<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
April 17, 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 April 17, 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: May 10, 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
Page Number
-----------
Exhibit Number
- --------------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1998-2 Notes dated
April 17, 2000.................................... 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE SERVICING CERTIFICATE
=============================================================================================================================
<S> <C> <C> <C> <C>
REVOLVING HOME EQUITY LOAN LIBOR: 6.00375% Current Collection Period: 03/01/00-03/31/00
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/1/98
SERIES 1998-2 Class A-1 Note Rate: 6.65375% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 4/17/00
Class A-3 Note Rate: 6.67000% Record Date: 4/16/00
Interest Period 03/15/00 thru
04/16/00: 33 Pool Factor: 62.1599149%
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 5,799,502.92
Date:
Class A-1 Weighted Avg Loan 11.89315% Class A-3 O/C Amt as of Pmt 6,228,063.66
Rate: Date:
Class A-2 Weighted Avg Loan 11.00818% Class A-1 WAM:
Rate:
Class A-3 Weighted Avg Loan 13.44771% Class A-2 WAM:
Rate:
Total Management Fee 1,000.00 Class A-3 WAM:
==============================================================================================================================
BALANCES
Beginning HELOC Pool Balance 89,209,241.51
Beginning Second Lien Pool Balance 54,730,552.87
Beginning HLTV Pool Balance 39,112,766.35
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 84,445,668.34
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 49,120,657.87
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 32,957,934.21
Overcollateralization Amount 2,025,718.20
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 85,299,956.62
Ending Second Lien Pool Balance 52,424,991.71
Ending HLTV Pool Balance 38,607,927.54
Ending Class A-1 Note Balance -- CUSIP 422093AG9 80,536,383.45
Ending Class A-2 Note Balance -- CUSIP 422093AH7 46,625,488.79
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 32,379,863.88
Additional Balances Class A-1 1,575,304.08
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
Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 5,231
Ending Loan Count 5,071
</TABLE>
<PAGE>
COLLECTION AMOUNTS CLASS A-1
1 Aggregate of All Mortgage Collections (Gross) 6,363,708.47
2 Total Mortgage Interest Collections (Gross) 916,939.91
Servicing Fees (current collection period) 37,170.52
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 5,446,768.56
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 5,446,768.56
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 37,820.41
Aggregate Investor Loss Reduction Amount 353,989.95
COLLECTION AMOUNTS CLASS A-2
1 Aggregate of All Mortgage Collections (Gross) 2,794,071.72
2 Total Mortgage Interest Collections (Gross) 488,510.56
Servicing Fees (current collection period) 22,804.40
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,305,561.16
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,305,561.16
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 184,263.08
COLLECTION AMOUNTS CLASS A-3
1 Aggregate of All Mortgage Collections (Gross) 788,921.93
2 Total Mortgage Interest Collections (Gross) 412,137.82
Servicing Fees (current collection period) 16,296.99
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 376,784.11
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 376,784.11
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 128,054.70
Aggregate Investor Loss Reduction Amount 644,659.08
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 9,946,702.12
2 Total Mortgage Interest Collections (Gross) 1,817,588.29
Servicing Fees (current collection period) 76,271.90
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 8,129,113.83
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 8,129,113.83
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 165,875.11
Aggregate Investor Loss Reduction Amount 1,182,912.11
<PAGE>
Class A-1 Net Interest Collection 879,769.39
Class A-2 Net Interest Collection 465,706.16
Class A-3 Net Interest Collection 395,840.83
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 8.6 (d)(iv) 515,057.00
Class A-1 Note Unpaid Interest Shortfall
(current cycle) 0.00
Class A-1 Note Reserve Fund Amount 312,471.31
Investor Loss 37,820.41
Amount
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 13,370.56
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 527.79
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 879,769.39
Maximum Principal Payment 3,871,464.48
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 37,820.41
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO
PRINCIPAL 3,909,284.89
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 8.6 (d)(iv) 266,479.57
Class A-2 Note Unpaid Interest Shortfall
(current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss 0.00
Amount
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 9,005.45
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 189,607.92
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 307.00
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 465,706.17
Maximum Principal Payment 2,305,561.16
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 189,607.92
Loan Loss 0.00
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO
PRINCIPAL 2,495,169.08
<PAGE>
