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Previous: NUVEEN TAX FREE UNIT TRUST SERIES 1139, S-6, 1999-12-21 |
Next: INTERMOST CORP, 10SB12G/A, 1999-12-21 |
<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
December 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)
<TABLE>
<S> <C> <C>
Delaware 333-28031-3 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
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 December 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: December 20, 1999
GREENPOINT MORTGAGE
SECURITIES INC. (SUCCESSOR TO
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 December 15, 1999............. 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
HEADLANDS SERVICING CERTIFICATE
MORTGAGE
===================================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.40000% Current Collection Period: 11/01/99-11/30/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.05000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 12/15/99
Class A-3 Note Rate: 6.67000% Record Date: 12/14/99
Interest Period 11/15/99 thru
12/14/99: 30 Pool Factor: 71,9948576%
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: 5,000,973.31
Class A-1 Weighted Avg Loan Rate: 11.51462% Class A-3 O/C Amt as of Pmt Date: 5,653,350.26
Class A-2 Weighted Avg Loan Rate: 11.04384% Class A-1 WAM: 212
Class A-3 Weighted Avg Loan Rate: 13.44384% Class A-2 WAM: 167
Total Management Fee 1,000.00 Class A-3 WAM: 247
===================================================================================================================================
BALANCES
Beginning HELOC Pool Balance 104,393,069.80
Beginning Second Lien Pool Balance 61,558,443.39
Beginning HLTV Pool Balance 40,928,693.24
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 99,629,496.63
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 56,763,817.72
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 35,374,071.34
Overcollateralization Amount 3,398,961.21
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 100,263,659.81
Ending Second Lien Pool Balance 59,557,102.29
Ending HLTV Pool Balance 40,381,566.76
Ending Class A-1 Note Balance -- CUSIP 422093AG9 95,500,086.64
Ending Class A-2 Note Balance -- CUSIP 422093AH7 54,556,128.98
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 34,728,216.50
Additional Balances Class A-1 1,321,140.51
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 1,830
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 5,788
Ending Loan Count 5,634
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 6,354,042.06
2 Total Mortgage Interest Collections (Gross) 998,523.31
Servicing Fees (current collection period) 43,497.11
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,355,518.75
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,355,518.75
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 95,031.75
Aggregate Investor Loss Reduction Amount 195,031.75
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 2,552,349.50
2 Total Mortgage Interest Collections (Gross) 551,008.40
Servicing Fees (current collection period) 25,649.35
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,001,341.10
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,001,341.10
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 87,564.64
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 871,713.25
2 Total Mortgage Interest Collections (Gross) 440,533.97
Servicing Fees (current collection period) 17,053.62
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 431,179.28
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 431,179.28
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 115,947.20
Aggregate Investor Loss Reduction Amount 326,456.25
TOTAL COLLECTION
AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 9,778,104.81
2 Total Mortgage Interest Collections (Gross) 1,990,065.68
Servicing Fees (current collection period) 86,200.09
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 7,788,039.13
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortagage Principle Collections 7,788,039.13
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 210,978.95
Aggregate Investor Loss Reduction Amount 609,052.64
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-1 Net Interest Collection 955,026.20
Class A-2 Net Interest Collection 525,359.05
Class A-3 Net Interest Collection 423,480.35
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 502,298.71
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 340,776.06
Investor Loss Amount 95,031.75
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 15,774.67
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 622.68
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 955,026.20
Maximum Principal Payment 4,034,378.24
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the
HELOC Pool O/C Redctin Amt)
Accelerated Principal Distribution Amount 0.00
Loan Loss 95,031.75
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 4,129,409.99
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 307,943.71
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) 10,406.70
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 206,347.64
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 354.77
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 525,359.04
Maximum Principal Payment 2,001,341.10
Scheduled Principal Collection Payment ((x)the excess
of Max Prin Pymt (y) the Second Pool O/C Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 206,347.64
Loan Loss 0.00
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,207,688.74
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 196,620.88
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) 115,947.20
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 11,791.36
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 98,728.36
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 221.09
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 423,480.34
Maximum Principal Payment 431,179.28
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 98,728.36
Loan Loss 115,947.20
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 645,854.84
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,006,863.30
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 340,776.06
Investor Loss Amount 5.01(iii) 210,978.95
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 37,972.73
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 305,076.00
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,198.55
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 1,903,865.59
Maximum Principal Payment 6,466,898.62
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 305,076.00
Loan Loss 210,978.95
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 6,982,953.57
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 3.7468045
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Interest Distribution Amount 3.7468045
Unpaid Note Interest Shortfall Included in Current 0.0000000
Distribution
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 30.8025715
Maximum Principal Payment 30.0936997
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.7088718
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.9181005
Interest Distribution Amount 3.9181005
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 28.0893752
Principal
Maximum Principal Payment 25.4639252
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.6254499
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.4678782
Interest Distribution Amount 4.4678782
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 14.6759631
Maximum Principal Payment 9.7978227
Scheduled Principal Collections Payment 0.0000000
Loan Loss 2.6347048
Accelerated Principal Distribution Amount 2.2434356
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current 0.0000000
Distribution (carryover)
Total Interest Amount Distributed to Class A Certificateholder 12.1327833
Total Principal Amount Distributed to Class A Certificateholder 73.5679099
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 44
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,736,288.32
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 460,601.91
Number of Mortgages 90 to 179 Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 269,647.01
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 125,855.11
</TABLE>
<PAGE>
<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
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 47
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,796,329.30
Number of Mortgages 60 to 89 Days Delinquent 8
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 286,536.09
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 317,466.28
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 97,084.89
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 309,577.02
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
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 43
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,648,018.27
Number of Mortgages 60 to 89 Days Delinquent 5
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 153,003.00
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 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 37,284.33
Number of Mortgage Loans in Foreclosure 21
Aggregate Principal Balances of Mortgage Loans in Foreclosure 679,844.52
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 134
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 5,180,635.89
Number of Mortgages 60 to 89 Days Delinquent 22
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 900,141.00
Number of Mortgages 90 to 179 Days Delinquent 6
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 587,113.29
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 134,369.22
Number of Mortgage Loans in Foreclosure 31
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,115,276.65
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
</TABLE>
<PAGE>
<TABLE>
<S> <C>
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 1,803,568.27
Class A-1 Reserve Fund Deposit/Withdrawal 340,776.06
Class A-1 Reserve Fund Ending Balance 2,144,344.33
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
CROSSOVER ACTIVITY
Class A-1 Activity This Distribution 0.00
Class A-2 Activity This Distribution 0.00
Class A-3 Activity This Distribution 0.00
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.
