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/ Brian Peters
Brian Peters
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) February 28, 2003
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 MArch 17,2003
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 March 17,2003 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/ Brian Peters
Brian Peters
Title: President
Date: March 28, 2003
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 months
(E) Initial Weighted Average Remaining Maturity (WAM) 308.00 months
(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 $97,446,106.61
(B) Beginning Pool Factor 50.150732%
(C) Ending Pool Schedule Balance $96,018,723.12
(D) Ending Pool Factor 49.416128%
(E) Ending Total Certificate Balance (after Current Distributions) $96,018,723.12
(F) Current Overcollateralization Amount (after Current Distributions) $ -
(G) Weighted Average Coupon (WAC) 10.29%
(H) Weighted Average Remaining Maturity (WAM) 255.54 months
(I) Ending Number of Receivables 3,093
III. COLLECTION CALCULATIONS
(A) Interest
(i) Scheduled Interest Collections durring Current Period 782,954.32
(ii) Paid Ahead Interest Collections applied to Current Period 15,240.95
(iii)Net Servicer Advance (68,956.06)
(iv) Liquidation Proceeds Attributable to Interest 32,900.95
(v) Repuchased Loan Proceeds Attributable to Interest (Breaches of
Rep or Warranty) 237.23
(vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent
Loans) 0.00
(vii)Recoveries on Previously Liquidated Contracts 17,001.83
-------------
(viiiTotal Interest Amount Available for Distribution 779,379.22
(B) Principal
(i) Scheduled Principal Collections 136,307.22
(ii) Full and Partial Principal Prepayments 212,596.91
(iii)Paid Ahead Principal Collections Applied to Current Period 286.70
(iv) Net Servicer Advance (13,380.26)
(v) Liquidation Proceeds Attributable to Principal 220,189.96
(vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep
or Warranty) 30,775.32
(vii)Repurchase Proceeds Attributable to Principal(Delinquent Loans) 0.00
(viiiOther Principal Amounts 0.00
-------------
(ix) Total Principal Amount Available for Distribution 586,775.85
IV. DISTRIBUTION CALCULATIONS
(A) Total Interest Available for Distribution 779,379.22
(B) Total Principal Available for Distribution 586,775.85
(C) Reserve Fund Draw Amount Required 0.00
(D) Draw on Letter of Credit for Interest Distribution 0.00
Less:
Monthly Servicing Fee 81,205.09
Reimbursement to Servicer for Liquidation Expense 4,238.09
Late Payment Fees, Extension Fees and Other Permitted Fees 0.00
Other Permitted Withdrawals from Certificate Account 0.00
-------------
Available Distribution Amount 1,280,711.89
Interest Accrual Period 30 days
Total Interest Amount Due 573,792.27
Total Interest Distribution Amount 573,792.27
Amount Available for Principal Distribution Amount 706,919.62
Principal Distribution Calculation:
Total Principal Amount Available for Distribution 586,775.85
Principal Loss on Liquidated Assets 840,607.64
-------------
Principal Distribution Due 1,427,383.49
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 1,427,383.49
Draw on Letter of Credit for Principal Distribution 720,463.87
Draw on Letter of Credit for Previously Unreimbursed Advances 0.00
Excess Interest 124,381.86
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 3,078,212.82
(ii) Monthly Servicer Advance (Reimbursement) (68,956.06)
(iii) Reimbursement of Previously Unrecovered Advances 0.00
-------------
(iiii) Ending Advance Balance 3,009,256.76
(B) Principal
(i) Beginning Advance 440,150.95
(ii) Monthly Servicer Advance (Reimbursement) (13,380.26)
(iii) Reimbursement of Previously Unrecovered Advances 0.00
-------------
(iiii) Ending Advance Balance 426,770.69
(C) Total Servicer Advance
(i) Beginning Advance 3,518,363.77
(ii) Monthly Servicer Advance (Reimbursement) (82,336.32)