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 8.6 (d)(iv) 183,191.18
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) 128,054.70
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 10,985.98
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 73,231.52
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 205.99
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 395,840.83
Maximum Principal Payment 376,784.11
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 73,231.52
Loan Loss 128,054.70
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO
PRINCIPAL 578,070.33
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 964,727.76
Class A Note Unpaid Interest Shortfall
(current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 312,471.31
Investor Loss Amount 5.01(iii) 165,875.11
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 33,362.00
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 262,839.44
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,040.78
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 1,741,316.39
Maximum Principal Payment 6,553,809.75
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 262,839.44
Loan Loss 165,875.11
Overcollateralization Deficit 8.6 (d)(vi) 0.00
TOTAL CERTIFICATEHOLDERS DISTRIBUTION ALLOCABLE TO
PRINCIPAL 6,982,524.30
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
<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 3.8419726
Interest Distribution Amount 3.8419726
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 29.1605890
Maximum Principal Payment 28.8784746
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.2821144
Accelerated Principal Distribution Amount 0.0000000
CLASS A-2
TOTAL CLASS A-2 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 3.3905344
Interest Distribution Amount 3.3905344
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 31.7471114
Maximum Principal Payment 29.3346482
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.4124633
CLASS A-3
TOTAL CLASS A-3 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 4.1627110
Interest Distribution Amount 4.1627110
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 13.1356743
Maximum Principal Payment 8.5617841
Scheduled Principal Collections Payment 0.0000000
Loan Loss 2.9098273
Accelerated Principal Distribution Amount 1.6640629
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 11.3952180
TOTAL PRINCIPAL AMOUNT DISTRIBUTED TO CLASS A CERTIFICATEHOLDER 74.0433748
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
CLASS A-1
Number of Mortgages 30 to 59 Days Delinquent 34
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,415,173.13
Number of Mortgages 60 to 89 Days Delinquent 5
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 216,579.19
Number of Mortgages 90 to 179 Days Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 Days 0.00
Delinquent
Number of Mortgages 180 or more Days Delinquent 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 115,783.93
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 271,756.47
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 21
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 624,291.70
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 106,882.90
Number of Mortgages 90 to 179 Days Delinquent 1
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 38,042.93
Number of Mortgages 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 40,000.00
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 386,629.60
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 45,800.00
CLASS A-3
Number of Mortgages 30 to 59 Days Delinquent 35
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,282,357.67
Number of Mortgages 60 to 89 Days Delinquent 15
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 582,679.76
Number of Mortgages 90 to 179 Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 171,270.39
Number of Mortgages 180 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 156,340.88
Number of Mortgage Loans in Foreclosure 23
Aggregate Principal Balances of Mortgage Loans in Foreclosure 803,903.95
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 90
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,321,822.50
Number of Mortgages 60 to 89 Days Delinquent 24
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 906,141.85
Number of Mortgages 90 to 179 Days Delinquent 6
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 209,313.32
Number of Mortgages 180 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 312,124.81
Number of Mortgage Loans in Foreclosure 37
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,462,290.02
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 45,800.00
=============================================================================================================================
PRE-FUNDED ACCOUNT ACTIVITY
Beginning Balance Pre-Funded Account 0.00
Remaining Amount for Distribution to Classes 0.00
Withdrawal for Subsequent Loan Purchase: 0.00
Ending Balance Pre-Funded Account 0.00
Pre-Funding Period: From Closing Date thru the 2/15/99
</TABLE>
<PAGE>
<TABLE>
<S> <C>
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 3,287,632.44
Class A-1 Reserve Fund Deposit/Withdrawal 312,471.31
Class A-1 Reserve Fund Ending Balance 3,600,103.75
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 Certificate were made in
conformity with the Pooling and Servicing Agreement.
The Attached Servicing Certificate is true and correct in all material
respects.
