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 : February 25, 1998
(Date of earliest event reported)
Commission File No.: 033-34957
Homeside Mortgage Securities, Inc.,
Multi-Class Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-2081749
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7900
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On February 25, 1998 a distribution was made to holders of Homeside Mortgage
Securities, Inc., Multi-Class Mortgage Pass-Through Certificates, Series 1998-1
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Multi-Class Mortgage
Pass-Through Certificates, Series 1998-1 Trust, relating to the
February 25, 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.
Homeside Mortgage Securities, Inc.,
Multi-Class Mortgage Pass-Through Certificates, Series 1998-1 Trust
March 05, 1998 by Norwest Bank Minnesota, N.A., as Trustee
/s/ Sherri J. Sharps, Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Multi-Class Mortgage
Pass-Through Certificates, Series 1998-1 Trust, relating to the
February 25, 1998 distribution
<TABLE>
<CAPTION>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Jan-1998
Distribution Date: 25-Feb-1998
HMS Series 1998-1
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone:(410) 884-2173
Fax:(410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 437609AA8 SEQ 6.75000% 175,500,000.00 987,187.50 1,966,027.91 0.00
A-2 437609AB6 SEQ 6.75000% 40,501,000.00 227,818.12 0.00 0.00
A-3 437609AC4 SEQ 6.75000% 11,012,000.00 61,942.50 0.00 0.00
A-4 437609AD2 SEQ 6.75000% 37,328,133.00 209,970.75 0.00 0.00
A-5 437609AE0 PAC 6.65000% 75,481,062.00 418,290.89 681,742.76 0.00
A-6 437609AF7 TAC 6.75000% 23,954,379.00 134,743.38 0.00 0.00
A-7 437609AG5 SEQ 6.75000% 4,978,135.00 28,002.01 412,696.86 0.00
A-8 437609AH3 SEQ 8.50000% 3,477,523.00 24,632.45 38,956.74 0.00
A-9 437609AJ9 IO 6.75000% 0.00 1,218.70 0.00 0.00
A-10 437609AK6 PAC 6.75000% 1,049,002.00 5,900.64 0.00 0.00
A-R 437609AL4 R 6.75000% 100.00 0.56 100.00 0.00
AP 437609AU4 PO 0.00000% 1,332.08 0.00 1.26 0.00
AX 437609AM2 IO 6.75000% 0.00 255,395.53 0.00 0.00
M 437609AN0 SUB 6.75000% 8,186,879.00 46,051.19 5,970.00 0.00
B-1 437609AP5 SUB 6.75000% 3,313,736.00 18,639.76 2,416.43 0.00
B-2 437609AQ3 SUB 6.75000% 1,754,331.00 9,868.11 1,279.29 0.00
B-3 437609AR1 SUB 6.75000% 1,364,480.00 7,675.20 995.00 0.00
B-4 437609AS9 SUB 6.75000% 974,628.00 5,482.28 710.71 0.00
B-5 437609AT7 SUB 6.75000% 974,629.18 5,482.29 710.70 0.02
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 173,533,972.09 2,953,215.41 0.00
A-2 40,501,000.00 227,818.12 0.00
A-3 11,012,000.00 61,942.50 0.00
A-4 37,328,133.00 209,970.75 0.00
A-5 74,799,319.24 1,100,033.65 0.00
<PAGE>
A-6 23,954,379.00 134,743.38 0.00
A-7 4,565,438.14 440,698.87 0.00
A-8 3,438,566.26 63,589.19 0.00
A-9 0.00 1,218.70 0.00
A-10 1,049,002.00 5,900.64 0.00
A-R 0.00 100.56 0.00
AP 1,330.82 1.26 0.00
AX 0.00 255,395.53 0.00
M 8,180,909.00 52,021.19 0.00
B-1 3,311,319.57 21,056.19 0.00
B-2 1,753,051.71 11,147.40 0.00
B-3 1,363,485.00 8,670.20 0.00
B-4 973,917.29 6,192.99 0.00
B-5 973,918.47 6,192.99 0.02
<FN>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 175,500,000.00 175,500,000.00 172,658.03 1,793,369.89 0.00 0.00 1,966,027.91
A-2 40,501,000.00 40,501,000.00 0.00 0.00 0.00 0.00 0.00
A-3 11,012,000.00 11,012,000.00 0.00 0.00 0.00 0.00 0.00
