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Previous: SUPERIOR BANK FSB, 8-K, 1998-10-28 |
Next: SUPERIOR BANK FSB, 8-K, 1998-10-28 |
================================================================================
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) October 26, 1998
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of June 1, 1998, providing for the issuance of AFC Mortgage Loan Asset Backed
Certificates, Series 1998-2)
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 Executive Offices)(Zip Code)
Registrant's telephone number, including area code (630) 916-4000
================================================================================
<PAGE>
Item 5. Other Events
On October 26, 1998 (a "Remittance Date") a scheduled remittance was made
to the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1998-2, issued pursuant to a Pooling and Servicing
Agreement, dated as of June 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 October, 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: October 26, 1998
<PAGE>
EXHIBIT TABLE
21.1 Monthly Remittance Report for the month of October, 1998.
EXHIBIT 21.1
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK -- FSB SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-2 Group 1
In accordance with section 6.08 of the Pooling and Servicing Agreement as of June 1, 1998
Superior Bank -- FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for October 26, 1998, the Remittance Date.
Due period ended: October 1, 1998
- -----------------------------------------------------------------------------------------------
<S> <C>
1 Total Actual Principal Collections 2,525,841.15
2 Total Actual Interest Collections 2,178,326.39
3 Less Service Fees Service Fees Previously Remitted 133,031.31
4 Additional Proceeds 0.00
5 Total Collections: 4,571,136.23
------------
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 7,065.10
------------
8 Aggregate Amount Received: 4,578,201.33
Monthly Advances
9 Interest Advance 134,349.80
10 Compensating Interest 8,086.48
11 Amounts Held for Future Distributions 0.00
12 Cross Collateral Deposit 0.00
13 Reserve Withdrawal per Sec. 6.14c 0.00
14 Available Remittance Amount: 4,720,637.61
15 Service Fees 0.00
16 Expense Account Deposit: 6,364.74
------------
17 Adjusted Remittance Amount: 4,714,272.87
Remaining Amount Available:
18 Adjusted Remittance Amount 4,714,272.87
19 Insured Payments 0.00
20 Monthly Premium @ 12 bp
due Certificate Insurer 25,458.94
21 Cross Collateral Withdrawal 0.00
22 Class Remittance Amounts 4,688,813.93
23 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
Total Remaining Amount Available: 0.00
============
Amount of Reimbursements Pursuant to Sec. 5.04
24 Servicing Fee 0.00
25 Monthly Advances and Servicer Advances 0.00
26 Other Mortgage Payments 0.00
27 Interest Earned on P&I Deposits 0.00
28 Additional Servicing Compensation 0.00
- ------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK -- FSB SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-2 Group 1
<TABLE>
In accordance with section 6.08 of the Pooling and Servicing Agreement as of June 1, 1998
Superiod Bank -- FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for October 26, 1998, the Remittance Date.
<CAPTION>
Due period ended: October 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class 1A Class R
----- -------- -------
<S> <C> <C>
29 Loans Outstanding - BOM 4044
30 Original Loan Balance 262,724,750.70 262,724,750.70
31 Pre-Funding Account Balance 0.00 0.00
32 Initial Overcollateralization 5,609,487.06 5,609,487.06
33 Realized Losses, LTD 0.00 0.00
34 Carryforward Amount 0.00 0.00
35 Aggregate Unpaid Principal Balance of Delinquent 0.00
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- --------------
36 Total Class Principal Balance 257,115,263.64 257,115,263.64
37 Pool Factor per Loan Balance 98.7687033% 98.7687033%
38 Pool Factor per Class Balance 96.6598735% 96.6598735%
39 Excess Spread 0.00 0.00
40 Cross Collateral Withdrawal 0.00 0.00
41 Cross Collateral Deposit 0.00 0.00
42 Additional Principal due Class A 880,208.66 880,208.66
43 Interest Remittance @ Pass-Through Rates 1,282,764.12 1,282,764.12
Principal Additions:
44 Number of loans 0 0
