DELTA FUNDING CORP /DE/
8-K, 1999-05-10
ASSET-BACKED SECURITIES
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                                  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):  April 15, 1999
                                        
                              DELTA FUNDING CORPORATION
             Home Equity Loan Asset-Backed Certificates, Series 1999-1 


New York (governing law of          333-03418      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, Maryland                                  (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 April 15, 1999 a distribution was made to holders of DELTA FUNDING 
CORPORATION, Home Equity Loan Asset-Backed Certificates, Series 1999-1 
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         Home Equity Loan Asset Backed Certificates, Series 
                             1999-1, relating to the April 15, 1999 
                             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.

                
                                  DELTA FUNDING CORPORATION          
              Home Equity Loan Asset Backed certificates, Series 1999-1 Trust

              By:   Norwest Bank Minnesota, N.A., as Trustee
              By:   /s/ Sherri J. Sharps, Vice President
              By:   Sherri J. Sharps, Vice President
              Date: 05/06/1999

                                INDEX TO EXHIBITS
               
Exhibit Number                   Description
                                         
EX-99.1      Monthly report distributed to holders of Home Equity Loan Asset
             Backed Certificates, Series 1999-1, relating to the April 15, 
             1999 distribution. 
              



<TABLE>
<CAPTION>
Delta Funding Corporation 
Home Equity Loan Asset-Backed Certificates
Record Date:            03/31/1999
Distribution Date:      04/15/1999

DFH Series 1999-1

Contact: Customer Service
         Norwest Bank Minnesota, N.A.
         Securities Administration Services
         7485 New Horizon Way
         Frederick, MD 21703
         Telephone: (301) 846-8130
         Fax:       (301) 846-8152

