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Previous: OPPENHEIMER SENIOR FLOATING RATE FUND, N-2, 2000-05-18 |
Next: COOLSAVINGS COM INC, S-1/A, 2000-05-18 |
<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
May 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>
<S> <C> <C>
Delaware 333-28031-3 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939
----------------------------------------------------------
(Address of Principal Executive Offices)
(415) 461-6790
--------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
------------
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of the Headlands Home Equity Loan
Trust 1998-2 Revolving Home Equity Loan Asset-Backed Notes Series,
1998-2 (the "Series 1998-2 Notes").
The following exhibit which relates specifically to the Series 1998-
2 Notes is included with this Current Report:
Item 7(c). Exhibits
--------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1998-2 Notes dated May 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: May 16, 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 May 15, 2000 .................. 5
</TABLE>
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
==================================================================================================================================
HEADLANDS MORTGAGE SERVICING CERTIFICATE
==================================================================================================================================
<S> <C> <C>
Revolving Home Equity Loan LIBOR: 6.13000% Current Collection Period: 04/01/00-04/30/00
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.78000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 5/15/00
Class A-3 Note Rate: 6.67000% Record Date: 5/14/00
Interest Period 04/17/00 thru 28 Pool Factor: 60.2601791%
05/14/00:
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 5,973,741.07
Date:
Class A-1 Weighted Avg Loan Rate: 11.94457% Class A-3 O/C Amt as of Pmt 6,419,345.67
Date:
Class A-2 Weighted Avg Loan Rate: 11.00090% Class A-1 WAM:
Class A-3 Weighted Avg Loan Rate: 13.44380% Class A-2 WAM:
Total Management Fee 1,000.00 Class A-3 WAM:
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 85,299.956.62
Beginning Second Lien Pool Balance 52,424,991.71
Beginning HLTV Pool Balance 38,607,927.54
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 80,536,383.45
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 46,625,488.79
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 32,379,863.88
Overcollateralization Amount 1,660,198.04
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 82,849,577.69
Ending Second Lien Pool Balance 50,908,801.02
Ending HLTV Pool Balance 38,064,091.28
Ending Class A-1 Note Balance -- CUSIP 422093AG9 78,086,004.52
Ending Class A-2 Note Balance -- CUSIP 422093AH7 44,935,059.95
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 31,644,745.61
Additional Balances Class A-1 1,962,889.15
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 5,071
Ending Loan Count 4,950
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 5,170,063.64
2 Total Mortgage Interest Collections (Gross) 756,795.56
Servicing Fees (current collection period) 35,541.65
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 4,413,268.08
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 4,413,268.08
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 391,810.36
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 1,974,361.50
2 Total Mortgage Interest Collections (Gross) 458,170.81
Servicing Fees (current collection period) 21,843.75
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 1,516,190.69
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,516,190.69
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) 942,350.11
2 Total Mortgage Interest Collections (Gross) 398,513.85
Servicing Fees (current collection period) 16,086.64
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 543,836.26
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 543,836.26
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 644,659.08
TOTAL COLLECTION
AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 8,086,775.25
2 Total Mortgage Interest Collections (Gross) 1,613,480.22
Servicing Fees (current collection period) 73,472.03
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 6,473,295.03
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,473,295.03
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 1,220,732.52
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-1 Net Interest Collection 721,253.91
Class A-2 Net Interest Collection 436,327.06
Class A-3 Net Interest Collection 382,427.21
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 424,695.20
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 282,781.45
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 12,751.59
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 503.35
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 721,253.91
Maximum Principal Payment 2,450,378.93
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin 0.00
Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 0.00
Loan Loss 0.00
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,450,378.93
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 252,943.28
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 8,548.01
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 174,238.15
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 291.41
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 436,327.06
Maximum Principal Payment 1,516,190.69
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C Redctin 0.00
Amt) 8.6(d)(v)
Accelerated Principal Distribution Amount 174,238.15
Loan Loss 0.00
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 1,690,428.84
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 179,978.08
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) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 10,793.29
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 191,282.01
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 202.37
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 382,427.21
Maximum Principal Payment 543,836.26
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 191,282.01
Loan Loss 0.00
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 735,118.27
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 857,616.55
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 282,781.45
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 32,092.89
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 365,520.16
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 997.14
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 1,540,008.18
Maximum Principal Payment 4,510,405.88
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 365,520.16
Loan Loss 0.00
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 4,875,926.04
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>
<CAPTION>
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
<S> <C>
Total Class A-1 Note Distribution Amount Allocable to Interest 3.1679354
Interest Distribution Amount 3.1679354
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 18.2781493
Maximum Principal Payment 18.2781493
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.2183063
Interest Distribution Amount 3.2183063
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 21.5080546
Maximum Principal Payment 19.2911475
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.2169071
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.0896986
Interest Distribution Amount 4.0896986
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 16.7043242
Maximum Principal Payment 12.3577628
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 4.3465614
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 10.4759403
Total Principal Amount Distributed to Class A Certificateholder 56.4905281
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 39
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,671,349.95
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 216,742.90
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 103,148.30
Number of Mortgages 180 or more Days Delinquent 3
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 265,589.21
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure 121,951.19
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 40
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,521,988.49
Number of Mortgages 60 to 89 Days Delinquent 4
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 102,257.75
Number of Mortgages 90 to 179 Days Delinquent 5
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 144,080.82
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 7
Aggregate Principal Balances of Mortgage Loans in Foreclosure 367,088.07
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 67,861.30
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 30 to 59 Days Delinquent 43
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,546,375.56
