HEADLANDS MORTGAGE Statement to Note

 

                                       Exhibit 10.1

=================================================================================================== HEADLANDS MORTGAGE Statement to Noteholders =================================================================================================== Revolving Home LIBOR: 5.64063% Current Collection Period: 8-1-98 thru 8-31-98 Equity Loan Asset-Backed Margin: 0.20000% P&S Agreement Date: 3/1/98 Certificates Series 1998-1 Class A 5.84063% Original Closing Date: 3/25/98 Certificate Rate: Class S 1.25000% Distribution Date: 9/15/98 Certificate Rate: Interest 29 Record Date: 9/14/98 Period 8/17/98 thru 9/14/98: Weighted 11.17750% Investor Floating 97.99963% Average Loan Allocation %: Rate: Weighted 10.50000% Investor Fixed Allocation %: 98.00000% Average Net Loan Rate: Maximum Rate: 10.50000% Pool Factor: 98.9703368% ===================================================================================================
BALANCES Beginning Pool Balance 195,478,993.31 Beginning Invested Amount 191,584,000.00 Beginning Class A Note Balance -- CUSIP 422093AC8 190,117,790.35 Beginning Class S Note Balance (Notional Amount) -- CUSIP 422093AD6 190,117,790.35 Ending Pool Balance 191,029,687.39 Ending Invested Amount 191,077,539.61 Certificateholders Subordinated Balance (TSA) 3,910,620.04 Ending Class A Note Balance -- CUSIP 422093AC8 189,611,329.96 Ending Class S Note Balance (Notional Amount) -- CUSIP 422093AD6 189,611,329.96 Additional Balances 3,661,800.66 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 0 Previous Distributions) Cumulative Retransferred Mortgage Loan Trust Balances (From 0.00 Previous Distributions) Number of all Subsequent Mortgage Loans (Current Date) 98 Subsequent Mortgage Loan Asset Balance (Current Date) 4,464,418.68 Cumulative Number of all Subsequent Mortgage Loans 1555 Cumulative Subsequent Mortgage Loan Asset Balance 54,955,711.26 Beginning Loan Count 5,422 Ending Loan Count 5,289 DISTRIBUTION AMOUNTS Total Investor Noteholders Distribution Amount 1,592,393.51
Class A Note Interest 894,495.07 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 0.00 Amount exceeds Class A) Scheduled Principal Collection Payment 506,460.39 Total Class A Note Distribution--CUSIP 1,400,955.46 Class S Note Interest 191,438.05 Unpaid Class S Note Interest Shortfall (current cycle) 0.00 Total Class S Note Distribution--CUSIP 191,438.05 LOSSES/RETRANSFERS Unpaid Class A Note Interest Shortfall Due (From Previous 0.00 Distributions) Unpaid Class S Note 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 NOTEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION) Total Class A Note Distribution Amount Allocable to Interest 4.6689445 Total Class S Note Distribution Amount Allocable to Interest 0.9992382 Unpaid Noteholders Interest Shortfall Included in Current 0.0000000 Distribution Unpaid Noteholders Interest Shortfall Remaining after Current 0.0000000 Distribution (Carryover) Total Class A Note Distribution Amount Allocable to Principal 2.6435422 Scheduled Principal Collections Payment 2.6435422 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 Noteholder 7.3124867 Total Amount Distributed to Class S Noteholder 0.9992382 Total Amount Distributed to Noteholders 8.3117249 Credit Enhancement Draw Amount 0.00 Class A Service Fee 79,215.75 DELINQUENCIES/FORECLOSURES Number of Mortgages 31 to 60 Days Delinquent 30 Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 834,000.00
Number of Mortgages 61 to 90 Days Delinquent 5 Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 231,000.00 Number of Mortgages 91 to 180 or more Days Delinquent 5 Aggregate Principal Balances of Mortgages 91 to 180 or more Days 253,000.00 Delinquent Number of Mortgages 181 or more Days Delinquent 0 Aggregate Principal Balances of Mortgages 181 or more Days 0.00 Delinquent Number of Mortgage Loans in Foreclosure 4 Aggregate Principal Balances of Mortgage Loans in Foreclosure 175,000.00 Book Value of Real Estate Acquired Through Foreclosure or Grant of 0.00 a Deed Aggregate Trust Balances of any Liquidated Loans in the Current 0.00 Month Class A Rate for next 5.58984% 5.78984% Distribution LIBOR ================================================================================================== Spread Account Balance: 488,736.55 Spread Account Transfer to Collection Account: 0.00
============================================================================================================================ HEADLANDS MORTGAGE SERVICING CERTIFICATE ============================================================================================================================ Revolving Home Equity Loan LIBOR: 5.64063% Current Collection Period: 8-1-98 thru 8-31-98 Asset-Backed Certificates Margin: 0.20000% S&S Agreement Date: 3/1/98 Series 1998-1 Class A Certificate Rate: 5.84063% Original Closing Date: 3/25/98 Class S Certificate Rate: 1.25000% Distribution Date: 9/15/98 Interest Period 8/17/98 thru 29 Record Date: 9/14/98 9/14/98: Weighted Average Loan Rate: 11.17750% Pool Factor: 98.9703368% Weighted Average Net Loan Rate: 10.50000% Investor Floating 97.99963% Allocation %:IFAP Investor Fixed Allocation %: 98.00000% Maximum Rate: 10.50000% Beginning Transferor 2.00000% Interest Servicing Fee Rate: 0.50000% Spread Account Maximum 3%: 5,864,838.60 Premium Fee Rate: 0.17000% Required 1,466,209.65 Overcollateralization Amt: Trustee Fee 0.00750% Certificateholders 3,910,620.04 Subordinated Amt ============================================================================================================================
