===============================================================================
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) April 27, 1998
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1998, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1998-1)
Superior Bank FSB
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-39199 36-1414142
- ---------------------------- ------------ ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
--------------
===============================================================================
<PAGE>
Item 5. Other Events
------------
On March 26, 1998 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1998-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of March 1, 1998, among Superior Bank FSB., as Depositor and
Servicer and LaSalle National Bank, as Trustee. The information contained in the
Servicer's Monthly Remittance Report to the Trustee, which shall be forwarded by
the Trustee to the Certificateholders, is attached hereto as Exhibit 21.1 and is
incorporated herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the Pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of April, 1998.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
SUPERIOR BANK F.S.B.
By: /s/ WILLIAM C. BRACKEN
----------------------------
Name: William C. Bracken
Title: Executive Vice President
Dated: April 27, 1998
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of April, 1998.
PAGE 1 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 1 (Sub-Pools 1 & 2)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 1
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GROUP 1 SUB-POOL 1 SUB-POOL 2
--------------- --------------- ---------------
COLLECTIONS
<S> <C> <C> <C> <C>
1 Total Actual Principal Collections 1,238,830.94 291,476.54 947,354.40
2 Total Actual Interest Collections 504,066.21 198,034.44 306,031.77
3 Service Fees Previously Remitted 7,641.51 2,887.05 4,754.46
4 Additional Proceeds 0.00 0.00 0.00
-------------- -------------- --------------
5 TOTAL COLLECTIONS: 1,735,255.64 486,623.93 1,248,631.71
6 Pre-Funding Account Transfers 0.00 0.00 0.00
7 Interest Coverage Account Transfer 654,152.01 279,074.97 375,077.04
8 Deferred Interest Coverage Account Transfer 186,420.91 87,548.12 98,872.79
-------------- -------------- --------------
9 Aggregate Amount Received: 2,575,828.56 853,247.02 1,722,581.54
MONTHLY ADVANCES
10 Delinquent Interest Advance 896,750.22 320,408.15 576,342.07
11 Compensating Interest 3,226.53 680.73 2,545.80
12 Amounts Held for Future Distributions 0.00 0.00 0.00
13 Cross Collateral Deposit 0.00 0.00 0.00
14 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
-------------- -------------- --------------
15 Available Remittance Amount: 3,475,805.31 1,174,335.90 2,301,469.41
FEES
16 Service Fees 72,341.15 31,210.72 41,130.43
17 Expense Account Deposit: 6,219.03 2,492.71 3,726.32
-------------- -------------- --------------
18 ADJUSTED REMITTANCE AMOUNT: 3,397,245.13 1,140,632.47 2,256,612.66
REMAINING AMOUNT AVAILABLE:
19 Adjusted Remittance Amount 3,397,245.13
20 Insured Payments due 0.00
21 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 26,949.13
22 Cross Collateral Withdrawal 0.00
23 Class Remittance Amounts 3,370,296.00
24 Non-Recoverable Advances not
Previously Reimbursed 0.00
--------------
25 Total Remaining Amount Available: 0.00
==============
REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
26 Servicing Fee 0.00 0.00 0.00
27 Monthly Advances and Servicer Advances 0.00 0.00 0.00
28 Preference Amount per Sec. 6.06(b) 0.00 0.00 0.00
29 Servicing compensation per Sec. 7.03 0.00 0.00 0.00
30 REO Mgmt. & Dispositions per Sec 5.10 0.00 0.00 0.00
31 Trustee Advances per Sec 11.01 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE 2 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 1 (Sub-Pools 1 & 2)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 1
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GROUP 1 CLASS 1A-1 CLASS 1A-2 CLASS R
