Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549-1004
RE: Bombardier Capital Mortgage Securitization Corporation:
BCMSC Trust 1998-A
Ladies and Gentlemen:
On behalf of Bombardier Capital Mortgage Securitization Corporation (The
Registrant), we hereby file with the Commission a Current Report on Form 8-K
(The "Report") on behalf of the BCMSC Trust 1998-A and deliver to you herewith
the following documents:
One copy of the Report, including the exhibit being filed therewith,
together with an exhibit index:
Please acknowledge receipt and filing of this letter to
Bombardier Capital Mortgage Securitization Corporation:
1600 Mountain View Drive, Colchester, VT 05446.
Very truly yours,
/s/ Robert Gillespie
Robert Gillespie
Bombardier Capital Mortgage Securitization Corporation:
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) May 31, 2002
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BCMSC Trust Series 1998-A
Delaware 333-40113 03-0355080
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1600 Mountain View Drive, Colchester, Vermont 05446
(Address of principal executive offices) (ZIP code)
Registrant's telephone number, including area code: (802) 654-7200
Page 1 of 9
Exhibit Index Appears on Page 4
Item 5. Other Event
Information concerning interest and principal distributions made on the
Certificates Certificates) of the BCMSC Trust Series 1998-A on May 15, 2002
is contained in the Distribution Date Statement provided to each holder of the
Certificates. Such Distribution Date Statement is attached hereto as Exhibit
99.1 and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1. Distribution Date Statement relating to interest and prinicipal
distributions made on May 15, 2002 on the Series 1998-A Certificates
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, thereunto duly authorized on the date indicated.
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
BY: /s/ Robert Gillespie
Robert Gillespie
Title: President
Date: May 31, 2002
I. ORIGINAL DEAL PARAMETERS
(A)Initial Pool Principal Balance $ 194,306,447.89
(B)Initial Certificates Principal Balance $ 194,306,447.89
(i) Initial Class A-1 Certificate Principal Balance $ 41,940,000.00
Certificate Amount Percentage 21.58%
Certificate Pass-through Rate 6.19%
(ii) Initial Class A-2 Certificate Principal Balance $ 28,750,000.00
Certificate Amount Percentage 14.80%
Certificate Pass-through Rate 6.13%
(iii)Initial Class A-3 Certificate Principal Balance $ 26,150,000.00
Certificate Amount Percentage 13.46%
Certificate Pass-through Rate 6.23%
(iv) Initial Class A-4 Certificate Principal Balance $ 25,720,000.00
Certificate Amount Percentage 13.24%
Certificate Pass-through Rate 6.65%
(v) Initial Class A-5 Certificate Principal Balance $ 27,055,000.00
Certificate Amount Percentage 13.92%
Certificate Pass-through Rate 6.85%
(vi) Initial Class M-1 Certificate Principal Balance $ 16,517,000.00
Certificate Amount Percentage 8.50%
Certificate Pass-through Rate 6.90%
(vii)Initial Class B-1 Certificate Principal Balance $ 19,430,000.00
Certificate Amount Percentage 10.00%
Certificate Pass-through Rate 7.43%
(viiiInitial Class B-2 Certificate Principal Balance $ 8,744,447.00
Certificate Amount Percentage 4.50%
Certificate Pass-through Rate 8.70%
(C)Initial Weighted Average Coupon (WAC) 10.44%
(D)Initial Weighted Average Original Maturity (WAOM) 310.00
(E)Initial Weighted Average Remaining Maturity (WAM) 308.00
(F)Initial Number of Receivables 5,909
(G)Servicing Fee Rate 1.00%
(H)Credit Enhancement
(i) Reserve Fund Initial Deposit Percentage 2.00%
(ii) Reserve Fund Target % 2.25%
