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): August 25, 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 August 25, 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 August 25, 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: 8/26/1998
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 August 25,
1998 distribution.
<TABLE>
<CAPTION>
Morgan Stanley Mortgage Capital Inc.
Mortgage Pass-Through Certificates
Record Date: 7/31/1998
Distribution Date: 8/25/1998
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% 77,215,778.02 434,338.75 2,718,803.90
A-2 61745MFV0 SEQ 6.75000% 17,439,000.00 98,094.37 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% 65,316,620.17 367,405.99 2,276,105.16
B-1 61745MGC1 SUB 6.75000% 5,718,108.59 32,164.36 6,453.99
B-2 61745MGD9 SUB 6.75000% 3,430,666.33 19,297.50 3,872.17
B-3 61745MGE7 SUB 6.75000% 2,287,442.26 12,866.86 2,581.82
B-4 899888ZH7 SUB 6.75000% 2,973,376.70 16,725.24 3,356.03
B-5 899888ZI5 SUB 6.75000% 1,144,218.18 6,436.23 1,291.47
B-6 899888ZJ3 SUB 6.75000% 343,188.91 1,930.44 387.35
B-7 899888ZK0 SUB 6.75000% 457,584.88 2,573.91 516.47
B-8 899888ZL8 SUB 6.75000% 800,778.30 4,504.38 904.78
PO1 61745MGB3 SEQ 0.00000% 258,148.86 0.00 349.11
X-1 61745MFZ1 IO 1.17415% 0.00 131,373.11 0.00
X-2 61745MGA5 IO 1.17196% 0.00 66,580.47 0.00
R 61745MGF4 SEQ 6.75000% 0.00 0.00 0.00
Totals 208,056,911.20 1,366,821.61 5,014,622.25
</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 74,496,974.12 3,153,142.65 0.00
A-2 0.00 17,439,000.00 98,094.37 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 63,040,515.01 2,643,511.15 0.00
B-1 0.00 5,711,654.60 38,618.35 0.00
B-2 0.00 3,426,794.16 23,169.67 0.00
B-3 0.00 2,284,860.44 15,448.68 0.00
B-4 0.00 2,970,020.67 20,081.27 0.00
B-5 0.00 1,142,926.71 7,727.70 0.00
B-6 0.00 342,801.55 2,317.79 0.00
B-7 0.00 457,068.41 3,090.38 0.00
B-8 0.00 799,873.52 5,409.16 0.00
PO1 0.00 257,799.75 349.11 0.00
X-1 0.00 0.00 131,373.11 0.00
X-2 0.00 0.00 66,580.47 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 203,042,288.94 6,381,443.86 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 77,215,778.02 63,503.77 2,655,300.14 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 65,316,620.17 154,654.71 2,121,450.45 0.00 0.00
B-1 5,752,000.00 5,718,108.59 6,453.99 0.00 0.00 0.00
B-2 3,451,000.00 3,430,666.33 3,872.17 0.00 0.00 0.00
B-3 2,301,000.00 2,287,442.26 2,581.82 0.00 0.00 0.00
B-4 2,991,000.00 2,973,376.70 3,356.03 0.00 0.00 0.00
B-5 1,151,000.00 1,144,218.18 1,291.47 0.00 0.00 0.00
B-6 345,223.00 343,188.91 387.35 0.00 0.00 0.00
B-7 460,297.00 457,584.88 516.47 0.00 0.00 0.00
B-8 805,524.80 800,778.30 904.78 0.00 0.00 0.00
PO1 275,457.00 258,148.86 297.81 51.30 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 230,082,601.80 208,056,911.20 237,820.37 4,776,801.89 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 2,718,803.90 74,496,974.12 0.80135293 2,718,803.90
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 2,276,105.16 63,040,515.01 0.88199391 2,276,105.16
B-1 6,453.99 5,711,654.60 0.99298585 6,453.99
B-2 3,872.17 3,426,794.16 0.99298585 3,872.17
B-3 2,581.82 2,284,860.44 0.99298585 2,581.82
B-4 3,356.03 2,970,020.67 0.99298585 3,356.03
B-5 1,291.47 1,142,926.71 0.99298585 1,291.47
B-6 387.35 342,801.55 0.99298584 387.35
B-7 516.47 457,068.41 0.99298585 516.47
B-8 904.78 799,873.52 0.99298435 904.78
PO1 349.11 257,799.75 0.93589834 349.11
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 5,014,622.25 203,042,288.94 0.88247563 5,014,622.25
</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 92,964,000.00 830.59870509 0.68310066 28.56267093 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 71,475,000.00 913.83868723 2.16375950 29.68101364 0.00000000
