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Previous: PERFUMANIA COM INC, SC 13D/A, 1999-11-19 |
Next: HEADLANDS HOME EQUITY LOAN TR 1998-2 REV HOME EQ LN AS BK NO, 8-K, 1999-11-19 |
<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
October 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 October 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: November 17, 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 October 15, 1999................. 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
HEADLANDS STATEMENT TO NOTEHOLDERS
MORTGAGE
===========================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.38000% Current Collection Period: 09/01/99-09/30/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.03000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 10/15/99
Class A-3 Note Rate: 6.67000% Record Date: 10/14/99
Interest Period 3/15/99 thru
4/14/99: 30 PoolFactor: 77.1169558%
===========================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 112,025,721.13
Beginning Second Lien Pool Balance 65,657,972.50
Beginning HLTV Pool Balance 42,433,076.94
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 107,262,147.96
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 61,265,746.93
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 37,187,467.47
Ending HELOC Pool Balance 107,513,619.22
Ending Second Lien Pool Balance 63,382,072.85
Ending HLTV Pool Balance 41,761,273.36
Ending Class A-1 Note Balance -- CUSIP 422093AG9 102,750,046.05
Ending Class A-2 Note Balance -- CUSIP 422093AH7 58,798,605.35
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 36,382,330.80
Additional Balances Class A-1 1,516,830.23
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 6,103
Ending Loan Count 5,938
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 7,006,064.14
Total Mortgage Interest Collections 1,073,809.38
Servicing Fees (current collection period) (46,677.38)
Mortgage Principal Collections 5,978,932.14
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 5,978,932.14
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,811,429.44
Total Mortgage Interest Collections 580,696.10
Servicing Fees (current collection period) (27,357.49)
Mortgage Principal Collections 2,258,090.83
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 2,258,090.83
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 1,024,636.71
Total Mortgage Interest Collections 449,396.31
Servicing Fees (current collection period) (17,680.45)
Mortgage Principal Collections 592,920.85
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 592,920.85
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 10,933,845.61
Total Mortgage Interest Collections 2,103,901.79
Mortgage Principal Collections 8,829,943.82
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 8,829,943.82
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 538,992.29
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 419,963.82
Maximum Principal Payment 4,462,101.91
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 50,000.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 4,512,101.91
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 332,366.68
Class A-2 Note Upaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,258,090.83
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 191,241.93
Loan Loss 17,808.82
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,467,141.58
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 206,700.34
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 592,920.85
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 133,333.09
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Loan Loss 78,882.73
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 805,136.67
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,078,059.31
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 419,963.82
Maximum Principal Payment 7,313,113.59
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 342,575.02
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 7,637,688.61
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 4.0205135
Interest Distribution Amount 4.0205135
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 33.6571913
Maximum Principal Payment 33.2842255
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.3729658
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.2288445
Interest Distribution Amount 4.2288445
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 31.3905055
Maximum Principal Payment 28.7306627
Scheduled Principal Collections Payment 0.0000000
Loss Loan 0.2265893
Accelerated Principal Distribution Amount 2.4332535
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.6969170
Interest Distribution Amount 4.6969170
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) .0000000
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Total Class A-3 Note Distribution Amount Allocable to Principal 18.2953744
Maximum Principal Payment 13.4731274
Scheduled Principal Collection Payment 0.0000000
Loan Loss 1.7924771
Accelerated Principal Distribution Amount 3.0297698
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 12.9462750
Total Principal Amount Distributed to Class A Certificateholder 83.3430711
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 43
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,743,971.24
Number of Mortgages 60 to 89 Days Delinquent 0
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent -
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 130,582.12
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 25
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,176,927.58
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 196,240.39
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of 90 to 179 or more Days Delinquent 86,170.89
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 71,839.27
Number of Mortgage Loans in Foreclosure 3
Aggregate Principal Balances of Mortgage Loans in Foreclosure 117,210.26
Book Value of Real Estate Acquired Through 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 31
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,164,794.46
Number of Mortgages 60 to 89 Days Delinquent 11
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 391,841.74
Number of Mortgages 90 to 179 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 76,932.52
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 109,274.20
Number of Mortgage Loans in Foreclosure 14
Aggregate Principal alances of Mortgage Loans in Foreclosure 523,239.68
Book Value of Real Estate Acquired Through or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 99
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,085,693.28
Number of Mortgages 60 to 89 Days Delinquent 15
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 588,082.13
Number of Mortgages 90 to 179 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 293,685.53
Number of Mortgages 180 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 231,113.47
Number of Mortgage Loans in Foreclosure 22
Aggregate Principal Balances of Mortgage Loans in Foreclosure 905,427.83
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50000.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
==================================================================================================
Class A-1 Note Rate For Next Distribution LIBOR 5.40625% 6.05625%
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 1,016,330.23
Class A-1 Reserve Fund Deposit/Withdrawal 419,963.82
Class A-1 Reserve Fund Ending Balance 1,436,294.05
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>
<TABLE>
<CAPTION>
==================================================================================================================================
HEADLANDS MORTGAGE SERVICING CERTIFICATE
==================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.38000% Current Collection Period: 09/01/99-09/ 30/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.03000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 10/15/99
Class A-3 Note Rate: 6.67000% Record Date: 10/14/99
Interest Period 09/15/99 thru
10/14/99: 30 Pool Factor: 77.1169558%
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: 4,583,467.50
Class A-1 Weighted Avg Loan Rate: 11.31282% Class A-3 O/C Amt as of Pmt Date: 5,378,942.56
Class A-2 Weighted Avg Loan Rate: 11.05673% Class A-1 WAM: 213
Class A-3 Weighted Avg Loan Rate: 13.44539% Class A-2 WAM: 169
Total Management Fee 1,000.00 Class A-3 WAM: 249
==============================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 112,025,721.13
Beginning Second Lien Pool Balance 65,657,972.50
