UNITED STATES
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 event reported): December 28, 1998
MORTGAGE LENDERS HOME EQUITY LOAN TRUST
Asset Backed Certificates, Series 1998-2 Trust
New York (governing law of 333-27355 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 28, 1998 a distribution was made to holders of MORTGAGE LENDERS
HOME EQUITY LOAN TRUST, Asset Backed Certificates, Series 1998-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Asset Backed Certificates, Series 1998-2
Trust, relating to the December 28, 1998
distribution.
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 hereunto duly authorized.
MORTGAGE LENDERS HOME EQUITY LOAN TRUST
Asset Backed Certificates, Series 1998-2 Trust
By: Norwest Bank Minnesota, N.A., as Manager
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 12/29/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1998-2 Trust, relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
Mortgage Lenders Network
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
MLN Series: 1998-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 61913JAB2 SEN 6.60500% 88,493,568.37 487,083.35 1,227,395.49
A-2 61913JAC0 SEN 6.58500% 58,185,991.44 319,295.63 619,889.14
R MLN98001R RES 0.00000% 0.00 0.00 0.00
MBIA MBIA 1,200.00000% 0.00 15,890.00 0.00
Totals 146,679,559.81 822,268.98 1,847,284.63
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 87,266,172.88 1,714,478.84 0.00
A-2 0.00 57,566,102.30 939,184.77 0.00
R 0.00 0.00 0.00 0.00
MBIA 0.00 0.00 15,890.00 0.00
Totals 0.00 144,832,275.18 2,669,553.61 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 93,325,000.00 88,493,568.37 113,810.92 1,113,584.57 0.00 0.00
A-2 60,000,000.00 58,185,991.44 48,112.62 571,776.52 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
MBIA 0.00 0.00 0.00 0.00 0.00 0.00
Totals 153,325,000.00 146,679,559.81 161,923.54 1,685,361.09 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 1,227,395.49 87,266,172.88 0.93507820 1,227,395.49
A-2 619,889.14 57,566,102.30 0.95943504 619,889.14
R 0.00 0.00 0.00000000 0.00
MBIA 0.00 0.00 0.00000000 0.00
Totals 1,847,284.63 144,832,275.18 0.94460965 1,847,284.63
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 93,325,000.00 948.23003879 1.21951160 11.93232864 0.00000000
A-2 60,000,000.00 969.76652400 0.80187700 9.52960867 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are Per $1,000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 13.15184024 935.07819855 0.93507820 13.15184024
A-2 0.00000000 10.33148567 959.43503833 0.95943504 10.33148567
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 93,325,000.00 6.60500% 88,493,568.37 487,083.35 0.00 0.00
A-2 60,000,000.00 6.58500% 58,185,991.44 319,295.63 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
MBIA 0.00 1,200.00000% 15,890.00 15,890.00 0.00 0.00
Totals 153,325,000.00 822,268.98 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 487,083.35 0.00 87,266,172.88
A-2 0.00 0.00 319,295.63 0.00 57,566,102.30
R 0.00 0.00 0.00 0.00 0.00
MBIA 0.00 0.00 15,890.00 0.00 15,690.00
Totals 0.00 0.00 822,268.98 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 93,325,000.00 6.60500% 948.23003879 5.21921618 0.00000000 0.00000000
A-2 60,000,000.00 6.58500% 969.76652400 5.32159383 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00 1,200.00000% 956.64052411 956.64052411 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1,000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.21921618 0.00000000 935.07819855
A-2 0.00000000 0.00000000 5.32159383 0.00000000 959.43503833
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00000000 0.00000000 956.64052411 0.00000000 944.59973715
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
OC 0.00000% 0.00 0.00 1,628,576.92 1,940,461.12 234,959.63287200%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,541,754.07
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 192,066.40
