-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BB6A5qDUdSV2kMVpJdxBDe3fBuWb5dIUXxcYCb8kQfyTi6Jx+IZg3yTKXH03rxO7 2fs7cLI3f8hYNxzb16nzmQ== 0001056404-99-000072.txt : 19990113 0001056404-99-000072.hdr.sgml : 19990113 ACCESSION NUMBER: 0001056404-99-000072 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981228 ITEM INFORMATION: FILED AS OF DATE: 19990112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCWEN MORTGAGE LOAN ASSET BACKED CERT SERIES 1998 OFS1 CENTRAL INDEX KEY: 0001058244 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-44067-01 FILM NUMBER: 99504953 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 3016967900 MAIL ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERICK STATE: MD ZIP: 21703 8-K 1 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): December 28, 1998 OCWEN MORTGAGE LOAN Asset Backed Certificates, Series 1998-1 Trust New York (governing law of 333-44067-01 52-2094143 Pooling and Servicing Agreement) (Commission 52-2094145 (State or other File Number) 52-2094147 jurisdiction 52-2094150 IRS EIN c/o Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway 21044 Columbia, MD (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 December 28, 1998 a distribution was made to holders of OCWEN MORTGAGE LOAN, Asset Backed 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 Asset Backed Certificates, Series 1998-1 Trust, relating to the December 28, 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. OCWEN MORTGAGE LOAN Asset Backed 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: 1/8/99 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 1998-1 Trust, relating to the December 28, 1998 distribution. EX-99.1 2
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES Mortgage Pass-Through Certificates Record Date: 11/30/98 Distribution Date: 12/28/98 OCW 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 A 67574TAC5 SEN_FL 5.23734% 102,000,863.13 489,695.43 3,337,719.79 B 67574TAF8 JUN_FL 6.29234% 10,491,329.00 60,513.76 0.00 M-1 67574TAD3 MEZ_FL 5.49234% 13,719,000.00 69,070.29 0.00 M-2 67574TAE1 MEZ_FL 5.69234% 11,701,000.00 61,055.56 0.00 OC OCW9801OC SEN_IO 0.00000% 0.00 481,461.97 0.00 R-I OCW9801R1 SEN_FL 0.00000% 0.00 0.00 0.00 R-II OCW9801R2 SEN_FL 0.00000% 0.00 0.00 0.00 R-III OCW9801R3 SEN_FL 0.00000% 0.00 0.00 0.00 R-IV OCW9801R4 SEN_FL 0.00000% 0.00 0.00 0.00 OV_COLL OCW9801OC JUN_WA 0.00000% 3,066,606.27 0.00 0.00 Totals 140,978,798.40 1,161,797.01 3,337,719.79
Certificateholder Distribution Summary (continued) Class Loss Balance Distribution Losses A 0.00 98,663,143.34 3,827,415.22 0.00 B 0.00 10,491,329.00 60,513.76 0.00 M-1 0.00 13,719,000.00 69,070.29 0.00 M-2 0.00 11,701,000.00 61,055.56 0.00 OC 0.00 0.00 481,461.97 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 R-IV 0.00 0.00 0.00 0.00 OV_COLL 0.00 3,066,606.27 0.00 147,507.01 Totals 0.00 137,641,078.61 4,499,516.80 147,507.01 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.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A 125,489,000.00 102,000,863.13 70,820.72 3,266,899.07 0.00 0.00 B 10,491,329.00 10,491,329.00 0.00 0.00 0.00 0.00 M-1 13,719,000.00 13,719,000.00 0.00 0.00 0.00 0.00 M-2 11,701,000.00 11,701,000.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 0.00 R-IV 0.00 0.00 0.00 0.00 0.00 0.00 OV_COLL 0.90 3,066,606.27 0.00 0.00 0.00 0.00 Totals 161,400,329.90 140,978,798.40 70,820.72 3,266,899.07 0.00 0.00 (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.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A 3,337,719.79 98,663,143.34 0.78622942 3,337,719.79 B 0.00 10,491,329.00 1.00000000 0.00 M-1 0.00 13,719,000.00 1.00000000 0.00 M-2 0.00 11,701,000.00 1.00000000 0.00 OC 0.00 0.00 0.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-III 0.00 0.00 0.00000000 0.00 R-IV 0.00 0.00 0.00000000 0.00 OV_COLL 0.00 3,066,606.27 3,407,340.300000 0.00 Totals 3,337,719.79 137,641,078.61 0.85279304 3,337,719.79
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 125,489,000.00 812.82712533 0.56435799 26.03335009 0.00000000 B 10,491,329.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 13,719,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 11,701,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-IV 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OV_COLL 0.90 3407340300.00000 0.00000000 0.00000000 0.00000000 (2) All denominations are Per $1000
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 26.59770809 786.22941724 0.78622942 26.59770809 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 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 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OV_COLL 0.00000000 0.00000000 3,407,340,300.000 3407340.30000000 0.00000000 (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.
