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Previous: NATIONSLINK FUNDING CORP COMM MORT PASS THR CER SER 1999 SL, 8-K, 2000-02-24 |
Next: EMERGENCY FILTRATION PRODUCTS INC/ NV, 8-K, 2000-02-24 |
<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
February 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)
Delaware 333-28031-3 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number 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 February 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: February 24, 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
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to holders
of Series 1998-2 Notes dated February 15, 2000 .............. 5
<PAGE>
Exhibit 10.1
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------------
HEADLANDS SERVICING CERTIFICATE
MORTGAGE
===================================================================================================================================
<S> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.78125% Current Collection Period: 01/01/00-01/31/00
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.43125% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 2/15/00
Class A-3 Note Rate: 6.67000% Record Date: 2/14/00
Interest Period 01/18/00 thru 02/14/00: 28 Pool Factor: 66.8427500%
Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 2,041,531.37
Class A-1 Premium Fee Rate: 0.19000% Initial Class A-2 O/C Amt: 2,430,777.93
Class A-2 Premium Fee Rate: 0.22000% Initial Class A-3 O/C Amt: 3,312,404.71
Class A-3 Premium Fee Rate: 0.40000% Class A-1 O/C Amt as of Pmt Date: 4,763,573.17
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt Date: 5,394,363.57
Class A-1 Weighted Avg Loan Rate: 11.72760% Class A-3 O/C Amt as of Pmt Date 5,932,406.12
Class A-2 Weighted Avg Loan Rate: 11.02677% Class A-1 WAM: 210
Class A-3 Weighted Avg Loan Rate: 13.44602% Class A-2 WAM: 165
Total Management Fee 1,000.00 Class A-3 WAM: 245
===================================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 94,908,424.21
Beginning Second Lien Pool Balance 57,586,029.87
Beginning HLTV Pool Balance 39,710,114.88
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 90,144,851.04
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 52,348,184.45
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 33,922,152.10
Overcollateralization Amount 2,726,515.09
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 92,011,251.75
Ending Second Lien Pool Balance 56,250,006.00
Ending HLTV Pool Balance 39,389,943.86
Ending Class A-1 Note Balance -- CUSIP 422093AG9 87,247,678.58
Ending Class A-2 Note Balance -- CUSIP 422093AH7 50,855,642.43
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 33,457,537.74
Additional Balances Class A-1 1,353,042.60
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 1,830
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 5,452
Ending Loan Count 5,344
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 5,118,717.20
2 Total Mortgage Interest Collections (Gross) 945,781.55
Servicing Fees (current collection period) 39,545.18
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 4,172,935.65
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 4,172,935.65
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 77,279.41
Aggregate Investor Loss Reduction Amount 353,989.95
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 1,810,755.66
2 Total Mortgage Interest Collections (Gross) 508,912.90
Servicing Fees (current collection period) 23,994.18
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 1,301,842.76
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,301,842.76
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 34,181.11
Aggregate Investor Loss Reduction Amount 184,263.08
COLLECTION AMOUNTS Class A-3
1 Aggregate of All Mortgage Collections (Gross) 681,398.73
2 Total Mortgage Interest Collections (Gross) 404,718.70
Servicing Fees (current collection period) 16,545.88
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 276,680.03
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 276,680.03
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 43,490.99
Aggregate Investor Loss Reduction Amount 516,604.38
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 7,610,871.59
2 Total Mortgage Interest Collections (Gross) 1,859,413.15
Servicing Fees (current collection period) 80,085.24
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,751,458.44
3b Insurance Proceeds 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,751,458.44
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 154,951.51
Aggregate Investor Loss Reduction Amount 1,054,857.41
Class A-1 Net Interest Collection 906,236.37
Class A-2 Net Interest Collection 484,918.72
Class A-3 Net Interest Collection 388,172.82
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 450,912.06
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 362,686.25
Investor Loss Amount 77,279.41
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 14,272.93
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 563.41
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 906,236.38
Maximum Principal Payment 2,819,893.05
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 77,279.41
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,897,172.46
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 283,988.90
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 34,181.11
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 9,597.17
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 156,518.15
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 327.18
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 484,918.72
Maximum Principal Payment 1,301,842.76
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 156,518.15
Loan Loss 34,181.11
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 1,492,542.02
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 188,550.63
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) 43,490.99
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 11,307.38
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) Additional 3.00 to correct error from 2/99 144,443.34
