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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): November 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.
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 November 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-1 Trust, relating to the November 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: 12/01/1998
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 November 25,
1998 distribution.
<TABLE>
<CAPTION>
Morgan Stanley Mortgage Capital Inc.
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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% 68,424,011.99 384,885.07 4,487,605.06
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% 60,363,375.19 339,543.99 2,736,348.58
B-1 61745MGC1 SUB 6.75000% 5,698,936.49 32,056.52 7,358.75
B-2 61745MGD9 SUB 6.75000% 3,419,163.74 19,232.80 4,414.99
B-3 61745MGE7 SUB 6.75000% 2,279,772.75 12,823.72 2,943.75
B-4 899888ZH7 SUB 6.75000% 2,963,407.34 16,669.17 3,826.50
B-5 899888ZI5 SUB 6.75000% 1,140,381.76 6,414.65 1,472.52
B-6 899888ZJ3 SUB 6.75000% 342,038.24 1,923.97 441.66
B-7 899888ZK0 SUB 6.75000% 456,050.65 2,565.28 588.88
B-8 899888ZL8 SUB 6.75000% 798,092.44 4,489.27 1,030.54
PO1 61745MGB3 SEQ 0.00000% 254,490.83 0.00 1,849.63
X-1 61745MFZ1 IO 1.16830% 0.00 122,152.29 0.00
X-2 61745MGA5 IO 1.13922% 0.00 60,004.45 0.00
R 61745MGF4 SEQ 6.75000% 0.00 0.00 0.00
Totals 194,250,721.42 1,273,385.56 7,247,880.86
</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 63,936,406.93 4,872,490.13 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 57,627,026.61 3,075,892.57 0.00
B-1 0.00 5,691,577.74 39,415.27 0.00
B-2 0.00 3,414,748.74 23,647.79 0.00
B-3 0.00 2,276,828.99 15,767.47 0.00
B-4 0.00 2,959,580.84 20,495.67 0.00
B-5 0.00 1,138,909.24 7,887.17 0.00
B-6 0.00 341,596.58 2,365.63 0.00
B-7 0.00 455,461.78 3,154.16 0.00
B-8 0.00 797,061.90 5,519.81 0.00
PO1 0.00 252,641.20 1,849.63 0.00
X-1 0.00 0.00 122,152.29 0.00
X-2 0.00 0.00 60,004.45 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 187,002,840.55 8,521,266.42 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 68,424,011.99 69,907.86 4,417,697.20 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 60,363,375.19 161,549.57 2,574,799.00 0.00 0.00
B-1 5,752,000.00 5,698,936.49 7,358.75 0.00 0.00 0.00
B-2 3,451,000.00 3,419,163.74 4,414.99 0.00 0.00 0.00
B-3 2,301,000.00 2,279,772.75 2,943.75 0.00 0.00 0.00
B-4 2,991,000.00 2,963,407.34 3,826.50 0.00 0.00 0.00
B-5 1,151,000.00 1,140,381.76 1,472.52 0.00 0.00 0.00
B-6 345,223.00 342,038.24 441.66 0.00 0.00 0.00
B-7 460,297.00 456,050.65 588.88 0.00 0.00 0.00
B-8 805,524.80 798,092.44 1,030.54 0.00 0.00 0.00
PO1 275,457.00 254,490.83 1,219.73 629.89 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 230,082,601.80 194,250,721.42 254,754.75 6,993,126.09 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 4,487,605.06 63,936,406.93 0.68775447 4,487,605.06
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 2,736,348.58 57,627,026.61 0.80625431 2,736,348.58
B-1 7,358.75 5,691,577.74 0.98949543 7,358.75
B-2 4,414.99 3,414,748.74 0.98949543 4,414.99
B-3 2,943.75 2,276,828.99 0.98949543 2,943.75
B-4 3,826.50 2,959,580.84 0.98949543 3,826.50
B-5 1,472.52 1,138,909.24 0.98949543 1,472.52
B-6 441.66 341,596.58 0.98949543 441.66
B-7 588.88 455,461.78 0.98949543 588.88
B-8 1,030.54 797,061.90 0.98949393 1,030.54
PO1 1,849.63 252,641.20 0.91717110 1,849.63
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 7,247,880.86 187,002,840.55 0.81276393 7,247,880.86
</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 92,964,000.00 736.02697808 0.75198851 47.52051547 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 71,475,000.00 844.53830276 2.26022483 36.02377055 0.00000000
B-1 5,752,000.00 990.77477225 1.27933762 0.00000000 0.00000000
B-2 3,451,000.00 990.77477253 1.27933642 0.00000000 0.00000000
