HEADLANDS MORTGAGE Statement to Note

 

                                 EXHIBIT 10.1
===================================================================================================================== HEADLANDS MORTGAGE Statement to Noteholders ===================================================================================================================== Revolving Home Equity Loan LIBOR: 5.65625% Current Collection Period: 4-1-98 thru 4-30-98 Asset-Backed Certificates Margin: 0.20000% P&S Agreement Date: 3/1/98 Series 1998-1 Class A Certificate Rate: 5.85625% Original Closing Date: 3/25/98 Class S Certificate Rate: 1.25000% Distribution Date: 5/15/98 Interest Period 4/15/98 thru 30 Record Date: 5/14/98 5/14/98: Weighted Average Loan Rate: 10.51500% Investor Floating 97.64072% Allocation %: Weighted Average Net Loan 8.58750% Investor Fixed Allocation %: 98.00000% Rate: Maximum Rate: 8.58750% Pool Factor: 100.0000000% =====================================================================================================================
BALANCES Beginning Pool 195,494,620.04 Balance Beginning Invested Amount 191,584,000.00 Beginning Class A Note Balance -- CUSIP 422093AC8 191,584,000.00 Beginning Class S Note Balance (Notional Amount) -- CUSIP 422093AD6 191,584,000.00 Ending Pool Balance 194,222,980.03 Ending Invested Amount 191,584,000.00 Certificateholders Subordinated Balance (TSA) 3,910,620.04 Ending Class A Note Balance -- CUSIP 422093AC8 191,584,000.00 Ending Class S Note Balance (Notional Amount) -- CUSIP 422093AD6 191,584,000.00 Additional Balances 4,821,815.64 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 Mortgage Loans (Current Date) 0 Subsequent Mortgage Loan Asset Balance (Current Date) 0.00 Cumulative Number of all Subsequent Mortgage Loans 198 Cumulative Subsequent Mortgage Loan Asset Balance 7,150,711.25 Beginning Loan Count 4,462 Ending Loan Count 4,388 DISTRIBUTION AMOUNTS Total Investor Noteholders Distribution Amount 1,134,536.50 Class A Note Interest Unpaid Class A Note Interest Shortfall (current cycle) 0.00 Investor Loss Amount 0.00 Previous Investor Loss Amount 0.00 Accelerated Principal Distribution Amount 5.01(vii) (if Invested Amount exceeds Class A) 0.00 Scheduled Principal Collection Payment 0.00 Total Class A Note Distribution--CUSIP 934,969.83 Class S Note Interest 199,566.67 Unpaid Class S Note Interest Shortfall (current cycle) 0.00 Total Class S Note Distribution--CUSIP 199,566.67 LOSSES/RETRANSFERS Unpaid Class A Note Interest Shortfall Due (From Previous Distributions) 0.00 Unpaid Class S Note Interest Shortfall Due (From Previous Distributions) 0.00 Interest Earned on Shortfall @ applicable 0.00 Certificate Rate Investor Loss Reduction Amount (From Previous Distributions) 0.00 DISTRIBUTION TO NOTEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION) Total Class A Note Distribution Amount Allocable 4.8802083 to Interest Total Class S Note Distribution Amount Allocable 1.0416667 to Interest Unpaid Noteholders Interest Shortfall Included in Current 0.0000000 Distribution Unpaid Noteholders Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000 Total Class A Note Distribution Amount Allocable to Principal 0.0000000 Scheduled Principal Collections Payment 0.0000000 Accelerated Principal Distribution Amount 0.0000000 Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000 Investor Loss Reduction Amounts after Current Distribution 0.0000000 (carryover) Total Amount Distributed to Class A Noteholder 4.8802083 Total Amount Distributed to Class S Noteholder 1.0416667 Total Amount Distributed to Noteholders 5.9218750 Credit Enhancement Draw Amount 0.00 Class A Service Fee 79,826.67 DELINQUENCIES/FORECLOSURES Number of Mortgages 31 to 60 Days Delinquent 33 Aggregate Principal Balances of Mortgages 31 to 60 Days 1,123,928.00 Delinquent Number of Mortgages 61 to 90 Days Delinquent 3 Aggregate Principal Balances of Mortgages 61 to 90 Days 135,740.00 Delinquent Number of Mortgages 91 to 180 or more Days 2 Delinquent Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 140,525.82 Number of Mortgages 181 or more Days Delinquent 0 Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00 Number of Mortgage Loans in Foreclosure 2 Aggregate Principal Balances of Mortgage Loans in Foreclosure 66,942.80 Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00 Aggregate Trust Balances of any Liquidated Loans in the 0.00 Current Month Class A Rate for next 5.85625% Distribution LIBOR 5.65625% ===================================================================================================================== Spread Account Balance: 488,736.55 Spread Account Transfer to Collection Account: 0.00
