================================================================================
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 25, 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 November 25, 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
November, 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: Senior Vice President
Dated: November 25, 1998
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of November, 1998.
<TABLE>
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 1998-1 Group 1 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
<CAPTION>
====================================================================================================================
COLLECTIONS Group 1 Sub-Pool 1 Sub-Pool 2
----------- -------------- -------------- --------------
<S> <C> <C> <C>
1 Total Actual Principal Collections 3,608,825.47 1,509,374.41 2,099,451.06
2 Total Actual Interest Collections 2,001,316.52 799,252.38 1,202,064.14
3 Service Fees Previously Remitted 120,447.90 48,766.32 71,681.58
4 Additional Proceeds 0.00 0.00 0.00
-------------- -------------- --------------
5 TOTAL COLLECTIONS: 5,489,694.09 2,259,860.47 3,229,833.62
MONTHLY ADVANCES
----------------
6 Delinquent Interest Advance 85,561.04 37,143.30 48,417.74
7 Compensating Interest 13,505.72 5,307.86 8,197.86
8 Amounts Held for Future Distributions 0.00 0.00 0.00
9 Cross Collateral Deposit 0.00 0.00 0.00
10 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
-------------- -------------- --------------
11 AVAILABLE REMITTANCE AMOUNT: 5,588,760.85 2,302,311.63 3,286,449.22
FEES
----
12 Service Fees 0.00 0.00 0.00
13 Expense Account Deposit: 5,534.60 2,261.37 3,273.23
-------------- -------------- --------------
14 ADJUSTED REMITTANCE AMOUNT: 5,583,226.25 2,300,050.26 3,283,175.99
REMAINING AMOUNT AVAILABLE:
15 Adjusted Remittance Amount 5,583,226.25
16 Insured Payments due 0.00
17 Monthly Insurance Premium @ 13bp
the Ending Principal Balance 23,982.37
18 Cross Collateral Withdrawal 0.00
19 Class Remittance Amounts 5,559,243.88
20 Non-Recoverable Advances not
Previously Reimbursed 0.00
--------------
21 Total Remaining Amount Available: 0.00
==============
REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
22 Servicing Fee 0.00 0.00 0.00
23 Monthly Advances and Servicer Advances 0.00 0.00 0.00
24 Preference Amount per Sec. 6.06(b) 0.00 0.00 0.00
25 Servicing compensation per Sec. 7.03 0.00 0.00 0.00
26 REO Mgmt. & Dispositions per Sec 5.10 0.00 0.00 0.00
27 Trustee Advances per Sec 11.01 0.00 0.00 0.00
====================================================================================================================
</TABLE>
<PAGE>
<TABLE>
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 1998-1 Group 1 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
<CAPTION>
====================================================================================================================================
Group 1 Class 1A-1 Class 1A-2 Class R
-------------- ------------- -------------- --------
<S> <C> <C> <C> <C>
32 Loans Outstanding - BOM 3,776 1,369 2,407
33 Original Loan Balance 233,752,771.65 94,919,967.12 138,832,804.53
34 Pre-Funding Account Balance 0.00 0.00 0.00
35 Initial Overcollateralization 8,768,212.62 2,964,046.64 5,804,165.98
36 Realized Losses, LTD 8,140.97 8,140.97 0.00
37 Carryforward Amount 0.00 0.00 0.00
-------------- -------------- --------------
38 Total Class Principal Balance 224,992,700.00 91,964,061.45 133,028,638.55
39 Pool Factor per Loan Balance 93.5011087% 37.9679868% 55.5331218%
40 Pool Factor per Class Balance 89.9970800% 36.7856246% 53.2114554%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 41.8245333% 58.1754667%
43 Additional Principal due 921,959.42 385,605.22 536,354.20
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 1,028,458.99 419,921.70 608,537.29
PRINCIPAL REDUCTIONS:
47 Prepayments - Number 55 19 36
48 Prepayments - Dollar 3,292,669.65 1,418,667.54 1,874,002.11
49 Delinquent Loans Repurchased - Number 0 0 0
50 Delinquent Loans Repurchased - Dollar 0.00 0.00 0.00
51 Net Liquidation Proceeds 0.00 0.00 0.00
52 Curtailments 28,589.85 0.00 28,589.85
53 Normal and Excess Payments 287,565.97 90,706.87 196,859.10
-------------- -------------- --------------
54 Principal Remittance 3,608,825.47 1,509,374.41 2,099,451.06
-------------- -------------- --------------
55 Total Principal Remittance 3,608,825.47 1,509,374.41 2,099,451.06
56 Additional Principal Reduction 921,959.42 385,605.22 536,354.20