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 A 125,489,000.00 5.23734% 102,000,863.13 489,695.43 0.00 0.00 B 10,491,329.00 6.29234% 10,491,329.00 60,513.76 0.00 0.00 M-1 13,719,000.00 5.49234% 13,719,000.00 69,070.29 0.00 0.00 M-2 11,701,000.00 5.69234% 11,701,000.00 61,055.56 0.00 0.00 OC 0.00 0.00000% 0.00 0.00 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 R-III 0.00 0.00000% 0.00 0.00 0.00 0.00 R-IV 0.00 0.00000% 0.00 0.00 0.00 0.00 OV_COLL 0.90 0.00000% 3,066,606.27 0.00 0.00 0.00 Totals 161,400,329.90 680,335.04 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A 0.00 0.00 489,695.43 0.00 98,663,143.34 B 0.00 0.00 60,513.76 0.00 10,491,329.00 M-1 0.00 0.00 69,070.29 0.00 13,719,000.00 M-2 0.00 0.00 61,055.56 0.00 11,701,000.00 OC 0.00 0.00 481,461.97 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 R-III 0.00 0.00 0.00 0.00 0.00 R-IV 0.00 0.00 0.00 0.00 0.00 OV_COLL 0.00 0.00 0.00 0.00 3,066,606.27 Totals 0.00 0.00 1,161,797.01 0.00 (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.
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 A 125,489,000.00 5.23734% 812.82712533 3.90229765 0.00000000 0.00000000 B 10,491,329.00 6.29234% 1000.00000000 5.76797849 0.00000000 0.00000000 M-1 13,719,000.00 5.49234% 1000.00000000 5.03464465 0.00000000 0.00000000 M-2 11,701,000.00 5.69234% 1000.00000000 5.21797795 0.00000000 0.00000000 OC 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-IV 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OV_COLL 0.90 0.00000% 3407340300.000000 0.00000000 0.00000000 0.00000000 (5) All Classes are Per $1000 Denomination
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A 0.00000000 0.00000000 3.90229765 0.00000000 786.22941724 B 0.00000000 0.00000000 5.76797849 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 5.03464465 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 5.21797795 0.00000000 1000.00000000 OC 0.00000000 0.00000000 1203654925000.00 0.00000000 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 R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-IV 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OV_COLL 0.00000000 0.00000000 0.00000000 0.00000000 3407340300.000000 (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.
[/TABLE]
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 4,580,623.36 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Total Deposits 4,580,623.36 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 81,106.55 Payment of Interest and Principal 4,499,516.81 Total Withdrawals (Pool Distribution Amount) 4,580,623.36 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 58,741.18 Special Servicer Fee 20,750.00 Trustee Fee 1,615.37 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 81,106.55
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Reserve Fund 1,000.00 0.00 0.00 1,000.00
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 32 3,296,056.44 2.595296% 2.394675% 60 Days 18 1,460,071.95 1.459854% 1.060782% 90+ Days 2 160,203.86 0.162206% 0.116392% Foreclosure 81 7,539,675.04 6.569343% 5.477780% REO 10 997,678.17 0.811030% 0.724840% Totals 143 13,453,685.46 11.597729% 9.774470%
OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 147,507.01 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 10.348897% Weighted Average Net Coupon 9.848896% Weighted Average Pass-Through Rate 9.835146% Weighted Average Maturity(Stepdown Calculation ) 346 Begin Scheduled Collateral Loan Count 1,261 Number Of Loans Paid In Full 28 End Scheduled Collateral Loan Count 1,233 Begining Scheduled Collateral Balance 140,978,798.40 Ending Scheduled Collateral Balance 137,641,078.61 Ending Actual Collateral Balance at 30-Nov-1998 137,743,441.84 Monthly P &I Constant 1,286,633.22 Ending Scheduled Balance for Premium Loans 137,641,078.61 Required Overcollateralization Amount 0.00 Overcollateralization Increase Amount 0.00 Overcollateralization reduction Amount 0.00 Specified O/C Amount 3,066,606.27 Overcollateralized Amount 3,066,606.27 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 481,461.97
Principal Prepayments 3,266,899.07 Loans in Bankruptcy 30 Aggregate Unpaid Principal balance of 4,079,753.17 Bankruptcies
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