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Previous: PEOPLES BANCTRUST CO INC, 8-K, 1998-08-07 |
Next: ANGELES INCOME PROPERTIES LTD IV, 10QSB, 1998-08-07 |
UNITED STATES
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
Date of Report (Date of earliest event reported): July 27, 1998
MORGAN STANLEY CAPITAL I, INC.
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-45467 52-2095946
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On July 27, 1998 a distribution was made to holders of MORGAN STANLEY
CAPITAL I, INC., Mortgage Pass-Through Certificates, Series 1998-1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-1 Trust,
relating to the July 27, 1998 distribution.
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 hereunto duly authorized.
MORGAN STANLEY CAPITAL I, INC.
Mortgage Pass-Through Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 8/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the July 27,
1998 distribution.
<TABLE>
<CAPTION>
Morgan Stanley Mortgage Capital Inc.
Mortgage Pass-Through Certificates
Record Date: 6/30/1998
Distribution Date: 7/27/1998
MSMC Series: 1998-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 61745MFU2 SEQ 6.75000% 78,935,789.58 444,013.82 1,720,011.56
A-2 61745MFV0 SEQ 6.75000% 17,439,000.00 98,094.38 0.00
A-3 61745MFW8 SEQ 6.75000% 15,322,000.00 86,186.25 0.00
A-4 61745MFX6 SEQ 6.75000% 15,350,000.00 86,343.75 0.00
A-5 61745MFY4 SEQ 6.75000% 65,978,468.47 371,128.89 661,848.30
B-1 61745MGC1 SUB 6.75000% 5,724,630.02 32,201.04 6,521.44
B-2 61745MGD9 SUB 6.75000% 3,434,578.97 19,319.51 3,912.63
B-3 61745MGE7 SUB 6.75000% 2,290,051.06 12,881.54 2,608.80
B-4 899888ZH7 SUB 6.75000% 2,976,767.80 16,744.32 3,391.10
B-5 899888ZI5 SUB 6.75000% 1,145,523.15 6,443.57 1,304.97
B-6 899888ZJ3 SUB 6.75000% 343,580.31 1,932.64 391.40
B-7 899888ZK0 SUB 6.75000% 458,106.75 2,576.85 521.87
B-8 899888ZL8 SUB 6.75000% 801,691.84 4,509.52 913.27
PO1 61745MGB3 SEQ 0.00000% 261,054.07 0.00 2,905.20
X-1 61745MFZ1 IO 1.17638% 0.00 133,308.67 0.00
X-2 61745MGA5 IO 1.17525% 0.00 67,408.53 0.00
R 61745MGF4 SEQ 6.75000% 0.00 0.00 0.00
Totals 210,461,242.02 1,383,093.28 2,404,330.54
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 77,215,778.02 2,164,025.38 0.00
A-2 0.00 17,439,000.00 98,094.38 0.00
A-3 0.00 15,322,000.00 86,186.25 0.00
A-4 0.00 15,350,000.00 86,343.75 0.00
A-5 0.00 65,316,620.17 1,032,977.19 0.00
B-1 0.00 5,718,108.59 38,722.48 0.00
B-2 0.00 3,430,666.33 23,232.14 0.00
B-3 0.00 2,287,442.26 15,490.34 0.00
B-4 0.00 2,973,376.70 20,135.42 0.00
B-5 0.00 1,144,218.18 7,748.54 0.00
B-6 0.00 343,188.91 2,324.04 0.00
B-7 0.00 457,584.88 3,098.72 0.00
B-8 0.00 800,778.30 5,422.79 0.00
PO1 0.00 258,148.86 2,905.20 0.00
X-1 0.00 0.00 133,308.67 0.00
X-2 0.00 0.00 67,408.53 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 208,056,911.20 3,787,423.82 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 92,964,000.00 78,935,789.58 66,451.17 1,653,560.39 0.00 0.00
A-2 17,439,000.00 17,439,000.00 0.00 0.00 0.00 0.00
A-3 15,322,000.00 15,322,000.00 0.00 0.00 0.00 0.00
A-4 15,350,000.00 15,350,000.00 0.00 0.00 0.00 0.00
A-5 71,475,000.00 65,978,468.47 155,986.38 505,861.92 0.00 0.00
B-1 5,752,000.00 5,724,630.02 6,521.44 0.00 0.00 0.00
B-2 3,451,000.00 3,434,578.97 3,912.63 0.00 0.00 0.00
B-3 2,301,000.00 2,290,051.06 2,608.80 0.00 0.00 0.00
