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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: November 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
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99(a) Monthly Servicing Report to Trustee dated
November 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: November 25, 1998
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- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
99(a) 4
Monthly Servicing Report to Trustee dated November 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: 11/20/98
Investor Certificateholder Floating Allocation 93.14%
Percentage
Investor Certificateholder Fixed Allocation 97.90%
Percentage
Aggregate Amount of Collections 6,412,242.67
Aggregate Amount of Interest Collections 1,595,872.05
Aggregate Amount of Principal Collections 4,816,370.62
Class A Interest Collections 1,486,412.83
Class A Principal Collections 4,554,881.77
Seller Interest Collections 109,459.22
Seller Principal Collections 261,488.85
Weighted Average Loan Rate 13.96%
Net Loan Rate 12.96%
Weighted Average Maximum Loan Rate 19.59%
Class A-1 Certificate Rate 5.45%
Maximum Investor Certificate Rate 12.96%
Class A-1 Certificate Interest Distributed 553,262.78
Class A-1 Investor Certificate Interest 0.00
Shortfall before Policy Draw
Unpaid Class A-1 Certificate Interest Shortfall 0.00
Received
Unpaid Class A-1 Certificate Interest Shortfall 0.00
Remaining
Unpaid Class A-1 Carryover Interest Amount 0.00
Class A-2 Certificate Rate 5.32%
Maximum Investor Certificate Rate 12.96%
Class A-2 Certificate Interest Distributed 23,761.52
Class A-2 Investor Certificate Interest 0.00
Shortfall before Policy Draw
Unpaid Class A-2 Certificate Interest Shortfall 0.00
Received
Unpaid Class A-2 Certificate Interest Shortfall 0.00
Remaining
Unpaid Class A-2 Carryover Interest Amount 0.00
Maximum Principal Dist. Amount (MPDA) 4,715,443.57
Alternative Principal Dist. Amount (APDA) 4,554,881.77
Rapid Amortization Period? (Y=1, N=0) 0.00
Scheduled Principal Distribution Amount (SPDA) 4,554,881.77
Principal allocable to Class A-1 4,363,025.59
Principal allocable to Class A-2 191,856.18
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 359,295.86
Amount
Reduction in Certificate Principal Balance
due to Current Class A-2 Liquidation Loss 15,799.39
Amount
Cumulative Investor Liquidation Loss Amount 375,095.25
Total Principal allocable to A-1 4,722,321.45
Total Principal allocable to A-2 207,655.57
Beginning Class A-1 Certificate Principal 117,957,200.58
Balance
Beginning Class A-2 Certificate Principal 5,186,846.57
Balance
Ending Class A-1 Certificate Principal Balance 113,234,879.12
Ending Class A-2 Certificate Principal Balance 4,979,191.01
Class A-1 Factor 0.2489636
Class A-2 Factor 0.2489596
Pool Factor (PF) 0.2680092
Servicer Certificate (Page 2 of 3)
Distribution Date: 11/20/98
Retransfer Deposit Amount 0.00
Servicing Fees Distributed 104,638.86
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 375,095.25
Investor Loss Reduction Amount 0.00
Beginning Pool Balance 134,813,342.24
Ending Pool Balance 129,855,115.59
Beginning Invested Amount 125,566,634.15
Ending Invested Amount 120,636,657.13
Beginning Seller Principal Balance 9,246,708.09
Ending Seller Principal Balance 9,218,458.46
Additional Balances 261,488.85
Beginning Funding Account Balance 0.00
Ending Funding Account Balance 0.00
Ending Funding Account Balance % (before any 0.00%
purchase of Subsequent Loans)
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 5.8891%
Ending Seller's Interest 7.0990%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts 385
Trust Balance 11,556,778.45
60 - 89 days (Del Stat 2)
No. of Accounts 105
Trust Balance 3,357,575.29
90+ days (Del Stat 3+)
No. of Accounts 227
Trust Balance 7,723,999.01
270+ days (Del Stat 9+)
No. of Accounts 117
Trust Balance 3,777,819.73
REO
No. of Accounts 44
Trust Balance 1,621,599.21
Rapid Amortization Event ? No
Failure to make payment within 5 Business No
Days of Required Date ?
