Residential Funding Mortgage Securities I, Inc.
Company
Residential Funding Corporation
Master Servicer
Mortgage Pass-Through Certificates, Series 1998-S9
$3,103,700.00 6.50% Class 1-M1 Certificates
$2,069,300.00 6.50% Class 1-M2 Certificates
$1,034,700.00 6.50% Class 1-M3 Certificates
$5,453,400.00 6.75% Class 2-M1 Certificates
$2,439,500.00 6.75% Class 2-M2 Certificates
$1,291,500.00 6.75% Class 2-M3 Certificates
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Supplement dated April 27, 1998
to
Prospectus Supplement dated April 23, 1998
and
Prospectus dated December 22, 1997
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The Class 1-M1, Class 1-M2 and Class 1-M3 Certificates (collectively, the "Class
1-M Certificates") will be purchased from the Company by Salomon Brothers Inc
(the "Class 1-M Underwriter") pursuant to an agreement (the "Class 1-M
Underwriting Agreement") among the Company, the Master Servicer and the Class
1-M Underwriter. The Class 2-M1, Class 2-M2 and Class 2-M3 Certificates
(collectively, the "Class 2-M Certificates," and, together with the Class 1-M
Certificates, the "Class M Certificates") will be purchased from the Company by
PaineWebber Incorporated (the "Class 2-M Underwriter," and, together with the
Class 1-M Underwriter, the "Class M Underwriters") pursuant to an agreement (the
"Class 2-M Underwriting Agreement," and, together with the Class 1-M
Underwriting Agreement, the "Underwriting Agreements") among the Company, the
Master Servicer and the Class 2-M Underwriter. The proceeds to the Company from
the sale of the Class M Certificates will be equal to $15,154,398.80 net of any
expenses payable by the Company.
Each Class M Underwriter intends to offer the Class M Certificates purchased by
it from time to time to the public in negotiated transactions or otherwise at
varying prices to be determined at the time of sale. The Class M Underwriters
may effect such transactions by selling such Class M Certificates to or through
dealers. In connection with the purchase and sale of the Class M Certificates,
the Class M Underwriters and any dealers that may participate with the Class M
Underwriters in such resale of the Class M Certificates may be deemed to have
received compensation from the Company in the form of discounts or commissions
or, in the case of such dealers, compensation from the Class M Underwriters in
the form of discounts, concessions or commissions. The Underwriting Agreements
provide that the Company will indemnify the Class M Underwriters 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 Certificates. There can be no assurance that an active
secondary market will develop, or if it does develop, that it will continue.
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THIS SUPPLEMENT MUST BE DELIVERED TOGETHER WITH THE PROSPECTUS AND PROSPECTUS
SUPPLEMENT REFERRED TO ABOVE, AND SHOULD BE READ IN CONJUNCTION THEREWITH.
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UNTIL JULY 27, 1998, ALL DEALERS EFFECTING TRANSACTIONS IN THE CLASS M
CERTIFICATES, WHETHER OR NOT PARTICIPATING IN THIS DISTRIBUTION, MAY BE REQUIRED
TO DELIVER A PROSPECTUS (INCLUDING THE PROSPECTUS SUPPLEMENT AND THIS
SUPPLEMENT). THIS DELIVERY REQUIREMENT IS IN ADDITION TO THE OBLIGATION OF
DEALERS TO DELIVER A PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO
THEIR UNSOLD ALLOTMENTS OR SUBSCRIPTIONS.
Salomon Smith Barney PaineWebber Incorporated
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