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)
December 25, 1998
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
(Exact name of the registrant
as specified in its charter)
Delaware 333-28025 41-1808858
(State or other (Commission (I.R.S. Employee
jurisdiction of File No.) Identification No.)
Incorporation)
8400 Normandale Lake Boulevard 55437
Minneapolis, Minnesota
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code
(612) 832-7000
<PAGE>
Item 5. Other Events
See the respective monthly reports, each reflecting the required information for
the December 1998 distribution to holders of the following series of Conduit
Mortgage Pass-Through Certificates.
Master Serviced by Residential Funding Corporation
1996-HS1 RFM2
1996-HS2 RFM2
1996-HS3 RFM2
1995-1 RFM2
1996-RHS4 RFM2
1997-HI1 RFM2
1997-HS2 RFM2
1997-HI3 RFM2
1997-GMACM4 RFM2
1997-HS5 RFM2
1998-HS1 RFM2
1998-HI2 RFM2
1998-HS3 RFM2
1998-RS1 RFM2
- ->
Item 7. Financial Statements and Exhibits (a) See attached monthly reports.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES II, INC.
By: /s/Davee Olson
Name: Davee Olson
Title: Chief Financial Officer
Dated December 25, 1998
<PAGE>
SIGNATURES
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 thereunto duly authorized.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES II, INC.
By:
Name: Davee Olson
Title: Chief Financial Officer
Dated: December 25, 1998
<PAGE>
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. (COMPANY)
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES SERIES 1996-HS2(POOL # 50025)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 50025
_______________________________________________________________________________
PRINCIPAL CURRENT
ORIGINAL BALANCE BEFORE PASS-THROUGH PRINCIPAL
CLASS CUSIP FACE VALUE DISTRIBUTION RATE DISTRIBUTION
_______________________________________________________________________________
A-1 76110VAC2 74,000,000.00 0.00 6.950000 % 0.00
A-2 76110VAD0 15,000,000.00 0.00 6.950000 % 0.00
A-3 76110VAE8 41,000,000.00 3,865,334.21 7.200000 % 3,865,334.21
A-4 76110VAF5 26,500,000.00 26,500,000.00 7.550000 % 996,553.29
A-5 76110VAG3 9,374,000.00 9,374,000.00 7.850000 % 0.00
A-6 76110VAH1 12,341,000.00 12,341,000.00 7.950000 % 0.00
A-L 76110VAK4 20,152,179.00 20,152,179.00 7.600000 % 0.00
IO 76110VAJ7 0.00 0.00 1.700000 % 0.00
R-I 0.00 0.00 0.000000 % 0.00
R-II 0.00 5,653,464.61 0.000000 % 0.00
- -------------------------------------------------------------------------------
198,367,179.00 77,885,977.82 4,861,887.50
===============================================================================
_______________________________________________________________________________
REMAINING
INTEREST TOTAL DEFERRED REALIZED PRINCIPAL
DISTRIBUTION DISTRIBUTION INTEREST LOSSES BALANCE
_______________________________________________________________________________
A-1 0.00 0.00 0.00 0.00 0.00
A-2 0.00 0.00 0.00 0.00 0.00
A-3 23,192.01 3,888,526.22 0.00 0.00 0.00
A-4 166,729.17 1,163,282.46 0.00 0.00 25,503,446.71
A-5 61,321.58 61,321.58 0.00 0.00 9,374,000.00
A-6 81,759.13 81,759.13 0.00 0.00 12,341,000.00
A-L 127,630.47 127,630.47 0.00 0.00 20,152,179.00
IO 39,312.68 39,312.68 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 200,629.83 200,629.83 0.00 0.00 5,653,464.61
