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EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1998-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-1
AGREEMENT DATED FEBRUARY 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-1 126,758,000.00 94,072,590.11 0.00 5.79625% 8,195,334.12 0.00 469,536.55 0.00
A-2 43,036,000.00 43,036,000.00 0.00 5.97% 0.00 0.00 214,104.10 0.00
A-3 80,263,000.00 80,263,000.00 0.00 6.04% 0.00 0.00 403,990.43 0.00
A-4 25,881,000.00 25,881,000.00 0.00 6.20% 0.00 0.00 133,718.50 0.00
A-5 21,180,000.00 21,180,000.00 0.00 6.25% 0.00 0.00 110,312.50 0.00
A-6 33,700,000.00 33,700,000.00 0.00 6.61% 0.00 0.00 185,630.83 0.00
A-7 20,746,000.00 20,746,000.00 0.00 6.88% 0.00 0.00 118,943.73 0.00
A-8 20,873,500.00 20,873,500.00 0.00 7.09% 0.00 0.00 123,327.60 0.00
A IO* 41,619,500.00 41,619,500.00 0.00 6.15% 0.00 0.00 213,299.94 0.00
M-1 66,912,500.00 66,912,500.00 0.00 6.95% 0.00 0.00 387,534.90 0.00
M-2 29,037,500.00 29,037,500.00 0.00 7.15% 0.00 0.00 173,015.10 0.00
B-1* 23,987,500.00 23,987,500.00 0.00 7.63% 0.00 0.00 152,520.52 0.00
B-2* 12,625,000.00 12,625,000.00 0.00 8.02% 0.00 0.00 84,377.08 0.00
R* 0.00 5,683,636.34 0.00 0.00 0.00
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Totals 505,000,000.00 477,998,226.45 0.00 8,195,334.12 2,770,311.78
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Total Allocated Ending Pool
Class Distribution Turbo Losses Balance Factor
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A-1 8,664,870.67 0.00 85,877,255.99 67.7489831%
A-2 214,104.10 0.00 43,036,000.00 100.0000000%
A-3 403,990.43 0.00 80,263,000.00 100.0000000%
A-4 133,718.50 0.00 25,881,000.00 100.0000000%
A-5 110,312.50 0.00 21,180,000.00 100.0000000%
A-6 185,630.83 0.00 33,700,000.00 100.0000000%
A-7 118,943.73 0.00 20,746,000.00 100.0000000%
A-8 123,327.60 0.00 20,873,500.00 100.0000000%
A IO* 213,299.94 0.00 41,619,500.00 100.0000000%
M-1 387,534.90 0.00 66,912,500.00 100.0000000%
M-2 173,015.10 0.00 29,037,500.00 100.0000000%
B-1* 152,520.52 0.00 23,987,500.00 100.0000000%
B-2* 84,377.08 0.00 12,625,000.00 100.0000000%
R* 0.00 2,356,004.02 477,440.59 7,562,199.77 0.0000000%
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Totals 10,965,645.90 471,681,455.76
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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 337925-CQ-2 742.1432187 64.6533877 3.7041966 68.3575843 677.4898309
A-2 337925-CR-0 1000.0000000 0.0000000 4.9750000 4.9750000 1000.0000000
A-3 337925-CS-8 1000.0000000 0.0000000 5.0333333 5.0333333 1000.0000000
A-4 337925-CT-6 1000.0000000 0.0000000 5.1666667 5.1666667 1000.0000000
A-5 337925-CU-3 1000.0000000 0.0000000 5.2083333 5.2083333 1000.0000000
A-6 337925-CV-1 1000.0000000 0.0000000 5.5083332 5.5083332 1000.0000000
A-7 337925-CW-9 1000.0000000 0.0000000 5.7333332 5.7333332 1000.0000000
A-8 337925-CX-7 1000.0000000 0.0000000 5.9083335 5.9083335 1000.0000000
A IO* 337937-AE-6 1000.0000000 n/a 5.1250001 5.8211014 1000.0000000
M-1 337925-CY-5 1000.0000000 0.0000000 5.7916667 5.7916667 1000.0000000
M-2 337925-CZ-2 1000.0000000 0.0000000 5.9583332 5.9583332 1000.0000000
B-1* 337937-AF-3 1000.0000000 0.0000000 6.3583333 6.3583333 1000.0000000
B-2* 337937-AG-1 1000.0000000 0.0000000 6.6833331 6.6833331 1000.0000000
Original weighted average securities rate = 6.90%
Current weighted average securities rate = 7.04%
*I. The Class A IO, B-1, B-2 and R refer to the A IO, B-1, 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 1998-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-1