B-3 2,301,000.00 990.77477184 1.27933507 0.00000000 0.00000000
B-4 2,991,000.00 990.77477098 1.27933801 0.00000000 0.00000000
B-5 1,151,000.00 990.77476977 1.27933970 0.00000000 0.00000000
B-6 345,223.00 990.77477457 1.27934697 0.00000000 0.00000000
B-7 460,297.00 990.77476064 1.27934790 0.00000000 0.00000000
B-8 805,524.80 990.77326980 1.27933988 0.00000000 0.00000000
PO1 275,457.00 923.88586966 4.42802325 2.28670900 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 48.27250398 687.75447410 0.68775447 48.27250398
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 38.28399552 806.25430724 0.80625431 38.28399552
B-1 0.00000000 1.27933762 989.49543463 0.98949543 1.27933762
B-2 0.00000000 1.27933642 989.49543321 0.98949543 1.27933642
B-3 0.00000000 1.27933507 989.49543242 0.98949543 1.27933507
B-4 0.00000000 1.27933801 989.49543297 0.98949543 1.27933801
B-5 0.00000000 1.27933970 989.49543006 0.98949543 1.27933970
B-6 0.00000000 1.27934697 989.49542759 0.98949543 1.27934697
B-7 0.00000000 1.27934790 989.49543447 0.98949543 1.27934790
B-8 0.00000000 1.27933988 989.49392992 0.98949393 1.27933988
PO1 0.00000000 6.71476855 917.17110112 0.91717110 6.71476855
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% 68,424,011.99 384,885.07 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% 60,363,375.19 339,543.99 0.00 0.00
B-1 5,752,000.00 6.75000% 5,698,936.49 32,056.52 0.00 0.00
B-2 3,451,000.00 6.75000% 3,419,163.74 19,232.80 0.00 0.00
B-3 2,301,000.00 6.75000% 2,279,772.75 12,823.72 0.00 0.00
B-4 2,991,000.00 6.75000% 2,963,407.34 16,669.17 0.00 0.00
B-5 1,151,000.00 6.75000% 1,140,381.76 6,414.65 0.00 0.00
B-6 345,223.00 6.75000% 342,038.24 1,923.97 0.00 0.00
B-7 460,297.00 6.75000% 456,050.65 2,565.28 0.00 0.00
B-8 805,524.80 6.75000% 798,092.44 4,489.27 0.00 0.00
PO1 275,457.00 0.00000% 254,490.83 0.00 0.00 0.00
X-1 0.00 1.16830% 125,469,516.11 122,155.16 0.00 0.00
X-2 0.00 1.13922% 63,207,943.85 60,006.67 0.00 0.00
R 100.00 6.75000% 0.00 0.00 0.00 0.00
Totals 230,082,601.80 1,273,390.65 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 0.00 384,885.07 0.00 63,936,406.93
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 0.00 339,543.99 0.00 57,627,026.61
B-1 0.00 0.00 32,056.52 0.00 5,691,577.74
B-2 0.00 0.00 19,232.80 0.00 3,414,748.74
B-3 0.00 0.00 12,823.72 0.00 2,276,828.99
B-4 0.00 0.00 16,669.17 0.00 2,959,580.84
B-5 0.00 0.00 6,414.65 0.00 1,138,909.24
B-6 0.00 0.00 1,923.97 0.00 341,596.58
B-7 0.00 0.00 2,565.28 0.00 455,461.78
B-8 0.00 0.00 4,489.27 0.00 797,061.90
PO1 0.00 0.00 0.00 0.00 252,641.20
X-1 0.00 0.00 122,152.29 0.00 120,980,088.15
X-2 0.00 0.00 60,004.45 0.00 60,468,675.19
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,273,385.56 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% 736.02697808 4.14015178 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% 844.53830276 4.75052802 0.00000000 0.00000000
B-1 5,752,000.00 6.75000% 990.77477225 5.57310848 0.00000000 0.00000000
B-2 3,451,000.00 6.75000% 990.77477253 5.57310924 0.00000000 0.00000000
B-3 2,301,000.00 6.75000% 990.77477184 5.57310734 0.00000000 0.00000000
B-4 2,991,000.00 6.75000% 990.77477098 5.57310933 0.00000000 0.00000000
B-5 1,151,000.00 6.75000% 990.77476977 5.57311034 0.00000000 0.00000000
B-6 345,223.00 6.75000% 990.77477457 5.57312230 0.00000000 0.00000000
B-7 460,297.00 6.75000% 990.77476064 5.57309737 0.00000000 0.00000000
B-8 805,524.80 6.75000% 990.77326980 5.57309967 0.00000000 0.00000000
PO1 275,457.00 0.00000% 923.88586966 0.00000000 0.00000000 0.00000000
X-1 0.00 1.16830% 822.06356330 0.80034824 0.00000000 0.00000000
X-2 0.00 1.13922% 816.05926702 0.77472856 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 4.14015178 0.00000000 687.75447410
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 4.75052802 0.00000000 806.25430724
B-1 0.00000000 0.00000000 5.57310848 0.00000000 989.49543463
B-2 0.00000000 0.00000000 5.57310924 0.00000000 989.49543321
