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Previous: NEORX CORP, 4, 1998-06-05 |
Next: DEFINED ASSET FUNDS GOVERNMENT SECURITIES INC FD GNMA SER V, 24F-2NT, 1998-06-05 |
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): May 26, 1998
MORGAN STANLEY CAPITAL I, INC.
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-45467 Pending
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
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 May 26, 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 May 26, 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: 6/3/1998
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 May 26,
1998 distribution.
<TABLE>
<CAPTION>
Morgan Stanley Mortgage Capital Inc.
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
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: (410) 884-2173
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% 86,137,159.12 484,521.52 3,365,145.27
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% 67,953,640.35 382,239.23 1,243,293.39
B-1 61745MGC1 SUB 6.75000% 5,738,325.78 32,278.08 6,697.62
B-2 61745MGD9 SUB 6.75000% 3,442,795.94 19,365.73 4,018.34
B-3 61745MGE7 SUB 6.75000% 2,295,529.83 12,912.36 2,679.28
B-4 899888ZH7 SUB 6.75000% 2,983,889.50 16,784.38 3,482.72
B-5 899888ZI5 SUB 6.75000% 1,148,263.73 6,458.98 1,340.22
B-6 899888ZJ3 SUB 6.75000% 344,402.30 1,937.26 401.98
B-7 899888ZK0 SUB 6.75000% 459,202.74 2,583.02 535.97
B-8 899888ZL8 SUB 6.75000% 803,609.83 4,520.31 937.95
PO1 61745MGB3 SEQ 0.00000% 262,213.16 0.00 347.60
X-1 61745MFZ1 IO 1.18841% 0.00 141,809.00 0.00
X-2 61745MGA5 IO 1.19799% 0.00 70,691.36 0.00
R 61745MGF4 SEQ 6.75000% 0.00 0.01 0.00
Totals 219,680,032.28 1,446,725.62 4,628,880.34
</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 82,772,013.85 3,849,666.79 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 66,710,346.95 1,625,532.62 0.00
B-1 0.00 5,731,628.16 38,975.70 0.00
B-2 0.00 3,438,777.60 23,384.07 0.00
B-3 0.00 2,292,850.55 15,591.64 0.00
B-4 0.00 2,980,406.78 20,267.10 0.00
B-5 0.00 1,146,923.51 7,799.20 0.00
B-6 0.00 344,000.32 2,339.24 0.00
B-7 0.00 458,666.77 3,118.99 0.00
B-8 0.00 802,671.87 5,458.26 0.00
PO1 0.00 261,865.56 347.60 0.00
X-1 0.00 0.00 141,809.00 0.00
X-2 0.00 0.00 70,691.36 0.00
R 0.00 0.00 0.01 0.00
Totals 0.00 215,051,151.92 6,075,605.96 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 86,137,159.12 78,467.72 3,286,677.55 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 67,953,640.35 157,757.19 1,085,536.20 0.00 0.00
B-1 5,752,000.00 5,738,325.78 6,697.62 0.00 0.00 0.00
B-2 3,451,000.00 3,442,795.94 4,018.34 0.00 0.00 0.00
B-3 2,301,000.00 2,295,529.83 2,679.28 0.00 0.00 0.00
B-4 2,991,000.00 2,983,889.50 3,482.72 0.00 0.00 0.00
B-5 1,151,000.00 1,148,263.73 1,340.22 0.00 0.00 0.00
B-6 345,223.00 344,402.30 401.98 0.00 0.00 0.00
B-7 460,297.00 459,202.74 535.97 0.00 0.00 0.00
B-8 805,524.80 803,609.83 937.95 0.00 0.00 0.00
PO1 275,457.00 262,213.16 226.24 121.37 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 230,082,601.80 219,680,032.28 256,545.23 4,372,335.12 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 3,365,145.27 82,772,013.85 0.89036631 3,365,145.27
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 1,243,293.39 66,710,346.95 0.93333819 1,243,293.39
B-1 6,697.62 5,731,628.16 0.99645830 6,697.62
B-2 4,018.34 3,438,777.60 0.99645830 4,018.34
B-3 2,679.28 2,292,850.55 0.99645830 2,679.28
B-4 3,482.72 2,980,406.78 0.99645830 3,482.72
