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Previous: FIRST ALLIANCE MORTGAGE LOAN TRUST 1999-2, 15-15D, 2000-01-19 |
Next: FT 397, 497J, 2000-01-19 |
<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
January 15, 2000
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>
<CAPTION>
Delaware 333-28031-3 68-0397342
-------- ----------- ----------
<S> <C> <C>
(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 January 15, 2000.
<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: January 19, 2000
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
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to holders
of Series 1998-2 Notes dated January 15, 2000.................. 5
</TABLE>
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE SERVICING CERTIFICATE
=============================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 6.46250% Current Collection Period: 12/01/99-12/31/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 7.11250% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 1/18/00
Class A-3 Note Rate: 6.67000% Record Date: 1/17/00
Interest Period 12/15/99 thru 34 Pool Factor: 68.7340712%
1/17/00:
Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 2,041,531.37
Class A-1 Premium Fee Rate: 0.19000% Initial Class A-2 O/C Amt: 2,430,777.93
Class A-2 Premium Fee Rate: 0.22000% Initial Class A-3 O/C Amt: 3,312,404.71
Class A-3 Premium Fee Rate: 0.40000% Class A-1 O/C Amt as of Pmt 4,763,573.17
Date:
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt 5,237,845.42
Date:
Class A-1 Weighted Avg Loan 11.49406% Class A-3 O/C Amt as of Pmt 5,787,962.78
Rate: Date:
Class A-2 Weighted Avg Loan 11.03870% Class A-1 WAM: 211
Rate:
Class A-3 Weighted Avg Loan 13.44196% Class A-2 WAM: 166
Rate:
Total Management Fee 1,000.00 Class A-3 WAM: 246
=====================================================================================================================
BALANCES
Beginning HELOC Pool Balance 100,263,659.81
Beginning Second Lien Pool Balance 59,557,102.29
Beginning HLTV Pool Balance 40,381,566.76
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 95,500,086.64
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 54,556,128.98
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 34,728,216.50
Overcollateralization Amount 3,027,476.58
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 94,908,424.21
Ending Second Lien Pool Balance 57,586,029.87
Ending HLTV Pool Balance 39,710,114.88
Ending Class A-1 Note Balance -- CUSIP 422093AG9 90,144,851.04
Ending Class A-2 Note Balance -- CUSIP 422093AH7 52,348,184.45
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 33,922,152.10
Additional Balances Class A-1 1,368,204.13
Number of all Retransferred Mortgage Loans (Current Retransfer 0
Date)
Retransferred Mortgage Loan Trust Balances (Current Retransfer 0.00
Date)
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans
1,830
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 5,634
Ending Loan Count 5,452
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 7,723,381.27
2 Total Mortgage Interest Collections (Gross) 1,081,620.33
Servicing Fees (current collection period) 41,776.52
Deferred Interest Transfer (DI) Funding acct earnings 64,111.20
distribution 1/00
3a Mortgage Principal Collections 6,641,760.94
3b Pre-Funded 0.00
Balance
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,641,760.94
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 81,678.79
Aggregate Investor Loss Reduction Amount 276,710.54
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 2,497,062.74
2 Total Mortgage Interest Collections (Gross) 588,507.65
Servicing Fees (current collection period) 24,815.46
Deferred Interest Transfer (DI) Funding acct earnings 42,313.40
distribution 1/00
3a Mortgage Principal Collections 1,908,555.09
3b Pre-Funded 0.00
Balance
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,908,555.09
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 62,517.33
Aggregate Investor Loss Reduction Amount 150,081.97
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 1,006,087.83
2 Total Mortgage Interest Collections (Gross) 481,293.09
Servicing Fees (current collection period) 16,825.65
Deferred Interest Transfer (DI) Funding acct earnings 21,797.81
distribution 1/00
3a Mortgage Principal Collections 524,794.74
3b Pre-Funded 0.00
Balance
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 524,794.74
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 146,657.14
Aggregate Investor Loss Reduction Amount 473,113.39
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 11,226,531.84
2 Total Mortgage Interest Collections (Gross) 2,151,421.07
Servicing Fees (current collection period) 83,417.64
Deferred Interest Transfer (DI) 128,222.41
3a Mortgage Principal Collections 9,075,110.77
3b Insurance 0.00
Proceeds
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 9,075,110.77
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 290,853.26
Aggregate Investor Loss Reduction Amount 899,905.90
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-1 Net Interest Collection 1,103,955.01
Class A-2 Net Interest Collection 606,005.59
Class A-3 Net Interest Collection 486,265.25
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 641,508.57
Class A-1 Note Unpaid Interest Shortfall (current 0.00
cycle)
Class A-1 Note Reserve Fund Amount 364,527.60
Investor Loss 81,678.79
Amount
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 15,120.85
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 596.88
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 1,103,955.00
Interest
Maximum Principal Payment 5,273,556.81
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C 0.00
Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 0.00
Loan Loss 81,678.79
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to 5,355,235.60
Principal