Failure to perform covenant relating to No
Trust's Security Interest ?
Failure to perform other covenants as No
described in the Agreement ?
Breach of Representation or Warranty ? No
Bankruptcy, Insolvency or Receivership No
relating to Seller ?
Subject to Investment Company Act of 1940 No
Regulation ?
Servicing Termination ? No
Servicer Certificate (Page 3 of 3)
Distribution Date: 11/20/98
Event of Default ? No
Failure by Servicer to make payment within 5 No
Bus. Days of Required Date ?
Failure by Servicer to perform covenant No
relating to Trust's Security Interest ?
Failure by Servicer to perform other No
covenants as described in the Agreement?
Bankruptcy, Insolvency or Receivership No
relating to Master Servicer ?
Trigger Event ? No
Policy Fee Distributed to Credit Enhancer (Paid N/A
directly from HFC)
Premium Distributed to Credit Enhancer 0.00
Amount Distributed to Seller 370,948.07
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 6,412,242.67
Deposit for principal not used to purchase
subsequent loans
Servicing Fee 104,638.86
Prinicpal and Interest to Class A-1 5,275,584.23
Prinicpal and Interest to Class A-2 231,417.09
Seller's portion of Principal and Interest 370,948.07
Funds deposited into Funding Account (Net) 0.00
Funds deposited into Spread Account 0.00
Excess funds released to Seller 429,654.42
Total 6,412,242.67
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
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 11/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000)
Class A Certificateholder Floating Allocation 93.1411%
Percentage
Class A Certificateholder Fixed Allocation 97.9045%
Percentage
Beginning Class A-1 Certificate Balance 117,957,200.58
Beginning Class A-2 Certificate Balance 5,186,846.57
Class A-1 Certificate Rate 5.44688%
Class A-2 Certificate Rate 5.32000%
Class A-1 Certificate Interest Distributed 1.216430
Class A-2 Certificate Interest Distributed 1.188076
Class A-1 Certificate Interest Shortfall 0.000000
Distributed
Class A-2 Certificate Interest Shortfall 0.000000
Distributed
Remaining Unpaid Class A-1 Certificate Interest 0.000000
Shortfall
Remaining Unpaid Class A-2 Certificate Interest 0.000000
Shortfall
Rapid Amortization Event ? No
Class A-1 Certificate Principal Distributed 10.382722
Class A-2 Certificate Principal Distributed 10.382778
Maximum Principal Distribution Amount 9.930908
Scheduled Principal Distribution Amount 9.592759
(SPDA)
Accelerated Principal Distribution Amount 0.000000
Aggregate Investor Liquidation Loss Amount 0.789965
Distributed
Total Amount Distributed to Certificateholders 10.807995
Principal Collections deposited into Funding 0.00
Account
Ending Funding Account Balance 0.00
Ending Class A-1 Certificate Balance 113,234,879.12
Ending Class A-2 Certificate Balance 4,979,191.01
Class A-1 Factor 0.2489636
Class A-2 Factor 0.2489596
Pool Factor (PF) 0.2680092
Unreimbursed Liquidation Loss Amount 0.00
Accrued Interest on Unreimbursed Liquidation 0.00
Loss Amount
Accrued & Unpaid Interest on Unreimbursed 0.00
Liquidation Loss Amount
Class A Servicing Fee 104,638.86
Beginning Invested Amount 125,566,634.15
Ending Invested Amount 120,636,657.13
Beginning Pool Balance 134,813,342.24
Ending Pool Balance 129,855,115.59
Credit Enhancement Draw Amount 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 11/20/98
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts 385
Trust Balance 11,556,778.45
60 - 89 days (Del Stat 2)
No. of Accounts 105
Trust Balance 3,357,575.29
90+ days (Del Stat 3+)
No. of Accounts 227
Trust Balance 7,723,999.01
REO
No. of Accounts 44
Trust Balance 1,621,599.21
Aggregate Liquidation Loss Amount for 386,287.21
Liquidated Loans
Class A-1 Certificate Rate for Next To be updated
Distribution Date
Class A-2 Certificate Rate for Next To be updated
Distribution Date
Amount of any Draws on the Policy 0.00
Subsequent Mortgage Loans
No. of Accounts 0.00
Trust Balance 0.00
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