(iii) Reimbursement of Previously Unrecovered Advances 0.00
-------------
(iiii) Ending Advance Balance 3,436,027.45
VI. CREDIT ENHANCEMENT
(A) Overcollateralization
(I) Target Overcollaterallization Amount 3,886,128.96
(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 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 7,642,425.78
(ii) Draw on LC for Interest Distribution 0.00
(iii)Draw on LC for Principal Distribution 720,463.87
(iv) Draw on LC for Previously Unreimbursed Advances 0.00
-------------
(v) Ending Balance 6,921,961.91
VII. CERTIFICATE DISTRIBUTIONS
(A) Senior Certificates - Interest
(i) Class A-1
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 A-2
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 A-3
Pass-Through Rate 6.23%
Beginning Carryover Interest $ -
Current Interest Accrual $ 20,721.28
Current Carryover Interest Accrual $ -
Interest Paid $ 20,721.28
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 0.79
(iv) Class A-4
Pass-Through Rate 6.65%
Beginning Carryover Interest $ -
Current Interest Accrual $ 131,697.37
Current Carryover Interest Accrual $ -
Interest Paid $ 131,697.37
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 5.12
(v) Class A-5
Pass-Through Rate 6.85%
Beginning Carryover Interest $ -
Current Interest Accrual $ 142,699.55
Current Carryover Interest Accrual $ -
Interest Paid $ 142,699.55
Ending Carryover Balance $ -
Interest Paid Per $1000 $ 5.27
(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
(ii) 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
(iii)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 WritedownInterest Accrual $ -
Writedown interest Paid $ -
Ending Carryover Writedown Interest $ -
Interest Paid Per $1000 $ 7.25
(C) Senior Certificates - Principal
(i) Class A-1
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 A-2
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 A-3
Initial Certificate Balance 26,150,000.00
Initial Certificate Percentage 13.46%
Beginning Certificate Balance 3,991,258.51
Current Principal Due 107,991.53
Current Principal Paid 107,991.53
Principal Shortfall Carryover For Current
Period 0.00
Accelerated Principal Distribution 0.00
Ending Certificate Balance 3,883,266.98
Ending Pool Factor 4.04%
Principal Paid per $1000 4.13
Total Class Distribution 107,991.53
(iv) Class A-4
Initial Certificate Balance 25,720,000.00
Initial Certificate Percentage 13.24%
Beginning Certificate Balance 23,764,939.39
Current Principal Due 643,008.26
Current Principal Paid 643,008.26
Principal Shortfall Carryover For Curren
Period 0.00
Accelerated Principal Distribution 0.00
Ending Certificate Balance 23,121,931.13
Ending Pool Factor 24.08%
Principal Paid per $1000 27.06
Total Class Distribution 643,008.26
(v) Class A-5
Initial Certificate Balance 27,055,000.00
Initial Certificate Percentage 13.92%
Beginning Certificate Balance 24,998,461.71
Current Principal Due 676,383.69
Current Principal Paid 676,383.69
Principal Shortfall Carryover For Current
Period 0.00
Accelerated Principal Distribution 0.00
Ending Certificate Balance 24,322,078.02
Ending Pool Factor 25.33%
Principal Paid per $1000 27.06
Total Class Distribution 676,383.69
(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 0.00
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 17.20%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including
Writedowns 16,517,000.00
Total Class Distribution 0.00
(ii) Class B1
Initial Certificate Balance 19,430,000.00
Initial Certificate Percentage 10.00%
Beginning Certificate Balance 19,430,000.00
Current Principal Due 0.00
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 20.24%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including
Writedowns 19,430,000.00
Total Class Distribution 0.00
(iii)Class B2
Initial Certificate Balance 8,744,447.00
Initial Certificate Percentage 4.50%
Beginning Certificate Balance 8,744,447.00