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 295,967.00
Class A-2 Note Unpaid Interest Shortfall (current 0.00
cycle)
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss 62,517.33
Amount
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 10,001.96
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 236,872.11
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 340.98
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 606,005.59
Interest
Maximum Principal Payment 1,908,555.09
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C 0.00
Redctin Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 236,872.11
Loan Loss 62,517.33
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to 2,207,944.53
Principal
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 193,031.00
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
5.01(i)
Class A-3 Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 146,657.14
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 11,576.07
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 134,612.52
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 217.05
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 486,265.25
Interest
Maximum Principal Payment 524,794.74
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 134,612.52
Loan Loss 146,657.14
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to 806,064.40
Principal
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,130,506.57
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 364,527.60
Investor Loss Amount 5.01(iii) 290,853.26
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 36,698.88
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 371,484.63
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,154.90
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 2,196,225.84
Interest
Maximum Principal Payment 7,706,906.64
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 371,484.63
Loan Loss 290,853.26
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to 8,369,244.53
Principal
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 0.00
Rate
Investor Loss Reduction Amount (From Previous Distributions) 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.7852147
Interest Distribution Amount 4.7852147
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 39.9463914
Maximum Principal Payment 39.3371235
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.6092679
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.7657157
Interest Distribution Amount 3.7657157
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 28.0926297
Maximum Principal Payment 24.2833688
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.7954349
Accelerated Principal Distribution Amount 3.0138259
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.3863043
Interest Distribution Amount 4.3863043
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 18.3164555
Maximum Principal Payment 11.9250763
Scheduled Principal Collections Payment 0.0000000
Loan Loss 3.3325364
Accelerated Principal Distribution Amount 3.0588427
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution 0.0000000
(carryover)
Total Interest Amount Distributed to Class A Certificateholder 12.9372348
Total Principal Amount Distributed to Class A Certificateholder 86.3554766
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 45
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,893,260.09
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 187,195.67
Number of Mortgages 90 to 179 Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 Days 171,114.29
Delinquent
Number of Mortgages 180 or more Days Delinquent 1
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 99,864.20
Number of Mortgage Loans in Foreclosure 4
Aggregate Principal Balances of Mortgage Loans in Foreclosure 137,218.18
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 0.00
Month
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 25
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,028,057.87
Number of Mortgages 60 to 89 Days Delinquent 9
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 285,386.64
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days 356,068.99
Delinquent
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 338,545.07
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 0.00
Month
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 33
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,244,386.12
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 278,363.91
Number of Mortgages 90 to 179 Days Delinquent 7
Aggregate Principal Balances of Mortgages 90 to 179 Days 269,808.52
Delinquent
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 133,068.24
Number of Mortgage Loans in Foreclosure 18
Aggregate Principal Balances of Mortgage Loans in Foreclosure 576,742.52
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 0.00
Month
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 103
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,165,704.08
Number of Mortgages 60 to 89 Days Delinquent 20
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 750,946.22
Number of Mortgages 90 to 179 Days Delinquent 14
Aggregate Principal Balances of Mortgages 90 to 179 Days 796,991.80
Delinquent
Number of Mortgages 180 or more Days Delinquent 8
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 330,017.33
Number of Mortgage Loans in Foreclosure 28
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,052,505.77
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 0.00
Month
=============================================================================================================================
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 2,144,344.33
Class A-1 Reserve Fund Deposit/Withdrawal 364,527.60
Class A-1 Reserve Fund Ending Balance 2,508,871.93
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.
