------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1998-3
 ------------------------------------------------------------------------------

Distribution Period:                 15-Jan-99

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                        Original       Beginning                                                    Ending           Planned
                      Certificate     Certificate      Principal      Interest       Total        Certificate       Principal
CUSIP       Class      Face Value       Balance      Distribution   Distribution  Distribution      Balance           Balance
------------------------------------------------------------------------------------------------------------------------------------

<S>           <C>   <C>             <C>             <C>             <C>          <C>             <C>              <C>          
21075WHR9     A-1     80,000,000.00   69,340,451.89   7,787,626.19    329,120.60   8,116,746.79    61,552,825.70
21075WHS7     A-2    154,000,000.00  154,000,000.00           0.00    772,566.67     772,566.67   154,000,000.00
21075WHT5     A-3    188,000,000.00  188,000,000.00           0.00    903,966.67     903,966.67   188,000,000.00
21075WHU2     A-4     64,000,000.00   64,000,000.00           0.00    307,200.00     307,200.00    64,000,000.00
21075WHV0     A-5     83,000,000.00   83,000,000.00           0.00    414,308.33     414,308.33    83,000,000.00
21075WHW8     A-6     56,000,000.00   56,000,000.00           0.00    283,733.33     283,733.33    56,000,000.00
21075WHX6     A-7     65,000,000.00   65,000,000.00           0.00    343,416.67     343,416.67    65,000,000.00
21075WHY4     A-8     80,000,000.00   80,000,000.00           0.00    390,000.00     390,000.00    80,000,000.00
21075WJB2     A-9    231,725,000.00  223,171,246.62   4,435,922.78  1,112,064.31   5,547,987.09   218,735,323.84
21075WJC0    A-10     78,000,000.00   78,000,000.00           0.00    379,600.00     379,600.00    78,000,000.00
21075WJD8    A-11     75,000,000.00   60,411,277.66  10,029,177.21    286,738.77  10,315,915.98    50,382,100.45
                                                                                                                   ----------------
21075X2C6    A-12 *  130,000,000.00  130,000,000.00           0.00    593,666.67     593,666.67   130,000,000.00     130,000,000.00
21075X2D4    A-13 *  192,000,000.00  192,000,000.00           0.00    884,800.00     884,800.00   192,000,000.00     192,000,000.00
21075X2E2    A-14 *   42,000,000.00   42,000,000.00           0.00    195,825.00     195,825.00    42,000,000.00      42,000,000.00
21075X2F9    A-15 *   70,000,000.00   70,000,000.00           0.00    332,500.00     332,500.00    70,000,000.00      70,000,000.00
21075X2G7    A-16 *   25,000,000.00   25,000,000.00           0.00    121,666.67     121,666.67    25,000,000.00      25,000,000.00
21075WJK2    A-17     66,602,000.00   66,602,000.00           0.00    345,220.37     345,220.37    66,602,000.00      66,602,000.00
                                                                                                                   ----------------
21075WJL0    A-18    124,200,000.00  124,200,000.00           0.00    633,144.00     633,144.00   124,200,000.00
21075WJM8    A-19     77,946,000.00   71,328,627.56   3,821,351.75    359,020.76   4,180,372.51    67,507,275.81
21075WJN6    A-20    126,427,000.00  126,427,000.00           0.00    618,438.74     618,438.74   126,427,000.00
21075WJA4   B - I     30,000,000.00   30,000,000.00           0.00    202,500.00     202,500.00    30,000,000.00
21075WJQ9   B - II    61,100,000.00   61,100,000.00           0.00    420,062.50     420,062.50    61,100,000.00
21075X2H5     C                0.00            0.00           0.00  5,522,208.63   5,522,208.63             0.00
              R                0.00            0.00           0.00          0.00           0.00             0.00
           ------------------------------------------------------------------------------------------------------
           Total  2,100,000,000.00 2,059,580,603.73  26,074,077.93 15,751,768.69  41,825,846.62 2,033,506,525.80
           ------------------------------------------------------------------------------------------------------
* Internal Class                                                                                                                   
</TABLE>
<TABLE>
<CAPTION>
                ------------------------------------------------------------------------------------------------------------------ 
                                  Notional         Notional       Principal       Interest           Total           Notional      
                    Class          Amount           Amount      Distribution    Distribution     Distribution         Amount       
---------------------------------------------------------------------------------------------------------------------------------- 
   <S>              <C>          <C>              <C>                    <C>        <C>               <C>           <C>          
   21075WHZ1        N-IO         80,000,000.00    80,000,000.00          0.00       433,333.33        433,333.33    80,000,000.00
   21075WJP1        P-IO         91,602,000.00    91,602,000.00          0.00       496,177.50        496,177.50    91,602,000.00
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:

