<PAGE>

                                 Exhibit 10.1

Headlands                    SERVICING CERTIFICATE
Mortgage

<TABLE>
====================================================================================================================================
<S>                           <C>                                       <C>        <C>                              <C>
Revolving Home Equity Loan    LIBOR:                                    5.78125%   Current Collection Period:       1/1/00-1/31/00
Asset-Backed Notes            Margin A-1:                               0.35500%   P&S Agreement Date:                      9/1/99

Series 1999-1                 Class A-1  Note Rate:                     6.13625%   Original Closing Date:                  9/29/99
                              Class A-2  Note Rate:                     6.18125%   Distribution Date:                      2/15/00
                              Margin A-2:                               0.40000%   Record Date:                            2/14/00
                              Interest Period 1/18/00 thru 2/14/00:          28    Pool Factor:                         93.1349112%

                              Servicing Fee Rate:                       0.50000%   Initial Class A-1 O/C Amt:         1,600,227.33
                              Class A-1 Premium Fee Rate:               0.18000%   Initial Class A-2 O/C Amt:           431,934.61
                              Class A-2 Premium Fee Rate:               0.18000%
                                                                                   Class A-1 O/C Amt as of Pmt Date:  4,354,930.02
                              Trustee Fee:                              0.00750%   Class A-2 O/C Amt as of Pmt Date:  1,031,803.32
                              Class A-1 Weighted Avg Loan Rate:        11.67075%
                              Class A-2 Weighted Avg Loan Rate:        11.45944%

                              Total Management Fee                     1,000.00
     ===============================================================================================================================
</TABLE>

<TABLE>
<S>                                                                                                                   <C>
BALANCES
     Beginning Class A-1 Pool Balance                                                                                 209,589,014.03
     Beginning Class A-2 Pool Balance                                                                                  48,786,751.12


     Beginning Class A-1 Note Balance -- CUSIP 422093AK0                                                              206,106,331.13
     Beginning Class A-2 Note Balance -- CUSIP 422093AL8                                                               47,947,105.84

     Class A-1 Overcollateralization Amount to Fill                                                                     3,110,332.94
     Class A-2 Overcollateralization Amount to Fill                                                                       979,784.39

     Ending Class A-1 Pool Balance                                                                                    208,032,663.03
     Ending Class A-2 Pool Balance                                                                                     47,640,173.81


     Ending Class A-1 Note Balance -- CUSIP 422093AK0                                                                 203,677,733.01
     Ending Class A-2 Note Balance -- CUSIP 422093AL8                                                                  46,608,370.49

     Additional Balances Class A-1                                                                                      4,310,991.81
     Additional Balances Class A-2                                                                                        350,427.28

     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 Subsequent Second 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                                                                            0
     Cumulative Subsequent Mortgage Loan Asset Balance                                                                          0.00
     Class A-1 Cumulative Excess of Draws Over Principal Paydown                                                                0.00

     Beginning Loan Count                                                                                                      5,995
     Ending Loan Count                                                                                                         5,910
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                          <C>
COLLECTION AMOUNTS Class A-1
  1       Aggregate of All Mortgage Collections (Gross)                                                      7,843,581.63
  2       Total Mortgage Interest Collections (Gross)                                                        1,976,238.82
          Servicing Fees (current collection period)                                                            87,328.76
          Deferred Interest Transfer (DI)                                                                            0.00
    3a      Mortgage Principal Collections                                                                   5,867,342.81
    3b      Pre-Funded Balance                                                                                       0.00
    3c      Net Liquidation Proceeds                                                                                 0.00
  3       Total Mortgage Principal Collections                                                               5,867,342.81
          Aggregate of Transfer Deposits                                                                             0.00
          Investor Loss Amount                                                                                       0.00
          Aggregate Investor Loss Reduction Amount                                                                   0.00


COLLECTION AMOUNTS Class A-2
  1       Aggregate of All Mortgage Collections (Gross)                                                      1,947,706.81
  2       Total Mortgage Interest Collections (Gross)                                                          450,702.22
          Servicing Fees (current collection period)                                                            20,327.81
          Deferred Interest Transfer (DI)                                                                            0.00
    3a      Mortgage Principal Collections                                                                   1,497,004.59
    3b      Pre-Funded Balance                                                                                       0.00
    3c      Net Liquidation Proceeds                                                                                 0.00
  3       Total Mortgage Principal Collections                                                               1,497,004.59
          Aggregate of Transfer Deposits                                                                             0.00
          Investor Loss Amount                                                                                       0.00
          Aggregate Investor Loss Reduction Amount                                                                   0.00

