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Previous: GLENWAY FINANCIAL CORP, DEF 14A, 1998-10-06 |
Next: HOMESIDE MORTGAGE SECURITIES INC /DE/, 8-K, 1998-10-06 |
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): September 25, 1998
HOMESIDE MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-1 Trust +
New York (governing law of 033-34957 52-2088298 52-2081749
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
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 25, 1998 a distribution was made to holders of HOMESIDE
MORTGAGE SECURITIES, INC., Mortgage Pass-Through Certificates, Series 1998-1
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-1 Trust,
relating to the September 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.
Mortgage Pass-Through Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 09/28/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the September
25, 1998 distribution.
<TABLE>
<CAPTION>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 08/31/1998
Distribution Date: 09/25/1998
HMS Series: 1998-1
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 437609AA8 SEQ 6.75000% 141,324,177.75 794,948.50 5,758,487.86
A-2 437609AB6 SEQ 6.75000% 40,501,000.00 227,818.12 0.00
A-3 437609AC4 SEQ 6.75000% 11,012,000.00 61,942.50 0.00
A-4 437609AD2 SEQ 6.75000% 37,328,133.00 209,970.75 0.00
A-5 437609AE0 PAC 6.65000% 63,630,203.05 352,617.38 1,996,821.82
A-6 437609AF7 TAC 6.75000% 21,758,529.09 122,391.73 1,208,787.45
A-7 437609AG5 SEQ 6.75000% 0.00 0.00 0.00
A-8 437609AH3 SEQ 8.50000% 2,800,330.93 19,835.68 114,104.13
A-9 437609AJ9 IO 6.75000% 0.00 1,218.70 0.00
A-10 437609AK6 PAC 6.75000% 1,049,002.00 5,900.64 0.00
A-R 437609AL4 RES 6.75000% 0.00 0.00 0.00
AP 437609AU4 PO 0.00000% 1,313.30 0.00 2.64
AX 437609AM2 IO 6.75000% 0.00 208,483.35 0.00
M 437609AN0 SUB 6.75000% 8,143,692.08 45,808.27 6,398.58
B-1 437609AP5 SUB 6.75000% 3,296,255.59 18,541.44 2,589.90
B-2 437609AQ3 SUB 6.75000% 1,745,076.66 9,816.06 1,371.12
B-3 437609AR1 SUB 6.75000% 1,357,282.18 7,634.71 1,066.43
B-4 437609AS9 SUB 6.75000% 969,486.70 5,453.36 761.74
B-5 437609AT7 SUB 6.75000% 969,488.65 5,453.37 761.67
Totals 335,885,970.98 2,097,834.56 9,091,153.34
</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 0.00 135,565,689.89 6,553,436.36 0.00
A-2 0.00 40,501,000.00 227,818.12 0.00
A-3 0.00 11,012,000.00 61,942.50 0.00
A-4 0.00 37,328,133.00 209,970.75 0.00
A-5 0.00 61,633,381.24 2,349,439.20 0.00
A-6 0.00 20,549,741.63 1,331,179.18 0.00
A-7 0.00 0.00 0.00 0.00
A-8 0.00 2,686,226.81 133,939.81 0.00
A-9 0.00 0.00 1,218.70 0.00
A-10 0.00 1,049,002.00 5,900.64 0.00
A-R 0.00 0.00 0.00 0.00
AP 0.00 1,310.66 2.64 0.00
AX 0.00 0.00 208,483.35 0.00
M 0.00 8,137,293.50 52,206.85 0.00
B-1 0.00 3,293,665.68 21,131.34 0.00
B-2 0.00 1,743,705.54 11,187.18 0.00
B-3 0.00 1,356,215.75 8,701.14 0.00
B-4 0.00 968,724.97 6,215.10 0.00
B-5 0.00 968,726.91 6,215.04 0.00
Totals 0.00 326,794,817.58 11,188,987.90 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-1 175,500,000.00 141,324,177.75 159,188.06 5,599,299.80 0.00 0.00
A-2 40,501,000.00 40,501,000.00 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
A-4 37,328,133.00 37,328,133.00 0.00 0.00 0.00 0.00
A-5 75,481,062.00 63,630,203.05 55,200.29 1,941,621.53 0.00 0.00
A-6 23,954,379.00 21,758,529.09 33,415.81 1,175,371.64 0.00 0.00
A-7 4,978,135.00 0.00 0.00 0.00 0.00 0.00
A-8 3,477,523.00 2,800,330.93 3,154.30 110,949.82 0.00 0.00
A-9 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
A-R 100.00 0.00 0.00 0.00 0.00 0.00
AP 1,332.08 1,313.30 1.35 1.30 0.00 0.00
AX 0.00 0.00 0.00 0.00 0.00 0.00