Realized Losses 0.00
Total Deposits 2,733,820.47
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 64,266.86
Payment of Interest and Principal 2,669,553.61
Total Withdrawals (Pool Distribution Amount) 2,733,820.47
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 61,795.05
Trustee Fee 2,471.81
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 64,266.86
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
A-1 MBIA Financial Guaranty 0.00 0.00 0.00 0.00
A-2 MBIA Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 63 3,888,983.00 2.841678% 2.649663%
60 Days 21 1,275,387.00 0.947226% 0.868954%
90+ Days 1 43,986.00 0.045106% 0.029969%
Foreclosure 35 1,930,203.00 1.578710% 1.315096%
REO 3 114,299.56 0.135318% 0.077875%
Totals 123 7,252,858.56 5.548038% 4.941557%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 192,066.40
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class 0.00 0.00000000% 0.00 0.00000000% 98.677914% 0.000000%
Class MBIA 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class MBIA 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 9.696740%
Weighted Average Net Coupon 9.196740%
Weighted Average Pass-Through Rate 9.176740%
Weighted Average Maturity(Stepdown Calculation ) 0
Begin Scheduled Collateral Loan Count 2,241
Number Of Loans Paid In Full 24
End Scheduled Collateral Loan Count 2,217
Begining Scheduled Collateral Balance 148,308,135.58
Ending Scheduled Collateral Balance 146,772,736.30
Ending Actual Collateral Balance at 30-Nov-1998 146,772,736.30
Monthly P &I Constant 1,360,344.73
Class A Optimal Amount 2,669,553.61
Ending Scheduled Balance for Premium Loans 146,772,736.30
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Group 1 Aggregate Balances- Three $1,069,264.84
largest loans
Group 2 Aggregate Balances- Three $ 657,876.48
largest loans
Group 1 Rolling Loss Percentage 0.00%
Group 2 Rolling Loss Percentage 0.00%
Group 1 Delinquency Percentage 2.7378%
Group 2 Delinquency Percentage .5874%
Overcollateralization Deficit $0.00
Overcollateralization Surplus $0.00
Group 1 Servicer Advances $112,237.68
Group 2 Servicer Advances $ 79,828.72
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed Mixed Fixed
Weighted Average Coupon Rate 9.893556 9.396592
Weighted Average Net Rate 9.373556 8.876592
Weighted Average Maturity 213.00 239.00
Beginning Loan Count 1,738 503
Loans Paid In Full 20 4
Ending Loan Count 1,718 499
Beginning Scheduled Balance 89,572,778.51 58,735,358.22
Ending scheduled Balance 88,548,392.17 58,224,344.13
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 852,305.31 508,039.42
Scheduled Principal 113,810.92 48,112.62
Unscheduled Principal 910,575.40 462,900.34
Scheduled Interest 738,494.39 459,926.80
Servicing Fees 37,321.99 24,473.06
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 1,492.88 978.93
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 699,679.52 434,474.81
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 3,593,048.49 2,250,004.58
Overcollateralization Increase Amount 2,513,838.36 1,700,638.93
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 3,593,048.49 2,250,004.58
Overcollateralization Amount 1,079,210.12 549,365.65
Overcollateralization Deficiency Amount 0.00 0.00
Base Overcollateralization Amount 3,593,048.49 2,250,004.58
Extra Principal Distribution Amount 203,009.17 108,876.18
Excess Cash Amount 203,009.17 108,876.18
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 2,833,336.00 801,655.00 43,986.00 1,762,458.00 114,299.56 503,528.00
Percentage Of Balanc 3.200% 0.905% 0.050% 1.990% 0.129% 0.569%
Loan Count 54 17 1 33 3 9
Percentage Of Loans 3.143% 0.990% 0.058% 1.921% 0.175% 0.524%
2 Principal Balance 1,055,647.00 473,732.00 0.00 167,745.00 0.00 174,246.00
Percentage Of Balanc 1.813% 0.814% 0.000% 0.288% 0.000% 0.299%
Loan Count 9 4 0 2 0 2
Percentage Of Loans 1.804% 0.802% 0.000% 0.401% 0.000% 0.401%
</TABLE>