(iii)Target Overcollateralization Percentage Prior to Crossover Date 2.00%
(iv) Target Overcollateralization Percentage After Crossover Date 3.50%
(v) Target Overcollateralization Floor 1.00%
(vi) Target Credit Enhancement % Prior to Crossover Date 4.25%
(vii)Target Credit Enhancement % After Crossover Date 7.44%
(viiiTarget Credit Enhancement Floor 1.00%
(ix) Target Credit Enhancement Amount $ 8,258,024.04
(I)Crossover Date Tests
Earliest Crossover Date Feb-2003
Percent of Initial Suboridnation Percentage 175.00%
(J)Class B-2 Floor Percentage (of Initial Pool Balance) 2.96%
II. CURRENT PORTFOLIO INFORMATION
(A)Beginning Pool Schedule Balance $ 114,430,194.66
(B)Beginning Pool Factor 58.891610%
(C)Ending Pool Schedule Balance $ 111,932,369.69
(D)Ending Pool Factor 57.606102%
(E)Ending Total Certificate Balance (after Current Distributions) $ 111,932,369.69
(F)Current Overcollateralization Amount (after Current Distributions) -
(G)Weighted Average Coupon (WAC) 10.32%
(H)Weighted Average Remaining Maturity (WAM) 264.53
(I)Ending Number of Receivables 3,545
III. COLLECTION CALCULATIONS
(A)Interest
(i) Scheduled Interest Collections during Current Period 811,093.28
(ii) Paid Ahead Interest Collections applied to Current Period 13,999.13
(iii)Net Servicer Advance 100,583.64
(iv) Liquidation Proceeds Attributable to Interest 88,804.57
(v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) -
(vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) -
(vii)Recoveries on Previously Liquidated Contracts -
-------------
(viiiTotal Interest Amount Available for Distribution 1,014,480.62
(B)Principal
(i) Scheduled Principal Collections 207,233.03
(ii) Full and Partial Principal Prepayments 223,245.63
(iii)Paid Ahead Principal Collections Applied to Current Period 2,274.20
(iv) Net Servicer Advance 17,956.89
(v) Liquidation Proceeds Attributable to Principal 173,557.87
(vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00
(vii)Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00
(viiiOther Principal Amounts 0.00
-------------
(ix) Total Principal Amount Available for Distribution 624,267.62
IV. DISTRIBUTION CALCULATIONS
(A) Total Interest Available for Distribution 1,014,480.62
(B) Total Principal Available for Distribution 624,267.62
(C) Reserve Fund Draw Amount Required 0.00
(D) Draw on Letter of Credit for Interest Distribution 0.00
Less:
Monthly Servicing Fee 95,358.50
Reimbursement to Servicer for Liquidation Expense 12,202.87
Late Payment Fees, Extension Fees and Other Permitted Fees 0.00
Other Permitted Withdrawals from Certificate Account 0.00
-------------
Available Distribution Amount 1,531,186.87
Interest Accrual Period 30
Total Interest Amount Due 662,657.69
Total Interest Distribution Amount 662,657.69
Amount Available for Principal Distribution Amount 868,529.18
Principal Distribution Calculation:
Total Principal Amount Available for Distribution 624,267.62
Principal Loss on Liquidated Assets 1,873,557.35
-------------
Principal Distribution Due 2,497,824.97
Principal Distribution Shortfall Carryover Amount (Current Period) 149,566.71
Accelerated Principal Distribution Amount for Current Period 0.00
-------------
Total Principal Amount to be Distributed 2,348,258.26
Draw on Letter of Credit for Principal Distribution 1,479,729.08
Excess Interest 256,464.43
Reserve Account Deposit 0.00
Reserve Account Release 0.00
Class X Distribution Amount 0.00
Class R Distribution Amount 0.00
V. SERVICER ADVANCE
(A)Interest
(i) Beginning Advance 5,046,472.79
(ii) Monthly Servicer Advance (Reimbursement) 100,583.64
-------------
