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
HOMESIDE MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 33-34957 52-2106459
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other jurisdiction) File Number)
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 HOMESIDE MORTGAGE
SECURITIES, INC., Mortgage Pass-Through 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 Mortgage Pass-Through 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.
HOMESIDE MORTGAGE SECURITIES, INC.
Mortgage Pass-Through Certificates, Series 1998-2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 01/06/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-2 Trust, relating to the December 28,
1998 distribution.
<TABLE>
<CAPTION>
Homeside Mortgage Securities, Inc.
Mortgage Pass-Through Certificates
Record Date: 11/30/1998
Distribution Date: 12/28/1998
HMS 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>
IA1 437609AV2 SEQ 6.36777% 58,480,196.14 67,136.59 627,082.50
IA2 437609AW0 PAC 6.50000% 13,800,000.00 74,749.99 0.00
IA3 437609AX8 TAC 7.00000% 49,275,679.09 287,441.43 4,191,482.63
IA4 437609AY6 SEQ 7.00000% 0.00 0.00 0.00
IA5 437609AZ3 SEG 6.75000% 20,301,266.00 114,194.61 0.00
IA6 437609BA7 PAC 6.50000% 31,000,000.00 167,916.65 0.00
IA7 437609BB5 PAC 6.50000% 13,397,588.00 72,570.26 0.00
IAX 437609BC3 IO 6.75000% 0.00 29,049.81 0.00
A-R 437609BH2 SEQ 6.75000% 0.00 0.06 0.00
2A1 437609BE9 SEG 6.50000% 43,032,646.79 233,093.48 463,364.60
2AP 437609BF6 PO 0.00000% 110,644.63 0.00 390.63
2AX 437609BG4 IO 6.50000% 0.00 9,490.12 0.00
M 437609BJ8 SUB 6.70528% 4,082,732.29 22,813.23 5,331.06
B-1 437609BK5 SUB 6.70528% 1,913,781.48 10,693.70 2,498.93
B-2 437609BL3 SUB 6.70528% 1,020,683.32 5,703.31 1,332.76
B-3 437609BM1 SUB 6.70528% 893,097.16 4,990.39 1,166.17
B-4 437609BN9 SUB 6.70528% 382,756.49 2,138.74 499.79
B-5 437609BP4 SUB 6.70528% 637,928.19 3,564.57 832.98
Totals 238,328,999.58 1,105,546.94 5,293,982.05
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
IA1 0.00 58,158,818.70 694,219.09 0.00
IA2 0.00 13,800,000.00 74,749.99 0.00
IA3 0.00 45,084,196.46 4,478,924.06 0.00
IA4 0.00 0.00 0.00 0.00
IA5 0.00 20,301,266.00 114,194.61 0.00
IA6 0.00 31,000,000.00 167,916.65 0.00
IA7 0.00 13,397,588.00 72,570.26 0.00
IAX 0.00 0.00 29,049.81 0.00
A-R 0.00 0.00 0.06 0.00
2A1 0.00 42,569,282.19 696,458.08 0.00
2AP 0.00 110,254.00 390.63 0.00
2AX 0.00 0.00 9,490.12 0.00
M 0.00 4,077,401.24 28,144.29 0.00
B-1 0.00 1,911,282.54 13,192.63 0.00
B-2 0.00 1,019,350.56 7,036.07 0.00
B-3 0.00 891,930.99 6,156.56 0.00
B-4 0.00 382,256.71 2,638.53 0.00
B-5 0.00 637,095.21 4,397.55 0.00
Totals 0.00 233,340,722.60 6,399,528.99 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>
IA1 58,517,612.78 58,480,196.14 21,572.33 605,510.17 -305,705.06 0.00
IA2 13,800,000.00 13,800,000.00 0.00 0.00 0.00 0.00
IA3 62,400,000.00 49,275,679.09 143,310.45 4,048,172.18 0.00 0.00
IA4 3,750,000.00 0.00 0.00 0.00 0.00 0.00
IA5 20,301,266.00 20,301,266.00 0.00 0.00 0.00 0.00
IA6 31,000,000.00 31,000,000.00 0.00 0.00 0.00 0.00
IA7 13,397,588.00 13,397,588.00 0.00 0.00 0.00 0.00
IAX 0.00 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
2A1 44,832,074.00 43,032,646.79 150,360.60 313,004.01 0.00 0.00
