-----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, VEskcX+NwF8xzsOCtzf/yGNDjnD8ay70pRx8Qv1MVItCs3zrL6uWqOBsALiy3z9M DAHXulZL3acY8hNZOuv6ng== 0001056404-99-000792.txt : 19991223 0001056404-99-000792.hdr.sgml : 19991223 ACCESSION NUMBER: 0001056404-99-000792 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19991222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORWEST INTEGRATED STRUCT ASSETS INC PASS THRU SER 1998-1 TR CENTRAL INDEX KEY: 0001065093 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 522107125 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 333-17801-01 FILM NUMBER: 99779239 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA N A 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 10-K/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A Amendment No.1 (Mark One) / x / ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 or / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 333-17801-01 Norwest Integrated Structured Assets, Inc. Mortgage Pass-Through Certificates Series 1998-1 Trust (Exact name of registrant as specified in its charter) New York 52-2107125 (State or other jurisdiction (I.R.S. Employer of incorporation or Identification No.) organization) c/o Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, Maryland 21044 (Address of principal executive offices) (ZIP Code) Registrant's telephone number, including area code: (410) 884-2000 Securities to be registered pursuant to Section 12(b) of the Act: NONE Securities to be registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ___ This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report on Form 10-K (the "Original Form 10-K") filed on March 25, 1999, on behalf of Norwest Integrated Structured Assets, Inc. Mortgage Pass-Through Certificates Series 1998-1 Trust established pursuant to a Pooling and Servicing Agreement among NORWEST INTEGRATED STRUCTURED ASSETS, INC. (Seller) and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (Master Servicer) and FIRST UNION NATIONAL BANK (Trustee) pursuant to which the Norwest Integrated Structured Assets, Inc. Mortgage Pass-Through Certificates Series 1998-1 Trust registered under the Securities Act of 1933 (the "Certificates") were issued. Item 14 of the Original Form 10-K is amended to read in its entirety as follows: Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) Exhibits (99.1) Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 1998. a) CITICORP MTG INC b) FT MTG COMPANIES c) HOMESIDE LENDING INC (FL) d) NORWEST MTG INC e) SUN TRUST MTG INC (99.2) Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 1998. a) CITICORP MTG INC b) FT MTG COMPANIES c) HOMESIDE LENDING INC (FL) d) NORWEST MTG INC e) SUN TRUST MTG INC (99.3) Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 1998. a) CITICORP MTG INC b) FT MTG COMPANIES c) HOMESIDE LENDING INC (FL) d) NORWEST MTG INC e) SUN TRUST MTG INC (99.4) Aggregate Statement of Principal and Interest Distributions to Certificate Holders. (b) On October 7, 1998, November 10, 1998, and December 4, 1998, reports on Form 8-K were filed by the Company in order to provide the statements for the monthly distributions to holders of the Certificates. No other reports on Form 8-K have been filed during the last quarter of the period covered by this report. Filed herewith. Previously filed. SIGNATURE Pursuant to the requirements of Section 13 or 15(d) 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: Norwest Integrated Structured Assets, Inc. Mortgage Pass-Through Certificates Series 1998-1 Trust Signed: Norwest Bank Minnesota, N.A., as Master Servicer By: Sherri J. Sharps, Vice president By: /s/ Sherri J. Sharps, Vice president Dated: December 15, 1999 Exhibits Exhibit No. 99.1 Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 1998. a) CITICORP MTG INC b) FT MTG COMPANIES c) HOMESIDE LENDING INC (FL) d) NORWEST MTG INC e) SUN TRUST MTG INC 99.2 Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 1998. a) CITICORP MTG INC b) FT MTG COMPANIES c) HOMESIDE LENDING INC (FL) d) NORWEST MTG INC e) SUN TRUST MTG INC 99.3 Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 1998. a) CITICORP MTG INC b) FT MTG COMPANIES c) HOMESIDE LENDING INC (FL) d) NORWEST MTG INC e) SUN TRUST MTG INC 99.4 Aggregate Statement of Principal and Interest Distributions to Certificate Holders. Filed herewith. Previously filed. EX-99.1(A) 2 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (LOGO) KPMG 10 South Broadway Suite 900 St Louis, MO 63102-1761 Telephone 314 444 1400 Fax 314 444 1470 Independent Accountants' Report The Board of Directors Citicorp Mortgage, Inc.: We have examined management's assertion about Citicorp Mortgage, Inc. (an indirect wholly owned subsidiary of Citigroup) and subsidiaries' (the Company) compliance with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 1998 included in the accompanying management assertion. