|
|
|
|
|
|
|
|
|
|
|
|
|
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: February 20, 1998
REVOLVING HOME EQUITY LOAN TRUST 1995-1
---------------------------------------
(Exact name of registrant as specified in Department of the
Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
-----------------------------
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
Delaware 0-20693 Not Applicable
- -----------------------------------------------------------------
(State or other juris- (Commission File Number (IRS Employer
diction of incorporation of Registrant) Identification
of Master Servicer) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
- -----------------------------------------------------------------
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 847/564-5000
------------
Exhibit Index appears on page 3 <PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
--------
99(a) Monthly Servicing Report to Trustee dated
February 20, 1998 pursuant to Section 3.04(b)
of the Pooling and Servicing Agreement dated
as of May 1, 1995 (the "Pooling and Servicing
Agreement") among HFC Revolving Corporation,
Inc. as Seller, Household Finance
Corporation, as Servicer, and First National
Bank of Chicago, as Trustee, with respect to
the Class A-1 Certificates and the Class A-2
Certificates, Series 1995-1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Servicer has duly caused this report to be signed on
behalf of the Revolving Home Equity Loan Trust 1995-1 by the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Servicer of and on behalf of the
REVOLVING HOME EQUITY LOAN TRUST 1995-1
---------------------------------------
(Registrant)
By: /s/ J. W. Blenke
--------------------------------
J. W. Blenke
Authorized Representative
Dated: February 17, 1998
-------------------
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
99(a) 4
Monthly Servicing Report to Trustee dated February 20, 1998
pursuant to Section 3.04(b) of the Pooling and Servicing
Agreement dated as of May 1, 1995 (the "Pooling and
Servicing Agreement") among HFC Revolving Corporation, Inc.
as Seller, Household Finance Corporation, as Servicer, and
First National Bank of Chicago, as Trustee, with respect to
the Class A-1 Certificates and the Class A-2 Certificates,
Series 1995-1.
- 3 -
HE95-1.8k
=============================================================================
Household Finance Corporation
Household Revolving Home Equity Loan
Revolving Home Equity Loan Asset Backed Certificates - Series 1995-1
P & S Agreement Date: May 1, 1995
Original Settlement Date: May 25, 1995
Series Number of Class A-1 Certificates: 441919AE7
Series Number of Class A-2 Certificates: 441919AF4
Original Sale Balance: $474,825,000
=============================================================================
Servicer Certificate (Page 1 of 3)
Distribution Date:
02/20/98
Investor Certificateholder Floating Allocation Percentage
95.36%
Investor Certificateholder Fixed Allocation Percentage
97.90%
Aggregate Amount of Collections
8,663,079.03
Aggregate Amount of Interest Collections
2,294,219.10
Aggregate Amount of Principal Collections
6,368,859.93
Class A Interest Collections
2,187,670.98
Class A Principal Collections
5,857,002.59
Seller Interest Collections
106,548.12
Seller Principal Collections
511,857.34
Weighted Average Loan Rate
14.12%
Net Loan Rate
13.12%
Weighted Average Maximum Loan Rate
19.56%
Class A-1 Certificate Rate
5.81%
Maximum Investor Certificate Rate
13.12%
Class A-1 Certificate Interest Distributed
913,104.24
Class A-1 Investor Certificate Interest Shortfall before Policy Draw
0.00
Unpaid Class A-1 Certificate Interest Shortfall Received
0.00
Unpaid Class A-1 Certificate Interest Shortfall Remaining
0.00
