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Previous: EMPIRE STATE MUNICIPAL EXEMPT TRUST GUARANTEED SERIES 95, 24F-2NT, 1998-08-26 |
Next: SUPERIOR BANK FSB, 8-K, 1998-08-26 |
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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) August 25, 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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
On August 25, 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 August, 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: August 25, 1998
<PAGE>
EXHIBITS INDEX
21.1 Monthly Remittance Report for the month of August, 1998.
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
dated as of June 1, 1998
Superior Bank - FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for
August 25, 1998, the Remittance date.
Due period ended: August 1, 1998
1 Total Actual Principal Collections 2,521,940.46
2 Total Actual Interest Collections 1,402,034.37
3 Less Service Fees Service Fees Previously Remitted 108,019.18
4 Additional Proceeds 0.00
------------
5 Total Collections: 3,815,955.65
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 516,375.21
------------
8 Aggregate Amount Received: 4,332,330.86
Monthly Advances
9 Interest Advance 414,248.95
10 Compensating Interest 8,044.86
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: 4,754,624.67
15 Service Fees 9,696.21
16 Expense Account Deposit: 6,526.61
------------
17 Adjusted Remittance Amount: 4,738,401.85
Remaining Amount Available:
18 Adjusted Remittance Amount 4,738,401.85
19 Insured Payments 0.00
20 Monthly Premium @ 12 bp
due Certificate Insurer 26,106.45
21 Cross Collateral Withdrawal 0.00
22 Class Remittance Amounts 4,712,295.40
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
Page 1 of 4
<PAGE>
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
dated as of June 1, 1998
Superior Bank - FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for
August 25, 1998, the Remittance date.
Due period ended: August 1, 1998
<TABLE>
<CAPTION>
Total Class 1A Class R
----- -------- -------
<S> <C> <C> <C>
29 Loans Outstanding - BOM 3215
30 Original Loan Balance 207,251,557.89 207,251,557.89 0.00
31 Pre-Funding Account Balance 60,121,952.97 60,121,952.97 0.00
32 Initial Overcollateralization 3,787,044.44 3,787,044.44 0.00
33 Realized Losses, LTD 0.00 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 263,586,466.42 263,586,466.42
37 Pool Factor per Loan Balance 77.9141195% 77.9141195%
38 Pool Factor per Class Balance 99.0926565% 99.0926565%
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 946,876.63 946,876.63
43 Interest Remittance @ Pass-Through Rates 1,243,478.31 1,243,478.31
Principal Additions:
44 Number of loans 613 613
45 Transfers from Pre-Funding Account 39,729,977.38 39,729,977.38 0.00
Principal Reductions:
46 Class 1A-5 Lockout Remittance 0.00
47 Prepayments - Number 21 21
48 Prepayments - Dollar 2,252,938.66 2,252,938.66
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 36,021.39 36,021.39
53 Normal and Excess Payments 232,980.41 232,980.41
54 Pre-Funding Account Transfer 0.00 0.00
-------------- -------------- ----
55 Total Principal Remittance 2,521,940.46 2,521,940.46
56 Additional Principal Reduction 946,876.63 946,876.63
-------------- -------------- ----
57 Total Remittance 4,712,295.40 4,712,295.40 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 3807
61 Closing Loan Balance 244,459,594.81 244,459,594.81
62 Pre-Funding Account Balance 20,391,975.59 20,391,975.59
63 Additional Principal Reduction, LTD 4,733,921.07 4,733,921.07
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 260,117,649.33 260,117,649.33
68 Pool Factor per Loan Balance 91.9021033% 91.9021033%
69 Pool Factor per Class Balance 97.7885900% 97.7885900%
</TABLE>
Page 2 of 4
<PAGE>
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
dated as of June 1, 1998
Superior Bank - FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for
August 25, 1998, the Remittance date.
Due period ended: August 1, 1998
<TABLE>
<CAPTION>
Total Class A-1
----- ---------
<S> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 10.59306 %
71 Weighted Note Rate - NEXT Remittance 10.59306 %
72 Related Remittance Period for Libor Rate 27-Jul-98 thru 24-Aug-98
73 Days in Related Period 29
74 Pass-Through Rates 5.85625%
75 Weighted Average Remaining Term 235.23
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 3,787,044.44 946,876.63 4,733,921.07
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 3,787,044.44 946,876.63 4,733,921.07
============== ============== =============
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
</TABLE>
Page 3 of 4
<PAGE>
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
dated as of June 1, 1998
Superior Bank - FSB Servicing Division reports the following
information pertaining to Series 1998-2 Group 1 for
August 25, 1998, the Remittance date.
Due period ended: August 1, 1998
Class
Total A1
--------------- ---------------
95 Total Class Principal - Original Pool $266,000,000.00 $266,000,000.00
96 Interest Remittance Amount 1,243,478.31 1,243,478.31
97 Interest Rate Factor / 1000 4.674730 4.674730
98 Total Principal Collections 2,521,940.46 2,521,940.46
99 Prefunding Account Transfer 0.00 0.00
100 Additional Principal Reduction 946,876.63 946,876.63
--------------- ---------------
101 Principal Remittance Amount 3,468,817.09 3,468,817.09
102 Principal Payment Factor/1000 13.040666 13.040666
103 Principal Factor 977.885899 986.959334
104 Prior Month Principal Factor 990.926565 990.926565
Page 4 of 4
<PAGE>
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 August 25, 1998, the Remittance date.