                                   Neil Witoff
                                   M & T Corporate Trust Department
                                   One M & T Plaza-7th Floor
                                   Buffalo, NY 14240


                                                                          Page 1
<PAGE>

 ------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1998-3
 ------------------------------------------------------------------------------

Distribution Period:                 15-Jan-99

<TABLE>
<CAPTION>

                -------------------------------------------------------------------------------------------------------------------
                       AMOUNTS PER $1,000 UNIT                                                                PASS THROUGH RATES
-----------------------------------------------------------------------------------------------------------------------------------
                                                                           Ending         Planned
                          Principal         Interest         Total       Certificate      Principal                    Current Pass
               Class     Distribution     Distribution   Distribution      Balance         Balance           Class       Thru Rate
-----------------------------------------------------------------------------------------------------------------------------------
<S>             <C>       <C>              <C>          <C>           <C>                <C>                  <C>      <C>     
21075WHR9       A-1       97.34532738       4.11400750  101.45933488     769.41032125                         A-1        5.51200%
21075WHS7       A-2        0.00000000       5.01666669    5.01666669   1,000.00000000                         A-2        6.02000%
21075WHT5       A-3        0.00000000       4.80833335    4.80833335   1,000.00000000                         A-3        5.77000%
21075WHU2       A-4        0.00000000       4.80000000    4.80000000   1,000.00000000                         A-4        5.76000%
21075WHV0       A-5        0.00000000       4.99166663    4.99166663   1,000.00000000                         A-5        5.99000%
21075WHW8       A-6        0.00000000       5.06666661    5.06666661   1,000.00000000                         A-6        6.08000%
21075WHX6       A-7        0.00000000       5.28333338    5.28333338   1,000.00000000                         A-7        6.34000%
21075WHY4       A-8        0.00000000       4.87500000    4.87500000   1,000.00000000                         A-8        5.85000%
21075WJB2       A-9       19.14304792       4.79906920   23.94211712     943.94357035                         A-9        5.78672%
21075WJC0      A-10        0.00000000       4.86666667    4.86666667   1,000.00000000                         A-10       5.84000%
21075WJD8      A-11      133.72236280       3.82318360  137.54554640     671.76133933                         A-11       5.51200%
21075X2C6     A-12 *       0.00000000       4.56666669    4.56666669   1,000.00000000    1,000.00000000      A-12 *      5.48000%
21075X2D4     A-13 *       0.00000000       4.60833333    4.60833333   1,000.00000000    1,000.00000000      A-13 *      5.53000%
21075X2E2     A-14 *       0.00000000       4.66250000    4.66250000   1,000.00000000    1,000.00000000      A-14 *      5.59500%
21075X2F9     A-15 *       0.00000000       4.75000000    4.75000000   1,000.00000000    1,000.00000000      A-15 *      5.70000%
21075X2G7     A-16 *       0.00000000       4.86666680    4.86666680   1,000.00000000    1,000.00000000      A-16 *      5.84000%
21075WJK2      A-17        0.00000000       5.18333338    5.18333338   1,000.00000000                         A-17       6.22000%
21075WJL0      A-18        0.00000000     127.44444444  127.44444444  25,000.00000000                         A-18       5.92000%
21075WJM8      A-19       49.02562992       4.60601904   53.63164896     866.07748711                         A-19       6.04000%
21075WJN6      A-20        0.00000000       4.89166665    4.89166665   1,000.00000000                         A-20       5.87000%
21075WJA4      B - I       0.00000000       6.75000000    6.75000000   1,000.00000000                         N-IO       6.50000%
21075WJQ9     B - II       0.00000000       6.87500000    6.87500000   1,000.00000000                         P-IO       6.50000%
              ------------------------------------------------------------------------------------------      B - I       8.10000%
              Total       12.41622759       4.87121908   17.28744666     968.33644086                         B - II      8.25000%
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
Class A-18 Amounts Per $25,000 Unit.
* Internal Class
                                                                                                         LIBOR:       5.53672%
                                                                                                                    ---------------
                                                                                                  AUCTION RATE:       5.92000%
                                                                                                                    ---------------
</TABLE>