BALANCES Beginning Pool Balance 195,478,993.31 Beginning Invested Amount 191,584,000.00 Beginning Certificateholders Subordinated Principal Balance 5,376,829.69 Beginning Class A Certificate Balance -- CUSIP 190,117,790.35 Beginning Class S Certificate Balance (Notional Amount) -- CUSIP 190,117,790.35 Overcollateralization Amount 1,466,209.65 Overcollateralization Loan Amount 0.00 Ending Pool Balance 191,029,687.39 Ending Invested Amount 191,077,539.61 Ending Certificateholders Subordinated Principal Balance 5,883,290.08 Certificateholders Subordinated Balance (TSA) 3,910,620.04 Ending Class A Certificate Balance -- CUSIP 189,611,329.96 Ending Class S Certificate Balance (Notional Amount) -- CUSIP 189,611,329.96 Additional Balances 3,661,800.66 Number of all Retransferred Mortgage Loans (Current 0 Retransfer Date) Retransferred Mortgage Loan Trust Balances (Current 0.00 Retransfer Date) 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) 98 Subsequent Mortgage Loan Asset Balance (Current Date) 4,464,418.68 Cumulative Number of all Subsequent Mortgage Loans 1,555 Cumulative Subsequent Mortgage Loan Asset Balance 54,955,711.26 Beginning Loan Count 5,422 Ending Loan 5,289 Count COLLECTION AMOUNTS 1 Aggregate of All Mortgage Collections (Gross) 9,845,267.36 2 Total Mortgage Interest Collections (Gross) 1,734,160.78 Servicing Fees (current collection period) 81,449.58 Deferred Interest Transfer (DI) 0.00 3a Mortgage Principal Collections 8,111,106.58
3b Insurance Proceeds 0.00 3c Net Liquidation Proceeds 0.00 3 Total Mortgage Principal Collections 8,111,106.58 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 1,619,650.82 Fee)*IFAP Investor Principal Collections (zero available until end of 0.00 funding period) Transferor Interest Collections 33,060.38 Transferor Principal Collections 0.00 DISTRIBUTION AMOUNTS Class A Certificate Interest 5.01 (i) 894,495.07 Unpaid Class A Certificate Interest Shortfall (current cycle) 5.01(i) 0.00 Class S Certificate Interest 5.01 (ii) 191,438.05 Unpaid Class S Certificate Interest Shortfall (current cycle) 5.01(ii) 0.00 Investor Loss Amount 5.01(iii) 0.00 Previous Investor Loss Amount 5.01(iv) 0.00 Monthly Insurance Premium 5.01(v) 26,035.58 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) 1,221.74 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) 506,460.39 Total Certificate Distribution Allocable to Interest 1,619,650.83 Maximum Principal Payment 7,948,884.45 Alternative Principal Payment 4,449,305.92 Guaranteed Principal Distribution Amount 0.00 (after TSA=zero) Scheduled Principal Collection Payment (Lesser of Max Prin and Alter Prin) 506,460.39 Accelerated Principal Distribution Amount 5.01(vii) / Investor Loss Amount 0.00 Total Certificate Distribution Allocable to Principal 506,460.39 Transferor Interest Collections 33,060.38 Transferor Interest Collections 5.01 (xii) 506,460.39 Transferor Principal Collections 0.00 Transferor Distribution Amount 539,520.77 LOSSES/RETRANSFERS Unpaid Class A Certificate Interest Shortfall Due (From Previous Distributions) 0.00 Unpaid Class S Certificate 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 HOLDERS OF CERTIFICATES (PER CERTIFICATE WITH A $1,000 DENOMINATION) Total Class A Certificate Distribution Amount Allocable to Interest 4.6689445 Total Class S Certificate Distribution Amount Allocable to Interest 0.9992382 Unpaid Certificate Interest Shortfall Included in Current Distribution 0.0000000 Unpaid Certificate Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000 Total Class A Certificate Distribution Amount Allocable to Principal 2.6435422 Scheduled Principal Collections Payment 2.6435422
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 Certificateholder 7.3124867 Total Amount Distributed to Class S Certificateholder 0.9992382 Total Amount Distributed to Certificateholders 8.3117249 Credit Enhancement Draw Amount 0.00 DELINQUENCIES/FORECLOSURES Number of Mortgages 30 to 59 Days Delinquent 30 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 834,000.00 Number of Mortgages 60 to 89 Days Delinquent 5 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 231,000.00 Number of Mortgages 90 to 179 or more Days Delinquent 5 Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 253,000.00 Number of Mortgages 180 or more Days Delinquent 0 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00 Number of Mortgage Loans in Foreclosure 4 Aggregate Principal Balances of Mortgage Loans in Foreclosure 175,000.00 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 ======================================================================================================================== Prior Month Ending Balance after Purchase of Subsequent Loans: 15,626.73 Current Funding Account Deposits: 4,449,305.92 Withdrawal for Subsequent Loan Purchase: (4,464,418.68) Funding Account Ending Balance: 513.97 Funding Account Earnings: 328,454.50 Beginning Spread Account Principal Balance: (total cash available to Ambac) 488,736.55 Spread Account Deposit (this distribution): 0.00 Spread Account Withdrawl (this distribution): 0.00 Ending Spread Account Principal Balance: (total cash available to Ambac) 488,736.55 Total Spread Account: 5,865,566.24 Net Excess Spead: 2.339% Capitalized Interest Account Activity: 0.00 Capitalized Interest Account Ending Balance: 0.00
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: Oct. 6, 1998
Company: GREENPOINT MORTGAGE SECURITIES INC/
State: Delaware

