<PAGE>

                                                                   Exhibit 10.1
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE                                       SERVICING CERTIFICATE
=============================================================================================================================
<S>                           <C>                               <C>        <C>                             <C>

Revolving Home Equity Loan    LIBOR:                            6.46250%   Current Collection Period:      12/01/99-12/31/99
Asset-Backed Notes            Margin:                           0.65000%   P&S Agreement Date:                  12/1/98
Series 1998-2                 Class A-1  Note Rate:             7.11250%   Original Closing Date:              12/29/98
                              Class A-2  Note Rate:             6.51000%   Distribution Date:                   1/18/00
                              Class A-3  Note Rate:             6.67000%   Record Date:                         1/17/00
                              Interest Period 12/15/99 thru        34      Pool Factor:                       68.7340712%
                              1/17/00:
                              Servicing Fee Rate:               0.50000%   Initial Class A-1 O/C Amt:        2,041,531.37
                              Class A-1 Premium Fee Rate:       0.19000%   Initial Class A-2 O/C Amt:        2,430,777.93
                              Class A-2 Premium Fee Rate:       0.22000%   Initial Class A-3 O/C Amt:        3,312,404.71
                              Class A-3 Premium Fee Rate:       0.40000%   Class A-1 O/C Amt as of Pmt       4,763,573.17
                                                                           Date:
                              Trustee Fee:                      0.00750%   Class A-2 O/C Amt as of Pmt       5,237,845.42
                                                                           Date:
                              Class A-1 Weighted Avg Loan       11.49406%  Class A-3 O/C Amt as of Pmt       5,787,962.78
                              Rate:                                        Date:
                              Class A-2 Weighted Avg Loan       11.03870%  Class A-1 WAM:                         211
                              Rate:
                              Class A-3 Weighted Avg Loan       13.44196%  Class A-2 WAM:                         166
                              Rate:
                              Total Management Fee              1,000.00   Class A-3 WAM:                         246
        =====================================================================================================================

BALANCES
        Beginning HELOC Pool Balance                                                                          100,263,659.81
        Beginning Second Lien Pool Balance                                                                     59,557,102.29
        Beginning HLTV Pool Balance                                                                            40,381,566.76

        Beginning Class A-1 Note Balance -- CUSIP  422093AG9                                                   95,500,086.64
        Beginning Class A-2 Note Balance -- CUSIP  422093AH7                                                   54,556,128.98
        Beginning Class A-3 Note Balance -- CUSIP  422093AJ3                                                   34,728,216.50
        Overcollateralization Amount                                                                            3,027,476.58
        Overcollateralization Loan Amount                                                                               0.00

        Ending HELOC Pool Balance                                                                              94,908,424.21
        Ending Second Lien Pool Balance                                                                        57,586,029.87
        Ending HLTV Pool Balance                                                                               39,710,114.88

        Ending Class A-1 Note Balance -- CUSIP  422093AG9                                                      90,144,851.04
        Ending Class A-2 Note Balance -- CUSIP  422093AH7                                                      52,348,184.45
        Ending Class A-3 Note Balance -- CUSIP  422093AJ3                                                      33,922,152.10

        Additional Balances  Class A-1                                                                          1,368,204.13

        Number of all Retransferred Mortgage Loans (Current Retransfer                                                     0
        Date)
        Retransferred Mortgage Loan Trust Balances (Current Retransfer                                                  0.00
        Date)
        Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)                                0
        Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)                             0.00
        Number of all Subsequent HELOC Mortgage Loans (Current Date)                                                       0
        Subsequent HELOC Mortgage Loan Asset Balance (Current Date)                                                     0.00
        Number of all SubsequentSecond Lien Mortgage Loans (Current Date)                                                  0
        Subsequent Second Lien Mortgage Loan Asset Balance (Current Date)                                               0.00
        Number of all Subsequent HLTV Mortgage Loans (Current Date)                                                        0
        Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                                      0.00
        Cumulative Number of ALL Subsequent Mortgage Loans
                                                                                                                       1,830
        Cumulative Subsequent Mortgage Loan Asset Balance                                                      64,876,717.43