M 8,186,879.00 8,143,692.08 6,398.58 0.00 0.00 0.00
B-1 3,313,736.00 3,296,255.59 2,589.90 0.00 0.00 0.00
B-2 1,754,331.00 1,745,076.66 1,371.12 0.00 0.00 0.00
B-3 1,364,480.00 1,357,282.18 1,066.43 0.00 0.00 0.00
B-4 974,628.00 969,486.70 761.74 0.00 0.00 0.00
B-5 974,629.18 969,488.65 761.67 0.00 0.00 0.00
Totals 389,851,349.26 335,885,970.98 263,909.25 8,827,244.09 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 5,758,487.86 135,565,689.89 0.77245407 5,758,487.86
A-2 0.00 40,501,000.00 1.00000000 0.00
A-3 0.00 11,012,000.00 1.00000000 0.00
A-4 0.00 37,328,133.00 1.00000000 0.00
A-5 1,996,821.82 61,633,381.24 0.81654099 1,996,821.82
A-6 1,208,787.45 20,549,741.63 0.85786994 1,208,787.45
A-7 0.00 0.00 0.00000000 0.00
A-8 114,104.13 2,686,226.81 0.77245407 114,104.13
A-9 0.00 0.00 0.00000000 0.00
A-10 0.00 1,049,002.00 1.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
AP 2.64 1,310.66 0.98391988 2.64
AX 0.00 0.00 0.00000000 0.00
M 6,398.58 8,137,293.50 0.99394330 6,398.58
B-1 2,589.90 3,293,665.68 0.99394330 2,589.90
B-2 1,371.12 1,743,705.54 0.99394330 1,371.12
B-3 1,066.43 1,356,215.75 0.99394330 1,066.43
B-4 761.74 968,724.97 0.99394330 761.74
B-5 761.67 968,726.91 0.99394409 761.67
Totals 9,091,153.34 326,794,817.58 0.83825494 9,091,153.34
</TABLE>
<TABLE>
<CAPTION>
Component Distribution Summary
Certificate Beginning Current Ending
Pass-Through Certificate Interest Principle Realized Certificate
Component Rate Balance Distribution Distribution Loss Balance
<S> <C> <C> <C> <C> <C> <C>
A5#1 6.65000% 49,005,782.05 271,573.71 1,996,821.82 0.00 47,008,960.23
A5#2 6.65000% 14,624,421.00 81,043.67 0.00 0.00 14,624,421.00
A7#1 6.75000% 0.00 0.00 0.00 0.00 0.00
A7#2 6.75000% 0.00 0.00 0.00 0.00 0.00
Totals 66,630,203.05 352,617.38 1,996,821.82 0.00 61,633,381.23
Total Cumulative
Component Distribution Realized Loss
<S> <C> <C>
A5#1 2.268.395.53 0.00
A5#2 81,043.67 0.00
A7#1 0.00 0.00
A7#2 0.00 0.00
Totals 2,349,439.20 0.00
</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-1 175,500,000.00 805.26597009 0.90705447 31.90484217 0.00000000
A-2 40,501,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 11,012,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 37,328,133.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 75,481,062.00 842.99559868 0.73131311 25.72329374 0.00000000
A-6 23,954,379.00 908.33200435 1.39497709 49.06708874 0.00000000
A-7 4,978,135.00 0.00000000 0.00000000 0.00000000 0.00000000
A-8 3,477,523.00 805.26596948 0.90705367 31.90484146 0.00000000
A-9 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-10 1,049,002.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
AP 1,332.08 985.90174764 1.01345265 0.97591736 0.00000000
AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M 8,186,879.00 994.72486157 0.78156523 0.00000000 0.00000000
B-1 3,313,736.00 994.72486342 0.78156498 0.00000000 0.00000000
B-2 1,754,331.00 994.72486093 0.78156289 0.00000000 0.00000000
B-3 1,364,480.00 994.72486222 0.78156514 0.00000000 0.00000000
B-4 974,628.00 994.72485913 0.78156999 0.00000000 0.00000000
B-5 974,629.18 994.72565556 0.78149723 0.00000000 0.00000000
<FN>
(2) Per $1000 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 32.81189664 772.45407345 0.77245407 32.81189664
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 26.45460685 816.54099196 0.81654099 26.45460685
A-6 0.00000000 50.46206583 857.86993810 0.85786994 50.46206583
A-7 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-8 0.00000000 32.81189801 772.45407435 0.77245407 32.81189801
A-9 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AP 0.00000000 1.98186295 983.91988469 0.98391988 1.98186295