--------------- ---------------- ----------------- ---------
<S> <C> <C> <C> <C> <C>
32 Loans Outstanding - BOM 2,841 1,000 1,841
33 Original Loan Balance 180,932,515.76 70,000,198.22 110,932,317.54
34 Pre-Funding Account Balance 71,848,070.66 31,112,036.36 40,736,034.30
35 Initial Overcollateralization 2,780,586.42 1,112,234.58 1,668,351.84
36 Realized Losses, LTD 0.00 0.00 0.00
37 Carryforward Amount 0.00 0.00 0.00
--------------- --------------- ---------------
38 Total Class Principal Balance 250,000,000.00 100,000,000.00 150,000,000.00
39 Pool Factor per Loan Balance 72.3730063% 28.0000793% 44.3729270%
40 Pool Factor per Class Balance 100.0000000% 40.0000000% 60.0000000%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 23.5283549% 76.4716451%
43 Additional Principal due 808,465.06 190,218.53 618,246.53
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 1,323,000.00 528,666.67 794,333.33
PRINCIPAL ADDITIONS:
47 Number 0 0 0
48 Loan transfers from Pre-Funding 0.00 0.00 0.00
PRINCIPAL REDUCTIONS:
49 Prepayments - Number 20 3 17
50 Prepayments - Dollar 955,068.20 199,302.00 755,766.20
51 Delinquent Loans Repurchased - Number 0 0 0
52 Delinquent Loans Repurchased - Dollar 0.00 0.00 0.00
53 Net Liquidation Proceeds 0.00 0.00 0.00
54 Curtailments 69,543.82 28,844.33 40,699.49
55 Normal and Excess Payments 214,218.92 63,330.21 150,888.71
--------------- --------------- --------------- ----
56 Principal Remittance 1,238,830.94 291,476.54 947,354.40
--------------- --------------- --------------- ----
57 Total Principal Remittance 1,238,830.94 291,476.54 947,354.40
58 Additional Principal Reduction 808,465.06 190,218.53 618,246.53
--------------- --------------- --------------- ----
59 TOTAL REMITTANCE 3,370,296.00 1,010,361.74 2,359,934.26 0.00
=============== =============== =============== ====
60 Current Month Realized Loss - Number 0 0 0 0
61 Current Month Realized Loss - Dollar 0.00 0.00 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
62 Loans Outstanding - EOM 2821 997 1824
63 Closing Loan Balance 179,693,684.82 69,708,721.68 109,984,963.14
64 Pre-Funding Account Balance 71,848,070.66 31,112,036.36 40,736,034.30
65 Additional Principal Reduction, LTD 3,589,051.48 1,302,453.11 2,286,598.37
66 Realized Losses, LTD 0.00 0.00 0.00
--------------- --------------- --------------- ----
67 Total Class Principal Balance 247,952,704.00 99,518,304.93 148,434,399.07
68 Pool Factor per Loan Balance 71.8774740% 27.8834887% 43.9939853%
69 Pool Factor per Class Balance 188.2417210% 39.8073220% 148.4343991%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE 3 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 1 (Sub-Pools 1 & 2)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 1
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 10.93881% 10.76397% 11.04913%
71 Weighted Note Rate - NEXT Remittance 10.93851% 10.76397% 11.04913%
72 Weighted Average Remaining Term 242.16 264.36 228.09
73 Accrual Period for Libor Rate 26-Mar-98 thru 26-Apr-98
74 Days in Related Period 32
75 Pass-Through Rate 5.94750% 5.95750%
GROUP 1 SUBPOOL 1 SUBPOOL 2
--------------- ---------------- ---------------
76 Original Pool - Principal Balance 180,932,515.76 70,000,198.22 110,932,317.54
77 Original Pool - Pre-Funding Account 71,848,070.66 31,112,036.36 40,736,034.30
78 Original Pool - Initial Overcollateralization 2,780,586.42 1,112,234.58 1,668,351.84
--------------- ---------------- ---------------
79 Original Pool Total 250,000,000.00 100,000,000.00 150,000,000.00
80 Original Pool - Number of Loans 2,841 1,000 1,841
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS 1A-1 OVERCOLLATERALIZATION RECONCILIATION
<S> <C> <C> <C> <C>
BEG.OF MONTH CURRENT MONTH END OF MONTH
--------------- ---------------- ---------------
81 Initial Overcollateralization 1,112,234.58 190,218.53 1,302,453.11
82 Less: Realized Losses, LTD 0.00 0.00 0.00
83 Cross Coallateralzation Deposit, LTD 0.00 0.00 0.00
--------------- ---------------- ---------------