A-4 37,328,133.00 37,328,133.00 0.00 0.00 0.00 0.00 0.00
A-5 75,481,062.00 75,481,062.00 59,871.15 621,871.61 0.00 0.00 681,742.76
A-6 23,954,379.00 23,954,379.00 0.00 0.00 0.00 0.00 0.00
A-7 4,978,135.00 4,978,135.00 36,243.34 376,453.52 0.00 0.00 412,696.86
A-8 3,477,523.00 3,477,523.00 3,421.21 35,535.53 0.00 0.00 38,956.74
A-9 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-10 1,049,002.00 1,049,002.00 0.00 0.00 0.00 0.00 0.00
A-R 100.00 100.00 8.78 91.22 0.00 0.00 100.00
AP 1,332.08 1,332.08 1.26 0.00 0.00 0.00 1.26
AX 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M 8,186,879.00 8,186,879.00 5,970.00 0.00 0.00 0.00 5,970.00
B-1 3,313,736.00 3,313,736.00 2,416.43 0.00 0.00 0.00 2,416.43
B-2 1,754,331.00 1,754,331.00 1,279.29 0.00 0.00 0.00 1,279.29
B-3 1,364,480.00 1,364,480.00 995.00 0.00 0.00 0.00 995.00
B-4 974,628.00 974,628.00 710.71 0.00 0.00 0.00 710.71
B-5 974,629.18 974,629.18 710.70 0.00 0.00 0.02 710.72
<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)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 173,533,972.09 0.98879756 1,966,027.91
A-2 40,501,000.00 1.00000000 0.00
A-3 11,012,000.00 1.00000000 0.00
A-4 37,328,133.00 1.00000000 0.00
A-5 74,799,319.24 0.99096803 681,742.76
A-6 23,954,379.00 1.00000000 0.00
A-7 4,565,438.14 0.91709810 412,696.86
A-8 3,438,566.26 0.98879756 38,956.74
A-9 0.00 0.00000000 0.00
A-10 1,049,002.00 1.00000000 0.00
A-R 0.00 0.00000000 100.00
AP 1,330.82 0.99905411 1.26
AX 0.00 0.00000000 0.00
M 8,180,909.00 0.99927078 5,970.00
B-1 3,311,319.57 0.99927078 2,416.43
B-2 1,753,051.71 0.99927078 1,279.29
B-3 1,363,485.00 0.99927078 995.00
<PAGE>
B-4 973,917.29 0.99927079 710.71
B-5 973,918.47 0.99927079 710.70
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss (3) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 175,500,000.00 1000.00000000 0.98380644 10.21863185 0.00000000 0.00000000 11.20243823
A-2 40,501,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 11,012,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 37,328,133.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 75,481,062.00 1000.00000000 0.79319432 8.23877664 0.00000000 0.00000000 9.03197096
A-6 23,954,379.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 4,978,135.00 1000.00000000 7.28050565 75.62139637 0.00000000 0.00000000 82.90190202
A-8 3,477,523.00 1000.00000000 0.98380658 10.21863263 0.00000000 0.00000000 11.20243921
A-9 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-10 1,049,002.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 1000.00000000 87.80000000 912.20000000 0.00000000 0.00000000 1,000.00000000
AP 1,332.08 1000.00000000 0.94588914 0.00000000 0.00000000 0.00000000 0.94588914
AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 8,186,879.00 1000.00000000 0.72921561 0.00000000 0.00000000 0.00000000 0.72921561
B-1 3,313,736.00 1000.00000000 0.72921621 0.00000000 0.00000000 0.00000000 0.72921621
B-2 1,754,331.00 1000.00000000 0.72921815 0.00000000 0.00000000 0.00000000 0.72921815
B-3 1,364,480.00 1000.00000000 0.72921553 0.00000000 0.00000000 0.00000000 0.72921553
B-4 974,628.00 1000.00000000 0.72921156 0.00000000 0.00000000 0.00000000 0.72921156
B-5 974,629.18 1000.00000000 0.72920041 0.00000000 0.00000000 0.00002052 0.72922093
<FN>
(2) All classes are per $1,000 denomination.