<TABLE>
<CAPTION>
                -------------------------------------------------------------------------------
                                                                                   Ending
                                 Principal         Interest         Total         Notional
                    Class       Distribution     Distribution   Distribution       Amount
-----------------------------------------------------------------------------------------------
   <S>              <C>         <C>              <C>            <C>            <C>           
   21075WHZ1        N-IO        0.00000000       5.41666663     5.41666663     1,000.00000000
   21075WJP1        P-IO        0.00000000       5.41666667     5.41666667     1,000.00000000
-----------------------------------------------------------------------------------------------
</TABLE>

PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:

                                   Neil Witoff
                                   M & T Corporate Trust Department
                                   One M & T Plaza-7th Floor
                                   Buffalo, NY 14240


                                                                         Page 2
<PAGE>

 ------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1998-3
 ------------------------------------------------------------------------------

Distribution Period:                 15-Jan-99

<TABLE>
<CAPTION>
                                                                            Group I       Group IIa      Group IIb         Total
                                                                            -------       ---------      ---------         -----
<S>                   <C>                                                <C>            <C>            <C>          <C>         
SEC. 7.09 (a) (ii)    Scheduled Principal Received                         445,249.47     138,075.95     929,536.83   1,512,862.25
                      Prepayments (incl. Curtailments)                   7,142,328.22   4,291,749.12  12,888,689.84  24,322,767.18
                      Purchased Principal                                   96,500.00           0.00      38,400.00     134,900.00
                      Liquidation Proceeds applied to principal             95,302.38           0.00           0.00      95,302.38
                      Realized Loss of Principal                             8,246.12           0.00           0.00       8,246.12
                      Realized Loss of Interest                              3,089.20           0.00           0.00       3,089.20
                      Extra Principal Distribution / (OC Reduction)          8,246.12       6,097.71      (6,097.71)      8,246.12
SEC. 7.09 (a) (iv)    Total Certificate Interest Carry-Forward Amount                           0.00
                        Class A-1 Interest Carry-Forward Amount                                 0.00
                        Class A-2 Interest Carry-Forward Amount                                 0.00
                        Class A-3 Interest Carry-Forward Amount                                 0.00
                        Class A-4 Interest Carry-Forward Amount                                 0.00
                        Class A-5 Interest Carry-Forward Amount                                 0.00
                        Class A-6 Interest Carry-Forward Amount                                 0.00
                        Class A-7 Interest Carry-Forward Amount                                 0.00
                        Class A-8 Interest Carry-Forward Amount                                 0.00
                        Class A-9 Interest Carry-Forward Amount                                 0.00
                        Class A-10 Interest Carry-Forward Amount                                0.00
                        Class A-11 Interest Carry-Forward Amount                                0.00
                        Class A-12 Internal Interest Carry-Forward Amount                       0.00
                        Class A-13 Internal Interest Carry-Forward Amount                       0.00
                        Class A-14 Internal Interest Carry-Forward Amount                       0.00
                        Class A-15 Internal Interest Carry-Forward Amount                       0.00
                        Class A-16 Internal Interest Carry-Forward Amount                       0.00
                        Class A-17 Interest Carry-Forward Amount                                0.00
                        Class A-18 Interest Carry-Forward Amount                                0.00
                        Class A-19 Interest Carry-Forward Amount                                0.00
                        Class A-20 Interest Carry-Forward Amount                                0.00
                        Class N-IO Interest Carry-Forward Amount                                0.00
                        Class P-IO Interest Carry-Forward Amount                                0.00
                        Class B-I Interest Carry-Forward Amount                                 0.00
                        Class B-II Interest Carry-Forward Amount                                0.00
</TABLE>