Unpaid Class A-1 Carryover Interest Amount
0.00
Class A-2 Certificate Rate
5.73%
Maximum Investor Certificate Rate
13.12%
Class A-2 Certificate Interest Distributed
39,573.16
Class A-2 Investor Certificate Interest Shortfall before Policy Draw
0.00
Unpaid Class A-2 Certificate Interest Shortfall Received
0.00
Unpaid Class A-2 Certificate Interest Shortfall Remaining
0.00
Unpaid Class A-2 Carryover Interest Amount
0.00
Maximum Principal Dist. Amount (MPDA)
6,235,400.47
Alternative Principal Dist. Amount (APDA)
5,857,002.59
Rapid Amortization Period? (Y=1, N=0)
0.00
Scheduled Principal Distribution Amount (SPDA)
5,857,002.59
Principal allocable to Class A-1
5,610,299.78
Principal allocable to Class A-2
246,702.81
SPDA deposited to Funding Account
0.00
Accelerated Principal Distribution Amount
0.00
APDA allocable to Class A-1
0.00
APDA allocable to Class A-2
0.00
Reimbursement to Credit Enhancer
0.00
Reduction in Certificate Principal Balance due to Current Class A-1
Liquidation Loss Amount 309,419.36
Reduction in Certificate Principal Balance due to Current Class A-2
Liquidation Loss Amount 13,606.16
Cumulative Investor Liquidation Loss Amount
323,025.52
Total Principal allocable to A-1
5,919,719.14
Total Principal allocable to A-2
260,308.97
Servicer Certificate (Page 2 of 3)
Distribution Date: 2/20/98
Beginning Class A-1 Certificate Principal Balance
182,391,592.67
Beginning Class A-2 Certificate Principal Balance
8,020,232.68
Ending Class A-1 Certificate Principal Balance
176,471,873.53
Ending Class A-2 Certificate Principal Balance
7,759,923.71
Class A-1 Factor
0.3879995
Class A-2 Factor
0.3879962
Pool Factor (PF)
0.4045860
Retransfer Deposit Amount
0.00
Servicing Fees Distributed
160,695.34
Beg. Accrued and Unpaid Inv. Servicing Fees
0.00
Accrued and Unpaid Inv. Servicing Fees Recv'd
0.00
End. Accrued and Unpaid Inv. Servicing Fees
0.00
Aggregate Investor Liquidation Loss Amount
323,025.52
Investor Loss Reduction Amount
0.00
Beginning Pool Balance
202,226,190.87
Ending Pool Balance
196,028,918.98
Beginning Invested Amount
192,834,412.35
Ending Invested Amount
186,654,384.24
Beginning Seller Principal Balance
9,391,778.52
Ending Seller Principal Balance
9,374,534.74
Additional Balances
511,857.34
Beginning Funding Account Balance
0.00
Ending Funding Account Balance
0.00
Ending Funding Account Balance % (before any purchase of Subsequent Loans)
0.00%
Principal Balance of Subsequent Loans
0.00
Beginning Reserve Account Balance
1,211,294.00
Ending Reserve Account Balance
1,211,294.00
Beginning Seller Interest
4.2016%
Ending Seller's Interest
4.7822%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts
572
Trust Balance
17,892,634.62
60 - 89 days (Del Stat 2)
No. of Accounts
155
Trust Balance
4,393,539.61
90+ days (Del Stat 3+)
No. of Accounts
349
Trust Balance
11,206,829.06
270+ days (Del Stat 9+)
No. of Accounts
117
Trust Balance
3,777,819.73
REO
No. of Accounts
39
Trust Balance
1,364,624.17
Rapid Amortization Event ?
No
Failure to make payment within 5 Business Days of Required Date ?
No
Failure to perform covenant relating to Trust's Security Interest ?
No
Failure to perform other covenants as described in the Agreement ?
No
Breach of Representation or Warranty ?
No
Bankruptcy, Insolvency or Receivership relating to Seller ?
No
Subject to Investment Company Act of 1940 Regulation ?
No
Servicer Certificate (Page 3 of 3)
Distribution Date: 2/20/98
Servicing Termination ?
No
Event of Default ?
No
Failure by Servicer to make payment within 5 Bus. Days of Required Date ?
No
Failure by Servicer to perform covenant relating to Trust's Security
Interest ? No
Failure by Servicer to perform other covenants as described in the
Agreement? No
Bankruptcy, Insolvency or Receivership relating to Master Servicer ?
No
Trigger Event ?