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that Citicorp Mortgage, Inc. and subsidiaries complied in all material respects with the aforementioned minimum servicing standards as of and for the year ended December 31, 1998 is fairly stated, in all material respects. KPMG LLP March 2, 1999 EX-99.1(B) 3 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT ARTHUR ANDERSEN LLP (logo) REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Stockholder of FT Mortgage Companies: We have examined management's assertion about FT Mortgage Companies' (the "Company") compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that the Company had in effect a fidelity bond policy in the amount of $70,000,000 and an errors and omissions policy in the amount of $50,000,000 as of and for the year ended December 31,1998, included in the accompanying management assertion letter. Management is responsible for the Company's compliance with those minimum servicing standards and for maintaining a fidelity bond and errors and omissions policy. Our responsibility is to express an opinion on management's assertion about the Company's compliance with the minimum servicing standards and maintenance of a fidelity bond and errors and omissions policy based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, except for the matters disclosed therein, management's assertion that the Company complied with the aforementioned minimum servicing standards and that the Company had in effect a fidelity bond policy in the amount of $70,000,000 and an errors and omissions policy in the amount of $50,000,000 as of and for the year ended December 31, 1998, is fairly stated, in all material respects. Arthur Andersen, LLP Memphis, Tennessee, February 12, 1999. EX-99.1(C) 4 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (logo) KPMG Peat Marwick LLP Suite 2700, Independent Square One Independent Drive RO. Box 190 Jacksonville, FL 32201-0190 Independent Auditors' Report The Board of Directors HomeSide Lending, Inc.: We have examined management's assertion about HomeSide Lending, Inc. and subsidiaries' (the Company's) compliance with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage-Bankers and that the Company had in effect a fidelity bond and errors and omissions policy in the amount of $76 million and $20 million, respectively, as of September 30, 1998 and for the period from February 11, 1998 through September 30, 1998, included in the accompanying management assertion letter. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about, the Company's compliance with the minimum, servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that HomeSide Lending, Inc. and subsidiaries have complied in all material respects with the aforementioned minimum servicing standards and that the Company had in effect a fidelity bond and errors and omissions policy in the amount of $76 million and $20 million, respectively, as of September 30, 1998 and for the period from February 11, 1998 through September 30, 1998 is fairly stated, in all material respects. KPMG Peat Marwick LLP December 11, 1998 (logo) EX-99.1(D) 5 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (LOGO) KPMG Peat Marwick LLP 2500 Ruan Center RO. Box 772 Des Moines, IA 50303 INDEPENDENT AUDITORS' REPORT The Board of Directors Norwest Mortgage, Inc.: We have examined management's assertion about Norwest Mortgage Banking's compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1998, included in the accompanying management assertion. Management is responsible for Norwest Mortgage Banking's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Norwest Mortgage Banking's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Norwest Mortgage Banking's compliance with the minimum servicing standards. In our opinion, management's assertion that Norwest Mortgage Banking complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1998, is fairly stated, in al1 material respects. KPMG Peat Marwick LLP January 19, 1999 EX-99.1(E) 6 ANNUAL INDEPENDANT ACCOUNTANT'S SERVICING REPORT (LOGO) ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To SunTrust Mortgage, Inc.: We have examined management's assertion about SUNTRUST MORTGAGE, INC.'S compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Banks ("USAP") and that the Company, had in effect a fidelity bond and errors and omissions