        Beginning Loan Count                                                                                           5,634
        Ending Loan Count                                                                                              5,452
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
COLLECTION AMOUNTS Class A-1
   1    Aggregate of All Mortgage Collections (Gross)                                                           7,723,381.27
   2    Total Mortgage Interest Collections (Gross)                                                             1,081,620.33
        Servicing Fees (current collection period)                                                                 41,776.52
        Deferred Interest Transfer  (DI)  Funding acct earnings                                                    64,111.20
        distribution 1/00
     3a      Mortgage Principal Collections                                                                     6,641,760.94
     3b      Pre-Funded                                                                                                 0.00
        Balance
     3c      Net Liquidation Proceeds                                                                                   0.00
   3    Total Mortgage Principal Collections                                                                    6,641,760.94
        Aggregate of Transfer Deposits                                                                                  0.00
        Investor Loss Amount                                                                                       81,678.79
        Aggregate Investor Loss Reduction Amount                                                                  276,710.54


COLLECTION AMOUNTS Class A-2
   1    Aggregate of All Mortgage Collections (Gross)                                                           2,497,062.74
   2    Total Mortgage Interest Collections (Gross)                                                               588,507.65
        Servicing Fees (current collection period)                                                                 24,815.46
        Deferred Interest Transfer  (DI)  Funding acct earnings                                                    42,313.40
        distribution 1/00
     3a      Mortgage Principal Collections                                                                     1,908,555.09
     3b      Pre-Funded                                                                                                 0.00
        Balance
     3c      Net Liquidation Proceeds                                                                                   0.00
   3    Total Mortgage Principal Collections                                                                    1,908,555.09
        Aggregate of Transfer Deposits                                                                                  0.00
        Investor Loss Amount                                                                                       62,517.33
        Aggregate Investor Loss Reduction Amount                                                                  150,081.97


COLLECTION AMOUNTS Class A-3
   1    Aggregate of All Mortgage Collections (Gross)                                                           1,006,087.83
   2    Total Mortgage Interest Collections (Gross)                                                               481,293.09
        Servicing Fees (current collection period)                                                                 16,825.65
        Deferred Interest Transfer  (DI)  Funding acct earnings                                                    21,797.81
        distribution 1/00
     3a      Mortgage Principal Collections                                                                       524,794.74
     3b      Pre-Funded                                                                                                 0.00
        Balance
     3c      Net Liquidation Proceeds                                                                                   0.00
   3    Total Mortgage Principal Collections                                                                      524,794.74
        Aggregate of Transfer Deposits                                                                                  0.00
        Investor Loss Amount                                                                                      146,657.14
        Aggregate Investor Loss Reduction Amount                                                                  473,113.39


TOTAL COLLECTION AMOUNT
   1    Aggregate of All Mortgage Collections (Gross)                                                          11,226,531.84
   2    Total Mortgage Interest Collections (Gross)                                                             2,151,421.07
        Servicing Fees (current collection period)                                                                 83,417.64
        Deferred Interest Transfer  (DI)                                                                          128,222.41
     3a      Mortgage Principal Collections                                                                     9,075,110.77
     3b      Insurance                                                                                                  0.00
        Proceeds
     3c      Net Liquidation Proceeds                                                                                   0.00
   3    Total Mortgage Principal Collections                                                                    9,075,110.77
        Aggregate of Transfer Deposits                                                                                  0.00
        Investor Loss Amount                                                                                      290,853.26
        Aggregate Investor Loss Reduction Amount                                                                  899,905.90

</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
        Class A-1 Net Interest Collection                                                                       1,103,955.01
        Class A-2 Net Interest Collection                                                                         606,005.59
        Class A-3 Net Interest Collection                                                                         486,265.25


DISTRIBUTION AMOUNTS Class A-1
        Class A-1 Note    Interest 8.6 (d)(iv)                                                                    641,508.57
        Class A-1 Note    Unpaid Interest Shortfall (current                                                            0.00
        cycle)
        Class A-1 Note    Reserve Fund Amount                                                                     364,527.60
        Investor Loss                                                                                              81,678.79
        Amount
        Previous Investor Loss Amount                                                                                   0.00
        Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                15,120.85
        Credit Enhancer Reimbursement                                                                                   0.00
        Accelerated Principal Distribution Amount                                                                       0.00
        Spread Account Deposit                                                                                          0.00
        Indenture  Trustee Fee 8.6 (d)(i)                                                                             596.88
        Management Fee 8.6 (d)(iii)                                                                                   522.32
        Payment to Servicer                                                                                             0.00
        Deferred Interest                                                                                               0.00
        Remaining Amount to Transferor                                                                                  0.00
        Total Certificateholders Distribution Allocable to                                                      1,103,955.00
        Interest