====================================================================================================== HEADLANDS SERVICING MORTGAGE CERTIFICATE ====================================================================================================== Revolving Home LIBOR: 5.65625% Current Collection 4-1-98 thru 4-30-98 Equity Loan Period: Asset-Backed Margin: 0.20000% S&S Agreement Date: 3/1/98 Certificates Series 1998-1 Class A Certificate Rate: 5.85625% Original Closing 3/25/98 Date: Class S Certificate Rate: 1.25000% Distribution Date: 5/15/98 Interest Period 4/15/98 30 Record Date: 5/14/98 thru 5/14/98: Weighted Average Loan Rate: 10.51500% Pool Factor: 100.0000000% Weighted Average Net 8.58750% Investor Floating 97.64072% Loan Rate: Allocation %:IFAP Investor Fixed 98.00000% Allocation %: Maximum Rate: 8.58750% Beginning 2.00000% Transferor Interest Servicing Fee Rate: 0.50000% Spread Account 5,864,838.60 Maximum 3%: Premium Fee Rate: 0.17000% Required 1,466,209.65 Overcollaterialization Amt: Trustee Fee 0.00750% Certificateholders 3,910,620.04 Subordinated Amt ======================================================================================================
BALANCES Beginning Pool Balance 195,494,620.04 Beginning Invested Amount 191,584,000.00 Beginning Certificateholders Subordinated Principal Balance 3,910,620.04 Beginning Class A Certificate Balance -- CUSIP 191,584,000.00 Beginning Class S Certificate Balance (Notional Amount) -- CUSIP 191,584,000.00 Overcollateralization Amount 0.00 Overcollateralization Loan Amount 0.00 Ending Pool Balance 194,222,980.03 Ending Invested Amount 191,584,000.00 Ending Certificateholders Subordinated Principal Balance 4,629,216.24 Certificateholders Subordinated Balance (TSA) 3,910,620.04 Ending Class A Certificate Balance -- CUSIP 191,584,000.00 Ending Class S Certificate Balance (Notional Amount) -- CUSIP 191,584,000.00 Additional Balances 4,821,815.64 Number of all Retransferred Mortgage Loans (Current Retransfer 0 Date) Retransferred Mortgage Loan Trust Balances (Current Retransfer 0.00 Date) Cumulative Number of all Retransferred Mortgage Loans (From 0 Previous Distributions) Cumulative Retransferred Mortgage Loan Trust Balances (From 0.00 Previous Distributions) Number of all Subsequent Mortgage Loans (Current Date) 0 Subsequent Mortgage Loan Asset Balance (Current Date) 0.00 Cumulative Number of all Subsequent Mortgage Loans 198 Cumulative Subsequent Mortgage Loan Asset Balance 7,150,711.25
Beginning Loan Count 4,462 Ending Loan Count 4,388 COLLECTION AMOUNTS 1 Aggregate of All Mortgage Collections (Gross) 7,351,550.38 2 Total Mortgage Interest Collections (Gross) 1,258,094.73 Servicing Fees (current collection period) 81,456.09 Capitalized Interest Transfer (DI) 14,359.74 3a Mortgage Principal Collections 6,093,455.65 3b Insurance Proceeds 0.00 3c Net Liquidation Proceeds 0.00 3 Total Mortgage Principal Collections 6,093,455.65 Aggregate of Transfer Deposits 0.00 Investor Loss Amount 0.00 Aggregate Investor Loss Reduction Amount 0.00 INVESTOR AND TRANSFEROR COLLECTIONS FOR DISTRIBUTION Investor Interest Collections (Gross+DI -Service Fee)*IFAP 1,162,899.41 Investor Principal Collections (zero available until end of 0.00 funding period) Transferor Interest Collections 28,098.97 Transferor Principal Collections 0.00 DISTRIBUTION AMOUNTS Class A Certificate Interest 5.01 (i) 934,969.83 Unpaid Class A Certificate Interest Shortfall (current cycle) 0.00 5.01(i) Class S Certificate Interest 5.01 (ii) 199,566.67 Unpaid Class S Certificate Interest Shortfall (current