Distribution Allocable to Interest 2,147,501.99
Maximum Principal Payment 5,172,715.11
Scheduled Principal Collection Payment/Corr for Ln Loss 5/99 dist-pool bal was reduced but
not cert bal 25,000.00
Accelerated Principal Distribution Amount 948,363.77
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 6,146,078.88
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-3 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0
Investor Loss Reduction Amount (From Previous Distributions) 0
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.0350688
Interest Distribution Amount 4.0350688
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 25.1434686
Maximum Principal Payment 21.1090459
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.0344227
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.8612616
Interest Distribution Amount 4.8612616
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 26.7913089
Maximum Principal Payment 24.1031990
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 2.6881099
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.1795652
Interest Distribution Amount 5.1795652
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-3 Note Distribution Amount Allocable to Principal 15.2169948
Maximum Principal Payment 10.1898160
Scheduled Principal Collections Payment/ Corr for ln loss 5/99 dist- pool bal was reduced but
not cert bal 0.5680829
Accelerated Principal Distribution Amount 4.4590959
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Interest Amount Distributed to Class A Certificateholder 14.0758956
Total Principal Amount Distributed to Class A Certificateholder 67.1517723
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 28
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,062,221.78
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 358,710.30
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 3,418.49
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 149,317.38
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 27
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,178,663.46
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 86,990.77
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 34,456.19
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 40,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure 259,344.20
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 26
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 958,874.43
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 229,980.02
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 47,059.39
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 87,748.80
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 310,004.02
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 81
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,199,759.67
Number of Mortgages 60 to 89 Days Delinquent 16
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent
675,681.09
Number of Mortgages 90 to 179 Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 84,934.07
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 127,748.80
Number of Mortgage Loans in Foreclosure 16
Aggregate Principal Balances of Mortgage Loans in Foreclosure $ 718,665.60
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre-Funded Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
Ending Balance Pre-Funded Account 0.00
Pre-Funding Period: From Closing Date thru the 2/15/99
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
Class A-3 Reserve Fund Beginning Balance 0.00
Class A-3 Reserve Fund Deposit/Withdrawal 0.00
Class A-3 Reserve Fund Ending Balance 0.00
OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificate were made in
conformity with the Pooling and Servicing Agreement.
</TABLE>
<PAGE>
The Attached Servicing Certificate is true and correct in all material respects.
_____________________________________________________________
A Servicing Officer Teri Martine
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 4.90250% Current Collection Period: 05/01/99-05/31/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/01/98
Series 1998-2 Class A-1 Note Rate: 5.55250% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 06/15/99
Class A-3 Note Rate: 6.67000% Record Date: 06/14/99
Interest Period
3/15/99 thru 4/14/99: 29 Pool Factor: 88.1427231%
================================================================================================================
BALANCES
Beginning HELOC Pool Balance 124,692,904.44
Beginning Second Lien Pool Balance 73,861,899.34
Beginning HLTV Pool Balance 45,323,047.09
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 120,939,426.29
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 70,427,945.07
Beginning Class A-3 Note Balance -- CUSIP 41,008,796.28
422093AJ3
Ending HELOC Pool Balance 121,863,013.93
Ending Second Lien Pool Balance 71,967,504.73
Ending HLTV Pool Balance 44,874,617.10
Ending Class A-1 Note Balance -- CUSIP 117,568,678.81
422093AG9
Ending Class A-2 Note Balance -- CUSIP 68,322,278.05
422093AH7
Ending Class A-3 Note Balance -- CUSIP 40,339,131.90
422093AJ3
Additional Balances Class A-1 1,932,925.55
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current 0
Date)
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 1830
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 6,675
Ending Loan Count 6,544
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 5,865,043.54
Total Mortgage Interest Collections 1,154,182.86
Servicing Fees (current collection period) (51,955.38)
Mortgage Principal Collections 4,762,816.06
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 4,762,816.06
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,501,396.81
Total Mortgage Interest Collections 637,777.99
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Servicing Fees (current collection period) (30,775.79)
Mortgage Principal Collections 1,894,394.61
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 1,894,394.61
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 886,702.31
Total Mortgage Interest Collections 457,156.92
Servicing Fees (current collection period) (18,884.60)
Mortgage Principal Collections 448,429.99
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 448,429.99
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 9,354,758.43
Total Mortgage Interest Collections 2,249,117.77
Mortgage Principal Collections 7,105,640.66
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 7,105,640.66
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 540,943.58
Class A-1 Note Unpaid Interest Shortfall (current 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,829,890.51
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 540,856.97
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,370,747.48
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 382,071.60
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,894,394.61
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 211,272.41
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,105,667.02
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 227,940.56
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 448,429.99
Scheduled Principal Collection Payment/Corr for ln loss 5/99 dist - pool bal was
reduced but not cert bal 25,000.00
Accelerated Principal Distribution Amount 196,234.39
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 669,664.38
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,150,955.74
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Maximum Principal Payment 5,172,715.11
Scheduled Principal Collection Payment/Corr for ln loss 5/99 dist - pool bal was
reduced but not cert bal 25,000.00
Accelerated Principal Distribution Amount 948,363.77
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 6,146,078.88
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-3 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to 4.0350688
Interest
Interest Distribution Amount 4.0350688
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 25.1434686
Maximum Principal Payment 21.1090459
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 4.0344227
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.8612616
Interest Distribution Amount 4.8612616
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 26.7913089
Maximum Principal Payment 24.1031990
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 2.6881099
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.1795652
Interest Distribution Amount 5.1795652
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-3 Note Distribution Amount Allocable to Principal 15.2169948
Maximum Principal Payment 10.1898160
Scheduled Principal Collection Payment/Corr for ln loss 5/99 dist - pool bal was
reduced but not cert bal 0.5680829
Accelerated Principal Distribution Amount 4.4590959
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Interest Amount Distributed to Class A Certificateholder 14.0758956
Total Principal Amount Distributed to Class A Certificateholder 67.1517723
Credit Enhancement Draw Amount 0
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DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 28
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,062,221.78
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent
358,710.30
Number of Mortgages 90 to 179 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 3,418.49
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 149,317.38
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 27
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,178,663.46
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 86,990.77
Number of Mortgages 90 to 179 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 34,456.19
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 40,000.00
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure 259,344.20
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 26
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 958,874.43
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 229,980.02
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 47,059.39
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 87,748.80
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 310,004.02
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 81
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,199,759.67
Number of Mortgages 60 to 89 Days Delinquent 16
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 675,681.09
Number of Mortgages 90 to 179 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 84,934.07
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 127,748.80
Number of Mortgage Loans in Foreclosure 16
Aggregate Principal Balances of Mortgage Loans in Foreclosure 718,665.60
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
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Class A-1 Note Rate For Next Distribution LIBOR 4.98750% 5.63750%
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre Funding Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
Ending Balance Pre Funding Account 0.00
Pre-Funding Period: From Closing Date thru the 2/15/99
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
Class A-3 Reserve Fund Beginning Balance 0.00
Class A-3 Reserve Fund Deposit/Withdrawal 0.00
Class A-3 Reserve Fund Ending Balance 0.00
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