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Previous: MORGAN STANLEY CAPITAL I INC, 8-K, 1998-11-10 |
Next: COLLATERALIZED MORTGAGE SECURITIES CORP, 10-Q, 1998-11-10 |
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): October 26, 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.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 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
October 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: 11/05/1998
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 October 26,
1998 distribution.
<TABLE>
<CAPTION>
Morgan Stanley Mortgage Capital Inc.
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
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) 884-2000
Fax: (410) 884-2360
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% 71,382,867.64 401,528.63 2,958,855.64
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% 61,209,048.85 344,300.90 845,673.66
B-1 61745MGC1 SUB 6.75000% 5,705,078.01 32,091.06 6,141.53
B-2 61745MGD9 SUB 6.75000% 3,422,848.44 19,253.52 3,684.70
B-3 61745MGE7 SUB 6.75000% 2,282,229.57 12,837.54 2,456.82
B-4 899888ZH7 SUB 6.75000% 2,966,600.89 16,687.13 3,193.55
B-5 899888ZI5 SUB 6.75000% 1,141,610.71 6,421.56 1,228.95
B-6 899888ZJ3 SUB 6.75000% 342,406.84 1,926.04 368.60
B-7 899888ZK0 SUB 6.75000% 456,542.12 2,568.05 491.47
B-8 899888ZL8 SUB 6.75000% 798,952.51 4,494.11 860.07
PO1 61745MGB3 SEQ 0.00000% 256,543.65 0.00 2,052.82
X-1 61745MFZ1 IO 1.16743% 0.00 124,943.80 0.00
X-2 61745MGA5 IO 1.14354% 0.00 61,037.29 0.00
R 61745MGF4 SEQ 6.75000% 0.00 0.00 0.00
Totals 198,075,729.23 1,298,714.01 3,825,007.81
</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 68,424,011.99 3,360,384.27 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 60,363,375.19 1,189,974.56 0.00
B-1 0.00 5,698,936.49 38,232.59 0.00
B-2 0.00 3,419,163.74 22,938.22 0.00
B-3 0.00 2,279,772.75 15,294.36 0.00
B-4 0.00 2,963,407.34 19,880.68 0.00
B-5 0.00 1,140,381.76 7,650.51 0.00
B-6 0.00 342,038.24 2,294.64 0.00
B-7 0.00 456,050.65 3,059.52 0.00
B-8 0.00 798,092.44 5,354.18 0.00
PO1 0.00 254,490.83 2,052.82 0.00
X-1 0.00 0.00 124,943.80 0.00
X-2 0.00 0.00 61,037.29 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 194,250,721.42 5,123,721.82 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 71,382,867.64 54,134.63 2,904,721.02 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 61,209,048.85 142,199.79 703,473.87 0.00 0.00
B-1 5,752,000.00 5,705,078.01 6,141.53 0.00 0.00 0.00
B-2 3,451,000.00 3,422,848.44 3,684.70 0.00 0.00 0.00
B-3 2,301,000.00 2,282,229.57 2,456.82 0.00 0.00 0.00
B-4 2,991,000.00 2,966,600.89 3,193.55 0.00 0.00 0.00
B-5 1,151,000.00 1,141,610.71 1,228.95 0.00 0.00 0.00
B-6 345,223.00 342,406.84 368.60 0.00 0.00 0.00
B-7 460,297.00 456,542.12 491.47 0.00 0.00 0.00
B-8 805,524.80 798,952.51 860.07 0.00 0.00 0.00
PO1 275,457.00 256,543.65 1,121.93 930.89 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 230,082,601.80 198,075,729.23 215,882.04 3,609,125.78 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 2,958,855.64 68,424,011.99 0.73602698 2,958,855.64
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-5 845,673.66 60,363,375.19 0.84453830 845,673.66
B-1 6,141.53 5,698,936.49 0.99077477 6,141.53
B-2 3,684.70 3,419,163.74 0.99077477 3,684.70
B-3 2,456.82 2,279,772.75 0.99077477 2,456.82
B-4 3,193.55 2,963,407.34 0.99077477 3,193.55
B-5 1,228.95 1,140,381.76 0.99077477 1,228.95
B-6 368.60 342,038.24 0.99077477 368.60
B-7 491.47 456,050.65 0.99077476 491.47
B-8 860.07 798,092.44 0.99077327 860.07
PO1 2,052.82 254,490.83 0.92388587 2,052.82
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 3,825,007.81 194,250,721.42 0.84426515 3,825,007.81
</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 92,964,000.00 767.85495073 0.58231821 31.24565445 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 71,475,000.00 856.37004337 1.98950388 9.84223673 0.00000000