cycle) 0.00 5.01 (ii) Investor Loss Amount 5.01(iii) 0.00 Previous Investor Loss Amount 5.01(iv) 0.00 Monthly Insurance Premium 5.01(v) 27,141.07 Credit Enhancer Reimbursement 5.01(vi) 0.00 Accelerated Principal Distribution Amount 5.01(vii) 0.00 Spread Account Deposit 5.01(viii) 0.00 Trustee Fee 5.01 (ix) 1,221.84 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 Certificate Distribution Allocable to Interest 1,162,899.41 Maximum Principal Payment 5,971,586.54 Alternative Principal Payment 1,271,640.01 Guaranteed Principal Distribution Amount (afterTSA= zero) 0.00 Scheduled Principal Collection Payment (Lesser of Max Prin and 0.00 Alter Prin) Accelerated Principal Distribution Amount 5.01(vii) / Investor 0.00 Loss Amount Total Certificate Distribution Allocable to Principal 0.00 Transferor Interest Collections 28,098.97
Transferor Interest Collections 5.01 (xii) 0.00 Transferor Principal Collections 0.00 Transferor Distribution Amount 28,098.97 LOSSES/RETRANSFERS Unpaid Class A Certificate Interest Shortfall Due (From Previous 0.00 Distributions) Unpaid Class S Certificate Interest Shortfall Due (From Previous 0.00 Distributions) Interest Earned on Shortfall @ applicable Certificate Rate 0.00 Investor Loss Reduction Amount (From Previous Distributions) 0.00 DISTRIBUTION TO HOLDERS OF CERTIFICATES (PER CERTIFICATE WITH A $1,000 DENOMINATION) Total Class A Certificate Distribution Amount Allocable to Interest 4.8802083 Total Class S Certificate Distribution Amount Allocable to Interest 1.0416667 Unpaid Certificate Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Certificate Interest Shortfall Remaining after Current 0.0000000 Distribution (Carryover) Total Class A Certificate Distribution Amount Allocable to 0.0000000 Principal Scheduled Principal Collections Payment 0.0000000 Accelerated Principal Distribution Amount 0.0000000 Reimbursed Investor Loss Reduction Amounts Included in Current 0.0000000 Distribution Investor Loss Reduction Amounts after Current Distribution 0.0000000 (carryover) Total Amount Distributed to Class A Certificateholder 4.8802083 Total Amount Distributed to Class S Certificateholder 1.0416667 Total Amount Distributed to Certificateholders 5.9218750 Credit Enhancement Draw Amount 0.00 DELINQUENCIES/FORECLOSURES Number of Mortgages 31 to 59 Days Delinquent 33 Aggregate Principal Balances of Mortgages 31 to 59 Days Delinquent 1,123,928.00 Number of Mortgages 60 to 89 Days Delinquent 3 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 135,740.00 Number of Mortgages 90 to 179 or more Days Delinquent 2 Aggregate Principal Balances of Mortgages 90 to 179 or more Days 140,525.82 Delinquent Number of Mortgages 180 or more Days Delinquent 0 Aggregate Principal Balances of Mortgages 180 or more Days 0.00 Delinquent Number of Mortgage Loans in Foreclosure 2 Aggregate Principal Balances of Mortgage Loans in Foreclosure 66,942.80 Book Value of Real Estate Acquired Through Foreclosure or Grant 0.00 of a Deed Aggregate Trust Balances of any Liquidated Loans in the Current 0.00 Month ============================================================================================= Prior Month Ending Balance after Purchase of Subsequent Loans: 718,596.20 Current Funding Accept Deposits: 1,271,640.01
Withdrawal for Subsequent Loan Purchase: 0.00 Funding Account Ending Balance: 1,990,236.21 Funding Account Earnings: 39,918.11 Beginning Spread Account Principal Balance: (total cash available 488,736.55 to Ambac) Spread Account Deposit (this distribution): 0.00 Spread Account Withdrawal (this distribution): 0.00 Ending Spread Account Principal Balance: (total cash available to Ambac) 488,736.55 Total Spread Account: 4,399,356.59 Net Excess Spread: 0.000% Capitalized Interest Account Activity: 14,359.74 Capitalized Interest Account Ending Balance: 920,498.64
OFFICER'S CERTIFICATE All Computations reflected in this Servicer Certificate were made in conformity with the Sale and Servicing Agreement. The Attached Servicing Certificate is true and correct in all material respects. ---------------------------------------------- A Servicing Officer Debora M. Toso

