Residential Funding Mortgage Securities I, Inc.
Depositor
Residential Funding Corporation
Master Servicer
Mortgage Pass-Through Certificates
Series 1998-S23
$10,447,200 6.75% Class M-1 Certificates
----------
Supplement dated November 2, 1998
to
prospectus supplement dated October 23, 1998
to
prospectus dated July 23, 1998
----------
The Class M-1 underwriter will offer to the public the Class M-1
Certificates, on a best efforts basis, directly or through dealers, at varying
prices to be determined at the time of sale. The Class M-1 underwriter's
commission will be the difference between the price it pays to the depositor for
the Class M-1 Certificates and the amount it receives from the sale of the Class
M-1 Certificates to the public. The proceeds to the depositor from the sale of
the Class M-1 Certificates to the Class M-1 underwriter will be $10,216,055.70
before deducting expenses. The Class M-1 underwriter is an affiliate of the
depositor.
The Class M-1 Certificates will be offered pursuant to a Class M-1
underwriting agreement among the depositor, the master servicer and the Class
M-1 underwriter. The Class M-1 underwriter and any dealers that may participate
with the Class M-1 underwriter in the resale of the Class M-1 Certificates may
receive compensation from the depositor in the form of discounts or commissions
or, in the case of dealers, compensation from the Class M-1 underwriter in the
form of discounts, concessions or commissions. The Class M-1 underwriting
agreement provides that the depositor will indemnify the Class M-1 underwriter
against certain civil liabilities under the Securities Act of 1933, as amended,
or contribute to payments required to be made in respect thereof. There is
currently no secondary market for the Class M-1 Certificates. There can be no
assurance that an active secondary market will develop, or if it does develop,
that it will continue.
This supplement may be used to offer or sell the certificates offered
hereby only if accompanied by the prospectus supplement and prospectus.
Dealers will be required to deliver a supplement, prospectus supplement
and prospectus when acting as underwriters of the certificates offered hereby
and with respect to their unsold allotments or subscriptions. In addition, all
dealers selling the Class M-1 Certificates, whether or not participating in this
offering, may be required to deliver a supplement, prospectus supplement and
prospectus until February 1, 1999.
Residential Funding Securities Corporation
Class M-1 Underwriter
<PAGE>