B-1 5,752,000.00 991.84249131 1.06772079 0.00000000 0.00000000
B-2 3,451,000.00 991.84249203 1.06771950 0.00000000 0.00000000
B-3 2,301,000.00 991.84249022 1.06771838 0.00000000 0.00000000
B-4 2,991,000.00 991.84249081 1.06771983 0.00000000 0.00000000
B-5 1,151,000.00 991.84249348 1.06772372 0.00000000 0.00000000
B-6 345,223.00 991.84249022 1.06771565 0.00000000 0.00000000
B-7 460,297.00 991.84248431 1.06772367 0.00000000 0.00000000
B-8 805,524.80 991.84098367 1.06771387 0.00000000 0.00000000
PO1 275,457.00 931.33828510 4.07297691 3.37943853 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 31.82797255 736.02697808 0.73602698 31.82797255
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 11.83174061 844.53830276 0.84453830 11.83174061
B-1 0.00000000 1.06772079 990.77477225 0.99077477 1.06772079
B-2 0.00000000 1.06771950 990.77477253 0.99077477 1.06771950
B-3 0.00000000 1.06771838 990.77477184 0.99077477 1.06771838
B-4 0.00000000 1.06771983 990.77477098 0.99077477 1.06771983
B-5 0.00000000 1.06772372 990.77476977 0.99077477 1.06772372
B-6 0.00000000 1.06771565 990.77477457 0.99077477 1.06771565
B-7 0.00000000 1.06772367 990.77476064 0.99077476 1.06772367
B-8 0.00000000 1.06771387 990.77326980 0.99077327 1.06771387
PO1 0.00000000 7.45241544 923.88586966 0.92388587 7.45241544
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% 71,382,867.64 401,528.63 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% 61,209,048.85 344,300.90 0.00 0.00
B-1 5,752,000.00 6.75000% 5,705,078.01 32,091.06 0.00 0.00
B-2 3,451,000.00 6.75000% 3,422,848.44 19,253.52 0.00 0.00
B-3 2,301,000.00 6.75000% 2,282,229.57 12,837.54 0.00 0.00
B-4 2,991,000.00 6.75000% 2,966,600.89 16,687.13 0.00 0.00
B-5 1,151,000.00 6.75000% 1,141,610.71 6,421.56 0.00 0.00
B-6 345,223.00 6.75000% 342,406.84 1,926.04 0.00 0.00
B-7 460,297.00 6.75000% 456,542.12 2,568.05 0.00 0.00
B-8 805,524.80 6.75000% 798,952.51 4,494.11 0.00 0.00
PO1 275,457.00 0.00000% 256,543.65 0.00 0.00 0.00
X-1 0.00 1.16743% 128,432,276.71 124,946.67 0.00 0.00
X-2 0.00 1.14354% 64,053,448.69 61,039.62 0.00 0.00
R 100.00 6.75000% 0.00 0.00 0.00 0.00
Totals 230,082,601.80 1,298,719.21 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 0.00 401,528.63 0.00 68,424,011.99
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 0.00 344,300.90 0.00 60,363,375.19
B-1 0.00 0.00 32,091.06 0.00 5,698,936.49
B-2 0.00 0.00 19,253.52 0.00 3,419,163.74
B-3 0.00 0.00 12,837.54 0.00 2,279,772.75
B-4 0.00 0.00 16,687.13 0.00 2,963,407.34
B-5 0.00 0.00 6,421.56 0.00 1,140,381.76
B-6 0.00 0.00 1,926.04 0.00 342,038.24
B-7 0.00 0.00 2,568.05 0.00 456,050.65
B-8 0.00 0.00 4,494.11 0.00 798,092.44
PO1 0.00 0.00 0.00 0.00 254,490.83
X-1 0.00 0.00 124,943.80 0.00 125,469,516.11
X-2 0.00 0.00 61,037.29 0.00 63,207,943.85
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,298,714.01 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% 767.85495073 4.31918409 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% 856.37004337 4.81708150 0.00000000 0.00000000
B-1 5,752,000.00 6.75000% 991.84249131 5.57911335 0.00000000 0.00000000
B-2 3,451,000.00 6.75000% 991.84249203 5.57911330 0.00000000 0.00000000
B-3 2,301,000.00 6.75000% 991.84249022 5.57911343 0.00000000 0.00000000
B-4 2,991,000.00 6.75000% 991.84249081 5.57911401 0.00000000 0.00000000
B-5 1,151,000.00 6.75000% 991.84249348 5.57911381 0.00000000 0.00000000
B-6 345,223.00 6.75000% 991.84249022 5.57911842 0.00000000 0.00000000
B-7 460,297.00 6.75000% 991.84248431 5.57911522 0.00000000 0.00000000
B-8 805,524.80 6.75000% 991.84098367 5.57910818 0.00000000 0.00000000
PO1 275,457.00 0.00000% 931.33828510 0.00000000 0.00000000 0.00000000
X-1 0.00 1.16743% 841.47527072 0.81863793 0.00000000 0.00000000
X-2 0.00 1.14354% 826.97533260 0.78806467 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 4.31918409 0.00000000 736.02697808
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 4.81708150 0.00000000 844.53830276