(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)
Ending Ending Total
Certificate Certificate Principal
Class (4) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 988.79756177 0.98879756 11.20243823
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 990.96802904 0.99096803 9.03197096
A-6 1000.00000000 1.00000000 0.00000000
A-7 917.09809798 0.91709810 82.90190202
A-8 988.79756079 0.98879756 11.20243921
A-9 0.00000000 0.00000000 0.00000000
A-10 1000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 1,000.00000000
AP 999.05411086 0.99905411 0.94588914
AX 0.00000000 0.00000000 0.00000000
M 999.27078439 0.99927078 0.72921561
<PAGE>
B-1 999.27078379 0.99927078 0.72921621
B-2 999.27078185 0.99927078 0.72921815
B-3 999.27078447 0.99927078 0.72921553
B-4 999.27078844 0.99927079 0.72921156
B-5 999.27078933 0.99927079 0.72920041
<FN>
(4) All classes are per $1,000 denomination.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 175,500,000.00 6.75000% 175,500,000.00 987,187.50 0.00 0.00 0.00
A-2 40,501,000.00 6.75000% 40,501,000.00 227,818.12 0.00 0.00 0.00
A-3 11,012,000.00 6.75000% 11,012,000.00 61,942.50 0.00 0.00 0.00
A-4 37,328,133.00 6.75000% 37,328,133.00 209,970.75 0.00 0.00 0.00
A-5 75,481,062.00 6.65000% 75,481,062.00 418,290.89 0.00 0.00 0.00
A-6 23,954,379.00 6.75000% 23,954,379.00 134,743.38 0.00 0.00 0.00
A-7 4,978,135.00 6.75000% 4,978,135.00 28,002.01 0.00 0.00 0.00
A-8 3,477,523.00 8.50000% 3,477,523.00 24,632.45 0.00 0.00 0.00
A-9 0.00 6.75000% 216,658.09 1,218.70 0.00 0.00 0.00
A-10 1,049,002.00 6.75000% 1,049,002.00 5,900.64 0.00 0.00 0.00
A-R 100.00 6.75000% 100.00 0.56 0.00 0.00 0.00
AP 1,332.08 0.00000% 1,332.08 0.00 0.00 0.00 0.00
AX 0.00 6.75000% 45,403,649.96 255,395.53 0.00 0.00 0.00
M 8,186,879.00 6.75000% 8,186,879.00 46,051.19 0.00 0.00 0.00
B-1 3,313,736.00 6.75000% 3,313,736.00 18,639.76 0.00 0.00 0.00
B-2 1,754,331.00 6.75000% 1,754,331.00 9,868.11 0.00 0.00 0.00
B-3 1,364,480.00 6.75000% 1,364,480.00 7,675.20 0.00 0.00 0.00
B-4 974,628.00 6.75000% 974,628.00 5,482.28 0.00 0.00 0.00
B-5 974,629.18 6.75000% 974,629.18 5,482.29 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (5) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 987,187.50 0.00 173,533,972.09
A-2 0.00 227,818.12 0.00 40,501,000.00
A-3 0.00 61,942.50 0.00 11,012,000.00
A-4 0.00 209,970.75 0.00 37,328,133.00
A-5 0.00 418,290.89 0.00 74,799,319.24
A-6 0.00 134,743.38 0.00 23,954,379.00
A-7 0.00 28,002.01 0.00 4,565,438.14
A-8 0.00 24,632.45 0.00 3,438,566.26
A-9 0.00 1,218.70 0.00 216,658.09
A-10 0.00 5,900.64 0.00 1,049,002.00
A-R 0.00 0.56 0.00 0.00
AP 0.00 0.00 0.00 1,330.82
AX 0.00 255,395.53 0.00 45,040,521.45
M 0.00 46,051.19 0.00 8,180,909.00
B-1 0.00 18,639.76 0.00 3,311,319.57
B-2 0.00 9,868.11 0.00 1,753,051.71
B-3 0.00 7,675.20 0.00 1,363,485.00
<PAGE>
B-4 0.00 5,482.28 0.00 973,917.29
B-5 0.00 5,482.29 0.00 973,918.47
<FN>
(5) 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>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (6) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 175,500,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000 0.00000000
A-2 40,501,000.00 6.75000% 1000.00000000 5.62499988 0.00000000 0.00000000 0.00000000
A-3 11,012,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000 0.00000000
A-4 37,328,133.00 6.75000% 1000.00000000 5.62500005 0.00000000 0.00000000 0.00000000
A-5 75,481,062.00 6.65000% 1000.00000000 5.54166673 0.00000000 0.00000000 0.00000000
A-6 23,954,379.00 6.75000% 1000.00000000 5.62499992 0.00000000 0.00000000 0.00000000
A-7 4,978,135.00 6.75000% 1000.00000000 5.62500013 0.00000000 0.00000000 0.00000000
A-8 3,477,523.00 8.50000% 1000.00000000 7.08333202 0.00000000 0.00000000 0.00000000
A-9 0.00 6.75000% 1000.00000000 5.62499189 0.00000000 0.00000000 0.00000000
A-10 1,049,002.00 6.75000% 1000.00000000 5.62500357 0.00000000 0.00000000 0.00000000
A-R 100.00 6.75000% 1000.00000000 5.60000000 0.00000000 0.00000000 0.00000000
AP 1,332.08 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX 0.00 6.75000% 1000.00032949 5.62500183 0.00000000 0.00000000 0.00000000
M 8,186,879.00 6.75000% 1000.00000000 5.62499947 0.00000000 0.00000000 0.00000000
B-1 3,313,736.00 6.75000% 1000.00000000 5.62499849 0.00000000 0.00000000 0.00000000
B-2 1,754,331.00 6.75000% 1000.00000000 5.62499893 0.00000000 0.00000000 0.00000000
