<PAGE>

                                                         CONFORMED WITH EXHIBITS

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-K

(Mark One)
[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 (FEE REQUIRED)

For the fiscal year ended December 31, 1999

                                       OR

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR (15d) OF THE SECURITIES
     EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the transition period from          to
                               --------   -----------------

                       Commission file number  333-80437

    GREENPOINT CREDIT, LLC, as Servicer and Seller of certain manufactured
       HOUSING CONTRACTS CONVEYED TO A CERTAIN TRUST WHICH TRUST ISSUED:

          GREENPOINT CREDIT MANUFACTURED HOUSING CONTRACT TRUST PASS-
   THROUGH CERTIFICATES, SERIES 1998-1, CLASS IA AND CLASS IIA CERTIFICATES
                    (TOGETHER, THE "OFFERED CERTIFICATES")

                             GREENPOINT CREDIT, LLC
______________________________________________________________________________
               (exact name of registrant as specified in charter)


          DELAWARE                                      33-0862379
          --------                                      ----------
      (State or other                                 (I.R.S. employer
jurisdiction of incorporation)                     identification number)

                            10089 Willow Creek Road
                          San Diego, California  92131
                                 (858) 530-9394
   (address and telephone number of registrant's principal executive offices)


SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:


    Title of each class            Name of each exchange on which registered
    -------------------            -----------------------------------------

           None                                      None
           ----                                      ----


Indicate by check mark whether the registrant has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes    [X]    No    [_](1)

AGGREGATE MARKET VALUE OF VOTING STOCK HELD BY NON-AFFILIATES OF THE REGISTRANT:
NOT APPLICABLE.

DOCUMENTS INCORPORATED BY REFERENCE:  NONE

NUMBER OF SHARES OF REGISTRANT'S COMMON STOCK OUTSTANDING AS OF DECEMBER 31,
1999:  NOT APPLICABLE.

----------
(1) On February 27, 1992, the Securities and Exchange Commission granted the
    Registrant a "no action" and exemptive order request to modify the
    information required to be reported by the trust under Section 13 and 15(d)
    of the Securities Exchange Act of 1934
<PAGE>

Item 1.  Business

     GreenPoint Credit, LLC, (the "Registrant") is filing this Annual Report on
Form 10-K in its capacity as Seller of certain Manufactured Housing Contracts
(the "Contracts") conveyed to a trust (the "Trust").  The Trust issued the
GreenPoint Credit Manufactured Housing Contract Trust Pass-Through Certificates,
Series 1998-1 (the "Certificates") pursuant to a pooling and servicing
agreement, dated as of November 1, 1998 (the "Agreement"), between the
Registrant, as Seller and Servicer and The First National Bank of Chicago, as
Trustee (the "Trustee").  The Certificates evidence undivided beneficial
interests in the Trust.

     In filing this Annual Report on Form 10-K, the Registrant is using a
reduced disclosure format pursuant to a "no action" letter and exemptive order
granted to its predecessor in interest, Security Pacific Acceptance Corp., by
the Securities and Exchange Commission on February 27, 1992 (the "Order").

ITEM 2.  PROPERTIES

     Pursuant to the terms of the Order, reference is hereby made to the Annual
Statement as to Compliance delivered to the Trustee with respect to the Trust
(the "Annual Statement as to Compliance"), filed as Exhibit 99.1 to this Annual
Report on Form 10-K.

ITEM 3.  LEGAL PROCEEDINGS

     The Registrant was a party to no material pending legal proceedings during
the period covered by this Annual Report and during such period knew of no other
material pending legal proceedings involving the Trust, the manufactured housing
contracts contained in such Trust (the "Contract Pool"), or with respect to the
Contract Pool, the Trustee, any custodian, or the Servicer other than ordinary
routine litigation incidental to the Trustee's, any custodian's, or the
Servicer's duties under the, Agreement.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     The Registrant knows of no vote or consent of holders of any Certificate
that was solicited for any purpose during the calendar year covered by this
Annual Report on Form 10-K.

                                    PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     (a) There is no established public trading market for the offered
Certificates.

     (b) As of December 31, 1999, the offered Certificates were held of record
by 1 Depository Trust Company Participant.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The Annual Statement as to Compliance with respect to the Trust for the
period covered by this Annual Report appears as Exhibit 99.1 to this Annual
Report on Form 10-K.

     The Annual Report on the Servicer's servicing activities for the Trust for
the period covered by this Annual Report is included as Exhibit 99.2 to this
Annual Report on Form 10-K.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

     Not Applicable.

                                    PART IV

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     No transaction between the Trust and the holders of the Certificates
occurred during the period covered by this Annual Report on Form 10-K, except
routine distributions to such certificate holders as contemplated by the
agreement.

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

     Pursuant to the Order, the Registrant includes as an exhibit to this Annual
Report on Form 10-K the Annual Statement as to Compliance with respect to the
Trust for the year ended December 31, 1999 delivered by the Servicer under the
Agreement and the annual report on the Servicer's servicing activities for the
Trust.

        Exhibit No.
        -----------

           99.1         Annual Statement as to Compliance for the Trust
                        for the year ended December 31, 1999.

           99.2         Annual Servicing Report for the Trust for the year
                        ended December 31, 1999.

           99.3         Aggregate Payments for year ended December 31, 1999.

                                       2
<PAGE>

     Exhibit No.
     -----------
        99.1      Annual Statement as to Compliance for the Trust
                  for the year ended December 31, 1999.

        99.2      Annual Servicing Report for the Trust for the year
                  ended December 31, 1999.

        99.3      Aggregate Payment Amounts for year ended December 31,
                  1999.

                                       3
<PAGE>



                                  SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form
10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: March 29, 2000

                                           /s/ Charles O. Ryan
                                           -------------------
                                           Charles O. Ryan
                                           Vice President
                                           GreenPoint Credit, LLC


                              POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints each of Howard C. Bluver, Jeffrey Leeds and
Charles P. Richardson, or any of them, his true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for him and his
name, place and stead, in any and all capacities, to sign any or all amendments
(including post-effective amendments) to the Registrant's Registration Statement
(File No. 333-80437), any Form 8-K or Form 10-K relating thereto, and other
documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his
substitutes, may lawfully do or cause to be done by virtue hereof.

     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Annual Report on Form 10-K has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the date indicated.

<TABLE>
<CAPTION>

          SIGNATURES                                TITLE                         DATE
          ----------                                -----                         ----
<S>                                  <C>                                     <C>
  /s/ Peter Paul                      President Chief Executive
-------------------------------        Officer and Manager                   March 29, 2000
      Peter Paul

  /s/ John S. Buchanan                Senior Vice President,
-------------------------------        Treasurer and Manager                 March 29, 2000
     John S. Buchanan

   /s/ Charles P. Richardson          Executive Vice President
-------------------------------        and Manager                           March 29, 2000
     Charles P. Richardson

   /s/ Abdul H. Rajput                Executive Vice President
-------------------------------        and Manager                           March 29, 2000
     Abdul H. Rajput

   /s/ Robert Arena                   Executive Vice President               March 29, 2000
-------------------------------
     Robert Arena

   /s/ Alberto Bambach                Senior Vice President                  March 29, 2000
-------------------------------
    Alberto Bambach
</TABLE>

                                       4
<PAGE>

                                 EXHIBIT INDEX


     Exhibit No.    Description
     -----------    -----------
        99.1        Annual Statement as to Compliance for the
                    Trust for the year ended December 31, 1999

        99.2        Annual Servicing Report for the Trust for
                    the year ended December 31, 1999

        99.3        Aggregate payment amounts for the year ended
                    December 31, 1999

                                       5