<TABLE>
<CAPTION>
                                                                Group I          Group IIa      Group IIb         Total
                                                                -------          ---------      ---------         -----
<S>                       <C>                              <C>               <C>              <C>              <C>             
SEC. 7.09 (a) (vi)        Outstanding Loan Balance:        781,552,825.70    311,960,139.69   939,993,560.41   2,033,506,525.80
SEC. 7.09 (a) (vii)       Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
SEC. 7.09 (a) (viii)      Loan Purchase Prices                  99,091.44              0.00        39,555.60     138,647.04
                          Substitution Amounts                       0.00              0.00             0.00           0.00
SEC. 7.09 (a) (ix) & (x)  Weighted Average Coupon                10.06464%         10.06639%        10.56402%       10.2962%
SEC. 7.09 (a) (xi)        Weighted Average Remaining Term 
                           to Maturity                                341               355              213

<CAPTION>
                                                                              Group I          Group II               Total
                                                                              -------          --------               -----
<S>                       <C>                                             <C>               <C>                     <C>        
SEC. 7.09 (a) (xii)       Delinquency Trigger Event Occurrence                          NO                NO
                          Cumulative Realized Loss Trigger Event Occurrence             NO                NO
                          Cumulative Realized Loss Termination Trigger Occurrence       NO
SEC. 7.09 (a) (xiii)      Class A Enhancement Percentage                           3.8385%           4.8804%
                          Targeted Overcollateralization Amount                       0.00              0.00
                          Overcollateralization Amount                                0.00              0.00
                          Class A Optimal Balance                           751,552,825.70  1,190,853,700.10
                          Class B Optimal Balance                            30,000,000.00     61,100,000.00

                                                                            Class B - I      Class B - II
                                                                            -----------      ------------
SEC. 7.09 (a) (xiv)       Applied Realized Loss Amount                                0.00              0.00
                          Realized Loss Amortization Amount                           0.00              0.00
                          Unpaid Realized Loss Amount                                 0.00              0.00

                                                                    Group I        Group IIa        Group IIb         Total
                                                                    -------        ---------        ---------         -----
SEC. 7.09 (a) (xvi)       Available Funds Cap                       8.83322%       9.49482%           9.34665%
SEC. 7.09 (a) (xvii)      Insured Payment                              0.00            0.00                            0.00
SEC. 7.09 (a) (xviii)     Reimbursement Amount Paid                                                                      0.00
                          Remaining Reimbursement Amount Unpaid                                                          0.00
SEC. 7.09 (a) (xx)        Largest Home Equity Loan Balance Outstanding                                             462,809.95
SEC. 7.09 (a) (xxi)       Auction Remainder Account Remainder Amount                                                     0.00
</TABLE>


                                                                          Page 3
<PAGE>

 ------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1998-3
 ------------------------------------------------------------------------------

