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-B
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-B 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) September 30, 2002
BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION
(Depositor)
(Exact name of registrant as specified in its charter)
on behalf of
BCMSC Trust Series 1998-B
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 Class A
Certificates of the BCMSC Trust Series 1998-B on September 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 principal
distributions made on July 15, 2002 on the Series 1998-B 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
Dated: September 30, 2002
I. ORIGINAL DEAL PARAMETERS
(A) Initial Pool Principal Balance $ 300,623,237.84
(B) Initial Certificates Principal Balance $ 294,610,000.00
(i) Initial Class A-1 Certificate Principal Balance $ 226,969,000.00
Certificate Amount Percentage 75.50%
Certificate Pass-through Rate 6.53%
(ii) Initial Class A-2 Certificate Principal Balance $ -
Certificate Amount Percentage 0.00%
Certificate Pass-through Rate 0.00%
(iii)Initial Class A-3 Certificate Principal Balance $ -
Certificate Amount Percentage 0.00%
Certificate Pass-through Rate 0.00%
(iv) Initial Class A-4 Certificate Principal Balance $ -
Certificate Amount Percentage 0.00%
Certificate Pass-through Rate 0.00%
(v) Initial Class M-1 Certificate Principal Balance $ 24,050,000.00
Certificate Amount Percentage 8.00%
Certificate Pass-through Rate 6.81%
(vi) Initial Class M-2 Certificate Principal Balance $ 15,031,000.00
Certificate Amount Percentage 5.00%
Certificate Pass-through Rate 7.31%
(vii)Initial Class B-1 Certificate Principal Balance $ 16,535,000.00
Certificate Amount Percentage 5.50%
Certificate Pass-through Rate 7.76%
(viiiInitial Class B-2 Certificate Principal Balance $ 12,025,000.00
Certificate Amount Percentage 4.00%
Certificate Pass-through Rate 8.72%
(C) Initial Weighted Average Coupon (WAC) 10.22%
(D) Initial Weighted Average Original Maturity (WAOM) 313.00 months
(E) Initial Weighted Average Remaining Maturity (WAM) 311.00 months
(F) Initial Number of Receivables 8,979
(G) Servicing Fee Rate 1.00%
(H) Credit Enhancement
(i) Reserve Fund Initial Deposit Percentage 0.00%
(ii) Reserve Fund Target % 1.25%
(iii)Target Overcollateralization Percentage Prior to Crossover Date 2.00%
(iv) Target Overcollateralization Percentage After Crossover Date 4.50%
(v) Target Overcollateralization Floor 7.88%
(vi) Target Credit Enhancement % Prior to Crossover Date 4.50%
(vii)Target Credit Enhancement % After Crossover Date 7.88%
(viiiTarget Credit Enhancement Floor 1.25%
(ix) Target Credit Enhancement Amount $ 13,528,045.70
(I) Crossover Date Tests
Earliest Crossover Date Feb-2003
Percent of Initial Suboridnation Percentage 193.00%
(J) Class B-2 Floor Percentage (of Initial Pool Balance) 0.75%
II. CURRENT PORTFOLIO INFORMATION
(A) Beginning Pool Schedule Balance $ 183,952,514.12
(B) Beginning Pool Factor 61.190384%
(C) Ending Pool Schedule Balance $ 181,744,865.64
(D) Ending Pool Factor 60.456027%
(E) Ending Total Certificate Balance (after Current Distributions) $ 181,744,865.64
(F) Current Overcollateralization Amount (after Current Distributions) $ -
(G) Weighted Average Coupon (WAC) 10.10%
(H) Weighted Average Remaining Maturity (WAM) 267.76 months
(I) Ending Number of Receivables 5,697
III. COLLECTION CALCULATIONS
(A) Interest
(i) Scheduled Interest Collections durring Current Period 1,309,001.26
(ii) Paid Ahead Interest Collections applied to Current Period 27,841.11
(iii)Net Servicer Advance 7,884.67
(iiiaReimbursement to Servicer for Previously Unrecovered Advances (251,916.65)
(iv) Liquidation Proceeds Attributable to Interest 73,093.69
