-----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, SkpjV4Uhr84e9R9xLrsEZPBRswewiBD1nEvmvc1xJ5n4oXmQ9b1N+1TTrfP44YCw Q7CMFsKUU5owmPtx9L6EMA== 0000929624-99-002025.txt : 19991122 0000929624-99-002025.hdr.sgml : 19991122 ACCESSION NUMBER: 0000929624-99-002025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991015 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEADLANDS HOME EQUITY LOAN TR 1998-2 REV HOME EQ LN AS BK NO CENTRAL INDEX KEY: 0001087811 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 680397342 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-28031-01 FILM NUMBER: 99761184 BUSINESS ADDRESS: STREET 1: 700 LARSPUR LANDING CIRCLE STREET 2: STE 240 CITY: LARKSPUR STATE: CA ZIP: 94939 MAIL ADDRESS: STREET 1: 700 LARKSPUR LANDING CIRCLE STREET 2: STE 240 CITY: LARKSPUR STATE: CA ZIP: 94939 8-K 1 FORM 8-K 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 October 15, 1999 Date of Report (Date of Earliest Event Reported) Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity Loan Trust 1998-2 Revolving Home Equity Loan Asset-Backed Notes, Series 1998-2) HEADLANDS MORTGAGE SECURITIES INC. ---------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 333-28031-3 68-0397342 -------- ----------- ---------- (State or Other Jurisdiction (Commission File Number) I.R.S. Employer of Incorporation (Identification No.) 700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939 ---------------------------------------------------------- (Address of Principal Executive Offices) (415) 461-6790 -------------- (Registrant's Telephone Number, Including Area Code) Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) INFORMATION TO BE INCLUDED IN THE REPORT Item 5. Other Events ------------ Headlands Mortgage Securities Inc. (the "Company") has previously registered the offer and sale of the Headlands Home Equity Loan Trust 1998-2 Revolving Home Equity Loan Asset-Backed Notes Series, 1998-2 (the "Series 1998-2 Notes"). The following exhibit which relates specifically to the Series 1998- 2 Notes is included with this Current Report: Item 7(c). Exhibits -------- 10.1 Monthly Payment Date Statement distributed to holders of Series 1998-2 Notes dated October 15, 1999. SIGNATURE 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. Date: November 17, 1999 HEADLANDS MORTGAGE SECURITIES INC. By: /s/ Gilbert J. MacQuarrie --------------------------------------- Gilbert J. MacQuarrie Vice President, Treasurer and Secretary (Principal Financial Officer and and Principal Accounting Officer) EXHIBIT INDEX Exhibit Number Page Number - -------------- ----------- 10.1 Monthly Payment Date Statement distributed to holders of Series 1998-2 Notes dated October 15, 1999................. 5 EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT Exhibit 10.1
- --------------------------------------------------------------------------------------------------------------------------- HEADLANDS STATEMENT TO NOTEHOLDERS MORTGAGE =========================================================================================================================== Revolving Home Equity Loan LIBOR: 5.38000% Current Collection Period: 09/01/99-09/30/99 Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98 Series 1998-2 Class A-1 Note Rate: 6.03000% Original Closing Date: 12/29/98 Class A-2 Note Rate: 6.51000% Distribution Date: 10/15/99 Class A-3 Note Rate: 6.67000% Record Date: 10/14/99 Interest Period 3/15/99 thru 4/14/99: 30 PoolFactor: 77.1169558% ===========================================================================================================================
