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Previous: PERFUMANIA COM INC, 8-A12B, 1999-09-20 |
Next: LEHIGH ACRES FIRST NATIONAL BANCSHARES INC, 424B3, 1999-09-20 |
<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
September 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 September 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: September 17, 1999
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
----------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to holders
of Series 1998-2 Notes dated September 15, 1999 ............. 5
</TABLE>
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
====================================================================================================================================
HEADLANDS SERVICING CERTIFICATE
MORTGAGE
====================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.26875% Current Collection Period: 08/01/99-08/31/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 5.91875% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 9/15/99
Class A-3 Note Rate: 6.67000% Record Date: 09/14/99
Interest Period 08/16/99 thru 09/14/99: 30 Pool Factor: 80.1498701%
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: 4,392,225.57
Class A-1 Weighted Avg Loan Rate: 11.32601% Class A-3 O/C Amt as of Pmt Date: 5,245,609.47
Class A-2 Weighted Avg Loan Rate: 11.07587% Class A-1 WAM: 213
Class A-3 Weighted Avg Loan Rate: 13.45004% Class A-2 WAM: 170
Total Management Fee 1,000.00 Class A-3 WAM: 250
=========================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 116,069,316.05
Beginning Second Lien Pool Balance 67,850,610.52
Beginning HLTV Pool Balance 43,138,582.28
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 111,305,742.88
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 63,645,395.23
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 38,064,150.23
Overcollateralization Amount 4,415,449.74
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 112,025,721.13
Ending Second Lien Pool Balance 65,657,972.50
Ending HLTV Pool Balance 42,433,076.94
Ending Class A-1 Note Balance -- CUSIP 422093AG9 107,262,147.96
Ending Class A-2 Note Balance -- CUSIP 422093AH7 61,265,746.93
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 37,187,467.47
Additional Balances Class A-1 1,967,340.52
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 6,255
Ending Loan Count 6,103
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 7,108,217.88
2 Total Mortgage Interest Collections (Gross) 1,097,282.44
Servicing Fees (current collection period) 48,362.22
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 6,010,935.44
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,010,935.44
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) 2,765,567.98
2 Total Mortgage Interest Collections (Gross) 642,685.78
Servicing Fees (current collection period) 28,271.09
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,122,882.20
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,122,882.20
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 69,755.82
Aggregate Investor Loss Reduction Amount 69,755.82
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 1,119,327.82
2 Total Mortgage Interest Collections (Gross) 481,202.05
Servicing Fees (current collection period) 17,974.41
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 638,125.77
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 638,125.77
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 67,379.57
Aggregate Investor Loss Reduction Amount 92,379.57
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 10,993,113.68
2 Total Mortgage Interest Collections (Gross) 2,221,170.27
Servicing Fees (current collection period) 94,607.71
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 8,771,943.41
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 8,771,943.41
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 137,135.39
Aggregate Investor Loss Reduction Amount 162,135.39
Class A-1 Net Interest Collection 1,048,920.22
Class A-2 Net Interest Collection 614,414.69
Class A-3 Net Interest Collection 463,227.64
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 548,992.39
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 481,086.45
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 17,623.41
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 695.66
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 1,048,920.23
Maximum Principal Payment 4,043,594.92
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 0.00
Loan Loss 0.00
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 4,043,594.92
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 345,276.27
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 69,755.82
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 11,668.32
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 187,010.28
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 397.78
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 614,414.70
Maximum Principal Payment 2,122,882.20
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 187,010.28
Loan Loss 69,755.82
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,379,648.30
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 211,573.24
Class A-3 Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A-3 Note Reserve Fund Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Investor Loss Amount 5.01(iii) 67,379.57
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 12,688.05
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 171,177.42
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 237.90
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 463,227.64
Maximum Principal Payment 638,125.77
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 171,177.42
Loan Loss 67,379.57
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 876,682.76
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,105,841.89
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 481,086.45
Investor Loss Amount 5.01(iii) 137,135.39
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 41,979.78
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 358,187.70
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,331.35
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 2,126,562.56
Maximum Principal Payment 6,804,602.89
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 358,187.70
Loan Loss 137,135.39
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 7,299,925.98
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0
Unpaid Class A-3 Note Interest Shortfall Due (From Previous Distributions) 0
Interest Earned on Shortfall @ applicable Certificate Rate 0.0000000
Investor Loss Reduction Amount (From Previous Distributions) 0.0000000
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.0951074
Interest Distribution Amount 4.0951074
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carry over) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 30.1624499
Maximum Principal Payment 30.1624499
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.3930988
Interest Distribution Amount 4.3930988
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 30.9748409
Maximum Principal Payment 27.0103450
Scheduled Principal Collections Payment 0.0000000
Loan Loss 1.5850835
Accelerated Principal Distribution Amount 2.3794124
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.8076453
Interest Distribution Amount 4.8076453
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 18.6525727
Maximum Principal Payment 14.5003330
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.2625212
Accelerated Principal Distribution Amount 3.8897185
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.00
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.00
Total Interest Amount Distributed to Class A Certificateholder 13.2958515
Total Principal Amount Distributed to Class A Certificateholder 79.7898635
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 21
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,059,481.39
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 186,686.11
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 30,717.92
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 50,000.00
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure 264,977.89
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50,000.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 20
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 753,462.48
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 97,477.14
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 62,628.70
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 34,456.19
