================================================================================
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) May 26, 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 May 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 May, 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 FSB
By: /s/ WILLIAM C. BRACKEN
-------------------------------
Name: William C. Bracken
Title: Executive Vice President
Dated: May 26, 1998
<PAGE>
EXHIBITS INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
21.1 Monthly Remittance Report for the month of May, 1998.
<TABLE>
<CAPTION>
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 MAY 26, 1998, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1998
====================================================================================================
GROUP 1 SUB-POOL 1 SUB-POOL 2
------------ ---------- ------------
COLLECTIONS
------------------
<S> <C> <C> <C>
1 Total Actual Principal Collections 2,272,864.28 396,933.55 1,875,930.73
2 Total Actual Interest Collections 1,382,323.21 496,900.79 885,422.42
3 Service Fees Previously Remitted 9,553.36 3,476.52 6,076.84
4 Additional Proceeds 0.00 0.00 0.00
------------ ---------- ------------
5 TOTAL COLLECTIONS: 3,645,634.13 890,357.82 2,755,276.31
6 Pre-Funding Account Transfers 0.00 0.00 0.00
7 Interest Coverage Account Transfer 469,736.26 211,292.51 258,443.75
8 Deferred Interest Coverage Account Transfer 79,831.76 34,652.68 45,179.08
------------ ---------- ------------
9 AGGREGATE AMOUNT RECEIVED: 4,195,202.15 1,136,303.01 3,058,899.14
MONTHLY ADVANCES
------------------
10 Delinquent Interest Advance 322,888.95 147,172.73 175,716.22
11 Compensating Interest 7,751.44 1,707.08 6,044.36
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: 4,525,842.54 1,285,182.82 3,240,659.72
FEES
------------------
16 Service Fees 106,301.94 41,612.51 64,689.43
17 Expense Account Deposit: 6,141.99 2,478.03 3,663.96
------------ ---------- ------------
18 ADJUSTED REMITTANCE AMOUNT: 4,413,398.61 1,241,092.28 3,172,306.33
REMAINING AMOUNT AVAILABLE:
19 Adjusted Remittance Amount 4,413,398.61
20 Insured Payments due 0.00
21 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 26,615.32
22 Cross Collateral Withdrawal 0.00
23 Class Remittance Amounts 4,386,783.29
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>
<TABLE>
<CAPTION>
ALLIANCE FUNDING
BY SUPERIOR BANK FSB -- SERVICING DIVISION
DESIGNATED SERVICER PAGE 2 OF 4
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 MAY 26, 1998, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1998
====================================================================================================================================
GROUP 1 CLASS 1A-1 CLASS 1A-2 CLASS R
------------------- --------------- --------------- -----------------
<S> <C> <C> <C> <C>
32 Loans Outstanding - BOM 2,821 997 1,824
33 Original Loan Balance 179,693,684.82 69,708,721.68 109,984,963.14
34 Pre-Funding Account Balance 71,848,070.66 31,112,036.36 40,736,034.30
35 Initial Overcollateralization 3,589,051.48 1,302,453.11 2,286,598.37
36 Realized Losses, LTD 0.00 0.00 0.00
37 Carryforward Amount 0.00 0.00 0.00
--------------------------------------------------------
38 Total Class Principal Balance 247,952,704.00 99,518,304.93 148,434,399.07
39 Pool Factor per Loan Balance 71.8774739% 27.8834887% 43.9939853%
40 Pool Factor per Class Balance 99.1810816% 39.8073220% 59.3737596%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 17.4640234% 82.5359766%
43 Additional Principal due 931,013.42 162,592.40 768,421.02
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 1,182,905.59 474,291.11 708,614.48
PRINCIPAL ADDITIONS:
47 Number 381 134 247
48 Loan transfers from Pre-Funding 26,378,840.53 9,856,398.63 16,522,441.90
PRINCIPAL REDUCTIONS:
49 Prepayments - Number 24 6 18
50 Prepayments - Dollar 2,057,066.67 337,133.24 1,719,933.43
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 215,797.61 59,800.31 155,997.30
----------------------------------------------------------------------------------------
56 Principal Remittance 2,272,864.28 396,933.55 1,875,930.73
----------------------------------------------------------------------------------------
57 Total Principal Remittance 2,272,864.28 396,933.55 1,875,930.73
58 Additional Principal Reduction 931,013.42 162,592.40 768,421.02
----------------------------------------------------------------------------------------
59 TOTAL REMITTANCE 4,386,783.29 1,033,817.06 3,352,966.23 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 3178 1125 2053
63 Closing Loan Balance 203,799,661.07 79,168,186.76 124,631,474.31
64 Pre-Funding Account Balance 45,469,230.13 21,255,637.73 24,213,592.40
65 Additional Principal Reduction, LTD 4,520,064.90 1,465,045.51 3,055,019.39
66 Realized Losses, LTD 0.00 0.00 0.00
