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<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
March 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 March 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: March 20, 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 March 15, 2000................. 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
HEADLANDS SERVICING CERTIFICATE
MORTGAGE
====================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.88500% Current Collection Period: 02/01/00-02/29/00
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.53500% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 3/15/00
Class A-3 Note Rate: 6.67000% Record Date: 3/14/00
Interest Period 02/15/00 thru 03/14/00: 29 Pool Factor: 64.8804138%
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: 5,609,895.00
Class A-1 Weighted Avg Loan Rate: 11.71829% Class A-3 O/C Amt as of Pmt Date: 6,154,832.14
Class A-2 Weighted Avg Loan Rate: 11.01938% Class A-1 WAM: 210
Class A-3 Weighted Avg Loan Rate: 13.44549% Class A-2 WAM: 164
Total Management Fee 1,000.00 Class A-3 WAM: 244
=============================================================================================================================
BALANCES
Beginning HELOC Pool Balance 92,011,251.75
Beginning Second Lien Pool Balance 56,250,006.00
Beginning HLTV Pool Balance 39,389,943.86
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 87,247,678.58
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 50,855,642.43
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 33,457,537.74
Overcollateralization Amount 2,288,557.64
Overcollateralization Loan Amount 0.00
Ending HELOC Pool Balance 89,209,241.51
Ending Second Lien Pool Balance 54,730,552.87
Ending HLTV Pool Balance 39,112,766.35
Ending Class A-1 Note Balance -- CUSIP 422093AG9 84,445,668.34
Ending Class A-2 Note Balance -- CUSIP 422093AH7 49,120,657.87
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 32,957,934.21
Additional Balances Class A-1 1,545,441.45
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 SubsequentMortgage Loan Asset Balance 64,876,717.43
Beginning Loan Count 5,344
Ending Loan Count 5,231
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 5,276,044.24
2 Total Mortgage Interest Collections (Gross) 928,592.55
Servicing Fees (current collection period) 38,338.02
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 4,347,451.69
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 4,347,451.69
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 353,989.95
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 2,044,261.52
2 Total Mortgage Interest Collections (Gross) 524,808.39
Servicing Fees (current collection period) 23,437.50
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 1,519,453.13
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 1,519,453.13
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) 713,517.24
2 Total Mortgage Interest Collections (Gross) 436,339.73
Servicing Fees (current collection period) 16,412.48
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 277,177.51
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 277,177.51
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 516,604.38
TOTAL COLLECTION
AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 8,033,823.00
2 Total Mortgage Interest Collections (Gross) 1,889,740.67
Servicing Fees (current collection period) 78,188.00
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 6,144,082.33
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,144,082.33
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 1,054,857.41
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-1 Net Interest Collection 890,254.53
Class A-2 Net Interest Collection 501,370.89
Class A-3 Net Interest Collection 419,927.25
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 459,298.44
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 416,074.26
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 13,814.22
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 0.00
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 545.30
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 890,254.53
Maximum Principal Payment 2,802,010.24
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 0.00
HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,802,010.24
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 275,891.86
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) 9,323.53
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 215,531.43
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 317.85
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 501,370.89
Maximum Principal Payment 1,519,453.13
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C Redctin Amt) 0.00
8.6(d)(v)
Accelerated Principal Distribution Amount 215,531.43
Loan Loss 0.00
Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 1,734,984.56
</TABLE>
<PAGE>
<TABLE>
<S> <C>
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 8.6 (d)(iv) 185,968.15
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) 11,152.51
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 222,426.02
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 209.11
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 419,927.25
Maximum Principal Payment 277,177.51
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 222,426.02
Loan Loss 0.00
HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 499,603.53
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 921,158.45
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 416,074.26
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) 34,290.26
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 437,957.45
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,072.26
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 1,811,552.67
Maximum Principal Payment 4,598,640.88
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 437,957.45
Loan Loss 0.00
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 5,036,598.33
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>
<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 3.4260519
Interest Distribution Amount 3.4260519
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 20.9010781
Maximum Principal Payment 20.9010781
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 3.5102910
Interest Distribution Amount 3.5102910
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 22.0749562
Maximum Principal Payment 19.3326569
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.7422993
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.2258128
Interest Distribution Amount 4.2258128
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 11.3526485
Maximum Principal Payment 6.2983919
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 5.0542566
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 11.1621558
Total Principal Amount Distributed to Class A Certificateholder 54.3286829
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 35
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,734,126.97
Number of Mortgages 60 to 89 Days Delinquent 3
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 119,376.17
Number of Mortgages 90 to 179 Days Delinquent 3
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 80,667.50
Number of Mortgages 180 or more Days Delinquent 1
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 99,864.20
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 269,297.29
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 21
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 799,830.51
Number of Mortgages 60 to 89 Days Delinquent 6
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 182,079.36
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 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 65,245.62
Number of Mortgage Loans in Foreclosure 9
Aggregate Principal Balances of Mortgage Loans in Foreclosure 434,072.39
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 42
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,567,558.34
Number of Mortgages 60 to 89 Days Delinquent 7
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 309,460.61
Number of Mortgages 90 to 179 Days Delinquent 7