                                             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-1F       24763LEW6     SEN FIX          5.81000%     94,400,000.00      447,370.00    1,699,379.36
    A-2F       24763LEX4     SEN FIX          5.98000%     71,700,000.00      357,305.00            0.00
    A-3F       24763LEY2     SEN FIX          6.13000%     34,800,000.00      177,770.00            0.00
    A-4F       24763LEZ9     SEN FIX          6.39000%     52,100,000.00      277,432.50            0.00
    A-5F       24763LFA3     SEN FIX          6.81000%     25,750,000.00      146,131.25            0.00
    A-6F       24763LFB1     SEN FIX          6.34000%     32,000,000.00      169,066.67            0.00
    IOF        24763LFC9     SEN NTL IC       6.00000%              0.00      648,500.00            0.00
    A-1A       24763LFD7     SEN FIX          5.21969%     44,000,000.00      102,073.94      324,834.59
    A-2A       24763LFE5     SEN FIX          5.95000%     11,000,000.00       54,541.67            0.00
     B         24763LFF2     JUN FIX          6.80000%     11,250,000.00       63,750.00            0.00
    BIO        DFH991BIO     JUN FIX          0.00000%              0.00            0.00            0.00
    OC         DFH9901OC     SEN FIX          0.00000%              0.00            0.00            0.00
    R-1        DFH9901R1     JUN RES          0.00000%              0.00            0.00            0.00
    R-2        DFH9901R2     JUN RES          0.00000%              0.00            0.00            0.00
    R-3        DFH9901R3     JUN RES          0.00000%              0.00            0.00            0.00                
Totals                                                    375,000,000.00    2,443,941.03    2,024,213.95
</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-1F                           0.00          90,700,620.64             2,146,749.36                  0.00
A-2F                           0.00          71,700,000.00               357,305.00                  0.00
A-3F                           0.00          34,800,000.90               177,770.00                  0.00
A-4F                           0.00          52,100,000.00               277,432.50                  0.00
A-5F                           0.00          25,750,000.00               146,131.25                  0.00
A-6F                           0.00          32,000,000.00               169,066.67                  0.00
IOF                            0.00                   0.00               648,500.00                  0.00
A-1A                           0.00          43,675,165.41               426,908.53                  0.00
B-2A                           0.00          11,000,000.00                54,541.67                  0.00 
 B                             0.00          11,250,000.00                63,750.00                  0.00
BIO                            0.00                   0.00                     0.00                  0.00
OC                             0.00                   0.00                     0.00                  0.00
R-1                            0.00                   0.00                     0.00                  0.00
R-2                            0.00                   0.00                     0.00                  0.00
R-3                            0.00                   0.00                     0.00                  0.00
Totals                         0.00         372,975,786.05             4,468,154.98                  0.00
<FN>
(1) All distributions required by the Pooling and Servising Agreement have been calculated by the Certificate Administrator on 
    behalf of the Trustee.
</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-1F                 92,400,000.00      92,400,000.00        250,183.39     1,449,195.97       0.00            0.00
A-2F                 71,700,000.00      71,700,000.00              0.00             0.00       0.00            0.00
A-3F                 34,800,000.00      34,800,000.00              0.00             0.00       0.00            0.00
A-4F                 52,100,000.00      52,100,000.00              0.00             0.00       0.00            0.00
A-5F                 25,750,000.00      25,750,000.00              0.00             0.00       0.00            0.00
A-6F                 32,000,000.00      32,000,000.00              0.00             0.00       0.00            0.00
IOF                           0.00               0.00              0.00             0.00       0.00            0.00
A-1A                 44,000,000.00      44,000,000.00         28,214.05       296,620.54       0.00            0.00
A-2A                 11,000,000.00      11,000,000.00              0.00             0.00       0.00            0.00
 B                   11,250,000.00      11,250,000.00              0.00             0.00       0.00            0.00
BIO                           0.00               0.00              0.00             0.00       0.00            0.00
OC                            0.00               0.00              0.00             0.00       0.00            0.00
R-1                           0.00               0.00              0.00             0.00       0.00            0.00
R-2                           0.00               0.00              0.00             0.00       0.00            0.00
R-3                           0.00               0.00              0.00
Totals              375,000,000.00     375,000,000.00        278,397.44     1,745,816.51       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-1F                        1,699,379.36         90,700,620.64           0.98160845      1,699,379.36
A-2F                                0.00         71,700,000.00           1.00000000              0.00
A-3F                                0.00         34,800,000.00           1.00000000              0.00
A-4F                                0.00         52,100,000.00           1.00000000              0.00
A-5F                                0.00         25,750,000.00           1.00000000              0.00
A-6F                                0.00         32,000,000.00           1.00000000              0.00
IOF                                 0.00                  0.00           0.99261740        324,834.59
A-1A                          324,834.59         43,675,165.41           1.00000000              0.00
A-2A                                0.00         11,000,000.00           1.00000000              0.00
 B                                  0.00         11,250,000.00           0.00000000              0.00
BIO                                 0.00                  0.00           0.00000000              0.00
OC                                  0.00                  0.00           0.00000000              0.00
R-1                                 0.00                  0.00           0.00000000              0.00
R-2                                 0.00                  0.00           0.00000000              0.00
R-3                                 0.00                  0.00           0.00000000              0.00
Totals                      2,024,213.95        372,975,786.05           0.99460210      2,024,213.95    