----------------------------------------------------------------------------------------
67 Total Class Principal Balance 244,748,826.30 98,958,778.98 145,790,047.32
68 Pool Factor per Loan Balance 81.5198644% 31.6672747% 49.8525897%
69 Pool Factor per Class Balance 185.3735589% 39.5835116% 145.7900473%
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 MAY 26, 1998, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1998
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 10.93851% 10.76397% 11.04913%
71 Weighted Note Rate - NEXT Remittance 10.93836% 10.76397% 11.04913%
72 Weighted Average Remaining Term 241.43 264.59 226.72
73 Accrual Period for Libor Rate 27-Apr-98 thru 25-May-98
74 Days in Related Period 29
75 Pass-Through Rate 5.91625% 5.92625%
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
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS 1A-1 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg.of Month Current Month End of Month
----------------------------------------------------------------
81 Initial Overcollateralization 1,302,453.11 162,592.40 1,465,045.51
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 1,302,453.11 162,592.40 1,465,045.51
================================================================
85 Base Overcollateralization Required* 6,268,958.54
86 Required Overcollateralization Amount 6,268,958.54
- ------------------------------------------------------------------------------------------------------------------------
CLASS 1A-2 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg.of Month Current Month End of Month
----------------------------------------------------------------
87 Initial Overcollateralization 2,286,598.37 768,421.02 3,055,019.39
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 2,286,598.37 768,421.02 3,055,019.39
================================================================
91 Base Overcollateralization Required* 9,403,437.82
92 Required Overcollateralization Amount 9,403,437.82
- ------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
--------------------------------- ----------------------------------------------------------------
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>
<TABLE>
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 MAY 26, 1998, THE REMITTANCE DATE.
<CAPTION>
DUE PERIOD ENDED: MAY 1, 1998
=============================================================================================================
NONRECOVERABLE ADVANCE RECONCILIATION GROUP 1
------------------------------------- -------------
<S> <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
------------- -------------- -------------- --------------
<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 1,182,905.59 474,291.11 708,614.48
103 Interest Rate Factor/1000 4.731622 4.742911 4.724097
104 Total Principal Collections 2,272,864.28 396,933.55 1,875,930.73
105 Prefunding Account Excess 0.00 0.00 0.00
106 Additional Principal Reduction 931,013.42 162,592.40 768,421.02
-------------- -------------- --------------
107 Principal Remittance Amount 3,203,877.70 559,525.95 2,644,351.75
108 Principal Payment Factor/1000 12.815511 5.595260 17.629012
109 Current Month Ending Principal Factor 978.995305 989.587789 971.933648
110 Prior Month Ending Principal Factor 991.810816 995.183049 989.562660
=============================================================================================================
</TABLE>
<PAGE>
<TABLE>
=================================================================================================================================
ALLIANCE FUNDING
SUPERIOR BANK FSB -- SERVICING DIVISION
DESIGNATED SERVICER
1998-1 GROUP 1
DELINQUENCY AND FORECLOSURE INFORMATION
PERIOD ENDED: APRIL 30, 1998
<CAPTION>
SUBPOOL 1 SUBPOOL 2
-------------------------------- ---------------------------------
INVESTOR TOTAL NUMBER PERCENT AMOUNT NUMBER PERCENT AMOUNT NUMBER PERCENT
- ------------------------------------------------------ -------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROUP 1: $203,953,953.75 3179 $79,172,533.88 1125 $124,781,419.87 2054
- -------
30 to 59 Days $ 1,780,330.06 21 0.87% $ 1,108,404.80 13 1.40% $ 671,925.26 8 0.54%
60 to 89 Days $ 68,992.67 2 0.03% $ 31,992.67 1 0.04% $ 37,000.00 1 0.03%
90 and over $ 56,617.97 1 0.03% $ 0.00 0 0.00% $ 56,617.97 1 0.05%
-------------------------------- -------------------------------- ---------------------------------
TOTAL $ 1,905,940.70 24 0.93% $ 1,140,397.47 14 1.44% $ 765,543.23 10 0.61%
REO: $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
FORECLOSURE:
TOTAL: $ 0.00 0 0 $ 0.00 0 0.00% $ 0.00 0 0.00%
- -----------
30 to 59 Days $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
60 to 89 Days $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
90 and over $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
-------------------------------- -------------------------------- ---------------------------------