        Maximum Principal Payment                                                                               5,273,556.81
        Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C                   0.00
        Redctin Amt) 8.6(d)(v)
        Accelerated Principal Distribution Amount                                                                       0.00
        Loan Loss                                                                                                  81,678.79
        HELOC Overcollateralization Deficit 8.6 (d)(vi)                                                                 0.00
        Total Certificateholders Distribution Allocable to                                                      5,355,235.60
        Principal


DISTRIBUTION AMOUNTS Class A-2
        Class A-2 Note    Interest 8.6 (d)(iv)                                                                    295,967.00
        Class A-2 Note    Unpaid Interest Shortfall (current                                                            0.00
        cycle)
        Class A-2 Note    Reserve Fund Amount                                                                           0.00
        Investor Loss                                                                                              62,517.33
        Amount
        Previous Investor Loss Amount                                                                                   0.00
        Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                10,001.96
        Credit Enhancer Reimbursement                                                                                   0.00
        Accelerated Principal Distribution Amount                                                                 236,872.11
        Spread Account Deposit                                                                                          0.00
        Indenture  Trustee Fee 8.6 (d)(i)                                                                             340.98
        Management Fee 8.6 (d)(iii)                                                                                   306.22
        Payment to Servicer                                                                                             0.00
        Deferred Interest                                                                                               0.00
        Remaining Amount to Transferor                                                                                  0.00
        Total Certificateholders Distribution Allocable to                                                        606,005.59
        Interest


        Maximum Principal Payment                                                                               1,908,555.09
        Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C                  0.00
        Redctin Amt) 8.6(d)(v)
        Accelerated Principal Distribution Amount                                                                 236,872.11
        Loan Loss                                                                                                  62,517.33
        Second Lien Overcollateralization Deficit 8.6 (d)(vi)                                                           0.00
        Total Certificateholders Distribution Allocable to                                                      2,207,944.53
        Principal

</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
DISTRIBUTION AMOUNTS Class A-3
        Class A-3 Note    Interest 8.6 (d)(iv)                                                                    193,031.00
        Class A-3 Note    Unpaid Interest Shortfall (current cycle)                                                     0.00
        5.01(i)
        Class A-3 Note    Reserve Fund Amount                                                                           0.00
        Investor Loss Amount  5.01(iii)                                                                           146,657.14
        Previous Investor Loss Amount 5.01(iv)                                                                          0.00
        Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                11,576.07
        Credit Enhancer Reimbursement 5.01(vi)                                                                          0.00
        Accelerated Principal Distribution Amount 5.01(vii)                                                       134,612.52
        Spread Account Deposit 5.01(viii)                                                                               0.00
        Indenture  Trustee Fee 8.6 (d)(i)                                                                             217.05
        Management Fee 8.6 (d)(iii)                                                                                   171.46
        Payment to Servicer per Section 7.03 5.01 (x)                                                                   0.00
        Deferred Interest 5.01 (xi)                                                                                     0.00
        Remaining Amount to Transferor 5.01 (xii)                                                                       0.00
        Total Certificateholders Distribution Allocable to                                                        486,265.25
        Interest

        Maximum Principal Payment                                                                                 524,794.74
        Scheduled Principal Collection Payment                                                                          0.00
        Accelerated Principal Distribution Amount                                                                 134,612.52
        Loan Loss                                                                                                 146,657.14
        HLTV Lien Overcollateralization Deficit 8.6 (d)(vi)                                                             0.00
        Total Certificateholders Distribution Allocable to                                                        806,064.40
        Principal

TOTAL DISTRIBUTION AMOUNT
        Class A Note    Interest 8.6 (d)(iv)                                                                    1,130,506.57
        Class A Note    Unpaid Interest Shortfall (current cycle) 5.01(i)                                               0.00
        Class A Note    Reserve Fund Amount                                                                       364,527.60
        Investor Loss Amount  5.01(iii)                                                                           290,853.26
        Previous Investor Loss Amount 5.01(iv)                                                                          0.00
        Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                36,698.88
        Credit Enhancer Reimbursement 5.01(vi)                                                                          0.00
        Accelerated Principal Distribution Amount 5.01(vii)                                                       371,484.63
        Spread Account Deposit 5.01(viii)                                                                               0.00
        Indenture  Trustee Fee 8.6 (d)(i)                                                                           1,154.90
        Management Fee 8.6 (d)(iii)                                                                                 1,000.00
        Payment to Servicer per Section 7.03 5.01 (x)                                                                   0.00
        Deferred Interest 5.01 (xi)                                                                                     0.00
        Remaining Amount to Transferor 5.01 (xii)                                                                       0.00
        Total Certificateholders Distribution Allocable to                                                      2,196,225.84
        Interest