AX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 0.00000000 0.78156523 993.94329634 0.99394330 0.78156523
B-1 0.00000000 0.78156498 993.94329542 0.99394330 0.78156498
B-2 0.00000000 0.78156289 993.94329804 0.99394330 0.78156289
B-3 0.00000000 0.78156514 993.94329708 0.99394330 0.78156514
B-4 0.00000000 0.78156999 993.94329939 0.99394330 0.78156999
B-5 0.00000000 0.78149723 993.94408651 0.99394409 0.78149723
<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-1 175,500,000.00 6.75000% 141,324,177.75 794,948.50 0.00 0.00
A-2 40,501,000.00 6.75000% 40,501,000.00 227,818.12 0.00 0.00
A-3 11,012,000.00 6.75000% 11,012,000.00 61,942.50 0.00 0.00
A-4 37,328,133.00 6.75000% 37,328,133.00 209,970.75 0.00 0.00
A-5 75,481,062.00 6.65000% 63,630,203.05 352,617.38 0.00 0.00
A-6 23,954,379.00 6.75000% 21,758,529.09 122,391.73 0.00 0.00
A-7 4,978,135.00 6.75000% 0.00 0.00 0.00 0.00
A-8 3,477,523.00 8.50000% 2,800,330.93 19,835.68 0.00 0.00
A-9 0.00 6.75000% 216,658.09 1,218.70 0.00 0.00
A-10 1,049,002.00 6.75000% 1,049,002.00 5,900.64 0.00 0.00
A-R 100.00 6.75000% 0.00 0.00 0.00 0.00
AP 1,332.08 0.00000% 1,313.30 0.00 0.00 0.00
AX 0.00 6.75000% 37,063,706.28 208,483.35 0.00 0.00
M 8,186,879.00 6.75000% 8,143,692.08 45,808.27 0.00 0.00
B-1 3,313,736.00 6.75000% 3,296,255.59 18,541.44 0.00 0.00
B-2 1,754,331.00 6.75000% 1,745,076.66 9,816.06 0.00 0.00
B-3 1,364,480.00 6.75000% 1,357,282.18 7,634.71 0.00 0.00
B-4 974,628.00 6.75000% 969,486.70 5,453.36 0.00 0.00
B-5 974,629.18 6.75000% 969,488.65 5,453.37 0.00 0.00
Totals 389,851,349.26 2,097,834.56 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 0.00 794,948.50 0.00 135,565,689.89
A-2 0.00 0.00 227,818.12 0.00 40,501,000.00
A-3 0.00 0.00 61,942.50 0.00 11,012,000.00
A-4 0.00 0.00 209,970.75 0.00 37,328,133.00
A-5 0.00 0.00 352,617.38 0.00 61,633,381.24
A-6 0.00 0.00 122,391.73 0.00 20,549,741.63
A-7 0.00 0.00 0.00 0.00 0.00
A-8 0.00 0.00 19,835.68 0.00 2,686,226.81
A-9 0.00 0.00 1,218.70 0.00 216,658.09
A-10 0.00 0.00 5,900.64 0.00 1,049,002.00
A-R 0.00 0.00 0.00 0.00 0.00
AP 0.00 0.00 0.00 0.00 1,310.66
AX 0.00 0.00 208,483.35 0.00 35,783,339.52
M 0.00 0.00 45,808.27 0.00 8,137,293.50
B-1 0.00 0.00 18,541.44 0.00 3,293,665.68
B-2 0.00 0.00 9,816.06 0.00 1,743,705.54
B-3 0.00 0.00 7,634.71 0.00 1,356,215.75
B-4 0.00 0.00 5,453.36 0.00 968,724.97
B-5 0.00 0.00 5,453.37 0.00 968,726.91
Totals 0.00 0.00 2,097,834.56 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-1 175,500,000.00 6.75000% 805.26597009 4.52962108 0.00000000 0.00000000
A-2 40,501,000.00 6.75000% 1000.00000000 5.62499988 0.00000000 0.00000000
A-3 11,012,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-4 37,328,133.00 6.75000% 1000.00000000 5.62500005 0.00000000 0.00000000
A-5 75,481,062.00 6.65000% 842.99559868 4.67160067 0.00000000 0.00000000
A-6 23,954,379.00 6.75000% 908.33200435 5.10936769 0.00000000 0.00000000
A-7 4,978,135.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
A-8 3,477,523.00 8.50000% 805.26596948 5.70396803 0.00000000 0.00000000
A-9 0.00 6.75000% 1000.00000000 5.62499189 0.00000000 0.00000000
A-10 1,049,002.00 6.75000% 1000.00000000 5.62500357 0.00000000 0.00000000
A-R 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
AP 1,332.08 0.00000% 985.90174764 0.00000000 0.00000000 0.00000000
AX 0.00 6.75000% 816.31583639 4.59177663 0.00000000 0.00000000
M 8,186,879.00 6.75000% 994.72486157 5.59532760 0.00000000 0.00000000
B-1 3,313,736.00 6.75000% 994.72486342 5.59532805 0.00000000 0.00000000
B-2 1,754,331.00 6.75000% 994.72486093 5.59532950 0.00000000 0.00000000
B-3 1,364,480.00 6.75000% 994.72486222 5.59532569 0.00000000 0.00000000