TOTAL $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
The delinquency information is inclusive of REO and Foreclosure
=================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
1 OF 4
ALLIANCE FUNDING PAGE
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 MAY 26, 1998, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1998
====================================================================================================================================
<CAPTION>
GROUP 2 SUB-POOL 3 SUB-POOL 4
-------------------- ----------------- -----------------
<S> <C> <C> <C>
COLLECTIONS
----------------------
1 Total Actual Principal Collections 3,179,213.53 454,404.64 2,724,808.89
2 Total Actual Interest Collections 1,002,509.84 370,223.74 632,286.10
3 Service Fees Previously Remitted 7,341.25 2,552.32 4,788.93
4 Additional Proceeds 0.00 0.00 0.00
-------------------- ----------------- -----------------
5 TOTAL COLLECTIONS: 4,174,382.12 822,076.06 3,352,306.06
6 Pre-Funding Account Transfers 0.00 0.00 0.00
7 Interest Coverage Account Transfer 355,186.23 12,062.06 343,124.17
8 Deferrred Interest Coverage Account Transfer 19,095.44 7,671.71 11,423.73
-------------------- ----------------- -----------------
9 AGGREGATE AMOUNT RECEIVED: 4,548,663.79 841,809.83 3,706,853.96
MONTHLY ADVANCES
----------------------
10 Delinquent Interest Advance 326,955.18 81,103.53 245,851.65
11 Compensating Interest 14,428.82 560.86 13,867.96
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: 4,890,047.79 923,474.22 3,966,573.57
FEES
----------------------
16 Service Fees 79,425.54 21,998.49 57,427.05
17 Expense Account Deposit: 4,866.50 1,350.51 3,515.99
-------------------- ----------------- -----------------
18 ADJUSTED REMITTANCE AMOUNT: 4,805,755.75 900,125.22 3,905,630.53
REMAINING AMOUNT AVAILABLE:
19 Adjusted Remittance Amount 4,805,755.75
20 Insured Payments due 0.00
21 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 21,088.17
22 Cross Collateral Withdrawal 0.00
23 Class Remittance Amounts 4,784,667.58
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>
<TABLE>
2 OF 4
ALLIANCE FUNDING PAGE
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 MAY 26, 1998, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1998
====================================================================================================================================
<CAPTION>
GROUP 2 CLASS 2A-1 CLASS 2A-2 CLASS R
-------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
32 Loans Outstanding - BOM 1,259 528 731
33 Original Loan Balance 141,023,713.87 49,614,015.06 91,409,698.81
34 Pre-Funding Account Balance 61,055,001.48 6,008,198.14 55,046,803.34
35 Initial Overcollaterization 4,239,498.95 1,147,591.61 3,091,907.34
36 Realized Losses, LTD 0.00 0.00 0.00
37 Carryforward Amount 0.00 0.00 0.00
-------------------------------------------------------
38 Total Class Principal Balance 197,839,216.40 54,474,621.59 143,364,594.81
39 Pool Factor per Loan Balance 70.5118569% 24.8070075% 45.7048494%
40 Pool Factor per Class Balance 98.9196082% 27.2373108% 71.6822974%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 14.2929890% 85.7070110%
43 Additional Principal due 672,579.50 96,131.71 576,447.79
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 932,874.55 256,547.10 676,327.45
PRINCIPAL ADDITIONS:
47 Number 241 61 180
48 Loan transfers from Pre-Funding 26,023,071.74 6,008,055.29 20,015,016.45
PRINCIPAL REDUCTIONS:
49 Prepayments - Number 23 4 19
50 Prepayments - Dollar 3,119,922.33 432,516.50 2,687,405.83
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 59,291.20 21,888.14 37,403.06
---------------------------------------------------------------------------
56 Principal Remittance 3,179,213.53 454,404.64 2,724,808.89
---------------------------------------------------------------------------
58 Total Principal Remittance 3,179,213.53 454,404.64 2,724,808.89
59 Additional Principal Reduction 672,579.50 96,131.71 576,447.79
----------------------------------------------------------------------------
60 TOTAL REMITTANCE 4,784,667.58 807,083.45 3,977,584.13 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 1477 585 892
64 Closing Loan Balance 163,867,572.08 55,167,665.71 108,699,906.37
65 Pre-Funding Account Balance 35,031,929.74 142.85 35,031,786.89
66 Additional Principal Reduction, LTD 4,912,078.45 1,243,723.32 3,668,355.13
67 Realized Losses, LTD 0.00 0.00 0.00
---------------------------------------------------------------------------
68 Total Class Principal Balance 193,987,423.37 53,924,085.24 140,063,338.13
69 Pool Factor per Loan Balance 81.9337861% 27.5838329% 54.3499532%
70 Pool Factor per Class Balance 281.6226574% 26.9620426% 254.6606148%
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
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 MAY 26, 1998, THE REMITTANCE DATE.