TOTAL COLLECTION AMOUNT
  1       Aggregate of All Mortgage Collections (Gross)                                                      9,791,288.44
  2       Total Mortgage Interest Collections (Gross)                                                        2,426,941.04
          Servicing Fees (current collection period)                                                           107,656.57
          Deferred Interest Transfer (DI)                                                                            0.00
    3a      Mortgage Principal Collections                                                                   7,364,347.40
    3b      Insurance Proceeds                                                                                       0.00
    3c      Net Liquidation Proceeds                                                                                 0.00
  3       Total Mortgage Principal Collections                                                               7,364,347.40
          Aggregate of Transfer Deposits                                                                             0.00
          Investor Loss Amount                                                                                       0.00
          Aggregate Investor Loss Reduction Amount                                                                   0.00

          Class A-1 Net Interest Collection                                                                  1,888,910.06
          Class A-2 Net Interest Collection                                                                    430,374.41



DISTRIBUTION AMOUNTS Class A-1
          Class A-1 Note Interest 8.6 (d)(iv)                                                                  983,671.09
          Class A-1 Note Unpaid Interest Shortfall (current cycle)                                                   0.00
          Class A-1 Note Reserve Fund Amount                                                                         0.00
          Investor Loss Amount                                                                                       0.00
          Previous Investor Loss Amount                                                                              0.00
          Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                           30,915.95
          Credit Enhancer Reimbursement                                                                              0.00
          Accelerated Principal Distribution Amount                                                            872,247.12
          Spread Account Deposit                                                                                     0.00
          Indenture Trustee Fee 8.6 (d)(i)                                                                       1,288.16
          Management Fee 8.6 (d)(iii)                                                                              787.74
          Payment to Servicer                                                                                        0.00
          Deferred Interest                                                                                          0.00
          Remaining Amount to Transferor                                                                             0.00
          Total Certificateholders Distribution Allocable to Interest                                        1,888,910.07
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                <C>
     Maximum Principal Payment                                                                                     1,556,351.00
     Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin Amt)            0.00
     8.6(d)(v)
     Accelerated Principal Distribution Amount                                                                       872,247.12
     Loan Loss                                                                                                             0.00
     Class A-1 Overcollateralization Deficit 8.6 (d)(vi)                                                                   0.00
     Total Certificateholders Distribution Allocable to Principal                                                  2,428,598.12

DISTRIBUTION AMOUNTS Class A-2
     Class A-2 Note  Interest 8.6 (d)(iv)                                                                            230,512.37
     Class A-2 Note  Unpaid Interest Shortfall (current cycle)                                                             0.00
     Class A-2 Note  Reserve Fund Amount                                                                                   0.00
     Investor Loss Amount                                                                                                  0.00
     Previous Investor Loss Amount                                                                                         0.00
     Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                      7,1 92.07
     Credit Enhancer Reimbursement                                                                                         0.00
     Accelerated Principal Distribution Amount                                                                       192,158.04
     Spread Account Deposit                                                                                                0.00
     Indenture  Trustee Fee 8.6 (d)(i)                                                                                   299.67
     Management Fee 8.6 (d)(iii)                                                                                         212.26
     Payment to Servicer                                                                                                   0.00
     Deferred Interest                                                                                                     0.00
     Remaining Amount to Transferor                                                                                        0.00
     Total Certificateholders Distribution Allocable to Interest                                                     430,374.41

     Maximum Principal Payment                                                                                     1,146,577.31
     Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C Redctin Amt)           0.00
     8.6(d)(v)
     Accelerated Principal Distribution Amount                                                                       192,158.04
     Loan Loss                                                                                                             0.00
     Class A-2 Overcollateralization Deficit 8.6 (d)(vi)                                                                   0.00
     Total Certificateholders Distribution Allocable to Principal                                                  1,338,735.35

  TOTAL DISTRIBUTION AMOUNT
     Class A Note Interest 8.6 (d)(iv)                                                                             1,214,183.46
     Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i)                                                        0.00
     Class A Note Reserve Fund Amount                                                                                      0.00
     Investor Loss Amount  5.01(iii)                                                                                       0.00
     Previous Investor Loss Amount 5.01(iv)                                                                                0.00
     Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                                      38,108.02
     Credit Enhancer Reimbursement 5.01(vi)                                                                                0.00
     Accelerated Principal Distribution Amount 5.01(vii)                                                           1,064,405.16
     Spread Account Deposit 5.01(viii)                                                                                     0.00
     Indenture  Trustee Fee 8.6 (d)(i)                                                                                 1,587.83
     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 Interest                                                   2,319,284.47

