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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 IMPROVEMENT AND HOME EQUITY LOAN TRUST 1998-B
------------------------------------------------------
(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 IMPROVEMENT AND HOME EQUITY LOAN
TRUST 1998-B
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 March 1, 1998 between the Company and First Trust
National Association, as Trustee of Home Improvement and Home Equity Trust
1998-B (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 Improvement and Home Equity Loan Trust 1998-B (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 IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
SUB-POOL HI
-----------
1. (a) Sub-Pool HI Amount Available (including Monthly Servicing Fee) $ 4,111,934.14
--------------
(b) Class HI: M-1 Interest Deficiency Amount (if any), Class HI: M-2 Interest
Deficiency Amount (if any) and Class HI: B-1 Interest Deficiency
Amount (if any) withdrawn for prior Payment Date $ 0.00
--------------
(c) Sub-Pool HI Amount Available after giving effect to withdrawal of any
Class HI: M-1 Interest Deficiency Amount, Class HI: M-2 Interest Deficiency
Amount and Class HI: B-1 Interest Deficiency Amount for prior Payment Date $ 4,111,934.14
--------------
2. Sub-Pool HI Formula Principal Distribution Amount:
(a) Scheduled Principal $ 300,017.02
--------------
(b) Principal Prepayments 2,464,824.85
--------------
(c) Liquidated Contracts 228,799.60
--------------
(d) Repurchases 0.00
--------------
(e) Sub-Pool HI Pre-Funded Amount, if any
Post-Funding Payment Date) Previously
undistributed (a)-(d) amounts 0.00
--------------
Total Principal $ 2,993,641.47
--------------
3. Sub-Pool HI Senior Percentage 100%
--------------
4. Class HI: B Percentage 100%
--------------
CLASS HI: A CERTIFICATES
-------------------------
INTEREST
5. Aggregate Interest
(a) Class HI: A-1 Pass-through Rate 6.06%
--------------
(b) Class HI: A-1 Interest $ 106,738.19
--------------
(c) Class HI: A-2 Pass-through Rate 6.13%
--------------
(d) Class HI: A-2 Interest $ 143,033.33
--------------
(e) Class HI: A-3 Pass-through Rate 6.16%
--------------
(f) Class HI: A-3 Interest $ 76,230.00
--------------
(g) Class HI: A-4 Pass-through Rate 6.39%
--------------
(h) Class HI: A-4 Interest $ 191,167.50
--------------
6. Amount applied to Unpaid Class HI: A Interest Shortfall $ 0.00
--------------
7. Remaining Unpaid Class HI: A Interest Shortfall $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 2
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
PRINCIPAL
8. Class HI: A Principal Distribution:
(a) Class HI: A-1 $ 2,993,641.47
--------------
(b) Class HI: A-2 $ 0.00
--------------
(c) Class HI: A-3 $ 0.00
--------------
(d) Class HI: A-4 $ 0.00
--------------
9. Class HI: A Principal Balance:
(a) Class HI: A-1 Principal Balance $18,142,633.44
--------------
(b) Class HI: A-2 Principal Balance $28,000,000.00
--------------
(c) Class HI: A-3 Principal Balance $14,850,000.00
--------------
(d) Class HI: A-4 Principal Balance $35,900,000.00
--------------
10. Amount, if any, by which Class HI: A Formula Distribution Amount
exceeds Class HI: A Distribution Amount $ 0.00
--------------
CLASS HI: M-1 CERTIFICATES
11. Sub-Pool HI Amount Available less the Class HI: A Distribution Amount
(including Monthly Servicing Fee) $ 601,123.65
--------------
INTEREST on Class HI: M-1 Principal Balance less Class HI: M-1
Liquidation Loss Principal Amount
12. Current Interest
(a) Class HI: M-1 Pass-through Rate 6.95%
--------------
(b) Class HI: M-1 Interest $ 69,500.00
--------------
13. Amount applied to Unpaid Class HI: M-1 Interest Shortfall $ 0.00
--------------
14. Remaining Unpaid Class HI: M-1 Interest Shortfall $ 0.00
--------------
15. Class HI: M-1 Interest Deficiency Amount $ 0.00
--------------
16. Class HI: M-1 Interest Deficiency Amount unpaid $ 0.00
--------------
PRINCIPAL
17. Class HI: M-1 Principal Distribution $ 0.00
--------------
18. Class HI: M-1 Principal Balance $12,000,000.00
--------------
19. Amount, if any, by which Class HI: M-1 Formula Distribution Amount