B-4 974,628.00 6.75000% 994.72485913 5.59532458 0.00000000 0.00000000
B-5 974,629.18 6.75000% 994.72565556 5.59532806 0.00000000 0.00000000
<FN>
(5)All Classes are Per $1000 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 4.52962108 0.00000000 772.45407345
A-2 0.00000000 0.00000000 5.62499988 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.62500005 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 4.67160067 0.00000000 816.54099196
A-6 0.00000000 0.00000000 5.10936769 0.00000000 857.86993810
A-7 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-8 0.00000000 0.00000000 5.70396803 0.00000000 772.45407435
A-9 0.00000000 0.00000000 5.62499189 0.00000000 1000.00000000
A-10 0.00000000 0.00000000 5.62500357 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AP 0.00000000 0.00000000 0.00000000 0.00000000 983.91988469
AX 0.00000000 0.00000000 4.59177663 0.00000000 788.11618321
M 0.00000000 0.00000000 5.59532760 0.00000000 993.94329634
B-1 0.00000000 0.00000000 5.59532805 0.00000000 993.94329542
B-2 0.00000000 0.00000000 5.59532950 0.00000000 993.94329804
B-3 0.00000000 0.00000000 5.59532569 0.00000000 993.94329708
B-4 0.00000000 0.00000000 5.59532458 0.00000000 993.94329939
B-5 0.00000000 0.00000000 5.59532806 0.00000000 993.94408651
<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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,261,763.18
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 11,261,763.18
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 72,775.56
Payment of Interest and Principal 11,188,987.62
Total Withdrawals (Pool Distribution Amount) 11,261,763.18
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 69,976.35
Trustee Fee 2,799.21
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 72,775.56
</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 0 0.00 0.000000% 0.000000%
60 Days 1 221,241.80 0.098619% 0.067701%
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 1 221,241.80 0.098619% 0.067701%
</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>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 16,568,683.18 4.25000021% 16,468,332.35 5.03934930% 94.960630% 0.000000%
Class M 8,381,804.18 2.15000004% 8,331,038.85 2.54931792% 2.490041% 49.411764%
Class B-1 5,068,068.18 1.30000016% 5,037,373.17 1.54144830% 1.007874% 19.999995%
Class B-2 3,313,737.18 0.85000018% 3,293,667.63 1.00787021% 0.533580% 10.588234%
Class B-3 1,949,257.18 0.50000011% 1,937,451.88 0.59286493% 0.415007% 8.235295%
Class B-4 974,629.18 0.25000021% 968,726.91 0.29643276% 0.296433% 5.882350%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.296434% 5.882362%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 149,777.00 0.03841900% 149,777.00 0.04583212%
Fraud 7,797,027.00 2.00000000% 7,797,027.00 2.38590901%
Special Hazard 2,294,187.00 0.58847738% 22,944,187.00 7.02097639%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed 30 Year
Weighted Average Gross Coupon 7.754810%
Weighted Average Pass-Through Rate 7.494809%
Weighted Average Maturity(Stepdown Calculation ) 351
Begin Scheduled Collateral Loan Count 1,038
Number Of Loans Paid In Full 24
End Scheduled Collateral Loan Count 1,014
Begining Scheduled Collateral Balance 335,885,970.98
Ending Scheduled Collateral Balance 326,794,817.57
Ending Actual Collateral Balance at 31-Aug-1998 326,794,817.57
Monthly P &I Constant 2,434,519.09
Class A Optimal Amount 11,083,328.60
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 326,794,817.57
Scheduled Principal 263,909.32
Unscheduled Principal 8,827,244.09
</TABLE>
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