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Previous: GREEN TREE FINANCIAL CORP, 8-K, 1998-11-23 |
Next: GREEN TREE FINANCIAL CORP, 8-K, 1998-11-23 |
<PAGE>
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): November 16, 1998
HOME EQUITY LOAN TRUST 1998-A
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Minnesota 33-55853 Applied for
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS.
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and First Trust (N.A.) (the
"Trustee"), on November 16, 1998, the Trustee made distributions to the
holders of the certificates representing interests in the Trust (the
"Certificateholders") and delivered to the Certificateholders the
Monthly Report required by Section 6.05 of the Pooling and Servicing
Agreement attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Monthly Report delivered to
Certificateholders on
November 16, 1998.
<PAGE>
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.
Dated: November 16, 1998
HOME EQUITY LOAN TRUST 1998-A
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/ Phyllis A. Knight
-------------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
- ------- ----
99.1 Monthly Report delivered to Certificateholders 5
on November 16, 1998.
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE REGARDING REPURCHASED CONTRACTS
The undersigned certifies that she is Senior Vice President and Treasurer of
Green Tree Financial Corp., a Minnesota corporation (the "Company"), and that as
such he is duly authorized to execute and deliver this certificate on behalf of
the Company pursuant to Section 8.06 of the Pooling and Servicing Agreement (the
"Agreement") dated as of February 1, 1998 between the Company and First Trust
National Association, as Trustee of Home Equity Loan Trust 1998-A (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The contracts on the attached schedule are to be repurchased by the
Company on the date hereof pursuant to Sections 3.05 of the Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such Contracts
may, pursuant to Section 8.06 of the Agreement, be assigned by the
Trustee to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
November 1998.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
-------------------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Senior Vice President and Treasurer of
Green Tree Financial Corp., a Minnesota corporation (the "Company"), and that as
such he is duly authorized to execute and deliver this certificate on behalf of
the Company pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of February 1, 1998 between the Company and First Trust
(N.A), as Trustee of Home Equity Loan Trust 1998-A (all capitalized terms used
herein without definition having the respective meanings specified in the
Agreement), and further certifies that:
1. The Monthly Report for the period from October 1, 1998 to October 31,
1998 attached to this certificate is complete and accurate in
accordance with the requirements of Sections 6.01 and 6.02 of the
Agreement; and
2. As of the date hereof, no Event of Termination or event that with
notice or lapse of time or both would become an Event of Termination
has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
November, 1998.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
-------------------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
1. (a) Amount Available (including Monthly Servicing Fee) $11,838,036.48
--------------
(b) Class HE: M-1 Interest Deficiency Amount (if any), Class HE: M-2 Interest
Deficiency Amount (if any) and Class HE: B Interest Deficiency
Amount (if any) withdrawn for prior Payment Date $ 0.00
--------------
(c) Amount Available after giving effect to withdrawal of any
Class HE: M-1 Interest Deficiency Amount, Class HE: M-2 Interest Deficiency
Amount and Class HE: B Interest Deficiency Amount for prior Payment Date $11,838,036.48