(v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) 0.00
(vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) 0.00
(vii)Recoveries on Previously Liquidated Contracts 52,888.94
----------------
(viiiTotal Interest Amount Available for Distribution 1,218,793.02
(B) Principal
(i) Scheduled Principal Collections 105,905.90
(ii) Full and Partial Principal Prepayments 270,719.33
(iii)Paid Ahead Principal Collections Applied to Current Period 3,139.94
(iv) Net Servicer Advance 4,409.16
(v) Liquidation Proceeds Attributable to Principal 376,083.96
(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 760,258.29
IV. DISTRIBUTION CALCULATIONS
(A) Total Interest Available for Distribution 1,218,793.02
(B) Total Principal Available for Distribution 760,258.29
(C) Reserve Fund Draw Amount Required 0.00
(D) Draw on Letter of Credit for Interest Distribution 0.00
Less:
Monthly Servicing Fee 153,293.76
Reimbursement to Servicer for Liquidation Expense 1,849.12
Late Payment Fees, Extension Fees and Other Permitted Fees 0.00
Other Permitted Withdrawals from Certificate Account 0.00
----------------
Available Distribution Amount 1,823,908.43
Interest Accrual Period 30 days
Total Interest Amount Due 1,055,284.08
Total Interest Distribution Amount 1,055,284.08
Amount Available for Principal Distribution Amount 768,624.35
Principal Distribution Calculation:
Total Principal Amount Available for Distribution 760,258.29
Principal Loss on Liquidated Assets 1,447,390.19
----------------
Principal Distribution Due 2,207,648.48
Principal Distribution Shortfall Carryover Amount (Current Period) 0.00
Principal Distribution Shortfall Carryover Amount 0.00
Overcollaterallization Writedown Amount 0.00
Overcollaterallization Reduction Amount 0.00
Accelerated Principal Distribution Amount for Current Period 0.00
----------------
Total Principal Amount to be Distributed 768,624.35
Total Principal Amount to be Distributed 2,207,648.48
Draw on Letter of Credit for Principal Distribution 0.00
Draw on LC for Previously Unreimbursed Advances 0.00
Excess Interest 0.00
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 4,908,056.15
(ii) Monthly Servicer Advance (Reimbursement) 7,884.67
(iii) Reimbursement of Previously Unrecovered Advances *VI(D) (240,144.80)
----------------
(iv) Ending Advance Balance 4,675,796.02
(B) Principal
(i) Beginning Advance 433,971.95
(ii) Monthly Servicer Advance (Reimbursement) 4,409.16
(iii) Reimbursement of Previously Unrecovered Advances *VI(D) (11,771.85)
----------------
(iv) Ending Advance Balance 426,609.26
(C) Total Servicer Advance
(i) Beginning Advance 5,342,028.10
(ii) Monthly Servicer Advance (Reimbursement) 12,293.83
(iii) Reimbursement of Previously Unrecovered Advances *VI(D) (251,916.65)
----------------
(iv) Ending Advance Balance 5,102,405.28
VI. CREDIT ENHANCEMENT
(A) Overcollateralization
(I) Target Overcollaterallization Amount 13,528,045.70
(ii) Beginning Balance 0.00
(iii)Write Down for Certificate Distributions 0.00
(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 0.00
(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 0.00
(ii) Draw on LC for Interest Distribution 0.00
(iii)Draw on LC for Principal Distribution 0.00
(iv) Draw on LC For Previously Unreimbursed Advances 0.00
----------------
(v) Ending Balance 0.00
(D) Unreimbursed Servicer Advances (see note*)
(i) Previous Unreimbursed Advance Balance 251,916.65
(ii) Current Months Reimbursement from Excess Interest (251,916.65)
(iii)Current Months Reimbursement from Letter of Credit 0.00
----------------
(iv) Ending Unreimbursed Advance Balance 0.00
Note: * represents advances made in respect of contracts that were liquidated,
and not reimbursed, before the current period.