Beginning HLTV Pool Balance 42,433,076.94
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 107,262,147.96
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 61,265,746.93
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 37,187,467.47
Overcollateralization Amount 4,090,874.72
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 107,513,619.22
Ending Second Lien Pool Balance 63,382,072.65
Ending HLTV Pool Balance 41,761,273.36
Ending Class A-1 Note Balance -- CUSIP 422093AG9 102,750,046.05
Ending Class A-2 Note Balance -- CUSIP 422093AH7 58,798,605.35
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 36,382,330.80
Additional Balances Class A-1 1,516,830.23
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 0
Loans (From Previous Distributions)
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)
Number of all 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 6,103
Ending Loan Count 5,938
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 7,052,741.52
2 Total Mortgage Interest Collections (Gross) 1,073,809.38
Servicing Fees (current collection period) 46,677.38
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,978,932.14
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,978,932.14
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 50,000.00
Aggregate Investor Loss Reduction Amount 50,000.00
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 2,838,786.93
2 Total Mortgage Interest Collections (Gross) 580,696.10
Servicing Fees (current collection period) 27,357.49
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,258,090.83
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,258,090.83
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 17,808.82
Aggregate Investor Loss Reduction Amount 87,564.64
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 1,042,317.16
2 Total Mortgage Interest Collections (Gross) 449,396.31
Servicing Fees (current collection period) 17,680.45
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 592,920.85
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 592,920.85
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 78,882.73
Aggregate Investor Loss Reduction Amount 171,262.30
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 10,933,845.61
2 Total Mortgage Interest Collections (Gross) 2,103,901.79
Servicing Fees (current collection period) 91,715.32
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 8,829,943.82
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 8,829,943.82
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 146,691.55
Aggregate Investor Loss Reduction Amount 308,826.94
Class A-1 Net Interest Collection 1,027,132.00
Class A-2 Net Interest Collection 553,338.61
Class A-3 Net Interest Collection 431,715.86
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 538,992.29
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 419,963.82
Investor Loss Amount 50,000.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 16,983.17
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 670.39
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 1,027,132.00
Maximum Principal Payment 4,462,101.91
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 50,000.00
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 4,512,101.91
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 332,366.68
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 17,808.82
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 11,232.05
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 191,241.93
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 382.91
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 553,338.61
Maximum Principal Payment 2,258,090.83
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 191,241.93
Loan Loss 17,808.82
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,467,141.58
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 206,700.34
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) 78,882.73
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 12,395.82
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 133,333.09
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 232.42
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 431,715.86
Maximum Principal Payment 592,920.85
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 133,333.09
Loan Loss 78,882.73
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 805,136.67
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,078,059.31
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 419,963.82
Investor Loss Amount 5.01(iii) 146,691.55
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 40,611.05
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 324,575.02
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,285.72
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 2,012,186.47
Maximum Principal Payment 7,313,113.59
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 324,575.02
Loan Loss 146,691.55
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 7,784,380.16
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 4.0205135
Interest Distribution Amount 4.0205135
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Total Class A-1 Note Distribution Amount Allocable to Principal 33.6571913
Maximum Principal Payment 33.2842255
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.3729658
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.2288445
Interest Distribution Amount 4.2288445
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 31.3905055
Maximum Principal Payment 28.7306627
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.2265893
Accelerated Principal Distribution Amount 2.4332535
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.6969170
Interest Distribution Amount 4.6969170
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 18.2953744
Maximum Principal Payment 13.4731274
Scheduled Principal Collections Payment 0.0000000
Loan Loss 1.7924771
Accelerated Principal Distribution Amount 3.0297698
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 12.9462750
Total Principal Amount Distributed to Class A Certificateholder 83.3430711
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 43
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,743,971.24
Number of Mortgages 60 to 89 Days Delinquent 0
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 0.00
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 130,582.12
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 50,000.00
Number of Mortgages Loans In Foreclosure 5
Aggregate Principal Balances of Mortgages 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
</TABLE>
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<TABLE>
<S> <C>
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 25
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,743,927.58
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 196,240.39
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 86,170.89
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 71,839.27
Number of Mortgages Loans In Foreclosure 3
Aggregate Principal Balances of Mortgages Loans In Foreclosure 117,210.28
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 31
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,164,794.46
Number of Mortgages 60 to 89 Days Delinquent 11
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 391,841.74
Number of Mortgages 90 to 179 Days Delinquent 3
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 76,932.52
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 109,274.20
Number of Mortgages Loans In Foreclosure 14
Aggregate Principal Balances of Mortgages Loans In Foreclosure 523,239.68
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 99
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,085,693.28
Number of Mortgages 60 to 89 Days Delinquent 15
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 688.082.13
Number of Mortgages 90 to 179 Days Delinquent 7
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 293,685.53
Number of Mortgages 180 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 231,113.47
Number of Mortgages Loans In Foreclosure 22
Aggregate Principal Balances of Mortgages Loans In Foreclosure 905,427.83
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-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 1,016,330.23
Class A-1 Reserve Fund Deposit/Withdrawal 419,963.82
Class A-1 Reserve Fund Ending Balance 1,436,294.05
</TABLE>
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<S> <C>
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>
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
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