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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: September 11, 1998
(Date of earliest event reported)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-30789 51-0362653
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
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Item 5. Other Events.
On September 24, 1998, the Registrant expects to cause the
issuance and sale of Mortgage Pass-Through Certificates, Series
1998-KS3 (the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of September 1, 1998, among the Registrant,
Residential Funding Corporation, as Master Servicer, and The First
National Bank of Chicago, as Trustee.
In connection with the expected sale of the Series 1998-KS3
Certificates, the Registrant has been advised by Residential Funding
Securities Corporation (the "Underwriter"), that the Underwriter has
furnished to prospective investors certain collateral information with
respect to the mortgage loans ("Mortgage Loans") underlying the
proposed offering of the Certificates (the "Collateral Term Sheets"),
which Collateral Term Sheets are being filed manually as exhibits to
this report.
The Collateral Term Sheets have been provided by the
Underwriter. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Description of the Mortgage
Pool contained in the Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the
Securities and Exchange Commission.
The Collateral Term Sheets were prepared by the Underwriter at
the request of certain prospective investors. The Collateral Term
Sheets may be based on information that differs from the information
set forth in the Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the
information provided in the Collateral Term Sheets, which were provided
to certain investors only to give a sense of the underlying collateral
which will effect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the
collateral information in the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Certificates.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Collateral Term Sheets
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ Timothy A. Kruse
Name: Timothy A. Kruse
Title: Vice President
Dated: September 11, 1998
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By:________________________
Name: Timothy A. Kruse
Title: Vice President
Dated: September 11, 1998
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term P
Sheets
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EXHIBIT 1
(Intentionally Omitted)
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Deal RASC 1998-KS3 Collateral
Collateral Description for AII1
Preliminary Collateral
Fin. Char.
Fees Seasoning
% of Prin. Bal
Surety 0.1250% WAM 357.4
Cushion less than 300
Servicing 0.5800% 300-340
Trustee 340-350
Total 0.7050% 350+
Origination LTV
Low Doc 17.6210% LTV ratio 80.98
Full Doc 82.3790% less than 70
Payment Cap Avail Funds 71-80
Neg Am 0 81-90
100% 1st Liens Yes greater than 90
<S> <C> <C> <C> <C> <C> <C>
Collateral Split
Index lib 6 1yfix/6mlib 2yfix/6mlib 3yfix/6mlib 1 yr cmt 3/1yr cmt Total /
Ave
Prin Bal 29,515,264.04 317,896.10 251,462,920.06 33,842,228.28 36,145,965.32 3,017,591.63 354,301,865.43
% of Pool 8.3305% 0.0897% 70.9742% 9.5518% 10.2020% 0.8517% 100.0000%
Gross Cap 0.0000%
Gross Margin 5.9700% 5.5900% 5.9800% 5.8500% 5.8200% 5.8300% 5.9488%
Initial Gross Cpn 9.6000% 9.5700% 9.9000% 9.9700% 9.3900% 9.6900% 9.8276%
Servicing 0.5800% 0.5800% 0.5800% 0.5800% 0.5800% 0.5800% 0.5800%
Mth to Roll 2 4 23 33 9 30 21
Payment Delay
WAM
Interim Cap 1.1500% 1.6700% 2.8000% 2.7000% 1.3100% 1.1000% 2.4855%
% Convertible 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Floor 5.9700% 5.5900% 9.0118% 5.8500% 5.8200% 5.8300% 8.1006%
Initial interim 1.1500% 1.6700% 2.8000% 2.7000% 1.3100% 1.1000% 2.4855%
Current Av 0.0000%
Fl AV 0.0000%
Net Cap 0.0000%
Libor
Dispersion
Min Max
Cap dispersion 10.25 22.84
cpn dispersion 7.25 16.84
mgn dispersion 1.5 11.99
Please supply sheet with dispersion break down
Loan Details
% of Prin. Bal
Largest Loan 585,000.00 Less than 200 76.43%
Originator (s) Equibanc 11.96% 200-300 15.44%
Sebring 7.83% 300-600 8.13%
Homecomings 5.36% 600-1000 0.00%
Lgst zip conc 30041 Ave 113,209.99
Property Type Location
% of Total Where % of Total
Owner occ 96.4070% GA 13.5500%
Inv 3.5930% TX 10.0800%
2nd Home 0.6370% CA 7.4300%
Condo 4.6870% MI 6.3600%
Coop 0.0000% FL 5.2600%
Single Family 79.1660% Purchase 56.5030%
2-4 1.8550% Refi 10.6420%
Other 12.7050% Cash out 32.8550%
Structure
Callable at 10
Step up Margin doubles at call
Int catch up Y
Int on int catch up Y
Catch up ranks equal with P&I at call Y
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Credit
Yes/No
Will deal be on BBG Yes
Will cashflows be on BBG Yes
% comp int paid on full prepayments 100%
comp int affects excess spread or certificate cpn No
% Over Initial Target Step Down
Collateralisation 0 2.80% Y
Monoline Wrap
Who Yes/No
Insurer Ambac
Ultimate or timely principal U
Ultimate or timely interest T
Any gross coupon step down for good performance Not in Adjustable Collateral
Tranche Details
Rating
Agency and Rating
Tranche Amount Index/Cpn Margin Moodys S&P Wo wrap
flt 390 1M LIBOR Aaa AAA BBB
agg fixed 390
Total
Contacts
Name Tel
Moodys Kamran Kazim 212-553-1932
S&P Tom Warrack 212-208-1303
Trustee 1st Chicago
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Settlement Details
Tranche Pays on Delay 2 bus days pri First Fix Date 1st Coupon Maturity
25-Oct-98 0 2
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Purchase Details
Tranche Bt Price Settle Reference Pricing Speed WAL
To call
Act/360
Bullet cap
Uncapped
WAL
Window
To Maturity
Act/360
Bullet cap
Uncapped
WAL
Window
Is call % based on floating tranche only or entire deal Floating
% prefunded and final date for prefunding amount to prepay No prefunding
Credit
% of Total
AX 41.3300%
AM 30.5900%
B 19.8500%
C 5.7700%
D 2.4600%
Is all cashflow from the OC available to the senior certificate holders
Yes Please send WAC and tranche details of fixed tranches Please send
cashflows at pricing speed to call and maturity Yield table to call and
maturity at variety of speeds with payment windows
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