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): November 25, 1998
NATIONSBANC MONTGOMERY FUNDING CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-62301 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 November 25, 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-1 Trust, relating to the November 25,
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: 11/30/1998
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 November 25,
1998 distribution.
<TABLE>
<CAPTION>
Nationsbanc Montgomery Funding Corp.
Mortgage Pass-Through Certificates
Record Date: 10/30/1998
Distribution Date: 11/25/1998
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: (301) 815-6600
Fax: (410) 884-2369
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% 162,493,473.56 914,025.77 2,547,111.28
A-2 63857RAB8 SEN 6.50000% 24,699,179.51 133,787.22 412,306.56
A-3 63857RAC6 SEN 6.50000% 60,207,429.16 326,123.57 943,761.12
A-4 63857RAD4 SEN 7.25000% 24,717,316.48 149,333.78 387,447.90
A-5 63857RAE2 SEN 5.61938% 5,296,567.96 24,802.86 83,024.55
A-6 63857RAF9 SEN 2.88062% 0.00 12,714.50 0.00
A-7 63857RAG7 SEN 6.75000% 9,896,390.84 55,667.20 142,007.41
A-8 63857RAH5 SEN 6.75000% 49,520,493.48 278,552.77 657,214.82
A-9 63857RAJ1 SEN 6.75000% 74,372,250.36 418,343.90 860,397.81
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% 1,540,331.84 0.00 1,544.47
B-1 63857RAT9 SUB 6.75000% 10,867,519.72 61,129.80 8,797.50
B-2 63857RAU6 SUB 6.75000% 4,894,283.63 27,530.34 3,962.03
B-3 63857RAV4 SUB 6.75000% 2,573,886.75 14,478.11 2,083.62
B-4 63857RAY8 SUB 6.75000% 2,001,912.03 11,260.75 1,620.59
B-5 63857RAZ5 SUB 6.75000% 1,143,949.44 6,434.72 926.05
B-6 63857RBA9 SUB 6.75000% 1,430,100.64 8,044.32 1,157.70
Totals 568,477,085.40 3,189,019.19 6,053,363.41
</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 0.00 159,946,362.28 3,461,137.05 0.00
A-2 0.00 24,286,872.95 546,093.78 0.00
A-3 0.00 59,263,668.05 1,269,884.69 0.00
A-4 0.00 24,329,868.58 536,781.68 0.00
A-5 0.00 5,213,543.41 107,827.41 0.00
A-6 0.00 0.00 12,714.50 0.00
A-7 0.00 9,754,383.43 197,674.61 0.00
A-8 0.00 48,863,278.66 935,767.59 0.00
A-9 0.00 73,511,852.55 1,278,741.71 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 1,538,787.37 1,544.47 0.00
B-1 0.00 10,858,722.22 69,927.30 0.00
B-2 0.00 4,890,321.59 31,492.37 0.00
B-3 0.00 2,571,803.13 16,561.73 0.00
B-4 0.00 2,000,291.43 12,881.34 0.00
B-5 0.00 1,143,023.39 7,360.77 0.00
B-6 0.00 1,428,942.95 9,202.02 0.00
Totals 0.00 562,423,721.99 9,242,382.60 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-1 164,351,856.00 162,493,473.56 185,927.26 2,361,184.02 0.00 0.00
A-2 25,000,000.00 24,699,179.51 30,096.46 382,210.10 0.00 0.00
A-3 60,896,001.00 60,207,429.16 68,890.17 874,870.95 0.00 0.00
A-4 25,000,000.00 24,717,316.48 28,281.89 359,166.01 0.00 0.00
A-5 5,357,143.00 5,296,567.96 6,060.41 76,964.15 0.00 0.00
A-6 0.00 0.00 0.00 0.00 0.00 0.00
A-7 10,000,000.00 9,896,390.84 10,365.88 131,641.53 0.00 0.00
A-8 50,000,000.00 49,520,493.48 47,973.62 609,241.19 0.00 0.00
A-9 75,000,000.00 74,372,250.36 62,805.03 797,592.78 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 1,540,331.84 1,367.14 177.34 0.00 0.00
B-1 10,884,853.00 10,867,519.72 8,797.50 0.00 0.00 0.00
B-2 4,902,089.82 4,894,283.63 3,962.03 0.00 0.00 0.00
