SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 20, 1998
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First Alliance Mortgage Company
on behalf of
First Alliance Mortgage Loan Trust 1998-1F
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(Exact name of registrant as specified in its charter)
California 333-44585-02 95-2944875
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification
No.)
c/o First Alliance Mortgage Company
Attention: John Michel
Vice President, Finance
17305 Von Karman Avenue
Irvine, CA 92714
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(Address of principal executive offices)
Registrant's telephone number, including area code: (714)224-8500
Not Applicable
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(Former name or former address, if changed since last report.)
Item 5. Other Events.
Information relating to the distributions to Certificateholders for
the May 1998 Monthly Period of the Trust in respect of the First Alliance
Mortgage Loan Asset Backed Certificates, Series 1998-1F, Class A (the
"Certificates") issued by the Registrant and the performance of the Trust
(including distributions of principal and interest, delinquent balances of
Mortgage Loans, and the subordinated amount remaining), together with certain
other information relating to the certificates, is contained in the Monthly
Report for the Monthly Period provided to certificateholders pursuant to the
Pooling and Servicing Agreement (the "Agreement") dated as of March 1, 1998
between First Alliance Mortgage Company as Servicer, and Chase Manhattan Bank,
as trustee.
Item 7. Exhibit.
Monthly Report for the May 1998 Monthly Period relating to the First
Alliance Mortgage Loan Asset Backed Certificates Series 1998-1F, Class A issued
by the First Alliance Mortgage Loan Trust 1998-1F.
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FIRST ALLIANCE MORTGAGE COMPANY
MORTGAGE LOAN ASSET BACKED NOTES
SERIES 1998-1F
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DISTRIBUTION: 20-May-98
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ORIGINAL BEGINNING ENDING ENDING
NOTE NOTE PRINCIPAL INTEREST TOTAL NOTE SUBORDINATION PRINCIPAL
BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
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55,400,000.00 54,694,502.38 1,533,517.73 301,275.55 1,834,793.28 53,160,984.65 249,094.85 53,410,079.50
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FACTOR INFORMATION PER $1,000 NOTE RATES
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PRINCIPAL INTEREST ENDING NOTE INIT NOTE CURR NOTE
DISTRIBUTION DISTRIBUTION BALANCE RATE RATE
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27.68082554 5.43818682 959.58456044 6.6100% 6.6100%
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FIRST ALLIANCE MORTGAGE COMPANY
MORTGAGE LOAN ASSET BACKED NOTES
SERIES 1998-1F
================================================================================
DISTRIBUTION: 20-May-98
PER $1000
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SECTION 3.8(a)(i) NOTE DISTRIBUTION 1,834,793.28 33.12
SECTION 3.8(a)(ii) TOTAL PRINCIPAL DISTRIBUTION 1,533,517.73 27.68
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PREPAYMENTS &
PREPAID PREFUNDING
SCH. PRIN. INSTALLMENTS ACCT. REMAINDER LIQUIDATIONS SUB. INCREASE SUB RED.
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33,244.77 0.00 1,377,229.69 0.00 123,043.27 0.00
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SECTION 3.8(a)(iii) TOTAL INTEREST DISTRIBUTION 301,275.55
SECTION 3.8(a)(v) INSURED PAYMENT 0.00
SECTION 3.8(a)(vii) LOAN PURCHASE PRICES 0.00
SUBSTITUTION AMOUNTS 0.00
SECTION 3.8(a)(viii) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 3.8(a)(ix) CURRENT REALIZED LOSSES 0.00
CUMULATIVE REALIZED LOSSES 0.00
SECTION 3.8(a)(x) NUMBER LOAN BALANCE
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LOANS BOUGHT BACK PURSUANT TO SECTION 2.4
CURRENT 0 0.00
CUMULATIVE 0 0.00
LOANS BOUGHT BACK PURSUANT TO SECTION 2.6
CURRENT 0 0.00
CUMULATIVE 0 0.00
LOANS BOUGHT BACK PURSUANT TO SECTION 4.10
CURRENT 0 0.00
CUMULATIVE 0 0.00
SECTION 3.8(a)(xi) AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT 23,312.16
SECTION 3.8(b)(i) DELINQUENT MORTGAGE LOANS (includes loans in foreclosure
and bankruptcy):
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AGGREGATE
CATEGORY NUMBER LOAN BALANCE PERCENTAGE
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30-59 DAYS 1 49,496.35 0.09%
60-89 DAYS 3 165,748.84 0.31%
90 + DAYS 4 213,837.16 0.40%
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SECTION 3.8(b)(ii) LOANS IN FORECLOSURE (included in delinquencies above):
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AGGREGATE
NUMBER LOAN BALANCE PERCENTAGE
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8 429,082.35 0.80%
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SECTION 3.8(b)(iii) LOANS IN BANKRUPTCY (included in delinquencies above):
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AGGREGATE
NUMBER LOAN BALANCE PERCENTAGE
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2 114,163.37 0.21%
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SECTION 3.8(b)(iv) REO PROPERTIES (not included in delinquencies above):
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AGGREGATE
NUMBER LOAN BALANCE PERCENTAGE
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0 0.00 0.00%
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SECTION 3.8(b)(vi) BOOK VALUE OF REO PROPERTY -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
First Alliance Mortgage Loan Trust 1998-1F
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(Registrant)
By: First Alliance Mortgage Company
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(Servicer)
Date: June 19, 1998 By: /s/ Brian Chisick
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Name: Brian Chisick
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President and
Title: Chief Executive Officer
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