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<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
July 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 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) 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 July 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 21, 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 July 15, 1999....................... 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE SERVICING CERTIFICATE
===================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 4.98750% Current Collection Period: 06/01/99-06/30/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.63750% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 7/15/99
Class A-3 Note Rate: 6.67000% Record Date: 07/14/99
Interest Period 6/15/99 thru 7/14/99: 30 Pool Factor: 85.5280251%
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 Date: 4,763,573.17
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt Date: 3,956,993.94
Class A-1 Weighted Avg Loan Rate: 11.09581% Class A-3 O/C Amt as of Pmt Date: 4,832,313.63
Class A-2 Weighted Avg Loan Rate: 11.10755% Class A-1 WAM: 281
Class A-3 Weighted Avg Loan Rate: 13.45163% Class A-2 WAM: 172
Total Management Fee 1,000.00 Class A-3 WAM: 214
======================================================================================================
BALANCES
Beginning HELOC Pool Balance 121,863,013.93
Beginning Second Lien Pool Balance 71,967,504.73
Beginning HLTV Pool Balance 44,874,617.10
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 117,568,678.81
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 68,322,278.05
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 40,339,131.90
Overcollateralization Amount 5,768,167.22
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 119,100,486.23
Ending Second Lien Pool Balance 69,923,108.47
Ending HLTV Pool Balance 44,048,402.70
Ending Class A-1 Note Balance -- CUSIP 422093AG9 114,336,913.06
Ending Class A-2 Note Balance -- CUSIP 422093AH7 65,966,114.53
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 39,216,089.07
Additional Balances Class A-1 2,189,543.66
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 SubsequentSecond 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
6,544
Ending Loan Count 6,400
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 6,054,741.73
2 Total Mortgage Interest Collections (Gross) 1,102,670.37
Servicing Fees (current collection period) 50,776.26
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 4,952,071.36
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 4,952,071.36
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) 2,770,057.32
2 Total Mortgage Interest Collections (Gross) 725,661.06
Servicing Fees (current collection period) 29,986.46
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,044,396.26
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,044,396.26
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) 1,379,828.89
2 Total Mortgage Interest Collections (Gross) 553,614.49
Servicing Fees (current collection period) 18,697.76
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 826,214.40
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 826,214.40
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) 10,204,627.94
2 Total Mortgage Interest Collections (Gross) 2,381,945.92
Servicing Fees (current collection period) 99,460.47
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 7,822,682.02
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 7,822,682.02
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 1,051,894.11
Class A-2 Net Interest Collection 695,674.60
Class A-3 Net Interest Collection 534,916.73
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 8.6 (d)(iv) 552,327.86
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 10,456.04
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 18,615.04
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 469,238.05
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 734.80
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 1,051,894.11
Maximum Principal Payment 2,762,527.70
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin Amt) 0.00
8.6(d)(v)
Accelerated Principal Distribution Amount 469,238.05
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 3,231,765.75
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 8.6 (d)(iv) 370,648.36
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) 12,525.75
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 311,767.26
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 427.01
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 695,674.60
Maximum Principal Payment 2,044,396.26
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second
Pool O/C Redctin Amt) 0.00
8.6(d)(v)
Accelerated Principal Distribution Amount 311,767.26
SECOND LIEN OVERCOLLATERALIZATION DEFICIT 8.6 (D)(VI) 0.00
Total Certificateholders Distribution Allocable to Principal 2,356,163.52
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 224,218.34
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) 13,446.38
Credit Enhancer Reimbursement 5.01(vi) 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Accelerated Principal Distribution Amount 5.01(vii) 296,828.43
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 252.12
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 534,916.73
Maximum Principal Payment 826,214.40
Scheduled Principal Collection Paymen 0.00
Accelerated Principal Distribution Amount 296,828.43
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 1,123,042.83
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,147,194.56
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 10,456.04
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) 44,587.17
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 1,077,833.74
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,413.94
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 2,282,485.44
Maximum Principal Payment 5,633,138.36
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 1,077,833.74
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 6,710,972.10
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 4.1199877
Interest Distribution Amount 4.1199877
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 24.1067600
Maximum Principal Payment 20.6065654
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.5001946
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Class A-2
<S> <C>
Total Class A-2 Note Distribution Amount Allocable to Interest 4.7159188
Interest Distribution Amount 4.7159188
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 29.9784838
Maximum Principal Payment 26.0117346
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.9667492
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.0949841
Interest Distribution Amount 5.0949841
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 25.5192563
Maximum Principal Payment 18.7743303
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 6.7449260
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 13.9308905
Total Principal Amount Distributed to Class A Certificateholder 79.6045001
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 30
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,780,622.86
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 178,097.97
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 99,998.02
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 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 247,122.09
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 16
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 534,424.43
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 108,215.44
Number of Mortgages 90 to 179 Days Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 0.00
Number of Mortgages 180 or more Days Delinquent 2
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 74,456.19
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 325,327.85
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 21
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 797,640.34
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 133,415.69
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 64,806.74
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 106,917.47
Number of Mortgage Loans in Foreclosure 13
Aggregate Principal Balances of Mortgage Loans in Foreclosure 470,115.43
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 67
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,112,687.63
Number of Mortgages 60 to 89 Days Delinquent 11
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 419,729.10
Number of Mortgages 90 to 179 Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 164,804.76
Number of Mortgages 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 181,373.66
Number of Mortgage Loans in Foreclosure 23
Aggregate Principal Balances of Mortgage Loans in Foreclosure $1,042,565.37
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 10,456.04
Class A-1 Reserve Fund Ending Balance 10,456.04
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
</TABLE>
<PAGE>
OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificate were made in conformity
with the Pooling and Servicing Agreement.