</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-1F                   92,400,000.00       1000.00000000         2.70761245         15.68393907        0.00000000
A-2F                   71,700,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
A-3F                   34,800,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
A-4F                   52,100,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
A-5F                   25,750,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
A-6F                   32,000,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
IOF                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
A-A1                   44,000,000.00       1000.00000000         0.6412284                                  00000
A-A2                   11,000,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
 B                     11,000,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
BIO                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
OC                              0.00          0.00000000         0.00000000          0.00000000        0.00000000
R-1                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
R-2                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
R-3                             0.00          0.00000000         0.00000000          0.00000000        0.00000000 
<FN>
 All Denominations are Per $1000.
 (3) 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 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-1F                    0.00000000         18.39155152            981.60844848          0.98160845        18.39155152
A-2F                    0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
A-3F                    0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
A-4F                    0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
A-5F                    0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
A-6F                    0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
IOF                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
A-1A                    0.00000000          7.38260432            992.61739568          0.99261740         7.38260432
A-2A                    0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
 B                      0.00000000          0.00000000           1000.00000000          1.00000000         0.00000000
BIO                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
OC                      0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
R-1                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
R-2                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
R-3                     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-1F               92,400,000.00        5.81000%      92,400,000.00          447,370.00        0.00             0.00
A-2F               71,700,000.00        5.98000%      71,700,000.00          357,305.00        0.00             0.00
A-3F               34,800,000.00        6.13000%      34,800,000.00          177,770.00        0.00             0.00
A-4F               52,100,000.00        6.39000%      52,100,000.00          277,432.50        0.00             0.00
A-5F               25,750,000.00        6.81000%      25,750,000.00          146,131.25        0.00             0.00
A-6F               32,000,000.00        6.34000%      32,000,000.00          169,066.67        0.00             0.00
IOF                         0.00        6.00000%               0.00          648,500.00        0.00             0.00
A-1A               44,000,000.00        5.21969%      44,000,000.00          102,073.94        0.00             0.00
A-2A               11,000,000.00        5.95000%      11,000,000.00           54,541.67        0.00             0.00
 B                 11,250,000.00        6.80000%      11,000,000.00           63,750.00        0.00             0.00
BIO                         0.00        0.00000%               0.00                0.00        0.00             0.00
OC                          0.00        0.00000%               0.00                0.00        0.00             0.00
R-1                         0.00        0.00000%               0.00                0.00        0.00             0.00
R-2                         0.00        0.00000%               0.00                0.00        0.00             0.00
R-3                         0.00        0.00000%               0.00                0.00        0.00             0.00  
Totals            375,000,000.00                                           2,443,941.03        0.00             0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
    Please Refer to the Prospectus Suppplement for a Full Description.
</FN>
</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-1F                           0.00                0.00           447,370.00            0.00      90,700,620.64
 A-2F                           0.00                0.00           357,305.00            0.00      71,700,000.00
 A-3F                           0.00                0.00           177,770.00            0.00      34,800,000.00
 A-4F                           0.00                0.00           277,432.50            0.00      52,100,000.00
 A-5F                           0.00                0.00           146,131.25            0.00      25,750,000.00
 A-6F                           0.00                0.00           169,066.67            0.00      32,000,000.00
 IOF                            0.00                0.00           648,500.00            0.00     129,700,000.00
 A-A1                           0.00                0.00           102,073.94            0.00      43,675,165.41
 A-A2                           0.00                0.00            54,541.67            0.00      11,000,000.00
  B                             0.00                0.00            63,750.00            0.00      11,000,000.00
 BIO                            0.00                0.00                 0.00            0.00               0.00
 OC                             0.00                0.00                 0.00            0.00               0.00
 R-1                            0.00                0.00                 0.00            0.00               0.00
 R-2                            0.00                0.00                 0.00            0.00               0.00
 R-3                            0.00                0.00                 0.00            0.00               0.00
Totals                          0.00                0.00         2,443,941.03            0.00                   
 <FN>
  (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
      Pease 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-1F                 92,400,000.00        5.81000%        1000.00000000        4.84166667        0.00000000        0.00000000
A-2F                 71,700,000.00        5.98000%        1000.00000000        4.98333333        0.00000000        0.00000000
A-3F                 34,800,000.00        6.13000%        1000.00000000        5.10833333        0.00000000        0.00000000
A-4F                 52,100,000.00        6.39000%        1000.00000000        5.32500000        0.00000000        0.00000000
A-5F                 25,750,000.00        6.81000%        1000.00000000        5.67500000        0.00000000        0.00000000
A-6F                 32,000,000.00        6.34000%        1000.00000000        5.28333344        0.00000000        0.00000000
IOF                           0.00        6.00000%        1000.00000000        5.00000000        0.00000000        0.00000000
A-A1                 44,000,000.00        5.21969%        1000.00000000        2.31986227        0.00000000        0.00000000
A-A2                 11,000,000.00        5.95000%        1000.00000000        4.95833364        0.00000000        0.00000000
 B                   11,250,000.00        6.80000%        1000.00000000        5.66666667        0.00000000        0.00000000
BIO                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
OC                            0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
R-1                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
R-2                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
R-3                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000 
<FN>
(5) All denominations are Per $1000.