(iii) Ending Advance Balance 5,147,056.43
(B)Principal
(i) Beginning Advance 689,125.09
(ii) Monthly Servicer Advance (Reimbursement) 17,956.89
-------------
(iii) Ending Advance Balance 707,081.98
(C)Total Servicer Advance
(i) Beginning Advance 5,735,597.88
(ii) Monthly Servicer Advance (Reimbursement) 118,540.53
-------------
(iii) Ending Advance Balance 5,854,138.41
VI. CREDIT ENHANCEMENT
(A)Overcollateralization
(I) Target Overcollaterallization Amount 3,886,128.96
(ii) Beginning Balance 149,566.71
(iii)Write Down for Certificate Distributions 149,566.71
(iv) Overcollaterallization Addition Amount 0.00
(v) Overcollaterallization Reduction Amount 0.00
(vi) Ending Balance 0.00
(B)Reserve Fund (if applicable)
(i) Required Reserve Fund Balance 4,371,895.08
(ii) Beginning Reserve Fund Balance 0.00
(iii)Draws for Certificate Distributions 0.00
(iv) Excess Interest Deposited 0.00
(v) Reserve Fund Release 0.00
(vi) Ending Reserve Fund Balance 0.00
(C)Letter of Credit (if applicable)
(i) Beginning LC Balance 20,000,000.00
(ii) Draw on LC for Interest Distribution -
(iii)Draw on LC for Principal Distribution 1,479,729.08
Ending Balance 18,520,270.92
VII. CERTIFICATE DISTRIBUTIONS
(A)Senior Certificates - Interest
(i) Class A1
Pass-Through Rate 6.19%
Beginning Carryover Interest $ -
Current Interest Accrual $ -
Current Carryover Interest Accrual $ -
Interest Paid $ -
Ending Carryover Balance $ -
Interest Paid Per $1000 $ -
(ii) Class A2
Pass-Through Rate 6.13%
Beginning Carryover Interest $ -
Current Interest Accrual $ -
Current Carryover Interest Accrual $ -
Interest Paid $ -
Ending Carryover Balance $ -
Interest Paid Per $1000 $ -
(iii)Class A3
Pass-Through Rate 6.23%
Beginning Carryover Interest $ -
Current Interest Accrual $ 90,639.49
Current Carryover Interest Accrual $ -
Interest Paid $ 90,639.49
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 3.47
(iv) Class A4
Pass-Through Rate 6.65%
Beginning Carryover Interest $ -
Current Interest Accrual $ 140,791.12
Current Carryover Interest Accrual $ -
Interest Paid $ 140,791.12
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 5.47
(v) Class A5
Pass-Through Rate 6.85%
Beginning Carryover Interest $ -
Current Interest Accrual $ 152,553.01
Current Carryover Interest Accrual $ -
Interest Paid $ 152,553.01
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 5.64
(B)Subordinate Certificates - Interest
(i) Class M1
Pass-Through Rate 6.90%
Beginning Carryover Interest $ -
Current Interest Accrual $ 94,972.75
Current Carryover Interest Accrual $ -
Interest Paid $ 94,972.75
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 5.75
(iii)Class B1
Pass-Through Rate 7.43%
Beginning Carryover Interest $ -
Current Interest Accrual $ 120,304.08
Current Carryover Interest Accrual $ -
Interest Paid $ 120,304.08
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 6.19
(iv) Class B2
Pass-Through Rate 8.70%
Beginning Carryover Interest $ -
Current Interest Accrual $ 63,397.24
Current Carryover Interest Accrual $ -
Interest Paid $ 63,397.24
Ending Carryover Balance $ -
Beginning Carryover Writedown Interest $ -
Current Writedown Interest $ -
Current Carryover Writedown Interest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.25
(C)Senior Certificates - Principal
(i) Class A1
Initial Certificate Balance 41,940,000.00
Initial Certificate Percentage 21.58%
Beginning Certificate Balance 0.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Accelerated Principal Distribution 0.00
Ending Certificate Balance 0.00
Ending Pool Factor 0.00%
Principal Paid per $1000 0.00
Total Class Distribution 0.00
(ii) Class A2
