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)
January 15, 1999
ContiMortgage Home Equity Loan Trust 1998-4
(Exact name of registrant as specified in its charter)
16-1556869
New York 33-339505 16-1556868
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On January 15, 1999 a scheduled distribution was made from the Trust to
holders of the Class A, B and R Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of December, 1998 dated January
15, 1999 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of December,
1998 was $287,421.74.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of December, 1998.
Page 3
<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 hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Joy B. Tobert
---------------------------------------
Name: Joy B. Tobert
Title: Vice President and Assistant Secretary
Dated: January 29, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December, 1998.
Page 5
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-4
-----------------------------------------------------------
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WJR7 A 1,000,000,000.00 1,000,000,000.00 4,427,387.38 4,098,472.22 8,525,859.60 995,572,612.62
21075WJS5 B 49,318,000.00 49,318,000.00 0.00 277,749.39 277,749.39 49,318,000.00
R 0.00 0.00 0.00 2,172,194.22 2,172,194.22 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Total 1,049,318,000.00 1,049,318,000.00 4,427,387.38 6,548,415.83 10,975,803.21 1,044,890,612.62
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
- ------------------------------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Current Pass
CUSIP Class Distribution Distribution Distribution Balance Class Thru Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WJR7 A 4.42738738 4.09847222 8.52585960 995.57261262 A 6.41500%
21075WJS5 B 0.00000000 5.63180563 5.63180563 1,000.00000000 B 8.81500%
--------------------------------------------------------------------------------------
Total 4.21929995 4.17053897 8.38983891 995.78070005
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
<PAGE>
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-4
-----------------------------------------------------------
Distribution Period: 15-Jan-99
<TABLE>
<S> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 568,351.38
Prepayments (incl. Curtailments) 3,557,075.97
Purchased Principal 222,875.00
Liquidation Proceeds applied to principal 80,379.80
Realized Loss of Principal 0.00
Realized Loss of Interest 319.51
Extra Principal Distribution / (OC Reduction) (1,294.77)
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,044,890,612.62
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required
Market Discount Information Provided at Calendar Year End.
SEC. 7.09 (a) (viii) Loan Purchase Prices 224,364.65
Substitution Amounts 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 10.40582%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 269
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 4.7199%
Targeted Overcollateralization Amount 0.00
Overcollateralization Amount 0.00
Class A Optimal Balance 995,572,612.62
Class B Optimal Balance 49,318,000.00
SEC. 7.09 (a) (xiv) Class B Applied Realized Loss Amount 0.00
Class B Realized Loss Amortization Amount 0.00
Unpaid Class B Realized Loss Amount 0.00
SEC. 7.09 (a) (xv) Class B Available Funds Cap 9.79900%
SEC. 7.09 (a) (xvi) Insured Payment 0.00
SEC. 7.09 (a) (xvii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xix) Largest Home Equity Loan Balance Outstanding 273,835.67
<CAPTION>
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SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30-59 Days 151 0.92843% 8,240,170.81 0.78862%
60-89 Days 43 0.26439% 2,577,370.86 0.24666%
90+ Days 15 0.09223% 722,995.74 0.06919%
-----------------------------------------------------------------------------------------
Total 16,264 100.00000% 1,044,890,612.62 100.00000%
-----------------------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on loan count and
balance.
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 7
Loans in Foreclosure (LIF): Balance 311,200.00
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 6
Loans in Bankruptcy: Balance 455,899.65
SEC. 7.09 (b) (iv&v) REO Properties: Count 0
REO Properties: Balance 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 319.51
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 3,300,366.60
SEC. 7.09 (b) (viii) Three Month Rolling Average of 60+ Day Delinquency Rate 0.10529%
Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0.00
</TABLE>
Page 2
<PAGE>
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-4
-----------------------------------------------------------
Distribution Period: 15-Jan-99
<TABLE>
<CAPTION>
Collections Invest. Income Total
----------- -------------- -----
<S> <C> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 11,069,208.90 0.00 11,069,208.90
<CAPTION>
SEC. 7.08(b)(ii)&(iv) Amount Due Amount Paid
------------ -----------
<S> <C> <C>
Class A Allocation 8,525,859.60 8,525,859.60
Class B Allocation 277,749.39 277,749.39
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance Distribution Balance
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A 1,000,000,000.00 4,427,387.38 995,572,612.62
B 49,318,000.00 0.00 49,318,000.00
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 319.51
Cumulative Realized Losses 319.51
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 3,300,366.60
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.10529%
</TABLE>