2AP 112,962.72 110,644.63 386.79 3.84 0.00 0.00
2AX 0.00 0.00 0.00 0.00 0.00 0.00
M 4,113,767.00 4,082,732.29 5,331.06 0.00 0.00 0.00
B-1 1,928,329.00 1,913,781.48 2,498.93 0.00 0.00 0.00
B-2 1,028,442.00 1,020,683.32 1,332.76 0.00 0.00 0.00
B-3 899,886.00 893,097.16 1,166.17 0.00 0.00 0.00
B-4 385,666.00 382,756.49 499.79 0.00 0.00 0.00
B-5 642,777.37 637,928.19 832.98 0.00 0.00 0.00
Totals 257,110,470.87 238,328,999.58 327,291.86 4,966,690.20 (305,705.06) 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>
IA1 627,082.50 58,158,818.70 0.99386861 627,082.50
IA2 0.00 13,800,000.00 1.00000000 0.00
IA3 4,191,482.63 45,084,196.46 0.72250315 4,191,482.63
IA4 0.00 0.00 0.00000000 0.00
IA5 0.00 20,301,266.00 1.00000000 0.00
IA6 0.00 31,000,000.00 1.00000000 0.00
IA7 0.00 13,397,588.00 1.00000000 0.00
IAX 0.00 0.00 0.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
2A1 463,364.60 42,569,282.19 0.94952739 463,364.60
2AP 390.63 110,254.00 0.97602112 390.63
2AX 0.00 0.00 0.00000000 0.00
M 5,331.06 4,077,401.24 0.99115999 5,331.06
B-1 2,498.93 1,911,282.54 0.99115998 2,498.93
B-2 1,332.76 1,019,350.56 0.99115999 1,332.76
B-3 1,166.17 891,930.99 0.99115998 1,166.17
B-4 499.79 382,256.71 0.99115999 499.79
B-5 832.98 637,095.21 0.99115999 832.98
Totals 5,293,982.05 233,340,722.60 0.90755045 5,293,982.05
</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>
IA1 58,517,612.78 999.36059182 0.36864679 10.34748585 -5.22415467
IA2 13,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
IA3 62,400,000.00 789.67434439 2.29664183 64.87455417 0.00000000
IA4 3,750,000.00 0.00000000 0.00000000 0.00000000 0.00000000
IA5 20,301,266.00 1000.00000000 0.00000000 0.00000000 0.00000000
IA6 31,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
IA7 13,397,588.00 1000.00000000 0.00000000 0.00000000 0.00000000
IAX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000
2A1 44,832,074.00 959.86294968 3.35386224 6.98169819 0.00000000
2AP 112,962.72 979.47915914 3.42404999 0.03399352 0.00000000
2AX 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M 4,113,767.00 992.45589019 1.29590713 0.00000000 0.00000000
B-1 1,928,329.00 992.45589316 1.29590438 0.00000000 0.00000000
B-2 1,028,442.00 992.45588959 1.29590196 0.00000000 0.00000000
B-3 899,886.00 992.45588886 1.29590859 0.00000000 0.00000000
B-4 385,666.00 992.45588151 1.29591408 0.00000000 0.00000000
B-5 642,777.37 992.45589495 1.29590748 0.00000000 0.00000000
<FN>
(2) All denominations are Per $1000
</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>
IA1 0.00000000 10.71613263 993.86861386 0.99386861 10.71613263
IA2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IA3 0.00000000 67.17119599 722.50314840 0.72250315 67.17119599
IA4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IA6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IA7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IAX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
2A1 0.00000000 10.33556021 949.52738948 0.94952739 10.33556021
2AP 0.00000000 3.45804350 976.02111564 0.97602112 3.45804350
2AX 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M 0.00000000 1.29590713 991.15998548 0.99115999 1.29590713
B-1 0.00000000 1.29590438 991.15998359 0.99115998 1.29590438