No
Policy Fee Distributed to Credit Enhancer (Paid directly from HFC)
N/A
Premium Distributed to Credit Enhancer
0.00
Amount Distributed to Seller
618,405.46
Master Servicer Credit Facility Amount
0.00
Guaranteed Principal Distribution Amount
0.00
Credit Enhancement Draw Amount
0.00
Application of Available Funds
Aggregate Amount of Collections
8,663,079.03
Deposit for principal not used to purchase subsequent loans
Servicing Fee
160,695.34
Prinicpal and Interest to Class A-1
6,832,823.38
Prinicpal and Interest to Class A-2
299,882.13
Seller's portion of Principal and Interest
618,405.46
Funds deposited into Funding Account (Net)
0.00
Funds deposited into Spread Account
0.00
Excess funds released to Seller
751,272.72
Total
8,663,079.03
OFFICERS'S CERTIFICATE
All computations reflected in this Servicer Certificate were
made in conformity with the Pooling and Servicing Agreement.
The attached Servicing Certificate is true and correct in all
material respects.
A Servicing Officer
<PAGE>
Statement to Certificateholders (Page 1 of 2)
Distribution Date:
02/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000)
Class A Certificateholder Floating Allocation Percentage
95.3558%
Class A Certificateholder Fixed Allocation Percentage
97.9045%
Beginning Class A-1 Certificate Balance
182,391,592.67
Beginning Class A-2 Certificate Balance
8,020,232.68
Class A-1 Certificate Rate
5.81375%
Class A-2 Certificate Rate
5.73000%
Class A-1 Certificate Interest Distributed
2.007595
Class A-2 Certificate Interest Distributed
1.978658
Class A-1 Certificate Interest Shortfall Distributed
0.000000
Class A-2 Certificate Interest Shortfall Distributed
0.000000
Remaining Unpaid Class A-1 Certificate Interest Shortfall
0.000000
Remaining Unpaid Class A-2 Certificate Interest Shortfall
0.000000
Rapid Amortization Event ?
No
Class A-1 Certificate Principal Distributed
13.015378
Class A-2 Certificate Principal Distributed
13.015448
Maximum Principal Distribution Amount
13.131997
Scheduled Principal Distribution Amount (SPDA)
12.335076
Accelerated Principal Distribution Amount
0.000000
Aggregate Investor Liquidation Loss Amount Distributed
0.680304
Total Amount Distributed to Certificateholders
14.341452
Principal Collections deposited into Funding Account
0.00
Ending Funding Account Balance
0.00
Ending Class A-1 Certificate Balance
176,471,873.53
Ending Class A-2 Certificate Balance
7,759,923.71
Class A-1 Factor
0.3879995
Class A-2 Factor
0.3879962
Pool Factor (PF)
0.4045860
Unreimbursed Liquidation Loss Amount
0.00
Accrued Interest on Unreimbursed Liquidation Loss Amount
0.00
Accrued & Unpaid Interest on Unreimbursed Liquidation Loss Amount
0.00
Class A Servicing Fee
160,695.34
Beginning Invested Amount
192,834,412.35
Ending Invested Amount
186,654,384.24
Beginning Pool Balance
202,226,190.87
Ending Pool Balance
196,028,918.98
Credit Enhancement Draw Amount
0.00
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts
572
Trust Balance
17,892,634.62
60 - 89 days (Del Stat 2)
No. of Accounts
155
Trust Balance
4,393,539.61
90+ days (Del Stat 3+)
No. of Accounts
349
Trust Balance
11,206,829.06
REO
No. of Accounts
39
Trust Balance
1,364,624.17
Aggregate Liquidation Loss Amount for Liquidated Loans
221,049.12
Statement to Certificateholders (Page 2 of 2)
Distribution Date:
02/20/98
Class A-1 Certificate Rate for Next Distribution Date
To be updated
Class A-2 Certificate Rate for Next Distribution Date
To be updated
Amount of any Draws on the Policy
0.00
Subsequent Mortgage Loans
No. of Accounts
0.00
Trust Balance
0.00
|
|