UNITED STATES
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): October 26, 1998
NATIONSBANC MONTGOMERY FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-48879 52-2123153
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of NATIONSBANC
MONTGOMERY FUNDING CORPORATION, Mortgage Pass-Through Certificates, Series
1998-1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Mortgage Pass-Through Certificates, Series 1998-1
Trust, relating to the October 26, 1998 distribution.
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.
NATIONSBANC MONTGOMERY FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 10/30/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the October 26,
1998 distribution.
<TABLE>
<CAPTION>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 09/30/1998
Distribution Date: 10/26/1998
NMFC Series: 1998-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (410) 884-2000
Fax: (410) 884-2360
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 63857RAA0 SEN 6.75000% 163,357,451.84 918,885.67 863,978.29
A-2 63857RAB8 SEN 6.50000% 24,839,033.59 134,544.77 139,854.08
A-3 63857RAC6 SEN 6.50000% 60,527,552.25 327,857.57 320,123.08
A-4 63857RAD4 SEN 7.25000% 24,848,738.53 150,127.80 131,422.05
A-5 63857RAE2 SEN 5.99375% 5,324,729.83 26,595.92 28,161.87
A-6 63857RAF9 SEN 2.50625% 0.00 11,120.92 0.00
A-7 63857RAG7 SEN 6.75000% 9,944,559.64 55,938.15 48,168.81
A-8 63857RAH5 SEN 6.75000% 49,743,420.26 279,806.74 222,926.79
A-9 63857RAJ1 SEN 6.75000% 74,664,096.67 419,985.54 291,846.31
A-10 63857RAK8 SEN 6.50000% 1,604,000.00 8,688.33 0.00
A-11 63857RAL6 SEN 6.75000% 41,794,000.00 235,091.25 0.00
A-12 63857RAM4 SEN 7.00000% 4,381,000.00 25,555.83 0.00
A-13 63857RAN2 SEN 7.00000% 6,981,000.00 40,722.50 0.00
A-14 63857RAP7 SEN 6.50000% 11,362,000.00 61,544.17 0.00
A-15 63857RAQ5 SEN 6.75000% 10,000,000.00 56,250.00 0.00
A-16 63857RAR3 SEN 6.75000% 56,700,000.00 318,937.50 0.00
R-I 63857RAW2 RES 6.75000% 0.00 0.00 0.00
R-II 63857RAX0 RES 6.75000% 0.00 0.00 0.00
A-PO 63857RAS1 SEN_PO 0.00000% 1,541,927.09 0.00 1,595.25
B-1 63857RAT9 SUB 6.75000% 10,876,220.25 61,178.74 8,700.53
B-2 63857RAU6 SUB 6.75000% 4,898,201.99 27,552.39 3,918.36
B-3 63857RAV4 SUB 6.75000% 2,575,947.40 14,489.70 2,060.65
B-4 63857RAY8 SUB 6.75000% 2,003,514.76 11,269.77 1,602.73
B-5 63857RAZ5 SUB 6.75000% 1,144,865.29 6,439.87 915.85
B-6 63857RBA9 SUB 6.75000% 1,431,245.58 8,050.76 1,144.94
Totals 570,543,504.97 3,200,633.89 2,066,419.59
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 162,493,473.56 1,782,863.96 0.00
A-2 0.00 24,699,179.51 274,398.85 0.00
A-3 0.00 60,207,429.16 647,980.65 0.00
A-4 0.00 24,717,316.48 281,549.85 0.00
A-5 0.00 5,296,567.96 54,757.79 0.00
A-6 0.00 0.00 11,120.92 0.00
A-7 0.00 9,896,390.84 104,106.96 0.00
A-8 0.00 49,520,493.48 502,733.53 0.00
A-9 0.00 74,372,250.36 711,831.85 0.00
A-10 0.00 1,604,000.00 8,688.33 0.00
A-11 0.00 41,794,000.00 235,091.25 0.00
A-12 0.00 4,381,000.00 25,555.83 0.00
A-13 0.00 6,981,000.00 40,722.50 0.00
A-14 0.00 11,362,000.00 61,544.17 0.00
A-15 0.00 10,000,000.00 56,250.00 0.00
A-16 0.00 56,700,000.00 318,937.50 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
A-PO 0.00 1,540,331.84 1,595.25 0.00
B-1 0.00 10,867,519.72 69,879.27 0.00
B-2 0.00 4,894,283.63 31,470.75 0.00
B-3 0.00 2,573,886.75 16,550.35 0.00
B-4 0.00 2,001,912.03 12,872.50 0.00
B-5 0.00 1,143,949.44 7,355.72 0.00
B-6 0.00 1,430,100.64 9,195.70 0.00
Totals 0.00 568,477,085.40 5,267,053.48 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 164,351,856.00 163,357,451.84 184,421.84 679,556.45 0.00 0.00
