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Previous: AEI REAL ESTATE FUND 85-A LTD PARTNERSHIP, 8-K, 1999-01-12 |
Next: BEST BUY CO INC, 10-Q, 1999-01-12 |
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): December 28, 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 December 28, 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 December 28,
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: 12/29/1998
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 December 28,
1998 distribution.
<TABLE>
<CAPTION>
Morgan Stanley Mortgage Capital Inc.
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
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% 63,936,406.93 359,642.29 3,831,676.08
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% 57,627,026.61 324,152.02 2,431,957.32
B-1 61745MGC1 SUB 6.75000% 5,691,577.74 32,015.12 6,555.73
B-2 61745MGD9 SUB 6.75000% 3,414,748.74 19,207.96 3,933.21
B-3 61745MGE7 SUB 6.75000% 2,276,828.99 12,807.16 2,622.52
B-4 899888ZH7 SUB 6.75000% 2,959,580.84 16,647.64 3,408.94
B-5 899888ZI5 SUB 6.75000% 1,138,909.24 6,406.36 1,311.83
B-6 899888ZJ3 SUB 6.75000% 341,596.58 1,921.48 393.46
B-7 899888ZK0 SUB 6.75000% 455,461.78 2,561.97 524.61
B-8 899888ZL8 SUB 6.75000% 797,061.90 4,483.47 918.08
PO1 61745MGB3 SEQ 0.00000% 252,641.20 0.00 1,160.62
X-1 61745MFZ1 IO 1.14690% 0.00 115,627.15 0.00
X-2 61745MGA5 IO 1.14386% 0.00 57,637.27 0.00
R 61745MGF4 SEQ 6.75000% 0.00 0.00 0.00
Totals 187,002,840.55 1,223,734.27 6,284,462.40
</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 60,104,730.86 4,191,318.37 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 55,195,069.30 2,756,109.34 0.00
B-1 0.00 5,685,022.01 38,570.85 0.00
B-2 0.00 3,410,815.53 23,141.17 0.00
B-3 0.00 2,274,206.47 15,429.68 0.00
B-4 0.00 2,956,171.91 20,056.58 0.00
B-5 0.00 1,137,597.41 7,718.19 0.00
B-6 0.00 341,203.12 2,314.94 0.00
B-7 0.00 454,937.17 3,086.58 0.00
B-8 0.00 796,143.82 5,401.55 0.00
PO1 0.00 251,480.58 1,160.62 0.00
X-1 0.00 0.00 115,627.15 0.00
X-2 0.00 0.00 57,637.27 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 180,718,378.18 7,508,196.67 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 63,936,406.93 58,953.76 3,772,722.32 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 57,627,026.61 138,756.79 2,293,200.53 0.00 0.00
B-1 5,752,000.00 5,691,577.74 6,555.73 0.00 0.00 0.00
B-2 3,451,000.00 3,414,748.74 3,933.21 0.00 0.00 0.00
B-3 2,301,000.00 2,276,828.99 2,622.52 0.00 0.00 0.00
B-4 2,991,000.00 2,959,580.84 3,408.94 0.00 0.00 0.00
B-5 1,151,000.00 1,138,909.24 1,311.83 0.00 0.00 0.00
B-6 345,223.00 341,596.58 393.46 0.00 0.00 0.00
B-7 460,297.00 455,461.78 524.61 0.00 0.00 0.00
B-8 805,524.80 797,061.90 918.08 0.00 0.00 0.00
PO1 275,457.00 252,641.20 1,111.36 49.27 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 230,082,601.80 187,002,840.55 218,490.29 6,065,972.12 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 3,831,676.08 60,104,730.86 0.64653770 3,831,676.08
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 2,431,957.32 55,195,069.30 0.77222902 2,431,957.32
B-1 6,555.73 5,685,022.01 0.98835570 6,555.73
B-2 3,933.21 3,410,815.53 0.98835570 3,933.21
B-3 2,622.52 2,274,206.47 0.98835570 2,622.52
B-4 3,408.94 2,956,171.91 0.98835570 3,408.94
B-5 1,311.83 1,137,597.41 0.98835570 1,311.83
B-6 393.46 341,203.12 0.98835570 393.46
B-7 524.61 454,937.17 0.98835571 524.61
B-8 918.08 796,143.82 0.98835420 918.08
PO1 1,160.62 251,480.58 0.91295767 1,160.62
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 6,284,462.40 180,718,378.18 0.78544999 6,284,462.40
</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 92,964,000.00 687.75447410 0.63415688 40.58261607 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 71,475,000.00 806.25430724 1.94133319 32.08395285 0.00000000