Initial Certificate Balance 28,750,000.00
Initial Certificate Percentage 14.80%
Beginning Certificate Balance 0.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Accelerated Principal Distribution 0.00
Ending Certificate Balance 0.00
Ending Pool Factor 0.00%
Principal Paid per $1000 0.00
Total Class Distribution 0.00
(iii)Class A3
Initial Certificate Balance 26,150,000.00
Initial Certificate Percentage 13.46%
Beginning Certificate Balance 17,458,649.05
Current Principal Due 626,658.47
Current Principal Paid 589,134.92
Principal Shortfall Carryover for Current Period 37,523.55
Accelerated Principal Distribution 0.00
Ending Certificate Balance 16,869,514.13
Ending Pool Factor 15.60%
Principal Paid per $1000 0.00
Total Class Distribution 0.00
(iv) Class A4
Initial Certificate Balance 25,720,000.00
Initial Certificate Percentage 13.24%
Beginning Certificate Balance 25,405,917.21
Current Principal Due 911,916.67
Current Principal Paid 857,312.22
Principal Shortfall Carryover for Current Period 54,604.45
Accelerated Principal Distribution 0.00
Ending Certificate Balance 24,548,604.99
Ending Pool Factor 21.68%
Principal Paid per $1000 45.05
Total Class Distribution 1,144,428.28
(v) Class A5
Initial Certificate Balance 27,055,000.00
Initial Certificate Percentage 13.92%
Beginning Certificate Balance 26,724,614.70
Current Principal Due 959,249.83
Current Principal Paid 901,811.12
Principal Shortfall Carryover for Current Period 57,438.71
Accelerated Principal Distribution 0.00
Ending Certificate Balance 25,822,803.58
Ending Pool Factor 22.80%
Principal Paid per $1000 45.05
Total Class Distribution 1,203,829.99
(D)Subordinate Certificates - Principal
(i) Class M1
Initial Certificate Balance 16,517,000.00
Initial Certificate Percentage 8.50%
Beginning Certificate Balance 16,517,000.00
Current Principal Due 16,517,000.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 16,517,000.00
Ending Pool Factor 14.76%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iii)Class B1
Initial Certificate Balance 19,430,000.00
Initial Certificate Percentage 10.00%
Beginning Certificate Balance 19,430,000.00
Current Principal Due 19,430,000.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 19,430,000.00
Ending Pool Factor 17.36%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(iv) Class B2
Initial Certificate Balance 8,744,447.00
Initial Certificate Percentage 4.50%
Beginning Certificate Balance 8,744,447.00
Current Principal Due 8,744,447.00
Current Principal Paid 0.00
Principal Shortfall Carryover for Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 8,744,447.00
Ending Pool Factor 7.81%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 0.00
Total Class Distribution 0.00
(E)Total Certificate Balances
Beg of Period End of Period
(i) Aggregate Balance of Certificates $ 114,280,627.96 $ 111,932,369.69
(ii) Total Certificate Pool Factor 58.8146349% 57.6061016%
VIII.DELINQUENCY INFORMATION
Percent of Percent of
Delinquent Receivables at End of Due Period :Scheduled Balance Pool Balance Units Total Units
30-59 Days Delinquent $ 11,162,543.93 9.97% 346 9.76%
60-89 Days Delinquent $ 5,561,785.77 4.97% 162 4.57%
90 Days or More Delinquent $ 15,266,804.00 13.64% 457 12.89%
Homes Repossessed or Foreclosed Upon $ 4,418,498.30 3.95% 134 3.78%
IX. REPURCHASED CONTRACTS
(A)Repurchased Contracts - Breach of Rep or Warranty
(i) Beginning Cumulative Repurchased Contracts since cutoff $ 271,010.36
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ 271,010.36
(B)Repurchased Contracts - Delinquent Loans
(i) Beginning Cumulative Repurchased Contracts since cutoff $18,788,725.18
