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 23, 1998
CHASE MORTGAGE FINANCE CORPORATION
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(Exact Name of Registrant)
DELAWARE 33-92950 52-1495132
-------------- ------------- ------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
343 Thornall Street, Edison NJ 08837 32256
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 205-0600
<PAGE>
Item 5. Other Events.
On or about 7/25/98, Chase Mortgage Finance Corporation Corp.
(the "Depositor") made the distributions to holders of its Mortgage
Pass-Through Certificates, Series 1998-S1, Series 1998-S2, Series 1998-S3
contemplated by the Pooling and Servicing Agreement dated as of June 1, 1998
(the "Pooling and Servicing Agreement") among the Depositor, The Chase
Mortgage Finance Corporation, as Servicer and Citibank, N.A. as Trustee.
Copies of the Certificateholders' Reports with respect to such
distributions delivered pursuant to Section 4.02 of the Pooling and Servicing
Agreement are being filed as exhibits to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
-------- -----------
20.1 Monthly Reports with respect to the
July 25, 1998 distributions
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: September 23, 1998
THE CHASE MANHATTAN BANK,
as Paying Agent, on behalf of
Chase Mortgage Finance Corp.
By: /s/ Thomas Mackay
-------------------
Name: Thomas Mackay
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
----------- -----------
20.1 Monthly Reports with respect to the
distribution to Certificateholders on
July 25, 1998.
<PAGE>
<TABLE>
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CHASE MORTGAGE FINANCE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S1
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: 27-Jul-98 PAGE # 1
RECORD DATE: 30-Jun-98
- ------------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING COMPENSATING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL REALIZED LOSS INTEREST CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST SHORTFALLS BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 156,000,000.00 154,212,313.41 1,087,270.62 867,444.26 1,954,714.88 0.00 0.00 0.00 153,125,042.79
A-2 100,000,000.00 99,025,151.69 592,902.55 557,016.48 1,149,919.03 0.00 0.00 0.00 98,432,249.14
A-3 50,000,000.00 49,535,786.98 282,334.26 278,638.80 560,973.06 0.00 0.00 0.00 49,253,452.72
A-4 22,100,000.00 22,100,000.00 0.00 124,312.50 124,312.50 0.00 0.00 0.00 22,100,000.00
A-5 14,058,975.00 14,058,975.00 0.00 75,640.21 75,640.21 0.00 0.00 0.00 14,058,975.00
A-6 4,686,325.00 4,686,325.00 0.00 29,802.10 29,802.10 0.00 0.00 0.00 4,686,325.00
A-7 40,500,000.00 40,500,000.00 0.00 227,812.50 227,812.50 0.00 0.00 0.00 40,500,000.00
A-P 451,538.00 451,060.59 483.14 0.00 483.14 0.00 0.00 0.00 450,577.45
A-R 100.86 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M 8,707,712.00 8,701,011.53 6,768.95 48,943.19 55,712.14 0.00 0.00 0.00 8,694,242.58
B-1 3,442,584.00 3,439,934.96 2,676.11 19,349.63 22,025.74 0.00 0.00 0.00 3,437,258.85
B-2 1,822,544.00 1,821,141.60 1,416.73 10,243.92 11,660.65 0.00 0.00 0.00 1,819,724.87
B-3 1,417,534.00 1,416,443.26 1,101.89 7,967.49 9,069.38 0.00 0.00 0.00 1,415,341.37
B-4 810,019.00 809,395.68 629.69 4,552.85 5,182.54 0.00 0.00 0.00 808,765.99
B-5 1,012,573.33 1,011,794.12 787.18 5,691.34 6,478.52 0.00 0.00 0.00 1,011,006.94
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 405,009,905.19 401,769,333.82 1,976,371.12 2,257,415.27 4,233,786.39 0.00 0.00 0.00 399,792,962.70
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL INTEREST TOTAL NOTIONAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-X 377,526,002.16 374,313,591.30 150,454.62 150,454.62 372,365,449.36
- --------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE
- ------------------------------------------------------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6.96968346 5.56054013 981.57078712 A-1 6.75000000%
A-2 5.92902550 5.57016480 984.32249140 A-2 6.75000000%
A-3 5.64668520 5.57277600 985.06905440 A-3 6.75000000%
A-4 0.00000000 5.62500000 1000.00000000 A-4 6.75000000%