exceeds Class HI: M-1 Distribution Amount $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 3
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
CLASS HI: M-2 CERTIFICATES
---------------------------
20. Sub-Pool HI Amount Available less the Class HI: A Distribution Amount
and Class HI: M-1 Distribution Amount (including Monthly Servicing Fee) $ 531,623.65
--------------
INTEREST on Class HI: M-2 Principal Balance less Class HI: M-2
Liquidation Loss Principal Amount
21. Current Interest
(a) Class HI: M-2 Pass-through Rate 7.17%
--------------
(b) Class HI: M-2 Interest $ 44,812.50
--------------
22. Amount applied to Unpaid Class HI: M-2 Interest Shortfall $ 0.00
--------------
23. Remaining Unpaid Class HI: M-2 Interest Shortfall $ 0.00
--------------
24. Class HI: M-2 Interest Deficiency Amount $ 0.00
--------------
25. Class HI: M-2 Interest Deficiency Amount Unpaid $ 0.00
--------------
PRINCIPAL
26. Class HI: M-2 Principal Distribution $ 0.00
--------------
27. Class HI: M-2 Principal Balance $ 7,500,000.00
--------------
Class HI: B Principal Distribution Tests
(tests must be satisfied on and after the Payment Date occurring in April 2001)
28. Sub-Pool HI Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Payment Date 0.77%
--------------
(b) Sub-Pool HI Average Sixty-Day Delinquency Ratio Test
(arithmetic average of ratios for this month and two preceding months; may
not exceed 2.5%) 0.80%
--------------
29. Sub-Pool HI Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Payment Date 1.77%
--------------
(b) Sub-Pool HI Average Thirty-Day Delinquency Ratio Test
(arithmetic average of ratios for this month and two preceding months; may 1.40%
not exceed 5%) --------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 4
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
30. Sub-Pool HI 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 10.0%.) 0.44%
--------------
31. Sub-Pool HI Current Realized Losses Test
(a) Current Realized Losses for current Payment Date $ 242,328.71
--------------
(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 2.5%) 1.42%
--------------
32. Class HI: B Principal Balance Test
(a) Class HI: B Principal Balance (before any distributions on
current Payment Date) divided by Pool Scheduled Principal
Balance for prior Payment
Date (must equal or exceed 14.0%) 8.08%
--------------
CLASS HI: B-1 CERTIFICATES
---------------------------
33. Sub-Pool HI Amount Available less the Class HI: A Distribution Amount
and Class HI: M Distribution Amount (including Monthly Servicing Fee) $ 486,811.15
--------------
INTEREST on Class HI: B-1 Principal Balance less Class HI: B-1
Liquidation Loss Principal Amount
34. Current Interest
(a) Class HI: B-1 Pass-through Rate 7.70%
--------------
(b) Class HI: B-1 Interest $ 45,718.75
--------------
35. Amount applied to Unpaid Class HI: B-1 Interest Shortfall $ 0.00
--------------
36. Remaining Unpaid Class HI: B-1 Interest Shortfall $ 0.00
--------------
37. Class HI: B-1 Interest Deficiency Amount $ 0.00
--------------
38. Class HI: B-1 Interest Deficiency Amount unpaid $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 5
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
PRINCIPAL
39. Class HI: B-1 Principal Distribution $ 0.00
--------------
40. Class HI: B-1 Principal Balance $ 7,125,000.00
--------------
41. Amount, if any, by which Class HI: B-1 Formula Distribution Amount
exceeds Class HI: B-1 Distribution Amount $ 0.00
--------------
CLASS HI: B-2 CERTIFICATES
---------------------------
42. Remaining Sub-Pool HI Amount Available $ 441,092.40
--------------
INTEREST on Class HI: B-2 Principal Balance less
Liquidation Loss Principal Amount
43. Current Interest
(a) Class HI: B-2 Pass-through Rate 8.50%
--------------
(b) Class HI: B-2 Interest $ 23,906.25
--------------
44. Amount applied to Unpaid Class HI: B-2 Interest Shortfall $ 0.00
--------------
45. Remaining Unpaid Class HI: B-2 Interest Shortfall $ 0.00
--------------
PRINCIPAL
46. Class HI: B-2 Principal Distribution $ 0.00
--------------
47. Class HI: B-2 Guaranty Payment $ 0.00
--------------
48. Class HI: B-2 Principal Balance $ 3,375,000.00
--------------
