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Previous: OUTLAW ARTHUR R, SC 13G, 1998-06-26 |
Next: MUNICIPAL ADVANTAGE FUND INC, NSAR-A, 1998-06-26 |
- --------------------------------------------------------------------------------
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) June 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 June 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 June, 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: June 25, 1998
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of June, 1998.
<TABLE>
6/19/98 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 June 25, 1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
Group 2 Sub-Pool 3 Sub-Pool 4
------- ---------- ----------
<S> <C> <C> <C>
Collections
1 Total Actual Principal Collections 2,594,048.00 586,248.02 2,007,799.98
2 Total Actual Interest Collections 1,256,058.48 437,691.37 818,367.11
3 Service Fees Previously Remitted 52,030.43 17,982.28 34,048.15
4 Additional Proceeds 0.00 0.00 0.00
------------ ------------ ------------
5 Total Collections: 3,798,076.05 1,005,957.11 2,792,118.94
6 Pre-Funding Account Transfers 1,605.28 142.85 1,462.43
7 Interest Coverage Account Transfer 302,763.45 1.23 302,762.22
8 Deferrred Interest Coverage Account Transfer 0.00 0.00 0.00
------------ ------------ ------------
9 Aggregate Amount Received: 4,102,444.78 1,006,101.19 3,096,343.59
Monthly Advances
10 Delinquent Interest Advance 136,619.22 30,937.73 105,681.49
11 Compensating Interest 8,553.60 2,571.74 5,981.86
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: 4,247,617.60 1,039,610.66 3,208,006.94
Fees
16 Service Fees 45,789.34 9,573.82 36,215.52
17 Expense Account Deposit: 4,784.79 1,333.44 3,451.35
------------ ------------ ------------
18 Adjusted Remittance Amount: 4,197,043.47 1,028,703.40 3,168,340.07
Remaining Amount Available:
19 Adjusted Remittance Amount 4,197,043.47
20 Insured Payments due 0.00
21 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 20,734.11
22 Cross Collateral Withdrawal 0.00
23 Class Remittance Amounts 4,176,309.36
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>
6/19/98 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 June 25, 1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Group 2 Class 2A-1 Class 2A-2 Class R
-------------- -------------- ---------------- -------------
<S> <C> <C> <C> <C>
32 Loans Outstanding - BOM 1,477 585 892
33 Original Loan Balance 163,867,572.08 55,167,665.71 108,699,906.37
34 Pre-Funding Account Balance 35,031,929.74 142.85 35,031,786.89
35 Initial Overcollaterization 4,912,078.45 1,243,723.32 3,668,355.13
36 Realized Losses, LTD 0.00 0.00 0.00
37 Carryforward Amount 0.00 0.00 0.00
------------------------------------------------------------
38 Total Class Principal Balance 193,987,423.37 53,924,085.24 140,063,338.13
39 Pool Factor per Loan Balance 81.9337860% 27.5838329% 54.3499532%
40 Pool Factor per Class Balance 96.9937117% 26.9620426% 70.0316691%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 22.5997368% 77.4002632%
43 Additional Principal due 635,668.94 143,659.51 492,009.43
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 944,987.14 262,360.45 682,626.69
Principal Additions:
47 Number 0 0 0
48 Loan transfers from Pre-Funding 0.00 0.00 0.00
Principal Reductions:
49 Prepayments - Number 23 8 15
50 Prepayments - Dollar 2,520,406.48 560,867.34 1,959,539.14
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 73,641.52 25,380.68 48,260.84
-------------------------------------------------------------------------
56 Principal Remittance 2,594,048.00 586,248.02 2,007,799.98
-------------------------------------------------------------------------
58 Total Principal Remittance 2,595,653.28 586,390.87 2,009,262.41
59 Additional Principal Reduction 635,668.94 143,659.51 492,009.43
-------------------------------------------------------------------------
60 Total Remittance 4,176,309.36 992,410.83 3,183,898.53 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 1454 577 877
64 Closing Loan Balance 161,273,524.08 54,581,417.69 106,692,106.39
65 Pre-Funding Account Balance 35,030,324.46 0.00 35,030,324.46
66 Additional Principal Reduction, LTD 5,547,747.39 1,387,382.83 4,160,364.56
67 Realized Losses, LTD 0.00 0.00 0.00
-------------------------------------------------------------------------
68 Total Class Principal Balance 190,756,101.15 53,194,034.86 137,562,066.29
69 Pool Factor per Loan Balance 80.6367620% 27.2907088% 53.3460532%
70 Pool Factor per Class Balance 276.7098652% 26.5970174% 250.1128478%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