Distribution Period:                 15-Jan-99

<TABLE>
<CAPTION>
                                               -----------------------------------------------------------------------------------
SEC. 7.09 (b) (i)             Delinquencies(1)      Period             Number        Percentage    Prin. Balance        Percentage
                             -----------------------------------------------------------------------------------------------------
<S>                               <C>             <C>                     <C>        <C>           <C>                  <C>     
                                                  30-59 Days              162         1.56870%     10,698,469.04         1.36887%
                                  Group I         60-89 Days               74         0.71657%      5,788,714.52         0.74067%
                                                   90+ Days                66         0.63910%      4,422,051.32         0.56580%
                             -----------------------------------------------------------------------------------------------------
                                                  30-59 Days               50         1.56986%      4,352,865.26         1.39533%
                                 Group IIa        60-89 Days               25         0.78493%      2,392,913.83         0.76706%
                                                   90+ Days                29         0.91052%      2,219,114.38         0.71135%
                             -----------------------------------------------------------------------------------------------------
                                                  30-59 Days              268         1.81277%     14,243,642.45         1.51529%
                                 Group IIb        60-89 Days               97         0.65611%      5,974,839.68         0.63563%
                                                   90+ Days               142         0.96050%      8,555,794.90         0.91020%
                             -----------------------------------------------------------------------------------------------------
                                                  30-59 Days              480         1.69635%     29,294,976.75         1.44061%
                                   TOTAL          60-89 Days              196         0.69268%     14,156,468.03         0.69616%
                                                   90+ Days               237         0.83757%     15,196,960.60         0.74733%
                             -----------------------------------------------------------------------------------------------------
                                               Total Group I           10,327       100.00000%    781,552,825.70       100.00000%
                                               -----------------------------------------------------------------------------------
                                               Total Group IIa          3,185       100.00000%    311,960,139.69       100.00000%
                                               -----------------------------------------------------------------------------------
                                               Total Group IIb         14,784       100.00000%    939,993,560.41       100.00000%
                                               -----------------------------------------------------------------------------------
                                               Total                   28,296       100.00000%  2,033,506,525.80       100.00000%
                                               -----------------------------------------------------------------------------------
</TABLE>

(1) Includes Bankruptcies, Foreclosures and REOs ;Based on each respective
Group's loan count and balance.

<TABLE>
<CAPTION>
                                                                            Group I       Group IIa        Group IIb         Total
<S>                     <C>                                            <C>            <C>              <C>           <C>
SEC. 7.09 (b) (ii)      Loans in Foreclosure (LIF): Count                        42             18               70            130
                        Loans in Foreclosure (LIF): Balance            3,055,852.69   1,511,566.48     3,997,813.43   8,565,232.60
                        Newly Commenced LIF: Count                               26             11               44             81
                        Newly Commenced LIF: Balance                   1,962,170.94     772,336.48     2,345,411.71   5,079,919.13
SEC. 7.09(b)(iii)       Loans in Bankruptcy:  Count                              13              8               23             44
                        Loans in Bankruptcy:  Balance                    797,213.83     538,783.69     1,445,277.59   2,781,275.11
SEC. 7.09 (b) (iv&v)    REO Properties:  Count                                    0              0                1              1
                        REO Properties:  Balance                               0.00           0.00        31,500.00      31,500.00
SEC. 7.09 (b) (vi)      Cumulative Realized Losses                        11,335.32           0.00           125.78      11,461.10
SEC. 7.09 (b) (vii)     Loan Balance of 60+ Day Delinquent Loans      10,210,765.84   4,612,028.21    14,530,634.58  29,353,428.63
SEC. 7.09 (b) (viii)    Three Month Rolling Average of 60+ Day 
                        Delinquency Rate                                    0.82237%       1.09504%         1.00914%       0.95070%
                        Delinquency Trigger Event Occurrence                     NO             NO
                        Cumulative Realized Loss Trigger Event 
                        Occurrence                                               NO             NO
SEC. 7.09 (b) (ix)      Optional Buyout Loans                                  0.00           0.00             0.00           0.00
</TABLE>


                                                                         Page 4
<PAGE>

                                   REO Status

SEC. 7.09 (b) (v&vi)                Loan Number      Book Value    Status
                                    -----------      ----------    ------
                                    7241409         31500        List Pending


                                                                          Page 5
<PAGE>

 ------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1998-3
 ------------------------------------------------------------------------------

