SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25,
1999.
THE PROVIDENT BANK
(The Provident Bank, as Seller (the "Seller"), as Document Custodian
(the "Document Custodian") and as Master Servicer (the "Master
Servicer"), and Bankers Trust Company of California, N.A., as
Trustee).
PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-2 HOME EQUITY LOAN
ASSET-BACKED CERTIFICATES, SERIES 1998-2.
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-45369 31-0412725
(Commission File Number) (I.R.S. Employer Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
February 25, 1999.
Monthly Report to Certificateholders as to distributions made on
March 25, 1999.
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the
Registrant pursuant to the Pooling and
Servicing Agreement, dated as of March 1,
1998.
Date: March 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
DOCUMENT:
Monthly Report to Certificateholders as to distributions made on
February 25, 1999.
Monthly Report to Certificateholders as to distributions made on
March 25, 1999.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 28,439,000.00 22,202,780.61 182,875.71 1,145,603.55 1,
>328,479.26 0.00 0.00 21,057,177.06
2 12,902,000.00 12,902,000.00 106,268.78 0.00
>106,268.78 0.00 0.00 12,902,000.00
3 13,369,000.00 13,369,000.00 110,115.28 0.00
>110,115.28 0.00 0.00 13,369,000.00
4 10,191,000.00 10,191,000.00 83,939.32 0.00
> 83,939.32 0.00 0.00 10,191,000.00
5 12,571,000.00 12,571,000.00 103,542.46 0.00
>103,542.46 0.00 0.00 12,571,000.00
6 36,512,000.00 24,539,959.03 197,061.91 2,156,617.20 2,
>353,679.11 0.00 0.00 22,383,341.83
7-1 23,528,000.00 23,528,000.00 193,791.03 0.00
>193,791.03 0.00 0.00 23,528,000.00
7-2 97,488,000.00 97,488,000.00 782,852.50 0.00
>782,852.50 0.00 0.00 97,488,000.00
R1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 235,000,000.00 216,791,739.64 1,760,446.99 3,302,220.75 5,
>062,667.74 0.00 0.00 213,489,518.89
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 PB9802101 780.715940 6.430455 40.282835
> 46.713290 740.433105 9.565099% 10.587331%
2 PB9802102 1,000.000000 8.236613 0.000000
> 8.236613 1,000.000000 9.883936% 9.881509%
3 PB9802103 1,000.000000 8.236613 0.000000
> 8.236613 1,000.000000 9.883936% 9.881509%
4 PB9802104 1,000.000000 8.236613 0.000000
> 8.236613 1,000.000000 9.883936% 9.881509%
5 PB9802105 1,000.000000 8.236613 0.000000
> 8.236613 1,000.000000 9.883936% 9.881509%
6 PB9802106 672.106678 5.397182 59.065984
> 64.463166 613.040694 9.325446% 9.631467%
7-1 PB9802107 1,000.000000 8.236613 0.000000
> 8.236613 1,000.000000 9.883936% 9.881509%
7-2 PB9802108 1,000.000000 8.030245 0.000000
> 8.030245 1,000.000000 9.325446% 9.631467%
R1 PB9802109 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
**This statement is also available on Bankers Trust's Website, http://online.ba
>nkerstrust.com/invr/.
We begin posting statements to the Web at 7:00 p.m. Eastern Time on the busines
>s day before each
distribution date.