B-3 2,577,992.00 2,573,886.75 2,083.62 0.00 0.00 0.00
B-4 2,005,105.00 2,001,912.03 1,620.59 0.00 0.00 0.00
B-5 1,145,774.00 1,143,949.44 926.05 0.00 0.00 0.00
B-6 1,432,381.60 1,430,100.64 1,157.70 0.00 0.00 0.00
Totals 572,919,505.83 568,477,085.40 460,315.35 5,593,048.07 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 2,547,111.28 159,946,362.28 0.97319474 2,547,111.28
A-2 412,306.56 24,286,872.95 0.97147492 412,306.56
A-3 943,761.12 59,263,668.05 0.97319474 943,761.12
A-4 387,447.90 24,329,868.58 0.97319474 387,447.90
A-5 83,024.55 5,213,543.41 0.97319474 83,024.55
A-6 0.00 0.00 0.00000000 0.00
A-7 142,007.41 9,754,383.43 0.97543834 142,007.41
A-8 657,214.82 48,863,278.66 0.97726557 657,214.82
A-9 860,397.81 73,511,852.55 0.98015803 860,397.81
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 1,544.47 1,538,787.37 0.99655268 1,544.47
B-1 8,797.50 10,858,722.22 0.99759934 8,797.50
B-2 3,962.03 4,890,321.59 0.99759934 3,962.03
B-3 2,083.62 2,571,803.13 0.99759934 2,083.62
B-4 1,620.59 2,000,291.43 0.99759934 1,620.59
B-5 926.05 1,143,023.39 0.99759934 926.05
B-6 1,157.70 1,428,942.95 0.99759935 1,157.70
Totals 6,053,363.41 562,423,721.99 0.98168018 6,053,363.41
</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-1 164,351,856.00 988.69265924 1.13127569 14.36664044 0.00000000
A-2 25,000,000.00 987.96718040 1.20385840 15.28840400 0.00000000
A-3 60,896,001.00 988.69265915 1.13127576 14.36664043 0.00000000
A-4 25,000,000.00 988.69265920 1.13127560 14.36664040 0.00000000
A-5 5,357,143.00 988.69265950 1.13127650 14.36664095 0.00000000
A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-7 10,000,000.00 989.63908400 1.03658800 13.16415300 0.00000000
A-8 50,000,000.00 990.40986960 0.95947240 12.18482380 0.00000000
A-9 75,000,000.00 991.63000480 0.83740040 10.63457040 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 1,544,110.41 997.55291463 0.88539005 0.11484930 0.00000000
B-1 10,884,853.00 998.40757794 0.80823324 0.00000000 0.00000000
B-2 4,902,089.82 998.40757916 0.80823284 0.00000000 0.00000000
B-3 2,577,992.00 998.40757846 0.80823370 0.00000000 0.00000000
B-4 2,005,105.00 998.40757965 0.80823199 0.00000000 0.00000000
B-5 1,145,774.00 998.40757427 0.80823094 0.00000000 0.00000000
B-6 1,432,381.60 998.40757519 0.80823434 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 15.49791613 973.19474311 0.97319474 15.49791613
A-2 0.00000000 16.49226240 971.47491800 0.97147492 16.49226240
A-3 0.00000000 15.49791619 973.19474312 0.97319474 15.49791619
A-4 0.00000000 15.49791600 973.19474320 0.97319474 15.49791600
A-5 0.00000000 15.49791559 973.19474391 0.97319474 15.49791559
A-6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 0.00000000 14.20074100 975.43834300 0.97543834 14.20074100
A-8 0.00000000 13.14429640 977.26557320 0.97726557 13.14429640
A-9 0.00000000 11.47197080 980.15803400 0.98015803 11.47197080
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 1.00023288 996.55268175 0.99655268 1.00023288
B-1 0.00000000 0.80823324 997.59934470 0.99759934 0.80823324
B-2 0.00000000 0.80823284 997.59934427 0.99759934 0.80823284
B-3 0.00000000 0.80823370 997.59934476 0.99759934 0.80823370
B-4 0.00000000 0.80823199 997.59934268 0.99759934 0.80823199
B-5 0.00000000 0.80823094 997.59934333 0.99759934 0.80823094
B-6 0.00000000 0.80823434 997.59934783 0.99759935 0.80823434
