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EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-3
AGREEMENT DATED MAY 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-1 139,574,000.00 128,525,462.76 0.00 5.70625% 6,698,116.53 0.00 631,537.53 0.00
A-2 27,771,000.00 27,771,000.00 0.00 6.16% 0.00 0.00 142,557.80 0.00
A-3 93,507,000.00 93,507,000.00 0.00 6.27% 0.00 0.00 488,574.08 0.00
A-4 12,874,000.00 12,874,000.00 0.00 6.41% 0.00 0.00 68,768.62 0.00
A-5 33,891,000.00 33,891,000.00 0.00 6.49% 0.00 0.00 183,293.83 0.00
A-6 31,599,000.00 31,599,000.00 0.00 6.77% 0.00 0.00 178,271.03 0.00
A-7 31,213,000.00 31,213,000.00 0.00 6.95% 0.00 0.00 180,775.29 0.00
A-8 20,946,000.00 20,946,000.00 0.00 7.17% 0.00 0.00 125,152.35 0.00
A IO* 52,159,000.00 52,159,000.00 0.00 5.00% 0.00 0.00 217,329.17 0.00
M-1 50,500,000.00 50,500,000.00 0.00 7.01% 0.00 0.00 295,004.17 0.00
M-2 27,775,000.00 27,775,000.00 0.00 7.42% 0.00 0.00 171,742.08 0.00
B-1* 22,725,000.00 22,725,000.00 0.00 8.10% 0.00 0.00 153,393.75 0.00
B-2* 12,625,000.00 12,625,000.00 0.00 8.08% 0.00 0.00 85,008.33 0.00
R* 0.00 0.00 0.00 0.00 0.00
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Totals 505,000,000.00 493,951,462.76 0.00 6,698,116.53 2,921,408.03
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Total Allocated Ending Pool
Class Distribution Turbo Losses Balance Factor
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A-1 7,329,654.06 0.00 121,827,346.23 87.2851292%
A-2 142,557.80 0.00 27,771,000.00 100.0000000%
A-3 488,574.08 0.00 93,507,000.00 100.0000000%
A-4 68,768.62 0.00 12,874,000.00 100.0000000%
A-5 183,293.83 0.00 33,891,000.00 100.0000000%
A-6 178,271.03 0.00 31,599,000.00 100.0000000%
A-7 180,775.29 0.00 31,213,000.00 100.0000000%
A-8 125,152.35 0.00 20,946,000.00 100.0000000%
A IO* 217,329.17 0.00 52,159,000.00 100.0000000%
M-1 295,004.17 0.00 50,500,000.00 100.0000000%
M-2 171,742.08 0.00 27,775,000.00 100.0000000%
B-1* 153,393.75 0.00 22,725,000.00 100.0000000%
B-2* 85,008.33 0.00 12,625,000.00 100.0000000%
R* 0.00 2,246,262.03 0.00 0.00 0.0000000%
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Totals 9,619,524.56 487,253,346.23
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AMOUNTS PER 1,000 Principal
Balance Before Principal Interest
CLASS CUSIP Distribution Remittance Remittance
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A-1 337925DM0 920.8410074 47.9897153 4.5247505
A-2 337925DN8 1000.0000000 0.0000000 5.1333333
A-3 337925DP3 1000.0000000 0.0000000 5.2250001
A-4 337925DQ1 1000.0000000 0.0000000 5.3416669
A-5 337925DR9 1000.0000000 0.0000000 5.4083335
A-6 337925DS7 1000.0000000 0.0000000 5.6416668
A-7 337925DT5 1000.0000000 0.0000000 5.7916666
A-8 337925DU2 1000.0000000 0.0000000 5.9750000
A IO* 337937AM8 1000.0000000 n/a 4.1666667
M-1 337925DV0 1000.0000000 0.0000000 5.8416667
M-2 337925DW8 1000.0000000 0.0000000 6.1833332
B-1* 337937AK2 1000.0000000 0.0000000 6.7500000
B-2* 337937AL0 1000.0000000 0.0000000 6.7333331
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Total End Determination Date August 5, 1998
CLASS Distribution Balance Distribution Date August 10, 1998
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A-1 52.5144659 872.8512920
A-2 5.1333333 1000.0000000
A-3 5.2250001 1000.0000000
A-4 5.3416669 1000.0000000
A-5 5.4083335 1000.0000000
A-6 5.6416668 1000.0000000
A-7 5.7916666 1000.0000000
A-8 5.9750000 1000.0000000
A IO* 4.1666667 1000.0000000
M-1 5.8416667 1000.0000000
M-2 6.1833332 1000.0000000
B-1* 6.7500000 1000.0000000
B-2* 6.7333331 1000.0000000
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Original weighted average securities rate = 7.02%
Current weighted average securities rate = 7.10%
* 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.
