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EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1998-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-2
AGREEMENT DATED MARCH 1, 1998
SERVICER'S MONTHLY REMITTANCE REPORT
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Principal Optimal Current Principal Principal Interest
Original Balance Before Principal Pass Remittance Carry Interest Carry
Class Face Value Distribution Balance Through (Including Turbo) Forward Remittance Forward
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A-1 125,683,000.00 100,183,449.22 0.00 5.76625% 8,203,838.59 0.00 497,449.09 0.00
A-2 39,716,000.00 39,716,000.00 0.00 6.23% 0.00 0.00 206,192.23 0.00
A-3 83,435,000.00 83,435,000.00 0.00 6.32% 0.00 0.00 439,424.33 0.00
A-4 23,603,000.00 23,603,000.00 0.00 6.54% 0.00 0.00 128,636.35 0.00
A-5 30,765,000.00 30,765,000.00 0.00 6.61% 0.00 0.00 169,463.88 0.00
A-6 35,135,000.00 35,135,000.00 0.00 6.96% 0.00 0.00 203,783.00 0.00
A-7 30,521,000.00 30,521,000.00 0.00 7.16% 0.00 0.00 182,108.63 0.00
A-8 22,517,000.00 22,517,000.00 0.00 7.39% 0.00 0.00 138,667.19 0.00
A IO* 53,038,000.00 53,038,000.00 0.00 5.00% 0.00 0.00 220,991.67 0.00
M-1 50,500,000.00 50,500,000.00 0.00 7.22% 0.00 0.00 303,841.67 0.00
M-2 27,775,000.00 27,775,000.00 0.00 7.51% 0.00 0.00 173,825.21 0.00
B-1 22,725,000.00 22,725,000.00 0.00 8.19% 0.00 0.00 155,098.13 0.00
B-2* 12,625,000.00 12,625,000.00 0.00 8.36% 0.00 0.00 87,954.17 0.00
R* 0.00 2,986,260.89 0.00 0.00 0.00 0.00
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Totals 505,000,000.00 482,486,710.11 0.00 8,203,838.59 2,907,435.55
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Total Allocated Ending Pool
Class Distribution Turbo Losses Balance Factor
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A-1 8,701,287.68 0.00 91,979,610.63 73.183812%
A-2 206,192.23 0.00 39,716,000.00 100.000000%
A-3 439,424.33 0.00 83,435,000.00 100.000000%
A-4 128,636.35 0.00 23,603,000.00 100.000000%
A-5 169,463.88 0.00 30,765,000.00 100.000000%
A-6 203,783.00 0.00 35,135,000.00 100.000000%
A-7 182,108.63 0.00 30,521,000.00 100.000000%
A-8 138,667.19 0.00 22,517,000.00 100.000000%
A IO* 220,991.67 0.00 53,038,000.00 100.000000%
M-1 303,841.67 0.00 50,500,000.00 100.000000%
M-2 173,825.21 0.00 27,775,000.00 100.000000%
B-1 155,098.13 0.00 22,725,000.00 100.000000%
B-2* 87,954.17 0.00 12,625,000.00 100.000000%
R* 0.00 2,234,767.53 14,930.14 5,206,098.28 0.000000%
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Totals 11,111,274.14 476,502,708.91
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AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
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A-1 337925DA6 797.112173 65.274051 3.957966 69.232018 731.838122
A-2 337925DB4 1000.000000 0.000000 5.191667 5.191667 1000.000000
A-3 337925DC2 1000.000000 0.000000 5.266667 5.266667 1000.000000
A-4 337925DD0 1000.000000 0.000000 5.450000 5.450000 1000.000000
A-5 337925DE8 1000.000000 0.000000 5.508333 5.508333 1000.000000
A-6 337925DF5 1000.000000 0.000000 5.800000 5.800000 1000.000000
A-7 337925DG3 1000.000000 0.000000 5.966667 5.966667 1000.000000
A-8 337925DH1 1000.000000 0.000000 6.158333 6.158333 1000.000000
A IO* 337937AH9 1000.000000 n/a 4.166667 4.166667 1000.000000
M-1 337925DJ7 1000.000000 0.000000 6.016667 6.016667 1000.000000
M-2 337925DK4 1000.000000 0.000000 6.258333 6.258333 1000.000000
B-1* 337925DL2 1000.000000 0.000000 6.825000 6.825000 1000.000000
B-2* 337937AJ5 1000.000000 0.000000 6.966667 6.966667 1000.000000
Original weighted average securities rate = 7.17%
Current weighted average securities rate = 7.43%
*I. The Class A IO, B-2 and R refer to the A IO, B-2, and Excess Components
of the Residual Interest Certificate.