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 227,931.91
Number of Mortgages 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 134,006.76
Number of Mortgage Loans in Foreclosure 24
Aggregate Principal Balances of Mortgage Loans in Foreclosure 810,470.70
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 98
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,101,515.82
Number of Mortgages 60 to 89 Days Delinquent 16
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 610,916.14
Number of Mortgages 90 to 179 Days Delinquent 11
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 346,642.34
Number of Mortgages 180 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 299,116.58
Number of Mortgage Loans in Foreclosure 41
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,513,840.38
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>
<PAGE>
<TABLE>
<S> <C>
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 2,871,558.18
Class A-1 Reserve Fund Deposit/Withdrawal 416,074.26
Class A-1 Reserve Fund Ending Balance 3,287,632.44
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>
- -----------------------------------------------------------------------------------------------------------------------------------
HEADLANDS STATEMENT TO NOTEHOLDERS
MORTGAGE
===================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.88500% Current Collection Period: 02/01/00-02/29/00
Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98
Series 1998-2 Class A-1 Note Rate: 6.53500% Original Closing Date: 12/29/98
Class A-2 Note Rate: 6.51000% Distribution Date: 3/15/00
Class A-3 Note Rate: 6.67000% Record Date: 3/14/00
Interest Period 3/15/99 thru 29 Pool Factor: 64.8804138%
4/14/99:
===================================================================================================================================
BALANCES
Beginning HELOC Pool Balance 92,011,251.75
Beginning Second Lien Pool Balance 56,250,006.00
Beginning HLTV Pool Balance 39,389,943.86
Beginning Class A-1 Note Balance -- CUSIP 422093AG9 87,247,678.58
Beginning Class A-2 Note Balance -- CUSIP 422093AH7 50,855,642.43
Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 33,457,537.74
Ending HELOC Pool Balance 89,209,241.51
Ending Second Lien Pool Balance 54,730,552.87
Ending HLTV Pool Balance 39,112,766.35
Ending Class A-1 Note Balance -- CUSIP 422093AG9 84,445,668.34
Ending Class A-2 Note Balance -- CUSIP 422093AH7 49,120,657.87
Ending Class A-3 Note Balance -- CUSIP 422093AJ3 32,957,934.21
Additional Balances Class A-1 1,545,441.45
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 5,344
Ending Loan Count 5,231
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 5,237,706.22
Total Mortgage Interest 928,592.55
Servicing Fees (current collection period) (38,338.02)
Mortgage Principal Collections 4,347,451.69
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 4,347,451.69
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,020,824.02
Total Mortgage Interest Collections 524,808.39
Servicing Fees (current collection period) (23,437.50)
Mortgage Principal Collections 1,519,453.13
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 1,519,453.13
COLLECTION AMOUNTS Class A-3
Aggregate of All Mortgage Collections 697,104.76
Total Mortgage Interest Collections 436,339.73
Servicing Fees (current collection period) (16,412.48)
Mortgage Principal Collections 277,177.51
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 277,177.51
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 8,033,823.00
Total Mortgage Interest Collections 1,889,740.67
Mortgage Principal Collections 6,144,082.33
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 6,144,082.33
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 459,298.44
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 416,074.26
Maximum Principal Payment 2,802,010.24
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 2,802,010.24
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 275,891.86
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 1,519,453.13
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 215,531.43
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 1,734,984.56
DISTRIBUTION AMOUNTS Class A-3
Class A-3 Note Interest 185,968.15
Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-3 Note Reserve Fund Amount 0.00
Maximum Principal Payment 277,177.51
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 222,426.02
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Loan Loss 0.00
HELOC Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 499,603.53
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 921,158.45
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 416,074.26
Maximum Principal Payment 4,598,640.88
Scheduled Principal Collection Payment/bal 0.00
Accelerated Principal Distribution Amount 437,957.45
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 5,036,598.33
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 3.4260519
Interest Distribution Amount 3.4260519
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 20.9010781
Maximum Principal Payment 20.9010781
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 3.5102910
Interest Distribution Amount 3.5102910
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 22.0749562
Maximum Principal Payment 19.3326569
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 2.7422993
Class A-3
Total Class A-3 Note Distribution Amount Allocable to Interest 4.2258128
Interest Distribution Amount 4.2258128
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 Principal 11.3526485
Maximum Principal Payment 6.2983919
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 5.0542566
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 11.1621558
Total Principal Amount Distributed to Class A Certificateholder 54.3286829
Credit Enhancement Draw Amount 0
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 35
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,734,126.97
Number of Mortgages 61 to 90 Days Delinquent 3
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 119,376.17
Number of Mortgages 91 to 180 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 80,667.50
Number of Mortgages 181 or more Days Delinquent 1
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 99,864.20
Number of Mortgage Loans in Foreclosure 8
Aggregate Principal Balances of Mortgage Loans in Foreclosure 269,297.29
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 799,830.51
Number of Mortgages 61 to 90 Days Delinquent 6
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 182,079.36
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 2
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 65,245.62
Number of Mortgage Loans in Foreclosure 9
Aggregate Principal Balances of Mortgage Loans in Foreclosure 434,072.39
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 42
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,567,558.34
Number of Mortgages 61 to 90 Days Delinquent 7
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 309,460.61
Number of Mortgages 91 to 180 or more Days Delinquent 7
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 227,931.91
Number of Mortgages 181 or more Days Delinquent 3
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 134,006.76
Number of Mortgage Loans in Foreclosure 24
Aggregate Principal Balances of Mortgage Loans in Foreclosure 810,470.70
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 98
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 4,101,515.82
Number of Mortgages 61 to 90 Days Delinquent 16
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 610,916.14
Number of Mortgages 91 to 180 or more Days Delinquent 11
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 346,642.34
Number of Mortgages 181 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 299,116.58
Number of Mortgage Loans in Foreclosure 41
Aggregate Principal Balances of Mortgage Loans in Foreclosure 1,513,840.38
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 2,871,558.18
Class A-1 Reserve Fund Deposit/Withdrawal 416,074.26
Class A-1 Reserve Fund Ending Balance 3,287,632.44
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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