BALANCES Beginning HELOC Pool Balance 112,025,721.13 Beginning Second Lien Pool Balance 65,657,972.50 Beginning HLTV Pool Balance 42,433,076.94 Beginning Class A-1 Note Balance -- CUSIP 422093AG9 107,262,147.96 Beginning Class A-2 Note Balance -- CUSIP 422093AH7 61,265,746.93 Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 37,187,467.47 Ending HELOC Pool Balance 107,513,619.22 Ending Second Lien Pool Balance 63,382,072.85 Ending HLTV Pool Balance 41,761,273.36 Ending Class A-1 Note Balance -- CUSIP 422093AG9 102,750,046.05 Ending Class A-2 Note Balance -- CUSIP 422093AH7 58,798,605.35 Ending Class A-3 Note Balance -- CUSIP 422093AJ3 36,382,330.80 Additional Balances Class A-1 1,516,830.23 Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0 Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00 Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0 Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00 Number of all Subsequent HELOC Mortgage Loans (Current Date) 0 Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00 Number of all Subsequent Second Lien Mortgage Loans (Current Date) 0 Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00 Number of all Subsequent HLTV Mortgage Loans (Current Date) 0 Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00 Cumulative Number of ALL Subsequent Mortgage Loans 1830 Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43 Beginning Loan Count 6,103 Ending Loan Count 5,938 COLLECTION AMOUNTS Class A-1 Aggregate of All Mortgage Collections 7,006,064.14 Total Mortgage Interest Collections 1,073,809.38 Servicing Fees (current collection period) (46,677.38) Mortgage Principal Collections 5,978,932.14 Pre-Funded Balance 0.00 0.00 Total Mortgage Principal Collections 5,978,932.14
COLLECTION AMOUNTS Class A-2 Aggregate of All Mortgage Collections 2,811,429.44 Total Mortgage Interest Collections 580,696.10 Servicing Fees (current collection period) (27,357.49) Mortgage Principal Collections 2,258,090.83 Pre-Funded Balance 0.00 0.00 Total Mortgage Principal Collections 2,258,090.83 COLLECTION AMOUNTS Class A-3 Aggregate of All Mortgage Collections 1,024,636.71 Total Mortgage Interest Collections 449,396.31 Servicing Fees (current collection period) (17,680.45) Mortgage Principal Collections 592,920.85 Pre-Funded Balance 0.00 Total Mortgage Principal Collections 592,920.85 TOTAL COLLECTION AMOUNT Aggregate of All Mortgage Collections 10,933,845.61 Total Mortgage Interest Collections 2,103,901.79 Mortgage Principal Collections 8,829,943.82 Pre-Funded Balance 0.00 Total Mortgage Principal Collections 8,829,943.82 DISTRIBUTION AMOUNTS Class A-1 Class A-1 Note Interest 538,992.29 Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00 Class A-1 Note Reserve Fund Amount 419,963.82 Maximum Principal Payment 4,462,101.91 Scheduled Principal Collection 0.00 Accelerated Principal Distribution Amount 0.00 Loan Loss 50,000.00 HELOC Overcollateralization Deficit 0.00 Total Certificateholders Distribution Allocable to Principal 4,512,101.91 DISTRIBUTION AMOUNTS Class A-2 Class A-2 Note Interest 332,366.68 Class A-2 Note Upaid Interest Shortfall (current cycle) 0.00 Class A-2 Note Reserve Fund Amount 0.00 Maximum Principal Payment 2,258,090.83 Scheduled Principal Collection 0.00 Accelerated Principal Distribution Amount 191,241.93 Loan Loss 17,808.82 HELOC Overcollateralization Deficit 0.00 Total Certificateholders Distribution Allocable to Principal 2,467,141.58 DISTRIBUTION AMOUNTS Class A-3 Class A-3 Note Interest 206,700.34 Class A-3 Note Unpaid Interest Shortfall (current cycle) 0.00 Class A-3 Note Reserve Fund Amount 0.00 Maximum Principal Payment 592,920.85 Scheduled Principal Collection Payment 0.00 Accelerated Principal Distribution Amount 133,333.09
Loan Loss 78,882.73 HLTV Lien Overcollateralization Deficit 0.00 Total Certificateholders Distribution Allocable to Principal 805,136.67 TOTAL DISTRIBUTION AMOUNT Class A Note Interest 1,078,059.31 Class A Note Unpaid Interest Shortfall (current cycle) 0.00 Class A Note Reserve Fund Amount 419,963.82 Maximum Principal Payment 7,313,113.59 Scheduled Principal Collection Payment 0.00 Accelerated Principal Distribution Amount 342,575.02 Overcollateralization Deficit 0.00 Total Certificateholders Distribution Allocable to Principal 7,637,688.61 LOSSES/RETRANSFERS Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00 Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00 Unpaid Class A-3 Note Interest Shortfall Due (From Previous Distributions) 0.00 Interest Earned on