B-5 1,340.22 1,146,923.51 0.99645831 1,340.22
B-6 401.98 344,000.32 0.99645829 401.98
B-7 535.97 458,666.77 0.99645831 535.97
B-8 937.95 802,671.87 0.99645830 937.95
PO1 347.60 261,865.56 0.95065858 347.60
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 4,628,880.34 215,051,151.92 0.93466933 4,628,880.34
</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 92,964,000.00 926.56468224 0.84406566 35.35430435 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 71,475,000.00 950.73298846 2.20716600 15.18763484 0.00000000
B-1 5,752,000.00 997.62270167 1.16439847 0.00000000 0.00000000
B-2 3,451,000.00 997.62270067 1.16439873 0.00000000 0.00000000
B-3 2,301,000.00 997.62269883 1.16439809 0.00000000 0.00000000
B-4 2,991,000.00 997.62270144 1.16439987 0.00000000 0.00000000
B-5 1,151,000.00 997.62270200 1.16439618 0.00000000 0.00000000
B-6 345,223.00 997.62269605 1.16440677 0.00000000 0.00000000
B-7 460,297.00 997.62270882 1.16440038 0.00000000 0.00000000
B-8 805,524.80 997.62270510 1.16439618 0.00000000 0.00000000
PO1 275,457.00 951.92048124 0.82132601 0.44061324 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 36.19837001 890.36631223 0.89036631 36.19837001
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 17.39480084 933.33818748 0.93333819 17.39480084
B-1 0.00000000 1.16439847 996.45830320 0.99645830 1.16439847
B-2 0.00000000 1.16439873 996.45830194 0.99645830 1.16439873
B-3 0.00000000 1.16439809 996.45830074 0.99645830 1.16439809
B-4 0.00000000 1.16439987 996.45830157 0.99645830 1.16439987
B-5 0.00000000 1.16439618 996.45830582 0.99645831 1.16439618
B-6 0.00000000 1.16440677 996.45828928 0.99645829 1.16440677
B-7 0.00000000 1.16440038 996.45830844 0.99645831 1.16440038
B-8 0.00000000 1.16439618 996.45829650 0.99645830 1.16439618
PO1 0.00000000 1.26190295 950.65857829 0.95065858 1.26190295
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% 86,137,159.12 484,521.52 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% 67,953,640.35 382,239.23 0.00 0.00
B-1 5,752,000.00 6.75000% 5,738,325.78 32,278.08 0.00 0.00
B-2 3,451,000.00 6.75000% 3,442,795.94 19,365.73 0.00 0.00
B-3 2,301,000.00 6.75000% 2,295,529.83 12,912.36 0.00 0.00
B-4 2,991,000.00 6.75000% 2,983,889.50 16,784.38 0.00 0.00
B-5 1,151,000.00 6.75000% 1,148,263.73 6,458.98 0.00 0.00
B-6 345,223.00 6.75000% 344,402.30 1,937.26 0.00 0.00
B-7 460,297.00 6.75000% 459,202.74 2,583.02 0.00 0.00
B-8 805,524.80 6.75000% 803,609.83 4,520.31 0.00 0.00
PO1 275,457.00 0.00000% 262,213.16 0.00 0.00 0.00
X-1 0.00 1.18841% 143,191,958.64 141,809.00 0.00 0.00
X-2 0.00 1.19799% 70,809,809.48 70,691.36 0.00 0.00
R 100.00 6.75000% 0.00 0.00 0.00 0.00
Totals 230,082,601.80 1,446,725.61 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 0.00 484,521.52 0.00 82,772,013.85
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 0.00 382,239.23 0.00 66,710,346.95
B-1 0.00 0.00 32,278.08 0.00 5,731,628.16
B-2 0.00 0.00 19,365.73 0.00 3,438,777.60
B-3 0.00 0.00 12,912.36 0.00 2,292,850.55
B-4 0.00 0.00 16,784.38 0.00 2,980,406.78
B-5 0.00 0.00 6,458.98 0.00 1,146,923.51
B-6 0.00 0.00 1,937.26 0.00 344,000.32
B-7 0.00 0.00 2,583.02 0.00 458,666.77
B-8 0.00 0.00 4,520.31 0.00 802,671.87
PO1 0.00 0.00 0.00 0.00 261,865.56
X-1 0.00 0.00 141,809.00 0.00 139,823,574.48
X-2 0.00 0.00 70,691.36 0.00 69,561,609.40
R 0.00 0.00 0.01 0.00 0.00
Totals 0.00 0.00 1,446,725.62 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% 926.56468224 5.21192634 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% 950.73298846 5.34787310 0.00000000 0.00000000