49. Amount, if any, by which Class HI: B-2 Formula Distribution Amount
plus Class HI: B-2 Liquidation Loss Principal Amount exceeds
Class HI: B-2 Distribution Amount $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 6
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
INTEREST ON CLASS HI: M-1, M-2, B-1, AND B-2 LIQUIDATION LOSS PRINCIPAL AMOUNT
50. Class HI: M-1
(a) Class HI: M-1 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HI: M-1 Pass-Through Rate on:
Class HI: M-1 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HI: M-1
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HI: M-1 Liquidation
Loss Interest Shortfall $ 0.00
--------------
51. Class HI: M-2
(a) Class HI: M-2 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HI: M-2 Pass-Through Rate on:
Class HI: M-2 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HI: M-2
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HI: M-2 Liquidation
Loss Interest Shortfall $ 0.00
--------------
52. Class HI: B-1
(a) Class HI: B-1 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HI: B-1 Pass-Through Rate on:
Class HI: B-1 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HI: B-1
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HI: B-1 Liquidation
Loss Interest Shortfall $ 0.00
--------------
53. Class HI: B-2
(a) Class HI: B-2 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HI: B-2 Pass-Through Rate on:
Class HI: B-2 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HI: B-2
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HI: B-2 Liquidation
Loss Interest Shortfall $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 7
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 B35
B43 B50 B68
B92 C26 B76 B84
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
CLASS HI: A, CLASS HI: M, and CLASS HI: B CERTIFICATES
---------------------------------------------------------
54. Pool Scheduled Principal Balance of Sub-Pool HI $126,892,633.44
---------------
55. Sub-Pool HI Pool Factors
(a) Class HI: A-1 Pool Factor .43982142
--------------
(b) Class HI: A-2 Pool Factor 1.00000000
--------------
(c) Class HI: A-3 Pool Factor 1.00000000
--------------
(d) Class HI: A-4 Pool Factor 1.00000000
--------------
(e) Class HI: M-1 Pool Factor 1.00000000
--------------
(f ) Class HI: M-2 Pool Factor 1.00000000
--------------
(g) Class HI: B-1 Pool Factor 1.00000000
--------------
(h) Class HI: B-2 Pool Factor 1.00000000
--------------
56. Home Improvement Contracts Delinquent:
(a) 31-59 days 1,270,598.51 71
------------- ---------
(b) 60-89 days 236,966.08 16
------------- ---------
(c) 90 or more days 599,279.91 29
------------- ---------
57. Principal Balance of Defaulted Home Improvement Contracts $ 144,540.27
--------------
58. Number of Liquidated Home Improvement Contracts and
Net Liquidated Loss # 10 $ 242,328.71
--------- --------------
59. Number of Home Improvement Contracts Remaining 6,081
--------------
60. Number and Principal Balance of Home Improvement Contracts with
FHA Claims finally rejected, or no FHA claim was submitted
because FHA Insurance was unavailable # 26 $ 628,935.77
--------- --------------
61. FHA Insurance reserve amount $79,762,898.88
--------------
62. Amount received from FHA Insurance $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
DISTRIBUTION DATE: 11/16/98
CUSIP# 393505 C34 C42
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
SUB-POOL HE
-----------
1. (a) Sub-Pool HE Amount Available (including Monthly Servicing Fee) $11,538,053.98
--------------
(b) Class HE: M-1 Interest Deficiency Amount (if any), Class HE: M-2 Interest
Deficiency Amount (if any) and Class HE: B-1 Interest Deficiency
Amount (if any) withdrawn for prior Payment Date $ 0.00
--------------
(c) Sub-Pool HE 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-1 Interest Deficiency Amount for prior Payment Date $11,538,053.98
--------------
2. Sub-Pool HE Formula Principal Distribution Amount:
(a) Scheduled Principal $ 278,408.25
--------------
(b) Principal Prepayments 5,131,906.57
--------------
(c) Liquidated Contracts 7,972.89
--------------
(d) Repurchases 0.00
--------------
(e) Previously undistributed Principal Amounts 0.00