Distribution Period:                 15-Jan-99

<TABLE>
<CAPTION>
                                                                            Group I       Group II     Invest. Income      Total
                                                                            -------       --------     --------------      -----
<S>                      <C>                                             <C>             <C>                <C>       <C>          
SEC. 7.08(b)(i)           Amount on Deposit in the Certificate Account   14,067,755.25   28,808,350.83      19,432.01 42,895,538.09
SEC. 7.08(b)(ii)&(iv)                                                                      Amount Due     Amount Paid
                                                                                          -----------    ------------
                            Class A-1 Allocation                                          8,116,746.79   8,116,746.79
                            Class A-2 Allocation                                            772,566.67     772,566.67
                            Class A-3 Allocation                                            903,966.67     903,966.67
                            Class A-4 Allocation                                            307,200.00     307,200.00
                            Class A-5 Allocation                                            414,308.33     414,308.33
                            Class A-6 Allocation                                            283,733.33     283,733.33
                            Class A-7 Allocation                                            343,416.67     343,416.67
                            Class A-8 Allocation                                            390,000.00     390,000.00
                            Class A-9 Allocation                                          5,547,987.09   5,547,987.09
                            Class A-10 Allocation                                           379,600.00     379,600.00
                            Class A-11 Allocation                                        10,315,915.98  10,315,915.98
                            Class A-12 Internal Allocation                                  593,666.67     593,666.67
                            Class A-13 Internal Allocation                                  884,800.00     884,800.00
                            Class A-14 Internal Allocation                                  195,825.00     195,825.00
                            Class A-15 Internal Allocation                                  332,500.00     332,500.00
                            Class A-16 Internal Allocation                                  121,666.67     121,666.67
                            Class A-17 Allocation                                           345,220.37     345,220.37
                            Class A-18 Allocation                                           633,144.00     633,144.00
                            Class A-19 Allocation                                         4,180,372.51   4,180,372.51
                            Class A-20 Allocation                                           618,438.74     618,438.74
                            Class N-IO Allocation                                           433,333.33     433,333.33
                            Class P-IO Allocation                                           496,177.50     496,177.50
                                                                                       -------------------------------
                            Class A Distribution Amount                                  36,610,586.32  36,610,586.32
                                                                                       ===============================
                            Class B-I Allocation                                            202,500.00     202,500.00
                            Class B-II Allocation                                           420,062.50     420,062.50
                                                                                       ===============================
                            Class B Distribution Amount                                     622,562.50     622,562.50
                                                                                       ===============================
SEC. 7.08(b)(iii)    Insured Payment made by the Certificate Insurer                             0.00
</TABLE>

<TABLE>
<CAPTION>
SEC. 7.08(b)(v)                                               Beginning      Principal          Ending
                                                Class         Balance *     Distribution       Balance *
                                           ------------------------------------------------------------------
                                                <S>        <C>                        <C>              <C>          
                                                 A-1         69,340,451.89    7,787,626.19     61,552,825.70
                                                 A-2        154,000,000.00            0.00    154,000,000.00
                                                 A-3        188,000,000.00            0.00    188,000,000.00
                                                 A-4        64,000,000.00             0.00     64,000,000.00
                                                 A-5        83,000,000.00             0.00     83,000,000.00
                                                 A-6        56,000,000.00             0.00     56,000,000.00
                                                 A-7        65,000,000.00             0.00     65,000,000.00
                                                 A-8        80,000,000.00             0.00     80,000,000.00
                                                 A-9       223,171,246.62     4,435,922.78    218,735,323.84
                                                 A-10       78,000,000.00             0.00     78,000,000.00
                                                 A-11       60,411,277.66    10,029,177.21     50,382,100.45
                                                 A-12       130,000,000.00            0.00    130,000,000.00
                                                 A-13       192,000,000.00            0.00    192,000,000.00
                                                 A-14       42,000,000.00             0.00     42,000,000.00
                                                 A-15       70,000,000.00             0.00     70,000,000.00
                                                 A-16       25,000,000.00             0.00     25,000,000.00
                                                 A-17       66,602,000.00             0.00     66,602,000.00
                                                 A-18      124,200,000.00             0.00    124,200,000.00
                                                 A-19       71,328,627.56     3,821,351.75     67,507,275.81
                                                 A-20       126,427,000.00            0.00    126,427,000.00
                                                 N-IO       80,000,000.00               NA     80,000,000.00
                                                 N-IO       91,602,000.00               NA     91,602,000.00
                                                 B-I        30,000,000.00             0.00     30,000,000.00
                                                 B-II       61,100,000.00             0.00     61,100,000.00
                                             * Denotes Notional Amounts for Class N-IO and P-IO
</TABLE>

