HEADLANDS MORTGAGE Statement to Note

 

                                  Exhibit 10.1

===================================================================================================================== HEADLANDS MORTGAGE Statement to Noteholders ===================================================================================================================== Revolving Home Equity Loan LIBOR: 5.58984% Current Collection Period: 9-1-98 thru 9-30-98 Asset-Backed Certificates Margin: 0.20000% P&S Agreement Date: 3/1/98 Series 1998-1 Class A Certificate Rate: 5.78984% Original Closing Date: 3/25/98 Class S Certificate Rate: 1.25000% Distribution Date: 10/15/98 Interest Period 9/15/98 thru 30 Record Date: 10/14/98 10/14/98: Weighted Average Loan Rate: 11.27200% Investor Floating 97.74056% Allocation %: Weighted Average Net Loan 10.59450% Investor Fixed Allocation %: 98.00000% Rate: Maximum Rate: 10.59450% Pool Factor: 98.9703368% =====================================================================================================================
BALANCES Beginning Pool Balance 195,494,106.07 Beginning Invested Amount 191,077,539.61 Beginning Class A Note Balance -- CUSIP 422093AC8 189,611,329.96 Beginning Class S Note Balance (Notional Amount) -- CUSIP 422093AD6 189,611,329.96 Ending Pool Balance 189,319,853.55 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 3,053,427.65 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) 140 Subsequent Mortgage Loan Asset Balance (Current Date) 6,174,123.32 Cumulative Number of all Subsequent Mortgage Loans 1653 Cumulative Subsequent Mortgage Loan Asset Balance 59,420,129.94 Beginning Loan Count 5,387 Ending Loan Count 5,237 DISTRIBUTION AMOUNTS Total Investor Noteholders Distribution Amount 1,112,361.19 Class A Note Interest 914,849.39 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 914,849.39 Class S Note Interest 197,511.80
Unpaid Class S Note Interest Shortfall (current cycle) 0.00 Total Class S Note Distribution--CUSIP 197,511.80 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 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 4.7751868 Total Class S Note Distribution Amount Allocable to Interest 1.0309410 Unpaid Noteholders Interest Shortfall Included in Current Distribution 0.0000000 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 (carryover) 0.0000000 Total Amount Distributed to Class A Noteholder 4.7751868 Total Amount Distributed to Class S Noteholder 1.0309410 Total Amount Distributed to Noteholders 5.8061278 Credit Enhancement Draw Amount 0.00 Class A Service Fee 79,004.72 DELINQUENCIES/FORECLOSURES Number of Mortgages 31 to 60 Days Delinquent 41 Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,210,000.00 Number of Mortgages 61 to 90 Days Delinquent 10 Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 282,000.00 Number of Mortgages 91 to 180 or more Days Delinquent 6 Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 238,738.41 Number of Mortgages 181 or more Days Delinquent 1 Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 36,426.57 Number of Mortgage Loans in Foreclosure 5 Aggregate Principal Balances of Mortgage Loans in Foreclosure 252,012.27 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 Rate for next Distribution LIBOR 5.40859% 5.60859% ===================================================================================================================== Spread Account Balance: 488,736.55 Spread Account Transfer to Collection Account: 0.00
======================================================================================================================== HEADLANDS MORTGAGE SERVICING CERTIFICATE ======================================================================================================================== Revolving Home Equity Loan LIBOR: 5.58984% Current Collection Period: 9-1-98 thru 9-30-98 Asset-Backed Certificates Margin: 0.20000% S&S Agreement Date: 3/1/98 Series 1998-1 Class A Certificate Rate: 5.78984% Original Closing Date: 3/25/98 Class S Certificate Rate: 1.25000% Distribution Date: 10/15/98 Interest Period 9/15/98 thru 30 Record Date: 10/14/98 10/14/98: Weighted Average Loan Rate: 11.27200% Pool Factor: 98.9703368% Weighted Average Net Loan Rate: 10.59450% Investor Floating 97.74056% Allocation %:IFAP Investor Fixed Allocation %: 98.00000% Maximum Rate: 10.59450% 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 Overcollaterialization Amt: Trustee Fee 0.00750% Certificateholders 3,910,620.04 Subordinated Amt ========================================================================================================================
BALANCES Beginning Pool Balance 195,494,106.07 Beginning Invested Amount 191,077,539.61 Beginning Certificateholders Subordinated Principal Balance 5,883,290.08 Beginning Class A Certificate Balance -- CUSIP 189,611,329.96 Beginning Class S Certificate Balance (Notional Amount) -- CUSIP 189,611,329.96 Overcollateralization Amount 1,466,209.65 Overcollateralization Loan Amount 0.00 Ending Pool Balance 189,319,853.55 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 3,053,427.65 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) 140 Subsequent Mortgage Loan Asset Balance (Current Date) 6,174,123.32 Cumulative Number of all Subsequent Mortgage Loans 1653 Cumulative Subsequent Mortgage Loan Asset Balance 59,420,129.94 Beginning Loan Count 5,387 Ending Loan Count 5,237 COLLECTION AMOUNTS 1 Aggregate of All Mortgage Collections (Gross) 11,053,478.11 2 Total Mortgage Interest Collections (Gross) 1,825,797.94 Servicing Fees (current collection period) 81,455.88 Deferred Interest Transfer (DI) 0.00 3a Mortgage Principal Collections 9,227,680.17 3b Insurance Proceeds 0.00 3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 9,227,680.17 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 1,704,929.73 Investor Principal Collections (zero available until end of funding period) 0.00 Transferor Interest Collections 39,412.33 Transferor Principal Collections 0.00 DISTRIBUTION AMOUNTS Class A Certificate Interest 5.01 (i) 914,849.39 Unpaid Class A Certificate Interest Shortfall (current cycle) 5.01(i) 0.00 Class S Certificate Interest 5.01 (ii) 197,511.80 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) 26,861.61 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) 564,485.10 Total Certificate Distribution Allocable to Interest 1,704,929.73 Maximum Principal Payment 9,043,126.57 Alternative Principal Payment 6,174,252.52 Guaranteed Principal Distribution Amount (afterTSA= zero) 0.00 Scheduled Principal Collection Payment (Lesser of Max Prin and AlterPrin) 0.00 Accelerated Principal Distribution Amount 5.01(vii)/Investor Loss Amount 0.00 Total Certificate Distribution Allocable to Principal 0.00 Transferor Interest Collections 39,412.33 Transferor Interest Collections 5.01 (xii) 564,485.10 Transferor Principal Collections 0.00 Transferor Distribution Amount 603,897.43 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 4.7751868 Total Class S Certificate Distribution Amount Allocable to Interest 1.0309410 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 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 (carryover) 0.0000000
Total Amount Distributed to Class A Certificateholder 4.7751868 Total Amount Distributed to Class S Certificateholder 1.0309410 Total Amount Distributed to Certificateholders 5.8061278 Credit Enhancement Draw Amount 0.00 DELINQUENCIES/FORECLOSURES Number of Mortgages 30 to 59 Days Delinquent 41 Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,210,000.00 Number of Mortgages 60 to 89 Days Delinquent 10 Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 282,000.00 Number of Mortgages 90 to 179 or more Days Delinquent 6 Aggregate Principal Balances of Mortgages 90 to 179 or more Days Delinquent 238,738.41 Number of Mortgages 180 or more Days Delinquent 1 Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 36,426.57 Number of Mortgage Loans in Foreclosure 5 Aggregate Principal Balances of Mortgage Loans in Foreclosure 252,012.27 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: 513.97 Current Funding Accout Deposits: 6,174,252.52 Withdrawal for Subsequent Loan Purchase: (6,174,123.32) Funding Account Ending Balance: 643.17 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 Withdrawal (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: 2.936% 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: Nov. 3, 1998
Company: GREENPOINT MORTGAGE SECURITIES INC/
State: Delaware

