-----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, KlyKfDQNpp9hMo9X9fpQIa7uN2g0sJ/1yJaVlSIMiB5gugQItCoLki6+y42xEPZG hrR32yBZIDh6hxZTb+DWqg== 0001072993-99-000077.txt : 19990402 0001072993-99-000077.hdr.sgml : 19990402 ACCESSION NUMBER: 0001072993-99-000077 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENPOINT CREDIT CORP CENTRAL INDEX KEY: 0001066112 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: SEC FILE NUMBER: 333-59731 FILM NUMBER: 99582885 BUSINESS ADDRESS: STREET 1: 10089 WILLOW CREEK RD CITY: SAN DIEGO STATE: CA ZIP: 1001692131 BUSINESS PHONE: 6195309394 MAIL ADDRESS: STREET 1: 90 PARK AVE STREET 2: C/O GREENPOINT BANK CITY: NEW YORK STATE: NY ZIP: 10016 10-K 1 10-K CONFORMED WITH EXHIBITS SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE - ----- ACT OF 1934 (FEE REQUIRED) For the fiscal year ended December 31, 1998 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR (15d) OF THE SECURITIES - ----- EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the transition period from ___________ to ___________________________ Commission file number 333-59731 GREENPOINT CREDIT CORP. Seller and Servicer (as Seller and Servicer of certain Manufactured Housing Contracts conveyed to a certain trust which trust issued) 6.635% GreenPoint Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class I A GreenPoint Credit Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class II A (Principal and interest payable on the 15th of each month beginning in December, 1998) ............................................................ (Exact name of registrant as specified in its charter) GREENPOINT CREDIT CORP - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) DELAWARE - -------------------------------------------------------------------------------- (state or other jurisdiction of incorporation) 333-59731 - -------------------------------------------------------------------------------- (commission file number) 13-4002891 - -------------------------------------------------------------------------------- (I.R.S. Employer Identification Number) 10089 Willow Creek Road San Diego, CA 92131 (619) 530-9394 - -------------------------------------------------------------------------------- (address and telephone number of registrant's principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered ------------------- ----------------------------------------- None None ------ ------ Securities registered pursuant to Section 12(g) of the Act: Title of each class Name of each exchange on which registered ------------------- ----------------------------------------- None None ------ ------ Indicate by check mark whether the registrant 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 /1/ -------------- Aggregate market value of voting stock held by non-affiliates of the Registrant: Not applicable. Documents Incorporated by Reference: None Number of shares of Registrant's common stock outstanding as of December 31, 1998: Not applicable. Item 1. Business GreenPoint Credit Corp. (the "Registrant") is filing this Annual Report on Form 10-K in its capacity as Seller of certain Manufactured Housing Contracts (the "Contracts") conveyed to a trust (the "Series 1998-1 Trust"). The Series 1998-1 Trust issued the GreenPoint Credit Manufactured Housing Contract Pass-Through Certificates, Series 1998-1, Class I A, GreenPoint Credit Manufactured Housing Contract Pass-Through Certificates, Series 1998-1 Class II A pursuant to a Pooling and Servicing Agreement dated as of November 1, 1998 (the "Series 1998-1 Agreement"), between the Registrant, as Seller and Servicer, and The First National Bank of Chicago, as Trustee (the "Trustee"). The Class A Certificates evidence undivided beneficial interests in the Trust Fund established by the 1998-1 Agreement. Item 2. Properties Reference is hereby made to the Annual Statement as to Compliance delivered to the Trustee with respect to the Series 1998-1 Trust (the "Annual Statement as to Compliance"), filed as Exhibit 99.1 to this Annual Report on Form 10-K. Item 3. Legal Proceedings The Registrant was a party to no material pending legal proceedings during the period covered by this Annual Report and during such period knew of no other material pending legal proceedings involving the Series 1998-1 Trust, the manufactured housing contracts contained in such Trust (the "Contract Pool"), or with respect to the Contract Pool, the Trustee or the Servicer other than ordinary routine litigation incidental to the Trustee's or the Servicer's duties under the Series 1998-1 Agreement. Item 4. Submission of Matters to a Vote of Security Holders The Registrant knows of no vote or consent of holders of any Certificate that was solicited for any purpose during the calendar year covered by this Annual Report on Form 10-K. PART II Item 5. Market for Registrant's Common Equity and Related Stockholder Matters (a) There is no established public trading market for the Class A Certificates. (b) As of December 31, 1998, the Certificates were held of record by 1 Depository Trust Company Participants. 1 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized. GREENPOINT CREDIT CORP. BY: /s/ Charles O. Ryan -------------------------------------------------- Name: Charles O. Ryan Title: Senior Vice President Dated: March 29, 1999 San Diego, California Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following person on behalf of the Registrant and in the capacity and on the date indicated. GREENPOINT CREDIT CORP. BY: /s/ Charles O. Ryan -------------------------------------------------- Name: Charles O. Ryan Title: Senior Vice President Dated: March 29, 1999 San Diego, California 2 EXHIBIT INDEX