<TABLE>
<CAPTION>

                                                                             Group I      Group IIa        Group IIb         Total
<S>                  <C>                                                    <C>                <C>              <C>       <C>      
SEC. 7.08(b)(vi)     Current Period Realized Losses (Recoveries)            11,335.32          0.00             0.00      11,335.32
                     Cumulative Realized Losses                             11,335.32          0.00           125.78      11,461.10
SEC. 7.08(b)(vii)    Loan Balance of 60+ Day Delinquent Loans                                                         29,353,428.63
                     Three-Month Rolling Average of 60+ Day Delinquency Rate                                               0.95070%
</TABLE>

<PAGE>

 ------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1998-3
 ------------------------------------------------------------------------------

                                Insurer's Report

Distribution Period:          15-Jan-99


                                            Group I       Group II       Total
                                            -------       --------       -----

*  Monthly Excess Cashflow Amount      18,604,47.10  3,650,575.14   5,511,022.74

*  Premium paid from cash flow (1)       46,973.00      74,428.00     121,401.00

*  Trustee Fee paid from cash flow (1)      809.48       1,302.66      2,112.14

*  Broker-Dealer Fee  (1)                               16,042.50     16,042.50

*  Auction Rate Fee  (1)                                 625.00          625.00

*  Interest Collected on Mortgage
        Loans (net of Service Fee)       6288375.18   10521899.09   16810274.27

*  Current Period Realized Losses:
                 Principal                 8,246.12          0.00      8,246.12
                 Interest                    3089.2          0.00        3089.2

           (1) Allocated based upon the related Certificate Balances.

<PAGE>

--------------------------------------------------------------------------------
                                 CSHC / NatWest
                              Swap Side Agreement
--------------------------------------------------------------------------------

Distribution Period:     15-Jan-99

--------------------------------------------------------------------------------
                                                   Fixed Internal   Floating
                    Current            Swap         Pass-Through   Pass-Through
                    Balance       Notional Balance      Rate        Rate
--------------------------------------------------------------------------------
Class A-12      130,000,000.00    130,000,000.00      5.48000%    5.69672%
Class A-13      192,000,000.00    192,000,000.00      5.53000%    5.77672%
Class A-14       42,000,000.00     42,000,000.00      5.59500%    5.78672%
Class A-15       70,000,000.00     70,000,000.00      5.70000%    5.80672%
Class A-16       25,000,000.00     25,000,000.00      5.84000%    5.85672%
--------------------------------------------------------------------------------
Total           459,000,000.00    459,000,000.00
------------------------------------------------

--------------------------------------------------------------------------------
                Internal        Floating      Internal Swap     Floating Swap
             Actual Balance  Actual Balance  Notional Balance  Notional Balance
                Interest        Interest        Interest          Interest
--------------------------------------------------------------------------------
Class A-12      593,666.67     637716.16      593,666.67        637,716.16
Class A-13      884,800.00     955084.37      884,800.00        955,084.37
Class A-14      195,825.00     209286.37      195,825.00        209,286.37
Class A-15      332,500.00     350016.18      332,500.00        350,016.18
Class A-16      121,666.67     126082.17      121,666.67        126,082.17
--------------------------------------------------------------------------------
Total         2,128,458.34    2278185.25    2,128.458.34      2,278,185.25
--------------------------------------------------------------------------------

Current Swap Gains                                                 0.00
Swap Gains Carry-Forward                                           0.00
Current Swap Losses                                                0.00
Swap Losses Carry-Forward                                          0.00

Swap Gains Payable to CSHC                                         0.00

Swap Losses Payable to NatWest (limited to Class R Cashflow)       0.00