Exhibit 99.2
                                  ------------ 
March 5, 1999


                             MANAGEMENT'S ASSERTION
                             ---------------------- 



As of and for the year ended December 31, 1998, The CIT  Group/Sales  Financing,
Inc. and The CIT Group/Consumer Finance, Inc. (the Companies), both wholly owned
subsidiaries of The CIT Group, Inc., have complied in all material respects with
the minimum servicing standards as set forth in the Mortgage Bankers Association
of America's Uniform Single Attestation  Program for Mortgage Bankers. As of and
for this same period, the Companies had in effect a fidelity bond and errors and
omissions policy in the amount of $50 million and $5 million, respectively.


                              THE CIT GROUP/SALES FINANCING, INC.

                              /s/ James J. Egan, Jr. 
                              ---------------------
                              James J. Egan, Jr.
                              President and Chief Executive Officer


                              THE CIT GROUP/CONSUMER FINANCE, INC.

                              /s/ Thomas Hallman
                              ------------------     
                              President and Chief Executive Officer



<PAGE>



                           MINIMUM SERVICING STANDARDS
                           ---------------------------
   
I.    CUSTODIAL BANK ACCOUNTS

      1. Reconciliations  shall be prepared on a monthly basis for all custodial
bank accounts and related bank clearing accounts. These reconciliations shall:

o     be mathematically accurate;
o     be prepared within forty-five (45) calendar days after the cutoff date;
o     be reviewed and approved by someone other than the person who prepared the
      reconciliation; and
o     document  explanations for reconciling  items.  These reconciling
      items shall be resolved within ninety (90) calendar days of their
      original identification.

      2. Funds of the servicing entity shall be advanced in cases where there is
an overdraft in an investor's or a mortgagor's account.

      3. Each  custodial  account  shall be  maintained  at a federally  insured
depository institution in trust for the applicable investor.

      4. Escrow  funds held in trust for a  mortgagor  shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II.   MORTGAGE PAYMENTS

      1. Mortgage  payments  shall be deposited into the custodial bank accounts
and related bank clearing accounts within two business days of receipt (with the
exception of securitization servicing contracts for which custodial accounts are
not applicable).

      2. Mortgage  payments  made  in  accordance  with  the  mortgagor's  loan
documents  shall be  posted  to the  applicable  mortgagor  records  within  two
business days of receipt.

      3. Mortgage payments shall be allocated to principal, interest, insurance,
taxes or other escrow items in accordance with the mortgagor's loan documents.

      4. Mortgage  payments  identified  as loan payoffs  shall be allocated in
accordance with the mortgagor's loan documents.

III.  DISBURSEMENTS

      1.  Disbursements  made via wire  transfer  on  behalf of a  mortgagor  or
investor shall be made only by authorized personnel.

      2. Disbursements made on behalf of a mortgagor or investor shall be posted
within two business days to the mortgagor's or investor's  records maintained by
the servicing entity.

      3. Tax and  insurance  payments  shall be made on or before the penalty or
insurance  policy  expiration  dates,  as indicated  on tax bills and  insurance
premium notices,  respectively,  provided that such support has been received by
the servicing entity at least thirty (30) calendar days prior to these dates.
<PAGE>

      4. Any late payment  penalties paid in conjunction with the payment of any
tax bill or insurance  premium notice shall be paid from the servicing  entity's
funds and not charged to the  mortgagor,  unless the late payment was due to the
mortgagor's error or omission.

      5. Amounts remitted to investors per the servicer's investor reports shall
agree with the canceled  checks,  or other form of payment,  or  custodial  bank
statements.

      6.    Unissued  checks shall be safeguarded so as to prevent  unauthorized
            access.

IV.   INVESTOR ACCOUNTING AND REPORTING

      1. The servicing  entity's investor reports shall agree with, or reconcile
to,  investors'  records  on a monthly  basis as to the total  unpaid  principal
balance and number of loans serviced by the servicing entity.

V.    MORTGAGOR LOAN ACCOUNTING

      1. The  servicing  entity's  mortgage  loan records  shall agree with,  or
reconcile  to, the records of  mortgagors  with respect to the unpaid  principal
balance on a monthly basis.


      2. Adjustments  on ARM  loans  shall be  computed  based  on the  related
mortgage note and any ARM rider.

      3. Escrow  accounts shall be analyzed,  in accordance with the mortgagor's
loan documents, on at least an annual basis.

      4. Interest on escrow  accounts shall be paid, or credited,  to mortgagors
in accordance with the applicable state laws.

VI.   DELINQUENCIES

      1. Records  documenting  collection efforts shall be maintained during the
period a loan is in default and shall be updated at least monthly.  Such records
shall describe the entity's activities in monitoring delinquent loans including,
for example,  phone calls,  letters and mortgage payment  rescheduling  plans in
cases where the delinquency is deemed temporary (e.g., illness or unemployment).

VII.  INSURANCE POLICIES

     1. A fidelity  bond and errors and  omissions  policy shall be in effect on
the servicing  entity  throughout the reporting period in the amount of coverage
represented to investors in management assertion.