--------------
PRINCIPAL
2. Formula Principal Distribution Amount:
(a) Scheduled Principal $ 338,754.69
--------------
(b) Principal Prepayments 6,929,437.76
--------------
(c) Liquidated Loans 43,954.91
--------------
(d) Repurchases 0.00
--------------
(e) Previously undistributed Principal Amounts 0.00
--------------
(f) Pre-Funded Fixed Rate Amount, if any 0.00
--------------
(g) Extra Principal Distribution Amount 0.00
--------------
(f) Less Class HE: A-1ARM Formula
Principal Distribution Amount 0.00
--------------
Total Principal $ 7,312,147.36
--------------
3. Class HE: A-1ARM Formula Principal Distribution Amount (lesser of
Class He: A-1 ARM Principal Balance or sum of (a) - (f))
(a) Scheduled Principal $ 36,641.79
--------------
(b) Principal Prepayments 1,249,042.17
--------------
(c) Liquidated Loans 579.27
--------------
(d) Repurchases 0.00
--------------
(e) Pre-Funded ARM Amount, if any 0.00
--------------
(f) Clause (vi) of definition 0.00
--------------
Total Principal $ 1,286,263.23
--------------
4. Senior Percentage 100%
--------------
5. Class B Percentage 100%
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
PAGE 2
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
CLASS HE: A CERTIFICATES
-------------------------
INTEREST
6. Aggregate Interest
(a) Class HE: A-1 ARM Pass-through Rate 5.65859%
--------------
(b) Class HE: A-1 ARM Interest $ 305,929.65
--------------
(c) Class HE: A-1 Pass-through Rate 6.00%
--------------
(d) Class HE: A-1 Interest $ 416,438.91
--------------
(e) Class HE: A-2 Pass-through Rate 6.04%
--------------
(f) Class HE: A-2 Interest $ 327,166.67
--------------
(g) Class HE: A-3 Pass-through Rate 6.33%
--------------
(h) Class HE: A-3 Interest $ 300,675.00
--------------
(i) Class HE: A-4 Pass-through Rate 6.25%
--------------
(j) Class HE: A-4 Interest $ 104,166.67
--------------
(k) Class HE: A-5 IO Pass-through Rate 8.00%
--------------
(l) Class HE: A-5 IO Interest $ 133,333.33
--------------
7. Amount applied to Unpaid Class HE: A Interest Shortfall $ 0.00
--------------
8. Remaining Unpaid Class HE: A Interest Shortfall $ 0.00
--------------
PRINCIPAL
9. Class HE: A-4 Lockout Percentage for such Payment Date 100%
--------------
10. Class HE: A Principal Distribution:
(a) Class HE: A-1 ARM $ 1,286,263.23
--------------
(b) Class HE: A-4 Lockout Pro Rata Distribution Amount $ 0.00
--------------
(c) Balance of Formula Principal Distribution Amount
(i) Class HE: A-1 $ 7,312,147.36
--------------
(ii) Class HE: A-2 $ 0.00
--------------
(iii) Class HE: A-3 $ 0.00
--------------
(iv) Class HE: A-4 $ 0.00
--------------
11. Class HE: A Principal Balance:
(a) Class HE: A-1 ARM Principal Balance $59,536,460.70
--------------
(b) Class HE: A-1 Principal Balance $75,975,635.38
--------------
(c) Class HE: A-2 Principal Balance $65,000,000.00
--------------
(d) Class HE: A-3 Principal Balance $57,000,000.00
--------------
(e) Class HE: A-4 Principal Balance $20,000,000.00
--------------
(f) Class HE: A-5 IO Notional Principal Amount $20,000,000.00
--------------
12. Amount, if any, by which Class A Formula Distribution Amount
exceeds Class A Distribution Amount $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
PAGE 3
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
CLASS HE: M-1 CERTIFICATES
---------------------------
13. Amount Available less the Class HE: A Distribution Amount
(including Monthly Servicing Fee) $ 1,651,915.66
--------------
INTEREST on Class HE: M-1 Principal Balance less Class HE: M-1
Liquidation Loss Principal Amount
14. Current Interest
(a) Class HE: M-1 Pass-through Rate 6.98%
--------------
(b) Class HE: M-1 Interest $ 168,683.33
--------------
15. Amount applied to Unpaid Class HE: M-1 Interest Shortfall $ 0.00
--------------
16. Remaining Unpaid Class HE: M-1 Interest Shortfall $ 0.00
--------------
17. Class M-1 Interest Deficiency Amount $ 0.00