B-2 0.00000000 1.29590196 991.15998763 0.99115999 1.29590196
B-3 0.00000000 1.29590859 991.15998026 0.99115998 1.29590859
B-4 0.00000000 1.29591408 991.15999336 0.99115999 1.29591408
B-5 0.00000000 1.29590748 991.15998748 0.99115999 1.29590748
<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>
IA1 58,517,612.78 6.36777% 58,480,196.14 372,841.69 0.00 0.00
IA2 13,800,000.00 6.50000% 13,800,000.00 74,750.00 0.00 0.00
IA3 62,400,000.00 7.00000% 49,275,679.09 287,441.46 0.00 0.00
IA4 3,750,000.00 7.00000% 0.00 0.00 0.00 0.00
IA5 20,301,266.00 6.75000% 20,301,266.00 114,194.62 0.00 0.00
IA6 31,000,000.00 6.50000% 31,000,000.00 167,916.67 0.00 0.00
IA7 13,397,588.00 6.50000% 13,397,588.00 72,570.27 0.00 0.00
IAX 0.00 6.75000% 5,164,411.59 29,049.82 0.00 0.00
A-R 100.00 6.75000% 0.00 0.00 0.00 0.00
2A1 44,832,074.00 6.50000% 43,032,646.79 233,093.50 0.00 0.00
2AP 112,962.72 0.00000% 110,644.63 0.00 0.00 0.00
2AX 0.00 6.50000% 1,752,022.28 9,490.12 0.00 0.00
M 4,113,767.00 6.70528% 4,082,732.29 22,813.23 0.00 0.00
B-1 1,928,329.00 6.70528% 1,913,781.48 10,693.71 0.00 0.00
B-2 1,028,442.00 6.70528% 1,020,683.32 5,703.31 0.00 0.00
B-3 899,886.00 6.70528% 893,097.16 4,990.39 0.00 0.00
B-4 385,666.00 6.70528% 382,756.49 2,138.74 0.00 0.00
B-5 642,777.37 6.70528% 637,928.19 3,564.57 0.00 0.00
Totals 257,110,470.87 1,411,252.10 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>
IA1 0.00 0.00 67,136.59 0.00 58,158,818.70
IA2 0.00 0.00 74,749.99 0.00 13,800,000.00
IA3 0.00 0.00 287,441.43 0.00 45,084,196.46
IA4 0.00 0.00 0.00 0.00 0.00
IA5 0.00 0.00 114,194.61 0.00 20,301,266.00
IA6 0.00 0.00 167,916.65 0.00 31,000,000.00
IA7 0.00 0.00 72,570.26 0.00 13,397,588.00
IAX 0.00 0.00 29,049.81 0.00 4,996,433.12
A-R 0.00 0.00 0.06 0.00 0.00
2A1 0.00 0.00 233,093.48 0.00 42,569,282.19
2AP 0.00 0.00 0.00 0.00 110,254.00
2AX 0.00 0.00 9,490.12 0.00 1,734,311.20
M 0.00 0.00 22,813.23 0.00 4,077,401.24
B-1 0.00 0.00 10,693.70 0.00 1,911,282.54
B-2 0.00 0.00 5,703.31 0.00 1,019,350.56
B-3 0.00 0.00 4,990.39 0.00 891,930.99
B-4 0.00 0.00 2,138.74 0.00 382,256.71
B-5 0.00 0.00 3,564.57 0.00 637,095.21
Totals 0.00 0.00 1,105,546.94 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>
IA1 58,517,612.78 6.36777% 999.36059182 6.37144395 0.00000000 0.00000000
IA2 13,800,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000
IA3 62,400,000.00 7.00000% 789.67434439 4.60643365 0.00000000 0.00000000
IA4 3,750,000.00 7.00000% 0.00000000 0.00000000 0.00000000 0.00000000
IA5 20,301,266.00 6.75000% 1000.00000000 5.62499994 0.00000000 0.00000000
IA6 31,000,000.00 6.50000% 1000.00000000 5.41666677 0.00000000 0.00000000
IA7 13,397,588.00 6.50000% 1000.00000000 5.41666679 0.00000000 0.00000000
IAX 0.00 6.75000% 760.16255266 4.27591507 0.00000000 0.00000000
A-R 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
2A1 44,832,074.00 6.50000% 959.86294968 5.19925757 0.00000000 0.00000000
2AP 112,962.72 0.00000% 979.47915914 0.00000000 0.00000000 0.00000000
2AX 0.00 6.50000% 922.29756563 4.99577812 0.00000000 0.00000000
M 4,113,767.00 6.70528% 992.45589019 5.54558146 0.00000000 0.00000000
B-1 1,928,329.00 6.70528% 992.45589316 5.54558377 0.00000000 0.00000000
B-2 1,028,442.00 6.70528% 992.45588959 5.54558254 0.00000000 0.00000000