II. Balances for A IO are Notional.
Determination Date August 5, 1998
Distribution Date August 10, 1998
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1998-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-2
AGREEMENT DATED MARCH 1, 1998
SERVICER'S MONTHLY REMITTANCE REPORT
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COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
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Scheduled Monthly Payments 4,402,580.04 520,289.29 4,922,869.33
Recovery of Delinquent Scheduled Payments 633,533.25 70,933.36 704,466.61
Principal Prepayments 407,638.06 5,377,848.41 5,785,486.47
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 31,112.01 0.00 31,112.01
Available Collection Amount 5,474,863.36 5,969,071.06 11,443,934.42
FEES:
Servicing Compensation 332,249.53
Indenture Trustee Fee 416.67
Owner Trustee Fee 0.00
Total Fees: 332,666.20
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amunt 5,000,000.00
Current Undercollateralization Amount 0.00
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 5,206,098.28
Required Overcollaterlization Amount 17,499,999.95
LIBOR SECURITIES INFORMATION:
LIBOR Rate 5.65625%
Number of Days in Class A-1 Accrual Period 31
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 243
Ending Weighted Average Remaining Maturity 242
Beginning Weighted Average Coupon 13.700%
Ending Weighted Average Coupon 13.700%
Beginning Number of Loans 15,503
Ending Number of Loans 15,328
Beginning Unpaid Principle Balance of Home Loans 482,486,710.11
Ending Unpaid Principle Balance of Home Loans 476,502,708.91
Loans Paid in Full 175
DELINQUENCIES:
# $ % of $
--- --------- -------
30-59 Days 70 1,973,450 0.414%
60-89 Days 23 696,458 0.146%
Over 90 48 1,613,745 0.339%
Total 141 4,283,653 0.899%
LIQUIDATED LOANS:
Current Cumulative
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Write-Offs 14,930.14 14,930.14
Liquidation Proceeds 0.00 0.00
Net Losses 14,930.14 14,930.14
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE PAYMENT ACCOUNT*:
Available Collection Amount 11,443,934.42
Withdrawal to Transferor 0.00
Note Payment Account Earnings 5.92
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Total Deposits 11,443,940.34
Note Payment Account balance 11,443,940.34
WITHDRAWS FROM NOTE PAYMENT ACCOUNT:
To retain in the note payment account or deposit into the certificate
distribution account for payment on the payment date as applicable pursuant to
section 5.01 (c)
Remaining Balance
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Servicing Compensation 332,249.53 11,111,690.81
Indenture Trustee Fee 416.67 11,111,274.14
Owner Trustee Fee 0.00 11,111,274.14
Senior Noteholders Interest Payment Amount 1,965,724.70 9,145,549.44
Class M-1 Noteholders Interest Payment Amount 303,841.67 8,841,707.77
Class M-2 Noteholders Interest Payment Amount 173,825.21 8,667,882.56
A IO Component Interest Distributable Amount 220,991.67 8,446,890.89
Class B-1 Component Interest Distributable Amount 155,098.13 8,291,792.76
Class B-2 Component Interest Distributable Amount 87,954.17 8,203,838.59
Senior Note Regular Prinicipal Payment Amount 5,969,071.06 2,234,767.53
Class M-1 Regular Prinicipal Payment Amount 0.00 2,234,767.53
Class M-2 Regular Prinicipal Payment Amount 0.00 2,234,767.53
Class B-1 Component Regular Prinicipal Distributable Amount 0.00 2,234,767.53
Class B-2 Component Regular Prinicipal Distributable Amount 0.00 2,234,767.53
Class M-1 Deferred Amount 0.00 2,234,767.53
Class M-2 Deferred Amount 0.00 2,234,767.53
Class B-1 Component Deferred Amount 0.00 2,234,767.53
Class B-2 Component Loss Reimbursement Deficiency Amount 0.00 2,234,767.53
Servicing Advance Reimbursement Amount 0.00 2,234,767.53
Overcollateralization Shortfall amount to Senior Note Holder 2,234,767.53 0.00
Overcollateralization Shortfall amount to Class M-1 Notes 0.00 0.00
Overcollateralization Shortfall amount to Class M-2 Notes 0.00 0.00
Overcollateralization Shortfall amount to Class B-1 Component 0.00 0.00
Overcollateralization Shortfall amount to Class B-2 Component 0.00 0.00
Remaining Amount for payment to Class R on the Payment Date 0.00 0.00