A-2 25,000,000.00 24,839,033.59 29,852.77 110,001.31 0.00 0.00
A-3 60,896,001.00 60,527,552.25 68,332.38 251,790.71 0.00 0.00
A-4 25,000,000.00 24,848,738.53 28,052.90 103,369.15 0.00 0.00
A-5 5,357,143.00 5,324,729.83 6,011.34 22,150.53 0.00 0.00
A-6 0.00 0.00 0.00 0.00 0.00 0.00
A-7 10,000,000.00 9,944,559.64 10,281.95 37,886.86 0.00 0.00
A-8 50,000,000.00 49,743,420.26 47,585.19 175,341.60 0.00 0.00
A-9 75,000,000.00 74,664,096.67 62,296.51 229,549.80 0.00 0.00
A-10 1,604,000.00 1,604,000.00 0.00 0.00 0.00 0.00
A-11 41,794,000.00 41,794,000.00 0.00 0.00 0.00 0.00
A-12 4,381,000.00 4,381,000.00 0.00 0.00 0.00 0.00
A-13 6,981,000.00 6,981,000.00 0.00 0.00 0.00 0.00
A-14 11,362,000.00 11,362,000.00 0.00 0.00 0.00 0.00
A-15 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00
A-16 56,700,000.00 56,700,000.00 0.00 0.00 0.00 0.00
R-I 100.00 0.00 0.00 0.00 0.00 0.00
R-II 100.00 0.00 0.00 0.00 0.00 0.00
A-PO 1,544,110.41 1,541,927.09 1,358.20 237.05 0.00 0.00
B-1 10,884,853.00 10,876,220.25 8,700.53 0.00 0.00 0.00
B-2 4,902,089.82 4,898,201.99 3,918.36 0.00 0.00 0.00
B-3 2,577,992.00 2,575,947.40 2,060.65 0.00 0.00 0.00
B-4 2,005,105.00 2,003,514.76 1,602.73 0.00 0.00 0.00
B-5 1,145,774.00 1,144,865.29 915.85 0.00 0.00 0.00
B-6 1,432,381.60 1,431,245.58 1,144.94 0.00 0.00 0.00
Totals 572,919,505.83 570,543,504.97 456,536.14 1,609,883.46 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 863,978.29 162,493,473.56 0.98869266 863,978.29
A-2 139,854.08 24,699,179.51 0.98796718 139,854.08
A-3 320,123.08 60,207,429.16 0.98869266 320,123.08
A-4 131,422.05 24,717,316.48 0.98869266 131,422.05
A-5 28,161.87 5,296,567.96 0.98869266 28,161.87
A-6 0.00 0.00 0.00000000 0.00
A-7 48,168.81 9,896,390.84 0.98963908 48,168.81
A-8 222,926.79 49,520,493.48 0.99040987 222,926.79
A-9 291,846.31 74,372,250.36 0.99163000 291,846.31
A-10 0.00 1,604,000.00 1.00000000 0.00
A-11 0.00 41,794,000.00 1.00000000 0.00
A-12 0.00 4,381,000.00 1.00000000 0.00
A-13 0.00 6,981,000.00 1.00000000 0.00
A-14 0.00 11,362,000.00 1.00000000 0.00
A-15 0.00 10,000,000.00 1.00000000 0.00
A-16 0.00 56,700,000.00 1.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
A-PO 1,595.25 1,540,331.84 0.99755291 1,595.25
B-1 8,700.53 10,867,519.72 0.99840758 8,700.53
B-2 3,918.36 4,894,283.63 0.99840758 3,918.36
B-3 2,060.65 2,573,886.75 0.99840758 2,060.65
B-4 1,602.73 2,001,912.03 0.99840758 1,602.73
B-5 915.85 1,143,949.44 0.99840757 915.85
B-6 1,144.94 1,430,100.64 0.99840758 1,144.94
Totals 2,066,419.59 568,477,085.40 0.99224600 2,066,419.59
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 164,351,856.00 993.94954104 1.12211596 4.13476590 0.00000000
A-2 25,000,000.00 993.56134360 1.19411080 4.40005240 0.00000000
A-3 60,896,001.00 993.94954112 1.12211605 4.13476593 0.00000000
A-4 25,000,000.00 993.94954120 1.12211600 4.13476600 0.00000000
A-5 5,357,143.00 993.94954176 1.12211677 4.13476549 0.00000000
A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-7 10,000,000.00 994.45596400 1.02819500 3.78868600 0.00000000
A-8 50,000,000.00 994.86840520 0.95170380 3.50683200 0.00000000
A-9 75,000,000.00 995.52128893 0.83062013 3.06066400 0.00000000
A-10 1,604,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-11 41,794,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-12 4,381,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-13 6,981,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-14 11,362,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-15 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-16 56,700,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 100.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 100.00 0.00000000 0.00000000 0.00000000 0.00000000