policy in the amounts of $100,000,000 and $20,000,000, respectively, as of and for the year ended December 31, 1998, included in the accompanying management assertion. Management is responsible for the Company's compliance with those minimum servicing standards and for maintaining a fidelity bond and errors and omissions policy. Our responsibility is to express an opinion on management's assertion about the entity's compliance with the minimum servicing standards and maintenance of a fidelity bond and errors and omissions policy based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination of the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards and that the Company had in effect a fidelity bond and errors and omissions policy in the amounts of $100,000,000 and $20,000,000, respectively, as of and for the year ended December 31, 1998 is fairly stated in all material respects. ARTHUR ANDERSEN LLP Atlanta, Georgia February 3, 1999 EX-99.2(A) 7 REPORT OF MANAGEMENT (LOGO) Citicorp Mortgage. Inc. 12855 N. Outer Forty Drive MS 822 St. Louis, MO 63141 As of and for the year ended December 31, 1998, Citicorp Mortgage, Inc. (an indirect wholly owned subsidiary of Citigroup) and subsidiaries (the Company) has complied, in all material respects, with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation for Mortgage Bankers. As of and for this same period, the Company had In effect fidelity bond and errors and omissions policies in the amount of $375 million. Very truly yours, CITICORP MORTGAGE, INC. By: Keith McDonald, Director Portfolio Management By: Jim B. Levites, Managing Director (Default Management) By: David B. Lowman. President/Chief Operating Officer By: Carl Levinson, Chairman Chief Executive Officer March 2, 1999 EX-99.2(B) 8 REPORT OF MANAGEMENT (logo) FT Mortgage Companies 2974 LBJ FREEWAY DALLAS, TX 75234 ATLANTIC COAST MORTGAGE CARL I. BROWN MORTGAGE MNC MORTGAGE HOMEBANC MORTGAGE FIRST TENNESSEE MORTGAGE SUNBELT NATIONAL MORTGAGE 972 484-5600 Arthur Andersen L.L.P. 100 Peabody Place, Suite 1100 Memphis, TN 38103-3625 Dear Sirs: As of and for the year ended December 31, 1998, FT Mortgage Companies and its wholly-owned subsidiary, First Tennessee Mortgage Services, Inc. (the "Company") has complied in all material respects, except for the matters disclosed in Exhibit I, with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, the Company had in effect a fidelity bond policy in the amount of $70,000,000 and an errors and omissions policy in the amount of $50,000,000. Gary B. Klinger Chief Financial Officer February 12, 1999 EXHIBIT I Matter #1: The Company is required to maintain a loan servicing file for each of the loans it services. During an inventory of files in prior years, the Company noted several missing files. The situation reported in the prior year still exists. Management Corrective Action The Company maintains collateral documentation files with the document custodians. For the existing portfolio, internal loan servicing files will be recreated as necessary. During 1998, the Company implemented imaging technology which will substantially reduce loss of internal documents in the future. Matter #2: The Company is required to analyze escrow balances for all loans on an annual basis. Testing in prior years revealed a group of loans on which an escrow analysis had not been performed in the preceding 12 months. The situation reported in the prior year still exists. Management Corrective Action Management controls this process through a weekly review of loans requiring escrow analysis and feels the procedures provide proper control. In some cases, loans may be excluded from analysis for a period of time. For example, analysis is not conducted on loans 30 or more days delinquent. Once cured, RESPA permits 60 additional days for completion of analysis. In addition, a "stop" can be placed on a loan pending resolution or a customer research inquiry. EX-99.2(C) 9 REPORT OF MANAGEMENT (logo) HOMESIDE LENDING, INC As of September 30, 1998 and for the period from February 11, 1998 to September 30, 1998, HomeSide Lending, Inc. has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, HomeSide Lending, Inc. had in effect a fidelity bond and errors and omissions policy in the amount of $76 million and $20 million, respectively. William Glasgow, Jr. Executive Vice President December 11, 1998 Date Post Office Box 44090, Jacksonville, FL 32231-4090 904-281.3000 EX-99.2(D) 10 REPORT OF MANAGEMENT (LOGO) Norwest Mortgage, Inc. Home Campus Des Moines, IA 50328 515/221- 7300 Management Assertion As of, and for the year ended December 31, 1998, Norwest