- -------------------------------------------------------------------------------
700,574.87 5,562,462.37 0.00 0.00 73,024,090.32
===============================================================================
_______________________________________________________________________________
AMOUNTS PER $1,000 UNIT
_______________________________________________________________________________
BEGINNING ENDING
BALANCE PRINCIPAL INTEREST TOTAL DEFERRED BALANCE
CLASS FACTOR FACTOR FACTOR DISTRIBUTION INTEREST FACTOR
_______________________________________________________________________________
A-1 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
A-2 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
A-3 94.276444 94.276444 0.565659 94.842103 0.000000 0.000000
A-4 1000.000000 37.605785 6.291667 43.897452 0.000000 962.394216
A-5 1000.000000 0.000000 6.541666 6.541666 0.000000 1000.000000
A-6 1000.000000 0.000000 6.625000 6.625000 0.000000 1000.000000
A-L 1000.000000 0.000000 6.333333 6.333333 0.000000 1000.000000
IO 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
R-I 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
R-II 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000
_______________________________________________________________________________
DETERMINATION DATE 21-December-98
DISTRIBUTION DATE 28-December-98
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC. (COMPANY)
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES 1996-HS2 (POOL # 50025)
STATEMENT TO CERTIFICATEHOLDERS
ADDITIONAL RELATED INFORMATION FOR POOL 50025
_______________________________________________________________________________
SERVICING COMPENSATION RECEIVED BY SUB-SERVICER 31,123.98
SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 4,980.03
SUBSERVICER ADVANCES THIS MONTH 0.00
MASTER SERVICER ADVANCES THIS MONTH 0.00
NUMBER OF PRINCIPAL
DELINQUENCIES: LOANS BALANCE
(A) ONE MONTHLY PAYMENT: 41 1,083,099.56
(B) TWO MONTHLY PAYMENTS: 9 193,944.56
(C) THREE OR MORE MONTHLY PAYMENTS: 6 123,893.97
FORECLOSURES
NUMBER OF LOANS 0
AGGREGATE PRINCIPAL BALANCE 0.00
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS AFTER
DISTRIBUTION 73,024,090.32
AGGREGATE NUMBER OF LOANS IN THE POOL AS OF THE
DETERMINATION DATE 2,569
NUMBER OF REO LOANS ACQUIRED
INCLUDING ANY PENDING CASH LIQUIDATIONS 0
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH
FORECLOSURE OR GRANT OF A DEED IN LIEU OF
FORECLOSURE, INCLUDING ANY PENDING CASH LIQUIDATIONS 0.00
REMAINING SUBCLASS INTEREST SHORTFALL 0.00
CLASS A SHORTFALL (PRINCIPAL) 0.00
CLASS A SHORTFALL (INTEREST) 0.00
TOTAL PREPAYMENTS INCLUDED IN THIS DISTRIBUTION 0.00
TOTAL REPURCHASES INCLUDED IN THIS DISTRIBUTION 80,413.32
DISTRIBUTION PERCENTAGES:
SENIOR SUBORDINATE
PERCENTAGE FOR CURRENT DISTRIBUTION 0.00000000 % 7.25864240 %
CURRENT PREPAYMENT PERCENTAGE 100.00000000 % 0.00000000 %
PERCENTAGE FOR NEXT DISTRIBUTION 92.25808280 % 7.74191720 %
CLASS IO - STRIP PASS-THROUGH FOR NEXT DISTRIBUTION 0.0000 %
BANKRUPTCY AMOUNT AVAILABLE 0.00
FRAUD AMOUNT AVAILABLE 0.00
SPECIAL HAZARD AMOUNT AVAILABLE 0.00
ENDING GROSS WEIGHTED AVERAGE INTEREST RATE 0.00000000
ENDING WEIGHTED AVERAGE MATURITY, IN MONTHS 0.00
POOL TRADING FACTOR: 36.81258691
................................................................................