</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-1F                  0.00000000        0.00000000         4.84166667          0.00000000          981.60844848
A-2F                  0.00000000        0.00000000         4.98333333          0.00000000         1000.00000000
A-3F                  0.00000000        0.00000000         5.10833333          0.00000000         1000.00000000
A-4F                  0.00000000        0.00000000         5.32500000          0.00000000         1000.00000000
A-5F                  0.00000000        0.00000000         5.67500000          0.00000000         1000.00000000
A-6F                  0.00000000        0.00000000         0.00000000          0.00000000         1000.00000000
IOF                   0.00000000        0.00000000         5.28333344          0.00000000         1000.00000000
A-A1                  0.00000000        0.00000000         5.00000000          0.00000000         1000.00000000
A-A2                  0.00000000        0.00000000         2.31986227          0.00000000          992.61739568
 B                    0.00000000        0.00000000         4.95833364          0.00000000         1000.00000000
BIO                   0.00000000        0.00000000         5.66666667          0.00000000         1000.00000000
OC                    0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R-1                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R-2                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R-3                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
<FN>
All denominations are Per $1000.
(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>

                                                      CERTIFICATE ACCOUNT

<S>                                                                                   <C>
Beginning Balance                                                                                        0.00
Deposits
    Payments of Interest and Principal                                                           4,624,067.26
    Liquidations, Insurance Proceeds, Reserve Funds                                                      0.00
    Proceeds from Repurchased Loans                                                                      0.00
    Other Amounts (Servicer Advances)                                                                    0.00
    Realized Losses                                                                                      0.00
Total Deposits                                                                                   4,624,067.26

Withdrawals
    Reimbursement for Servicer Advances                                                                  0.00
    Payment of Service Fee                                                                         155,912.28
    Payment of Interest and Principal                                                            4,468,154.98
Total Withdrawals (Pool Distribution Amount)                                                     4,624,067.26

Ending Balance                                                                                           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                                                   <C>

Total Prepayment/Curtailment Interest Shortfall                                                        170.89
Servicing Fee Support                                                                                  170.89
Non-Supported Prepayment/Curtailment Interest Shortfall                                                  0.00
</TABLE>
<TABLE>
<CAPTION>

                                                         SERVICING FEES

<S>                                                                                   <C>
Gross Servicing Fee                                                                                119,567.57
Master Servicing Fee                                                                                 4,687.48
Supported Prepayment/Curtailment Interest Shortfall                                                    170.89
Net Servicing Fee                                                                                  124,084.16

</TABLE>
<TABLE>
<CAPTION>
                                                         OTHER ACCOUNTS

                                               Beginning          Current          Current          Ending
Account Type                                     Balance      Withdrawals         Deposits         Balance
<S>                                    <C>                 <C>               <C>              <C>
Financial Guaranty                                    0.00              0.00              0.00             0.00
Financial Guaranty                                    0.00              0.00              0.00             0.00  
Reserve Fund                                      5,000.00              0.00              0.00         5,000.00
Reserve Fund                                      5,000.00              0.00              0.00         5,000.00

</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                                  58      4,773,424.45               1.296379%          1.278657%
60 Days                                  15      1,006,642.94               0.335270%          0.269649%
90+ Days                                  0              0.00               0.000000%          0.000000%
Foreclosure                               0              0.00               0.000000%          0.000000%
REO                                       0              0.00               0.000000%          0.000000%
Totals                                   73      5,780,067.39               1.631650%          1.548307%
</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                                                                                     0.00
</TABLE>