45 Transfers from Pre-Funding Account 0.00 0.00
Principal Redemptions:
46 Class 1A-5 Lockout Remittance 0.00
47 Prepayments - Number 29 29
48 Prepayments - Dollar 2,218,340.92 2,218,340.92
49 Delinquent Loans Repurchased - Number 0 0.00
50 Delinquent Loans Repurchased - Dollar 0.00 0.00
51 Net Liquidation Proceeds 0.00 0.00
52 Curtailments 45,220.82 45,220.82
53 Normal and Excess Payments 262,279.41 262,279.41
54 Pre-Funding Account Transfer 0.00 0.00
-------------- --------------
55 Total Principal Remittance 2,525,841.15 2,525,841.15
56 Additional Principal Reduction 880,208.66 880,208.66
-------------- --------------
57 Total Remittance 4,688,813.93 4,688,813.93 0.00
============== ==============
58 Current Month Realized Loss - Number 0 0
59 Current Month Realized Loss - Dollar 0.00 0.00
Class Principal Balance - EOM
60 Loans Outstanding - EOM 4015
61 Closing Loan Balance 260,198,909.55 260,198,909.55
62 Pre-Funding Account Balance 0.00 0.00
63 Additional Principal Reduction, LTD 6,489,695.72 6,489,695.72
64 Realized losses, LTD 0.00 0.00
65 Aggregate Unpaid Principal Balance of Delinquent
66 Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- --------------
67 Total Class Principal Balance 253,709,213.83 253,709,213.83
68 Pool Factor per Loan Balance 97.8191389% 97.8191389%
69 Pool Factor per Class Balance 95.3794037% 95.3794037%
- ------------------------------------------------------------------------------------------------------------------------------------
Page 2 of 4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK -- FSB SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-2 Group 1
In accordance with section 6.08 of the Pooling and Servicing Agreement as of June 1, 1998
Superiod Bank -- FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for October 26, 1998, the Remittance Date.
Due period ended: October 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A-1
----- ---------
<S> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 10.67797 %
71 Weighted Note Rate - NEXT Remittance 10.67563 %
72 Related Remittance Period for Libor Rate 25-Sep-98 thru 25-Oct-98
73 Days in Related Period 31
74 Pass-Through Rates 5.79375%
75 Weighted Average Remaining Term 234.33
76 Original Pool - Principal Balance 168,503,688.56 168,503,688.56
77 Original Pool - Pre-Funding Account 100,454,855.42 100,454,855.42
78 Original Pool - Additional Principal Reduction 2,958,543.98 2,958,543.98
-------------- --------------
79 Original Pool Total 266,000,000.00 266,000,000.00
80 Original Pool - Number of Loans 2573
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
--------------------------------------------
Beg.of Month Current Month End of Month
------------ ------------- ------------
81 Additional Principal Reduction, LTD 5,609,487.06 880,208.66 6,489,695.72
82 Cross Collateral Deposits 0.00 0.00 0.00
83 Less: Realized Losses, LTD 0.00 0.00 0.00
-------------- -------------- --------------
84 Overcollateralization of Principal 5,609,487.06 880,208.66 6,489,695.72
============== ============== ==============
85 Base Overcollateralization Required 16,675,429.73
86 Required Overcollateralization Amount 16,675,429.73
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
--------------------------------- ------------ ------------- ------------
87 Original Subordinated Amount 32,812,942.37 N/A 32,812,942.37
88 Less: Cumulative Realized Losses 0.00 0.00 0.00
89 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-------------- -------------- --------------
90 Current Subordinated Amount 32,812,942.37 32,812,942.37
============== ============== ==============
NONRECOVERABLE ADVANCE RECONCILIATION
-------------------------------------
91 Beginning of Month 0.00
92 Current Month Unpaid Nonrecoverable Advance 0.00
93 Less: Current Month Reimbursement 0.00
--------------
94 End of Month 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Page 3 of 4
</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK -- FSB SERVICING DIVISION
Designated Servicer
SERVICER'S CERTIFICATE
1998-2 Group 1
In accordance with section 6.08 of the Pooling and Servicing Agreement as of June 1, 1998
Superiod Bank -- FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for October 26, 1998, the Remittance Date.
