Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1998-1
Statement to Certificateholders
Aggregate Information for 1998
CLASS ORIGINAL FACE VALUE Interest Principal Total Realized Loss Deferred Int. Curr. Prin. Bal
A-1 $40,400,000.00 $1,989,201.31 $22,864,447.90 $24,853,649.21 $0.00 $0.00 $17,535,552.10
A-2 18,500,000.00 1,156,250.04 0.00 1,156,250.04 0.00 0.00 18,500,000.00
A-3 10,900,000.00 708,500.04 0.00 708,500.04 0.00 0.00 10,900,000.00
A-4 13,000,000.00 903,500.04 0.00 903,500.04 0.00 0.00 13,000,000.00
A-5 9,200,000.00 597,999.96 0.00 597,999.96 0.00 0.00 9,200,000.00
A-6 92,320,000.00 4,842,757.43 25,555,747.58 30,398,505.01 0.00 0.00 66,764,252.42
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total $184,320,000.00 $10,198,208.82 $48,420,195.48 $58,618,404.30 $0.00 $0.00 $135,899,804.52
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1998-1
Statement to Certificate Holders
Companion Servicing:
Delinquent Loan Information 1-30 days 31-60 days 60-90 days 91+ days Total
Group 1
Principal Balances $13,218,379.63 $4,282,126.54 $789,260.56 $765,341.33 $19,055,108.06
% of Pool balance 18.0989 5.8632 1.0807 1.0479 26.0907
Number of loans 295 86 19 23 423
% of loans in pool 17.739 5.1714 1.1425 1.383 25.436
Group II
Principal Balance $16,188,039.08 $4,224,898.13 $1,097,225.74 $413,594.66 $21,923,757.61
% of pool balance 23.0821 6.0242 1.5645 0.5897 31.2606
Number of loans 157 42 10 4 213
% of loans in pool 22.3647 5.9829 1.4245 0.5698 30.3419
Foreclosure Loan Info
Group I
Principal Balance $11,480.47 $27,900.00 $372,454.80 $3,263,337.65 $3,675,172.92
% of pool balance 0.0157 0.0382 0.51 4.4682 5.0321
Number of loans 1 1 6 58 66
% of loans in pool 0.0601 0.0601 0.3608 3.4877 3.9687
Group II
Principal Balance 0 0 0 $2,096,364.67 $2,096,364.67
% of pool balance 0 0 0 2.9892 2.9892
Number of loans 0 0 0 20 20
% of loans in pool 0 0 0 2.849 2.849
Bankruptcy loan Information
Group 1
Principal Balance $1,185,721.92 $124,599.20 $176,495.53 $1,689,897.74 $3,176,714.39
% of pool balance 1.6235 0.1706 0.2417 2.3138 4.3496
Number of loans 13 4 3 28 48
% of loans in pool 0.7817 0.2405 0.1804 1.6837 2.8863
Group II
Principal Balance $554,616.42 0 $212,913.96 $1,547,346.10 $2,314,876.48
% of pool balance 0.7908 0 0.3036 2.2063 3.3007
Number of loans 6 0 2 18 26
% of loans in pool 0.8547 0 0.2849 2.5641 3.7037
Reo Loan Information
Group I
Principal Balance 0 0 0 $249,056.14 $249,056.14
% of pool balance 0 0 0 0.341 0.341
Number of loans 0 0 0 6 6
% of loan in pool 0 0 0 0.3608 0.3608
Group II
Principal Balance 0 0 0 $486,214.02 $486,214.02
% of pool balance 0 0 0 0.6933 0.6933
Number of loans 0 0 0 0 0
% of loans in pool 0 0 0 0 0
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1998-1
Statement to Certificateholders
Total Servicer Advances $3,104,197.30
Servicer Advances outstanding 0.00
Total servicing fees $848,135.02
Plus any additional fees 0.00
Less reductions to serv. fees ($6,478.53)
Total serv. fees due to Master Servicer $841,656.49
Accrued serv fees collected $704,857.76
compensating interest ($6,478.53)
Total servicing fees collected $698,379.23
Group I monthly advance amount: $1,753,622.47
Group II monthly advance amount: $1,350,574.83
Total trustee fees due $25,444.99
Total insurance amount due $311,324.50
Princ. Remittance amounts
scheduled principal $1,183,675.16
Curtailment $742,324.32
prepayments in full $39,151,050.11
net liquidation proceeds $153,391.27
insurance principal proceeds 0.00
released mortgaged property Proceeds 0.00
Repo princ. Amounts 0.00
Substitution adjustments 0.00
Total principal Distributed: 41,230,440.86
Total amt of liquidation loan losses 30,055.73
Aggregate amount of liquidation losses 125,622.90
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1998-1
Statement to Certificateholders
Total Number of loans included in pool as of the prior dist. Period 2,977
Total Number of loans included in pool as of the Current dist. Period 2,365
Aggregate Prin balance of loans in pool as of the prior distr. Period $184,328,890.11
Aggregate Prin balance of loans in pool as of the current distr. Period $143,166,388.18
Total number of Mortg loans included in group I as of the prior distr. Period 2,071
Total number of Mortg loans included in group I as of the current distr. Period 1,663
Total princ Bal of loans included in group I as of the prior distri. Period $92,008,420.38
Total princ Bal of loans included in group I as of the current distri. Period $73,034,060.52
Total # of Mort loans included in group II as of the prior distri. Period 906
Total # of Mort loans included in group II as of the current distri. Period 702
Total princ Bal of loans included in group II as of the prior distr period $92,320,469.73
Total princ Bal of loans included in group II as of the current distr period $70,132,327.66
Group I subordination increase amount: $4,006,391.36
Group II subordination increase amount: $3,384,738.29
Group I subordination deficit amount: 0
Group II subordination deficit amount: 0
Group I princ remittance amount: $22,864,447.90
Group II princ remittance amount: $25,624,587.66
Group I weighted ave. coupon as of the current distr date: 11.71%
Group II weighted ave. coupon as of the current distr date: 10.58%
Group I substitution adjustment amount 0
Group II substitution adjustment amount 0
Group I loan repurchase amount 0
Group II loan repurchase amount 0
Group I largest loan balance $371,858.19
Group II largest loan balance $628,405.73
Total amount of insured payments included in the distribution amount
Class A-1 0
Class A-2 0
Class A-3 0
Class A-4 0
Class A-5 0
Class A-6 0
Total amount of carry forward amount included in distribution amount:
class A-1 0
class A-2 0
class A-3 0
class A-4 0
class A-5 0
class A-6 0
Basis risk carryover amount included in distribution amount: 0