--------------
(f) Pre-Funded Fixed Rate Amount, if any 0.00
--------------
(g) Less Class HE: A-1 ARM Formula Principal
Distribution Amount 0.00
--------------
Total Principal $ 5,418,287.71
--------------
3. Class HE: A-1 ARM Formula Principal Distribution Amount
(lesser of Class HE: A-1 ARM plus HE: A-1B ARM Principal
Balance or sum of (a) - (f))
(a) Scheduled Principal $ 69,329.42
--------------
(b) Principal Prepayments 2,762,951.58
--------------
(c) Liquidated Contracts 0.00
--------------
(d) Repurchases 0.00
--------------
(e) Pre-Funded ARM Amount, if any 0.00
--------------
(f) Clause (vi) of definition 0.00
--------------
Total Principal $ 2,832,281.00
--------------
4. Sub-Pool HE Senior Percentage 100%
--------------
5. Class HE: B Percentage 100%
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 2
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
CLASS HE: A CERTIFICATES
------------------------
INTEREST
6. Aggregate Interest
(a) Class HE: A-1A ARM Pass-through Rate 6.17%
--------------
(b) Class HE: A-1A Interest $ 77,125.00
--------------
(c) Class HE: A-1B ARM Pass-through Rate 5.62859%
--------------
(d) Class HE: A-1B Interest $ 507,103.97
--------------
(e) Class HE: A-1 Pass-through Rate 6.06%
--------------
(f) Class HE: A-1 Interest $ 369,093.65
--------------
(g) Class HE: A-2 Pass-through Rate 6.16%
--------------
(h) Class HE: A-2 Interest $ 107,800.00
--------------
(i) Class HE: A-3 Pass-through Rate 6.28%
--------------
(j) Class HE: A-3 Interest $ 287,833.33
--------------
(k) Class HE: A-4 Pass-through Rate 6.57%
--------------
(l) Class HE: A-4 Interest $ 98,550.00
--------------
(m) Class HE: A-5 Pass-through Rate 6.42%
--------------
(n) Class HE: A-5 Interest $ 85,600.00
--------------
(o) Class HE: A-6IO Pass-through Rate 8.00%
--------------
(p) Class HE: A-6IO 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
--------------
9. Class HE: A-5 Lockout Percentage for such Payment Date 100%
--------------
10. Class HE: A Principal Distribution:
(a) Class HE: A-1A ARM $ 0.00
--------------
(b) Class HE: A-1B ARM $ 2,832,281.00
--------------
(c) Class HE: A-5 Lockout Pro Rata Distribution Amount $ 0.00
--------------
(d) Balance of Sub-Pool HE Senior Percentage of Sub-Pool HE
Formula Principal Distribution Amount:
(i) Class HE: A-1 $ 5,418,287.71
--------------
(ii) Class HE: A-2 $ 0.00
--------------
(iii) Class HE: A-3 $ 0.00
--------------
(iv) Class HE: A-4 $ 0.00
--------------
(v) Class HE: A-5 $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 3
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
11. Class HE: A Principal Balance:
(a) Class HE: A-1A ARM Principal Balance $15,000,000.00
--------------
(b) Class HE: A-1B ARM Principal Balance $98,523,825.71
--------------
(c) Class HE: A-1 Principal Balance $67,669,562.89
--------------
(d) Class HE: A-2 Principal Balance $21,000,000.00
--------------
(e) Class HE: A-3 Principal Balance $55,000,000.00
--------------
(f) Class HE: A-4 Principal Balance $18,000,000.00
--------------
(g) Class HE: A-5 Principal Balance $16,000,000.00
--------------
CLASS HE: M-1 CERTIFICATES
---------------------------
12. Sub-Pool HE Amount Available less the Class HE: A Distribution Amount
(including Monthly Servicing Fee) $ 1,621,045.99
--------------
INTEREST on Class HE: M-1 Principal Balance less Class HE: M-1
Liquidation Loss Principal Amount
13. Current Interest
(a) Class HE: M-1 Pass-through Rate 7.08%
--------------
(b) Class HE: M-1 Interest $ 141,600.00
--------------
14. Amount applied to Unpaid Class HE: M-1 Interest Shortfall $ 0.00
--------------
15. Remaining Unpaid Class HE: M-1 Interest Shortfall $ 0.00
--------------
16. Class HE: M-1 Interest Deficiency Amount $ 0.00
--------------
17. Class HE: M-1 Interest Deficiency Amount unpaid $ 0.00
--------------
PRINCIPAL
18. Class HE: M-1 Principal Distribution $ 0.00
--------------
19. Class HE: M-1 Principal Balance $24,000,000.00
--------------
20. Amount, if any, by which Class HE: M-1 Formula Principal Distribution
Amount exceeds Class HE: M-1 Distribution Amount $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 4
