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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 26, 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 February 26, 1998 the Registrant expects to cause the
issuance and sale of Mortgage Pass-Through Certificates, Series 1998-S4
(the "Certificates") pursuant to a Pooling and Servicing Agreement to
be dated as of February 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-S4
Certificates, the Registrant has been advised by Residential Funding
Securities Corporation, (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preliminary and will be superseded by the Description of the Mortgage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 26, 1998
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term P
Sheets
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EXHIBIT 1
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RFMSI, Inc. 1998-S4
Series: RFMSI, Inc. 1998-S4
Issuer: Residential Funding Mortgage Securities, Inc.
Product: 15 Year Fixed
Structure: Senior/Subordinate
Settlement Date: 2-26-98
Certificate Final % of Price Talk Rating/Agency
Description Amounts Pool
Senior $275,335,167.31 98.00% AAA/S&P and Duff
M-1 $2,107,300.00 .75% AA/S&P
M-2 $702,400.00 .25% A/S&P
M-3 $702,400.00 .25% BBB/S&P
B-1 $1,264,300.00 .45% BB/S&P
B-2 $421,400.00 .15% B/S&P
B-3 $421,536.81 .15% Unrated
Collateral Characteristics:
Gross Coupon: 7.3113%
Pass-through Rate: 6.500%
WAM: 177.1698 mos.
WA LTV: 67.3415%
State Concentration: 38.747% California
Documentation: 86.896% Full
Cash-out Refi: 18.391%
WA Fico Score: 731.38(on 99.57% of files reporting scores)
64.68%: 720+
21.50%: 680-719
12.09%: 620-679
1.73%: less than 620
This report has been prepared based on information from sources believed to be
reliable, but its accuracy cannot be guaranteed. Information is unaudited. The
information herein has been provided solely by Residential Funding Securities
Corporation ("RFSC"). Neither the issuer of the certificates nor any of its
affiliates makes any representation as to the accuracy and completeness of this
information which supersedes all information previously provided by RFSC
contained in any collateral term sheets and/or any computational materials
relating to the mortgage pool. This information is preliminary and will be
superseded by the descriptions in the applicable prospectus supplement and by
any other information subsequently filed with the Securities and Exchange
Commission.
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