Sequentially Exhibit No. Description Numbered Page - ----------------- ------------------------------------- ----------------------------- 99.1 Annual Statement as to Compliance for the Series1998-1 Trust for the year ended December 31, 1998. 99.2 Annual Servicing Report for the Series 1998-1 Trust for the year ended December 31, 1998. 99.3 Aggregate Payment Amounts for Calendar Year 1998
3 EX-99.1 2 ANNUAL STATEMENT EXHIBIT 99.1 ANNUAL STATEMENT AS TO COMPLIANCE The undersigned certifies that she is an Assistant Vice President of GreenPoint Credit Corp. (the "Servicer") and that, as such, she is duly authorized to execute and deliver this certificate on behalf of the Servicer pursuant to Section 4.20 of the Pooling and Servicing Agreement (the "Agreement"), dated as of November 1, 1998 between GreenPoint Credit Corp., Contract Seller and Sevicer and The First National Bank of Chicago, as Trustee of the Trust 1998-1, (all capitalized terms used herein without definition having the respective meanings specified in the Agreement) and further certifies that: 1. I have reviewed the activities for the period ending December 31, 1998 and performance under this agreement has been made under such officer's supervision under Section 4.20 of the Agreement; and 2. To the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement throughout such period. IN WITNESS WHEREOF, I have affixed hereunto my signature this 28th day of February, 1999 GREENPOINT CREDIT CORP. By__________________________________ Mary Churley Assistant Vice President and Manager Investor Servicing EX-99.2 3 ANNUAL SERVICING REPORT EXHIBIT 99.2 GREENPOINT CREDIT CORPORATION REPORT ON MORTGAGE LOANS SERVICED FOR OTHERS OCTOBER 1, 1998 - DECEMBER 31, 1998 REPORT OF INDEPENDENT ACCOUNTANTS February 22, 1999 To the Board of Directors and Stockholders of GreenPoint Credit Corporation We have examined management's assertion about GreenPoint Credit Corporation'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 three months ended December 31, 1998 included - ------- in the accompanying management assertion for the loan servicing pools listed in Attachment A. Management is responsible for GreenPoint Credit Corporation'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 GreenPoint Credit Corporation'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 GreenPoint Credit Corporation's compliance with the minimum servicing standards. In our opinion, management's assertion that GreenPoint Credit Corporation complied with the aforementioned minimum servicing standards for the loan servicing pools listed in Attachment A, as of and for the three months ended December 31, 1998 is fairly stated, in all materials respects. GreenPoint Credit Corporation Report on Loans Serviced for others December 31, 1998 ================================================================================ ATTACHMENT A ========================================================================================================================== Merrill Lynch Mortgage Investors Manufactured Housing Contracts Pass-Through Certificate Series 1988-J - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1988-P - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1989-C - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1989-E - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1989-G - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-A - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-C - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-F - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1990-H - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1991-A - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Manufactured Housing Contract Pass-Through Certificate Series 1991-C - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing contract Pass-Through Certificate Series 1991-2 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1991-3 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-1 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-2 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-3 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates Series 1995-1 - -------------------------------------------------------------------------------------------------------------------------- Greenwich Capital Acceptance, Inc. Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1995-BA1 - -------------------------------------------------------------------------------------------------------------------------- BankAmerica Manufactured Housing Contract Trust Senior/Subordinate Pass-Through Certificates, Series 1996-1 - -------------------------------------------------------------------------------------------------------------------------- BankAmerica Manufactured Housing Contract Trust II Senior/Subordinate Pass-Through Certificates, Series 1997-1 - -------------------------------------------------------------------------------------------------------------------------- BankAmerica Manufactured Housing Contract Trust III Senior/Subordinate Pass-Through Certificates, Series 1997-2 - -------------------------------------------------------------------------------------------------------------------------- BankAmerica Manufactured Housing Contract Trust IV Senior/Subordinate Pass-Through Certificates, Series 1998-1 - -------------------------------------------------------------------------------------------------------------------------- BankAmerica Manufactured Housing Contract Trust V Senior/Subordinate Pass-Through Certificates, Series 1998-2 - -------------------------------------------------------------------------------------------------------------------------- GreenPoint Manufactured Housing Contract Trust Pass-Through Certificates, Series 1998-1 - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital Inc., Manufactured Housing Contracts - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Capital