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 212.01
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 388,175.82
Maximum Principal Payment 276,680.03
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 144,443.34
Loan Loss 43,490.99
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 464,614.36
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 923,451.59
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 362,686.25
Investor Loss Amount 5.01(iii) 154,951.51
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 35,177.49
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 300,961.49
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,102.59
Management Fee 8.6 (d)(iii) 1,000.00
Payment to Servicer per Section 7.03 5.01 (x) 0.00
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 0.00
Total Certificateholders Distribution Allocable to Interest 1,779,330.92
Maximum Principal Payment 4,398,415.84
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 300,961.49
Loan Loss 154,951.51
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 4,854,328.84
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
</TABLE>
<PAGE>
<TABLE>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
<S> <C>
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 3.3634953
Interest Distribution Amount 3.3634953
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 21.6109232
Maximum Principal Payment 21.0344717
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.5764515
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.6133132
Interest Distribution Amount 3.6133132
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 18.9902553
Maximum Principal Payment 16.5639064
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.4349010
Accelerated Principal Distribution Amount 1.9914479
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.2844954
Interest Distribution Amount 4.2844954
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 10.5575786
Maximum Principal Payment 6.2870875
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.9882595
Accelerated Principal Distribution Amount 3.2822316
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 11.2613038
Total Principal Amount Distributed to Class A Certificateholder 51.1587570
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 31
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,648,811.34
Number of Mortgages 60 to 89 Days Delinquent 11
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 328,313.92
Number of Mortgages 90 to 179 Days Delinquent 4
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 88,668.05
Number of Mortgages 180 or more Days Delinquent 0
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 330,084.64
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 35
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,298,041.15
Number of Mortgages 60 to 89 Days Delinquent 2
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 97,455.83
Number of Mortgages 90 to 179 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 57,668.79
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 62,628.70
Number of Mortgage Loans in Foreclosure 9
Aggregate Principal Balances of Mortgage Loans in Foreclosure 414,261.86
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 38
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,490,264.57
Number of Mortgages 60 to 89 Days Delinquent 11
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 415,317.34
Number of Mortgages 90 to 179 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 195,964.18
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 156,223.94
Number of Mortgage Loans in Foreclosure 22
Aggregate Principal Balances of Mortgage Loans in Foreclosure 720,202.86
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 104
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,437,117.06
Number of Mortgages 60 to 89 Days Delinquent 24
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 841,087.09
Number of Mortgages 90 to 179 or more Days Delinquent 12
Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 342,301.02
Number of Mortgages 180 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 218,852.64
Number of Mortgage Loans in Foreclosure 37
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,464,549.36
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
========================================================================================================
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre-Funded Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
Ending Balance Pre-Funded Account 0.00
Pre-Funding Period: From Closing Date thru the 2/15/99
</TABLE>
6
<PAGE>
<TABLE>
<S> <C>
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 2,508,871.93
Class A-1 Reserve Fund Deposit/Withdrawal 362,686.25
Class A-1 Reserve Fund Ending Balance 2,871,558.18
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
</TABLE>
OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificates 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 Martina
<PAGE>
<TABLE>
<CAPTION>
====================================================================================================================================
HEADLANDS STATEMENT TO NOTEHOLDERS
MORTGAGE
====================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.78125% Current Collection Period: 01/01/00-01/31/00
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.43125% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 2/15/00
Class A-3 Note Rate: 6.67000% Record Date: 2/14/00
Interest Period 01/18/00 thru 28 Pool Factor: 66.8427500%
2/14/00:
====================================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 94,908,424.21
Beginning Second Lien Pool Balance 57,586,029.87
Beginning HLTV Pool Balance 39,710,114.88
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 90,144,851.04
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 52,348,184.45
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 33,922,152.10
Ending HELOC Pool Balance 92,011,251.75
Ending Second Lien Pool Balance 56,250,006.00
Ending HLTV Pool Balance 39,389,943.86
Ending Class A-1 Note Balance -- CUSIP 422093AG9 87,247,678.58