-------------- -------------- -------------- --------
57 TOTAL REMITTANCE 5,559,243.88 2,314,901.33 3,244,342.55 0.00
============== ============== ============== ========
58 Current Month Realized Loss - Number 0 0 0 0
59 Current Month Realized Loss - Dollar 0.00 0.00 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
60 Loans Outstanding - EOM 3721 1350 2371
61 Closing Loan Balance 230,143,946.18 93,410,592.71 136,733,353.47
62 Pre-Funding Account Balance 0.00 0.00 0.00
63 Additional Principal Reduction, LTD 9,690,172.04 3,349,651.87 6,340,520.17
64 Realized Losses, LTD 8,140.97 8,140.97 0.00
-------------- -------------- --------------
65 Total Class Principal Balance 220,461,915.11 90,069,081.81 130,392,833.30
66 Pool Factor per Loan Balance 92.0575785% 37.3642371% 54.6933414%
67 Pool Factor per Class Balance 166.4204660% 36.0276327% 130.3928333%
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
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 1998-1 Group 1 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
<CAPTION>
=====================================================================================================================
<S> <C> <C> <C>
68 Weighted Note Rate - THIS Remittance 10.81625% 10.67611% 10.91206%
69 Weighted Note Rate - NEXT Remittance 10.82092% 10.67510% 10.92054%
70 Weighted Average Remaining Term 232.00 255.00 216.29
71 Accrual Period for Libor Rate 26-Oct-98 thru 24-Nov-98
72 Days in Related Period 30
73 Pass-Through Rate 5.47938% 5.48938%
<CAPTION>
Group 1 SUBPOOL 1 SUBPOOL 2
-------------- -------------- --------------
<S> <C> <C> <C>
74 Original Pool - Principal Balance 180,932,515.76 70,000,198.22 110,932,317.54
75 Original Pool - Pre-Funding Account 71,848,070.66 31,112,036.36 40,736,034.30
76 Original Pool - Initial Overcollateralization 2,780,586.42 1,112,234.58 1,668,351.84
-------------- -------------- --------------
77 Original Pool Total 250,000,000.00 100,000,000.00 150,000,000.00
78 Original Pool - Number of Loans 2,841 1,000 1,841
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS 1A-1 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg. of Month Current Month End of Month
-------------- -------------- --------------
<S> <C> <C> <C>
79 Initial Overcollateralization 2,964,046.64 385,605.22 3,349,651.87
80 Less: Realized Losses, LTD 8,140.97 0.00 8,140.97
81 Cross Coallateralzation Deposit, LTD 0.00 0.00 0.00
-------------- -------------- --------------
82 Overcollateralization of Principal 2,955,905.67 385,605.22 3,341,510.90
============== ============== ==============
83 Base Overcollateralization Required* 6,268,958.54
84 Required Overcollateralization Amount 6,268,958.54
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS 1A-2 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg. of Month Current Month End of Month
-------------- -------------- --------------
<S> <C> <C> <C>
85 Initial Overcollateralization 5,804,165.98 536,354.20 6,340,520.17
86 Less: Realized Losses, LTD 0.00 0.00 0.00
87 Cross Coallateralzation Deposit, LTD 0.00 0.00 0.00
-------------- -------------- --------------
88 Overcollateralization of Principal 5,804,165.98 536,354.20 6,340,520.17
============== ============== ==============
89 Base Overcollateralization Required* 9,403,437.82
90 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>
91 Original Group 1 Subordinated Amount* 31,850,353.89 N/A 31,850,353.89
92 Less: Group 1 Cumulative Realized Losses 8,140.97 0.00 8,140.97
93 Plus: Group 1 Cumulative Additional Proceeds 0.00 0.00 0.00
-------------- -------------- --------------
94 Current Group 1 Subordinated Amount 31,842,212.92 0.00 31,842,212.92
============== ============== ==============
* As per Insurance Supplement
====================================================================================================================
</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 1998-1 Group 1 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
<CAPTION>
====================================================================================================================
NONRECOVERABLE ADVANCE RECONCILIATION Group 1
------------------------------------- --------------
<S> <C>
95 Beginning of Month 0.00
96 Current Month Unpaid Nonrecoverable Advance 0.00
97 Less: Current Month Reimbursement 0.00
----
98 End of Month 0.00
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS FACTORS Group 1 Class 1A-1 Class 1A-2
------------- -------------- -------------- --------------
<S> <C> <C> <C>