-------------------------------------------------------
A Servicing Officer Teri Martine
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
==================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 6.46250% Current Collection Period: 12/01/99-12/31/99
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 7.11250% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 1/18/00
Class A-3 Note Rate: 6.67000% Record Date: 1/17/00
Interest Period 3/15/99 34 Pool Factor: 68.7340712%
thru 4/14/99:
==================================================================================================================
BALANCES
Beginning HELOC Pool Balance 100,263,659.81
Beginning Second Lien Pool Balance 59,557,102.29
Beginning HLTV Pool Balance 40,381,566.76
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 95,500,086.64
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 54,556,128.98
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 34,728,216.50
Ending HELOC Pool Balance 94,908,424.21
Ending Second Lien Pool Balance 57,586,029.87
Ending HLTV Pool Balance 39,710,114.88
Ending Class A-1 Note Balance -- CUSIP 422093AG9 90,144,851.04
Ending Class A-2 Note Balance -- CUSIP 422093AH7 52,348,184.45
Ending Class A-3 Note Balance -- CUSIP 33,922,152.10
422093AJ3
Additional Balances Class A-1 1,368,204.13
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current 0
Date)
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 5,634
Ending Loan Count 5,452
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 7,681,604.75
Total Mortgage Interest Collections 1,081,620.33
Servicing Fees (current collection period) (41,776.52)
Mortgage Principal Collections 6,641,760.94
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 6,641,760.94
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,472,247.28
Total Mortgage Interest Collections 588,507.65
Servicing Fees (current collection period) (24,815.46)
Mortgage Principal Collections 1,908,555.09
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 1,908,555.09
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 989,262.18
Total Mortgage Interest Collections 481,293.09
Servicing Fees (current collection period) (16,825.65)
Mortgage Principal Collections 524,794.74
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 524,794.74
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 11,226,531.84
Total Mortgage Interest Collections 2,151,421.07
Mortgage Principal Collections 9,075,110.77
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 9,075,110.77
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 641,508.57
Class A-1 Note Unpaid Interest Shortfall (current 0.00
cycle)
Class A-1 Note Reserve Fund Amount 364,527.60
Maximum Principal Payment 5,273,556.81
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 81,678.79
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to 5,355,235.60
Principal
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 295,967.00
Class A-2 Note Unpaid Interest Shortfall (current 0.00
cycle)
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,908,555.09
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 236,872.11
Loan Loss 62,517.33
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to 2,207,944.53
Principal
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 193,031.00
Class A-3 Note Unpaid Interest Shortfall (current 0.00
cycle)
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 524,794.74
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 134,612.52
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Loan Loss 146,657.14
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to 806,064.40
Principal
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,130,506.57
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 364,527.60
Maximum Principal Payment 7,706,906.64
Scheduled Principal Collection Payment/bal 0.00
Accelerated Principal Distribution Amount 371,484.63
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to 8,078,391.27
Principal
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 0.00
Distributions)
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to 4.7852147
Interest
Interest Distribution Amount 4.7852147
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 39.9463914
Principal
Maximum Principal Payment 39.3371235
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.6092679
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to 3.7657157
Interest
Interest Distribution Amount 3.7657157
Unpaid Note Interest Shortfall Included in Current 0.0000000
Distribution
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to 28.0926297
Principal
Maximum Principal Payment 24.2833688
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.7954349
Accelerated Principal Distribution Amount 3.0138259
Class A-3
Total Class A-3 Note Distribution Amount Allocable to 4.3863043
Interest
Interest Distribution Amount 4.3863043
Unpaid Note Interest Shortfall Included in Current 0.0000000
Distribution
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
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Total Class A-3 Note Distribution Amount Allocable to 18.3164555
Principal
Maximum Principal Payment 11.9250763
Scheduled Principal Collections Payment 0.0000000
Loan Loss 3.3325364
Accelerated Principal Distribution Amount 3.0588427
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 12.9372348
Certificateholder
Total Principal Amount Distributed to Class A Certificateholder 86.3554766
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 45
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
1,893,260.09
Number of Mortgages 61 to 90 Days Delinquent 4
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 187,195.67
Number of Mortgages 91 to 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 171,114.29
Number of Mortgages 181 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 99,864.20
Number of Mortgage Loans in Foreclosure 4
Aggregate Principal Balances of Mortgage Loans in 137,218.18
Foreclosure
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 31 to 60 Days Delinquent 25
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,028,057.87
Number of Mortgages 61 to 90 Days Delinquent 9
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 285,386.64
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 356,068.99
Number of Mortgages 181 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 97,084.89
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in 338,545.07
Foreclosure
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 31 to 60 Days Delinquent 33
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
1,244,386.12
Number of Mortgages 61 to 90 Days Delinquent 7
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 278,363.91
Number of Mortgages 91 to 180 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 269,808.52
Number of Mortgages 181 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 133,068.24
Number of Mortgage Loans in Foreclosure 18
Aggregate Principal Balances of Mortgage Loans in 576,742.52
Foreclosure
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 31 to 60 Days Delinquent 103
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 4,165,704.08
Number of Mortgages 61 to 90 Days Delinquent 20
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 750,946.22
Number of Mortgages 91 to 180 or more Days Delinquent 14
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 796,991.80
Number of Mortgages 181 or more Days Delinquent 8
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 330,017.33
Number of Mortgage Loans in Foreclosure 28
Aggregate Principal Balances of Mortgage Loans in 1,052,505.77
Foreclosure
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 #VALUE!
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 2,144,344.33
Class A-1 Reserve Fund Deposit/Withdrawal 364,527.60
Class A-1 Reserve Fund Ending Balance 2,508,871.93
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>
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