-----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, GgaKkBk1JMQesFG6whC3UZP96QZPjMECg1ZYsiiof/1jmZRJRWxLdePb6+Q2RCv+ TkV3lSbXETZ8wL+U4ab9nA== 0001056404-99-000077.txt : 19990113 0001056404-99-000077.hdr.sgml : 19990113 ACCESSION NUMBER: 0001056404-99-000077 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: MORTGAGE LENDERS NETWK HM EQ LN TR AST BCK NTS SER 1998-1 TR CENTRAL INDEX KEY: 0001061497 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-27355-03 FILM NUMBER: 99504965 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 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 MORTGAGE LENDERS HOME EQUITY LOAN TRUST Asset Backed Certificates, Series 1998-1 Trust New York (governing law of 333-27355-03 PENDING Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) jurisdiction 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 MORTGAGE LENDERS HOME EQUITY LOAN TRUST, 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. MORTGAGE LENDERS HOME EQUITY LOAN TRUST Asset Backed Certificates, Series 1998-1 Trust By: Norwest Bank Minnesota, N.A., as Manager By: /s/ Sherri J. Sharps, Vice president By: Sherri J. Sharps, Vice president Date: 12/29/1998 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
Mortgage Lenders Network Mortgage Pass-Through Certificates Record Date: 11/30/1998 Distribution Date: 12/28/1998 MLN 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 61913JAA4 SEN 6.75500% 104,923,709.79 590,633.05 1,770,003.32 R MLN98001R OC 0.00000% 302.37 0.00 0.00 Totals 104,924,012.16 590,633.05 1,770,003.32
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A 0.00 103,153,706.47 2,360,636.37 0.00 R 0.00 302.37 0.00 0.00 Totals 0.00 103,154,008.84 2,360,636.37 0.00 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 120,000,000.00 104,923,709.79 113,413.64 1,656,589.68 0.00 0.00 R 302.37 302.37 0.00 0.00 0.00 0.00 Totals 120,000,302.37 104,924,012.16 113,413.64 1,656,589.68 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 1,770,003.32 103,153,706.47 0.85961422 1,770,003.32 R 0.00 302.37 1.00000000 0.00 Totals 1,770,003.32 103,154,008.84 0.85961457 1,770,003.32
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A 120,000,000.00 874.36424825 0.94511367 13.80491400 0.00000000 R 302.37 1000.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are Per $1,000 Denomination
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A 0.00000000 14.75002767 859.61422058 0.85961422 14.75002767 R 0.00000000 0.00000000 1,000.00000000 1.00000000 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 120,000,000.00 6.75500% 104,923,709.79 590,633.05 0.00 0.00 R 302.37 0.00000% 302.37 0.00 0.00 0.00 Totals 120,000,302.37 590,633.05 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 0.00 590,633.05 0.00 103,153,706.47 R 0.00 0.00 0.00 0.00 302.37 Totals 0.00 0.00 590,633.05 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 120,000,000.00 6.75500% 874.36424825 4.92194208 0.00000000 0.00000000 R 302.37 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are Per $1,000 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 4.92194208 0.00000000 859.61422058 R 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 (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.
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 2,197,879.43 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 222,199.09 Realized Losses 0.00 Total Deposits 2,420,078.52 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 59,442.15 Payment of Interest and Principal 2,360,636.37 Total Withdrawals (Pool Distribution Amount) 2,420,078.52 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 44,545.35 Pool Insurance Fee 13,115.00 Trustee Fee 1,781.80 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 59,442.15
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 79 4,741,396.00 4.595695% 4.500212% 60 Days 24 1,540,872.00 1.396161% 1.462491% 90+ Days 4 215,542.00 0.232693% 0.204578% Foreclosure 44 2,206,130.00 2.559628% 2.093909% REO 10 1,144,446.32 0.581734% 1.086231% Totals 161 9,848,386.32 9.365910% 9.347421%
OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 94,586.69 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 222,199.09
SUBORDINATION LEVEL/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE Current Next Original $ Original % Current $ Current % Class% Prepayment% Class A 0.00 0.00000000% 0.00 0.00000000% 97.906513% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 9.772510% Weighted Average Net Coupon 9.272510% Weighted Average Pass-Through Rate 9.252510% Weighted Average Maturity(Stepdown Calculation ) 218 Beginning Scheduled Collateral Loan Count 1,744 Number Of Loans Paid In Full 25 End Scheduled Collateral Loan Count 1,719 Beginning Scheduled Collateral Balance 106,908,830.48 Ending Scheduled Collateral Balance 105,359,391.67 Ending Actual Collateral Balance at 30-Nov-1998 105,359,391.67 Monthly P &I Constant 984,053.35 Class A Optimal Amount 2,373,751.37 Ending Scheduled Balance for Premium Loans 105,359,391.67 Required Overcollateralization Amount 5,400,013.61 Overcollateralization Increase Amount 0.00 Overcollateralization reduction Amount 0.00 Specified O/C Amount 0.00 Overcollateralized Amount 1,985,120.69 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 220,564.51 Excess Cash Amount 220,564.51
Bankruptcy 28 $1,784,520.00 Aggregate Balance - 3 largest loans $651,523.86 Rolling Loss Percentage .0788% Delinquency Percentage 4.321% Overcollateralization Deficit $0.00 Overcollateralization Surplus $0.00
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