Due period ended: October 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class
Total A1
----- -----
<S> <C> <C>
95 Total Class Principal - Original Pool $266,000,000.00 $266,000,000.00
96 Interest Remittance Amount 1,282,764.12 1,282,764.12
97 Interest Rate Factor / 1000 4.822422 4.822422
98 Total Principal Collections 2,525,841.15 2,525,841.15
99 Prefunding Account Transfer 0.00 0.00
100 Additional Principal Reduction 880,208.66 880,208.66
--------------- --------------
101 Principal Remittance Amount 3,406,049.81 3,406,049.81
102 Principal Payment Factor/1000 12.804699 12.804699
103 Principal Factor 953.794036 953.794036
104 Prior Month Principal Factor 966.598735 966.598735
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
Designated Servicer
SERVICERS CERTIFICATE
1998-2 Group 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1998
and the Insurance Agreement dated as of June 25, 1998, Superior Bank - FSB Servicing Division reports the following
information pertaining to series 1998-2 Group 2 for October 26, 1998, the Remittance date.
Period Ended: October 1, 1998
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Total Actual Principal Collections 1,874,088.39
2 Total Actual Interest Collections 1,493,641.30
3 Less: Service Fees Previously Remitted 94,580.62
4 Additional Proceeds 0.00
------------
5 Total Collections: 3,273,149.07
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 38.27
------------
8 Aggregate Amount Received: 3,273,187.34
Monthly Advance
9 Interest Advance 191,262.23
10 Compensating Interest 3,454.36
11 Amounts Held for Future Distributions 0.00
12 Reserve Withdrawal Per Sec. 6.08 VII 0.00
------------
13 Available Remittance Amount: 3,467,903.93
14 Less: Service Fees 0.00
15 Less: Expense Account Deposit 4,769.73
16 Cross Collateral Deposit 0.00
------------
17 Adjusted Remittance Amount: 3,463,134.20
Remaining Amount Available:
18 Adjusted Remittance Amount 3,463,134.20
19 Insured Payments 0.00
20 Monthly Premium @ 12 bp
due Certificate Insurer 19,078.93
21 Class Remittance Amounts 3,444,055.27
22 Cross Collateral Withdrawal 0.00
23 Non-Recoverable Advances not
Previously Reimbursed 0.00
-------------
24 Total Remaining Amount Available: (0.00)
=============
Amount of Reimbursements Pursuant to Sec. 5.04
25 Servicing Fee 0.00
26 Monthly Advances and Servicer Advances 0.00
27 Other Mortgage Payments 0.00
28 Interest Earned on P&I Deposits 0.00
29 Additional Servicing Compensation 0.00
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
Designated Servicer
SERVICERS CERTIFICATE
1998-2 Group 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1998
and the Insurance Agreement dated as of June 25, 1998, Superior Bank - FSB Servicing Division reports the following
information pertaining to series 1998-2 Group 2 for October 26, 1998, the Remittance date.
Period Ended: October 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class 2-A Class R
----- --------- -------
<S> <C> <C> <C>
30 Number of Loans 1810
31 Original Principal Balance 198,777,355.08 198,777,355.08
32 Original Pre-Funding Account Balance 0.00 0.00
33 Initial Overcollateralization 6,114,005.18 6,114,005.18
34 Realized Losses, LTD 0.00 0.00
35 Carryforward Amount 0.00 0.00
36 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- --------------
37 Opening Class Principal Balance 192,663,349.90 192,663,349.90
38 Pool Factor per Loan Balance 99.8881181% 99.8881181%
39 Pool Factor per Class Balance 100.0000000% 100.0000000%
40 Excess Spread 0.00 0.00
41 Additional Principal due Class A 617,052.61 617,052.61
42 Cross Collateral Deposit 0.00 0.00
43 Cross Collateral Withdrawal 0.00 0.00
44 Interest Remittance 952,914.27 952,914.27
45 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
PRINCIPAL ADDITIONS:
46 Number of Loans 0
47 Transfers from Pre-Funding Account 0.00 0.00
PRINCIPAL REDUCTIONS:
48 Prepayments - Number 13 13
49 Prepayments - Dollar 1,646,956.08 1,646,956.08
50 Delinquent Loans Repurchased - Number 0 0
51 Delinquent Loans Repurchased - Dollar 0.00 0.00
52 Net Liquidation Proceeds 0.00 0.00
53 Curtailments 139,800.00 139,800.00
54 Normal and Excess Payments 87,332.31 87,332.31
55 Pre-Funding Account Transfer 0.00 0.00
-------------- --------------
56 Total Principal Remittance 1,874,088.39 1,874,088.39
57 Additional Principal Reduction 617,052.61 617,052.61
-------------- --------------
58 Total Remittance 3,444,055.27 3,444,055.27 0.00
============== ============== ====
59 Carryforward Amount 0.00
60 Current Month Realized Loss - Number 0 0
61 Current Month Realized Loss - Dollar 0.00 0.00
Class Principal Balance - EOM
62 Number of Loans # 1797
63 Closing Loan Balance 196,903,266.69 196,903,266.69
64 Pre-Funding Account Balance 0.00 0.00
65 Additional Principal Reduction, LTD 6,731,057.79 6,731,057.79
66 Realized Losses, LTD 0.00 0.00
67 Carryforward Amount 0.00 0.00
68 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- --------------
69 Closing Class Principal Balance 190,172,208.90 190,172,208.90
70 Pool Factor per Loan Balance 98.9463652% 98.9463652%
71 Pool Factor per Class Balance 95.5639241% 95.5639241%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
Designated Servicer
SERVICERS CERTIFICATE
1998-2 Group 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1998
and the Insurance Agreement dated as of June 25, 1998, Superior Bank - FSB Servicing Division reports the following
information pertaining to series 1998-2 Group 2 for October 26, 1998, the Remittance date.