A-5 0.00000000 5.38020802 1000.00000000 A-5 6.45625000%
A-6 0.00000000 6.35937542 1000.00000000 A-6 7.63125000%
A-7 0.00000000 5.62500000 1000.00000000 A-7 6.75000000%
A-P 1.06998747 N/A 997.87271503 A-P N/A
A-R 0.00000000 0.00000000 0.00000000 A-R 6.75000000%
A-X N/A 0.39852783 986.33060300 A-X 0.48233789%
M 0.77735116 5.62067165 998.45316198 M 6.75000000%
B-1 0.77735503 5.62067040 998.45315321 B-1 6.75000000%
B-2 0.77733651 5.62067089 998.45318961 B-2 6.75000000%
B-3 0.77732880 5.62066942 998.45320818 B-3 6.75000000%
B-4 0.77737683 5.62067063 998.45311036 B-4 6.75000000%
B-5 0.77740543 5.62066947 998.45306018 B-5 6.75000000%
- ------------------------------------------------------------------------------ ------------------------------
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
CHASE MORTGAGE FINANCE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S1
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: 27-Jul-98 PAGE # 2
RECORD DATE: 30-Jun-98
<S> <C> <C>
SECTION 6.02 (iii) AGGREGATE PRINCIPAL PREPAYMENT AMOUNT 1,663,761.12
AGGREGATE REPURCHASE PROCEEDS AMOUNT 0.00
SECTION 6.02 (iv) AGGREGATE SERVICER ADVANCES 108,242.78
SECTION 6.02 (iv) NUMBER OF OUTSTANDING MORTGAGE LOANS 1,404
ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL 399,792,962.70
SECTION 6.02 (vi) SERVICING FEES 104,125.31
SECTION 6.02 (vii) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
-------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL.
-------------------------------------------------------------------------------------
1 MONTH 24 7,749,638.31
2 MONTHS 0 0.00
3+ MONTHS 0 0.00
FORECLOSURE 0 0.00
-------------------------------------------------------------------------------------
SECTION 6.02 (viii) MORTGAGE LOANS ACQUIRED THROUGH FORECLOSURE
-------------------------------------------------------------
COUNT AGG. PRIN. BAL.
-------------------------------------------------------------
0 0.00
-------------------------------------------------------------
SECTION 6.02 (ix) AGGREGATE AMOUNT OF ALL ADVANCES RECOVERED DURING THE RELATED 0.00
DUE PERIOD
-------------------------------------------------------------------------------------
SECTION 6.02 (x) CLASS PERCENTAGE PRINCIPAL BALANCE
------------------------ -----------------------------------------
-------------------------------------------------------------------------------------
CLASS A 95.72% 384,569,612.67
CLASS M 2.17% 8,701,011.53
CLASS B 2.12% 8,498,709.62
-------------------------------------------------------------------------------------
NON-PO CLASS A PERCENTAGE 95.71%
NON-PO CLASS A PREPAYMENT PERCENTAGE 100.00%
CREDIT SUPPORT LEVEL
-------------------------------------------------------------
CLASS CREDIT SUPPORT
-------------------------------------------------------------
-----------------------------------------
M 2.12%
B-1 1.26%
B-2 0.81%
B-3 0.45%
B-4 0.25%
-------------------------------------------------------------
SECTION 6.02 (xi) CURRENT AGGREGATE AMOUNT OF REALIZED LOSSES 0.00
CUMULATIVE AGGREGATE AMOUNT REALIZED LOSSES 0.00
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
CHASE MORTGAGE FINANCE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S2
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: 27-Jul-98 PAGE # 1
RECORD DATE: 30-Jun-98
- ------------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING COMPENSATING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL REALIZED LOSS INTEREST CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST SHORTFALLS BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 70,900,000.00 70,900,000.00 0.00 384,041.67 384,041.67 0.00 0.00 0.00 70,900,000.00
A-2 42,347,000.00 42,347,000.00 0.00 229,379.58 229,379.58 0.00 0.00 0.00 42,347,000.00
A-3 59,497,000.00 59,497,000.00 0.00 327,233.50 327,233.50 0.00 0.00 0.00 59,497,000.00
A-5 46,300,000.00 46,300,000.00 209,418.93 270,083.33 479,502.26 0.00 0.00 0.00 46,090,581.07
A-6 CP1 13,800,000.00 13,800,000.00 62,418.61 80,500.00 142,918.61 0.00 0.00 0.00 13,737,581.39
A-6 CP2 21,900,000.00 21,900,000.00 110,022.89 127,750.00 237,772.89 0.00 0.00 0.00 21,789,977.11