99 Total Class Principal - Original Pool 250,000,000.00 100,000,000.00 150,000,000.00
10 Interest Remittance Amount 1,028,458.99 419,921.70 608,537.29
101 Interest Rate Factor/1000 4.113836 4.199217 4.056915
102 Total Principal Collections 3,608,825.47 1,509,374.41 2,099,451.06
103 Prefunding Account Excess 0.00 0.00 0.00
104 Additional Principal Reduction 921,959.42 385,605.22 536,354.20
-------------- -------------- --------------
105 Principal Remittance Amount 4,530,784.89 1,894,979.63 2,635,805.26
106 Principal Payment Factor/1000 18.123140 18.949796 17.572035
107 Current Month Ending Principal Factor 881.847660 900.690819 869.285554
108 Prior Month Ending Principal Factor 899.970800 919.640615 886.857589
====================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 1998-1 Group 2 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Group 2 Sub-Pool 3 Sub-Pool 4
------------ ------------- ------------
<S> <C> <C> <C> <C>
COLLECTIONS
-----------
1 Total Actual Principal Collections 3,960,249.38 870,951.85 3,089,297.53
2 Total Actual Interest Collections 1,461,579.55 409,529.14 1,052,050.41
3 Service Fees Previously Remitted 92,121.68 25,702.26 66,419.42
4 Additional Proceeds 0.00 0.00 0.00
5 Total Collections: 5,329,707.25 1,254,778.73 4,074,928.52
------------ ------------ ------------
MONTHLY ADVANCES
----------------
6 Delinquent Interest Advance 77,556.16 12,151.75 65,404.41
7 Compensating Interest 14,069.12 3,291.93 10,777.19
8 Amounts Held for Future Distributions 0.00 0.00 0.00
9 Cross Collateral Deposit 0.00 0.00 0.00
10 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
------------ ------------ ------------
11 Available Remittance Amount: 5,421,332.53 1,270,222.41 4,151,110.12
FEES
----------
12 Service Fees 0.00 0.00 0.00
13 Expense Account Deposit: 4,207.70 1,160.60 3,047.10
------------ ------------ ------------
14 Adjusted Remittance Amount: 5,417,124.83 1,269,061.81 4,148,063.02
Remaining Amount Available:
15 Adjusted Remittance Amount 5,417,124.83
16 Insured Payments due 0.00
17 Monthly Insurance Premium @ 13bp
the Ending Principal Balance 18,233.29
18 Cross Collateral Withdrawal 0.00
19 Class Remittance Amounts 5,398,891.54
20 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
21 Total Remaining Amount Available: 0.00
============
REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
22 Servicing Fee 0.00 0.00 0.00
23 Monthly Advances and Servicer Advances 0.00 0.00 0.00
24 Preference Amount per Sec. 6.06(b) 0.00 0.00 0.00
25 Servicing compensation per Sec. 7.03 0.00 0.00 0.00
26 REO Mgmt. & Dispositions per Sec 5.10 0.00 0.00 0.00
27 Trustee Advances per Sec 11.01 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 1998-1 Group 2 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Group 2 Class 2A-1 Class 2A-2 Class R
-------------- -------------- -------------- -------
<S> <C> <C> <C> <C> <C>
28 Loans Outstanding - BOM 1,593 530 1,063
29 Original Loan Balance 180,218,108.88 49,440,832.42 130,777,276.46
30 Initial Overcollaterization 7,950,537.92 2,145,716.55 5,804,821.37
31 Realized Losses, LTD 904.10 0.00 904.10
32 Carryforward Amount 0.00 0.00 0.00
-------------- -------------- --------------
33 Total Class Principal Balance 172,268,475.06 47,295,115.87 124,973,359.19
34 Pool Factor per Loan Balance 90.1090544% 24.7204162% 65.3886382%
35 Pool Factor per Class Balance 86.1342375% 23.6475579% 62.4866796%
36 Excess Spread 0.00 0.00
37 Principal Collection Factor 100.0000000% 21.9923486% 78.0076514%
38 Additional Principal due 661,046.01 145,379.54 515,666.47
39 Cross Collateral Withdrawal 0.00 0.00
40 Cross Collateral Deposit 0.00 0.00 0.00
41 Interest Remittance @ Pass-Through Rate 777,596.15 213,197.71 564,398.44
PRINCIPAL REDUCTIONS:
42 Prepayments - Number 32 8 24
43 Prepayments - Dollar 3,786,337.49 758,262.54 3,028,074.95
44 Delinquent Loans Repurchased - Number 0 0 0
45 Delinquent Loans Repurchased - Dollar 0.00 0.00 0.00
46 Net Liquidation Proceeds 0.00 0.00 0.00
47 Curtailments 92,223.66 90,073.66 2,150.00
48 Normal and Excess Payments 81,688.23 22,615.65 59,072.58
-------------- -------------- --------------
49 Principal Remittance 3,960,249.38 870,951.85 3,089,297.53
-------------- -------------- --------------
50 Total Principal Remittance 3,960,249.38 870,951.85 3,089,297.53
51 Additional Principal Reduction 661,046.01 145,379.54 515,666.47
-------------- -------------- --------------
52 TOTAL REMITTANCE 5,398,891.54 1,229,529.10 4,169,362.44 0.00
============== ============== ============== ====