Period Ended: October 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A1
----- --------
<S> <C> <C> <C> <C>
72 Weighted Note Rate - This Remittance: 10.26523%
73 Weighted Note Rate - Next Remittance: 10.27078%
74 Available Cap Carry Foward Amount - This Remittance: 0.00
(see schedule C)
75 Pass-Through Rate: 5.74375% 5.74375%
76 Related Remittance Period: 25-Sep-98 thru 25-Oct-98
77 Days in Related Period: 31
78 Weighted Average Remaining Term 354.05
79 Original Pool - Principal Balance 124,023,590.83 124,023,590.83
80 Original Pool - Pre-Funding Account Balance 79,228,918.11 79,228,918.11
81 Original Pool - Initial Overcollateralization 4,252,508.94 4,252,508.94
-------------- ---------------
82 Original Pool - Class Principal Balance 199,000,000.00 199,000,000.00
83 Original Pool - Number of Loans 1135
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
--------------------------------------------
Beginning of Month Current Month End of Month
------------------ ------------- ------------
<S><C> <C> <C> <C>
84 Initial Overcollateralization 6,114,005.18 617,052.61 6,731,057.79
85 Cross Collateral Deposits, LTD 0.00 0.00 0.00
86 Less: Realized Losses, LTD 0.00 0.00 0.00
-------------- --------------- ---------------
87 Overcollateralization of Principal 6,114,005.18 617,052.61 6,731,057.79
88 Base Overcollateralization Requirement 12,195,150.54
89 Required Overcollateralization 12,195,150.54
CURRENT MONTH SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
-------------------------------- ------------------ ------------- ------------
90 Original Subordinated Amount 26,422,826.16 N/A 26,422,826.16
91 Less: Cumulative Realized Losses 0.00 0.00 0.00
92 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-------------- --------------- ---------------
93 Current Subordinated Amount 26,422,826.16 26,422,826.16
== ============== ==============
NONRECOVERABLE ADVANCE RECONCILIATION
-------------------------------------
94 Beginning of Month 0.00
95 Current Month Nonrecoverable Advance 0.00
96 Less: Current Month Reimbursment 0.00
-------------
97 End of Month 0.00
=============
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
Designated Servicer
SERVICERS CERTIFICATE
1998-2 Group 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1998
and the Insurance Agreement dated as of June 25, 1998, Superior Bank - FSB Servicing Division reports the following
information pertaining to series 1998-2 Group 2 for October 26, 1998, the Remittance date.
Period Ended: October 1, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Class
A1
------
<S> <C> <C> <C>
98 Total Class Principal - Original Pool $199,000,000.00 $199,000,000.00
99 Interest Remittance Amount 952,914.27 952,914.27
100 Interest Rate Factor / 1000 4.788514 4.788514
101 Total Principal Collections 1,874,088.39 1,874,088.39
102 Prefunding Account Transfer 0.00 0.00
103 Additional Principal Reduction 617,052.61 617,052.61
-------------- ---------------
104 Principal Remittance Amount 2,491,141.00 2,491,141.00
105 Principal Payment Factor/1000 12.518296 12.518296
106 Principal Factor 955.639241 955.639241
107 Prior Month Principal Factor 968.157537 968.157537
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
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