B-1 5,752,000.00 994.10789117 1.12204277 0.00000000 0.00000000
B-2 3,451,000.00 994.10789047 1.12204289 0.00000000 0.00000000
B-3 2,301,000.00 994.10789222 1.12204259 0.00000000 0.00000000
B-4 2,991,000.00 994.10789034 1.12204280 0.00000000 0.00000000
B-5 1,151,000.00 994.10788879 1.12204170 0.00000000 0.00000000
B-6 345,223.00 994.10789548 1.12202837 0.00000000 0.00000000
B-7 460,297.00 994.10789121 1.12203642 0.00000000 0.00000000
B-8 805,524.80 994.10756813 1.12321806 0.00000000 0.00000000
PO1 275,457.00 937.16572823 1.08114878 0.18623596 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 29.24577148 801.35293361 0.80135293 29.24577148
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 31.84477314 881.99391410 0.88199391 31.84477314
B-1 0.00000000 1.12204277 992.98584840 0.99298585 1.12204277
B-2 0.00000000 1.12204289 992.98584758 0.99298585 1.12204289
B-3 0.00000000 1.12204259 992.98584963 0.99298585 1.12204259
B-4 0.00000000 1.12204280 992.98584754 0.99298585 1.12204280
B-5 0.00000000 1.12204170 992.98584709 0.99298585 1.12204170
B-6 0.00000000 1.12202837 992.98583814 0.99298584 1.12202837
B-7 0.00000000 1.12203642 992.98585479 0.99298585 1.12203642
B-8 0.00000000 1.12321806 992.98435008 0.99298435 1.12321806
PO1 0.00000000 1.26738475 935.89834348 0.93589834 1.26738475
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% 77,215,778.02 434,338.75 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% 65,316,620.17 367,405.99 0.00 0.00
B-1 5,752,000.00 6.75000% 5,718,108.59 32,164.36 0.00 0.00
B-2 3,451,000.00 6.75000% 3,430,666.33 19,297.50 0.00 0.00
B-3 2,301,000.00 6.75000% 2,287,442.26 12,866.86 0.00 0.00
B-4 2,991,000.00 6.75000% 2,973,376.70 16,725.24 0.00 0.00
B-5 1,151,000.00 6.75000% 1,144,218.18 6,436.23 0.00 0.00
B-6 345,223.00 6.75000% 343,188.91 1,930.44 0.00 0.00
B-7 460,297.00 6.75000% 457,584.88 2,573.91 0.00 0.00
B-8 805,524.80 6.75000% 800,778.30 4,504.38 0.00 0.00
PO1 275,457.00 0.00000% 258,148.86 0.00 0.00 0.00
X-1 0.00 1.17415% 134,268,295.59 131,373.11 0.00 0.00
X-2 0.00 1.17196% 68,175,715.72 66,580.47 0.00 0.00
R 100.00 6.75000% 0.00 0.00 0.00 0.00
Totals 230,082,601.80 1,366,821.62 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 0.00 434,338.75 0.00 74,496,974.12
A-2 0.00 0.00 98,094.37 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 0.00 367,405.99 0.00 63,040,515.01
B-1 0.00 0.00 32,164.36 0.00 5,711,654.60
B-2 0.00 0.00 19,297.50 0.00 3,426,794.16
B-3 0.00 0.00 12,866.86 0.00 2,284,860.44
B-4 0.00 0.00 16,725.24 0.00 2,970,020.67
B-5 0.00 0.00 6,436.23 0.00 1,142,926.71
B-6 0.00 0.00 1,930.44 0.00 342,801.55
B-7 0.00 0.00 2,573.91 0.00 457,068.41
B-8 0.00 0.00 4,504.38 0.00 799,873.52
PO1 0.00 0.00 0.00 0.00 257,799.75
X-1 0.00 0.00 131,373.11 0.00 131,549,566.95
X-2 0.00 0.00 66,580.47 0.00 65,889,447.12
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,366,821.61 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% 830.59870509 4.67211770 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% 913.83868723 5.14034264 0.00000000 0.00000000
B-1 5,752,000.00 6.75000% 994.10789117 5.59185675 0.00000000 0.00000000
B-2 3,451,000.00 6.75000% 994.10789047 5.59185743 0.00000000 0.00000000
B-3 2,301,000.00 6.75000% 994.10789222 5.59185571 0.00000000 0.00000000
B-4 2,991,000.00 6.75000% 994.10789034 5.59185557 0.00000000 0.00000000
B-5 1,151,000.00 6.75000% 994.10788879 5.59185925 0.00000000 0.00000000
B-6 345,223.00 6.75000% 994.10789548 5.59186381 0.00000000 0.00000000
B-7 460,297.00 6.75000% 994.10789121 5.59184613 0.00000000 0.00000000
B-8 805,524.80 6.75000% 994.10756813 5.59185763 0.00000000 0.00000000
PO1 275,457.00 0.00000% 937.16572823 0.00000000 0.00000000 0.00000000
X-1 0.00 1.17415% 879.71227541 0.86074331 0.00000000 0.00000000