A-7 7,000,000.00 7,000,000.00 624,982.71 0.00 624,982.71 0.00 0.00 0.00 6,415,850.62
A-8 500,000.00 500,000.00 0.00 0.00 0.00 0.00 0.00 0.00 502,916.67
A-9 127,600,000.00 127,600,000.00 527,889.41 744,333.33 1,272,222.74 0.00 0.00 0.00 127,072,110.59
A-10 15,600,000.00 15,600,000.00 1,246,503.81 0.00 1,246,503.81 0.00 0.00 0.00 14,444,496.19
A-11 7,599,000.00 7,599,000.00 0.00 0.00 0.00 0.00 0.00 0.00 7,643,327.50
A-12 985,000.00 985,000.00 0.00 0.00 0.00 0.00 0.00 0.00 990,745.83
A-13 8,937,320.00 8,937,320.00 96,165.30 N/A 96,165.30 0.00 0.00 0.00 8,841,154.70
A-14 84,278,300.00 84,278,300.00 0.00 474,065.44 474,065.44 0.00 0.00 0.00 84,278,300.00
A-P 237,974.00 237,974.00 207.90 N/A 207.90 0.00 0.00 0.00 237,766.10
A-R 100.95 100.95 100.95 0.57 101.52 0.00 0.00 0.00 0.00
M 11,396,000.00 11,396,000.00 8,629.42 64,102.50 72,731.92 0.00 0.00 0.00 11,387,370.58
B-1 4,505,000.00 4,505,000.00 3,411.33 25,340.63 28,751.96 0.00 0.00 0.00 4,501,588.67
B-2 2,385,000.00 2,385,000.00 1,806.00 13,415.63 15,221.63 0.00 0.00 0.00 2,383,194.00
B-3 1,855,000.00 1,855,000.00 1,404.67 10,434.38 11,839.05 0.00 0.00 0.00 1,853,595.33
B-4 1,061,000.00 1,061,000.00 803.42 5,968.13 6,771.55 0.00 0.00 0.00 1,060,196.58
B-5 1,325,030.44 1,325,030.44 1,003.36 7,453.30 8,456.66 0.00 0.00 0.00 1,324,027.08
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 530,008,725.39 530,008,725.39 2,894,768.71 2,764,101.99 5,658,870.70 0.00 0.00 0.00 527,298,780.01
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL INTEREST TOTAL NOTIONAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION BALANCE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-4 5,516,488.89 5,516,488.89 31,030.25 31,030.25 5,516,488.89
A-X 511,626,605.16 511,626,605.16 202,442.19 202,442.19 508,932,808.89
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE
- ------------------------------------------------------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 5.41666671 1000.00000000 A-1 6.50000000%
A-2 0.00000000 5.41666659 1000.00000000 A-2 6.50000000%
A-3 0.00000000 5.50000000 1000.00000000 A-3 6.60000000%
A-4 N/A 5.62500000 1000.00000000 A-4 6.75000000%
A-5 4.52308704 5.83333326 995.47691296 A-5 7.00000000%
A-6 CP1 4.52308768 5.83333333 995.47691232 A-6 CP1 7.00000000%
A-6 CP2 5.02387626 5.83333333 994.97612374 A-6 CP2 7.00000000%
A-7 89.28324429 0.00000000 916.55008857 A-7 7.00000000%
A-8 0.00000000 0.00000000 1005.83334000 A-8 7.00000000%
A-9 4.13706434 5.83333331 995.86293566 A-9 7.00000000%
A-10 79.90409038 0.00000000 925.92924295 A-10 7.00000000%
A-11 0.00000000 0.00000000 1005.83333333 A-11 7.00000000%
A-12 0.00000000 0.00000000 1005.83332995 A-12 7.00000000%
A-13 10.75997055 N/A 989.24002945 A-13 N/A
A-14 0.00000000 5.62500003 1000.00000000 A-14 6.75000000%
A-P 0.87362485 N/A 999.12637515 A-P N/A
A-R 1000.00000000 5.64635958 0.00000000 A-R 6.75000000%
A-X N/A 0.39568347 994.73483935 A-X 0.47481000%
M 0.75723236 5.62500000 999.24276764 M 6.75000000%
B-1 0.75723196 5.62500111 999.24276804 B-1 6.75000000%
B-2 0.75723270 5.62500210 999.24276730 B-2 6.75000000%
B-3 0.75723450 5.62500270 999.24276550 B-3 6.75000000%
B-4 0.75722903 5.62500471 999.24277097 B-4 6.75000000%
B-5 0.75723543 5.62500285 999.24276457 B-5 6.75000000%
- ------------------------------------------------------------------------------- ---------------------------------
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
CHASE MORTGAGE FINANCE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S2
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: 27-Jul-98 PAGE # 2
RECORD DATE: 30-Jun-98
<S> <C> <C>
SECTION 6.02 (iii) AGGREGATE PRINCIPAL PREPAYMENT AMOUNT 2,308,584.50
AGGREGATE REPURCHASE PROCEEDS AMOUNT 0.00
SECTION 6.02 (iv) AGGREGATE SERVICER ADVANCES 0.00
SECTION 6.02 (iv) NUMBER OF OUTSTANDING MORTGAGE LOANS 1,762
ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL 527,298,780.01
SECTION 6.02 (vi) SERVICING FEES 136,256.61
SECTION 6.02 (vii) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
-------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL.