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ASSET SECURITIES CORPORATION (COMPANY)
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 1998-RS1(POOL # 4328)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 4328
_______________________________________________________________________________
PRINCIPAL CURRENT
ORIGINAL BALANCE BEFORE PASS-THROUGH PRINCIPAL
CLASS CUSIP FACE VALUE DISTRIBUTION RATE DISTRIBUTION
_______________________________________________________________________________
A 241,665,155.00 241,665,155.00 5.884000 % 5,345,646.77
R 4,931,942.62 4,931,942.62 0.000000 % 0.00
- -------------------------------------------------------------------------------
246,597,097.62 246,597,097.62 5,345,646.77
===============================================================================
_______________________________________________________________________________
REMAINING
INTEREST TOTAL DEFERRED REALIZED PRINCIPAL
DISTRIBUTION DISTRIBUTION INTEREST LOSSES BALANCE
_______________________________________________________________________________
A 1,500,955.43 6,846,602.20 0.00 0.00 236,319,508.23
R 0.00 0.00 130,333.23 0.00 5,062,275.85
- -------------------------------------------------------------------------------
1,500,955.43 6,846,602.20 130,333.23 0.00 241,381,784.08
===============================================================================
_______________________________________________________________________________
AMOUNTS PER $1,000 UNIT
_______________________________________________________________________________
BEGINNING ENDING
BALANCE PRINCIPAL INTEREST TOTAL DEFERRED BALANCE
CLASS FACTOR FACTOR FACTOR DISTRIBUTION INTEREST FACTOR
_______________________________________________________________________________
A 1000.000000 22.120056 6.210889 28.330945 0.000000 977.879944
R 1000.000000 0.000000 0.000000 0.000000 26.426348 1026.426348
_______________________________________________________________________________
DETERMINATION DATE 21-December-98
DISTRIBUTION DATE 28-December-98
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ASSET SECURITIES CORPORATION (COMPANY)
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES 1998-RS1 (POOL # 4328)
STATEMENT TO CERTIFICATEHOLDERS
ADDITIONAL RELATED INFORMATION FOR POOL 4328
_______________________________________________________________________________
SERVICING COMPENSATION RECEIVED BY SUB-SERVICER 74,418.32
SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 0.00
SPREAD 0.00
SUBSERVICER ADVANCES THIS MONTH 128,927.60
MASTER SERVICER ADVANCES THIS MONTH 0.00
NUMBER OF PRINCIPAL
DELINQUENCIES: LOANS BALANCE
(A) ONE MONTHLY PAYMENT: 68 7,115,136.52
(B) TWO MONTHLY PAYMENTS: 36 4,733,313.55
(C) THREE OR MORE MONTHLY PAYMENTS: 30 3,021,523.76
FORECLOSURES
NUMBER OF LOANS 1
AGGREGATE PRINCIPAL BALANCE 172,115.51
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS AFTER
DISTRIBUTION 241,381,784.08
AGGREGATE NUMBER OF LOANS IN THE POOL AS OF THE
DETERMINATION DATE 1,621
NUMBER OF REO LOANS ACQUIRED
INCLUDING ANY PENDING CASH LIQUIDATIONS 0
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH
FORECLOSURE OR GRANT OF A DEED IN LIEU OF
FORECLOSURE, INCLUDING ANY PENDING CASH LIQUIDATIONS 0.00
REMAINING SUBCLASS INTEREST SHORTFALL 0.00
CLASS A SHORTFALL (PRINCIPAL) 0.00
CLASS A SHORTFALL (INTEREST) 0.00
TOTAL PREPAYMENTS INCLUDED IN THIS DISTRIBUTION 4,473,395.35
TOTAL REPURCHASES INCLUDED IN THIS DISTRIBUTION 448,130.32
DISTRIBUTION PERCENTAGES:
SENIOR SUBORDINATE
PERCENTAGE FOR CURRENT DISTRIBUTION 97.99999970 % 2.00000030 %
CURRENT PREPAYMENT PERCENTAGE 100.00000000 % 0.00000000 %
PERCENTAGE FOR NEXT DISTRIBUTION 97.90279290 % 2.09720710 %
BANKRUPTCY AMOUNT AVAILABLE 100,000.00
FRAUD AMOUNT AVAILABLE 7,397,913.00
SPECIAL HAZARD AMOUNT AVAILABLE 2,465,971.00
ENDING GROSS WEIGHTED AVERAGE INTEREST RATE 7.78457000
ENDING WEIGHTED AVERAGE MATURITY, IN MONTHS 242.30
POOL TRADING FACTOR: 97.88508722
................................................................................