A-PO 1,544,110.41 998.58603375 0.87960031 0.15351881 0.00000000
B-1 10,884,853.00 999.20690247 0.79932453 0.00000000 0.00000000
B-2 4,902,089.82 999.20690356 0.79932440 0.00000000 0.00000000
B-3 2,577,992.00 999.20690212 0.79932366 0.00000000 0.00000000
B-4 2,005,105.00 999.20690438 0.79932472 0.00000000 0.00000000
B-5 1,145,774.00 999.20690293 0.79932866 0.00000000 0.00000000
B-6 1,432,381.60 999.20690129 0.79932610 0.00000000 0.00000000
<FN>
(2) All Classes are per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 5.25688186 988.69265924 0.98869266 5.25688186
A-2 0.00000000 5.59416320 987.96718040 0.98796718 5.59416320
A-3 0.00000000 5.25688181 988.69265915 0.98869266 5.25688181
A-4 0.00000000 5.25688200 988.69265920 0.98869266 5.25688200
A-5 0.00000000 5.25688226 988.69265950 0.98869266 5.25688226
A-6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 0.00000000 4.81688100 989.63908400 0.98963908 4.81688100
A-8 0.00000000 4.45853580 990.40986960 0.99040987 4.45853580
A-9 0.00000000 3.89128413 991.63000480 0.99163000 3.89128413
A-10 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-11 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-12 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-13 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-14 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-15 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-16 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-PO 0.00000000 1.03311913 997.55291463 0.99755291 1.03311913
B-1 0.00000000 0.79932453 998.40757794 0.99840758 0.79932453
B-2 0.00000000 0.79932440 998.40757916 0.99840758 0.79932440
B-3 0.00000000 0.79932366 998.40757846 0.99840758 0.79932366
B-4 0.00000000 0.79932472 998.40757965 0.99840758 0.79932472
B-5 0.00000000 0.79932866 998.40757427 0.99840757 0.79932866
B-6 0.00000000 0.79932610 998.40757519 0.99840758 0.79932610
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 164,351,856.00 6.75000% 163,357,451.84 918,885.67 0.00 0.00
A-2 25,000,000.00 6.50000% 24,839,033.59 134,544.77 0.00 0.00
A-3 60,896,001.00 6.50000% 60,527,552.25 327,857.57 0.00 0.00
A-4 25,000,000.00 7.25000% 24,848,738.53 150,127.80 0.00 0.00
A-5 5,357,143.00 5.99375% 5,324,729.83 26,595.92 0.00 0.00
A-6 0.00 2.50625% 5,324,729.83 11,120.92 0.00 0.00
A-7 10,000,000.00 6.75000% 9,944,559.64 55,938.15 0.00 0.00
A-8 50,000,000.00 6.75000% 49,743,420.26 279,806.74 0.00 0.00
A-9 75,000,000.00 6.75000% 74,664,096.67 419,985.54 0.00 0.00
A-10 1,604,000.00 6.50000% 1,604,000.00 8,688.33 0.00 0.00
A-11 41,794,000.00 6.75000% 41,794,000.00 235,091.25 0.00 0.00
A-12 4,381,000.00 7.00000% 4,381,000.00 25,555.83 0.00 0.00
A-13 6,981,000.00 7.00000% 6,981,000.00 40,722.50 0.00 0.00
A-14 11,362,000.00 6.50000% 11,362,000.00 61,544.17 0.00 0.00
A-15 10,000,000.00 6.75000% 10,000,000.00 56,250.00 0.00 0.00
A-16 56,700,000.00 6.75000% 56,700,000.00 318,937.50 0.00 0.00
R-I 100.00 6.75000% 0.00 0.00 0.00 0.00
R-II 100.00 6.75000% 0.00 0.00 0.00 0.00
A-PO 1,544,110.41 0.00000% 1,541,927.09 0.00 0.00 0.00
B-1 10,884,853.00 6.75000% 10,876,220.25 61,178.74 0.00 0.00
B-2 4,902,089.82 6.75000% 4,898,201.99 27,552.39 0.00 0.00
B-3 2,577,992.00 6.75000% 2,575,947.40 14,489.70 0.00 0.00
B-4 2,005,105.00 6.75000% 2,003,514.76 11,269.77 0.00 0.00
B-5 1,145,774.00 6.75000% 1,144,865.29 6,439.87 0.00 0.00
B-6 1,432,381.60 6.75000% 1,431,245.58 8,050.76 0.00 0.00
Totals 572,919,505.83 3,200,633.89 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 918,885.67 0.00 162,493,473.56