</TABLE>
--------------------------------------------
A Servicing Officer Teri Martine
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
HEADLANDS STATEMENT TO NOTEHOLDERS
MORTGAGE
====================================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.40000% Current Collection Period: 11/01/99-11/30/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.05000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 12/15/99
Class A-3 Note Rate: 6.67000% Record Date: 12/14/99
Interest Period 11/15/99 thru
12/14/99: 30 Pool Factor: 71.9948576%
====================================================================================================================================
BALANCES
Beginning HELOC Pool Balance 104,393,069.80
Beginning Second Lien Pool Balance 61,558,443.39
Beginning HLTV Pool Balance 40,928,693.24
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 99,629,496.63
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 56,763,817.72
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 35,374,071.34
Ending HELOC Pool Balance 100,263,659.81
Ending Second Lien Pool Balance 59,557,102.29
Ending HLTV Pool Balance 40,381,566.76
Ending Class A-1 Note Balance -- CUSIP 422093AG9 95,500,086.64
Ending Class A-2 Note Balance -- CUSIP 422093AH7 54,556,128.98
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 34,728,216.50
Additional Balances Class A-1 1,321,140.51
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 5,788
Ending Loan Count 5,634
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 6,310,544.95
Total Mortgage Interest Collections 998,523.31
Servicing Fees (current collection period) (43,497.11)
Mortgage Principal Collections 5,355,518.75
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 5,355,518.75
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,526,700.15
Total Mortgage Interest Collections 551,008.40
Servicing Fees (current collection period) (25,649.35)
Mortgage Principal Collections 2,001,341.10
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 2,001,341.10
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 854,659.63
Total Mortgage Interest Collections 440,533.97
Servicing Fees (current collection period) (17,053.62)
Mortgage Principal Collections 431,179.28
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 431,179.28
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 9,778,104.81
Total Mortgage Interest Collections 1,990,065.68
Mortgage Principal Collections 7,788,039.13
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 7,788,039.13
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 502,298.71
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 340,776.06
Maximum Principal Payment 4,034,378.24
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 95,031.75
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 4,129,409.99
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 307,943.71
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,001,341.10
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 206,347.64
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,207,688.74
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 196,620.88
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Maximum Principal Payment 431,179.28
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 98,728.36
Loan Loss 115,947.20
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 645,854.84
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,006,863.30
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 340,776.06
Maximum Principal Payment 6,466,898.62
Scheduled Principal Collection Payment/bal 0.00
Accelerated Principal Distribution Amount 305,076.00
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 6,771,974.62
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 3.7468045
Interest Distribution Amount 3.7468045
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 30.8025715
Maximum Principal Payment 30.0936997
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.7088718
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.9181005
Interest Distribution Amount 3.9181005
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 28.0893752
Maximum Principal Payment 25.4639252
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.6254499
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.4678782
Interest Distribution Amount 4.4678782
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
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Total Class A-3 Note Distribution Amount Allocable to Principal 14.6759631
Maximum Principal Payment 9.7978227
Scheduled Principal Collections Payment 0.0000000
Loan Loss 2.6347048
Accelerated Principal Distribution Amount 2.2434356
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current 0.0000000
Distribution (carryover)
Total Interest Amount Distributed to Class A 12.1327833
Certificateholder
Total Principal Amount Distributed to Class A 73.5679099
Certificateholder
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 44
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,736,288.32
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 460,601.91
Number of Mortgages 90 to 179 Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 269,647.01
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 125,855.11
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 47
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,796,329.30
Number of Mortgages 60 to 89 Days Delinquent 8
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 286,536.09
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 317,466.28
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 97,084.89
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 309,577.02
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
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 43
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,648,018.27
Number of Mortgages 60 to 89 Days Delinquent 5
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 153,003.00
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 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 37,284.33
Number of Mortgage Loans in Foreclosure 21
Aggregate Principal Balances of Mortgage Loans in Foreclosure 679,844.52
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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TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 134
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 5,180,635.89
Number of Mortgages 60 to 89 Days Delinquent 22
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 900,141.00
Number of Mortgages 90 to 179 Days Delinquent 6
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 587,113.29
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 134,369.22
Number of Mortgage Loans in Foreclosure 31
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,115,276.65
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 6.46250% 7.11250%
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 1,803,568.27
Class A-1 Reserve Fund Deposit/Withdrawal 340,776.06
Class A-1 Reserve Fund Ending Balance 2,144,344.33
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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