Shortfall @ applicable Certificate Rate 0.00 Investor Loss Reduction Amount (from Previous Distributions) 0.00 DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION) Class A-1 Total Class A-1 Note Distribution Amount Allocable to Interest 4.0205135 Interest Distribution Amount 4.0205135 Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000 Total Class A-1 Note Distribution Amount Allocable to Principal 33.6571913 Maximum Principal Payment 33.2842255 Scheduled Principal Collections Payment 0.0000000 Loan Loss 0.3729658 Accelerated Principal Distribution Amount 0.0000000 Class A-2 Total Class A-2 Note Distribution Amount Allocable to Interest 4.2288445 Interest Distribution Amount 4.2288445 Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000 Total Class A-2 Note Distribution Amount Allocable to Principal 31.3905055 Maximum Principal Payment 28.7306627 Scheduled Principal Collections Payment 0.0000000 Loss Loan 0.2265893 Accelerated Principal Distribution Amount 2.4332535 Class A-3 Total Class A-3 Note Distribution Amount Allocable to Interest 4.6969170 Interest Distribution Amount 4.6969170 Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) .0000000
Total Class A-3 Note Distribution Amount Allocable to Principal 18.2953744 Maximum Principal Payment 13.4731274 Scheduled Principal Collection Payment 0.0000000 Loan Loss 1.7924771 Accelerated Principal Distribution Amount 3.0297698 Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000 Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000 Total Interest Amount Distributed to Class A Certificateholder 12.9462750 Total Principal Amount Distributed to Class A Certificateholder 83.3430711 Credit Enhancement Draw Amount 0 DELINQUENCIES/FORECLOSURES Class A-1 Number of Mortgages 30 to 59 Days Delinquent 43 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,743,971.24 Number of Mortgages 60 to 89 Days Delinquent 0 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent - Number of Mortgages 90 to 179 or more Days Delinquent 2 Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 130,582.12 Number of Mortgages 180 or more Days Delinquent 1 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 50,000.00 Number of Mortgage Loans in Foreclosure 5 Aggregate Principal Balances of Mortgage Loans in Foreclosure 264,977.89 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50,000.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00 Class A-2 Number of Mortgages 30 to 59 Days Delinquent 25 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,176,927.58 Number of Mortgages 60 to 89 Days Delinquent 4 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 196,240.39 Number of Mortgages 90 to 179 or more Days Delinquent 2 Aggregate Principal Balances of 90 to 179 or more Days Delinquent 86,170.89 Number of Mortgages 180 or more Days Delinquent 2 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 71,839.27 Number of Mortgage Loans in Foreclosure 3 Aggregate Principal Balances of Mortgage Loans in Foreclosure 117,210.26 Book Value of Real Estate Acquired Through or Grant of a Deed 0.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00 Class A-3 Number of Mortgages 30 to 59 Days Delinquent 31 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,164,794.46 Number of Mortgages 60 to 89 Days Delinquent 11 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 391,841.74 Number of Mortgages 90 to 179 or more Days Delinquent 3 Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 76,932.52 Number of Mortgages 180 or more Days Delinquent 4 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 109,274.20 Number of Mortgage Loans in Foreclosure 14 Aggregate Principal alances of Mortgage Loans in Foreclosure 523,239.68 Book Value of Real Estate Acquired Through or Grant of a Deed 0.