84 Overcollateralization of Principal 1,112,234.58 190,218.53 1,302,453.11
=============== ================ ===============
85 Base Overcollateralization Required* 6,268,958.54
86 Required Overcollateralization Amount 6,268,958.54
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class 1A-2 Overcollateralization Reconciliation
<S> <C> <C> <C> <C>
BEG.OF MONTH CURRENT MONTH END OF MONTH
--------------- ---------------- ---------------
87 Initial Overcollateralization 1,668,351.84 618,246.53 2,286,598.37
88 Less: Realized Losses, LTD 0.00 0.00 0.00
89 Cross Coallateralzation Deposit, LTD 0.00 0.00 0.00
--------------- ---------------- ---------------
90 Overcollateralization of Principal 1,668,351.84 618,246.53 2,286,598.37
=============== ================ ===============
91 Base Overcollateralization Required* 9,403,437.82
92 Required Overcollateralization Amount 9,403,437.82
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CURRENT MONTH SUBORDINATED AMOUNT BEG.OF MONTH CURRENT MONTH END OF MONTH
--------------- ---------------- ---------------
<S> <C> <C> <C> <C>
93 Original Group 1 Subordinated Amount* 31,268,958.54 N/A 31,268,958.54
94 Less: Group 1 Cumulative Realized Losses 0.00 0.00 0.00
95 Plus: Group 1 Cumulative Additional Proceeds 0.00 0.00 0.00
96 Current Group 1 Subordinated Amount 31,268,958.54 0.00 31,268,958.54
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
PAGE 4 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 1 (Sub-Pools 1 & 2)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 1
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
<CAPTION>
NONRECOVERABLE ADVANCE RECONCILIATION GROUP 1
----------------
<S> <C> <C>
97 Beginning of Month 0.00
98 Current Month Unpaid Nonrecoverable Advance 0.00
99 Less: Current Month Reimbursement 0.00
----------------
100 End of Month 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS FACTORS GROUP 1 CLASS 1A-1 CLASS 1A-2
---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
101 Total Class Principal - Original Pool 250,000,000.00 100,000,000.00 150,000,000.00
102 Interest Remittance Amount 1,323,000.00 528,666.67 794,333.33
103 Interest Rate Factor/1000 5.292000 5.286667 5.295556
104 Total Principal Collections 1,238,830.94 291,476.54 947,354.40
105 Prefunding Account Excess 0.00 0.00 0.00
106 Additional Principal Reduction 808,465.06 190,218.53 618,246.53
---------------- ---------------- ----------------
107 Principal Remittance Amount 2,047,296.00 481,695.07 1,565,600.93
108 Principal Payment Factor/1000 8.189184 4.816951 10.437340
109 Current Month Ending Principal Factor 991.810816 995.183049 989.562660
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE 1 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 2 (Sub-Pools 3 & 4)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 2
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GROUP 2 SUB-POOL 3 SUB-POOL 4
-------------- ------------ --------------
COLLECTIONS
<S> <C> <C> <C> <C>
1 Total Actual Principal Collections 1,587,272.45 385,933.45 1,201,339.00
2 Total Actual Interest Collections 328,669.66 124,513.30 204,156.36
3 Service Fees Previously Remitted 6,275.23 2,249.28 4,025.95
4 Additional Proceeds 0.00 0.00 0.00
-------------- ------------ --------------
5 Total Collections: 1,909,666.88 508,197.47 1,401,469.41
6 Pre-Funding Account Transfers 0.00 0.00 0.00
7 Interest Coverage Account Transfer 527,432.53 51,690.53 475,742.00
8 Deferrred Interest Coverage Account Transfer 57,315.31 19,880.41 37,434.90
-------------- ------------ --------------
9 AGGREGATE AMOUNT RECEIVED: 2,494,414.72 579,768.41 1,914,646.31
MONTHLY ADVANCES
10 Delinquent Interest Advance 783,833.81 265,732.10 518,101.71
11 Compensating Interest 6,257.47 1,523.06 4,734.41
12 Amounts Held for Future Distributions 0.00 0.00 0.00
13 Cross Collateral Deposit 0.00 0.00 0.00
14 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
-------------- ------------ --------------
