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Previous: TELTREND INC, 10-K405, 1998-10-23 |
Next: PARAVANT COMPUTER SYSTEMS INC /FL/, 8-K, 1998-10-23 |
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: October 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
October 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: October 22, 1998
-------------------
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
- ------- ------- ----
99(a) 4
Monthly Servicing Report to Trustee dated October 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: 10/20/98
Investor Certificateholder Floating Allocation 93.46%
Percentage
Investor Certificateholder Fixed Allocation 97.90%
Percentage
Aggregate Amount of Collections 8,656,637.79
Aggregate Amount of Interest Collections 1,685,480.88
Aggregate Amount of Principal Collections 6,971,156.91
Class A Interest Collections 1,575,298.90
Class A Principal Collections 6,663,264.80
Seller Interest Collections 110,181.98
Seller Principal Collections 307,892.11
Weighted Average Loan Rate 13.96%
Net Loan Rate 12.96%
Weighted Average Maximum Loan Rate 19.58%
Class A-1 Certificate Rate 5.81%
Maximum Investor Certificate Rate 12.96%
Class A-1 Certificate Interest Distributed 582,971.90
Class A-1 Investor Certificate Interest Shortfall 0.00
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 5.78%
Maximum Investor Certificate Rate 12.96%
Class A-2 Certificate Interest Distributed 25,502.97
Class A-2 Investor Certificate Interest Shortfall 0.00
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) 6,825,076.32
Alternative Principal Dist. Amount (APDA) 6,663,264.80
Rapid Amortization Period? (Y=1, N=0) 0.00
Scheduled Principal Distribution Amount (SPDA) 6,663,264.80
Principal allocable to Class A-1 6,382,601.42
Principal allocable to Class A-2 280,663.38
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 222,880.90
Amount
Reduction in Certificate Principal Balance
due to Current Class A-2 Liquidation Loss 9,800.79
Amount
Cumulative Investor Liquidation Loss Amount 232,681.69
Total Principal allocable to A-1 6,605,482.32
Total Principal allocable to A-2 290,464.17
Beginning Class A-1 Certificate Principal Balance 124,562,682.90
Beginning Class A-2 Certificate Principal Balance 5,477,310.74
Ending Class A-1 Certificate Principal Balance 117,957,200.58
Ending Class A-2 Certificate Principal Balance 5,186,846.57
Class A-1 Factor 0.2593463
Class A-2 Factor 0.2593423
Pool Factor (PF) 0.2782426
Servicer Certificate (Page 2 of 3)
Distribution Date: 10/20/98
Retransfer Deposit Amount 0.00
Servicing Fees Distributed 110,385.48
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 232,681.69
Investor Loss Reduction Amount 0.00
Beginning Pool Balance 141,727,482.33
Ending Pool Balance 134,813,342.24
Beginning Invested Amount 132,462,580.64
Ending Invested Amount 125,566,634.15
Beginning Seller Principal Balance 9,264,901.69
Ending Seller Principal Balance 9,246,708.09
Additional Balances 307,892.11
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 5.5933%
Ending Seller's Interest 6.8589%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts 385
Trust Balance 12,677,363.52
60 - 89 days (Del Stat 2)
No. of Accounts 91
Trust Balance 2,703,643.51
90+ days (Del Stat 3+)
No. of Accounts 246
Trust Balance 7,989,140.01
270+ days (Del Stat 9+)
No. of Accounts 117
Trust Balance 3,777,819.73
REO
No. of Accounts 48
Trust Balance 1,806,561.61
Rapid Amortization Event ? No
Failure to make payment within 5 Business Days No
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: 10/20/98
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 covenants No
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 418,074.09
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 8,656,637.79
Deposit for principal not used to purchase
subsequent loans
Servicing Fee 110,385.48
Prinicpal and Interest to Class A-1 7,188,454.22
Prinicpal and Interest to Class A-2 315,967.14
Seller's portion of Principal and Interest 418,074.09
Funds deposited into Funding Account (Net) 0.00
Funds deposited into Spread Account 0.00
Excess funds released to Seller 623,756.86
Total 8,656,637.79
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: 10/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000)
Class A Certificateholder Floating Allocation 93.4629%
Percentage
Class A Certificateholder Fixed Allocation 97.9045%
Percentage
Beginning Class A-1 Certificate Balance 124,562,682.90
Beginning Class A-2 Certificate Balance 5,477,310.74
Class A-1 Certificate Rate 5.80984%
Class A-2 Certificate Rate 5.78000%
Class A-1 Certificate Interest Distributed 1.281750
Class A-2 Certificate Interest Distributed 1.275149
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 14.523129
Class A-2 Certificate Principal Distributed 14.523208
Maximum Principal Distribution Amount 14.373877
Scheduled Principal Distribution Amount 14.033096
(SPDA)
Accelerated Principal Distribution Amount 0.000000
Aggregate Investor Liquidation Loss Amount 0.490037
Distributed
Total Amount Distributed to Certificateholders 15.314568
Principal Collections deposited into Funding 0.00
Account
Ending Funding Account Balance 0.00
Ending Class A-1 Certificate Balance 117,957,200.58
Ending Class A-2 Certificate Balance 5,186,846.57
Class A-1 Factor 0.2593463
Class A-2 Factor 0.2593423
Pool Factor (PF) 0.2782426
Unreimbursed Liquidation Loss Amount 0.00
Accrued Interest on Unreimbursed Liquidation Loss 0.00
Amount
Accrued & Unpaid Interest on Unreimbursed 0.00
Liquidation Loss Amount
Class A Servicing Fee 110,385.48
Beginning Invested Amount 132,462,580.64
Ending Invested Amount 125,566,634.15
Beginning Pool Balance 141,727,482.33
Ending Pool Balance 134,813,342.24
Credit Enhancement Draw Amount 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 10/20/98
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts 385
Trust Balance 12,677,363.52
60 - 89 days (Del Stat 2)
No. of Accounts 91
Trust Balance 2,703,643.51
90+ days (Del Stat 3+)
No. of Accounts 246
Trust Balance 7,989,140.01
REO
No. of Accounts 48
Trust Balance 1,806,561.61
Aggregate Liquidation Loss Amount for Liquidated 241,488.27
Loans
Class A-1 Certificate Rate for Next Distribution To be updated
Date
Class A-2 Certificate Rate for Next Distribution To be updated
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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