     Maximum Principal Payment                                                                                     2,702,928.31
     Scheduled Principal Collection Payment                                                                                0.00
     Accelerated Principal Distribution Amount                                                                     1,064,405.16
     Loan Loss                                                                                                             0.00
     Overcollateralization Deficit 8.6 (d)(vi)                                                                             0.00
     Total Certificateholders Distribution Allocable to Principal                                                  3,767,333.47
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                <C>
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
     Interest Earned on Shortfall @ applicable Certificate Rate                                                            0.00
     Investor Loss Reduction Amount (From Previous Distributions)                                                          0.00

DISTRIBUTION TO CERTIFICATEHOLDERS  (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
     Total Class A-1 Note Distribution Amount Allocable to Interest                                                   4.6466869
     Interest Distribution Amount                                                                                     4.6466869
     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                                                 11.4722646
     Maximum Principal Payment                                                                                        7.3519247
     Scheduled Principal Collections Payment                                                                          0.0000000
     Loan Loss                                                                                                        0.0000000
     Accelerated Principal Distribution Amount                                                                        4.1203399

Class A-2
     Total Class A-2 Note Distribution Amount Allocable to Interest                                                   4.0410990
     Interest Distribution Amount                                                                                     4.0410990
     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                                                 23.4692919
     Maximum Principal Payment                                                                                       20.1005804
     Scheduled Principal Collections Payment                                                                          0.0000000
     Loan Loss                                                                                                        0.0000000
     Accelerated Principal Distribution Amount                                                                        3.3687115

     Total Interest Amount Distributed to Class A Certificateholder                                                   8.6877859
     Total Principal Amount Distributed to Class A Certificateholder                                                 34.9415566

     Credit Enhancement Draw Amount                                                                                        0.00

DELINQUENCIES/FORECLOSURES

Class A-1
     Number of Mortgages 30 to 59 Days Delinquent                                                                            59
     Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                            2,083,066.51
     Number of Mortgages 60 to 89 Days Delinquent                                                                             8
     Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                              344,178.68
     Number of Mortgages 90 to 179 Days Delinquent                                                                            6
     Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                             286,823.13
     Number of Mortgages 180 or more Days Delinquent                                                                          0
     Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                 0.00
     Number of Mortgage Loans in Foreclosure                                                                                  7
     Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                   332,302.28

     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>
Class A-2
     Number of Mortgages 30 to 59 Days Delinquent                                                                             6
     Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                              649,820.53
     Number of Mortgages 60 to 89 Days Delinquent                                                                             1
     Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                              238,195.14
     Number of Mortgages 90 to 179 Days Delinquent                                                                            0
     Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                                   0.00
     Number of Mortgages 180 or more Days Delinquent                                                                          0
     Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                 0.00
     Number of Mortgage Loans in Foreclosure                                                                                  1
     Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                   399,190.00

     Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                       242,594.50
     Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                 0.00

TOTAL DELINQUENCIES/FORECLOSURES

     Number of Mortgages 30 to 59 Days Delinquent                                                                            65
     Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                                            2,732,887.04
     Number of Mortgages 60 to 89 Days Delinquent                                                                             9
     Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                                              582,373.82
     Number of Mortgages 90 to 179 Days Delinquent                                                                            6
     Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                             286,823.13
     Number of Mortgages 180 or more Days Delinquent                                                                          0
     Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                                                 0.00
     Number of Mortgage Loans in Foreclosure                                                                                  8
     Aggregate Principal Balances of Mortgage Loans in Foreclosure                                                   731,492.28

     Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                       242,594.50
     Aggregate Trust Balances of any Liquidated Loans in the Current Month                                                 0.00

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

RESERVE FUND ACTIVITY

     Class A-1 Reserve Fund  Beginning Balance                                                                             0.00
     Class A-1 Reserve Fund  Deposit/Withdrawal                                                                            0.00
     Class A-1 Reserve Fund  Ending Balance                                                                                0.00

     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
</TABLE>

     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
<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
HEADLANDS                      STATEMENT TO NOTEHOLDERS
MORTGAGE
===============================================================================================================================
<S>                                                                <C>
Revolving Home Equity Loan LIBOR:                                  5.78125%  Current Collection Period:  1/1/00-1/31/00
Asset-Backed Notes         Margin:                                 0.35500%  P&S Agreement Date:                 9/1/99