        Maximum Principal Payment                                                                               7,706,906.64
        Scheduled Principal Collection Payment                                                                          0.00
        Accelerated Principal Distribution Amount                                                                 371,484.63
        Loan Loss                                                                                                 290,853.26
        Overcollateralization Deficit 8.6 (d)(vi)                                                                       0.00
        Total Certificateholders Distribution Allocable to                                                      8,369,244.53
        Principal

LOSSES/RETRANSFERS
        Unpaid Class A-1 Note    Interest Shortfall Due (From Previous Distributions)                                   0.00
        Unpaid Class A-2 Note    Interest Shortfall Due (From Previous Distributions)                                   0.00
        Unpaid Class A-3 Note    Interest Shortfall Due (From Previous Distributions)                                   0.00
        Interest Earned on Shortfall @ applicable Certificate                                                           0.00
        Rate
        Investor Loss Reduction Amount (From Previous Distributions)                                                    0.00
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
DISTRIBUTION TO CERTIFICATEHOLDERS  (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
        Total Class A-1 Note Distribution Amount Allocable to Interest                                             4.7852147
        Interest Distribution Amount                                                                               4.7852147
        Unpaid Note Interest Shortfall Included in Current Distribution                                            0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                            0.0000000

        Total Class A-1 Note Distribution Amount Allocable to Principal                                           39.9463914
        Maximum Principal Payment                                                                                 39.3371235
        Scheduled Principal Collections Payment                                                                    0.0000000
        Loan Loss                                                                                                  0.6092679
        Accelerated Principal Distribution Amount                                                                  0.0000000

Class A-2
        Total Class A-2 Note Distribution Amount Allocable to Interest                                             3.7657157
        Interest Distribution Amount                                                                               3.7657157
        Unpaid Note Interest Shortfall Included in Current Distribution                                            0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                            0.0000000


        Total Class A-2 Note Distribution Amount Allocable to Principal                                           28.0926297
        Maximum Principal Payment                                                                                 24.2833688
        Scheduled Principal Collections Payment                                                                    0.0000000
        Loan Loss                                                                                                  0.7954349
        Accelerated Principal Distribution Amount                                                                  3.0138259

Class A-3
        Total Class A-3 Note Distribution Amount Allocable to Interest                                             4.3863043
        Interest Distribution Amount                                                                               4.3863043
        Unpaid Note Interest Shortfall Included in Current Distribution                                            0.0000000
        Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)                            0.0000000


        Total Class A-3 Note Distribution Amount Allocable to Principal                                           18.3164555
        Maximum Principal Payment                                                                                 11.9250763
        Scheduled Principal Collections Payment                                                                    0.0000000
        Loan Loss                                                                                                  3.3325364
        Accelerated Principal Distribution Amount                                                                  3.0588427


        Reimbursed Investor Loss Reduction Amounts Included in Current Distribution                                0.0000000
        Investor Loss Reduction Amounts after Current Distribution                                                 0.0000000
        (carryover)

        Total Interest Amount Distributed to Class A Certificateholder                                            12.9372348
        Total Principal Amount Distributed to Class A Certificateholder                                           86.3554766

        Credit Enhancement Draw Amount                                                                                  0.00

DELINQUENCIES/FORECLOSURES

Class A-1
        Number of Mortgages 30 to 59 Days Delinquent                                                                      45
        Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                      1,893,260.09
        Number of Mortgages 60 to 89 Days Delinquent                                                                       4
        Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                        187,195.67
        Number of Mortgages 90 to 179 Days Delinquent                                                                      5
        Aggregate Principal Balances of Mortgages 90 to 179 Days                                                  171,114.29
        Delinquent
        Number of Mortgages 180 or more Days Delinquent                                                                    1
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>

        Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                      99,864.20
        Number of Mortgage Loans in Foreclosure                                                                            4
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                             137,218.18

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                       0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current                                                 0.00
        Month