X-2 0.00 1.17196% 880.19671596 0.85960097 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 4.67211770 0.00000000 801.35293361
A-2 0.00000000 0.00000000 5.62499971 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 5.14034264 0.00000000 881.99391410
B-1 0.00000000 0.00000000 5.59185675 0.00000000 992.98584840
B-2 0.00000000 0.00000000 5.59185743 0.00000000 992.98584758
B-3 0.00000000 0.00000000 5.59185571 0.00000000 992.98584963
B-4 0.00000000 0.00000000 5.59185557 0.00000000 992.98584754
B-5 0.00000000 0.00000000 5.59185925 0.00000000 992.98584709
B-6 0.00000000 0.00000000 5.59186381 0.00000000 992.98583814
B-7 0.00000000 0.00000000 5.59184613 0.00000000 992.98585479
B-8 0.00000000 0.00000000 5.59185763 0.00000000 992.98435008
PO1 0.00000000 0.00000000 0.00000000 0.00000000 935.89834348
X-1 0.00000000 0.00000000 0.86074331 0.00000000 861.89944068
X-2 0.00000000 0.00000000 0.85960097 0.00000000 850.67937107
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 6,493,997.08
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 6,493,997.08
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 112,553.20
Payment of Interest and Principal 6,381,443.88
Total Withdrawals (Pool Distribution Amount) 6,493,997.08
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 112,553.20
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 112,553.20
</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 6 795,615.31 0.556586% 0.391812%
60 Days 1 89,508.48 0.092764% 0.044080%
90+ Days 3 252,519.33 0.278293% 0.124357%
Foreclosure 5 393,875.25 0.463822% 0.193969%
REO 0 0.00 0.000000% 0.000000%
Totals 15 1,531,518.37 1.391466% 0.754218%
</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 0.06779507%
Fraud 4,601,652.03 2.00000000% 4,601,652.03 2.26614846%
Special Hazard 3,036,384.00 1.31969300% 2,974,001.58 1.46458903%
<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 8.132662%
Weighted AverageNet Coupon 7.882663%
Weighted Average Pass-Through Rate 7.882663%
Weighted Average Maturity(Stepdown Calculation ) 268
Begin Scheduled Collateral Loan Count 1,102
Number Of Loans Paid In Full 24
End Scheduled Collateral Loan Count 1,078
Begining Scheduled Collateral Balance 208,075,106.50
Ending Scheduled Collateral Balance 203,060,484.24
Ending Actual Collateral Balance at 31-Jul-1998 203,060,484.24
Monthly P &I Constant 1,647,990.88
Ending Scheduled Balance for Premium Loans 203,060,484.24
Scheduled Principal 237,820.37
Unscheduled Principal 4,776,801.89
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Remic Reserve Fund Balance 105,000.00
Outside Reserve Fund Balance 0.00
Group 1 Net Simple Interest 42,938.41
Excess/(Shortfall)
Group 2 Net Simple Interest 26,265.90
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 8.146871 8.105361
Weighted Average Net Rate 7.896872 7.855361
Weighted Average Maturity 336.00 140.00
Begining Loan Count 620.00 482.00
Loans Paid In Full 11.00 13.00
Ending Loan Count 609.00 469.00
Begining Scheduled Balance 136,851,348.75 71,223,757.75
Ending Scheduled Balance 134,126,568.83 68,933,915.41
Record Date 98-07-31 98-07-31
Principal And Interest Constant 998,523.72 649,467.16
Scheduled Principal 69,431.76 168,388.61
Unscheduled Principal 2,655,348.16 2,121,453.73
Scheduled Interest 929,091.96 481,078.55
Servicing Fee 28,510.62 14,838.27
Net Interest 900,581.34 466,240.28
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> Delinquency Status By Group
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 3 671,591.12 0 0.00 2 214,613.07
2 3 124,024.19 1 89,508.48 1 37,906.26
Total 6 $795,615.31 1 $89,508.48 3 $252,519.33
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 3 266,460.51 0 0.00 1 64,293.85
2 2 127,414.74 0 0.00 0 0.00
TOTAL 5.00 393,875.25 0.00 0.00 1.00 64,293.85
</TABLE>