B-3 0.00000000 0.00000000 5.57310734 0.00000000 989.49543242
B-4 0.00000000 0.00000000 5.57310933 0.00000000 989.49543297
B-5 0.00000000 0.00000000 5.57311034 0.00000000 989.49543006
B-6 0.00000000 0.00000000 5.57312230 0.00000000 989.49542759
B-7 0.00000000 0.00000000 5.57309737 0.00000000 989.49543447
B-8 0.00000000 0.00000000 5.57309967 0.00000000 989.49392992
PO1 0.00000000 0.00000000 0.00000000 0.00000000 917.17110112
X-1 0.00000000 0.00000000 0.80032943 0.00000000 792.64928595
X-2 0.00000000 0.00000000 0.77469990 0.00000000 780.69337092
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 Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<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 8,575,880.68
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 8,575,880.68
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 54,614.30
Payment of Interest and Principal 8,521,266.38
Total Withdrawals (Pool Distribution Amount) 8,575,880.68
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 54,614.30
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 54,614.30
</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 4 394,856.32 0.392927% 0.211129%
60 Days 2 109,096.60 0.196464% 0.058334%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 3 236,486.19 0.294695% 0.126449%
REO 0 0.00 0.000000% 0.000000%
Totals 9 740,439.11 0.884086% 0.395912%
</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 A 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 0.07360937%
Fraud 4,601,652.03 2.00000000% 4,601,652.03 2.46049970%
Special Hazard 3,036,384.00 1.31969300% 2,801,779.80 1.49810944%
<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 8.115708%
Weighted Average Net Coupon 7.865708%
Weighted Average Pass-Through Rate 7.865708%
Weighted Average Maturity(Stepdown Calculation ) 265
Beginning Scheduled Collateral Loan Count 1,042
Number Of Loans Paid In Full 24
End Scheduled Collateral Loan Count 1,018
Beginning Scheduled Collateral Balance 194,268,916.72
Ending Scheduled Collateral Balance 187,021,035.88
Ending Actual Collateral Balance at 30-Oct-1998 187,021,035.88
Monthly P &I Constant 1,568,612.97
Ending Scheduled Balance for Premium Loans 187,021,035.88
Scheduled Principal 254,754.74
Unscheduled Principal 6,993,126.10
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Remic Reserve Fund Balance 105,000.00
Outside Reserve Fund Balance 0.00
Group 1 Net Simple Interest 12,797.76
Excess/(Shortfall)
Group 2 Net Simple Interest 1.343.85
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 8.139380 8.069942
Weighted Average Net Rate 7.889380 7.819942
Weighted Average Maturity 333.00 137.00
Beginning Loan Count 588 454
Loans Paid In Full 19 5
Ending Loan Count 569 449
Beginning Scheduled Balance 128,042,098.26 66,226,818.46
Ending scheduled Balance 123,547,483.03 63,473,552.85
Record Date 10/30/1998 10/30/1998
Principal And Interest Constant 945,367.05 623,245.92
Scheduled Principal 76,880.98 177,873.76
Unscheduled Principal 4,417,734.25 2,575,391.85
Scheduled Interest 868,486.07 445,372.16
Servicing Fees 26,675.44 13,797.25
Master Servicing Fees 0.00 0.00
Trustee 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 Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 841,810.63 431,574.91
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
1 2
Group ID 0.00 0.00
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
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 102,762.00 72,624.34 0.00 236,486.19 0.00 64,125.91
Percentage Of Balanc 0.083% 0.059% 0.000% 0.191% 0.000% 0.052%
Loan Count 1 1 0 3 0 1
Percentage Of Loans 0.176% 0.176% 0.000% 0.527% 0.000% 0.176%
2 Principal Balance 292,094.32 36,472.26 0.00 0.00 0.00 207,031.66
Percentage Of Balanc 0.460% 0.057% 0.000% 0.000% 0.000% 0.326%
Loan Count 3 1 0 0 0 3
Percentage Of Loans 0.668% 0.223% 0.000% 0.000% 0.000% 0.668%
</TABLE>
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