B-4 2,991,000.00 2,976,767.80 3,391.10 0.00 0.00 0.00
B-5 1,151,000.00 1,145,523.15 1,304.97 0.00 0.00 0.00
B-6 345,223.00 343,580.31 391.40 0.00 0.00 0.00
B-7 460,297.00 458,106.75 521.87 0.00 0.00 0.00
B-8 805,524.80 801,691.84 913.27 0.00 0.00 0.00
PO1 275,457.00 261,054.07 1,175.80 1,729.41 0.00 0.00
X-1 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00
R 100.00 0.00 0.00 0.00 0.00 0.00
Totals 230,082,601.80 210,461,242.02 243,178.83 2,161,151.72 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 1,720,011.56 77,215,778.02 0.83059871 1,720,011.56
A-2 0.00 17,439,000.00 1.00000000 0.00
A-3 0.00 15,322,000.00 1.00000000 0.00
A-4 0.00 15,350,000.00 1.00000000 0.00
A-5 661,848.30 65,316,620.17 0.91383869 661,848.30
B-1 6,521.44 5,718,108.59 0.99410789 6,521.44
B-2 3,912.63 3,430,666.33 0.99410789 3,912.63
B-3 2,608.80 2,287,442.26 0.99410789 2,608.80
B-4 3,391.10 2,973,376.70 0.99410789 3,391.10
B-5 1,304.97 1,144,218.18 0.99410789 1,304.97
B-6 391.40 343,188.91 0.99410790 391.40
B-7 521.87 457,584.88 0.99410789 521.87
B-8 913.27 800,778.30 0.99410757 913.27
PO1 2,905.20 258,148.86 0.93716573 2,905.20
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
R 0.00 0.00 0.00000000 0.00
Totals 2,404,330.54 208,056,911.20 0.90427051 2,404,330.54
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 92,964,000.00 849.10061508 0.71480541 17.78710458 0.00000000
A-2 17,439,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 15,322,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 15,350,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 71,475,000.00 923.09854453 2.18239077 7.07746653 0.00000000
B-1 5,752,000.00 995.24165855 1.13376912 0.00000000 0.00000000
B-2 3,451,000.00 995.24166039 1.13376702 0.00000000 0.00000000
B-3 2,301,000.00 995.24166015 1.13376793 0.00000000 0.00000000
B-4 2,991,000.00 995.24165831 1.13376797 0.00000000 0.00000000
B-5 1,151,000.00 995.24165943 1.13377063 0.00000000 0.00000000
B-6 345,223.00 995.24165539 1.13375992 0.00000000 0.00000000
B-7 460,297.00 995.24165919 1.13376798 0.00000000 0.00000000
B-8 805,524.80 995.24166109 1.13375777 0.00000000 0.00000000
PO1 275,457.00 947.71260124 4.26854282 6.27833019 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 18.50190999 830.59870509 0.83059871 18.50190999
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 9.25985729 913.83868723 0.91383869 9.25985729
B-1 0.00000000 1.13376912 994.10789117 0.99410789 1.13376912
B-2 0.00000000 1.13376702 994.10789047 0.99410789 1.13376702
B-3 0.00000000 1.13376793 994.10789222 0.99410789 1.13376793
B-4 0.00000000 1.13376797 994.10789034 0.99410789 1.13376797
B-5 0.00000000 1.13377063 994.10788879 0.99410789 1.13377063
B-6 0.00000000 1.13375992 994.10789548 0.99410790 1.13375992
B-7 0.00000000 1.13376798 994.10789121 0.99410789 1.13376798
B-8 0.00000000 1.13375777 994.10756813 0.99410757 1.13375777
PO1 0.00000000 10.54683671 937.16572823 0.93716573 10.54683671
X-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 92,964,000.00 6.75000% 78,935,789.58 444,013.82 0.00 0.00
A-2 17,439,000.00 6.75000% 17,439,000.00 98,094.38 0.00 0.00
A-3 15,322,000.00 6.75000% 15,322,000.00 86,186.25 0.00 0.00
A-4 15,350,000.00 6.75000% 15,350,000.00 86,343.75 0.00 0.00
A-5 71,475,000.00 6.75000% 65,978,468.47 371,128.89 0.00 0.00