Ending Class A-2 Note Balance -- CUSIP 422093AH7 50,855,642.43
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 33,457,537.74
Additional Balances Class A-1 1,353,042.60
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 1830
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 5,452
Ending Loan Count 5,344
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 5,079,172.02
Total Mortgage Interest Collections 945,781.55
Servicing Fees (current collection period) (39,545.18)
Mortgage Principal Collections 4,172,935.65
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 4,172,935.65
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 1,786,761.48
Total Mortgage Interest Collections 508,912.90
Servicing Fees (current collection period) (23,994.18)
Mortgage Principal Collections 1,301,842.76
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 1,301,842.76
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 664,852.85
Total Mortgage Interest Collections 404,718.70
Servicing Fees (current collection period) (16,545.88)
Mortgage Principal Collections 276,680.03
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 276,680.03
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 7,610,871.59
Total Mortgage Interest Collections 1,859,413.15
Mortgage Principal Collections 5,751,458.44
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 5,751,458.44
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 450,912.06
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 362,686.25
Maximum Principal Payment 2,819,893.05
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 77,279.41
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to 2,897,172.46
Principal
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 283,988.90
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,301,842.76
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 156,518.15
Loan Loss 34,181.11
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to 1,492,542.02
Principal
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 188,550.63
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Maximum Principal Payment 276,680.03
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 144,443.34
Loan Loss 43,490.99
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 464,614.36
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 923,451.59
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 362,686.25
Maximum Principal Payment 4,398,415.84
Scheduled Principal Collection Payment/bal 0.00
Accelerated Principal Distribution Amount 300,961.49
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 4,699,377.33
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 Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 3.3634953
Interest Distribution Amount 3.3634953
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 21.6109232
Maximum Principal Payment 21.0344717
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.5764515
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.6133132
Interest Distribution Amount 3.6133132
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 18.9902553
Maximum Principal Payment 16.5639064
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.4349010
Accelerated Principal Distribution Amount 1.9914479
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Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.2844954
Interest Distribution Amount 4.2844954
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 10.5575786
Maximum Principal Payment 6.2870875
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.9882595
Accelerated Principal Distribution Amount 3.2822316
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 11.2613038
Total Principal Amount Distributed to Class A Certificateholder 51.1587570
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 31
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,648,811.34
Number of Mortgages 61 to 90 Days Delinquent 11
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 328,313.92
Number of Mortgages 90 to 180 Days Delinquent 4
Aggregate Principal Balances of Mortgages 91 to 180 Days Delinquent 88,668.05
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 330,084.64
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 35
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,298,041.15
Number of Mortgages 61 to 90 Days Delinquent 2
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 97,455.83
Number of Mortgages 91 to 180 Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 Days Delinquent 57,668.79
Number of Mortgages 181 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 62,628.70
Number of Mortgage Loans in Foreclosure 9
Aggregate Principal Balances of Mortgage Loans in Foreclosure 414,261.86
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 38
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,490,264.57
Number of Mortgages 61 to 90 Days Delinquent 11
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 415,317.34
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Number of Mortgages 91 to 180 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 195,964.18
Number of Mortgages 181 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 156,223.94
Number of Mortgage Loans in Foreclosure 22
Aggregate Principal Balances of Mortgage Loans in Foreclosure 720,202.86
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 31 to 60 Days Delinquent 104
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 4,437,117.06
Number of Mortgages 61 to 90 Days Delinquent 24
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 841,087.09
Number of Mortgages 91 to 180 or more Days Delinquent 12
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 342,301.02
Number of Mortgages 181 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 218,852.64
Number of Mortgage Loans in Foreclosure 37
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,464,549.36
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 2,508,871.93
Class A-1 Reserve Fund Deposit/Withdrawal 362,686.25
Class A-1 Reserve Fund Ending Balance 2,871,558.18
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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