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES Number of Mortgages 30 to 59 Days Delinquent 99 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,085,693.28 Number of Mortgages 60 to 89 Days Delinquent 15 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 588,082.13 Number of Mortgages 90 to 179 or more Days Delinquent 7 Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 293,685.53 Number of Mortgages 180 or more Days Delinquent 7 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 231,113.47 Number of Mortgage Loans in Foreclosure 22 Aggregate Principal Balances of Mortgage Loans in Foreclosure 905,427.83 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50000.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00 ================================================================================================== Class A-1 Note Rate For Next Distribution LIBOR 5.40625% 6.05625% PRE-FUNDED ACCOUNT ACTIVITY Beginning Balance Pre Funding Account 0.00 Remaining Amount for Distribution to Classes 0.00 Withdrawal for Subsequent Loan Purchase: 0.00 Ending Balance Pre Funding Account 0.00 Pre-Funding Period: From Closing Date thru the 2/15/99 RESERVE FUND ACTIVITY Class A-1 Reserve Fund Beginning Balance 1,016,330.23 Class A-1 Reserve Fund Deposit/Withdrawal 419,963.82 Class A-1 Reserve Fund Ending Balance 1,436,294.05 Class A-2 Reserve Fund Beginning Balance 0.00 Class A-2 Reserve Fund Deposit/Withdrawal 0.00 Class A-2 Reserve Fund Ending Balance 0.00 Class A-3 Reserve Fund Beginning Balance 0.00 Class A-3 Reserve Fund Deposit/Withdrawal 0.00 Class A-3 Reserve Fund Ending Balance 0.00
================================================================================================================================== HEADLANDS MORTGAGE SERVICING CERTIFICATE ================================================================================================================================== Revolving Home Equity Loan LIBOR: 5.38000% Current Collection Period: 09/01/99-09/ 30/99 Asset-Backed Notes Margin: 0.65000% P&S Agreement Date: 12/1/98 Series 1998-2 Class A-1 Note Rate: 6.03000% Original Closing Date: 12/29/98 Class A-2 Note Rate: 6.51000% Distribution Date: 10/15/99 Class A-3 Note Rate: 6.67000% Record Date: 10/14/99 Interest Period 09/15/99 thru 10/14/99: 30 Pool Factor: 77.1169558% Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 2,041,531.37 Class A-1 Premium Fee Rate: 0.19000% Initial Class A-2 O/C Amt: 2,430,777.93 Class A-2 Premium Fee Rate: 0.22000% Initial Class A-3 O/C Amt: 3,312,404.71 Class A-3 Premium Fee Rate: 0.40000% Class A-1 O/C Amt as of Pmt Date: 4,763,573.17 Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt Date: 4,583,467.50 Class A-1 Weighted Avg Loan Rate: 11.31282% Class A-3 O/C Amt as of Pmt Date: 5,378,942.56 Class A-2 Weighted Avg Loan Rate: 11.05673% Class A-1 WAM: 213 Class A-3 Weighted Avg Loan Rate: 13.44539% Class A-2 WAM: 169 Total Management Fee 1,000.00 Class A-3 WAM: 249 ==============================================================================================================================
BALANCES Beginning HELOC Pool Balance 112,025,721.13 Beginning Second Lien Pool Balance 65,657,972.50 Beginning HLTV Pool Balance 42,433,076.94 Beginning Class A-1 Note Balance -- CUSIP 422093AG9 107,262,147.96 Beginning Class A-2 Note Balance -- CUSIP 422093AH7 61,265,746.93 Beginning Class A-3 Note Balance -- CUSIP 422093AJ3 37,187,467.47 Overcollateralization Amount 4,090,874.72 Overcollateralization Loan Amount 0.00 Ending HELOC Pool Balance 107,513,619.22 Ending Second Lien Pool Balance 63,382,072.65 Ending HLTV Pool Balance 41,761,273.36 Ending Class A-1 Note Balance -- CUSIP 422093AG9 102,750,046.05 Ending Class A-2 Note Balance -- CUSIP 422093AH7 58,798,605.35 Ending Class A-3 Note Balance -- CUSIP 422093AJ3 36,382,330.80 Additional Balances Class A-1 1,516,830.23 Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0 Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00 Cumulative Number of all Retransferred Mortgage 0 Loans (From Previous Distributions) Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00 Number of all Subsequent HELOC Mortgage Loans (Current Date) 0 Subsequent HELOC Mortgage Loan Asset Balance (Current Date) Number of all Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00 Number of all Subsequent HLTV Mortgage Loans (Current Date) 0 Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00 Cumulative Number of ALL Subsequent Mortgage Loans 1,830 Cumulative Subsequent Mortgage Loan Asset Balance 64,876,717.43 Beginning Loan Count 6,103 Ending Loan Count 5,938
