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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: February 11, 1998
(Date of earliest event reported)
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-39665 75-2006294
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
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Item 5. Other Events.
On March 30, 1998 the Registrant expects to cause the issuance
and sale of Mortgage Pass-Through Certificates, Series 1998-S5 (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of March 1, 1998, among the Registrant, Residential Funding
Corporation, as Master Servicer, and First National Bank of Chicago, as
Trustee.
In connection with the expected sale of the Series 1998-S5
Certificates, the Registrant has been advised by Deutsche Morgan
Grenfell, Inc., (the "Underwriter"), that the Underwriter has furnished
to prospective investors certain collateral information with respect to
the mortgage loans ("Mortgage Loans") underlying the proposed offering
of the Certificates (the "Collateral Term Sheets"), which Collateral
Term Sheets are being filed electronically as exhibits to this report.
The Collateral Term Sheets have been provided by the
Underwriter. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Description of the Mortgage
Pool contained in the Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the
Securities and Exchange Commission.
The Collateral Term Sheets were prepared by the Underwriter at
the request of certain prospective investors. The Collateral Term
Sheets may be based on information that differs from the information
set forth in the Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the
information provided in the Collateral Term Sheets, which were provided
to certain investors only to give a sense of the underlying collateral
which will effect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the
collateral information in the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Certificates.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Collateral Term Sheets
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: February 11, 1998
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit Description Format
1 99 Collateral Term P
Sheets
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EXHIBIT 1
Collateral Term Sheet
Deutsche Morgan Grenfall
Residential Funding Corp. 1998-S5
Product:
30 Year Fixed Rate
Credit Support:
Senior/Sub
Senior Certificates:
$900 mm (+/- 5%)
Settlement Date:
March 30, 1998
Rating:
AAA
Compensating Interest:
Paid to the extent of Master Servicing (3-8 bps) Gross WAC:
7.63% (+/- 10 bps) Pass through rate:
6.75%
WAM:
357 months (+/- 2)
Seasoning:
0-4 months
WA LTV:
75% (+/- 2%)
California:
50% Max
Full Documentation:
80-85% (Approx)
Cash out Refi:
10-15% (Approx)
Single Family Detached:
90-95% (Approx)
Average Balance:
$275,000
Pool may contain owner occupied seconds (first mortgages)
All characteristics are preliminary, subject to adjustment and pool finalizing
The information herein has been provided solely by Deutsche Morgan Grenfell Inc.
Neither the issuer of the certificates nor any of its affiliates makes any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary and will be superseded by the applicable
prospectus supplement and by any other information subsequently filed with the
Securities and Exchange Commission. The information contained herein will be
superseded by the description of the mor tgage pool contained in the prospectus
supplement relating to the certificates and supersedes all information contained
in any collateral termsheets relating to the mortgage pool previously provided
by Deutsche Morgan Grenfell, Inc.
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