15 Available Remittance Amount: 3,284,506.00 847,023.57 2,437,482.43
Fees
16 Service Fees 51,089.60 10,158.68 40,930.92
17 Expense Account Deposit: 4,960.32 1,365.35 3,594.97
-------------- ------------ --------------
18 ADJUSTED REMITTANCE AMOUNT: 3,228,456.08 835,499.54 2,392,956.54
REMAINING AMOUNT AVAILABLE:
19 Adjusted Remittance Amount 3,228,456.08
20 Insured Payments due 0.00
21 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 21,494.71
22 Cross Collateral Withdrawal 0.00
23 Class Remittance Amounts 3,206,961.37
24 Non-Recoverable Advances not
Previously Reimbursed 0.00
--------------
25 TOTAL REMAINING AMOUNT AVAILABLE: 0.00
==============
REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
26 Servicing Fee 0.00 0.00 0.00
27 Monthly Advances and Servicer Advances 0.00 0.00 0.00
28 Preference Amount per Sec. 6.06(b) 0.00 0.00 0.00
29 Servicing compensation per Sec. 7.03 0.00 0.00 0.00
30 REO Mgmt. & Dispositions per Sec 5.10 0.00 0.00 0.00
31 Trustee Advances per Sec 11.01 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE 2 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 2 (Sub-Pools 3 & 4)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 2
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GROUP 2 CLASS 2A-1 CLASS 2A-2 CLASS R
---------------- --------------- ---------------- -----------
<S> <C> <C> <C> <C> <C>
32 Loans Outstanding - BOM 1,271 531 740
33 Original Loan Balance 142,610,986.32 49,999,948.51 92,611,037.81
34 Pre-Funding Account Balance 61,055,001.48 6,008,198.14 55,046,803.34
35 Initial Overcollaterization 3,665,987.80 1,008,146.65 2,657,841.15
36 Realized Losses, LTD 0.00 0.00 0.00
37 Carryforward Amount 0.00 0.00 0.00
--------------- --------------- ---------------
38 Total Class Principal Balance 200,000,000.00 55,000,000.00 145,000,000.00
39 Pool Factor per Loan Balance 71.3054932% 24.9999743% 46.3055189%
40 Pool Factor per Class Balance 100.0000000% 27.5000000% 72.5000000%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 24.3142537% 75.6857463%
43 Additional Principal due 573,511.15 139,444.96 434,066.19
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 1,046,177.77 287,344.44 758,833.33
PRINCIPAL ADDITIONS:
47 Number 0 0 0
48 Loan transfers from Pre-Funding 0.00 0.00 0.00
PRINCIPAL REDUCTIONS:
49 Prepayments - Number 12 3 9
50 Prepayments - Dollar 1,530,344.79 364,060.73 1,166,284.06
51 Delinquent Loans Repurchased - Number 0 0 0
52 Delinquent Loans Repurchased - Dollar 0.00 0.00 0.00
53 Net Liquidation Proceeds 0.00 0.00 0.00
54 Curtailments 0.00 0.00 0.00
55 Normal and Excess Payments 56,927.66 21,872.72 35,054.94
--------------- --------------- --------------- ----
56 Principal Remittance 1,587,272.45 385,933.45 1,201,339.00
--------------- --------------- --------------- ----
58 Total Principal Remittance 1,587,272.45 385,933.45 1,201,339.00
59 Additional Principal Reduction 573,511.15 139,444.96 434,066.19
--------------- --------------- --------------- ----
60 TOTAL REMITTANCE 3,206,961.37 812,722.85 2,394,238.52 0.00
61 Current Month Realized Loss - Number 0 0 0 0
62 Current Month Realized Loss - Dollar 0.00 0.00 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
63 Loans Outstanding - EOM 1259 528 731
64 Closing Loan Balance 141,023,713.87 49,614,015.06 91,409,698.81
65 Pre-Funding Account Balance 61,055,001.48 6,008,198.14 55,046,803.34
66 Additional Principal Reduction, LTD 4,239,498.95 1,147,591.61 3,091,907.34
67 Realized Losses, LTD 0.00 0.00 0.00
--------------- --------------- --------------- ----
68 Total Class Principal Balance 197,839,216.40 54,474,621.59 143,364,594.81
69 Pool Factor per Loan Balance 70.5118569% 24.8070075% 45.7048494%
70 Pool Factor per Class Balance 287.9002105% 27.2373108% 260.6628997%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE 3 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 2 (Sub-Pools 3 & 4)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 2
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