6/19/98 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 June 25, 1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
71 Weighted Note Rate - THIS Remittance 10.35559% 10.32440% 10.37142%
72 Weighted Note Rate - NEXT Remittance 10.33318% 10.29014% 10.35520%
73 Weighted Average Remaining Term 354.94 355.36 354.72
74 Accrual Period for Libor Rate 26-May-98 thru 24-Jun-98
75 Days in Related Period 30
76 Pass-Through Rate 5.83844% 5.84844%
Group 2 SUBPOOL 3 SUBPOOL 4
---------------- ------------- -------------
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 1,243,723.32 143,659.51 1,387,382.83
83 Less: Realized Losses, LTD 0.00 0.00 0.00
--------------------------------------------------------------
84 Overcollateralization of Principal 1,243,723.32 143,659.51 1,387,382.83
==============================================================
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 3,668,355.13 492,009.43 4,160,364.56
88 Less: Realized Losses, LTD 0.00 0.00 0.00
--------------------------------------------------------------
89 Overcollateralization of Principal 3,668,355.13 492,009.43 4,160,364.56
==============================================================
90 Base Overcollateralization Required 7,825,865.58
91 Required Overcollateralization Amount 7,825,865.58
---------------------------------------------------------------------------------------------------------------------------------
Current Month Subordinated Amount Beg.of Month Current Month End of Month
--------------------------------------------------------------
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>
<CAPTION>
6/19/98 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 June 25, 1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
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 944,987.14 262,360.45 682,626.69
102 Interest Rate Factor / 1000 4.724936 4.770190 4.707770
103 Total Principal Collections 2,594,048.00 586,248.02 2,007,799.98
104 Prefunding Account Excess 1,605.28 142.85 1,462.43
105 Additional Principal Reduction 635,668.94 143,659.51 492,009.43
-------------- ------------- --------------
106 Principal Remittance Amount 3,231,322.22 730,050.38 2,501,271.84
107 Principal Payment Factor/1000 16.156611 13.273643 17.250150
108 Current Month Ending Principal Factor 953.780506 967.164270 948.703908
109 Prior Month Ending Principal Factor 969.937117 980.437913 965.954058
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
6/19/98 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 June 25,1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
Group 1 Sub-Pool 1 Sub-Pool 2
------------ ------------ ------------
<S> <C> <C> <C>
Collections
1 Total Actual Principal Collections 1,350,895.48 435,445.26 915,450.22
2 Total Actual Interest Collections 1,729,680.64 663,806.46 1,065,874.18
3 Service Fees Previously Remitted 67,392.96 26,281.65 41,111.31
4 Additional Proceeds 0.00 0.00 0.00
------------ ------------ ------------
5 Total Collections: 3,013,183.16 1,072,970.07 1,940,213.09
6 Pre-Funding Account Transfers 5,067.62 811.23 4,256.39
7 Interest Coverage Account Transfer 358,724.64 165,483.86 193,240.78
8 Deferred Interest Coverage Account Transfer 7,127.44 3,117.97 4,009.47
------------ ------------ ------------
9 Aggregate Amount Received: 3,384,102.86 1,242,383.13 2,141,719.73
Monthly Advances
10 Delinquent Interest Advance 149,518.58 58,909.65 90,608.93
11 Compensating Interest 4,505.43 1,553.18 2,952.25
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: 3,538,126.87 1,302,845.96 2,235,280.91
Fees
16 Service Fees 57,180.67 23,984.69 33,195.98
17 Expense Account Deposit: 6,084.82 2,463.06 3,621.76
------------ ------------ ------------
18 Adjusted Remittance Amount: 3,474,861.38 1,276,398.21 2,198,463.17
Remaining Amount Available:
19 Adjusted Remittance Amount 3,474,861.38
20 Insured Payments due 0.00
21 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 26,367.56
22 Cross Collateral Withdrawal 0.00
23 Class Remittance Amounts 3,448,493.82
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>
6/19/98 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 June 25,1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
Group 1 Class 1A-1 Class 1A-2 Class R
--------------- ------------- ---------------- ----------
<S> <C> <C> <C> <C>
32 Loans Outstanding - BOM 3,178 1,125 2,053
33 Original Loan Balance 203,799,661.07 79,168,186.76 124,631,474.31
34 Pre-Funding Account Balance 45,469,230.13 21,255,637.73 24,213,592.40