Series 1999-1              Class A-1  Note Rate:                   6.13625%  Original Closing Date:             9/29/99
                           Class A-2  Note Rate:                   6.18125%  Distribution Date:                 2/15/00
                                                                             Record Date:                       2/14/00

                              Interest Period 1/18/00 thru            28     Pool Factor:                    93.1349112%
                                         2/14/00:
==============================================================================================================================
</TABLE>

<TABLE>
<S>                                                                                                             <C>
     BALANCES
     Beginning HELOC Pool Balance                                                                               209,589,014.03
     Beginning Second Lien Pool Balance                                                                          48,786,751.12

     Beginning Class A-1 Note Balance -- CUSIP 422093AK0                                                        206,106,331.13
     Beginning Class A-2 Note Balance -- CUSIP 422093AL8                                                         47,947,105.84

     Ending Class A-1 Pool Balance                                                                              208,032,663.03
     Ending Class A-2 Pool Balance                                                                               47,640,173.81

     Ending Class A-1 Note Balance -- CUSIP 422093AK0                                                           203,677,733.01
     Ending Class A-2 Note Balance -- CUSIP 422093AL8                                                            46,608,370.49

     Additional Balances  Class A-1                                                                               4,310,991.81
     Additional Balances  Class A-2                                                                                 350,427.28

     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 Date)                                                             0
     Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                                           0.00
     Cumulative Number of ALL Subsequent Mortgage Loans                                                                      0
     Cumulative Subsequent Mortgage Loan Asset Balance                                                                    0.00
     Class A-1 Cummulative Excess of Draws Over Principal Paydown                                                         0.00

     Beginning Loan Count                                                                                                5,995
     Ending Loan Count                                                                                                   5,910

COLLECTION AMOUNTS Class A-1
     Aggregate of All Mortgage Collections                                                                        7,756,252.87
     Total Mortgage Interest Collections                                                                          1,976,238.82
     Servicing Fees (current collection period)                                                                     (87,328.76)
     Mortgage Principal Collections                                                                               5,867,342.81
     Pre-Funded Balance                                                                                                   0.00
                                                                                                                          0.00
     Total Mortgage Principal Collections                                                                         5,867,342.81
</TABLE>
<PAGE>

<TABLE>
COLLECTION AMOUNTS Class A-2
<S>                                                                                                                <C>
           Aggregate of All Mortgage Collections                                                                     1,927,379.00
           Total Mortgage Interest Collections                                                                         450,702.22
           Servicing Fees (current collection period)                                                                  (20,327.81)
             Mortgage Principal Collections                                                                          1,497,004.59
             Pre-Funded Balance                                                                                              0.00
                                                                                                                             0.00
           Total Mortgage Principal Collections                                                                      1,497,004.59

TOTAL COLLECTION AMOUNT
           Aggregate of All Mortgage Collections                                                                     9,791,288.44
           Total Mortgage Interest Collections                                                                       2,426,941.04
             Mortgage Principal Collections                                                                          7,364,347.40
             Pre-Funded Balance                                                                                              0.00

           Total Mortgage Principal Collections                                                                      7,364,347.40


 DISTRIBUTION AMOUNTS Class A-1
           Class A-1 Note Interest                                                                                     983,671.09
           Class A-1 Note Unpaid Interest Shortfall (current cycle)                                                          0.00
           Class A-1 Note Reserve Fund Amount                                                                                0.00

           Maximum Principal Payment                                                                                 1,556,351.00
           Scheduled Principal Collection                                                                                    0.00
           Accelerated Principal Distribution Amount                                                                   872,247.12
           Loan Loss                                                                                                         0.00
           Class A-1 Overcollateralization Deficit                                                                           0.00
           Total Certificateholders Distribution Allocable to Principal                                              2,428,598.12

DISTRIBUTION AMOUNTS Class A-2
           Class A-2 Note Interest                                                                                     230,512.37
           Class A-2 Note Unpaid Interest Shortfall (current cycle)                                                          0.00
           Class A-2 Note Reserve Fund Amount                                                                                0.00

           Maximum Principal Payment                                                                                 1,146,577.31
           Scheduled Principal Collection                                                                                    0.00
           Accelerated Principal Distribution Amount                                                                   192,158.04
           Loan Loss                                                                                                         0.00
           Class A-2 Overcollateralization Deficit                                                                           0.00
           Total Certificateholders Distribution Allocable to Principal                                              1,338,735.35