Inc. Manufactured Housing Contract Pass-Through Certificate Series 1991-2 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1990-1 - -------------------------------------------------------------------------------------------------------------------------- Security Pacific Acceptance Corporation Manufactured Housing Contract Pass-Through Certificate Series 1991-1 - -------------------------------------------------------------------------------------------------------------------------- Resolution Trust Corporation Manufactured Housing Contract Pass-Through Certificate Series 1992-MH1 - -------------------------------------------------------------------------------------------------------------------------- DLJ Mortgage Capital Manufactured Home Loan Backed Securities Series 1992-MH1 - -------------------------------------------------------------------------------------------------------------------------- Home Owners Federal Savings and Loan Association Manufactured Housing Contract Pass-Through Certificates, Series 1988-A - -------------------------------------------------------------------------------------------------------------------------- Series 1991-1, Manufactured Housing Residual Interest Trust - -------------------------------------------------------------------------------------------------------------------------- Western Savings and Loan Association Manufactured Housing Contract Pass-Through Certificate Series 1987-1 - -------------------------------------------------------------------------------------------------------------------------- Western Savings and Loan Association Manufactured Housing Contract Pass-Through Certificate Series 1988-1 - -------------------------------------------------------------------------------------------------------------------------- Western Saving and Loan Association Manufactured Housing Contract Pass-Through Certificate Series 1988-2 - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Inc. Manufactured Housing Contract Pass-Through Certificate Series 1988-R - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Inc. Manufactured Housing Contract Pass-Through Certificate Series 1988-U - -------------------------------------------------------------------------------------------------------------------------- Merrill Lynch Mortgage Investors Inc. Manufactured Housing Contract Pass-Through Certificate Series 1989-A - -------------------------------------------------------------------------------------------------------------------------- Master Sale and Servicing Agreement dated as of June 9, 1988 - -------------------------------------------------------------------------------------------------------------------------- General Electric Credit Corporation Manufactured Housing Portfolio Grantor Trust Pass-Through Certificates Series 1987-P1 - -------------------------------------------------------------------------------------------------------------------------- General Electric Credit Corporation Manufactured Housing Portfolio Grantor Trust Pass-Through Certificates Series 1988-MH1 - -------------------------------------------------------------------------------------------------------------------------- General Electric Credit Corporation Manufactured Housing Portfolio Grantor Trust Pass-Through Certificates Series 1988-MH2 ==========================================================================================================================
EX-99.3 4 AGGEGRATE PAYMENT AMOUNTS EXHIBIT 99.3 GREENPOINT MANUFACTURED HOUSING CONTRACT TRUST PASS THROUGH CERTIFICATES SERIES 1998-1 AGGREGATE PAYMENT AMOUNTS FOR CALENDAR YEAR January 1, 1998 to December 31, 1998
PRINCIPAL DISTRIBUTIONS: CLASS I A CLASS II A -------------------- ---------------------- Scheduled Principal Reduction 1,148,947.26 531,790.39 Partial Principal Prepayments 355,434.20 156,334.41 Principal Prepayments In Full 5,159,223.66 3,406,123.95 Contract Liquidations 62,402.03 51,932.48 Contract Repurchases 0.00 0.00 Previously Undistributed Shortfalls 0.00 0.00 -------------------- ---------------------- TOTAL PRINCIPAL DISTRIBUTION: $6,726,007.15 $4,146,181.23 ==================== ====================== INTEREST DISTRIBUTIONS: CLASS I A CLASS II A -------------------- ---------------------- Interest Distribution Amount 5,270,309.87 1,934,309.80 Unpaid Interest Shortfall 0.00 0.00 TOTAL INTEREST DISTRIBUTION: 5,270,309.87 1,934,309.80 ==================== ====================== Class I A Class II A -------------- --------------- 1998 Distribution Allocable to Principal 6,726,007.15 4,146,181.23 1998 Distributions Allocable to Interest 5,270,309.87 1,934,309.80 12/31/98 Remaining Principal Balance 471,248,059.66 245,602,634.43
Number and aggregate remaining principal balance of Contracts with payments delinquent:
Days Delinquent Number Aggregate Remaining Principal Balance --------------- -------- -------------------------------------- 31 - 59 183 6,420,645.13 60 - 89 47 1,578,261.00 90 or more 0 0.00
Aggregate amount of servicing fees and expenses payable out of the trust for 1998: 1,209,444.43 The number of contracts that were repurchased or replaced during 1998 0 1998 Aggregate Principal Balance of All Contracts repossessed or foreclosed upon 1,295,293.66 The balance in the Reserve Account as of 12/31/98 0.00 1998 Cumulative Realized Losses 68,540.05 The amount of any outstanding Monthly Advance Amount as of 12/31/98 0.00 1998 amounts deposited to Reserve Account 0.00
The pool scheduled principal balance, expressed as a percentage 98.5059988% of the Cut-Off Date pool principal balance The number of Manufactured Homes Currently held by the Servicer due to Repossessions 38 and the aggregate principal balance of the related defaulted Contracts 1,180,438.30
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