B-1 0.00000000 0.00000000 5.57911335 0.00000000 990.77477225
B-2 0.00000000 0.00000000 5.57911330 0.00000000 990.77477253
B-3 0.00000000 0.00000000 5.57911343 0.00000000 990.77477184
B-4 0.00000000 0.00000000 5.57911401 0.00000000 990.77477098
B-5 0.00000000 0.00000000 5.57911381 0.00000000 990.77476977
B-6 0.00000000 0.00000000 5.57911842 0.00000000 990.77477457
B-7 0.00000000 0.00000000 5.57911522 0.00000000 990.77476064
B-8 0.00000000 0.00000000 5.57910818 0.00000000 990.77326980
PO1 0.00000000 0.00000000 0.00000000 0.00000000 923.88586966
X-1 0.00000000 0.00000000 0.81861912 0.00000000 822.06356330
X-2 0.00000000 0.00000000 0.78803459 0.00000000 816.05926702
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 5,181,711.80
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 5,181,711.80
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 58,989.96
Payment of Interest and Principal 5,123,721.84
Total Withdrawals (Pool Distribution Amount) 5,182,711.80
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 58,989.96
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 58,989.96
</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 7 1,112,352.90 0.671785% 0.572584%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 1 89,508.48 0.095969% 0.046075%
Foreclosure 3 169,616.83 0.287908% 0.087310%
REO 0 0.00 0.000000% 0.000000%
Totals 11 1,371,478.21 1.055662% 0.705969%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class Insufficient Funds
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 0.07086311%
Fraud 4,601,652.03 2.00000000% 4,601,652.03 2.36870216%
Special Hazard 3,036,384.00 1.31969300% 2,950,355.04 1.51869640%
<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 8.117262%
Weighted AverageNet Coupon 8.022162%
Weighted Average Pass-Through Rate 8.022162%
Weighted Average Maturity(Stepdown Calculation ) 266
Begin Scheduled Collateral Loan Count 1,059
Number Of Loans Paid In Full 17
End Scheduled Collateral Loan Count 1,042
Begining Scheduled Collateral Balance 198,093,924.55
Ending Scheduled Collateral Balance 194,268,916.72
Ending Actual Collateral Balance at 30-Sep-1998 194,268,916.72
Monthly P &I Constant 1,555,865.67
Ending Scheduled Balance for Premium Loans 194,268,916.72
Scheduled Principal 215,882.05
Unscheduled Principal 3,609,125.78
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Remic Reserve Fund Balance 105,000.00
Outside Reserve Fund Balance 0.00
Group 1 Net Simple Interest 15,153.24
Excess/(Shortfall)
Group 2 Net Simple Interest 2,567.11
Excess/(Shortfall)
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Fixed 30 Year Ratio Fixed 15 Year Ratio
Weighted Average Coupon Rate 8.139168 8.074486
Weighted Average Net Rate 7.889167 7.824486
Weighted Average Maturity 334.00 138.00
Beginning Loan Count 598.00 461.00
Loans Paid In Full 10.00 7.00
Ending Loan Count 588.00 454.00
Beginning Scheduled Balance 131,006,187.89 67,087,736.66
Ending Scheduled Balance 128,042,098.26 66,226,818.46
Record Date 98-09-30 98-09-30
Principal And Interest Constant 947,927.92 607,937.75
Scheduled Principal 59,360.15 156,521.90
Unscheduled Principal 2,904,729.48 704,396.30
Scheduled Interest 888,567.77 451,415.85
Servicing Fee 27,293.00 13,976.61
Master Servicing Fee 0.00 0.00
Trustee Servicing Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 0.00 0.00
Pool Insurance Fee 0.00 0.00
Spread 1 0.00 0.00
Spread 2 0.00 0.00
Spread 3 0.00 0.00
Net Interest 861274.77 437439.24
Realized Loss Amount 0.00 0.00
Cummulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C>
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
1 4 991,084.71 0 0.00 0 0.00
2 3 121,268.19 0 0.00 1 89,508.48
Total 7 $1,112,352.90 0 $0.00 1 $89,508.48
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
<S> <C>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
1 2 120,491.36 0 0.00 2 281,103.93
2 1 49,125.47 0 0.00 1 89,508.48
TOTAL 3 169,616.83 0 0.00 3 370,612.41
</TABLE>
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