Number of Mortgage Loans in Foreclosure 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 180,857.04
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
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 30
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,101,132.64
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 285,402.34
Number of Mortgages 90 to 179 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 121,082.18
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 119,398.50
Number of Mortgage Loans in Foreclosure 9
Aggregate Principal Balances of Mortgage Loans in Foreclosure 336,514.41
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 71
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 2,914,076.51
Number of Mortgages 60 to 89 Days Delinquent 14
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 569,565.59
Number of Mortgages 90 to 179 or more Days Delinquent 8
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 214,428.80
Number of Mortgages 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 203,854.69
Number of Mortgage Loans in Foreclosure 18
Aggregate Principal Balances of Mortgage Loans in Foreclosure 782,349.34
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50,000.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
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 535,243.78
Class A-1 Reserve Fund Deposit/Withdrawal 481,086.45
Class A-1 Reserve Fund Ending Balance 1,016,330.23
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
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-3 Reserve Fund Beginning Balance 0
Class A-3 Reserve Fund Deposit/Withdrawal 0
Class A-3 Reserve Fund Ending Balance 0
</TABLE>
__________________________
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 STATEMENT TO NOTEHOLDERS
MORTGAGE
==============================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.26875% Current Collection Period: 08/01/99-08/31/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/01/98
Series 1998-2 Class A-1 Note Rate: 5.91875% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 09/15/99
Class A-3 Note Rate: 6.67000% Record Date: 09/14/99
Interest Period 3/15/99 thru 4/14/99: 30 Pool Factor: 80.1498701%
==============================================================================================================================
BALANCES
Beginning HELOC Pool Balance 116,069,316.05
Beginning Second Lien Pool Balance 67,850,610.52
Beginning HLTV Pool Balance 43,138,582.28
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 11,305,742.88
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 63,645,395.23
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 38,064,150.23
Ending HELOC Pool Balance 112,025,721.13
Ending Second Lien Pool Balance 65,657,972.50
Ending HLTV Pool Balance 42,433,076.94
Ending Class A-1 Note Balance - CUSIP 422093AG9 107,262,147.96
Ending Class A-2 Note Balance - CUSIP 422093AH7 61,265,746.93
Ending Class A-3 Note Balance - CUSIP 422093AJ3 37,187,467.47
Additional Balances Class A-1 1,967,340.52
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 6,255
Ending Loan Count 6,103
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 7,059,855.66
Total Mortgage Interest Collections 1,097,282.44
Servicing Fees (current collection period) (48,362.22)
Mortgage Principal Collections 6,010,935.44
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 6,010,935.44
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,737,296.89
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Total Mortgage Interest Collections 642,685.78
Servicing Fees (current collection period) (28,271.09)
Mortgage Principal Collections 2,122,882.20
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 2,122,882.20
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 1,101,353.41
Total Mortgage Interest Collections 481,202.05
Servicing Fees (current collection period) (17,974.41)
Mortgage Principal Collections 638,125.77
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 638,125.77
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 10,993,113.68
Total Mortgage Interest Collections 2,221,170.27
Mortgage Principal Collections 8,771,943.41
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 8,771,943.41
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 548,992.39
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 481,086.45
Maximum Principal Payment 4,043,594.92
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 4,043,594.92
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 345,276.27
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,122,882.20
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 187,010.28
Loan Loss 69,755.82
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,379,648.30
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 211,573.24
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 638,125.77
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 171,177.42
Loan Loss 67,379.57
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 876,682.76
</TABLE>
<PAGE>
<TABLE>
<S> <C>
TOTAL DISTRIBUTION AMOUNT
Class A Note 1,105,841.89
Interest
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 481,086.45
Maximum Principal Payment 6,804,602.89
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 358,187.70
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 7,162,790.59
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 4.0951074
Interest Distribution Amount 4.0951074
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 30.1624499
Maximum Principal Payment 30.1624499
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.3930988
Interest Distribution Amount 4.3930988
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 30.9748409
Maximum Principal Payment 27.0103450
Scheduled Principal Collections Payment 0.0000000
Loan Loss 1.5850835
Accelerated Principal Distribution Amount 2.3794124
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.8076453
Interest Distribution Amount 4.8076453
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 18.6525727
Maximum Principal Payment 14.5003330
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.2625212
Accelerated Principal Distribution Amount 3.8897185
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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 13.2958515
Total Principal Amount Distributed to Class A Certificateholder 79.7898635
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 21
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,059,481.39
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 186,686.11
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 30,717.92
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 50,000.00
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure 264,977.89
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50,000.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 20
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 753,462.48
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 97,477.14
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 62,628.70
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 34,456.19
Number of Mortgage Loans in Foreclosure 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 180,857.04
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 30
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,101,132.64
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 285,402.34
Number of Mortgages 90 to 179 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 121,082.18
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 119,398.50
Number of Mortgage Loans in Foreclosure 9
Aggregate Principal Balances of Mortgage Loans in Foreclosure 336,514.41
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 71
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 2,914,076.51
Number of Mortgages 60 to 89 Days Delinquent 14
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 569,565.59
Number of Mortgages 90 to 179 Days Delinquent 8
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 214,428.80
Number of Mortgages 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 203,854.69
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Number of Mortgage Loans in Foreclosure 18
Aggregate Principal Balances of Mortgage Loans in Foreclosure 782,349.34
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 tbq
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 535,243.78
Class A-1 Reserve Fund Deposit/Withdrawal 481,086.45
Class A-1 Reserve Fund Ending Balance 1,016,330.23
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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