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: January 29, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: February 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A1 28,439,000.00 22,202,780.61 95,398.19 1,145,603.55 1,
>241,001.74 0.00 0.00 21,057,177.06
A2 12,902,000.00 12,902,000.00 66,445.30 0.00
> 66,445.30 0.00 0.00 12,902,000.00
A3 13,369,000.00 13,369,000.00 69,964.43 0.00
> 69,964.43 0.00 0.00 13,369,000.00
A4 10,191,000.00 10,191,000.00 53,672.60 0.00
> 53,672.60 0.00 0.00 10,191,000.00
A5 12,571,000.00 12,571,000.00 68,092.92 0.00
> 68,092.92 0.00 0.00 12,571,000.00
A6 36,512,000.00 24,539,959.03 104,512.96 2,156,617.20 2,
>261,130.16 0.00 0.00 22,383,341.83
A-7-1 23,528,000.00 23,528,000.00 103,726.06 0.00
>103,726.06 0.00 0.00 23,528,000.00
A-7-2 97,488,000.00 97,488,000.00 429,787.74 0.00
>429,787.74 0.00 0.00 97,488,000.00
X1 0.00 0.00 323,233.10 0.00
>323,233.10 0.00 0.00 0.00
X2 0.00 0.00 445,613.68 0.00
>445,613.68 0.00 0.00 0.00
R2 0.00 0.00 29.58 0.00
> 29.58 0.00 0.00 0.00
TOTALS 235,000,000.00 216,791,739.64 1,760,476.56 3,302,220.75 5,
>062,697.31 0.00 0.00 213,489,518.89
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844BG6 780.715940 3.354485 40.282835
> 43.637320 740.433105 4.989690% 4.986880%
A2 743844BH4 1,000.000000 5.150000 0.000000
> 5.150000 1,000.000000 6.180000% 6.180000%
A3 743844BJ0 1,000.000000 5.233333 0.000000
> 5.233333 1,000.000000 6.280000% 6.280000%
A4 743844BK7 1,000.000000 5.266667 0.000000
> 5.266667 1,000.000000 6.320000% 6.320000%
A5 743844BL5 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A6 743844BM3 672.106678 2.862428 59.065984
> 61.928411 613.040694 4.945806% 0.000000%
A-7-1 743844BN1 1,000.000000 4.408622 0.000000
> 4.408622 1,000.000000 5.119690% 5.116880%
A-7-2 743844BN1 1,000.000000 4.408622 0.000000
> 4.408622 1,000.000000 5.119690% 5.116880%
X1 PB9802201 0.000000 1.375460 0.000000
> 1.375460 0.000000 4.093122% 4.694753%
X2 PB9802202 0.000000 1.896228 0.000000
> 1.896228 0.000000 4.382081% 5.747480%
R2 PB9802203 0.000000 0.000126 0.000000
> 0.000126 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: January 29, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: February 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
Distribution Date: February 25, 1999
DELINQUENT AND
> LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89
>90 PLUS IN IN IN
INFORMATION DAYS DAYS
> DAYS FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPAL BALANCE 645,013.77 699,495.00 2,
>122,484.28 2,119,498.19 0.00 1,164,145.04
PERCENTAGE OF POOL BALANCE 0.6890% 0.7472%
> 2.2671% 2.2639% 0.0000% 1.2435%
NUMBER OF LOANS 13 10
> 29 28 0 13
PERCENTAGE OF LOANS 0.8941% 0.6878%
> 1.9945% 1.9257% 0.0000% 0.8941%
GROUP 2 PRINCIPAL BALANCE 2,090,773.66 2,314,344.46 2,
>643,149.08 3,799,021.72 0.00 683,712.58
PERCENTAGE OF POOL BALANCE 1.7439% 1.9304%
> 2.2046% 3.1687% 0.0000% 0.5703%
NUMBER OF LOANS 22 17
> 34 39 0 10
PERCENTAGE OF LOANS 1.7915% 1.3844%
> 2.7687% 3.1759% 0.0000% 0.8143%
Note: Quantity and Principal Balance of Foreclosures, Bankruptcies, & REOs are
> Included in the Delinquency Figures.
> GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO:
> 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
> 8 5
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE
>NT 797,417.92 295,840.26
WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 10.563936% 10.316294%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 253 352
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,470 1,248
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,454 1,228
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 94,767,311.78 122,048,502.58
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 93,621,708.23 119,891,885.38
POOL FACTOR OF LOAN GROUPS
> 92.691520% 89.457841%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 16 20
SCHEDULE PRINCIPAL RECEIVED
> 96,412.93 52,618.59
PREPAYMENTS IN FULL
> 1,049,190.84 2,019,093.20
CURTAILMENTS
> (0.22) (0.30)
LIQUIDATIONS
> 0.00 84,905.71
INSURANCE PRINCIPAL PROCEEDS
> 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS
> 0.00 0.00
TOTAL PRINCIPAL RECEIVED:
> 1,145,603.55 2,156,617.20
SERVICER ADVANCES:
> 182,391.90 259,737.71
CUM NET FUNDS CAP CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES
> 0.00
3 MONTH ROLLING AVERAGE OF PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT
> 3,842,248.86
Page 3 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
Distribution Date: February 25, 1999
> GROUP 1 GROUP 2
SCHEDULED INTEREST
> 834,263.16 1,048,470.71
LIQUIDATION INTEREST
> 0.00 769.46
REPURCHASE INTEREST
> 0.00 0.00
STOP ADVANCE INTEREST
> 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 39,486.38 50,853.54
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 39,486.38 50,853.54
LESS: COMPENSATING INTEREST
> (955.74) (1,130.42)
LESS: DELINQUENT SERVICE FEES:
> (8,643.36) (12,822.99)
COLLECTED SERVICING FEES FOR CURRENT PERIOD:
> 29,887.28 36,900.13
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i
>i)(4) 0.00 17,287.29
REIMBURSEMENT AMOUNT
> 0.00 0.00
PREMIUM AMOUNT PAID
> 13,424.87 17,287.29
PER $1,000 OF ORIGINAL AMOUNT
> 0.13291486 0.12898985
REIMBURSEMENTS TO MASTER SERVICER PURSUANT TO SECT 3.03
> 0.00 0.00
INSURED PAYMENTS
> 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT
> 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED
> 1,145,603.55 2,150,656.32
TOTAL INTEREST COLLECTED
> 794,776.78 998,386.62
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 1,940,380.33 3,149,042.94
BASE SPREAD ACCOUNT REQUIREMENT
> 9,595,000.00 16,750,000.00
SPREAD ACCOUNT BALANCE BEGINNING
> 9,595,000.00 16,750,000.00
SPREAD ACCOUNT BALANCE ENDING
> 9,595,000.00 16,744,207.00
NET LIQUIDATION PROCEEDS
> 0.00 78,944.83
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL
> 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT
> 0.00 0.00
CURRENT NET LOSSES
> 0.00 5,960.88
CUMULATIVE NET LOSSES
> 0.00 5,960.88
CURRENT NONRECOVERABLE ADVANCES
> 0.00 0.00
CUMULATIVE NONRECOVERABLE ADVANCES
> 0.00 0.00
Page 4 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 28,439,000.00 21,057,177.06 173,397.24 1,702,626.36 1,
>876,023.60 0.00 0.00 19,354,550.70
2 12,902,000.00 12,902,000.00 106,242.69 0.00
>106,242.69 0.00 0.00 12,902,000.00
3 13,369,000.00 13,369,000.00 110,088.24 0.00
>110,088.24 0.00 0.00 13,369,000.00
4 10,191,000.00 10,191,000.00 83,918.71 0.00
> 83,918.71 0.00 0.00 10,191,000.00
5 12,571,000.00 12,571,000.00 103,517.04 0.00
>103,517.04 0.00 0.00 12,571,000.00
6 36,512,000.00 22,383,341.83 179,682.40 2,838,151.86 3,
>017,834.26 0.00 0.00 19,545,189.97
7-1 23,528,000.00 23,528,000.00 193,743.45 0.00
>193,743.45 0.00 0.00 23,528,000.00
7-2 97,488,000.00 97,488,000.00 782,585.46 0.00
>782,585.46 0.00 0.00 97,488,000.00
R1 0.00 0.00 197.40 0.00
> 197.40 0.00 0.00 0.00
TOTALS 235,000,000.00 213,489,518.89 1,733,372.63 4,540,778.22 6,
>274,150.85 0.00 0.00 208,948,740.67
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 PB9802101 740.433105 6.097164 59.869417
> 65.966581 680.563687 10.587331% 9.267986%
2 PB9802102 1,000.000000 8.234591 0.000000
> 8.234591 1,000.000000 9.881509% 9.885852%
3 PB9802103 1,000.000000 8.234590 0.000000
> 8.234590 1,000.000000 9.881509% 9.885852%
4 PB9802104 1,000.000000 8.234590 0.000000
> 8.234590 1,000.000000 9.881509% 9.885852%
5 PB9802105 1,000.000000 8.234591 0.000000
> 8.234591 1,000.000000 9.881509% 9.885852%
6 PB9802106 613.040694 4.921188 77.732029
> 82.653217 535.308665 10.321078% 9.627888%
7-1 PB9802107 1,000.000000 8.234591 0.000000
> 8.234591 1,000.000000 9.881509% 9.885852%
7-2 PB9802108 1,000.000000 8.027506 0.000000
> 8.027506 1,000.000000 10.321078% 9.627888%
R1 PB9802109 0.000000 0.000840 0.000000
> 0.000840 0.000000 0.000000% 0.000000%
**This statement is also available on Bankers Trust's Website, http://online.ba
>nkerstrust.com/invr/.