-------------------------------------------------------------------------------------
1 MONTH 0 0.00
2 MONTHS 0 0.00
3+ MONTHS 0 0.00
FORECLOSURE 0 0.00
-------------------------------------------------------------------------------------
SECTION 6.02 (viii) MORTGAGE LOANS ACQUIRED THROUGH FORECLOSURE
-------------------------------------------------------------
COUNT AGG. PRIN. BAL.
-------------------------------------------------------------
0 0.00
-------------------------------------------------------------
SECTION 6.02 (ix) AGGREGATE AMOUNT OF ALL ADVANCES RECOVERED DURING THE RELATED 0.00
DUE PERIOD
-------------------------------------------------------------------------------------
SECTION 6.02 (x) CLASS PERCENTAGE PRINCIPAL BALANCE
------------------------ -----------------------------------------
-------------------------------------------------------------------------------------
CLASS A 95.75% 507,481,694.95
CLASS M 2.15% 11,396,000.00
CLASS B 2.10% 11,131,030.44
-------------------------------------------------------------------------------------
NON-PO CLASS A PERCENTAGE 95.74778%
NON-PO CLASS A PREPAYMENT PERCENTAGE 100.00000%
CREDIT SUPPORT LEVEL
-------------------------------------------------------------
CLASS CREDIT SUPPORT
-------------------------------------------------------------
-----------------------------------------
M 2.10%
B-1 1.25%
B-2 0.80%
B-3 0.45%
B-4 0.25%
-------------------------------------------------------------
SECTION 6.02 (xi) CURRENT AGGREGATE AMOUNT OF REALIZED LOSSES 0.00
CUMULATIVE AGGREGATE AMOUNT REALIZED LOSSES 0.00
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
CHASE MORTGAGE FINANCE CORPORATION
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-S3
STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: 27-Jul-98 PAGE # 1
RECORD DATE: 30-Jun-98
- ------------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING COMPENSATING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL REALIZED LOSS INTEREST CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST SHORTFALLS BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 61,642,000.00 61,642,000.00 682,319.93 333,894.17 1,016,214.10 0.00 0.00 0.00 60,959,680.07
A-2 7,000,000.00 7,000,000.00 0.00 37,916.67 37,916.67 0.00 0.00 0.00 7,000,000.00
A-3 94,261,000.00 94,261,000.00 936,979.67 510,580.42 1,447,560.09 0.00 0.00 0.00 93,324,020.33
A-4 11,300,000.00 11,300,000.00 0.00 61,208.33 61,208.33 0.00 0.00 0.00 11,300,000.00
A-5 44,896,000.00 44,896,000.00 145,677.53 243,186.67 388,864.20 0.00 0.00 0.00 44,750,322.47
A-P 551,754.00 551,754.00 1,836.79 N/A 1,836.79 0.00 0.00 0.00 549,917.21
A-R 100.36 100.36 100.36 0.54 100.90 0.00 0.00 0.00 0.00
M 2,475,575.00 2,475,575.00 8,032.69 13,409.36 21,442.05 0.00 0.00 0.00 2,467,542.31
B-1 787,683.00 787,683.00 2,555.85 4,266.62 6,822.47 0.00 0.00 0.00 785,127.15
B-2 675,156.00 675,156.00 2,190.73 3,657.10 5,847.83 0.00 0.00 0.00 672,965.27
B-3 675,156.00 675,156.00 2,190.73 3,657.10 5,847.83 0.00 0.00 0.00 672,965.27
B-4 337,578.00 337,578.00 1,095.36 1,828.55 2,923.91 0.00 0.00 0.00 336,482.64
B-5 450,295.59 450,295.59 1,461.11 2,439.10 3,900.21 0.00 0.00 0.00 448,834.48
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 225,052,297.95 225,052,297.95 1,784,440.75 1,216,044.63 3,000,485.38 0.00 0.00 0.00 223,267,857.20