COLLECTION AMOUNTS Class A-1 1 Aggregate of All Mortgage Collections (Gross) 7,052,741.52 2 Total Mortgage Interest Collections (Gross) 1,073,809.38 Servicing Fees (current collection period) 46,677.38 Deferred Interest Transfer (DI) 0.00 3a Mortgage Principal Collections 5,978,932.14 3b Pre-Funded Balance 0.00 3c Net Liquidation Proceeds 0.00 3 Total Mortgage Principal Collections 5,978,932.14 Aggregate of Transfer Deposits 0.00 Investor Loss Amount 50,000.00 Aggregate Investor Loss Reduction Amount 50,000.00 COLLECTION AMOUNTS Class A-2 1 Aggregate of All Mortgage Collections (Gross) 2,838,786.93 2 Total Mortgage Interest Collections (Gross) 580,696.10 Servicing Fees (current collection period) 27,357.49 Deferred Interest Transfer (DI) 0.00 3a Mortgage Principal Collections 2,258,090.83 3b Pre-Funded Balance 0.00 3c Net Liquidation Proceeds 0.00 3 Total Mortgage Principal Collections 2,258,090.83 Aggregate of Transfer Deposits 0.00 Investor Loss Amount 17,808.82 Aggregate Investor Loss Reduction Amount 87,564.64 COLLECTION AMOUNTS Class A-3 1 Aggregate of All Mortgage Collections (Gross) 1,042,317.16 2 Total Mortgage Interest Collections (Gross) 449,396.31 Servicing Fees (current collection period) 17,680.45 Deferred Interest Transfer (DI) 0.00 3a Mortgage Principal Collections 592,920.85 3b Pre-Funded Balance 0.00 3c Net Liquidation Proceeds 0.00 3 Total Mortgage Principal Collections 592,920.85 Aggregate of Transfer Deposits 0.00 Investor Loss Amount 78,882.73 Aggregate Investor Loss Reduction Amount 171,262.30 TOTAL COLLECTION AMOUNT 1 Aggregate of All Mortgage Collections (Gross) 10,933,845.61 2 Total Mortgage Interest Collections (Gross) 2,103,901.79 Servicing Fees (current collection period) 91,715.32 Deferred Interest Transfer (DI) 0.00 3a Mortgage Principal Collections 8,829,943.82 3b Insurance Proceeds 0.00 3c Net Liquidation Proceeds 0.00 3 Total Mortgage Principal Collections 8,829,943.82 Aggregate of Transfer Deposits 0.00 Investor Loss Amount 146,691.55 Aggregate Investor Loss Reduction Amount 308,826.94 Class A-1 Net Interest Collection 1,027,132.00 Class A-2 Net Interest Collection 553,338.61 Class A-3 Net Interest Collection 431,715.86
DISTRIBUTION AMOUNTS Class A-1 Class A-1 Note Interest 8.6 (d)(iv) 538,992.29 Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00 Class A-1 Note Reserve Fund Amount 419,963.82 Investor Loss Amount 50,000.00 Previous Investor Loss Amount 0.00 Monthly Credit Enhancer Premium 8.6 (d)(ii) 16,983.17 Credit Enhancer Reimbursement 0.00 Accelerated Principal Distribution Amount 0.00 Spread Account Deposit 0.00 Indenture Trustee Fee 8.6 (d)(i) 670.39 Management Fee 8.6 (d)(iii) 522.32 Payment to Servicer 0.00 Deferred Interest 0.00 Remaining Amount to Transferor 0.00 Total Certificateholders Distribution Allocable to Interest 1,027,132.00 Maximum Principal Payment 4,462,101.91 Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin Amt) 8.6(d)(v) 0.00 Accelerated Principal Distribution Amount 0.00 Loan Loss 50,000.00 HELOC Overcollateralization Deficit 8.6 (d)(vi) 0.00 Total Certificateholders Distribution Allocable to Principal 4,512,101.91 DISTRIBUTION AMOUNTS Class A-2 Class A-2 Note Interest 8.6 (d)(iv) 332,366.68 Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00 Class A-2 Note Reserve Fund Amount 0.00 Investor Loss Amount 17,808.82 Previous Investor Loss Amount 0.00 Monthly Credit Enhancer Premium 8.6 (d)(ii) 11,232.05 Credit Enhancer Reimbursement 0.00 Accelerated Principal Distribution Amount 191,241.93 Spread Account Deposit 0.00 Indenture Trustee Fee 8.6 (d)(i) 382.91 Management Fee 8.6 (d)(iii) 306.22 Payment to Servicer 0.00 Deferred Interest 0.00 Remaining Amount to Transferor 0.00 Total Certificateholders Distribution Allocable to Interest 553,338.61 Maximum Principal Payment 2,258,090.83 Scheduled Principal Collection Payment ((x) the excess of Max Prin Pymt (y) the Second Pool O/C Redctin Amt) 8.6(d)(v) 0.00 Accelerated Principal Distribution Amount 191,241.93 Loan Loss 17,808.82 Second Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00 Total Certificateholders Distribution Allocable to Principal 2,467,141.58 DISTRIBUTION AMOUNTS Class A-3 Class A-3 Note Interest 8.6 (d)(iv) 206,700.34 Class A-3 Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00 Class A-3 Note Reserve Fund Amount 0.00 Investor Loss Amount 5.01(iii) 78,882.73