Mortgage Banking has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of, and for the same period, Norwest Mortgage Banking had in effect a fidelity bond along with an errors and omissions policy in the amounts of $100 million and $20 million, respectively. Mark C. Oman Chairman and Chief Executive Officer January 19, 1999 Date Robert K. Chapman Executive Vice President and Chief Financial Officer January 19, 1999 Date Mike Heid Executive Vice President Loan Servicing January 19, 1999 Date EX-99.2(E) 11 REPORT OF MANAGEMENT SunTrust Mortgage, Inc. Mail Code CC-502 P.O. Box 4333 Atlanta, GA 30302 Tel (770) 352-5610 Fax (770) 352-5832 Ralph B. Carrigan President, Chief Operating Officer SUNTRUST (LOGO) February 3, 1999 Arthur Andersen LLP 133 Peachtree Street, NE Atlanta, Georgia 30303 Dear Sirs: As of and for the year ended December 31, 1998, SunTrust Mortgage, Inc. has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, SunTrust Mortgage, Inc. had in effect a fidelity bond and errors and omissions policy in the amounts of $100,000,000 and $20,000,000 respectively. Sincerely, Ralph B. Carrigan President/COO RBC/amg EX-99.3(A) 12 ANNUAL STATEMENT OF COMPLIANCE Citicorp Mortgage, Inc. A subsidiary of Citicorp Mail Station 313 P.O. Box 790013 St. Louis, Missouri 63179-0013 (LOGO) March 31, 1999 Investor #6121 and 6123 Attn: Christine A Tincher Norwest Bank 11000 Broken Land Parkway Columbia, MD 21044-3562 OFFICER'S CERTIFICATE RE: Annual Statement as to Compliance: Pursuant to SASCOR Servicing Guide Dear Ms. Tincher: The activities of Citicorp Mortgage, Inc., performed under the above referenced Servicing Guide during the preceding calendar year, have been conducted under my supervision. Based upon a review of those activities and to the best of my knowledge, Citicorp Mortgage, Inc. has fulfilled all of its obligations under this Servicing Guide. Citicorp Mortgage, Inc. By: Patsy M. Barker, Vice President By: Timothy Klingert, Assistant Vice President EX-99.3(B) 13 ANNUAL STATEMENT OF COMPLIANCE ANNUAL SERVICING CERTIFICATION In connection with the loans serviced by FT Mortgage Companies during fiscal year December 31, 1998, we confirm the following to be materially correct and accurate to the best of our knowledge, information and belief: 1. Real estate taxes, special assessments and any charges that may become a lien upon the property and which come due in the last calendar year have been paid. This also includes the verification with taxing authorities for non-escrowed mortgages. 2. FHA insurance premiums or private mortgage insurance premiums, if applicable, have been paid and are in full force and effect. 3. Properties are adequately insured and your interest, as Mortgagee, is properly provided for in the mortgage clause. This includes both flood and hazard insurance. 4. For those loans being escrowed for the payment of taxes and insurance, sufficient amounts are being collected monthly to provide for payment of future items. 5. Property inspections have been completed according to the provisions of our servicing agreement, if applicable. 6. All other provisions of the servicing agreement have been adhered to. 7. To the extent there exist any exceptions to the foregoing that are deemed to be material in nature, such exception(s) will be recited in an Exhibit attached hereto and accompanied by an explanation thereof. In the event no Exhibit is attached hereto, it is to be presumed that no exceptions of a material nature to the foregoing exist. By: (Signature) Linda Williams (Printed Name) Vice President, Escrow Services (Title) March 31, 1999 (Date) EX-99.3(C) 14 ANNUAL STATEMENT OF COMPLIANCE (LOGO) HOMESIDE LENDING, INC. October 16, 1998 Ms. Kimberly J. Wiggins Contracts & Comp. Administrator Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044-3562 Officer's Certificate Fiscal Year Ending 9/30/98 Dear Ms. Wiggins: As an officer of HomeSide Lending, Inc. (HomeSide), I certify to the best of my knowledge to the following for the 1998 fiscal year: 1. I have reviewed the activities and performance of the servicing activities of HomeSide during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of my knowledge, HomeSide has fulfilled all of its duties, responsibilities or obligations under these agreements throughout such year, or if there has been a default or failure of HomeSide to perform any of such duties, responsibilities or obligations, a description of each default or failure and the nature and status thereof has been reported to Norwest Bank Minnesota, N.A.; 2. I have confirmed that HomeSide is currently an approved FNMA or FHLMC servicer in good