--------------
18. Class M-1 Interest Deficiency Amount unpaid $ 0.00
--------------
PRINCIPAL
19. Class HE: M-1 Principal Distribution $ 0.00
--------------
20. Class HE: M-1 Principal Balance $29,000,000.00
--------------
21. Amount, if any, by which Class M-1 Formula Distribution
Amount exceeds Class M-1 Distribution Amount $ 0.00
--------------
CLASS HE: M-2 CERTIFICATES
---------------------------
22. Amount Available less the Class HE: A Distribution Amount
and Class HE: M-1 Distribution Amount (including Monthly
Servicing Fee) $ 1,483,232.33
--------------
INTEREST on Class HE: M-2 Principal Balance less
Class HE: M-2 Liquidation Loss Principal Amount
23. Current Interest
(a) Class HE: M-2 Pass-through Rate 7.17%
--------------
(b) Class HE: M-2 Interest $ 113,525.00
--------------
24. Amount applied to Unpaid Class HE: M-2 Interest Shortfall $ 0.00
--------------
25. Remaining Unpaid Class HE: M-2 Interest Shortfall $ 0.00
--------------
26. Class HE: M-2 Interest Deficiency Amount $ 0.00
--------------
27. Class HE: M-2 Interest Deficiency Amount Unpaid $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
PAGE 4
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
PRINCIPAL
28. Class HE: M-2 Principal Distribution $ 0.00
--------------
29. Class HE: M-2 Principal Balance $19,000,000.00
--------------
30. Amount, if any, by which Class M-2 Formula Principal Distribution Amount
exceeds Class M-2 Distribution amount $ 0.00
--------------
Class HE: B Principal Distribution Tests
(tests must be satisfied on and after the Payment Date occurring in March 2001)
31. Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Payment Date 2.78%
--------------
(b) Average Sixty-Day Delinquency Ratio Test (arithmetic average of ratios
for this month and two preceding months; may not exceed 6.0%) 2.67%
--------------
32. Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Payment Date 5.68%
--------------
(b) Average Thirty-Day Delinquency Ratio Test ( arithmetic average of ratios
for this month and two preceding months; may not exceed 12%) 3.85%
--------------
33. Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current Payment Date ( as a percentage
of Cut-off Date Pool Principal Balance: may not exceed 7.5%.) 0.04%
--------------
34. Current Realized Losses Test
(a) Current Realized Losses for current Payment Date $ 15,020.46
--------------
(b) Current Realized Loss Ratio (total Realized Losses for most
recent three months, multiplied by 4, divided by arithmetic
average of Pool Scheduled Principal Balances for third
preceding Remittance and
for current Remittance Date; may not exceed 2%) 0.17%
--------------
35. Class HE: B Principal Balance Test
(a) Percentage equal to (a) Class HE: B Principal Balance
(before any distributions on current Payment Date) plus Sum
of Extra Principal Distribution Amounts on all prior Payment
Date (must equal or exceed 5.5%) 1.74%
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
PAGE 5
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
CLASS HE: B CERTIFICATES
-------------------------
36. Amount Available less the Class HE: A Distribution Amount
and Class HE: M Distribution Amount (including Monthly Servicing Fee) $1,369,707.33
--------------
INTEREST on Class HE: B Principal Balance less Class HE: B
Liquidation Loss Principal Amount
37. Current Interest
(a) Class HE: B Pass-through Rate 7.31%
--------------
(b) Class HE: B Interest $ 36,550.00
--------------
38. Amount applied to Unpaid Class HE: B Interest Shortfall $ 0.00
--------------
39. Remaining Unpaid Class HE: B Interest Shortfall $ 0.00
--------------
40. Class HE: B Interest Deficiency Amount $ 0.00
--------------
41. Class HE: B Interest Deficiency Amount Unpaid $ 0.00
--------------
PRINCIPAL
42. Class HE: B Principal Distribution $ 0.00
--------------
43. Class HE: B Principal Balance $ 6,000,000.00
--------------