53 Current Month Realized Loss - Number 0 0 0 0
54 Current Month Realized Loss - Dollar 0.00 0.00 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
55 Loans Outstanding - EOM 1561 522 1039
56 Closing Loan Balance 176,257,859.50 48,569,880.57 127,687,978.93
58 Additional Principal Reduction, LTD 8,611,583.93 2,291,096.09 6,320,487.84
59 Realized Losses, LTD 904.10 0.00 904.10
-------------- -------------- --------------
60 Total Class Principal Balance 167,647,179.67 46,278,784.48 121,368,395.19
61 Pool Factor per Loan Balance 88.1289298% 24.2849403% 63.8439895%
62 Pool Factor per Class Balance 243.8092017% 23.1393922% 220.6698094%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 1998-1 Group 2 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
63 Weighted Note Rate - THIS Remittance 10.37635% 10.35278% 10.38526%
64 Weighted Note Rate - NEXT Remittance 10.37997% 10.33926% 10.39546%
65 Weighted Average Remaining Term 350.16 350.41 350.07
66 Accrual Period for Libor Rate 26-Oct-98 thru 24-Nov-98
67 Days in Related Period 30
68 Pass-Through Rate 5.40938% 5.41938%
Group 2 SUBPOOL 3 SUBPOOL 4
-------------- -------------- --------------
69 Original Pool - Principal Balance 142,610,986.32 49,999,948.51 92,611,037.81
70 Original Pool - Pre-Funding Account 61,055,001.48 6,008,198.14 55,046,803.34
71 Original Pool - Initial Overcollateralization 3,665,987.80 1,008,146.65 2,657,841.15
-------------- -------------- --------------
72 Original Pool Total 200,000,000.00 55,000,000.00 145,000,000.00
73 Original Pool - Number of Loans 1,271 531 740
CLASS 2A-1 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg.of Month Current Month End of Month
-------------- -------------- --------------
74 Initial Overcollateralization 2,145,716.55 145,379.54 2,291,096.09
75 Less: Realized Losses, LTD 0.00 0.00 0.00
-------------- -------------- --------------
76 Overcollateralization of Principal 2,145,716.55 145,379.54 2,291,096.09
============== ============== =============
77 Base Overcollateralization Required 2,968,431.77
78 Required Overcollateralization Amount 2,968,431.77
CLASS 2A-2 OVERCOLLATERALIZATION RECONCILIATION
-----------------------------------------------
Beg.of Month Current Month End of Month
-------------- -------------- --------------
79 Initial Overcollateralization 5,804,821.37 515,666.47 6,320,487.84
80 Less: Realized Losses, LTD 904.10 0.00 904.10
-------------- -------------- --------------
81 Overcollateralization of Principal 5,803,917.27 515,666.47 6,319,583.74
============== ============== =============
82 Base Overcollateralization Required 7,825,865.58
83 Required Overcollateralization Amount 7,825,865.58
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
--------------------------------- -------------- -------------- --------------
84 Original Group 2 Subordinated Amount* 24,134,419.55 N/A 24,134,419.55
85 Less: Group 2 Cumulative Realized Losses 904.10 0.00 904.10
86 Plus: Group 2 Cumulative Additional Proceeds 0.00 0.00 0.00
-------------- -------------- --------------
87 Current Group 2 Subordinated Amount 24,133,515.45 0.00 24,133,515.45
============== ============== =============
* Per Insurance Supplement
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 1998-1 Group 2 for November 25, 1998, the Remittance date.
Due period ended: November 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
NONRECOVERABLE ADVANCE RECONCILIATION Group 2
------------------------------------- --------------
88 Beginning of Month 0.00
89 Current Month Unpaid Nonrecoverable Advance 0.00
90 Less: Current Month Reimbursement 0.00
--------------
91 End of Month 0.00
<CAPTION>
CLASS FACTORS Group 2 Class 1A-1 Class 1A-2
------------- -------------- ------------- --------------
<S> <C> <C> <C>
92 Total Class Principal - Original Pool 200,000,000.00 55,000,000.00 145,000,000.00
93 Interest Remittance Amount 777,596.15 213,197.71 564,398.44
94 Interest Rate Factor / 1000 3.887981 3.876322 3.892403
95 Total Principal Collections 3,960,249.38 870,951.85 3,089,297.53
96 Prefunding Account Excess 0.00 0.00 0.00
97 Additional Principal Reduction 661,046.01 145,379.54 515,666.47
-------------- ------------- --------------
98 Principal Remittance Amount 4,621,295.39 1,016,331.39 3,604,964.00
99 Principal Payment Factor/1000 23.106477 18.478753 24.861820
100 Current Month Ending Principal Factor 838.235899 841.432444 837.023423
101 Prior Month Ending Principal Factor 861.342376 859.911197 861.885243
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