B-3 899,886.00 6.70528% 992.45588886 5.54558022 0.00000000 0.00000000
B-4 385,666.00 6.70528% 992.45588151 5.54557571 0.00000000 0.00000000
B-5 642,777.37 6.70528% 992.45589495 5.54557482 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>
IA1 0.00000000 0.00000000 1.14728860 0.00000000 993.86861386
IA2 0.00000000 0.00000000 5.41666594 0.00000000 1000.00000000
IA3 0.00000000 0.00000000 4.60643317 0.00000000 722.50314840
IA4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
IA5 0.00000000 0.00000000 5.62499945 0.00000000 1000.00000000
IA6 0.00000000 0.00000000 5.41666613 0.00000000 1000.00000000
IA7 0.00000000 0.00000000 5.41666604 0.00000000 1000.00000000
IAX 0.00000000 0.00000000 4.27591359 0.00000000 735.43738498
A-R 0.00000000 0.00000000 0.60000000 0.00000000 0.00000000
2A1 0.00000000 0.00000000 5.19925712 0.00000000 949.52738948
2AP 0.00000000 0.00000000 0.00000000 0.00000000 976.02111564
2AX 0.00000000 0.00000000 4.99577812 0.00000000 912.97411914
M 0.00000000 0.00000000 5.54558146 0.00000000 991.15998548
B-1 0.00000000 0.00000000 5.54557858 0.00000000 991.15998359
B-2 0.00000000 0.00000000 5.54558254 0.00000000 991.15998763
B-3 0.00000000 0.00000000 5.54558022 0.00000000 991.15998026
B-4 0.00000000 0.00000000 5.54557571 0.00000000 991.15999336
B-5 0.00000000 0.00000000 5.54557482 0.00000000 991.15998748
<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>
IA1 1 0.00000% 0.00 0.00 5,921,476.94 5,760,310.33 88.27515247%
IA1 2 7.00000% 4,156,970.57 4,156,970.57 0.00 0.00 100.00000000%
IA1 3 7.00000% 0.00 0.00 52,406,587.68 52,246,572.45 100.78759815%
IA1 4 0.00000% 0.00 0.00 152,131.51 151,935.91 98.71494937%
IA1 5 6.75000% 7,624,462.12 7,402,894.04 0.00 0.00 89.69943099%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 6,451,166.94
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 6,451,166.94
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 51,637.95
Payment of Interest and Principal 6,399,528.99
Total Withdrawals (Pool Distribution Amount) 6,451,166.94
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 49,651.84
Trustee Fee 1,986.11
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 51,637.95
</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 2 590,540.41 0.282087% 0.253081%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 1 377,241.07 0.141044% 0.161670%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 3 967,781.48 0.423131% 0.414750%
</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 257,110,370.87 99.99996111% 233,340,722.60 100.00000001% 96.177557% 0.000000%
Class IA1 198,592,758.09 77.24024518% 175,181,903.90 75.07558131% 24.924419% 652.054603%
Class IA1 198,592,758.09 77.24024518% 175,181,903.90 75.07558131% 24.924419% 652.054603%
Class IA1 198,592,758.09 77.24024518% 175,181,903.90 75.07558131% 24.924419% 652.054603%
Class IA1 198,592,758.09 77.24024518% 175,181,903.90 75.07558131% 24.924419% 652.054603%
Class IA1 198,592,758.09 77.24024518% 175,181,903.90 75.07558131% 24.924419% 652.054603%
Class IA2 184,792,758.09 71.87290252% 161,381,903.90 69.16148288% 5.914098% 154.720363%
Class IA3 122,392,758.09 47.60317916% 116,297,707.44 49.84029626% 19.321187% 505.466901%
Class IA4 118,642,758.09 46.14466213% 116,297,707.44 49.84029626% 0.000000% 0.000000%