Other info:

Organization:

  • Cumulative Subsequent Mortgage Loan Asset Balance 54,955,711.26 Beginning Loan Count 5,422 Ending Loan Count 5,289 DISTRIBUTION AMOUNTS Total Investor Noteholders Distribution Amount
  • Note Distribution Amount Allocable to Interest 4.6689445 Total Class S Note Distribution Amount Allocable to Interest 0.9992382 Unpaid Noteholders Interest Shortfall Included in Current 0.0000000 Distribution Unpaid Noteholders Interest Shortfall Remaining
  • Noteholder 7.3124867 Total Amount Distributed to Class S Noteholder 0.9992382 Total Amount Distributed to Noteholders 8.3117249 Credit Enhancement Draw Amount
  • Delinquent Number of Mortgage Loans
  • Overcollateralization Amount 1,466,209.65 Overcollateralization Loan Amount 0.00 Ending Pool Balance 191,029,687.39 Ending Invested Amount 191,077,539.61 Ending Certificateholders Subordinated Principal Balance 5,883,290.08 Certificateholders Subordinated Balance TSA
  • Total Mortgage Interest Collections Gross
  • Deferred Interest Transfer
  • Transferor 5.01 xii 506,460.39 Total Certificate Distribution Allocable to Interest 1,619,650.83 Maximum Principal Payment 7,948,884.45 Alternative Principal Payment 4,449,305.92 Guaranteed Principal Distribution Amount
  • Investor Loss Amount 0.00 Total Certificate Distribution Allocable to Principal 506,460.39 Transferor Interest Collections 33,060.38 Transferor Interest Collections 5.01 xii 506,460.39 Transferor Principal Collections 0.00 Transferor Distribution Amount
  • Certificate Distribution Amount Allocable to Interest 4.6689445 Total Class S Certificate Distribution Amount Allocable to Interest 0.9992382 Unpaid Certificate Interest Shortfall Included
  • Unpaid Certificate Interest Shortfall Remaining
  • Certificateholder 7.3124867 Total Amount Distributed to Class S Certificateholder 0.9992382 Total Amount Distributed
  • ======================================================================================================================== Prior Month Ending Balance
  • Attached Servicing Certificate

Money:

  • $ 1,000

Person:

  • Max Prin
  • Debora M. Toso

Percent:

  • 5.58984 % 5.78984 %
  • 5.64063 %
  • 0.20000 %
  • 5.84063 %
  • 1.25000 %
  • 11.17750 %
  • 98.9703368 %
  • 97.99963 % Allocation %
  • 98.00000 %
  • 10.50000 %
  • 2.00000 %
  • 0.17000 %
  • 0.00750 %
  • 2.339 %