VII. CERTIFICATE DISTRIBUTIONS
(A) Senior Certificates - Interest
(i) Class A-1
Pass-Through Rate 6.53%
Beginning Carryover Interest $ -
Current Interest Accrual $ 632,928.49
Current Carryover Interest Accrual $ -
Interest Paid $ 632,928.49
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 2.79
(ii) Class A-2
Pass-Through Rate 0.00%
Beginning Carryover Interest $ -
Current Interest Accrual $ -
Current Carryover Interest Accrual $ -
Interest Paid $ -
Ending Carryover Balance $ -
Interest Paid Per $1000 $ -
(iii)Class A-3
Pass-Through Rate 0.00%
Beginning Carryover Interest $ -
Current Interest Accrual $ -
Current Carryover Interest Accrual $ -
Interest Paid $ -
Ending Carryover Balance $ -
Interest Paid Per $1000 $ -
(iv) Class A-4
Pass-Through Rate 0.00%
Beginning Carryover Interest $ -
Current Interest Accrual $ -
Current Carryover Interest Accrual $ -
Interest Paid $ -
Ending Carryover Balance $ -
Interest Paid Per $1000 $ -
(B) Subordinate Certificates - Interest
(i) Class M1
Pass-Through Rate 6.81%
Beginning Carryover Interest $ -
Current Interest Accrual $ 136,483.75
Current Carryover Interest Accrual $ -
Interest Paid $ 136,483.75
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 $ 5.68
(ii) Class M2
Pass-Through Rate 7.31%
Beginning Carryover Interest $ -
Current Interest Accrual $ 91,563.84
Current Carryover Interest Accrual $ -
Interest Paid $ 91,563.84
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 $ 6.09
(iii)Class B1
Pass-Through Rate 7.76%
Beginning Carryover Interest $ -
Current Interest Accrual $ 106,926.33
Current Carryover Interest Accrual $ -
Interest Paid $ 106,926.33
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 $ 6.47
(iv) Class B2
Pass-Through Rate 8.72%
Beginning Carryover Interest $ -
Current Interest Accrual $ 87,381.67
Current Carryover Interest Accrual $ -
Interest Paid $ 87,381.67
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 $ 7.27
(C) Senior Certificates - Principal
(i) Class A-1
Initial Certificate Balance 226,969,000.00
Initial Certificate Percentage 75.50%
Beginning Certificate Balance 116,311,514.12
Shortfall Carryover 0.00
Current Principal Due 768,624.35
Current Principal Paid 768,624.35
Principal Shortfall Carryover For Current Period 0.00
Accelerated Principal Distribution 0.00
Ending Certificate Balance 115,542,889.77
Ending Pool Factor 63.57%
Principal Paid per $1000 6.61
Total Class Distribution 768,624.35
(ii) Class A-2
Initial Certificate Balance 0.00
Initial Certificate Percentage 0.00%
Beginning Certificate Balance 0.00
Shortfall Carryover 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 A-3
Initial Certificate Balance 0.00
Initial Certificate Percentage 0.00%
Beginning Certificate Balance 0.00
Shortfall Carryover 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
(iv) Class A-4
Initial Certificate Balance 0.00
Initial Certificate Percentage 0.00%
Beginning Certificate Balance 0.00
Shortfall Carryover 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
(D) Subordinate Certificates - Principal
(i) Class M1
Initial Certificate Balance 24,050,000.00
Initial Certificate Percentage 8.00%
Beginning Certificate Balance 24,050,000.00
Shortfall Carryover 0.00
Current Principal Due 0.00
Current Principal Paid 0.00
Principal Shortfall Carryover For Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 24,050,000.00
Ending Pool Factor 9.10%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 24,050,000.00
Total Class Distribution 0.00
(ii) Class M2
Initial Certificate Balance 15,031,000.00
Initial Certificate Percentage 5.00%
Beginning Certificate Balance 15,031,000.00
Shortfall Carryover 0.00
Current Principal Due 15,031,000.00
Current Principal Paid 0.00
Principal Shortfall Carryover For Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 15,031,000.00
Ending Pool Factor 5.82%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 15,031,000.00
Total Class Distribution 0.00
(iii)Class B1
Initial Certificate Balance 16,535,000.00
Initial Certificate Percentage 5.50%
Beginning Certificate Balance 16,535,000.00
Shortfall Carryover 0.00
Current Principal Due 16,535,000.00
Current Principal Paid 0.00
Principal Shortfall Carryover For Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 16,535,000.00
Ending Pool Factor 9.10%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including Writedowns 16,535,000.00
Total Class Distribution 0.00
(iv) Class B2
Initial Certificate Balance 12,025,000.00
Initial Certificate Percentage 4.00%