<CAPTION>
DUE PERIOD ENDED: MAY 1, 1998
=======================================================================================================================
<S> <C> <C> <C>
71 Weighted Note Rate - THIS Remittance 10.35488% 10.32440% 10.37142%
72 Weighted Note Rate - NEXT Remittance 10.35559% 10.32440% 10.37142%
73 Weighted Average Remaining Term 355.89 356.37 355.64
74 Accrual Period for Libor Rate 27-Apr-98 thru 25-May-98
75 Days in Related Period 29
76 Pass-Through Rate 5.84625% 5.85625%
<CAPTION>
GROUP 2 SUBPOOL 3 SUBPOOL 4
-------------- ------------- -------------
<S> <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
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS 2A-1 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg.of Month Current Month End of Month
-------------- ------------- -------------
<S> <C> <C> <C>
82 Initial Overcollateralization 1,147,591.61 96,131.71 1,243,723.32
83 Less: Realized Losses, LTD 0.00 0.00 0.00
----------------------------------------------------------
84 Overcollateralization of Principal 1,147,591.61 96,131.71 1,243,723.32
==========================================================
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>
87 Initial Overcollateralization 3,091,907.34 576,447.79 3,668,355.13
88 Less: Realized Losses, LTD 0.00 0.00 0.00
----------------------------------------------------------
89 Overcollateralization of Principal 3,091,907.34 576,447.79 3,668,355.13
==========================================================
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>
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>
<TABLE>
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 MAY 26, 1998, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1998
====================================================================================================================================
<CAPTION>
NONRECOVERABLE ADVANCE RECONCILIATION GROUP 2
------------------------------------- --------------------
<S> <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>
100 Total Class Principal - Original Pool 200,000,000.00 55,000,000.00 145,000,000.00
101 Interest Remittance Amount 932,874.55 256,547.10 676,327.45
102 Interest Rate Factor / 1000 4.664373 4.664493 4.664327
103 Total Principal Collections 3,179,213.53 454,404.64 2,724,808.89
104 Prefunding Account Excess 0.00 0.00 0.00
105 Additional Principal Reduction 672,579.50 96,131.71 576,447.79
-------------------- ----------------- -----------------
106 Principal Remittance Amount 3,851,793.03 550,536.35 3,301,256.68
107 Principal Payment Factor/1000 19.258965 10.009752 22.767286
108 Current Month Ending Principal Factor 969.937117 980.437913 965.954058
109 Prior Month Ending Principal Factor 989.196082 990.447665 988.721344
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
====================================================================================================================================
ALLIANCE FUNDING
SUPERIOR BANK FSB - SERVICING DIVISION
DESIGNATED SERVICER
1998-1 GROUP 2
DELINQUENCY AND FORECLOSURE INFORMATION
PERIOD ENDED: APRIL 30, 1998
<CAPTION>
SUBPOOL 3 SUBPOOL 4
------------ ------------
INVESTOR TOTAL NUMBER PERCENT AMOUNT NUMBER PERCENT AMOUNT NUMBER PERCENT
- ------------------------------------------------------------------------------------------------ ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GROUP 2: $164,162,977.64 1480 $ 55,258,621.00 586 $108,904,356.64 894
- --------------
30 to 59 Days $ 1,514,810.32 10 0.92% $ 0.00 0 0.00% $ 1,514,810.32 10 1.39%
60 to 89 Days $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
90 and over $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
---------------------------------- ---------------------------------- ----------------------------------
TOTAL $ 1,514,810.32 10 0.92% $ 0.00 0 0.00% $ 1,514,810.32 10 1.39%
- ------------------------------------------------------------------------------------------------------------------------------------
REO: $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
- ------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE:
TOTAL: $ 0.00 0 0 $ 0.00 0 0.00% $ 0.00 0 0.00%
- --------------
30 to 59 Days $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
60 to 89 Days $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
90 and over $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
---------------------------------- ---------------------------------- ----------------------------------
TOTAL $ 0.00 0 0.00% $ 0.00 0 0.00% $ 0.00 0 0.00%
The delinquency information is exclusive of REO and Foreclosure
====================================================================================================================================
</TABLE>