Other info:

Organization:

  • Cumulative Subsequent Mortgage Loan Asset Balance 59,420,129.94 Beginning Loan Count 5,387 Ending Loan Count 5,237 DISTRIBUTION AMOUNTS Total Investor Noteholders Distribution Amount
  • Note Distribution Amount Allocable to Interest 4.7751868 Total Class S Note Distribution Amount Allocable to Interest 1.0309410 Unpaid Noteholders Interest Shortfall Included
  • Unpaid Noteholders Interest Shortfall Remaining
  • Noteholder 4.7751868 Total Amount Distributed to Class S Noteholder 1.0309410 Total Amount Distributed to Noteholders 5.8061278 Credit Enhancement Draw Amount
  • Overcollateralization Amount 1,466,209.65 Overcollateralization Loan Amount 0.00 Ending Pool Balance 189,319,853.55 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 564,485.10 Total Certificate Distribution Allocable to Interest 1,704,929.73 Maximum Principal Payment 9,043,126.57 Alternative Principal Payment 6,174,252.52 Guaranteed Principal Distribution Amount
  • Loss Amount 0.00 Total Certificate Distribution Allocable to Principal 0.00 Transferor Interest Collections 39,412.33 Transferor Interest Collections 5.01 xii 564,485.10 Transferor Principal Collections 0.00 Transferor Distribution Amount
  • Certificate Distribution Amount Allocable to Interest 4.7751868 Total Class S Certificate Distribution Amount Allocable to Interest 1.0309410 Unpaid Certificate Interest Shortfall Included
  • Unpaid Certificate Interest Shortfall Remaining
  • Certificateholder 4.7751868 Total Amount Distributed to Class S Certificateholder 1.0309410 Total Amount Distributed
  • Aggregate Principal Balances of Mortgage Loans
  • ======================================================================================================================== Prior Month Ending Balance
  • Attached Servicing Certificate

Money:

  • $ 1,000

Person:

  • Max Prin
  • Debora M. Toso

Percent:

  • 5.40859 % 5.60859 %
  • 5.58984 %
  • 0.20000 %
  • 5.78984 %
  • 1.25000 %
  • 11.27200 %
  • 98.9703368 %
  • 97.74056 % Allocation %
  • 98.00000 %
  • 10.59450 %
  • 2.00000 %
  • 0.50000 %
  • 3 %
  • 0.17000 %
  • 0.00750 %
  • 2.936 %