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
===================================================================================================================================
Revolving Home Equity Loan LIBOR: 4.98750% Current Collection Period: 06/01/99-06/30/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/01/98
Series 1998-2 Class A-1 Note Rate: 5.63750% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 07/15/99
Class A-3 Note Rate: 6.67000% Record Date: 07/14/99
Interest Period 3/15/99 thru 4/14/99: 30 Pool Factor: 85.5280251%
===================================================================================================================================
<S> <C>
BALANCES
Beginning HELOC Pool Balance 121,863,013.93
Beginning Second Lien Pool Balance 71,967,504.73
Beginning HLTV Pool Balance 44,874,617.10
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 117,568,678.81
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 68,322,278.05
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 40,339,131.90
Ending HELOC Pool Balance 119,100,486.23
Ending Second Lien Pool Balance 69,923,108.47
Ending HLTV Pool Balance 44,048,402.70
Ending Class A-1 Note Balance -- CUSIP 422093AG9 114,336,913.06
Ending Class A-2 Note Balance -- CUSIP 422093AH7 65,966,114.53
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 39,216,089.07
Additional Balances Class A-1 2,189,543.66
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 SubsequentSecond 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 6,544
Ending Loan Count 6,400
COLLECTION AMOUNTS CLASS A-1
Aggregate of All Mortgage Collections 6,003,965.47
Total Mortgage Interest Collections 1,102,670.37
Servicing Fees (current collection period) (50,776.26)
Mortgage Principal Collections 4,952,071.36
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 4,952,071.36
COLLECTION AMOUNTS CLASS A-2
Aggregate of All Mortgage Collections 2,740,070.86
Total Mortgage Interest Collections 725,661.06
Servicing Fees (current collection period) (29,986.46)
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Mortgage Principal Collections 2,044,396.26
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 2,044,396.26
COLLECTION AMOUNTS CLASS A-3
Aggregate of All Mortgage Collections 1,361,131.13
Total Mortgage Interest Collections 553,614.49
Servicing Fees (current collection period) (18,697.76)
Mortgage Principal Collections 826,214.40
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 826,214.40
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 10,204,627.94
Total Mortgage Interest Collections 2,381,945.92
Mortgage Principal Collections 7,822,682.02
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 7,822,682.02
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 552,327.86
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 10,456.04
Maximum Principal Payment 2,762,527.70
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 469,238.05
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,231,765.75
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 370,648.36
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,044,396.26
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 311,767.26
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,356,163.52
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 224,218.34
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 826,214.40
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 296,828.43
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 1,123,042.83
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,147,194.56
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 10,456.04
Maximum Principal Payment 5,633,138.36
Scheduled Principal Collection Payment 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Accelerated Principal Distribution Amount 1,077,833.74
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 6,710,972.10
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 Interest 4.1199877
Interest Distribution Amount 4.1199877
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 24.1067600
Maximum Principal Payment 20.6065654
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.5001946
CLASS A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.7159188
Interest Distribution Amount 4.7159188
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 29.9784838
Maximum Principal Payment 26.0117346
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 3.9667492
CLASS A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 5.0949841
Interest Distribution Amount 5.0949841
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 25.5192563
Maximum Principal Payment 18.7743303
Scheduled Principal Collection Payment 0.0000000
Accelerated Principal Distribution Amount 6.7449260
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 13.9308905
Total Principal Amount Distributed to Class a Certificateholder 79.6045001
Credit Enhancement Draw Amount 0
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DELINQUENCIES/FORECLOSURES
<S> <C>
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 30
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,780,622.86
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 178,097.97
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 99,998.02
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 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 247,122.09
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 16
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 534,424.43
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 108,215.44
Number of Mortgages 90 to 179 Days or more Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 0.00
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 74,456.19
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 325,327.85
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 21
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 797,640.34
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 133,415.69
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 64,806.74
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 106,917.47
Number of Mortgage Loans in Foreclosure 13
Aggregate Principal Balances of Mortgage Loans in Foreclosure 470,115.43
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 67
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,112,687.63
Number of Mortgages 60 to 89 Days Delinquent 11
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 419,729.10
Number of Mortgages 90 to 179 Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 164,804.76
Number of Mortgages 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 181,373.66
Number of Mortgage Loans in Foreclosure 23
Aggregate Principal Balances of Mortgage Loans in Foreclosure $1,042,565.37
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<TABLE>
<S> <C>
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 tbd tbd
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/Withdrawa l10,456.04
Class A-1 Reserve Fund Ending Balance 10,456.04
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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