<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% 162,493,473.56 914,025.79 0.00 0.00
A-2 25,000,000.00 6.50000% 24,699,179.51 133,787.22 0.00 0.00
A-3 60,896,001.00 6.50000% 60,207,429.16 326,123.57 0.00 0.00
A-4 25,000,000.00 7.25000% 24,717,316.48 149,333.79 0.00 0.00
A-5 5,357,143.00 5.61938% 5,296,567.96 24,802.86 0.00 0.00
A-6 0.00 2.88062% 5,296,567.96 12,714.50 0.00 0.00
A-7 10,000,000.00 6.75000% 9,896,390.84 55,667.20 0.00 0.00
A-8 50,000,000.00 6.75000% 49,520,493.48 278,552.78 0.00 0.00
A-9 75,000,000.00 6.75000% 74,372,250.36 418,343.91 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% 1,540,331.84 0.00 0.00 0.00
B-1 10,884,853.00 6.75000% 10,867,519.72 61,129.80 0.00 0.00
B-2 4,902,089.82 6.75000% 4,894,283.63 27,530.35 0.00 0.00
B-3 2,577,992.00 6.75000% 2,573,886.75 14,478.11 0.00 0.00
B-4 2,005,105.00 6.75000% 2,001,912.03 11,260.76 0.00 0.00
B-5 1,145,774.00 6.75000% 1,143,949.44 6,434.72 0.00 0.00
B-6 1,432,381.60 6.75000% 1,430,100.64 8,044.32 0.00 0.00
Totals 572,919,505.83 3,189,019.26 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 0.01 0.00 914,025.77 0.00 159,946,362.28
A-2 0.00 0.00 133,787.22 0.00 24,286,872.95
A-3 0.01 0.00 326,123.57 0.00 59,263,668.05
A-4 0.00 0.00 149,333.78 0.00 24,329,868.58
A-5 0.00 0.00 24,802.86 0.00 5,213,543.41
A-6 0.00 0.00 12,714.50 0.00 5,213,543.41
A-7 0.00 0.00 55,667.20 0.00 9,754,383.43
A-8 0.00 0.00 278,552.77 0.00 48,863,278.66
A-9 0.01 0.00 418,343.90 0.00 73,511,852.55
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 1,538,787.37
B-1 0.00 0.00 61,129.80 0.00 10,858,722.22
B-2 0.00 0.00 27,530.34 0.00 4,890,321.59
B-3 0.00 0.00 14,478.11 0.00 2,571,803.13
B-4 0.00 0.00 11,260.75 0.00 2,000,291.43
B-5 0.00 0.00 6,434.72 0.00 1,143,023.39
B-6 0.00 0.00 8,044.32 0.00 1,428,942.95
Totals 0.03 0.00 3,189,019.19 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% 988.69265924 5.56139622 0.00000000 0.00000000
A-2 25,000,000.00 6.50000% 987.96718040 5.35148880 0.00000000 0.00000000
A-3 60,896,001.00 6.50000% 988.69265915 5.35541849 0.00000000 0.00000000
A-4 25,000,000.00 7.25000% 988.69265920 5.97335160 0.00000000 0.00000000
A-5 5,357,143.00 5.61938% 988.69265950 4.62986708 0.00000000 0.00000000
A-6 0.00 2.88062% 988.69265950 2.37337327 0.00000000 0.00000000
A-7 10,000,000.00 6.75000% 989.63908400 5.56672000 0.00000000 0.00000000
A-8 50,000,000.00 6.75000% 990.40986960 5.57105560 0.00000000 0.00000000
A-9 75,000,000.00 6.75000% 991.63000480 5.57791880 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% 997.55291463 0.00000000 0.00000000 0.00000000
B-1 10,884,853.00 6.75000% 998.40757794 5.61604277 0.00000000 0.00000000
B-2 4,902,089.82 6.75000% 998.40757916 5.61604357 0.00000000 0.00000000
B-3 2,577,992.00 6.75000% 998.40757846 5.61604148 0.00000000 0.00000000
B-4 2,005,105.00 6.75000% 998.40757965 5.61604505 0.00000000 0.00000000
B-5 1,145,774.00 6.75000% 998.40757427 5.61604645 0.00000000 0.00000000
B-6 1,432,381.60 6.75000% 998.40757519 5.61604533 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 0.00000006 0.00000000 5.56139609 0.00000000 973.19474311
A-2 0.00000000 0.00000000 5.35148880 0.00000000 971.47491800
A-3 0.00000016 0.00000000 5.35541849 0.00000000 973.19474312
A-4 0.00000000 0.00000000 5.97335120 0.00000000 973.19474320