B-1 5,752,000.00 989.49543463 1.13973053 0.00000000 0.00000000
B-2 3,451,000.00 989.49543321 1.13973051 0.00000000 0.00000000
B-3 2,301,000.00 989.49543242 1.13973055 0.00000000 0.00000000
B-4 2,991,000.00 989.49543297 1.13973253 0.00000000 0.00000000
B-5 1,151,000.00 989.49543006 1.13973067 0.00000000 0.00000000
B-6 345,223.00 989.49542759 1.13972707 0.00000000 0.00000000
B-7 460,297.00 989.49543447 1.13972066 0.00000000 0.00000000
B-8 805,524.80 989.49392992 1.13972903 0.00000000 0.00000000
PO1 275,457.00 917.17110112 4.03460431 0.17886639 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 41.21677294 646.53770126 0.64653770 41.21677294
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 34.02528604 772.22902134 0.77222902 34.02528604
B-1 0.00000000 1.13973053 988.35570410 0.98835570 1.13973053
B-2 0.00000000 1.13973051 988.35570269 0.98835570 1.13973051
B-3 0.00000000 1.13973055 988.35570187 0.98835570 1.13973055
B-4 0.00000000 1.13973253 988.35570378 0.98835570 1.13973253
B-5 0.00000000 1.13973067 988.35569939 0.98835570 1.13973067
B-6 0.00000000 1.13972707 988.35570052 0.98835570 1.13972707
B-7 0.00000000 1.13972066 988.35571381 0.98835571 1.13972066
B-8 0.00000000 1.13972903 988.35420089 0.98835420 1.13972903
PO1 0.00000000 4.21343440 912.95766671 0.91295767 4.21343440
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% 63,936,406.93 359,642.29 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% 57,627,026.61 324,152.02 0.00 0.00
B-1 5,752,000.00 6.75000% 5,691,577.74 32,015.12 0.00 0.00
B-2 3,451,000.00 6.75000% 3,414,748.74 19,207.96 0.00 0.00
B-3 2,301,000.00 6.75000% 2,276,828.99 12,807.16 0.00 0.00
B-4 2,991,000.00 6.75000% 2,959,580.84 16,647.64 0.00 0.00
B-5 1,151,000.00 6.75000% 1,138,909.24 6,406.36 0.00 0.00
B-6 345,223.00 6.75000% 341,596.58 1,921.48 0.00 0.00
B-7 460,297.00 6.75000% 455,461.78 2,561.97 0.00 0.00
B-8 805,524.80 6.75000% 797,061.90 4,483.47 0.00 0.00
PO1 275,457.00 0.00000% 252,641.20 0.00 0.00 0.00
X-1 0.00 1.14690% 120,980,088.15 115,627.15 0.00 0.00
X-2 0.00 1.14386% 60,468,675.19 57,637.27 0.00 0.00
R 100.00 6.75000% 0.00 0.00 0.00 0.00
Totals 230,082,601.80 1,223,734.27 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 0.00 359,642.29 0.00 60,104,730.86
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 0.00 324,152.02 0.00 55,195,069.30
B-1 0.00 0.00 32,015.12 0.00 5,685,022.01
B-2 0.00 0.00 19,207.96 0.00 3,410,815.53
B-3 0.00 0.00 12,807.16 0.00 2,274,206.47
B-4 0.00 0.00 16,647.64 0.00 2,956,171.91
B-5 0.00 0.00 6,406.36 0.00 1,137,597.41
B-6 0.00 0.00 1,921.48 0.00 341,203.12
B-7 0.00 0.00 2,561.97 0.00 454,937.17
B-8 0.00 0.00 4,483.47 0.00 796,143.82
PO1 0.00 0.00 0.00 0.00 251,480.58
X-1 0.00 0.00 115,627.15 0.00 117,145,169.58
X-2 0.00 0.00 57,637.27 0.00 58,032,296.06
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,223,734.27 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% 687.75447410 3.86861893 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% 806.25430724 4.53518041 0.00000000 0.00000000
B-1 5,752,000.00 6.75000% 989.49543463 5.56591099 0.00000000 0.00000000
B-2 3,451,000.00 6.75000% 989.49543321 5.56591133 0.00000000 0.00000000
B-3 2,301,000.00 6.75000% 989.49543242 5.56591047 0.00000000 0.00000000
B-4 2,991,000.00 6.75000% 989.49543297 5.56591107 0.00000000 0.00000000
B-5 1,151,000.00 6.75000% 989.49543006 5.56590791 0.00000000 0.00000000
B-6 345,223.00 6.75000% 989.49542759 5.56590957 0.00000000 0.00000000
B-7 460,297.00 6.75000% 989.49543447 5.56590636 0.00000000 0.00000000
B-8 805,524.80 6.75000% 989.49392992 5.56589940 0.00000000 0.00000000
PO1 275,457.00 0.00000% 917.17110112 0.00000000 0.00000000 0.00000000
X-1 0.00 1.14690% 792.64928595 0.75757738 0.00000000 0.00000000
X-2 0.00 1.14386% 780.69337092 0.74413793 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 3.86861893 0.00000000 646.53770126