standing; 3. I have confirmed that the fidelity bond, the errors and omissions insurance policy and any other bonds required under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide are in full force and effect; 4. All premiums for each hazard insurance policy, flood insurance policy (if applicable) and primary mortgage insurance policy (if applicable), with respect to each mortgaged property, have been paid and that all such insurance policies are in full force and effect; 5. All real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid could result in a lien or encumbrance on any mortgaged property, have been paid as and when due. 6. All custodial accounts have been reconciled and are properly funded; and 7. All annual reports of Foreclosure and Abandonment of Mortgage Property required per Section 6050H, 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed. Sincerely, Terry Salazar Vice President lp Post Office Box 44090, Jacksonville, FL 32231-4090 * 904-281-3000 EX-99.3(D) 15 ANNUAL STATEMENT OF COMPLIANCE Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044-3562 Attention: Master Servicing RE: Officer's Certificate Dear Master Servicer:. The undersigned Officer certifies the following for the 1998 fiscal year:. (A) I have reviewed the activities and performance of the Servicer during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of these officers' knowledge, the Servicer has fulfilled all of its duties, responsibilities or obligations under these Agreements throughout such year, or if there has been a default or failure of the servicer to perform any of such duties, responsibilities or obligations, a description of each default or failure and the nature and status thereof has been reported to Norwest Bank Minnesota, N.A.; (B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC servicer in good standing; (C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy and any other bonds required under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide are in full force and effect; (D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage Insurance Policy (if applicable), with respect to each Mortgaged Property, have been paid and that all such insurance policies are in full force and effect; (E) All real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid could result in a lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non-payment has been reported to Norwest Bank Minnesota, N.A.; (F) All Custodial Accounts have been reconciled and are properly funded; and (G) All annual reports of Foreclosure and Abandonment of Mortgage Property required per section 6050H, 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed. Certified By: Officer Vice President Title 4/2/99 Date EX-99.3(E) 16 ANNUAL STATEMENT OF COMPLIANCE (LOGO) Norwest Banks Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044-3562 Attention: Master Servicing RE: Officer's Certificate Dear Master Servicer: The undersigned Officer certifies the following for the 1998 fiscal year: (A) I have reviewed the activities and performance of the Servicer during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to the best of these Officers' knowledge, the Servicer has fulfilled all of its duties, responsibilities or obligations under these Agreements throughout such year, or if there has been a default or failure of the servicer to perform any of such duties, responsibilities or obligations, a description of each default or failure and the nature and status thereof has been reported to Norwest Bank Minnesota, N.A.; (B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC servicer in good standing; (C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy and any other bonds required under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide are in full force and effect; (D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage Insurance Policy (if applicable), with respect to each Mortgaged Property, have been paid and that all such insurance policies are in full force and effect; (E) All real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid could result in a lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non-payment has been reported to Norwest Bank Minnesota, N.A.; (F) All Custodial Accounts have been reconciled and are properly funded; and (G) All annual reports of Foreclosure and Abandonment of Mortgage Property required per section 6050H, 6050J and 6050P of the Internal Revenue Code, respectively, have been prepared and filed. Certified By: Officer VICE PRESIDENT-MANAGER OF SUN TRUST MORTGAGE INC. JULY 27, 1999 Date -----END PRIVACY-ENHANCED MESSAGE-----