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: December 28, 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 12/28/98, 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
December 28, 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: January 5, 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
December 28, 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: 28-Dec-98 PAGE # 1
RECORD DATE: 30-Nov-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 38,879,924.77 821,595.52 208,979.60 1,030,575.12 0.00 0.00 0.00 38,058,329.25
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-1 136,261,000.00 128,076,199.07 3,036,596.39 610,771.27 3,647,367.66 0.00 0.00 0.00 125,039,602.68
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 74,525.23 74,525.23 0.00 0.00 0.00 15,105,000.00
IIM-2 10,271,000.00 10,271,000.00 0.00 52,369.89 52,369.89 0.00 0.00 0.00 10,271,000.00
IIB 9,150,000.00 9,150,000.00 0.00 52,106.00 52,106.00 0.00 0.00 0.00 9,150,000.00
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TOTAL 350,539,000.00 338,734,123.84 3,858,191.91 1,716,642.09 5,574,834.00 0.00 0.00 0.00 334,875,931.93
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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 19.33165929 4.91716706 895.49010000 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 22.28514681 4.48236304 917.64776921 IIA-1 5.20234000%
IIA-2 0.00000000 5.08333333 1000.00000000 IIA-2 6.10000000%
IIM-1 0.00000000 4.93381198 1000.00000000 IIM-1 5.38234000%
IIM-2 0.00000000 5.09881122 1000.00000000 IIM-2 5.56234000%
IIB 0.00000000 5.69464481 1000.00000000 IIB 6.21234000%
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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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DISTRIBUTION DATE: 28-Dec-98 PAGE # 2
RECORD DATE: 30-Nov-98
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<S> <C> <C>
SECTION 4.05 (i) GROUP 1 GROUP 2 TOTAL
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PRINCIPAL PREPAYMENT AMOUNT 407,785.41 2,367,181.54 2,774,966.95
SCHEDULED PRINCIPAL AMOUNT 134,655.39 110,530.17 245,185.56
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 279,154.72 558,884.68 838,039.40
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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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131,979,695.31 209,138,537.01 131,437,254.51 206,660,825.30
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SECTION 4.05 (vi) SERVICING FEE PAID TO OR RETAINED BY THE SUBSERVICER 142,132.60
SECTION 4.05 (vii) MASTER SERVICING FEE PAID TO OR RETAINED BY THE MASTER SERVICER 2,586.82
SECTION 4.05 (ix) WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 1 MORTGAGES 8.9127978%
WEIGHTED AVERAGE NET MORTGAGE RATE OF THE GROUP 2 MORTGAGES 9.0508833%
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 94 7,139,002.60 101 11,104,835.46
2 Month 12 1,127,875.49 18 1,614,977.04
3 Month 4 645,954.06 7 566,252.63
4 Month + 1 79,725.27 1 128,061.29
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SECTION 4.05 (xii) (B) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF MORTGAGE LOANS IN FORECLOSURE:
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GROUP 1 GROUP 2
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COUNT AGG. PRIN. BAL. COUNT AGG. PRIN. BAL.
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1 85,197.51 4 561,436.21
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(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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DISTRIBUTION DATE: 28-Dec-98 PAGE # 3
RECORD DATE: 30-Nov-98
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<S> <C>
SECTION 4.05 (xiii) & (xiv) REO PROPERTIES
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DATE BECAME REO LOAN NUMBER GROUP NUMBER STATED PRIN BAL
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TOTAL: -
COUNT: 0
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SECTION 4.05 (xv) & (xvi) LIQUIDATED LOANS
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GROUP 1 GROUP 2
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LOAN NUMBER STATED PRIN. BAL. LOAN NUMBER STATED PRIN. BAL.
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TOTAL: - TOTAL: -
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SECTION 4.05 (xvii) HAS A GROUP 1 TRIGGER EVENT OCCURRED? NO
HAS A GROUP 2 TRIGGER EVENT OCCURRED? NO
SECTION 4.05 (xviii) CLASS IIA-1 INTEREST CARRYOVER AMOUNT -
CLASS IIM-1 INTEREST CARRYOVER AMOUNT -
CLASS IIM-2 INTEREST CARRYOVER AMOUNT -
CLASS IIB INTEREST CARRYOVER AMOUNT -
(C) COPYRIGHT 1998, THE CHASE MANHATTAN BANK
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