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: November 25, 1998
MORSERV, INC.
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(Exact Name of Registrant)
Delaware 33-76724 13-3784934
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
343 Thornall Street, Edison New Jersey 07675
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Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 205-0600
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Item 5. Other Events.
On or about 11/25/98, Morserv, Inc. (the "Depositor") made the
distributions to holders of its Mortgage Asset-Backed Certificates,
Series 1998-1 contemplated by the Pooling and Servicing Agreement dated as of
August 1, 1998 (the "Pooling and Servicing Agreement") among Morserv, Inc., the
Depositor, The Chase Manhattan Mortgage Corporation, as Master Servicer,
Advanta Mortgage Corp. USA, as subservicer and Citibank, N.A. as Trustee.
Copies of the Certificateholders' Reports with respect to such
distributions delivered pursuant to Section 6.02 of the Pooling and Servicing
Agreement are being filed as exhibits to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
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20.1 Monthly Reports with respect to the
November 25, 1998 distribution
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: December 31, 1998
CHASE MANHATTAN MORTGAGE CORPORATION,
as Paying Agent, on behalf of
Morserv, Inc.
By: /s/Andrew Cooper
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Name: Andrew Cooper
Title: Trust Officer
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INDEX TO EXHIBITS
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Exhibit No. Description
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20.1 Monthly Reports with respect to the
distribution to Certificateholders on
November 25, 1998.
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<TABLE>
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CHASE FUNDING
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 1998-1
STATEMENT TO CERTIFICATEHOLDERS
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DISTRIBUTION DATE: 25-Nov-98 PAGE # 1
RECORD DATE: 31-Oct-98
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ORIGINAL BEGINNING COMPENSATING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL REALIZED LOSS INTEREST CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST SHORTFALLS BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
IA-1 42,500,000.00 40,621,682.33 1,741,757.56 218,341.54 1,960,099.10 0.00 0.00 0.00 38,879,924.77
IA-2 16,000,000.00 16,000,000.00 0.00 81,066.67 81,066.67 0.00 0.00 0.00 16,000,000.00
IA-3 24,000,000.00 24,000,000.00 0.00 123,500.00 123,500.00 0.00 0.00 0.00 24,000,000.00
IA-4 15,000,000.00 15,000,000.00 0.00 79,250.00 79,250.00 0.00 0.00 0.00 15,000,000.00
IA-5 14,347,000.00 14,347,000.00 0.00 79,984.53 79,984.53 0.00 0.00 0.00 14,347,000.00
IA-6 13,000,000.00 13,000,000.00 0.00 68,412.50 68,412.50 0.00 0.00 0.00 13,000,000.00
IM-1 5,053,000.00 5,053,000.00 0.00 27,749.39 27,749.39 0.00 0.00 0.00 5,053,000.00
IM-2 2,897,000.00 2,897,000.00 0.00 16,730.18 16,730.18 0.00 0.00 0.00 2,897,000.00
IB 1,955,000.00 1,955,000.00 0.00 12,446.83 12,446.83 0.00 0.00 0.00 1,955,000.00
IIA-1 136,261,000.00 131,492,758.87 3,416,559.80 589,457.93 4,006,017.73 0.00 0.00 0.00 128,076,199.07
IIA-2 45,000,000.00 45,000,000.00 0.00 228,750.00 228,750.00 0.00 0.00 0.00 45,000,000.00
IIM-1 15,105,000.00 15,105,000.00 0.00 69,978.70 69,978.70 0.00 0.00 0.00 15,105,000.00
IIM-2 10,271,000.00 10,271,000.00 0.00 49,124.31 49,124.31 0.00 0.00 0.00 10,271,000.00
IIB 9,150,000.00 9,150,000.00 0.00 48,719.02 48,719.02 0.00 0.00 0.00 9,150,000.00
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TOTAL 350,539,000.00 343,892,441.20 5,158,317.36 1,693,511.60 6,851,828.96 0.00 0.00 0.00 338,734,123.84
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FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. PASS-THRU