TOTAL DISTRIBUTION AMOUNT
           Class A Note Interest                                                                                     1,214,183.46
           Class A Note Unpaid Interest Shortfall (current cycle)                                                            0.00
           Class A Note Reserve Fund Amount                                                                                  0.00

           Maximum Principal Payment                                                                                 2,702,928.31
           Scheduled Principal Collection Payment                                                                            0.00
           Accelerated Principal Distribution Amount                                                                 1,064,405.16
           Overcollateralization Deficit                                                                                     0.00
           Total Certificateholders Distribution Allocable to Principal                                              3,767,333.47
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                                                <C>
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
           Interest Earned on Shortfall @ applicable Certificate Rate                                                        0.00
           Investor Loss Reduction Amount (From Previous Distributions)                                                      0.00

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

Class A-1
           Total Class A-1 Note Distribution Amount Allocable to Interest                                               4.6466869
           Interest Distribution Amount                                                                                 4.6466869
           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                                             11.4722646
           Maximum Principal Payment                                                                                    7.3519247
           Scheduled Principal Collections Payment                                                                      0.0000000
           Loan Loss                                                                                                    0.0000000
           Accelerated Principal Distribution Amount                                                                    4.1203399

Class A-2
           Total Class A-2 Note Distribution Amount Allocable to Interest                                               4.0410990
           Interest Distribution Amount                                                                                 4.0410990
           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                                             23.4692919
           Maximum Principal Payment                                                                                   20.1005804
           Scheduled Principal Collections Payment                                                                      0.0000000
           Loan Loss                                                                                                    0.0000000
           Accelerated Principal Distribution Amount                                                                    3.3687115


           Total Interest Amount Distributed to Class A Certificateholder                                               8.6877859
           Total Principal Amount Distributed to Class A Certificateholder                                             34.9415566

           Credit Enhancement Draw Amount                                                                                    0.00

DELINQUENCIES/FORECLOSURES
Class A-1
           Number of Mortgages 31 to 60 Days Delinquent                                                                        59
           Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent
                                                                                                                     2,083,066.51
           Number of Mortgages 61 to 90 Days Delinquent                                                                         8
           Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                                          344,178.68
           Number of Mortgages 91 to 180 or more Days Delinquent                                                                6
           Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent                                 286,823.13
           Number of Mortgages 181 or more Days Delinquent                                                                      0
           Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                                             0.00
           Number of Mortgage Loans in Foreclosure                                                                              7
           Aggregate Principal Balances of Mortgage Loans in Foreclosure                                               332,302.28

           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>
Class A-2
          Number of Mortgages 31 to 60 Days Delinquent                                                                      6
          Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                                       649,820.53
          Number of Mortgages 61 to 90 Days Delinquent                                                                      1
          Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                                       238,195.14
          Number of Mortgages 91 to 180 Days Delinquent                                                                     0
          Aggregate Principal Balances of Mortgages 91 to 180 Days Delinquent                                            0.00
          Number of Mortgages 181 or more Days Delinquent                                                                   0
          Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                                          0.00
          Number of Mortgage Loans in Foreclosure                                                                           1
          Aggregate Principal Balances of Mortgage Loans in Foreclosure                                            399,190.00

          Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                242,594.50
          Aggregate Trust Balances of any Liquidated Loans in the Current Month                                          0.00


TOTAL DELINQUENCIES/FORECLOSURES

          Number of Mortgages 31 to 60 Days Delinquent                                                                     65
          Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                                     2,732,887.04
          Number of Mortgages 61 to 90 Days Delinquent                                                                      9
          Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                                       582,373.82
          Number of Mortgages 91 to 180 Days Delinquent                                                                     6
          Aggregate Principal Balances of Mortgages 91 to 180 Days Delinquent                                      286,823.13
          Number of Mortgages 181 or more Days Delinquent                                                                   0
          Aggregate Principal Balances of Mortgages 181 or more Days Delinquent                                          0.00
          Number of Mortgage Loans in Foreclosure                                                                           8
          Aggregate Principal Balances of Mortgage Loans in Foreclosure                                            731,492.28

          Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                                242,594.50
          Aggregate Trust Balances of any Liquidated Loans in the Current Month                                          0.00

=============================================================================================================================
</TABLE>


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

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

          Class A-1 Reserve Fund  Beginning Balance                                                                      0.00
          Class A-1 Reserve Fund  Deposit/Withdrawal                                                                     0.00
          Class A-1 Reserve Fund  Ending Balance                                                                         0.00

          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
</TABLE>