Previous Investor Loss Amount 5.01(iv) 0.00 Monthly Credit Enhancer Premium 8.6 (d)(ii) 12,395.82 Credit Enhancer Reimbursement 5.01(vi) 0.00 Accelerated Principal Distribution Amount 5.01(vii) 133,333.09 Spread Account Deposit 5.01(viii) 0.00 Indenture Trustee Fee 8.6 (d)(i) 232.42 Management Fee 8.6 (d)(iii) 171.46 Payment to Servicer per Section 7.03 5.01 (x) 0.00 Deferred Interest 5.01 (xi) 0.00 Remaining Amount to Transferor 5.01 (xii) 0.00 Total Certificateholders Distribution Allocable to Interest 431,715.86 Maximum Principal Payment 592,920.85 Scheduled Principal Collection Payment 0.00 Accelerated Principal Distribution Amount 133,333.09 Loan Loss 78,882.73 HLTV Lien Overcollateralization Deficit 8.6 (d)(vi) 0.00 Total Certificateholders Distribution Allocable to Principal 805,136.67 TOTAL DISTRIBUTION AMOUNT Class A Note Interest 8.6 (d)(iv) 1,078,059.31 Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00 Class A Note Reserve Fund Amount 419,963.82 Investor Loss Amount 5.01(iii) 146,691.55 Previous Investor Loss Amount 5.01(iv) 0.00 Monthly Credit Enhancer Premium 8.6 (d)(ii) 40,611.05 Credit Enhancer Reimbursement 5.01(vi) 0.00 Accelerated Principal Distribution Amount 5.01(vii) 324,575.02 Spread Account Deposit 5.01(viii) 0.00 Indenture Trustee Fee 8.6 (d)(i) 1,285.72 Management Fee 8.6 (d)(iii) 1,000.00 Payment to Servicer per Section 7.03 5.01 (x) 0.00 Deferred Interest 5.01 (xi) 0.00 Remaining Amount to Transferor 5.01 (xii) 0.00 Total Certificateholders Distribution Allocable to Interest 2,012,186.47 Maximum Principal Payment 7,313,113.59 Scheduled Principal Collection Payment 0.00 Accelerated Principal Distribution Amount 324,575.02 Loan Loss 146,691.55 Overcollateralization Deficit 8.6 (d)(vi) 0.00 Total Certificateholders Distribution Allocable to Principal 7,784,380.16 LOSSES/RETRANSFERS Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00 Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00 Unpaid Class A-3 Note Interest Shortfall Due (From Previous Distributions) 0.00 Interest Earned on Shortfall @ applicable Certificate Rate 0.00 Investor Loss Reduction Amount (From Previous Distributions) 0.00 DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION) Class A-1 Total Class A-1 Note Distribution Amount Allocable to Interest 4.0205135 Interest Distribution Amount 4.0205135 Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 33.6571913 Maximum Principal Payment 33.2842255 Scheduled Principal Collections Payment 0.0000000 Loan Loss 0.3729658 Accelerated Principal Distribution Amount 0.0000000 Class A-2 Total Class A-2 Note Distribution Amount Allocable to Interest 4.2288445 Interest Distribution Amount 4.2288445 Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000 Total Class A-2 Note Distribution Amount Allocable to Principal 31.3905055 Maximum Principal Payment 28.7306627 Scheduled Principal Collections Payment 0.0000000 Loan Loss 0.2265893 Accelerated Principal Distribution Amount 2.4332535 Class A-3 Total Class A-3 Note Distribution Amount Allocable to Interest 4.6969170 Interest Distribution Amount 4.6969170 Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000 Total Class A-3 Note Distribution Amount Allocable to Principal 18.2953744 Maximum Principal Payment 13.4731274 Scheduled Principal Collections Payment 0.0000000 Loan Loss 1.7924771 Accelerated Principal Distribution Amount 3.0297698 Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000 Investor Loss Reduction Amounts after Current Distribution (Carryover) 0.0000000 Total Interest Amount Distributed to Class A Certificateholder 12.9462750 Total Principal Amount Distributed to Class A Certificateholder 83.3430711 Credit Enhancement Draw Amount 0.00 DELINQUENCIES/FORECLOSURES Class A-1 Number of Mortgages 30 to 59 Days Delinquent 43 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,743,971.24 Number of Mortgages 60 to 89 Days Delinquent 0 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 0.00 Number of Mortgages 90 to 179 Days Delinquent 2 Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 130,582.12 Number of Mortgages 180 or more Days Delinquent 1 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 50,000.00 Number of Mortgages Loans In Foreclosure 5 Aggregate Principal Balances of Mortgages Loans In Foreclosure 264,977.89 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50,000.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2 Number of Mortgages 30 to 59 Days Delinquent 25 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,743,927.58 Number of Mortgages 60 to 89 Days Delinquent 4 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 196,240.39 Number of Mortgages 90 to 179 Days Delinquent 2 Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 86,170.89 Number of Mortgages 180 or more Days Delinquent 2 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 71,839.27 Number of Mortgages Loans In Foreclosure 3 Aggregate Principal Balances of Mortgages Loans In Foreclosure 117,210.28 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00 Class A-3 Number of Mortgages 30 to 59 Days Delinquent 31 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,164,794.46 Number of Mortgages 60 to 89 Days Delinquent 11 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 391,841.74 Number of Mortgages 90 to 179 Days Delinquent 3 Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 76,932.52 Number of Mortgages 180 or more Days Delinquent 4 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 109,274.20 Number of Mortgages Loans In Foreclosure 14 Aggregate Principal Balances of Mortgages Loans In Foreclosure 523,239.68 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00 TOTAL DELINQUENCIES/FORECLOSURES Number of Mortgages 30 to 59 Days Delinquent 99 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,085,693.28 Number of Mortgages 60 to 89 Days Delinquent 15 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 688.082.13 Number of Mortgages 90 to 179 Days Delinquent 7 Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 293,685.53 Number of Mortgages 180 or more Days Delinquent 7 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 231,113.47 Number of Mortgages Loans In Foreclosure 22 Aggregate Principal Balances of Mortgages Loans In Foreclosure 905,427.83 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 50,000.00 Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00 ========================================================================================================== PRE-FUNDED ACCOUNT ACTIVITY Beginning Balance Pre-funded Account 0.00 Remaining Amount for Distribution to Classes 0.00 Withdrawal for Subsequent Loan Purchase: 0.00 Ending Balance Pre-funded Account 0.00 Pre-Funding Period: From Closing Date thru the 2/15/99 RESERVE FUND ACTIVITY Class A-1 Reserve Fund Beginning Balance 1,016,330.23 Class A-1 Reserve Fund Deposit/Withdrawal 419,963.82 Class A-1 Reserve Fund Ending Balance 1,436,294.05
Class A-2 Reserve Fund Beginning Balance 0.00 Class A-2 Reserve Fund Deposit/Withdrawal 0.00 Class A-2 Reserve Fund Ending Balance 0.00 Class A-3 Reserve Fund Beginning Balance 0.00 Class A-3 Reserve Fund Deposit/Withdrawal 0.00 Class A-3 Reserve Fund Ending Balance 0.00
OFFICER'S CERTIFICATE All Computations reflected in this Servicer Certificate were made in conformity with the Pooling and Servicing Agreement. The Attached Servicing Certificate is true and correct in all material respects. ----------------------------------------------- A Servicing Officer Teri Martine -----END PRIVACY-ENHANCED MESSAGE-----