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS RATE
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<S> <C> <C> <C> <C> <C>
IA-1 40.98253082 5.13744800 914.82175929 IA-1 6.45000000%
IA-2 0.00000000 5.06666688 1000.00000000 IA-2 6.08000000%
IA-3 0.00000000 5.14583333 1000.00000000 IA-3 6.17500000%
IA-4 0.00000000 5.28333333 1000.00000000 IA-4 6.34000000%
IA-5 0.00000000 5.57500035 1000.00000000 IA-5 6.69000000%
IA-6 0.00000000 5.26250000 1000.00000000 IA-6 6.31500000%
IM-1 0.00000000 5.49166634 1000.00000000 IM-1 6.59000000%
IM-2 0.00000000 5.77500173 1000.00000000 IM-2 6.93000000%
IB 0.00000000 6.36666496 1000.00000000 IB 7.64000000%
IIA-1 25.07364396 4.32594748 939.93291602 IIA-1 5.37938000%
IIA-2 0.00000000 5.08333333 1000.00000000 IIA-2 6.10000000%
IIM-1 0.00000000 4.63281695 1000.00000000 IIM-1 5.55938000%
IIM-2 0.00000000 4.78281667 1000.00000000 IIM-2 5.73938000%
IIB 0.00000000 5.32448306 1000.00000000 IIB 6.38938000%
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DISTRIBUTION DATE: 25-Nov-98 PAGE # 2
RECORD DATE: 31-Oct-98
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<S> <C>
SECTION 4.05 (i) GROUP 1 GROUP 2 TOTAL
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PRINCIPAL PREPAYMENT AMOUNT 1,322,905.10 2,693,217.42 4,016,122.52
SCHEDULED PRINCIPAL AMOUNT 135,305.90 111,099.31 246,405.21
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 283,546.56 612,243.07 895,789.63
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SECTION 4.05 (iii) CLASS BEGINNING ENDING CARRYFORWARD AMT INCREASE (DECREASE)
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IA-1 - - -
IA-2 - - -
IA-3 - - -
IA-4 - - -
IA-5 - - -
IA-6 - - -
IM-1 - - -
IM-2 - - -
IB - - -
IIA-1 - - -
IIA-2 - - -
IIM-1 - - -
IIM-2 - - -
IIB - - -
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TOTAL - - -
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SECTION 4.05 (v) POOL STATED PRINCIPAL BALANCE
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BEGINNING ENDING
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GROUP 1 GROUP 2 GROUP 1 GROUP 2
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133,437,906.31 211,942,853.74 131,979,695.31 209,138,537.01
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SECTION 4.05 (vi) SERVICING FEE PAID TO OR RETAINED BY THE SUBSERVICER 143,908.65
SECTION 4.05 (vii) MASTER SERVICING FEE PAID TO OR RETAINED BY THE MASTER SERVICER 2,619.13
SECTION 4.05 (ix) WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 1 MORTGAGES 8.9122639%
WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 2 MORTGAGES 9.0492677%
SECTION 4.05 (x) THE AMOUNT OF ADVANCES FOR GROUP 1 0.00
THE AMOUNT OF ADVANCES FOR GROUP 2 0.00
SECTION 4.05 (xi) THE CUMULATIVE AMOUNT OF APPLIED REALIZED LOSS AMOUNTS FOR GROUP 1 0.00
THE CUMULATIVE AMOUNT OF APPLIED REALIZED LOSS AMOUNTS FOR GROUP 2 0.00
SECTION 4.05 (xii) (A) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS*:
*EXCLUSIVE OF MORTGAGE LOANS IN FORECLOSURE
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DELINQUENCY GROUP 1 GROUP 2
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CATEGORY COUNT AGG. PRIN. BAL. COUNT AGG. PRIN. BAL.
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1 Month 79 5,656,708.81 99 11,097,249.60
2 Month 8 1,411,356.44 15 1,361,832.51
3 Month 0 0.00 5 689,815.71
4 Month + 12 717,160.15 8 982,023.12
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SECTION 4.05 (xii) (B) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF MORTGAGE LOANS IN FORECLOSURE:
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DELINQUENCY GROUP 1 GROUP 2
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CATEGORY COUNT AGG. PRIN. BAL. COUNT AGG. PRIN. BAL.
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1 Month 0 0.00 0 0.00
2 Month 0 0.00 0 0.00
3 Month 0 0.00 0 0.00
4 Month + 0 0.00 0 0.00
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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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