B-1 5,752,000.00 6.75000% 5,724,630.02 32,201.04 0.00 0.00
B-2 3,451,000.00 6.75000% 3,434,578.97 19,319.51 0.00 0.00
B-3 2,301,000.00 6.75000% 2,290,051.06 12,881.54 0.00 0.00
B-4 2,991,000.00 6.75000% 2,976,767.80 16,744.32 0.00 0.00
B-5 1,151,000.00 6.75000% 1,145,523.15 6,443.57 0.00 0.00
B-6 345,223.00 6.75000% 343,580.31 1,932.64 0.00 0.00
B-7 460,297.00 6.75000% 458,106.75 2,576.85 0.00 0.00
B-8 805,524.80 6.75000% 801,691.84 4,509.52 0.00 0.00
PO1 275,457.00 0.00000% 261,054.07 0.00 0.00 0.00
X-1 0.00 1.17638% 135,985,422.74 133,308.67 0.00 0.00
X-2 0.00 1.17525% 68,828,005.59 67,408.53 0.00 0.00
R 100.00 6.75000% 0.00 0.00 0.00 0.00
Totals 230,082,601.80 1,383,093.28 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 444,013.82 0.00 77,215,778.02
A-2 0.00 0.00 98,094.38 0.00 17,439,000.00
A-3 0.00 0.00 86,186.25 0.00 15,322,000.00
A-4 0.00 0.00 86,343.75 0.00 15,350,000.00
A-5 0.00 0.00 371,128.89 0.00 65,316,620.17
B-1 0.00 0.00 32,201.04 0.00 5,718,108.59
B-2 0.00 0.00 19,319.51 0.00 3,430,666.33
B-3 0.00 0.00 12,881.54 0.00 2,287,442.26
B-4 0.00 0.00 16,744.32 0.00 2,973,376.70
B-5 0.00 0.00 6,443.57 0.00 1,144,218.18
B-6 0.00 0.00 1,932.64 0.00 343,188.91
B-7 0.00 0.00 2,576.85 0.00 457,584.88
B-8 0.00 0.00 4,509.52 0.00 800,778.30
PO1 0.00 0.00 0.00 0.00 258,148.86
X-1 0.00 0.00 133,308.67 0.00 134,268,295.59
X-2 0.00 0.00 67,408.53 0.00 68,175,715.72
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,383,093.28 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 92,964,000.00 6.75000% 849.10061508 4.77619100 0.00000000 0.00000000
A-2 17,439,000.00 6.75000% 1000.00000000 5.62500029 0.00000000 0.00000000
A-3 15,322,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-4 15,350,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-5 71,475,000.00 6.75000% 923.09854453 5.19242938 0.00000000 0.00000000
B-1 5,752,000.00 6.75000% 995.24165855 5.59823366 0.00000000 0.00000000
B-2 3,451,000.00 6.75000% 995.24166039 5.59823529 0.00000000 0.00000000
B-3 2,301,000.00 6.75000% 995.24166015 5.59823555 0.00000000 0.00000000
B-4 2,991,000.00 6.75000% 995.24165831 5.59823470 0.00000000 0.00000000
B-5 1,151,000.00 6.75000% 995.24165943 5.59823632 0.00000000 0.00000000
B-6 345,223.00 6.75000% 995.24165539 5.59823650 0.00000000 0.00000000
B-7 460,297.00 6.75000% 995.24165919 5.59823331 0.00000000 0.00000000
B-8 805,524.80 6.75000% 995.24166109 5.59823856 0.00000000 0.00000000
PO1 275,457.00 0.00000% 947.71260124 0.00000000 0.00000000 0.00000000
X-1 0.00 1.17638% 890.96271860 0.87342491 0.00000000 0.00000000
X-2 0.00 1.17525% 888.61823959 0.87029181 0.00000000 0.00000000
R 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.77619100 0.00000000 830.59870509
A-2 0.00000000 0.00000000 5.62500029 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.19242938 0.00000000 913.83868723
B-1 0.00000000 0.00000000 5.59823366 0.00000000 994.10789117
B-2 0.00000000 0.00000000 5.59823529 0.00000000 994.10789047
B-3 0.00000000 0.00000000 5.59823555 0.00000000 994.10789222
B-4 0.00000000 0.00000000 5.59823470 0.00000000 994.10789034
B-5 0.00000000 0.00000000 5.59823632 0.00000000 994.10788879
B-6 0.00000000 0.00000000 5.59823650 0.00000000 994.10789548
B-7 0.00000000 0.00000000 5.59823331 0.00000000 994.10789121
B-8 0.00000000 0.00000000 5.59823856 0.00000000 994.10756813