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
CLASS HE: M-2 CERTIFICATES
---------------------------
21. Sub-Pool HE Amount Available less the Class HE: A Distribution Amount
and Class HE: M-1 Distribution Amount (including Monthly Servicing Fee) $ 1,479,445.99
--------------
INTEREST on Class HE: M-2 Principal Balance less Class HE: M-2
Liquidation Loss Principal Amount
22. Current Interest
(a) Class HE: M-2 Pass-through Rate 7.33%
--------------
(b) Class HE: M-2 Interest $ 85,516.67
--------------
23. Amount applied to Unpaid Class HE: M-2 Interest Shortfall $ 0.00
--------------
24. Remaining Unpaid Class HE: M-2 Interest Shortfall $ 0.00
--------------
25. Class HE: M-2 Interest Deficiency Amount $ 0.00
--------------
26. Class HE: M-2 Interest Deficiency Amount unpaid $ 0.00
--------------
PRINCIPAL
27. Class HE: M-2 Principal Distribution $ 0.00
--------------
28. Class HE: M-2 Principal Balance $14,000,000.00
--------------
29. Amount, if any, by which Class HE: M-2 Formula Principal Distribution
Amount exceeds Class HE: M-2 Distribution Amount $ 0.00
--------------
Class HE: B Principal Distribution Tests
(tests must be satisfied on and after the Payment Date occurring in April 2001)
30. Sub-Pool HE Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Payment Date 1.66%
--------------
(b) Sub-Pool HE Average Sixty-Day Delinquency Ratio Test (arithmetic average
of ratios for this month and two preceding months; may not exceed 6.0%) 1.34%
--------------
31. Sub-Pool HE Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Payment Date 3.49%
--------------
(b) Sub-Pool HE Average Thirty-Day Delinquency Ratio Test ( arithmetic average
of ratios for this month and two preceding months; may not exceed 12%) 2.44%
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 5
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
32. Sub-Pool HE 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%.) 0.02%
--------------
33. Sub-Pool HE Current Realized Losses Test
(a) Current Realized Losses for current Payment Date $ 8,097.17
--------------
(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%) 0.08%
--------------
34. Class HE: B Principal Balance Test
(a) Class HE: B Principal Balance (before any distributions on
current Payment Date) divided by Pool Scheduled Principal
Balance for prior Payment
Date (must equal or exceed 13.5%) 7.41%
--------------
.
CLASS HE: B-1 CERTIFICATES
---------------------------
35. Sub-Pool HE Amount Available less the Class HE: A Distribution Amount
and Class HE: M Distribution Amount (including Monthly Servicing Fee) $ 1,393,929.32
--------------
INTEREST on Class HE: B-1 Principal Balance less Class HE: B-1
Liquidation Loss Principal Amount
36. Current Interest
(a) Class HE: B-1 Pass-through Rate 7.81%
--------------
(b) Class HE: B-1 Interest $ 104,133.33
--------------
37. Amount applied to Unpaid Class HE: B-1 Interest Shortfall $ 0.00
--------------
38. Remaining Unpaid Class HE: B-1 Interest Shortfall $ 0.00
--------------
39. Class HE: B-1 Interest Deficiency Amount $ 0.00
--------------
40. Class HE: B-1 Interest Deficiency Amount unpaid $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 6
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
PRINCIPAL
41. Class HE: B-1 Principal Distribution $ 0.00
--------------
42. Class HE: B-1 Principal Balance $16,000,000.00
--------------
43. Amount, if any, by which Class HE: B-1 Formula Principal Distribution
Amount exceeds Class HE: B-1 Distribution Amount $ 0.00
--------------
CLASS HE: B-2 CERTIFICATES
--------------------------
44. Remaining Sub-Pool HE Amount Available $ 1,289,795.99
--------------
INTEREST on Class HE: B-2 Principal Balance less Liquidation
Loss Principal Amount
45. Current Interest
(a) Class HE: B-2 Pass-through Rate 8.49%
--------------
(b) Class HE: B-2 Interest 77,825.00
--------------
46. Amount applied to Unpaid Class HE: B-2 Interest Shortfall $ 0.00
--------------
47. Remaining Unpaid Class HE: B-2 Interest Shortfall $ 0.00
--------------
PRINCIPAL
48. Class HE: B-2 Principal Distribution $ 0.00
--------------
49. Class HE: B-2 Guaranty Payment $ 0.00
--------------