We begin posting statements to the Web at 7:00 p.m. Eastern Time on the busines
>s day before each
distribution date.
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: February 26, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A1 28,439,000.00 21,057,177.06 81,674.15 1,702,626.36 1,
>784,300.51 0.00 0.00 19,354,550.70
A2 12,902,000.00 12,902,000.00 66,445.30 0.00
> 66,445.30 0.00 0.00 12,902,000.00
A3 13,369,000.00 13,369,000.00 69,964.43 0.00
> 69,964.43 0.00 0.00 13,369,000.00
A4 10,191,000.00 10,191,000.00 53,672.60 0.00
> 53,672.60 0.00 0.00 10,191,000.00
A5 12,571,000.00 12,571,000.00 68,092.92 0.00
> 68,092.92 0.00 0.00 12,571,000.00
A6 36,512,000.00 22,383,341.83 87,543.74 2,838,151.86 2,
>925,695.60 0.00 0.00 19,545,189.97
A-7-1 23,528,000.00 23,528,000.00 93,636.63 0.00
> 93,636.63 0.00 0.00 23,528,000.00
A-7-2 97,488,000.00 97,488,000.00 387,982.32 0.00
>387,982.32 0.00 0.00 97,488,000.00
X1 0.00 0.00 337,421.34 0.00
>337,421.34 0.00 0.00 0.00
X2 0.00 0.00 486,741.80 0.00
>486,741.80 0.00 0.00 0.00
R2 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 235,000,000.00 213,489,518.89 1,733,175.23 4,540,778.22 6,
>273,953.45 0.00 0.00 208,948,740.67
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844BG6 740.433105 2.871907 59.869417
> 62.741324 680.563687 4.986880% 4.988750%
A2 743844BH4 1,000.000000 5.150000 0.000000
> 5.150000 1,000.000000 6.180000% 6.180000%
A3 743844BJ0 1,000.000000 5.233333 0.000000
> 5.233333 1,000.000000 6.280000% 6.280000%
A4 743844BK7 1,000.000000 5.266667 0.000000
> 5.266667 1,000.000000 6.320000% 6.320000%
A5 743844BL5 1,000.000000 5.416667 0.000000
> 5.416667 1,000.000000 6.500000% 6.500000%
A6 743844BM3 613.040694 2.397670 77.732029
> 80.129700 535.308665 5.028571% 0.000000%
A-7-1 743844BN1 1,000.000000 3.979796 0.000000
> 3.979796 1,000.000000 5.116880% 5.118750%
A-7-2 743844BN1 1,000.000000 3.979796 0.000000
> 3.979796 1,000.000000 5.116880% 5.118750%
X1 PB9802201 0.000000 1.435835 0.000000
> 1.435835 0.000000 4.325075% 3.667524%
X2 PB9802202 0.000000 2.071242 0.000000
> 2.071242 0.000000 4.872642% 5.079738%
R2 PB9802203 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: February 26, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: March 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
Distribution Date: March 25, 1999
DELINQUENT AND
> LOANS LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89
>90 PLUS IN IN IN
INFORMATION DAYS DAYS
> DAYS FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPAL BALANCE 923,956.52 285,254.15 2,
>614,311.50 2,289,522.53 0.00 1,276,855.70
PERCENTAGE OF POOL BALANCE 1.0052% 0.3103%
> 2.8441% 2.4908% 0.0000% 1.3891%
NUMBER OF LOANS 15 5
> 33 27 0 16
PERCENTAGE OF LOANS 1.0497% 0.3499%
> 2.3093% 1.8894% 0.0000% 1.1197%
GROUP 2 PRINCIPAL BALANCE 1,562,806.56 1,583,520.74 4,
>827,498.35 5,111,387.76 0.00 527,092.26
PERCENTAGE OF POOL BALANCE 1.3351% 1.3528%
> 4.1242% 4.3667% 0.0000% 0.4503%
NUMBER OF LOANS 19 14
> 49 51 0 9
PERCENTAGE OF LOANS 1.5807% 1.1647%
> 4.0765% 4.2429% 0.0000% 0.7488%
Note: Quantity and Principal Balance of Foreclosures, Bankruptcies, & REOs are
> Included in the Delinquency Figures.
> GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO:
> 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
> 10 6
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE
>NT 922,321.71 374,039.12
WEIGHTED AVERAGE MORTGAGE INTEREST RATE:
> 10.561509% 10.313007%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY
> 252 351
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,454 1,228
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL
> 1,429 1,202
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 93,621,708.23 119,891,885.38
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS
> 91,919,081.87 117,053,733.52
POOL FACTOR OF LOAN GROUPS
> 91.005810% 87.340142%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
> 25 26
SCHEDULE PRINCIPAL RECEIVED
> 94,541.93 55,852.65
PREPAYMENTS IN FULL
> 1,608,084.79 2,782,299.49
CURTAILMENTS
> (0.36) (0.28)
LIQUIDATIONS
> 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS
> 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS
> 0.00 0.00
TOTAL PRINCIPAL RECEIVED:
> 1,702,626.36 2,838,151.86
SERVICER ADVANCES:
> 187,703.55 270,239.75
CUM NET FUNDS CAP CARRYOVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES
> 0.00
3 MONTH ROLLING AVERAGE OF PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT
> 5,343,055.93
Page 3 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-2
Statement To Certificateholders
Distribution Date: March 25, 1999
> GROUP 1 GROUP 2
SCHEDULED INTEREST
> 823,988.76 1,030,371.50
LIQUIDATION INTEREST
> 0.00 0.00
REPURCHASE INTEREST
> 0.00 0.00
STOP ADVANCE INTEREST
> 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 39,009.05 49,954.95
TOTAL SERVICING FEES DUE MASTER SERVICER:
> 39,009.05 49,954.95
LESS: COMPENSATING INTEREST
> (889.08) (368.31)
LESS: DELINQUENT SERVICE FEES:
> (8,929.96) (13,404.86)
COLLECTED SERVICING FEES FOR CURRENT PERIOD:
> 29,190.01 36,181.78
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i
>i)(4) 0.00 16,981.77
REIMBURSEMENT AMOUNT
> 0.00 0.00
PREMIUM AMOUNT PAID
> 13,262.58 16,981.77
PER $1,000 OF ORIGINAL AMOUNT
> 0.13130808 0.12671020
REIMBURSEMENTS TO MASTER SERVICER PURSUANT TO SECT 3.03
> 0.00 0.00
INSURED PAYMENTS
> 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT
> 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED
> 1,702,626.36 2,838,151.86
TOTAL INTEREST COLLECTED
> 784,979.72 980,416.54
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 2,487,606.08 3,818,568.40
BASE SPREAD ACCOUNT REQUIREMENT
> 9,595,000.00 16,750,000.00
SPREAD ACCOUNT BALANCE BEGINNING
> 9,595,000.00 16,744,207.00
SPREAD ACCOUNT BALANCE ENDING
> 9,595,000.00 16,744,207.00
NET LIQUIDATION PROCEEDS
> 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL
> 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT
> 0.00 0.00
CURRENT NET LOSSES
> 0.00 0.00
CUMULATIVE NET LOSSES
> 0.00 5,960.88
CURRENT NONRECOVERABLE ADVANCES
> 0.00 0.00
CUMULATIVE NONRECOVERABLE ADVANCES
> 0.00 0.00
Page 4 of 4
> (c) COPYRIGHT 1999 Bankers Trust Company