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1998-3
AGREEMENT DATED MAY 1, 1998
SERVICER'S MONTHLY REMITTANCE REPORT
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COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
------------ ------------ ------------
Scheduled Monthly Payments 4,435,329.82 516,689.18 4,952,019.00
Recovery of Delinquent Scheduled Payments 629,489.15 69,541.13 699,030.28
Principal Prepayments 410,152.85 3,865,624.19 4,275,777.04
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 29,504.87 0.00 29,504.87
Available Collection Amount 5,504,476.69 4,451,854.50 9,956,331.19
FEES:
Servicing Compensation 336,393.79
Indenture Trustee Fee 416.67
Owner Trustee Fee 0.00
Total Fees: 336,810.46
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amount 5,000,000.72
Current Undercollateralization Amount 16,260.78
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 0.00
Required Overcollateralization Amount 17,499,999.97
LIBOR SECURITIES INFORMATION:
LIBOR Rate 5.65625%
Number of Days in Class A-1 Accrual Period 31
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 242
Ending Weighted Average Remaining Maturity 241
Beginning Weighted Average Coupon 13.560%
Ending Weighted Average Coupon 13.560%
Beginning Number of Loans 15,372
Ending Number of Loans 15,252
Beginning Unpaid Principle Balance of Home Loans 491,688,939.95
Ending Unpaid Principle Balance of Home Loans 487,237,085.45
Loans Paid in Full 120
DELINQUENCIES:
# $ % of $
--- --------- ------
31-60 Days 41 1,284,285 0.264%
61-90 Days 23 842,374 0.173%
Over 90 18 639,458 0.131%
Total 82 2,766,117 0.568%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
Net Losses 0.00 0.00
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE PAYMENT ACCOUNT:
Available Collection Amount 9,956,331.19
Withdrawal to Transferor 0.00
Note Payment Account Earnings 3.83
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Total Deposits 9,956,335.02
Note Payment Account balance 9,956,335.02
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 336,393.79 9,619,941.23
Indenture Trustee Fee 416.67 9,619,524.56
Owner Trustee Fee 0.00 9,619,524.56
Senior Noteholders Interest Payment Amount 1,998,930.53 7,620,594.03
Class M-1 Noteholders Interest Payment Amount 295,004.17 7,325,589.86
Class M-2 Noteholders Interest Payment Amount 171,742.08 7,153,847.78
A IO Component Interest Distributable Amount 217,329.17 6,936,518.61
Class B-1 Component Interest Distributable Amount 153,393.75 6,783,124.86
Class B-2 Component Interest Distributable Amount 85,008.33 6,698,116.53
Senior Note Regular Prinicipal Payment Amount 4,451,854.50 2,246,262.03
Class M-1 Regular Prinicipal Payment Amount 0.00 2,246,262.03
Class M-2 Regular Prinicipal Payment Amount 0.00 2,246,262.03
Class B-1 Component Regular Prinicipal Distributable Amount 0.00 2,246,262.03
Class B-2 Component Regular Prinicipal Distributable Amount 0.00 2,246,262.03
Class M-1 Deferred Amount 0.00 2,246,262.03
Class M-2 Deferred Amount 0.00 2,246,262.03
Class B-1 Component Deferred Amount 0.00 2,246,262.03
Class B-2 Component Loss Reimbursement Deficiency Amount 0.00 2,246,262.03
Servicing Advance Reimbursement Amount 0.00 2,246,262.03
Overcollateralization Shortfall amount to Senior Note Holder 2,246,262.03 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