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 (date of earliest ev 28-Dec-98
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(as depositor under the Sale and Servicing Agreement, dated as of
November 1, 1998, relating to the Empire Funding Home Loan Owner Trust 1998-3,
Home Loan Asset Backed Notes, Series 1998-3)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(Exact name of registrant as specified in its charter)
Delaware 333-51375 06-1204982
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1285 Avenue of the Americas
New York, New York 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 713-2000
Item 5. Other Events
On behalf of Empire Funding Home Loan Owner Trust 1998-3, Home Loan Asset
Backed Notes, Series 1998-3, a Trust created pursuant to the Sale
and Servicing Agreement, dated November 1, 1998, by U.S. Bank
National Association, as
Indenture Trustee for the Trust, the Indenture Trustee has caused to be
filed with the Commission, the monthly report dated
28-Dec-98.
The Monthly Report is filed pursuant to and in accordance with (1)
numerous no-action letters and (2) current Commission policy in the area.
The filing of the Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1
1. Monthly Distribution Report
EMPIRE FUNDING HOME LOAN OWNER TRUST 1998-3
SERIES 1998-3
DISTRIBUTION STATEMENT
Distribution Date: 28-Dec-98
Beginning Ending
Certificate Principal Interest Total Certificate
Balance Distribution Distribution Distribution Balance
Note 283,580,654.00 2,285,956.58 1,382,455.69 3,668,412.27 281,294,697.42
R 0.00 0.00 0.00 0.00 0.00
Total 283,580,654.00 2,285,956.58 1,382,455.69 3,668,412.27 281,294,697.42
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Note Pass Through
Distribution Distribution Distribution Balance Interest Rate
Note 8.061045589 4.875000006 12.93604559 991.9389544 6.750%
R 0 0 0 0 0.000%
Total 8.061045589 4.875000006 12.93604559
Payment Statement
Sale and Servicing Agreement Dated November 1, 1998
i) Available Collection Amount 3,950,962.43
Available Payment Amount 3,668,412.27
Regular Payment Amount 2,521,353.49
Excess Spread 1,147,058.78
ii) Beginning and Ending Note Principal Balances See page 1
Beginning Pool Principal Balance 299,607,584.50
Ending Pool Principal Balance 298,468,686.70
Beginning Ending
iii) Note Factor 0.99
iv) Interest from Mortgagors / Master Servicer 2,812,064.63
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 0.00
2,812,064.63
Principal Collections (Regular Installments) 378,245.12
Principal Collections (Curtailments and Paid in Fulls) 760,296.17
Substitution Adjustment 356.51
Principal from Liquidated Mortgage Loans 0.00
Principal from Purchased Loans 0.00
1,138,897.80
Total Payments 3,950,962.43
plus: Interest Income on the Collection, Certificate and Note Di 0.00
less: Trust Fees and Expenses 282,550.16
Available Payment Amount 3,668,412.27
v) Triggers
Has the Stepdown Date Occurred? NO
Has an Insured Payment been Made? NO
Has the OC Trigger Increase Event occurrred? NO
Has the OC Trigger Reversal Event occurrred? NO
Has an Event of Default Occurred? NO
vi) Overcollateralization Amount before applying Excess Spread 16,026,930.50
Overcollateralization Amount after applying Excess Spread 17,173,989.28
Overcollateralization Target Amount 37,900,359.44
Overcollateralization Deficiency Amount after distribution o 20,726,370.16
Overcollateralization Reduction Amount 0.00
Amount Distributed to Noteholders 3,668,412.27
Amount Distributed to Residual Interest 0.00
vii) Master Servicer Compensation 11,235.28
Servicing Compensation 187,254.74
Indenture Trustee Fee 1,672.81
Grantor Trustee Fee 0.00
Owner Trustee Fee 333.33
Guaranty Insurance Premium 82,054.00
Custodian Fee 0.00
Total 282,550.16
viii) Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 235.00 233.00
Weighted average Home Loan Interest Rate of 13.637% 13.638%
x) Performance information in Servicer's Monthly Remittance Report
Six-Month Rolling Delinquency Average 0.038%
Three-Month Average Annualized Losses 0.000%
Cumulative Realized Losses 0.000%
xi,xii,xiii) Delinquency And Foreclosure Information:
# of Accounts Principal Balan% of Total
30-59 Days Delinquent 26 789,499.57 0.265%
60-89 Days Delinquent 3 73,955.90 0.025%
90-179 Days Delinquent 1 40,000.00 0.013%
180 or more Days Delinquent 0 0.00 0.000%
Loans in foreclosure proceedin 0 0.00 0.000%
Foreclosed Properties 0 0.00 0.000%
Loans in bankruptcy proceeding# of Accounts Principal Balan% of Total
30-59 Days Delinquent 1 7,849.13 0.003%
60-89 Days Delinquent 0 0.00 0.000%
90-179 Days Delinquent 0 0.00 0.000%
180 or more Days Delinquent 0 0.00 0.000%
Aggregate 1 7,849.13 0.003%
xiv) Current
Aggregate
Combination Loans Number Principal Balance
A) Defaulted Home Loans 0 0.00
B) Liquidated Home Loans 0 0.00
C) Deleted Home Loans because Defe 0 0.00
D) Deleted Home Loans because Defa 0 0.00
Cumulative
Aggregate
Number Principal Balance
0 0.00
0 0.00
0 0.00
0 0.00
Current
Aggregate
Debt Consolidation Loans Number Principal Balance
A) Defaulted Home Loans 0 0.00
B) Liquidated Home Loans 0 0.00
C) Deleted Home Loans because Defe 0 0.00
D) Deleted Home Loans because Defa 0 0.00
Cumulative
Aggregate
Number Principal Balance
0 0.00
0 0.00
0 0.00
0 0.00
xiv) Liquidated and Defaulted Loans (All types):
Current
Aggregate
Number Principal Balance
Liquidated Loans 0 0.00
Defaulted Loans 0 0.00
Cumulative
Aggregate
Number Principal Balance
0 0.00
0 0.00
xv) Insured Payment
Noteholders' Principal Deficiency Amount 0.00
Noteholders' Interest Carry-Forward Amount 0.00
Total Deficiency 0.00
Escrow Payment 0.00
Insured Payment 0.00
xvi) Securities Reimbursement Amount Paid 0.00
Securities Reimbursement Amount to Carry Forward 0.00
SIGNATURES
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.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
By:/sTina Hatfield
Name:Tina Hatfield
Title: Vice President
U.S. Bank Trust National Association
Dated 31-Dec-98