Period Ended: August 1, 1998
1 Total Actual Principal Collections 1,181,617.02
2 Total Actual Interest Collections 967,858.67
3 Less: Service Fees Previously Remitted 76,460.73
4 Additional Proceeds 0.00
------------
5 Total Collections: 2,073,014.96
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 237,155.43
------------
8 Aggregate Amount Received: 2,310,170.39
Monthly Advance
9 Interest Advance 484,674.36
10 Compensating Interest 4,135.87
11 Amounts Held for Future Distributions 0.00
12 Reserve Withdrawal Per Sec. 6.08 VII 0.00
------------
13 Available Remittance Amount: 2,798,980.62
14 Less: Service Fees 0.00
15 Less: Expense Account Deposit 4,917.01
16 Cross Collateral Deposit 0.00
------------
17 Adjusted Remittance Amount: 2,794,063.61
Remaining Amount Available:
18 Adjusted Remittance Amount 2,794,063.61
19 Insured Payments 0.00
20 Monthly Premium @ 12 bp
due Certificate Insurer 19,668.03
21 Class Remittance Amounts 2,774,395.58
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
Page 1 of 4
<PAGE>
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 August 25, 1998, the Remittance date.
Period Ended: August 1, 1998
<TABLE>
<CAPTION>
Total Class 2-A Class R
-------------- -------------- -------
<S> <C> <C> <C>
30 Number of Loans 1516
31 Original Principal Balance 164,939,389.67 164,939,389.67 0.00
32 Original Pre-Funding Account Balance 37,756,774.47 37,756,774.47 0.00
33 Initial Overcollateralization 4,834,201.11 4,834,201.11 0.00
34 Realized Losses, LTD 0.00 0.00 0.00
35 Carryforward Amount 0.00 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 197,861,963.03 197,861,963.03
38 Pool Factor per Loan Balance 82.8841154% 82.8841154%
39 Pool Factor per Class Balance 100.0000000% 100.0000000%
40 Excess Spread 0.00 0.00
41 Additional Principal due Class A 667,327.32 667,327.32
42 Cross Collateral Deposit 0.00 0.00
43 Cross Collateral Withdrawal 0.00 0.00
44 Interest Remittance 925,451.24 925,451.24
45 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
Principal Additions:
46 Number of Loans 323
47 Transfers from Pre-Funding Account 37,754,765.57 37,754,765.57
Principal Reductions:
48 Prepayments - Number 11 11
49 Prepayments - Dollar 1,104,062.39 1,104,062.39
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 0.00 0.00
54 Normal and Excess Payments 77,554.63 77,554.63
55 Pre-Funding Account Transfer 0.00 0.00
-------------- -------------- -------
56 Total Principal Remittance 1,181,617.02 1,181,617.02
57 Additional Principal Reduction 667,327.32 667,327.32
-------------- -------------- -------
58 Total Remittance 2,774,395.58 2,774,395.58 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 # 1828
63 Closing Loan Balance 201,512,538.22 201,512,538.22
64 Pre-Funding Account Balance 2,008.90 2,008.90
65 Additional Principal Reduction, LTD 5,501,528.43 5,501,528.43
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 196,013,018.69 196,013,018.69
70 Pool Factor per Loan Balance 101.2625820% 101.2625820%
71 Pool Factor per Class Balance 98.4990044% 98.4990044%
</TABLE>
Page 2 of 4
<PAGE>
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 August 25, 1998, the Remittance date.
Period Ended: August 1, 1998
<TABLE>
<CAPTION>
TOTAL CLASS A1
----- --------
<S> <C> <C> <C>
72 Weighted Note Rate - This Remittance: 10.24394%
73 Weighted Note Rate - Next Remittance: 10.24394%
74 Available Cap Carry Foward Amount - This Remittance: 0.00
(see schedule C)
75 Pass-Through Rate: 5.80625% 5.80625%
76 Related Remittance Period: 27-Jul-98 thru 24-Aug-98
77 Days in Related Period: 29
78 Weighted Average Remaining Term 356.07
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
------------------ -------------- -------------
84 Initial Overcollateralization 4,834,201.11 667,327.32 5,501,528.43
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 4,834,201.11 667,327.32 5,501,528.43
============== ============== =============
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>
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 August 25, 1998, the Remittance date.
Period Ended: August 1, 1998
<TABLE>
<CAPTION>
Class
A1
--------------- ---------------
<S> <C> <C>
98 Total Class Principal - Original Pool $199,000,000.00 $199,000,000.00
99 Interest Remittance Amount 925,451.24 925,451.24
100 Interest Rate Factor / 1000 4.650509 4.650509
101 Total Principal Collections 1,181,617.02 1,181,617.02
102 Prefunding Account Transfer 0.00 0.00
103 Additional Principal Reduction 667,327.32 667,327.32
-------------- --------------
104 Principal Remittance Amount 1,848,944.34 1,848,944.34
105 Principal Payment Factor/1000 9.291178 9.291178
106 Principal Factor 984.990043 984.990043
107 Prior Month Principal Factor 994.281221 994.281221
</TABLE>
Page 4 of 4
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