35 Initial Overcollateralization 4,520,064.90 1,465,045.51 3,055,019.39
36 Realized Losses, LTD 0.00 0.00 0.00
37 Carryforward Amount 0.00 0.00 0.00
------------------------------------------------------------
38 Total Class Principal Balance 244,748,826.30 98,958,778.98 145,790,047.32
39 Pool Factor per Loan Balance 81.5198644% 31.6672747% 49.8525897%
40 Pool Factor per Class Balance 97.8995305% 39.5835116% 58.3160189%
41 Excess Spread 0.00 0.00
42 Principal Collection Factor 100.0000000% 32.2338232% 67.7661768%
43 Additional Principal due 886,246.01 285,670.97 600,575.04
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00 0.00
46 Interest Remittance @ Pass-Through Rate 1,206,284.71 487,243.34 719,041.37
Principal Additions:
47 Number 823 310 513
48 Loan transfers from Pre-Funding 45,249,872.67 21,052,854.67 24,197,018.00
Principal Reductions:
49 Prepayments - Number 25 6 19
50 Prepayments - Dollar 1,099,627.53 357,486.54 742,140.99
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 12,983.69 6,000.00 6,983.69
55 Normal and Excess Payments 238,284.26 71,958.72 166,325.54
-----------------------------------------------------------------------------
56 Principal Remittance 1,350,895.48 435,445.26 915,450.22
-----------------------------------------------------------------------------
57 Total Principal Remittance 1,355,963.10 436,256.49 919,706.61
58 Additional Principal Reduction 886,246.01 285,670.97 600,575.04
-----------------------------------------------------------------------------
59 Total Remittance 3,448,493.82 1,209,170.80 2,239,323.02 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 3976 1429 2547
63 Closing Loan Balance 247,698,638.26 99,785,596.17 147,913,042.09
64 Pre-Funding Account Balance 214,289.84 201,971.83 12,318.01
65 Additional Principal Reduction, LTD 5,406,310.91 1,750,716.48 3,655,594.43
66 Realized Losses, LTD 0.00 0.00 0.00
-----------------------------------------------------------------------------
67 Total Class Principal Balance 242,506,617.19 98,236,851.52 144,269,765.67
68 Pool Factor per Loan Balance 99.0794553% 39.9142385% 59.1652168%
69 Pool Factor per Class Balance 183.5645063% 39.2947406% 144.2697657%
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
6/19/98 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 June 25,1998, the Remittance date.
Due period ended: June 1, 1998
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 10.93836% 10.76397% 11.04913%
71 Weighted Note Rate - NEXT Remittance 10.84490% 10.69557% 10.94564%
72 Weighted Average Remaining Term 239.74 263.25 223.88
73 Accrual Period for Libor Rate 26-May-98 thru 24-Jun-98
74 Days in Related Period 30
75 Pass-Through Rate 5.90844% 5.91844%
<CAPTION>
Group 1 SUBPOOL 1 SUBPOOL 2
------- --------- ---------
<S> <C> <C> <C>
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
Beg.of Month Current Month End of Month
----------------------------------------------------------
<S> <C> <C> <C>
81 Initial Overcollateralization 1,465,045.51 285,670.97 1,750,716.48
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 1,465,045.51 285,670.97 1,750,716.48
==========================================================
85 Base Overcollateralization Required* 6,268,958.54
86 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>
87 Initial Overcollateralization 3,055,019.39 600,575.04 3,655,594.43
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 3,055,019.39 600,575.04 3,655,594.43
==========================================================
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>
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>
<CAPTION>
6/19/98 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 June 25,1998, the Remittance date.
Due period ended: June 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
-------------- -------------- --------------
<S> <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 1,206,284.71 487,243.34 719,041.37
103 Interest Rate Factor / 1000 4.825139 4.872433 4.793609
104 Total Principal Collections 1,350,895.48 435,445.26 915,450.22
105 Prefunding Account Excess 5,067.62 811.23 4,256.39
106 Additional Principal Reduction 886,246.01 285,670.97 600,575.04
107 Principal Remittance Amount 2,242,209.11 721,927.46 1,520,281.65
108 Principal Payment Factor/1000 8.968836 7.219275 10.135211
109 Current Month Ending Principal Factor 970.026469 982.368515 961.798437
110 Prior Month Ending Principal Factor 978.995305 989.587789 971.933648
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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