A-5 0.00000000 0.00000000 4.62986708 0.00000000 973.19474391
A-6 0.00000000 0.00000000 2.37337327 0.00000000 973.19474391
A-7 0.00000000 0.00000000 5.56672000 0.00000000 975.43834300
A-8 0.00000000 0.00000000 5.57105540 0.00000000 977.26557320
A-9 0.00000013 0.00000000 5.57791867 0.00000000 980.15803400
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 996.55268175
B-1 0.00000000 0.00000000 5.61604277 0.00000000 997.59934470
B-2 0.00000000 0.00000000 5.61604153 0.00000000 997.59934427
B-3 0.00000000 0.00000000 5.61604148 0.00000000 997.59934476
B-4 0.00000000 0.00000000 5.61604006 0.00000000 997.59934268
B-5 0.00000000 0.00000000 5.61604645 0.00000000 997.59934333
B-6 0.00000000 0.00000000 5.61604533 0.00000000 997.59934783
<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 9,479,245.07
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 16,829.25
Realized Losses 0.00
Total Deposits 9,496,074.32
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 253,691.69
Payment of Interest and Principal 9,242,382.63
Total Withdrawals (Pool Distribution Amount) 9,496,074.32
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 251,323.04
Trustee Fee 2,368.65
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 253,691.69
</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 9 2,619,272.40 0.510204% 0.465712%
60 Days 0 0.00 0.000000% 0.000000%
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 9 2,619,272.40 0.510204% 0.465712%
</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 16,829.25
</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% 402,477,359.71 71.56123468% 95.929563% 100.000000%
Class R-II 24,492,305.83 4.27499947% 24,431,892.08 4.34403655% 0.000000% 0.000000%
Class A-PO 22,948,195.42 4.00548335% 22,893,104.71 4.07043725% 0.273599% 0.000000%
Class B-1 12,063,342.42 2.10559115% 12,034,382.49 2.13973593% 1.930701% 0.000000%
Class B-2 7,161,252.60 1.24995790% 7,144,060.90 1.27022752% 0.869508% 0.000000%
Class B-3 4,583,260.60 0.79998334% 4,572,257.77 0.81295607% 0.457271% 0.000000%
Class B-4 2,578,155.60 0.45000311% 2,571,966.34 0.45730047% 0.355656% 0.000000%
Class B-5 1,432,381.60 0.25001446% 1,428,942.95 0.25406876% 0.203232% 0.000000%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.254069% 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 0.03687517%
Fraud 5,728,869.56 0.99994319% 5,728,869.56 1.01860383%
Special Hazard 5,730,555.80 1.00023751% 5,730,555.80 1.01890364%
<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 7.267229%
Weighted Average Net Coupon 6.736710%
Weighted Average Pass-Through Rate 6.731711%
Weighted Average Maturity(Stepdown Calculation ) 358
Beginning Scheduled Collateral Loan Count 1,779
Number Of Loans Paid In Full 15
End Scheduled Collateral Loan Count 1,764
Beginning Scheduled Collateral Balance 568,477,085.60
Ending Scheduled Collateral Balance 562,423,722.18
Ending Actual Collateral Balance at 30-Oct-1998 562,794,315.72
Monthly P &I Constant 3,903,026.26
Class A Optimal Amount 9,093,412.64
Ending Scheduled Balance for Premium Loans 562,423,722.18
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Senior Percentage 95.95869344%
Subordinate Percentage 4.04130656%
Class A-16 Percentage .10001116%
Senior Prepayment Percentage 100%
Subordinate Prepayment Percentage 0%
</TABLE>