A-2 0.00 0.00 134,544.77 0.00 24,699,179.51
A-3 0.00 0.00 327,857.57 0.00 60,207,429.16
A-4 0.00 0.00 150,127.80 0.00 24,717,316.48
A-5 0.00 0.00 26,595.92 0.00 5,296,567.96
A-6 0.00 0.00 11,120.92 0.00 5,296,567.96
A-7 0.00 0.00 55,938.15 0.00 9,896,390.84
A-8 0.00 0.00 279,806.74 0.00 49,520,493.48
A-9 0.00 0.00 419,985.54 0.00 74,372,250.36
A-10 0.00 0.00 8,688.33 0.00 1,604,000.00
A-11 0.00 0.00 235,091.25 0.00 41,794,000.00
A-12 0.00 0.00 25,555.83 0.00 4,381,000.00
A-13 0.00 0.00 40,722.50 0.00 6,981,000.00
A-14 0.00 0.00 61,544.17 0.00 11,362,000.00
A-15 0.00 0.00 56,250.00 0.00 10,000,000.00
A-16 0.00 0.00 318,937.50 0.00 56,700,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
A-PO 0.00 0.00 0.00 0.00 1,540,331.84
B-1 0.00 0.00 61,178.74 0.00 10,867,519.72
B-2 0.00 0.00 27,552.39 0.00 4,894,283.63
B-3 0.00 0.00 14,489.70 0.00 2,573,886.75
B-4 0.00 0.00 11,269.77 0.00 2,001,912.03
B-5 0.00 0.00 6,439.87 0.00 1,143,949.44
B-6 0.00 0.00 8,050.76 0.00 1,430,100.64
Totals 0.00 0.00 3,200,633.89 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 164,351,856.00 6.75000% 993.94954104 5.59096619 0.00000000 0.00000000
A-2 25,000,000.00 6.50000% 993.56134360 5.38179080 0.00000000 0.00000000
A-3 60,896,001.00 6.50000% 993.94954112 5.38389327 0.00000000 0.00000000
A-4 25,000,000.00 7.25000% 993.94954120 6.00511200 0.00000000 0.00000000
A-5 5,357,143.00 5.99375% 993.94954176 4.96457160 0.00000000 0.00000000
A-6 0.00 2.50625% 993.94954176 2.07590501 0.00000000 0.00000000
A-7 10,000,000.00 6.75000% 994.45596400 5.59381500 0.00000000 0.00000000
A-8 50,000,000.00 6.75000% 994.86840520 5.59613480 0.00000000 0.00000000
A-9 75,000,000.00 6.75000% 995.52128893 5.59980720 0.00000000 0.00000000
A-10 1,604,000.00 6.50000% 1000.00000000 5.41666459 0.00000000 0.00000000
A-11 41,794,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-12 4,381,000.00 7.00000% 1000.00000000 5.83333257 0.00000000 0.00000000
A-13 6,981,000.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000
A-14 11,362,000.00 6.50000% 1000.00000000 5.41666696 0.00000000 0.00000000
A-15 10,000,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
A-16 56,700,000.00 6.75000% 1000.00000000 5.62500000 0.00000000 0.00000000
R-I 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 100.00 6.75000% 0.00000000 0.00000000 0.00000000 0.00000000
A-PO 1,544,110.41 0.00000% 998.58603375 0.00000000 0.00000000 0.00000000
B-1 10,884,853.00 6.75000% 999.20690247 5.62053893 0.00000000 0.00000000
B-2 4,902,089.82 6.75000% 999.20690356 5.62053961 0.00000000 0.00000000
B-3 2,577,992.00 6.75000% 999.20690212 5.62053722 0.00000000 0.00000000
B-4 2,005,105.00 6.75000% 999.20690438 5.62053858 0.00000000 0.00000000
B-5 1,145,774.00 6.75000% 999.20690293 5.62054122 0.00000000 0.00000000
B-6 1,432,381.60 6.75000% 999.20690129 5.62054134 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.59096619 0.00000000 988.69265924
A-2 0.00000000 0.00000000 5.38179080 0.00000000 987.96718040
A-3 0.00000000 0.00000000 5.38389327 0.00000000 988.69265915
A-4 0.00000000 0.00000000 6.00511200 0.00000000 988.69265920
A-5 0.00000000 0.00000000 4.96457160 0.00000000 988.69265950
A-6 0.00000000 0.00000000 2.07590501 0.00000000 988.69265950
A-7 0.00000000 0.00000000 5.59381500 0.00000000 989.63908400
A-8 0.00000000 0.00000000 5.59613480 0.00000000 990.40986960
A-9 0.00000000 0.00000000 5.59980720 0.00000000 991.63000480
A-10 0.00000000 0.00000000 5.41666459 0.00000000 1000.00000000
A-11 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-12 0.00000000 0.00000000 5.83333257 0.00000000 1000.00000000