AGREEMENT DATED FEBRUARY 1, 1998
SERVICER'S MONTHLY REMITTANCE REPORT
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COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 3,919,432.49 464,641.56 4,384,074.05
Recovery of Delinquent Scheduled Payments 1,112,905.91 115,565.72 1,228,471.63
Principal Prepayments 380,682.54 5,259,122.82 5,639,805.36
Foreclosure Collections 12,038.12 0.00 12,038.12
Collection Account Earnings 30,440.48 0.00 30,440.48
Substitution Adjustment 0.00 0.00 0.00
Available Collection Amount 5,455,499.54 5,839,330.10 11,294,829.64
FEES:
Servicing Compensation 328,772.70
Indenture Trustee Fee 416.67
Owner Trustee Fee 0.00
Total Fees: 329,189.37
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amount 5,000,002.50
Current Undercollateralization Amount 0.00
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 7,562,199.77
Required Overcollateralization Amount 17,499,999.91
LIBOR SECURITIES INFORMATION:
LIBOR Rate 5.65625%
Number of Days in Class A-1 Accrual Period 31
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 239
Ending Weighted Average Remaining Maturity 238
Beginning Weighted Average Coupon 13.820%
Ending Weighted Average Coupon 13.820%
Beginning Number of Loans 15,070
Ending Number of Loans 14,889
Beginning Unpaid Principle Balance of Home Loans 477,998,226.45
Ending Unpaid Principle Balance of Home Loans 471,681,455.76
Loans Paid in Full 181
DELINQUENCIES:
# $ % of $
------- ------------ -----------
31-60 Days 90 2,485,272 0.527%
61-90 Days 45 1,482,157 0.314%
Over 91 70 2,444,911 0.518%
Total 205 6,412,340 1.359%
LIQUIDATED LOANS:
Conventional Cumulative
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Write-Offs 477,440.59 512,398.29
Liquidation Proceeds 12,038.12 12,038.12
Net Losses 465,402.47 500,360.17
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE PAYMENT ACCOUNT*:
Available Collection Amount 11,294,829.64
Withdrawal to Transferor 0.00
Note Payment Account Earnings 5.63
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Total Deposits 11,294,835.27
Note Payment Account balance 11,294,835.27
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 328,772.70 10,966,062.57
Indenture Trustee Fee 416.67 10,965,645.90
Owner Trustee Fee 0.00 10,965,645.90
Senior Noteholders Interest Payment Amount 1,759,564.24 9,206,081.66
Class M-1 Noteholders Interest Payment Amount 387,534.90 8,818,546.76
Class M-2 Noteholders Interest Payment Amount 173,015.10 8,645,531.66
A IO Component Interest Distributable Amount 213,299.94 8,432,231.72
Class B-1 Component Interest Distributable Amount 152,520.52 8,279,711.20
Class B-2 Component Interest Distributable Amount 84,377.08 8,195,334.12
Senior Note Regular Principal Payment Amount 5,839,330.10 2,356,004.02
Class M-1 Regular Principal Payment Amount 0.00 2,356,004.02
Class M-2 Regular Principal Payment Amount 0.00 2,356,004.02
Class B-1 Component Regular Principal Distributable Amount 0.00 2,356,004.02
Class B-2 Component Regular Principal Distributable Amount 0.00 2,356,004.02
Class M-1 Deferred Amount 0.00 2,356,004.02
Class M-2 Deferred Amount 0.00 2,356,004.02
Class B-1 Component Deferred Amount 0.00 2,356,004.02
Class B-2 Component Loss Reimbursement Deficiency Amount 0.00 2,356,004.02
Servicing Advance Reimbursement Amount 0.00 2,356,004.02
Overcollateralization Shortfall amount to Senior Note Holder 2,356,004.02 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