-------------------------------------------------------
A Servicing Officer Teri Martine
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
==================================================================================================================
<S> <C> <C> <C> <C>
REVOLVING HOME EQUITY LOAN LIBOR: 6.00375% Current Collection Period: 03/01/00-03/31/00
ASSET-BACKED NOTES Margin: 0.65000% P&S Agreement Date: 12/1/98
SERIES 1998-2 Class A-1 Note Rate: 6.65375% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 4/17/00
Class A-3 Note Rate: 6.67000% Record Date: 4/16/00
Interest Period 3/15/00
thru 4/16/00: 33 Pool Factor: 62.1599149%
==================================================================================================================
BALANCES
Beginning HELOC Pool Balance 89,209,241.51
Beginning Second Lien Pool Balance 54,730,552.87
Beginning HLTV Pool Balance 39,112,766.35
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 84,445,668.34
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 49,120,657.87
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 32,957,934.21
Ending HELOC Pool Balance 85,299,956.62
Ending Second Lien Pool Balance 52,424,991.71
Ending HLTV Pool Balance 38,607,927.54
Ending Class A-1 Note Balance -- CUSIP 422093AG9 80,536,383.45
Ending Class A-2 Note Balance -- CUSIP 422093AH7 46,625,488.79
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 32,379,863.88
Additional Balances Class A-1 1,575,304.08
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 5,231
Ending Loan Count 5,071
COLLECTION AMOUNTS CLASS A-1
Aggregate of All Mortgage Collections 6,326,537.95
Total Mortgage Interest Collections 916,939.91
Servicing Fees (current collection period) (37,170.52)
Mortgage Principal Collections 5,446,768.56
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 5,446,768.56
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
COLLECTION AMOUNTS CLASS A-2
Aggregate of All Mortgage Collections 2,771,267.32
Total Mortgage Interest Collections 488,510.56
Servicing Fees (current collection period) (22,804.40)
Mortgage Principal Collections 2,305,561.16
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 2,305,561.16
COLLECTION AMOUNTS CLASS A-3
Aggregate of All Mortgage Collections 772,624.94
Total Mortgage Interest Collections 412,137.82
Servicing Fees (current collection period) (16,296.99)
Mortgage Principal Collections 376,784.11
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 376,784.11
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 9,946,702.12
Total Mortgage Interest Collections 1,817,588.29
Mortgage Principal Collections 8,129,113.83
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 8,129,113.83
DISTRIBUTION AMOUNTS CLASS A-1
Class A-1 Note Interest 515,057.00
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 312,471.31
Maximum Principal Payment 3,871,464.48
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 37,820.41
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,909,284.89
DISTRIBUTION AMOUNTS CLASS A-2
Class A-2 Note Interest 266,479.57
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,305,561.16
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 189,607.92
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,495,169.08
DISTRIBUTION AMOUNTS CLASS A-3
Class A-3 Note Interest 183,191.18
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 376,784.11
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 73,231.52
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Loan Loss 128,054.70
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 578,070.33
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 964,727.76
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 312,471.31
Maximum Principal Payment 6,553,809.75
Scheduled Principal Collection Payment/BAL 0.00
Accelerated Principal Distribution Amount 262,839.44
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 6,816,649.19
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 3.8419726
Interest Distribution Amount 3.8419726
Unpaid Note Interest Shortfall Included in Current 0.0000000
Distribution
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
TOTAL CLASS A-1 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO PRINCIPAL 29.1605890
Maximum Principal Payment 28.8784746
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.2821144
Accelerated Principal Distribution Amount 0.0000000
CLASS A-2
TOTAL CLASS A-2 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 3.3905344
Interest Distribution Amount 3.3905344
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 PRINCIPAL 31.7471114
Maximum Principal Payment 29.3346482
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.4124633
CLASS A-3
TOTAL CLASS A-3 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO INTEREST 4.1627110
Interest Distribution Amount 4.1627110
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
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TOTAL CLASS A-3 NOTE DISTRIBUTION AMOUNT ALLOCABLE TO PRINCIPAL 13.1356743
Maximum Principal Payment 8.5617841
Scheduled Principal Collections Payment 0.0000000
Loan Loss 2.9098273
Accelerated Principal Distribution Amount 1.6640629
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 11.3952180
TOTAL PRINCIPAL AMOUNT DISTRIBUTED TO CLASS A CERTIFICATEHOLDER 74.0433748
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
CLASS A-1
Number of Mortgages 31 to 60 Days Delinquent 34
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,415,173.13
Number of Mortgages 61 to 90 Days Delinquent 5
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 216,579.19
Number of Mortgages 91 to 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 0.00
Number of Mortgages 181 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 115,783.93
Number of Mortgage Loans in Foreclosure 6
Aggregate Principal Balances of Mortgage Loans in Foreclosure 271,756.47
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 21
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 624,291.70
Number of Mortgages 61 to 90 Days Delinquent 4
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 106,882.90
Number of Mortgages 91 to 180 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 38,042.93
Number of Mortgages 181 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 40,000.00
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 386,629.60
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 45,800.00
CLASS A-3
Number of Mortgages 31 to 60 Days Delinquent 35
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,282,357.67
Number of Mortgages 61 to 90 Days Delinquent 15
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 582,679.76
Number of Mortgages 91 to 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 171,270.39
Number of Mortgages 181 or more Days Delinquent 4
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 156,340.88
Number of Mortgage Loans in Foreclosure 23
Aggregate Principal Balances of Mortgage Loans in Foreclosure 803,903.95
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 90
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 3,321,822.50
Number of Mortgages 61 to 90 Days Delinquent 24
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 906,141.85
Number of Mortgages 91 to 180 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 209,313.32
Number of Mortgages 181 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 312,124.81
Number of Mortgage Loans in Foreclosure 37
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,462,290.02
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 45,800.00
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Class A-1 Note Rate For Next Distribution LIBOR 6.13000% 6.78000%
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 3,287,632.44
Class A-1 Reserve Fund Deposit/Withdrawal 312,471.31
Class A-1 Reserve Fund Ending Balance 3,600,103.75
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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