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Previous: SAZTEC INTERNATIONAL INC, 10KSB, 1998-09-25 |
Next: SOURCE ONE MORTGAGE SERVICES CORP, 8-K, 1998-09-25 |
<PAGE> 1
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: September 22, 1998
Source One Mortgage Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-2011419
-------- ------- ----------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
27555 Farmington Road 48334-3357
Farmington Hills, Michigan ----------
- -------------------------- (Zip Code)
(Address of principal
executive offices)
Registrant's telephone number, including area code: (248) 488-7000
Total Pages: 8
<PAGE> 2
Item 5. Other Events
None applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
See attached Distribution Reports as of September 25, 1998 for Series
1987-1 and 1987-2, Distribution Reports as of October 1, 1998 for
Series 1988-1 and 1988-2 and Distribution Reports as of September 20,
1998 for Series 1990-1.
Signature
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 thereunto duly authorized.
SOURCE ONE MORTGAGE SERVICES CORPORATION
(Registrant)
Date: September 22, 1998 By: /s/ Larry N. Ciofu
------------------------------
Larry N. Ciofu
Vice President
<PAGE> 3
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-1
Distribution Date Statement for 25-Sep-98
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Payable Per
Class RATE Outstanding Certificates Payable $1,000 CTF
----- ---- ----------- ------------ ------- ----------
<S> <C> <C> <C> <C> <C>
A 6.4875% $6,994,539.62 62,500 $113,442.69 $1.815083
B 6.0000% $0.00 13,700 $0.00 $0.000000
C 6.0000% $0.00 26,900 $0.00 $0.000000
D 6.0000% $6,994,539.63 21,900 $104,918.09 $4.790780
------------- ------- -----------
$13,989,079.25 125,000 $218,360.78
</TABLE>
Distribution Date Statement for 25-Sep-98
<TABLE>
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Class Payable* $1,000 CTF 25-Sep-98 25-Sep-98
----- -------- ---------- --------- ---------
<S> <C> <C> <C> <C>
A $586,040.09 $9.376641 $6,408,499.53 $102.535992
B $0.00 $0.000000 $0.00 $0.000000
C $0.00 $0.000000 $0.00 $0.000000
D $586,040.09 $26.759821 $6,408,499.54 $292.625550
------------- --------------
$1,172,080.18 $12,816,999.07
</TABLE>
<TABLE>
<S> <C> <C> <C>
*Aggregate Cash Flow Value Decline: $1,172,080.17 Principal Allocation: Class A: 50.00000%
Ending Aggregate Agency MBS Balance: $12,819,856.36 Class D: 50.00000%
Agency MBS Collections :
Interest $324,201.31
Principal $1,172,080.17
Investment Income $8,856.15
--------------
TOTAL AVAILABLE $1,505,137.63 THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Due to Certificateholders ($1,390,440.96) Corporate Trust Division
Suite 0126
Expenses Payable ($5,598.40) One First National Plaza
-------------- Chicago, Illinois 60670
Due to Residual Holders $109,098.27 (312)407-4660
==============
Amount Payable Per Individual
Residual Certificate (5% Denomination): $5,454.9135
</TABLE>
<PAGE> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-2
<TABLE>
<CAPTION>
Distribution Date Statement for 25-Sep-98
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
----- ---- ----------- ------------ ------- -------
<S> <C> <C> <C> <C> <C>
2-A 0.0000% $0.00 45,100 $0.00 $0.00
2-B 7.0000% $0.00 18,000 $0.00 $0.00
2-C 7.0000% $0.00 19,700 $0.00 $0.00
2-D 9.5500% $0.00 124 $0.00 $0.00
2-E 9.9500% $8,675,383.08 5,200 $71,933.38 $71,933.38
------------- ----- ---------- ----------
$8,675,383.08 88,124 $71,933.38 $71,933.38
<CAPTION>
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable $1,000 CTF 25-Sep-98 25-Sep-98
----- ---------- ------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
2-A $0.000000 $0.000000 $0.000000 $0.00 $0.000000
2-B $0.000000 $0.000000 $0.000000 $0.00 $0.000000
2-C $0.000000 $0.000000 $0.000000 $0.00 $0.000000
2-D $0.000000 $0.000000 - $0.00 $0.000000
2-E $13.833342 $308,348.03 $59.297698 $8,367,035.05 $1,609.045202
----------- -------------
$308,348.03 $8,367,035.05
</TABLE>
<TABLE>
<S> <C> <C> <C>
Agency MBS Collections : Ending Aggregate Agency MBS Balance: $8,386,826.14
Interest $72,459.75
Principal $308,348.03
Investment Income $473.38 Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $308,348.03
------------
TOTAL AVAILABLE $381,281.16
THE FIRST NATIONAL BANK OF CHICAGO,
Due to Certificateholders $380,281.41 as Trustee
Corporate Trust Division
------------ Suite 0126
Available for Expenses and Residual Payments $999.75 One First National Plaza
Chicago, Illinois 60670
Expenses Payable ($257.20) (312)407-4660
------------
Net Balance $742.55
============
Due to Residual Holders $742.55
Amount Payable Per Individual
Residual Certificate (5% Denomination): $37.1275
** THIS IS A REDEMPTION PAYMENT TO SPECIFIC HOLDERS ELECTING A
PUT OPTION.