44. Amount, if any, by which Class B Formula Distribution Amount
exceeds Class B Distribution Amount $ 0.00
--------------
Interest on Class HE: M-1, M-2, B Liquidation Loss Principal Amount
45. Class HE: M-1
(a) Class HE: M-1 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HE: M-1 Pass-Through Rate on
Class HE: M-1 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HE: M-1
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HE: M-1 Liquidation
Loss Interest Shortfall $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
PAGE 6
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
46. Class HE: M-2
(a) Class HE: M-2 Liquidation Loss Principal Amount $ 0.00
---------------
(b) Interest at Class HE: M-2 Pass-Through Rate on
Class HE: M-2 Liquidation Loss Principal Amount $ 0.00
---------------
(c) Amount applied to Unpaid Class HE: M-2
Liquidation Loss Interest Shortfall $ 0.00
---------------
(d) Remaining Unpaid Class HE: M-2 Liquidation
Loss Interest Shortfall $ 0.00
---------------
47. Class HE: B
(a) Class HE: B Liquidation Loss Principal Amount $ 0.00
---------------
(b) Interest at Class HE: B Pass-Through Rate on
Class HE: B Liquidation Loss Principal Amount $ 0.00
---------------
(c) Amount applied to Unpaid Class HE: B
Liquidation Loss Interest Shortfall $ 0.00
---------------
(d) Remaining Unpaid Class HE: B Liquidation
Loss Interest Shortfall $ 0.00
---------------
CLASS HE: A, CLASS HE: M, and CLASS HE: B CERTIFICATES
---------------------------------------------------------
48. Pool Scheduled Principal Balance $336,512,096.08
---------------
(a) Fixed Rate Loans $276,975,635.38
---------------
(b) Adjustable Rate Loans $ 59,536,460.70
---------------
49. Adjusted Pool Principal Balance $331,512,096.08
---------------
50. Pool Factors
(a) Class HE: A-1ARM Pool Factor .79381948
---------------
(b) Class HE: A-1 Pool Factor .58895841
---------------
(c) Class HE: A-2 Pool Factor 1.00000000
---------------
(d) Class HE: A-3 Pool Factor 1.00000000
---------------
(e) Class HE: A-4 Pool Factor 1.00000000
---------------
(f ) Class HE: M-1 Pool Factor 1.00000000
---------------
(g) Class HE: M-2 Pool Factor 1.00000000
---------------
(h) Class HE: B Pool Factor 1.00000000
---------------
51. Aggregate Extra Principal Distribution Amount on Current and
Prior Payments Dates $ 5,000,000.00
---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1998 - A
MONTHLY REPORT
OCTOBER 1998
PAGE 7
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 ZJA ZK1
ZL9 ZM7 ZN5 ZPO
ZQ8 ZR6 ZS4
TRUST ACCOUNT: 3336335-0
<TABLE>
<S> <C> <C>
51. Loans Delinquent
Total HE Fixed
(a) 31-59 days 9,581,536.62 173
------------ -----
(b) 60-89 days 1,186,432.98 25
------------ -----
(c) 90 or more days 770,729.47 19
------------ -----
Adjustable Rate
(a) 31-59 days 182,092.97 2
------------ -----
(b) 60-89 days 103,200.12 2
------------ -----
(c) 90 or more days 0.00 0
------------ -----
52. Principal Balance of Defaulted Contracts
Total HE Fixed Contracts $ 6,699,379.50
--------------
Adjustable Rate Contracts $ 1,129,258.08
--------------
53. Number of Liquidated Contracts and Net Liquidated Loss
Total HE Fixed Contracts # 1 $ 14,441.19
----- --------------
Adjustable Rate Contracts # 1 $ 579.27
----- --------------
54. Number of Loans Remaining
Total HE Fixed Contracts 5,428
--------------
Adjustable Rate Contracts 505
--------------
55. Pre-Funded ARM Amount $ 0.00
--------------
56. Pre-Funded Fixed Rate Amount $ 0.00
--------------
CLASS C SUBSIDIARY CERTIFICATES
-------------------------------
57. Monthly Servicing Fee $ 215,694.07
--------------
58. Class C Master Residual Payment $ 1,117,463.26
--------------
Please contact the Bondholder Relations Department of First Trust
National Association at (612) 973-5800 with any questions regarding
this Statement or your Distribution.
</TABLE>
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