Number of Mortgages 60 to 89 Days Delinquent 14
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 593,460.87
Number of Mortgages 90 to 179 Days Delinquent 12
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 430,987.61
Number of Mortgages 180 or more Days Delinquent 8
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 299,168.96
Number of Mortgage Loans in Foreclosure 20
Aggregate Principal Balances of Mortgage Loans in Foreclosure 710,893.31
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 122
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,739,714.00
Number of Mortgages 60 to 89 Days Delinquent 25
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 912,461.52
Number of Mortgages 90 to 179 Days Delinquent 19
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 678,216.73
Number of Mortgages 180 or more Days Delinquent 12
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 604,758.17
Number of Mortgage Loans in Foreclosure 32
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,199,932.57
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 67,861.30
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>
<PAGE>
<TABLE>
<CAPTION>
RESERVE FUND ACTIVITY
<S> <C>
Class A-1 Reserve Fund Beginning Balance 3,600,103.75
Class A-1 Reserve Fund Deposit/Withdrawal 282,781.45
Class A-1 Reserve Fund Ending Balance 3,882,885.20
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 STATEMENT TO NOTEHOLDERS
MORTGAGE
====================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 6.13000% Current Collection Period: 04/01/00-04/30/00
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.78000% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 5/15/00
Class A-3 Note Rate: 6.67000% Record Date: 5/14/00
Interest Period 4/17/00 thru 28 Pool Factor: 60.2601791%
5/14/00:
===================================================================================================================================
BALANCES
Beginning HELOC Pool Balance 85,299,956.62
Beginning Second Lien Pool Balance 52,424,991.71
Beginning HLTV Pool Balance 38,607,927.54
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 80,536,383.45
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 46,625,488.79
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 32,379,863.88
Ending HELOC Pool Balance 82,849,577.69
Ending Second Lien Pool Balance 50,908,801.02
Ending HLTV Pool Balance 38,064,091.28
Ending Class A-1 Note Balance -- CUSIP 422093AG9 78,086,004.52
Ending Class A-2 Note Balance -- CUSIP 422093AH7 44,935,059.95
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 31,644,745.61
Additional Balances Class A-1 1,962,889.15
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 5,071
Ending Loan Count 4,950
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 5,134,521.99
Total Mortgage Interest Collections 756,795.56
Servicing Fees (current collection period) (35,541.65)
Mortgage Principal Collections 4,413,268.08
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 4,413,268.08
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 1,952,517.75
Total Mortgage Interest Collections 458,170.81
Servicing Fees (current collection period) (21,843.75)
Mortgage Principal Collections 1,516,190.69
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 1,516,190.69
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 926,263.47
Total Mortgage Interest Collections 398,513.85
Servicing Fees (current collection period) (16,086.64)
Mortgage Principal Collections 543,836.26
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 543,836.26
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 8,086,775.25
Total Mortgage Interest Collections 1,613,480.22
Mortgage Principal Collections 6,473,295.03
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 6,473,295.03
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 424,695.20
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 282,781.45
Maximum Principal Payment 2,450,378.93
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 0.00
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to PrincipaL 2,450,378.93
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 252,943.28
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,516,190.69
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 174,238.15
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to PrincipaL 1,690,428.84
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 179,978.08
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 543,836.26
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 191,282.01
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Loan Loss 0.00
HLTV Lien Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 735,118.27
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 857,616.55
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 282,781.45
Maximum Principal Payment 4,510,405.88
Scheduled Principal Collection Payment/bal 0.00
Accelerated Principal Distribution Amount 365,520.16
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 4,875,926.04
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 3.1679354
Interest Distribution Amount 3.1679354
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 18.2781493
Maximum Principal Payment 18.2781493
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 0.0000000
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 3.2183063
Interest Distribution Amount 3.2183063
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 21.5080546
Maximum Principal Payment 19.2911475
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.2169071
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.0896986
Interest Distribution Amount 4.0896986
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
</TABLE>
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Total Class A-3 Note Distribution Amount Allocable to 16.7043242
Principal
Maximum Principal Payment 12.3577628
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 4.3465614
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 10.4759403
Total Principal Amount Distributed to Class A Certificateholder 56.4905281
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 39
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,671,349.95
Number of Mortgages 61 to 90 Days Delinquent 7
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 216,742.90
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 103,148.30
Number of Mortgages 181 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 265,589.21
Number of Mortgage Loans in Foreclosure 5
Aggregate Principal Balances of Mortgage Loans in Foreclosure 121,951.19
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 40
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,521,988.49
Number of Mortgages 61 to 90 Days Delinquent 4
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 102,257.75
Number of Mortgages 91 to 180 or more Days Delinquent 5
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 144,080.82
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 7
Aggregate Principal Balances of Mortgage Loans in Foreclosure 367,088.07
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 67,861.30
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-3
Number of Mortgages 31 to 60 Days Delinquent 43
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,546,375.56
Number of Mortgages 61 to 90 Days Delinquent 14
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 593,460.87
Number of Mortgages 91 to 180 or more Days Delinquent 12
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 430,987.61
Number of Mortgages 181 or more Days Delinquent 8
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 299,168.96
Number of Mortgage Loans in Foreclosure 20
Aggregate Principal Balances of Mortgage Loans in Foreclosure 710,893.31
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
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Number of Mortgages 31 to 60 Days Delinquent 122
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 4,739,714.00
Number of Mortgages 61 to 90 Days Delinquent 25
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 912,461.52
Number of Mortgages 91 to 180 or more Days Delinquent 19
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 678,216.73
Number of Mortgages 181 or more Days Delinquent 12
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 604,758.17
Number of Mortgage Loans in Foreclosure 32
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,199,932.57
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 67,861.30
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
==============================================================================================================================
Class A-1 Note Rate For Next Distribution LIBOR tbd
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 3,600,103.75
Class A-1 Reserve Fund Deposit/Withdrawal 282,781.45
Class A-1 Reserve Fund Ending Balance 3,882,885.20
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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