50. Class HE: B-2 Principal Balance $11,000,000.00
--------------
51. Amount, if any, on which Class HE: B-2 Formula Distribution Amount
and Class HE: B-2 Liquidation Loss Principal Amount exceeds Class
HE: B-2
Distribution Amount $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 7
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
INTEREST ON CLASS HI: M-1, M-2, B-1, AND B-2 LIQUIDATION LOSS PRINCIPAL AMOUNT
52. 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
--------------
53. 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
--------------
54. Class HE: B-1
(a) Class HE: B-1 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HE: B-1 Pass-Through Rate on:
Class HE: B-1 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HE: B-1
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HE: B-1 Liquidation
Loss Interest Shortfall $ 0.00
--------------
55. Class HE: B-2
(a) Class HE: B-2 Liquidation Loss Principal Amount $ 0.00
--------------
(b) Interest at Class HE: B-2 Pass-Through Rate on
Class HE: B-2 Liquidation Loss Principal Amount $ 0.00
--------------
(c) Amount applied to Unpaid Class HE: B-2
Liquidation Loss Interest Shortfall $ 0.00
--------------
(d) Remaining Unpaid Class HE: B-2 Liquidation
Loss Interest Shortfall $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 8
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
CLASS HE: A, CLASS HE: M, and CLASS HE: B CERTIFICATES
---------------------------------------------------------
56. Pool Scheduled Principal Balance of Sub-Pool HE $356,193,388.60
---------------
(a) Fixed Rate Home Equity Contracts $242,669,562.89
---------------
(b) Adjustable Rate Home Equity Contracts $113,523,825.71
---------------
57. Sub-Pool HE Pool Factors
(a) Class HE: A-1A ARM Pool Factor 1.00000000
---------------
(b) Class HE: A-1B ARM Pool Factor .85672892
---------------
(c) Class HE: A-1 Pool Factor .71231119
---------------
(d) Class HE: A-2 Pool Factor 1.00000000
---------------
(e) Class HE: A-3 Pool Factor 1.00000000
---------------
(f) Class HE: A-4 Pool Factor 1.00000000
---------------
(g) Class HE: A-5 Pool Factor 1.00000000
---------------
(h) Class HE: M-1 Pool Factor 1.00000000
---------------
(i) Class HE: M-2 Pool Factor 1.00000000
---------------
(j) Class HE: B-1 Pool Factor 1.00000000
---------------
(k) Class HE: B-2 Pool Factor 1.00000000
---------------
58. Home Equity Contracts Delinquent:
Total HE Fixed
(a) 31-59 days 4,704,013.97 81
------------ ------------
(b) 60-89 days 887,495.17 20
------------ ------------
(c) 90 or more days 524,205.88 12
------------ ------------
Adjustable Rate
(a) 31-59 days 1,816,802.44 18
------------ ------------
(b) 60-89 days 145,458.05 2
------------ ------------
(c) 90 or more days 33,812.88 1
------------ ------------
59. Principal Balance of Defaulted Home Equity Contracts
Total HE Fixed Contracts $ 3,652,484.36
---------------
Adjustable Rate Contracts $ 671,132.62
---------------
60. Number of Liquidated Home Equity Contracts and Net Liquidated Loss
Total HE Fixed Contracts # 1 $ 8,097.17
------------ ---------------
Adjustable Rate Contracts # 0 $ 0.00
------------ ---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME IMPROVEMENT AND HOME EQUITY LOANS
GREEN TREE TRUST
1998 - B
MONTHLY REPORT
OCTOBER 1998
PAGE 9
DISTRIBUTION DATE: D58 D25 D33
CUSIP# 3336435-0
C59 C67 C75 C83
C91 D66 D41
D58 D25 D33
TRUST ACCOUNT: 3336435-0
<TABLE>
<S> <C> <C>
61. Number of Home Equity Contracts Remaining
Total HE Fixed Contracts 4,339
--------------
Adjustable Rate Contracts 899
--------------
62. Sub-Pool Pre-Funded ARM Amount $ 0.00
--------------
63. Sub-Pool Pre-Funded Fixed Rate Amount $ 0.00
--------------
CLASS C SUBSIDIARY CERTIFICATES
-------------------------------
64. Monthly Servicing Fee $ 308,956.40
--------------
65. Class HE: B-2 Guarantee Fee $ 1,235,825.58
--------------
66. Class C Subsidiary Residual Payment $ 84,375.16
--------------
Please contact the Bondholder Relations Department of U.S. Bank
Trust National Association at (612) 973-5800 with any questions
regarding this Statement or your Distribution.
</TABLE>
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