Class IA5 98,341,492.09 38.24873089% 95,996,441.44 41.14002922% 8.700267% 227.610090%
Class IA6 67,341,492.09 26.19165679% 64,996,441.44 27.85473565% 13.285294% 347.560235%
Class IA7 53,943,904.09 20.98082739% 51,598,853.44 22.11309405% 5.741642% 150.208672%
Class IAX 53,943,904.09 20.98082739% 51,598,853.44 22.11309405% 0.000000% 0.000000%
Class 2A1 9,111,830.09 3.54393583% 9,029,571.25 3.86969370% 18.243400% 477.270636%
Class 2AP 8,998,867.37 3.50000035% 8,919,317.25 3.82244349% 0.047250% 1.236126%
Class 2AX 8,998,867.37 3.50000035% 8,919,317.25 3.82244349% 0.000000% 0.000000%
Class M 4,885,100.37 1.90000055% 4,841,916.01 2.07504115% 1.747402% 45.714275%
Class B-1 2,956,771.37 1.15000037% 2,930,633.47 1.25594600% 0.819095% 21.428574%
Class B-2 1,928,329.37 0.75000033% 1,911,282.91 0.81909531% 0.436851% 11.428572%
Class B-3 1,028,443.37 0.40000058% 1,019,351.92 0.43685127% 0.382244% 9.999992%
Class B-4 642,777.37 0.25000046% 637,095.21 0.27303216% 0.163819% 4.285717%
Class B-5 0.00 0.00000000% 0.00 0.00000000% 0.273032% 7.142870%
<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 100,000.00 0.03889379% 100,000.00 0.04285579%
Fraud 2,571,105.00 1.00000011% 2,571,105.00 1.10186725%
Special Hazard 2,571,105.00 1.00000011% 2,571,105.00 1.10186725%
<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 7.365734%
Weighted Average Net Coupon 7.115734%
Weighted Average Pass-Through Rate 7.105734%
Weighted Average Maturity(Stepdown Calculation ) 318
Begin Scheduled Collateral Loan Count 721
Number Of Loans Paid In Full 12
End Scheduled Collateral Loan Count 709
Begining Scheduled Collateral Balance 238,328,999.57
Ending Scheduled Collateral Balance 233,340,722.58
Ending Actual Collateral Balance at 30-Nov-1998 233,340,722.58
Monthly P &I Constant 1,779,729.53
Class A Optimal Amount 6,337,377.22
Ending Scheduled Balance for Premium Loans 233,340,722.58
Scheduled Principal 316,839.53
Unscheduled Principal 4,671,437.46
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed Mixed Fixed
Weighted Average Coupon Rate 7.450615 6.998461
Weighted Average Net Rate 7.190615 6.738461
Weighted Average Maturity 350.00 171.00
Beginning Loan Count 586 135
Loans Paid In Full 11 1
Ending Loan Count 575 134
Beginning Scheduled Balance 193,588,247.33 44,740,752.24
Ending scheduled Balance 189,069,307.27 44,271,415.31
Record Date 11/30/1998 11/30/1998
Principal And Interest Constant 1,362,470.10 417,259.43
Scheduled Principal 160,510.45 156,329.08
Unscheduled Principal 4,358,429.61 313,007.85
Scheduled Interest 1,201,959.65 260,930.35
Servicing Fees 40,330.84 9,321.00
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 1,613.21 372.84
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 1,160,015.60 251,236.51
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptc
1 Principal Balance 590,540.41 0.00 377,241.07 0.00 0.00 0.00
Percentage Of Balanc 0.312% 0.000% 0.200% 0.000% 0.000% 0.000%
Loan Count 2 0 1 0 0 0
Percentage Of Loans 0.348% 0.000% 0.174% 0.000% 0.000% 0.000%
2 Principal Balance 0.00 0.00 0.00 0.00 0.00 0.00
Percentage Of Balanc 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 0 0 0 0 0 0
Percentage Of Loans 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