Beginning Certificate Balance 12,025,000.00
Shortfall Carryover 0.00
Current Principal Due 12,025,000.00
Current Principal Paid 0.00
Principal Shortfall Carryover For Current Period 0.00
Ending Certificate Balance- Excluding Writedowns 12,025,000.00
Ending Pool Factor 5.82%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup (1,439,024.13)
Ending Certificate Balance- Including Writedowns 10,585,975.87
Total Class Distribution (1,439,024.13)
(E) Total Certificate Balances
Beg of Period End of Period
(i) Aggregate Balance of Certificates $ 183,952,514.12 $ 181,744,865.64
(ii) Total Certificate Pool Factor 62.4393314% 61.6899853%
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 $ 18,136,138.52 9.98% 554 9.72%
60-89 Days Delinquent $ 9,618,334.09 5.29% 313 5.49%
90 Days or More Delinquent $ 21,534,321.71 11.85% 638 11.20%
Homes Repossessed or Foreclosed Upon $ 4,340,008.29 2.39% 129 2.26%
IX. REPURCHASED CONTRACTS
(A) Repurchased Contracts - Breach of Rep or Warranty
(i) Beginning Cumulative Repurchased Contracts since cutoff $ 106,949.91
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ 106,949.91
(B) Repurchased Contracts - Delinquent Loans
(i) Beginning Cumulative Repurchased Contracts since cutoff $ 13,643,684.70
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ 13,643,684.70
X. REPOSSESSION / LOSS INFORMATION
Units Scheduled Balance
Beginning Repossession Inventory 122 $ 4,275,016.46
Repossessions Incurred 65 $ 1,857,955.12
Less Repurchase of Delinquent Loans 0 $ -
Less Repossessions Sold 58 $ 1,792,963.29
----------------------------
Ending Repossession Inventory 129 $ 4,340,008.29
Principal Balance of Repossessions Liquidated $ 1,792,963.29
Reimbursement of Servicer Advances on Liquidated Contracts $ 30,510.86
Liquidation Proceeds Attributable to Principal $ 376,083.96
----------------
Principal Loss on Liquidation of Repo $ 1,447,390.19
Reimbursement to Servicer for Liquidation Expense $ 1,849.12
Recoveries for Previously Liquidated Contracts $ 52,888.94
----------------
Net Liquidation Loss (Realized Loss) $ 1,396,350.37
Recoveries
Liquidation Proceeds Attributable to Interest $ 73,093.69
Liquidation Proceeds Attributable to Principal $ 376,083.96
Recoveries for Previously Liquidated Contracts $ 52,888.94
----------------
Total Recoveries $ 502,066.59
Recovery Percentage of Principal Balance of Repossessions Liquidated 28%
XI. TRIGGERS
Has the Crossover Date Occurred? NO
Where the Current Distribution Date of 09/15/02
is greater than the Earliest Crossover Date of February 29, 2004
And
Subordinated Certificates Beginning Principal Balance of 67,641,000.00
plus the Current Overcollateralization Amount of 0.00
divided by the Current Beginning Pool Principal Balance of 183,952,514.12
------------
Equals 36.77%
------------
And is greater than the:
Subordinated Initital Certificates Percentage of 14.50%
multiplied by the
Percentage (as Percent of Initial Class Subordination Percentage) 175%
------------
Equals 25.38%
------------
Principal Distribution Tests: Actual Ratio Test Ratio Result
Over 60 Days Delinquent
------------------------------
Current Mo 19.53%
1st Preceding Mo 18.98%
2nd Preceding Mo 19.46%
Average 60 Day Delinquency Ratio: 19.32% 5.00% FAIL
Over 30 Days Delinquent
------------------------------
Current Mo 29.51%
1st Preceding Mo 28.99%
2nd Preceding Mo 29.81%
Average 30 Day Delinquency Ratio: 29.44% 7.00% FAIL
Net Liquidation Losses
Ending Pool Bal (Realized Losses)
----------------------------------------------------------------
Current Mo 181,744,865.64 1,396,350.37
1st Preceding Mo 183,952,514.12 2,125,070.69
2nd Preceding Mo 187,135,104.76 2,899,781.74
-------------------------------------------------------------------------------------
Total 552,832,484.52 6,421,202.80
-------------------------------------------------------------------------------------
Divided by 3
---------------------------------------
Average 184,277,494.84
Sum of last 3 months of Losses 6,421,202.80
Divided by 3 month average of Pool Balance 184,277,494.84
Annualized (multiply by 4) 4
Current Realized Loss Ratio: 13.94% 2.75% FAIL
Beginning Cumulative Realized Losses 47,438,380.71
Net Liquidation Losses (Realized Losses) 1,396,350.37
------------------
Ending Cumulative Realized Losses 48,834,731.08
Divided by Initial Pool Principal Balance 300,623,237.84
Cumulative Realized Loss Ratio: 16.24% 7.00% FAIL
Should Principal Be Distributed to the Subordinated Certificates? 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