B-1 5,752,000.00 6.75000% 997.62270167 5.61162726 0.00000000 0.00000000
B-2 3,451,000.00 6.75000% 997.62270067 5.61162851 0.00000000 0.00000000
B-3 2,301,000.00 6.75000% 997.62269883 5.61162973 0.00000000 0.00000000
B-4 2,991,000.00 6.75000% 997.62270144 5.61162822 0.00000000 0.00000000
B-5 1,151,000.00 6.75000% 997.62270200 5.61162467 0.00000000 0.00000000
B-6 345,223.00 6.75000% 997.62269605 5.61161916 0.00000000 0.00000000
B-7 460,297.00 6.75000% 997.62270882 5.61163770 0.00000000 0.00000000
B-8 805,524.80 6.75000% 997.62270510 5.61163356 0.00000000 0.00000000
PO1 275,457.00 0.00000% 951.92048124 0.00000000 0.00000000 0.00000000
X-1 0.00 1.18841% 938.17921202 0.92911821 0.00000000 0.00000000
X-2 0.00 1.19799% 914.20472970 0.91267546 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 5.21192634 0.00000000 890.36631223
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 5.34787310 0.00000000 933.33818748
B-1 0.00000000 0.00000000 5.61162726 0.00000000 996.45830320
B-2 0.00000000 0.00000000 5.61162851 0.00000000 996.45830194
B-3 0.00000000 0.00000000 5.61162973 0.00000000 996.45830074
B-4 0.00000000 0.00000000 5.61162822 0.00000000 996.45830157
B-5 0.00000000 0.00000000 5.61162467 0.00000000 996.45830582
B-6 0.00000000 0.00000000 5.61161916 0.00000000 996.45828928
B-7 0.00000000 0.00000000 5.61163770 0.00000000 996.45830844
B-8 0.00000000 0.00000000 5.61163356 0.00000000 996.45829650
PO1 0.00000000 0.00000000 0.00000000 0.00000000 950.65857829
X-1 0.00000000 0.00000000 0.92911821 0.00000000 916.10990012
X-2 0.00000000 0.00000000 0.91267546 0.00000000 898.08958372
R 0.00000000 0.00000000 0.10000000 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 6,131,944.54
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 6,131,944.54
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 56,338.58
Payment of Interest and Principal 6,075,605.96
Total Withdrawals (Pool Distribution Amount) 6,131,944.54
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 56,338.58
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 56,338.58
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS--GROUP I
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 0 0.00 0.000000% 0.000000%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 1 68643.92 0.150000% 0.050000%
Foreclosure 1 52032.30 0.150000% 0.040000%
REO 0 0.00 0.000000% 0.000000%
Totals 2 120676.22 0.310000% 0.080000%
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS--GROUP II
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 1 37906.26 0.200000% 0.050000%
60 Days 2 91032.28 0.390000% 0.120000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 3 126938.54 0.590000% 0.170000%
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed ARM
<S> <C> <C>
Weighted Average Gross Coupon 8.162405% 8.133624%
Weighted Average Net Coupon 7.912405% 7.883624%
Weighted Average Maturity(Stepdown Calculation ) 338 142
Begin Scheduled Collateral Loan Count 655 507
Number Of Loans Paid In Full 16 13
End Scheduled Collateral Loan Count 639 142
Begining Scheduled Collateral Balance 145,792,993.25 73,905,234.06
Principal Remittance Amount 3,371,956.31 1,256,930.04
Ending Scheduled Collateral Balance 142,421,042.94 72,648,304.02
Remic Reserve Fund Balance 105,000.00
Outside Reserve Fund Balance 0.00
Net Simple Interest Excess/(Shortfall) 4,765.57 5,802.55
</TABLE>
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