Basic Info X:

Name: HEADLANDS MORTGAGE Statement to Note
Type: Headlands Mortgage Statement to Note
Date: May 28, 1998
Company: GREENPOINT MORTGAGE SECURITIES INC/
State: Delaware

Other info:

Organization:

  • Cumulative Subsequent Mortgage Loan Asset Balance 7,150,711.25 Beginning Loan Count 4,462 Ending Loan Count 4,388 DISTRIBUTION AMOUNTS Total Investor Noteholders Distribution Amount
  • Interest Total Class S Note Distribution Amount Allocable
  • Interest Unpaid Noteholders Interest Shortfall Included in Current 0.0000000 Distribution Unpaid Noteholders Interest Shortfall Remaining
  • Noteholder 4.8802083 Total Amount Distributed to Class S Noteholder 1.0416667 Total Amount Distributed to Noteholders 5.9218750 Credit Enhancement Draw Amount
  • Ending Pool Balance 194,222,980.03 Ending Invested Amount 191,584,000.00 Ending Certificateholders Subordinated Principal Balance 4,629,216.24 Certificateholders Subordinated Balance TSA
  • Total Mortgage Interest Collections Gross
  • Transferor 5.01 xii 0.00 Total Certificate Distribution Allocable
  • Loss Amount Total Certificate Distribution Allocable
  • Certificate Distribution Amount Allocable to Interest 4.8802083 Total Class S Certificate Distribution Amount Allocable to Interest 1.0416667 Unpaid Certificate Interest Shortfall Included
  • Unpaid Certificate Interest Shortfall Remaining
  • Certificateholder 4.8802083 Total Amount Distributed to Class S Certificateholder 1.0416667 Total Amount Distributed
  • Aggregate Principal Balances of Mortgage Loans
  • Month ============================================================================================= Prior Month Ending Balance
  • Attached Servicing Certificate

Money:

  • $ 1,000

Person:

  • Max Prin
  • Debora M. Toso

Percent:

  • 97.64072 % Allocation %
  • 5.65625 %
  • 0.20000 %
  • 5.85625 %
  • 1.25000 %
  • 10.51500 %
  • 100.0000000 %
  • 98.00000 % Allocation %
  • 8.58750 %
  • 2.00000 %
  • 0.50000 %
  • 3 %
  • 0.17000 %
  • 0.00750 %
  • 0.000 %