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 4.53518041 0.00000000 772.22902134
B-1 0.00000000 0.00000000 5.56591099 0.00000000 988.35570410
B-2 0.00000000 0.00000000 5.56591133 0.00000000 988.35570269
B-3 0.00000000 0.00000000 5.56591047 0.00000000 988.35570187
B-4 0.00000000 0.00000000 5.56591107 0.00000000 988.35570378
B-5 0.00000000 0.00000000 5.56590791 0.00000000 988.35569939
B-6 0.00000000 0.00000000 5.56590957 0.00000000 988.35570052
B-7 0.00000000 0.00000000 5.56590636 0.00000000 988.35571381
B-8 0.00000000 0.00000000 5.56589940 0.00000000 988.35420089
PO1 0.00000000 0.00000000 0.00000000 0.00000000 912.95766671
X-1 0.00000000 0.00000000 0.75757738 0.00000000 767.52328784
X-2 0.00000000 0.00000000 0.74413793 0.00000000 749.23799291
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 7,567,433.12
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 7,567,433.12
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 59,236.42
Payment of Interest and Principal 7,508,196.70
Total Withdrawals (Pool Distribution Amount) 7,567,433.12
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 59,236.42
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 59,236.42
</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 5 591,742.82 0.503525% 0.327406%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 1 89,508.48 0.100705% 0.049524%
Foreclosure 4 309,110.53 0.402820% 0.171028%
REO 0 0.00 0.000000% 0.000000%
Totals 10 990,361.83 1.007049% 0.547959%
</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
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 137,665.00 0.05983286% 137,665.00 0.07616887%
Fraud 4,601,652.03 2.00000000% 4,601,652.03 2.54605470%
Special Hazard 3,036,384.00 1.31969300% 2,800,138.46 1.54929266%
<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 8.101957%
Weighted Average Net Coupon 7.851957%
Weighted Average Pass-Through Rate 7.851957%
Weighted Average Maturity(Stepdown Calculation ) 264
Begin Scheduled Collateral Loan Count 1,018
Number Of Loans Paid In Full 25
End Scheduled Collateral Loan Count 993
Begining Scheduled Collateral Balance 187,021,035.88
Ending Scheduled Collateral Balance 180,736,573.48
Ending Actual Collateral Balance at 30-Nov-1998 180,736,573.48
Monthly P &I Constant 1,481,187.30
Ending Scheduled Balance for Premium Loans 180,736,573.48
Scheduled Principal 218,490.29
Unscheduled Principal 6,065,972.11
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Remic Reserve Fund Balance 105,000.00
Outside Reserve Fund Balance 0.00
Group 1 Net Simple Interest 7,075.18
Excess/(Shortfall)
Group 2 Net Simple Interest 13,198.53
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 8.117461 8.071779
Weighted Average Net Rate 7.867462 7.821779
Weighted Average Maturity 332.00 136.00
Beginning Loan Count 569 449
Loans Paid In Full 14 11
Ending Loan Count 555 438
Beginning Scheduled Balance 123,547,483.03 63,473,552.85
Ending scheduled Balance 119,709,707.02 61,026,866.46
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 900,788.87 580,398.43
Scheduled Principal 65,045.59 153,444.70
Unscheduled Principal 3,772,730.42 2,293,241.69
Scheduled Interest 835,743.28 426,953.73
Servicing Fees 25,739.05 13,223.66
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 810,004.23 413,730.07
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptc
1 Principal Balance 449,366.85 0.00 0.00 309,110.53 0.00 0.00
Percentage Of Balanc 0.375% 0.000% 0.000% 0.258% 0.000% 0.000%
Loan Count 2 0 0 4 0 0
Percentage Of Loans 0.360% 0.000% 0.000% 0.721% 0.000% 0.000%
2 Principal Balance 142,375.97 0.00 89,508.48 0.00 0.00 49,125.47
Percentage Of Balanc 0.233% 0.000% 0.147% 0.000% 0.000% 0.080%
Loan Count 3 0 1 0 0 1
Percentage Of Loans 0.685% 0.000% 0.228% 0.000% 0.000% 0.228%
</TABLE>
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