B-3 1,364,480.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000 0.00000000
B-4 974,628.00 6.75000% 1000.00000000 5.62499743 0.00000000 0.00000000 0.00000000
B-5 974,629.18 6.75000% 1000.00000000 5.62500088 0.00000000 0.00000000 0.00000000
<FN>
(6) All classes are per $1000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.62500000 0.00000000 988.79756177
A-2 0.00000000 5.62499988 0.00000000 1000.00000000
A-3 0.00000000 5.62500000 0.00000000 1000.00000000
A-4 0.00000000 5.62500005 0.00000000 1000.00000000
A-5 0.00000000 5.54166673 0.00000000 990.96802904
A-6 0.00000000 5.62499992 0.00000000 1000.00000000
A-7 0.00000000 5.62500013 0.00000000 917.09809798
A-8 0.00000000 7.08333202 0.00000000 988.79756079
A-9 0.00000000 5.62499189 0.00000000 1000.00000000
A-10 0.00000000 5.62500357 0.00000000 1000.00000000
A-R 0.00000000 5.60000000 0.00000000 0.00000000
AP 0.00000000 0.00000000 0.00000000 999.05411086
AX 0.00000000 5.62500183 0.00000000 992.00254451
<PAGE>
M 0.00000000 5.62499947 0.00000000 999.27078439
B-1 0.00000000 5.62499849 0.00000000 999.27078379
B-2 0.00000000 5.62499893 0.00000000 999.27078185
B-3 0.00000000 5.62500000 0.00000000 999.27078447
B-4 0.00000000 5.62499743 0.00000000 999.27078844
B-5 0.00000000 5.62500088 0.00000000 999.27078933
<FN>
(7) 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>
<PAGE>
<TABLE>
<CAPTION>
COMPONENT DISTRIBUTION SUMMARY
Certificate Beginning Current Ending Cumulative
Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Component Rate Balance Distribution Distribution Losses Balance Distribution Loss
A5#1 6.65000% 60,856,641.00 337,247.22 681,742.76 0.00 60,174,898.24 1,018,989.98 0.00
A5#2 6.65000% 14,624,421.00 81,043.67 0.00 0.00 14,624,421.00 81,043.67 0.00
A7#1 6.75000% 3,309,090.00 18,613.63 0.00 0.00 3,309,090.00 18,613.63 0.00
A7#2 6.75000% 1,669,045.00 9,388.38 0.00 0.00 1,256,348.14 422,085.24 0.00
Totals 80,459,197.00 446,292.90 1,094,439.62 0.00 79,346,757.38 1,540,732.52 0.00
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,644,377.33
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 5,644,377.33
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 84,467.79
Payment of Interest and Principal 5,559,909.54
------------------
Total Withdrawals (Pool Distribution Amount) 5,644,377.33
Ending Balance 0.00
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 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 81,219.03
Trustee Fee 3,248.76
Supported Prepayment/Curtailment Interest Shortfall 0.00
------------------
Net Servicing Fee 84,467.79
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 0 0.00 0.00% 0.00%
60 Days 0 0.00 0.00% 0.00%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 0 0.00 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.02
Cumulative Realized Losses - Includes Interest Shortfall 0.02
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 7.795327%
Weighted Average Pass-Through Rate 7.535327%
Weighted Average Maturity (Stepdown Calculation) 0 Months
Beginning Scheduled Collateral Loan Count 1,186
Number of Loans Paid in Full 8
Ending Scheduled Collateral Loan Count 1,178
Beginning Scheduled Collateral Balance 389,851,349.26
Ending Scheduled Collateral Balance 386,739,741.58
Monthly P&I Constant 1,891,961.64
Ending Scheduled Balance For Norwest 386,739,741.58
Ending Scheduled Balance For Other Servicers 386,739,741.58
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Loss Description Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 180,000.00 0.04617144% 0.00 0.00000000%
Fraud 7,797,027.00 2.00000000% 0.00 0.00000000%
Special Hazard 2,294,187.00 0.58847738% 0.00 0.00000000%
<FN>
Limit of Subordination's Exposure for 100% of Certain Types of Losses.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL
Class Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
A 16,568,683.18 4.25000021% 16,556,601.04 4.28107051%
M 8,381,804.18 2.15000004% 8,375,692.04 2.16571796%
B-1 5,068,068.18 1.30000016% 5,064,372.47 1.30950402%
B-2 3,313,737.18 0.85000018% 3,311,320.76 0.85621425%
B-3 1,949,257.18 0.50000011% 1,947,835.76 0.50365544%
B-4 974,629.18 0.25000021% 973,918.47 0.25182787%
B-5 0.00 0.00000000% 0.00 0.00000000%
<FN>
Please refer to the Prospectus Supplement For A Full Description Of Loss Exposure.
</FN>
</TABLE>