71 Weighted Note Rate - THIS Remittance 10.35493% 10.32440% 10.37142%
72 Weighted Note Rate - NEXT Remittance 10.35488% 10.32440% 10.37142%
73 Weighted Average Remaining Term 356.64 357.11 356.38
74 Accrual Period for Libor Rate 26-Mar-98 thr 26-Apr-98
75 Days in Related Period 32
76 Pass-Through Rate 5.87750% 5.88750%
<CAPTION>
GROUP 2 SUBPOOL 3 SUBPOOL 4
---------------- --------------- ----------------
<S> <C> <C> <C> <C>
77 Original Pool - Principal Balance 142,610,986.32 49,999,948.51 92,611,037.81
78 Original Pool - Pre-Funding Account 61,055,001.48 6,008,198.14 55,046,803.34
79 Original Pool - Initial Overcollateralization 3,665,987.80 1,008,146.65 2,657,841.15
--------------- --------------- ---------------
80 Original Pool Total 200,000,000.00 55,000,000.00 145,000,000.00
81 Original Pool - Number of Loans 1,271 531 740
CLASS 2A-1 OVERCOLLATERALIZATION RECONCILIATION BEG.OF MONTH CURRENT MONTH END OF MONTH
--------------- --------------- ---------------
<S> <C> <C> <C>
82 Initial Overcollateralization 1,008,146.65 139,444.96 1,147,591.61
83 Less: Realized Losses, LTD 0.00 0.00 0.00
--------------- --------------- ---------------
84 Overcollateralization of Principal 1,008,146.65 139,444.96 1,147,591.61
=============== =============== ===============
84 Base Overcollateralization Required 2,968,431.77
86 Required Overcollateralization Amount 2,968,431.77
<CAPTION>
CLASS 2A-2 OVERCOLLATERALIZATION RECONCILIATION BEG.OF MONTH CURRENT MONTH END OF MONTH
--------------- --------------- ---------------
<S> <C> <C> <C> <C>
87 Initial Overcollateralization 2,657,841.15 434,066.19 3,091,907.34
88 Less: Realized Losses, LTD 0.00 0.00 0.00
--------------- --------------- ---------------
89 Overcollateralization of Principal 2,657,841.15 434,066.19 3,091,907.34
=============== =============== ===============
90 Base Overcollateralization Required 7,825,865.58
91 Required Overcollateralization Amount 7,825,865.58
<CAPTION>
CURRENT MONTH SUBORDINATED AMOUNT BEG.OF MONTH CURRENT MONTH END OF MONTH
--------------- --------------- ---------------
<S> <C> <C> <C> <C>
92 Original Group 2 Subordinated Amount* 23,217,922.60 N/A 23,217,922.60
93 Less: Group 2 Cumulative Realized Losses 0.00 0.00 0.00
94 Plus: Group 2 Cumulative Additional Proceeds 0.00 0.00 0.00
--------------- --------------- ---------------
95 Current Group 2 Subordinated Amount 23,217,922.60 0.00 23,217,922.60
=============== =============== ===============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE 4 OF 4
ALLIANCE FUNDING
by SUPERIOR BANK FSB - SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-1 Group 2 (Sub-Pools 3 & 4)
In accordance with section 6.08 of the Pooling and Servicing Agreement
dated as of March 1, 1998
Superior Bank FSB - Servicing Division reports the following
information pertaining to Series 1997-4 Group 2
for April 27, 1998, the Remittance date.
Due period ended: April 1, 1998
<TABLE>
<CAPTION>
NONRECOVERABLE ADVANCE RECONCILIATION GROUP 2
----------------
<S> <C> <C>
96 Beginning of Month 0.00
97 Current Month Unpaid Nonrecoverable Advance 0.00
98 Less: Current Month Reimbursement 0.00
99 End of Month 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS FACTORS GROUP 2 CLASS 1A-1 CLASS 1A-2
---------------- --------------- ----------------
<S> <C> <C> <C> <C>
100 Total Class Principal - Original Pool 200,000,000.00 55,000,000.00 145,000,000.00
101 Interest Remittance Amount 1,046,177.77 287,344.44 758,833.33
102 Interest Rate Factor / 1000 5.230889 5.224444 5.233333
103 Total Principal Collections 1,587,272.45 385,933.45 1,201,339.00
104 Prefunding Account Excess 0.00 0.00 0.00
105 Additional Principal Reduction 573,511.15 139,444.96 434,066.19
---------------- --------------- ----------------
106 Principal Remittance Amount 2,160,783.60 525,378.41 1,635,405.19
107 Principal Payment Factor/1000 10.803918 9.552335 11.278656
108 Current Month Ending Principal Factor 989.196082 990.447665 988.721344
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