</TABLE>
<PAGE> 5
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
Distribution Date Statement for 1-Oct-98
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
----- ------ ----------- ------------ -------- --------
<S> <C> <C> <C> <C> <C>
A 0.0000% $0.00 38,510 $0.00 $0.00
B 8.0000% $0.00 51,050 $0.00 $0.00
Z 9.9000% $8,550,979.99 10,440 $70,545.58 $70,545.58
------------- --------- ---------- ----------
$8,550,979.99 100,000 $70,545.58 $70,545.58
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF 1-Oct-98 1-Oct-98
- ------- ----------- --------- ------------ ------------- ------------------
<S> <C> <C> <C> <C> <C>
A $0.000000 $0.00 $0.000000 $0.00 $0.000000
B $0.000000 $0.00 $0.000000 $0.00 $0.000000
Z $6.757239 $384,891.79 $36.867030 $8,166,088.20 $782.192356
----------- -------------
$384,891.79 $8,166,088.20
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
Agency MBS Collections :
Interest $71,260.42 Ending Aggregate Agency MBS Balance: $8,166,355.73
Principal $384,891.79
Investment Income $883.94
------------- Accrual Distribution Amount: $0.00
TOTAL AVAILABLE $457,036.15 Aggregate Cash Flow Value Decline: $384,891.79
-----------
Due to Certificateholders ($455,437.37) *Aggregate Amount of Principal
------------- Distributable: $384,891.79
Available for Expenses and
Residual Payments $1,598.78
Expenses Payable ($230.72) THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
------------- Corporate Trust Division
Net Balance $1,368.06 Suite 0126
============= One First National Plaza
Chicago, Illinois 60670
(312)407-4660
Due to Residual Holders $1,368.06
Amount Payable Per Individual
Residual Certificate
(5% Denomination): $68.4030
</TABLE>
<PAGE> 6
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-2
Distribution Date Statement for 1-Oct-98
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ------ ------- ----------- ------------ -------- ---------
<S> <C> <C> <C> <C> <C>
2-A 0.0000% $0.00 39,750 $0.00 $0.00
2-B 7.0000% $0.00 24,540 $0.00 $0.00
2-C 7.0000% $0.00 10,930 $0.00 $0.00
2-D 7.0000% $0.00 14,580 $0.00 $0.00
2-Z 9.4000% $11,108,719.15 10,200 $87,018.30 $87,018.30
-------------- ------- ---------- ----------
$11,108,719.15 100,000 $87,018.30 $87,018.30
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF 1-Oct-98 1-Oct-98
- ------ ----------- --------- ----------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
2-A $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-B $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-C $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-D $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-Z $8.531206 $125,621.14 $12.315798 $10,983,098.01 $1,076.774315
----------- --------------
$125,621.14 $10,983,098.01
</TABLE>
<TABLE>
<S> <C> <C> <C>
Agency MBS Collections : Ending Aggregate Agency MBS Balance: $10,983,112.76
Interest $87,944.12 Accrual Distribution Amount: $0.00
Principal $125,621.14 Aggregate Cash Flow Value Decline: $125,621.14
Investment Income $1,174.10 -----------
-------------- *Aggregate Amount of Principal Distributable: $125,621.14
TOTAL AVAILABLE $214,739.36
Principal Allocation: Class 2-A: 0.0000%
Due to Certificateholders ($212,639.44) Class 2-D: 0.0000%
--------------
Available for Expenses and Residual Payments $2,099.92 THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Expenses Payable ($287.65) Corporate Trust Division
Suite 0126
Net Balance $1,812.27 One First National Plaza
============== Chicago, Illinois 60670
(312)407-4660
Due to Residual Holders $1,812.27
Amount Payable Per Individual
Residual Certificate (5% Denomination): $90.6135
</TABLE>
<PAGE> 7
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for 20-Sep-98
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per