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $18,788,725.18
X. REPOSSESSION / LOSS INFORMATION
Units Scheduled Balance
Beginning Repossession Inventory 159 $ 5,323,192.46
Repossessions Incurred 62 $ 1,142,421.06
Less Repurchase of Delinquent Loans 0 $ -
Less Repossessions Sold 87 $ 2,047,115.22
===== ================
Ending Repossession Inventory 134 $ 4,418,498.30
Principal Balance of Repossessions Liquidated $ 2,047,115.22
Liquidation Proceeds Attributable to Principal $ 173,557.87
-------------
Principal Loss on Liquidation of Repo $ 1,873,557.35
Reimbursement to Servicer for Liquidation Expense $ 12,202.87
Recoveries for Previously Liquidated Contracts $ -
-------------
Net Liquidation Loss (Realized Loss) $ 1,885,760.22
Recoveries
Liquidation Proceeds Attributable to Interest $ 88,804.57
Liquidation Proceeds Attributable to Principal $ 173,557.87
Recoveries for Previously Liquidated Contracts $ -
-------------
Total Recoveries $ 262,362.44
Recovery Percentage of Principal Balance of Repossessions Liquidated 13%
XI. TRIGGERS
Has the Crossover Date Occurred? NO
Where the Current Distribution Date of 05/15/02
is greater than the Earliest Crossover Date of February 28, 2003
And
Subordinated Certificates Beginning Principal Balance of 44,691,447.00
plus the Current Overcollateralization Amount of 0.00
divided by the Current Beginning Pool Principal Balance of 114,430,194.66
------------
Equals 39.06%
------------
And is greater than the:
Subordinated Initital Certificates Percentage of 23.00%
multiplied by the
Percentage (as Percent of Initial Class Subordination Percentage) 175%
------------
Equals 40.25%
------------
Principal Distribution Tests: Actual Ratio Test Ratio Result
Over 60 Days Delinquent
----------------------------
Current Mo 22.56%
1st Preceding Mo 23.69%
2nd Preceding Mo 25.74%
Average 60 Day Delinquency Ratio: 23.99% 5.00% FAIL
Over 30 Days Delinquent
----------------------------
Current Mo 32.53%
1st Preceding Mo 33.10%
2nd Preceding Mo 35.43%
Average 30 Day Delinquency Ratio: 33.69% 7.00% FAIL
Net Liquidation Losses
Ending Pool Bal (Realized Losses)
---------------------------------------------------------
Current Mo 111,932,369.69 1,885,760.22
1st Preceding Mo 114,430,194.66 1,970,562.14
2nd Preceding Mo 116,984,130.19 2,159,111.29
---------------------------------------------------------------------------
Total 343,346,694.54 6,015,433.65
---------------------------------------------------------------------------
Divided by 3
----------------------------------
Average 114,448,898.18
Sum of last 3 months of Losses 6,015,433.65
Divided by 3 month average of Pool Balance 114,448,898.18
Annualized (multiply by 4) 4
Current Realized Loss Ratio: 21.02% 2.75% FAIL
Beginning Cumulative Realized Losses 23,093,827.23
Net Liquidation Losses (Realized Losses) 1,885,760.22
----------------
Ending Cumulative Realized Losses 24,979,587.45
Divided by Initial Pool Principal Balance 194,306,447.89
Cumulative Realized Loss Ratio: 12.86% 7.00% FAIL
Should Principal Be Distributed to the Subordinated Certificates this Period? NO
The undersigned, duly authorized representatives of Bombardier Capital Inc., do
hereby certify that this Remittance Report has been prepared in accordance with
the Pooling and Servicing Agreement and is correct, to the best of our
knowledge.
BY: ____________________________________DATE: ______________________
NAME: Ana Dropps
TITLE: Controller - Mortgage Finance Division
BY: ____________________________________DATE: ______________________
NAME: Brian Peters
TITLE: Vice President - Finance