Class A-2
        Number of Mortgages 30 to 59 Days Delinquent                                                                      25
        Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                      1,028,057.87
        Number of Mortgages 60 to 89 Days Delinquent                                                                       9
        Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                        285,386.64
        Number of Mortgages 90 to 179 Days Delinquent                                                                      2
        Aggregate Principal Balances of Mortgages 90 to 179 Days                                                  356,068.99
        Delinquent
        Number of Mortgages 180 or more Days Delinquent                                                                    3
        Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                      97,084.89
        Number of Mortgage Loans in Foreclosure                                                                            6
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                             338,545.07

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                       0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current                                                 0.00
        Month

Class A-3
        Number of Mortgages 30 to 59 Days Delinquent                                                                      33
        Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                      1,244,386.12
        Number of Mortgages 60 to 89 Days Delinquent                                                                       7
        Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                        278,363.91
        Number of Mortgages 90 to 179 Days Delinquent                                                                      7
        Aggregate Principal Balances of Mortgages 90 to 179 Days                                                  269,808.52
        Delinquent
        Number of Mortgages 180 or more Days Delinquent                                                                    4
        Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                     133,068.24
        Number of Mortgage Loans in Foreclosure                                                                           18
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                             576,742.52

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                       0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current                                                 0.00
        Month

TOTAL DELINQUENCIES/FORECLOSURES

        Number of Mortgages 30 to 59 Days Delinquent                                                                     103
        Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                      4,165,704.08
        Number of Mortgages 60 to 89 Days Delinquent                                                                      20
        Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                        750,946.22
        Number of Mortgages 90 to 179 Days Delinquent                                                                     14
        Aggregate Principal Balances of Mortgages 90 to 179 Days                                                  796,991.80
        Delinquent
        Number of Mortgages 180 or more Days Delinquent                                                                    8
        Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                     330,017.33
        Number of Mortgage Loans in Foreclosure                                                                           28
        Aggregate Principal Balances of Mortgage Loans in Foreclosure                                           1,052,505.77

        Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                       0.00
        Aggregate Trust Balances of any Liquidated Loans in the Current                                                 0.00
        Month

=============================================================================================================================

PRE-FUNDED ACCOUNT ACTIVITY

        Beginning Balance Pre-Funded Account                                                                            0.00
        Remaining Amount for Distribution to Classes                                                                    0.00
        Withdrawal for Subsequent Loan Purchase:                                                                        0.00
        Ending Balance Pre-Funded Account                                                                               0.00
        Pre-Funding Period:  From Closing Date thru the
        2/15/99
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
RESERVE FUND ACTIVITY

        Class A-1 Reserve Fund  Beginning Balance                                                               2,144,344.33
        Class A-1 Reserve Fund  Deposit/Withdrawal                                                                364,527.60
        Class A-1 Reserve Fund  Ending Balance                                                                  2,508,871.93

        Class A-2 Reserve Fund  Beginning Balance                                                                       0.00
        Class A-2 Reserve Fund  Deposit/Withdrawal                                                                      0.00
        Class A-2 Reserve Fund  Ending Balance                                                                          0.00

        Class A-3 Reserve Fund  Beginning Balance                                                                       0.00
        Class A-3 Reserve Fund  Deposit/Withdrawal                                                                      0.00
        Class A-3 Reserve Fund  Ending Balance                                                                          0.00

CROSSOVER ACTIVITY
        Class A-1 Activity This Distribution                                                                            0.00
        Class A-2 Activity This Distribution                                                                            0.00
        Class A-3 Activity This Distribution                                                                            0.00

        OFFICER'S CERTIFICATE
        All  Computations  reflected in this Servicer  Certificate  were made in
        conformity with the Pooling and Servicing Agreement.

        The Attached  Servicing  Certificate is true and correct in all material
respects.


        -------------------------------------------------------
        A Servicing Officer    Teri Martine
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE                                STATEMENT TO NOTEHOLDERS
==================================================================================================================
<S>                          <C>                           <C>       <C>                         <C>
Revolving Home Equity Loan   LIBOR:                        6.46250%  Current Collection Period:  12/01/99-12/31/99
Asset-Backed Notes           Margin:                       0.65000%  P&S Agreement Date:             12/1/98
Series 1998-2                Class A-1  Note Rate:         7.11250%  Original Closing Date:          12/29/98
                             Class A-2  Note Rate:         6.51000%  Distribution Date:              1/18/00
                             Class A-3  Note Rate:         6.67000%  Record Date:                    1/17/00
                             Interest Period  3/15/99         34     Pool Factor:                  68.7340712%
                             thru 4/14/99:

==================================================================================================================