Current Principal Due 0.00
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 9.11%
Principal Paid per $1000 0.00
Beginning Outstanding Writedown 0.00
Current Writedown/Writeup 0.00
Ending Certificate Balance- Including
Writedowns 8,744,447.00
Total Class Distribution 0.00
(E) Total Certificate Balances
Beg of Period End of Period
(i) Aggregate Balance of Certificates $ 97,446,106.61 $96,018,723.12
(ii) Total Certificate Pool Factor 50.1507323% 49.4161281%
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 $ 10,132,749.71 10.40% 315 10.05%
60-89 Days Delinquent $ 4,956,197.95 5.09% 154 4.91%
90 Days or More Delinquent $ 12,705,624.94 13.04% 390 12.44%
Homes Repossessed or Foreclosed Upon $ 3,129,854.76 3.21% 95 3.03%
IX. REPURCHASED CONTRACTS
(A) Repurchased Contracts - Breach of Rep or Warranty
(i) Beginning Cumulative Repurchased Contracts since cutoff $ 302,022.91
(ii) Number of Contracts repurchased this period -
(iii)Repurchase Price of Contracts this period $ -
(iv) Ending Cumulative Repurchased Contracts since cutoff $ 302,022.91
(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 95 $ 3,129,854.76
Repossessions Incurred 36 $ 1,061,511.74
Less Repurchase of Delinquent Loans 0 $ -
Less Repossessions Sold 36 $ 1,040,275.93
-------------------------
Ending Repossession Inventory 95 $ 3,151,090.57
Principal Balance of Repossessions Liquidated $ 1,040,275.93
Reimbursement of Servicer Advances on Liquidated Contracts $ 20,521.67
Liquidation Proceeds Attributable to Principal $ 220,189.96
-------------
Principal Loss on Liquidation of Repo $ 840,607.64
Reimbursement to Servicer for Liquidation Expense $ 4,238.09
Recoveries for Previously Liquidated Contracts $ 17,001.83
------------
Net Liquidation Loss (Realized Loss) $ 827,843.90
Recoveries
Liquidation Proceeds Attributable to Interest $ 32,900.95
Liquidation Proceeds Attributable to Principal $ 220,189.96
Recoveries for Previously Liquidated Contracts $ 17,001.83
-------------
Total Recoveries $ 270,092.74
Recovery Percentage of Principal Balance of Repossessions
Liquidated 26%
XI. TRIGGERS
Has the Crossover Date Occurred? YES
Where the Current Distribution Date of 03/17/03
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 97,446,106.61
Equals 45.86%
And is greater than the:
Subordinated Initital Certificates Percentage of 23.00%
multiplied by the
Percentage (as Percentof Initial Class Subordination Percentage) 175%
Equals 40.25%
Principal Distribution Tests: Actual Ratio Test Ratio Result
Over 60 Days Delinquent
------------------------------
Current Mo 19.03%
1st Preceding Mo 21.34%
2nd Preceding Mo 22.95%
Average 60 Day Delinquency Ratio: 21.10% 5.00% FAIL
Over 30 Days Delinquent
------------------------------
1st Preceding Mo 31.73%
2nd Preceding Mo 34.65%
Average 30 Day Delinquency Ratio: 31.36% 7.00% FAIL
Net Liquidation Losses
Ending Pool Bal (Realized Losses)
-------------------------------------------------------------
Current Mo 96,018,723.12 827,843.90
1st Preceding Mo 97,446,106.61 825,638.13
2nd Preceding Mo 98,636,604.48 643,552.52
Total 292,101,434.21 2,297,034.55
Divided by 3
Average 97,367,144.74
Sum of last 3 months of Losses 2,083,782.99
Divided by 3 month average of Pool Balance 98,570,705.85
Annualized (multiply by 4) 4
Current Realized Loss Ratio: 8.46% 2.75% FAIL
------------------------------------------------------------------------------------------------------
Beginning Cumulative Realized Losses 33,908,747.69
Net Liquidation Losses (Realized Losses) 825,638.13
------------------
Ending Cumulative Realized Losses 34,734,385.82
Divided by Initial Pool Principal Balance 194,306,447.89
Cumulative Realized Loss Ratio: 17.88% 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: Ann Hill
TITLE: Director of Accounting
BY: _____________________ DATE:_________________________
NAME: Ana Dropps
TITLE: Vice President - Finance