<TABLE>
<CAPTION>
                              COLLATERAL STATEMENT
<S>                                                                       <C>
Collateral Description                                        Mixed Fixed & ARM

Weighted Average Gross Coupon                                         9.406780%
Weighted Average Net Coupon                                           9.024162%
Weighted Average Pass-Through Rate                                    9.009162%
Weighted Average Maturity (Stepdown Calculation)                             0

End Scheduled Collateral Loan Count                                       4,490 
Number of Loans Paid in Full                                                 16
Ending Scheduled Collateral Loan Count                                    4,474

Beginning Scheduled Collateral Balance                           375,000,000.00
Ending Scheduled Collateral Balance                              373,315,368.60
Ending Actual Collateral Balance                                 373,316,068.20
Monthly P&I Constant                                               3,099,949.19
Ending Scheduled Balance for Premium Loans                       373,315,368.60
Required Overcollateralized Amount                                         0.00
Overcollateralized Increase Amount                                   341,095.13
Overcollateralized Reduction Amount                                        0.00
Specified O/C Amount                                               6,000,000.00
Overcollateralized Amount                                            339,582.56
Overcollateralized Deficiency Amount                               6,001,512.57
Base Overcollateralization Amount                                  6,000,000.00
Extra Principal Distribution Amount                                  341,095.13
Excess Cash Amount                                                   341,095.13

    Greater than 85%, less than or equal to 95%                     $338,307.23
    Greater than 95%                                                  $1,275.32
    Group F Curtailments                                                  $0.00
    Group A Curtailments                                                  $0.00
</TABLE>


<TABLE>
<S>                                                           <C>                      <C>
GROUP                                                          1                        2
                                                       Mixed Fixed               Mixed ARM 
Collateral Description                                             
Weighted Average Coupon Rate                             9.157059                 8.283927            
Weighted Average Net Rate                                9.142059                 8.268927
Weighted Average Maturity                                  327.00                   358.00
Record Date                                              03/31/99                 03/31/99
Principal And Interest Constant                      2,692,063.96               407,885.23 
Beginning Loan Count                                         3859                      631
Loans Paid In Full                                             14                        2
Ending Loan Count                                            3845                      629   
Beginning Scheduled Balance                        319,999,762.75            54,998,724.68       
Ending Scheduled Balance                           318,638,927.87            54,676,440.73
Scheduled Principal                                    250,183.39                28,214.05
Unscheduled Principal                                1,110,651.49               294,069.90 
Scheduled Interest                                   2,441,880.57               379,671.18
Servicing Fee                                                0.00                     0.00
Master Servicing Fee                                         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                                                4,000.00                   687.48   
Pool Insurance Fee                                           0.00                     0.00
Spread 1                                                     0.00                     0.00
Spread 2                                                     0.00                     0.00
Spread 3                                                     0.00                     0.00
Net Interest                                         2,437,880.57               378,983.70

Realized Loss Amount                                         0.00                     0.00
Cummulative Realized Loss                                    0.00                     0.00
</TABLE>

<TABLE>
<CAPTION>
                                                      Delinquency Status By Group
<C>                                       <S>              <S>             <S>              <S>            <S>           <S>   
GROUP                                   30 Day            60 Day          90+ Day       Foreclosure        REO        Bankruptcy
1      Principal Balance             3,652,774.45       924,642.94           0.00           0.00          0.00           0.00  
       Percentage of Balance               1.146%           0.290%         0.000%          0.000%        0.000%         0.000% 
       Loan Count                             46               13             0              0              0              0
       Percentage of Loan Count            1.196%           0.338%         0.000%          0.000%        0.000%         0.000%  
2      Principal Balance             1,120,650.00        82,000.00            0             0.00          0.00           0.00
       Percentage of Balance               2.050%           0.150%         0.000%          0.000%        0.000%         0.000%
       Loan Count                              12               2             0              0             0               0 
       Percentage of Loan Count            1.908%           0.318%         0.000%          0.000%        0.000%         0.000%
</TABLE>                                             


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