          BALANCES
          Beginning HELOC Pool Balance                                                             100,263,659.81
          Beginning Second Lien Pool Balance                                                        59,557,102.29
          Beginning HLTV Pool Balance                                                               40,381,566.76

          Beginning Class A-1 Note Balance -- CUSIP  422093AG9                                      95,500,086.64
          Beginning Class A-2 Note Balance -- CUSIP  422093AH7                                      54,556,128.98
          Beginning Class A-3 Note Balance -- CUSIP  422093AJ3                                      34,728,216.50

          Ending HELOC Pool Balance                                                                 94,908,424.21
          Ending Second Lien Pool Balance                                                           57,586,029.87
          Ending HLTV Pool Balance                                                                  39,710,114.88

          Ending Class A-1 Note Balance -- CUSIP  422093AG9                                         90,144,851.04
          Ending Class A-2 Note Balance -- CUSIP  422093AH7                                         52,348,184.45
          Ending Class A-3 Note Balance -- CUSIP                                                    33,922,152.10
          422093AJ3

          Additional Balances  Class A-1                                                             1,368,204.13

          Number of all Retransferred Mortgage Loans (Current Retransfer Date)                                  0
          Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                               0.00
          Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)                   0
          Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)                0.00
          Number of all Subsequent HELOC Mortgage Loans (Current Date)                                          0
          Subsequent HELOC Mortgage Loan Asset Balance (Current Date)                                        0.00
          Number of all SubsequentSecond Lien Mortgage Loans (Current Date)                                     0
          Subsequent Second Lien Mortgage Loan Asset Balance (Current Date)                                  0.00
          Number of all Subsequent HLTV Mortgage Loans (Current                                                 0
          Date)
          Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                         0.00
          Cumulative Number of ALL Subsequent Mortgage Loans                                                 1830
          Cumulative Subsequent Mortgage Loan Asset Balance                                         64,876,717.43


          Beginning Loan Count                                                                              5,634
          Ending Loan Count                                                                                 5,452


COLLECTION AMOUNTS Class A-1
          Aggregate of All Mortgage Collections                                                      7,681,604.75
          Total Mortgage Interest Collections                                                        1,081,620.33
          Servicing Fees (current collection period)                                                  (41,776.52)
               Mortgage Principal Collections                                                        6,641,760.94
               Pre-Funded Balance                                                                            0.00
                                                                                                             0.00
          Total Mortgage Principal Collections                                                       6,641,760.94
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
COLLECTION AMOUNTS Class A-2
          Aggregate of All Mortgage Collections                                                      2,472,247.28
          Total Mortgage Interest Collections                                                          588,507.65
          Servicing Fees (current collection period)                                                  (24,815.46)
               Mortgage Principal Collections                                                        1,908,555.09
               Pre-Funded Balance                                                                            0.00
                                                                                                             0.00
          Total Mortgage Principal Collections                                                       1,908,555.09

COLLECTION AMOUNTS Class A-3
          Aggregate of All Mortgage Collections                                                        989,262.18
          Total Mortgage Interest Collections                                                          481,293.09
          Servicing Fees (current collection period)                                                  (16,825.65)
               Mortgage Principal Collections                                                          524,794.74
               Pre-Funded Balance                                                                            0.00
                                                                                                             0.00
          Total Mortgage Principal Collections                                                         524,794.74

TOTAL COLLECTION AMOUNT
          Aggregate of All Mortgage Collections                                                     11,226,531.84
          Total Mortgage Interest Collections                                                        2,151,421.07
               Mortgage Principal Collections                                                        9,075,110.77
               Pre-Funded Balance                                                                            0.00

          Total Mortgage Principal Collections                                                       9,075,110.77



DISTRIBUTION AMOUNTS Class A-1
          Class A-1 Note    Interest                                                                   641,508.57
          Class A-1 Note    Unpaid Interest Shortfall (current                                               0.00
          cycle)
          Class A-1 Note    Reserve Fund Amount                                                        364,527.60

          Maximum Principal Payment                                                                  5,273,556.81
          Scheduled Principal Collection                                                                     0.00
          Accelerated Principal Distribution Amount                                                          0.00
          Loan Loss                                                                                     81,678.79
          HELOC Overcollateralization Deficit                                                                0.00
          Total Certificateholders Distribution Allocable to                                         5,355,235.60
          Principal