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING ENDING
NOTIONAL NOTIONAL INTEREST TOTAL NOTIONAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION BALANCE
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-X 198,278,988.72 198,278,988.72 63,594.44 63,594.44 196,585,464.14
- --------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE
- ------------------------------------------------------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C>
A-1 11.06907514 5.41666672 988.93092486 A-1 6.50000000%
A-2 0.00000000 5.41666714 1000.00000000 A-2 6.50000000%
A-3 9.94026872 5.41666670 990.05973128 A-3 6.50000000%
A-4 0.00000000 5.41666637 1000.00000000 A-4 6.50000000%
A-5 3.24477749 5.41666674 996.75522251 A-5 6.50000000%
A-P 3.32900169 N/A 996.67099831 A-P N/A
A-R 1000.00000000 5.38062973 0.00000000 A-R 6.50000000%
A-X N/A 0.32073212 991.45888028 A-X 0.38488000%
M 3.24477748 5.41666482 996.75522252 M 6.50000000%
B-1 3.24476979 5.41667143 996.75523021 B-1 6.50000000%
B-2 3.24477602 5.41667407 996.75522398 B-2 6.50000000%
B-3 3.24477602 5.41667407 996.75522398 B-3 6.50000000%
B-4 3.24476121 5.41667407 996.75523879 B-4 6.50000000%
B-5 3.24477972 5.41666420 996.75522028 B-5 6.50000000%
- ------------------------------------------------------------------------------ ----------------------------------
<PAGE>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: 27-Jul-98 PAGE # 2
RECORD DATE: 30-Jun-98
SECTION 6.02 (iii) AGGREGATE PRINCIPAL PREPAYMENT AMOUNT 1,054,132.11
AGGREGATE REPURCHASE PROCEEDS AMOUNT 0.00
SECTION 6.02 (iv) AGGREGATE SERVICER ADVANCES 0.00
SECTION 6.02 (v) NUMBER OF OUTSTANDING MORTGAGE LOANS 783
ENDING PRINCIPAL BALANCE OF OUTSTANDING MORTGAGE POOL 223,267,857.20
SECTION 6.02 (vi) SERVICING FEES 59,451.19
SECTION 6.02 (vii) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL.
------------------------------------------------------------------------------------
1 MONTH 0 0.00
2 MONTHS 0 0.00
3+ MONTHS 0 0.00
FORECLOSURE 0 0.00
------------------------------------------------------------------------------------
SECTION 6.02 (viii) MORTGAGE LOANS ACQUIRED THROUGH FORECLOSURE
-------------------------------------------------------------
COUNT AGG. PRIN. BAL.
-------------------------------------------------------------
0 0.00
-------------------------------------------------------------
SECTION 6.02 (ix) AGGREGATE AMOUNT OF ALL ADVANCES RECOVERED DURING THE RELATED 0.00
DUE PERIOD
------------------------------------------------------------------------------------
SECTION 6.02 (x) CLASS PERCENTAGE PRINCIPAL BALANCE
----------------------- ----------------------------------------
------------------------------------------------------------------------------------
CLASS A 97.60% 219,650,854.36
CLASS M 1.10% 2,475,575.00
CLASS B 1.30% 2,925,868.59
------------------------------------------------------------------------------------
NON-PO CLASS A PERCENTAGE 97.59%
NON-PO CLASS A PREPAYMENT PERCENTAGE 100.00%
CREDIT SUPPORT LEVEL
-------------------------------------------------------------
CLASS CREDIT SUPPORT
-------------------------------------------------------------
M 1.30%
B-1 0.95%
B-2 0.65%
B-3 0.35%
B-4 0.20%
-------------------------------------------------------------
SECTION 6.02 (xi) CURRENT AGGREGATE AMOUNT OF REALIZED LOSSES 0.00
CUMULATIVE AGGREGATE AMOUNT REALIZED LOSSES 0.00
</TABLE>