PO1 0.00000000 0.00000000 0.00000000 0.00000000 937.16572823
X-1 0.00000000 0.00000000 0.87342491 0.00000000 879.71227541
X-2 0.00000000 0.00000000 0.87029181 0.00000000 880.19671596
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
SEQ 0.00000% 0.00 0.00 18,195.30 18,195.30 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,874,340.23
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 3,874,340.23
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 86,916.42
Payment of Interest and Principal 3,787,423.81
Total Withdrawals (Pool Distribution Amount) 3,874,340.23
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 86,916.42
Certificate Administration Fee 0.00
Trustee Fee 0.00
Special Hazard Fee 0.00
Pool Insurance Fee 0.00
Spread 1 Fee 0.00
Spread 2 Fee 0.00
Spread 3 Fee 0.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 86,916.42
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 5 262,620.42 0.453721% 0.126214%
60 Days 1 145,969.15 0.090744% 0.070152%
90+ Days 3 170,844.03 0.272232% 0.082107%
Foreclosure 3 266,460.51 0.272232% 0.128060%
REO 0 0.00 0.000000% 0.000000%
Totals 12 845,894.11 1.088929% 0.406533%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 137,665.00 0.05983286% 137,665.00 0.06616121%
Fraud 4,601,652.03 2.00000000% 4,601,652.03 2.21153415%
Special Hazard 3,036,384.00 1.31969300% 2,987,015.62 1.43554684%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed Ratio Strip
Weighted Average Gross Coupon 8.135388%
Weighted Average Net Coupon 7.885387%
Weighted Average Pass-Through Rate 7.885387%
Weighted Average Maturity(Stepdown Calculation ) 269
Begin Scheduled Collateral Loan Count 1,113
Number Of Loans Paid In Full 11
End Scheduled Collateral Loan Count 1,102
Begining Scheduled Collateral Balance 210,479,437.06
Ending Scheduled Collateral Balance 208,075,106.50
Ending Actual Collateral Balance at 30-Jun-1998 208,075,106.50
Monthly P &I Constant 1,670,122.03
Ending Scheduled Balance for Premium Loans 208,075,106.50
Scheduled Principal 243,178.83
Unscheduled Principal 2,161,151.73
Remic Reserve Fund Balance 105,000.00
Outside Reserve Fund Balance 0.00
Group 1 Net Simple Interest 29,301.02
Excess/(Shortfall)
Group 2 Net Simple Interest 13,765.46
Excess/(Shortfall)
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Fixed 30 Year Fixed 15 Year
Weighted Average Net Rate 7.899333 7.858510
Weighted Average Maturity 337.00 141.00
Begining Loan Count 626.00 487.00
Loans Paid In Full 6.00 5.00
Ending Loan Count 620.00 482.00
Begining Scheduled Balance 138,577,614.63 71,901,822.43
Ending Scheduled Balance 136,851,348.75 71,223,757.75
Record Date 98-06-30 98-06-30
Principal And Interest Constant 1,013,649.92 656,472.11
Scheduled Principal 72,554.04 170,624.80
Unscheduled Principal 1,653,711.84 507,439.88
Group ID 1 2
Subordinate Amount 0.00 0.00
Subordinate Reduction Amount 0.00 0.00
Required Subordinate Amount 0.00 0.00
Subordinate Increase Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Delinquincy Status By Groups
30 Days 60 Days 90 + Days Foreclosures REOs
Groups Number Balance Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1 66,207.65 1 145,969.15 2 132,937.77 3 266,460.51 0 0.00
2 4 196,412.77 0 0.00 1 37,906.26 0 0.00 0 0.00
Total 5 $262,620.42 1 $145,969.15 3 $170,844.03 3 $266,460.51 0 $0.00
</TABLE>
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