DISTRIBUTION AMOUNTS Class A-2
          Class A-2 Note    Interest                                                                   295,967.00
          Class A-2 Note    Unpaid Interest Shortfall (current                                               0.00
          cycle)
          Class A-2 Note    Reserve Fund Amount                                                              0.00

          Maximum Principal Payment                                                                  1,908,555.09
          Scheduled Principal Collection                                                                     0.00
          Accelerated Principal Distribution Amount                                                    236,872.11
          Loan Loss                                                                                     62,517.33
          HELOC Overcollateralization Deficit                                                                0.00
          Total Certificateholders Distribution Allocable to                                         2,207,944.53
          Principal

DISTRIBUTION AMOUNTS Class A-3
          Class A-3 Note    Interest                                                                   193,031.00
          Class A-3 Note    Unpaid Interest Shortfall (current                                               0.00
          cycle)
          Class A-3 Note    Reserve Fund Amount                                                              0.00

          Maximum Principal Payment                                                                    524,794.74
          Scheduled Principal Collection Payment                                                             0.00
          Accelerated Principal Distribution Amount                                                    134,612.52
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
          Loan Loss                                                                                    146,657.14
          HLTV Lien Overcollateralization Deficit                                                            0.00
          Total Certificateholders Distribution Allocable to                                           806,064.40
          Principal

TOTAL DISTRIBUTION AMOUNT
          Class A Note Interest                                                                      1,130,506.57
          Class A Note Unpaid Interest Shortfall (current cycle)                                             0.00
          Class A Note  Reserve Fund Amount                                                            364,527.60

          Maximum Principal Payment                                                                  7,706,906.64
          Scheduled Principal Collection Payment/bal                                                         0.00
          Accelerated Principal Distribution Amount                                                    371,484.63
          Overcollateralization Deficit                                                                      0.00
          Total Certificateholders Distribution Allocable to                                         8,078,391.27
          Principal



LOSSES/RETRANSFERS

          Unpaid Class A-1 Note    Interest Shortfall Due (From Previous Distributions)                      0.00
          Unpaid Class A-2 Note    Interest Shortfall Due (From Previous Distributions)                      0.00
          Unpaid Class A-3 Note    Interest Shortfall Due (From Previous Distributions)                      0.00
          Interest Earned on Shortfall @ applicable Certificate Rate                                         0.00
          Investor Loss Reduction Amount (From Previous                                                      0.00
          Distributions)


DISTRIBUTION TO CERTIFICATEHOLDERS  (PER CERTIFICATE WITH A $1,000 DENOMINATION)

Class A-1
          Total Class A-1 Note Distribution Amount Allocable to                                         4.7852147
          Interest
          Interest Distribution Amount                                                                  4.7852147
          Unpaid Note Interest Shortfall Included in Current                                            0.0000000
          Distribution
          Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)               0.0000000

          Total Class A-1 Note Distribution Amount Allocable to                                        39.9463914
          Principal
          Maximum Principal Payment                                                                    39.3371235
          Scheduled Principal Collections Payment                                                       0.0000000
          Loan Loss                                                                                     0.6092679
          Accelerated Principal Distribution Amount                                                     0.0000000

Class A-2
          Total Class A-2 Note Distribution Amount Allocable to                                         3.7657157
          Interest
          Interest Distribution Amount                                                                  3.7657157
          Unpaid Note Interest Shortfall Included in Current                                            0.0000000
          Distribution
          Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)               0.0000000

          Total Class A-2 Note Distribution Amount Allocable to                                        28.0926297
          Principal
          Maximum Principal Payment                                                                    24.2833688
          Scheduled Principal Collections Payment                                                       0.0000000
          Loan Loss                                                                                     0.7954349
          Accelerated Principal Distribution Amount                                                     3.0138259

Class A-3
          Total Class A-3 Note Distribution Amount Allocable to                                         4.3863043
          Interest
          Interest Distribution Amount                                                                  4.3863043
          Unpaid Note Interest Shortfall Included in Current                                            0.0000000
          Distribution
          Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover)               0.0000000

</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
          Total Class A-3 Note Distribution Amount Allocable to                                        18.3164555
          Principal
          Maximum Principal Payment                                                                    11.9250763
          Scheduled Principal Collections Payment                                                       0.0000000
          Loan Loss                                                                                     3.3325364
          Accelerated Principal Distribution Amount                                                     3.0588427


          Reimbursed Investor Loss Reduction Amounts Included in Current Distribution                   0.0000000
          Investor Loss Reduction Amounts after Current Distribution (carryover)                        0.0000000