A-13 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000
A-14 0.00000000 0.00000000 5.41666696 0.00000000 1000.00000000
A-15 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
A-16 0.00000000 0.00000000 5.62500000 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-PO 0.00000000 0.00000000 0.00000000 0.00000000 997.55291463
B-1 0.00000000 0.00000000 5.62053893 0.00000000 998.40757794
B-2 0.00000000 0.00000000 5.62053961 0.00000000 998.40757916
B-3 0.00000000 0.00000000 5.62053722 0.00000000 998.40757846
B-4 0.00000000 0.00000000 5.62053858 0.00000000 998.40757965
B-5 0.00000000 0.00000000 5.62054122 0.00000000 998.40757427
B-6 0.00000000 0.00000000 5.62054134 0.00000000 998.40757519
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,506,060.87
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 15,957.49
Realized Losses 0.00
Total Deposits 5,522,018.36
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 254,964.88
Payment of Interest and Principal 5,267,053.48
Total Withdrawals (Pool Distribution Amount) 5,522,018.36
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 252,587.62
Trustee Fee 2,377.26
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 254,964.88
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 7 2,233,137.59 0.393479% 0.392828%
60 Days 1 233,660.20 0.056211% 0.041103%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 8 2,466,797.79 0.449691% 0.433931%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 15,957.49
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
Current Next
Original $ Original % Current $ Current % Class% Prepayment%
<S> <C> <C> <C> <C> <C> <C> <C>
Class A 408,567,649.83 71.31327275% 405,983,611.84 71.41600288% 95.969644% 100.000000%
Class R-II 24,492,305.83 4.27499947% 24,451,984.05 4.30131393% 0.000000% 0.000000%
Class A-PO 22,948,195.42 4.00548335% 22,911,652.21 4.03035633% 0.270958% 0.000000%
Class B-1 12,063,342.42 2.10559115% 12,044,132.49 2.11866631% 1.911690% 0.000000%
Class B-2 7,161,252.60 1.24995790% 7,149,848.86 1.25771980% 0.860947% 0.000000%
Class B-3 4,583,260.60 0.79998334% 4,575,962.11 0.80495102% 0.452769% 0.000000%
Class B-4 2,578,155.60 0.45000311% 2,574,050.08 0.45279751% 0.352154% 0.000000%
Class B-5 1,432,381.60 0.25001446% 1,430,100.64 0.25156698% 0.201231% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.251567% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
Original $ Original % Current $ Current %
<S> <C> <C> <C> <C>
Bankruptcy 207,394.69 0.03619962% 207,394.69 0.03648251%
Fraud 5,728,869.56 0.99994319% 5,728,869.56 1.00775734%
Special Hazard 5,730,555.80 1.00023751% 5,730,555.80 1.00805396%
<FN>
Limit of Subordinate's Exposure to Certain Types of Losses
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.268015%
Weighted AverageNet Coupon 6.736758%
Weighted Average Pass-Through Rate 6.731759%
Weighted Average Maturity(Stepdown Calculation ) 359
Begin Scheduled Collateral Loan Count 1,783
Number Of Loans Paid In Full 4
End Scheduled Collateral Loan Count 1,779
Begining Scheduled Collateral Balance 570,543,505.18
Ending Scheduled Collateral Balance 568,477,085.60
Ending Actual Collateral Balance at 30-Sep-1998 568,821,404.21
Monthly P &I Constant 3,912,134.96
Class A Optimal Amount 5,118,133.92
Ending Scheduled Balance for Premium Loans 568,477,085.60
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Senior Percentage 95.9701350%
Subordinate Percentage 4.029865%
Class A-16 Percentage .09964823%
Senior Prepayment Percentage 100%
Subordinate Prepayment Percentage 0%
</TABLE>