Class RATE Outstanding Cert. Accrued Payable $1,000 CTF
- ----- ---- ----------- ----- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
1-A 8.5000% $0.00 15,250 $0.00 $0.00 $0.000000
1-B 9.0000% $0.00 10,500 $0.00 $0.00 $0.000000
1-C 9.0000% $0.00 6,500 $0.00 $0.00 $0.000000
1-D 9.0000% $0.00 16,500 $0.00 $0.00 $0.000000
1-E 9.0000% $7,228,002.76 12,000 $54,210.02 $54,210.02 $4.517502
1-F 0.0000% $0.00 18,500 $0.00 $0.00 $0.000000
1-G 0.0000% $0.00 12,450 $0.00 $0.00 $0.000000
1-H 0.0000% $0.00 4,850 $0.00 $0.00 $0.000000
1-I 259.5000% $14,456.01 152 $3,126.11 $ 3,126.11 $20.566513
------------- --------- --------- ----------
$7,242,458.77 96,702 $57,336.13 $57,336.13
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Class Payable* $1,000 CTF 20-Sep-98 20-Sep-98
- ----- -------- ---------- --------- ---------
<S> <C> <C> <C> <C>
1-A $0.00 $ 0.000000 $0.00 $0.000000
1-B $0.00 $ 0.000000 $0.00 $0.000000
1-C $0.00 $ 0.000000 $0.00 $0.000000
1-D $0.00 $ 0.000000 $0.00 $0.000000
1-E $165,689.36 $13.807447 $7,062,313.40 $588.526117
1-F $0.00 $ 0.000000 $0.00 $0.000000
1-G $0.00 $ 0.000000 $0.00 $0.000000
1-H $0.00 $ 0.000000 $0.00 $0.000000
1-I $331.38 $ 2.180132 $14,124.63 $92.925197
----------- -------------
$166,020.74 $7,076,438.03
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Interest
COUPON Principal Number of Interest Interest Payable Per
RATE Outstanding Cert. Accrued Payable $1,000 CTF
---- ----------- ----- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
1-R 0.0000% $0.00 3,298 $7.97 $7.97 $0.002417
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Payable* $1,000 CTF 20-Sep-98 20-Sep-98
-------- ---------- -------------- ---------------
<S> <C> <C> <C> <C>
1-R $0.00 $0.000000 $0.00 $0.000000
<CAPTION>
LOWER TIER REMIC REGULAR INTERESTS
Principal
COUPON Principal Number of Interest Principal Balance After
Class RATE Outstanding Certificates Accrued Payable* 20-Sep-98
- ----- ---- ----------- ------------ -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
1-AS 9.5000% $0.00 15,311 $0.00 $0.00 $0.00
1-BS 9.5000% $0.00 10,521 $0.00 $0.00 $0.00
1-CS 9.5000% $0.00 6,513 $0.00 $0.00 $0.00
1-DS 9.5000% $0.00 16,533 $0.00 $0.00 $0.00
1-ES 9.5000% $7,242,458.77 12,024 $74,674.61 $166,020.74 $7,076,438.03
1-FS 9.5000% $0.00 30,950 $0.00 $0.00 $0.00
1-HS 9.5000% $0.00 8,148 $0.00 $0.00 $0.00
------------- ------- ---------- ----------- -------------
$7,242,458.77 100,000 $74,674.61 $166,020.74 $7,076,438.03
</TABLE>
<PAGE> 8
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
DISTRIBUTION DATE STATEMENT FOR September 20, 1998
<TABLE>
<S> <C>
Agency MBS Collections :
Interest $57,344.10
Principal $166,020.74
Investment Income $104.10
---------------
Lower Tier REMIC Collection Account $223,468.94
---------------
Upper Tier REMIC Collection Account $223,468.94
Aggregate Prin Payable to Holders of
Upper Tier REMIC Regular Certificate ($166,020.74)
Aggregate Interest Payable to Holders of
Upper Tier REMIC Regular Certificates ($57,336.13)
Expenses Payable $0.00
REMIC Taxes Payable $0.00
Interest Payable to Class 1-R Certificate ($7.97)
Principal Payable to Class 1-R Certificate $0.00
Due to Class 1-RS Certificate ($104.10)
---------------
Net Balance $0.00
===============
Beginning Aggregate Agency MBS Balance : $100,001,006.61
Ending Aggregate Agency MBS Balance : $7,077,444.46
Aggregate Cash Flow Value Decline: $166,020.74
----------------
*Aggregate Amount of Principal Distributable: $166,020.74
Principal Allocation:
Aggregate Amount of Principal Distributable to Classes 1-D and 1-I:
Class 1-E: 2.61274067%
Class 1-I: 0.41253947%
Aggregate Amount of Principal Distributable to Classes 1-G,1-H and 1-R :
Class 1-R: 0.00000000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
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