          Total Interest Amount Distributed to Class A                                                 12.9372348
          Certificateholder
          Total Principal Amount Distributed to Class A Certificateholder                              86.3554766

          Credit Enhancement Draw Amount                                                                        0

DELINQUENCIES/FORECLOSURES
Class A-1
          Number of Mortgages 31 to 60 Days Delinquent                                                         45
          Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
                                                                                                     1,893,260.09
          Number of Mortgages 61 to 90 Days Delinquent                                                          4
          Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                           187,195.67
          Number of Mortgages 91 to 180 or more Days Delinquent                                                 5
          Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                  171,114.29
          Number of Mortgages 181 or more Days Delinquent                                                       1
          Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                         99,864.20
          Number of Mortgage Loans in Foreclosure                                                               4
          Aggregate Principal Balances of Mortgage Loans in                                            137,218.18
          Foreclosure

          Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                          0.00
          Aggregate Trust Balances of any Liquidated Loans in the Current Month                              0.00

Class A-2
          Number of Mortgages 31 to 60 Days Delinquent                                                         25
          Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                         1,028,057.87
          Number of Mortgages 61 to 90 Days Delinquent                                                          9
          Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                           285,386.64
          Number of Mortgages 91 to 180 or more Days Delinquent                                                 2
          Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                  356,068.99
          Number of Mortgages 181 or more Days Delinquent                                                       3
          Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                         97,084.89
          Number of Mortgage Loans in Foreclosure                                                               6
          Aggregate Principal Balances of Mortgage Loans in                                            338,545.07
          Foreclosure

          Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                          0.00
          Aggregate Trust Balances of any Liquidated Loans in the Current Month                              0.00

Class A-3
          Number of Mortgages 31 to 60 Days Delinquent                                                         33
          Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
                                                                                                     1,244,386.12
          Number of Mortgages 61 to 90 Days Delinquent                                                          7
          Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                           278,363.91
          Number of Mortgages 91 to 180 or more Days Delinquent                                                 7
          Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                  269,808.52
          Number of Mortgages 181 or more Days Delinquent                                                       4
          Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                        133,068.24
          Number of Mortgage Loans in Foreclosure                                                              18
          Aggregate Principal Balances of Mortgage Loans in                                            576,742.52
          Foreclosure

          Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                          0.00
          Aggregate Trust Balances of any Liquidated Loans in the Current Month                              0.00
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                             <C>
TOTAL DELINQUENCIES/FORECLOSURES
          Number of Mortgages 31 to 60 Days Delinquent                                                        103
          Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                         4,165,704.08
          Number of Mortgages 61 to 90 Days Delinquent                                                         20
          Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                           750,946.22
          Number of Mortgages 91 to 180 or more Days Delinquent                                                14
          Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                  796,991.80
          Number of Mortgages 181 or more Days Delinquent                                                       8
          Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                        330,017.33
          Number of Mortgage Loans in Foreclosure                                                              28
          Aggregate Principal Balances of Mortgage Loans in                                          1,052,505.77
          Foreclosure

          Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                          0.00
          Aggregate Trust Balances of any Liquidated Loans in the Current Month                              0.00

==================================================================================================================

          Class A-1 Note Rate For Next Distribution        LIBOR     tbd                             #VALUE!

PRE-FUNDED ACCOUNT ACTIVITY
          Beginning Balance Pre Funding Account                                                              0.00
          Remaining Amount for Distribution to Classes                                                       0.00
          Withdrawal for Subsequent Loan Purchase:                                                           0.00
          Ending Balance Pre Funding Account                                                                 0.00
          Pre-Funding Period:  From Closing Date thru the 2/15/99

RESERVE FUND ACTIVITY

          Class A-1 Reserve Fund  Beginning Balance                                                  2,144,344.33
          Class A-1 Reserve Fund  Deposit/Withdrawal                                                   364,527.60
          Class A-1 Reserve Fund  Ending Balance                                                     2,508,871.93

          Class A-2 Reserve Fund  Beginning Balance                                                          0.00
          Class A-2 Reserve Fund  Deposit/Withdrawal                                                         0.00
          Class A-2 Reserve Fund  Ending Balance                                                             0.00

          Class A-3 Reserve Fund  Beginning Balance                                                          0.00
          Class A-3 Reserve Fund  Deposit/Withdrawal                                                         0.00
          Class A-3 Reserve Fund  Ending Balance                                                             0.00
</TABLE>