8-K 1 d07150298-bb.txt Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549-1004 RE: Bombardier Capital Mortgage Securitization Corporation: BCMSC Trust 1998-B Ladies and Gentlemen: On behalf of Bombardier Capital Mortgage Securitization Corporation (The Registrant), we hereby file with the Commission a Current Report on Form 8-K (The "Report") on behalf of the BCMSC Trust 1998-B and deliver to you herewith the following documents: One copy of the Report, including the exhibit being filed therewith, together with an exhibit index: Please acknowledge receipt and filing of this letter to Bombardier Capital Mortgage Securitization Corporation: 1600 Mountain View Drive, Colchester, VT 05446. Very truly yours, /s/ Robert Gillespie Robert Gillespie Bombardier Capital Mortgage Securitization Corporation: SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report ( Date of Earliest Event Reported) July 31, 2002 BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION (Depositor) (Exact name of registrant as specified in its charter) on behalf of BCMSC Trust Series 1998-B Delaware 333-40113 03-0355080 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 1600 Mountain View Drive, Colchester, Vermont 05446 (Address of principal executive offices) (ZIP code) Registrant's telephone number, including area code: (802) 654-7200 Page 1 of 9 Exhibit Index Appears on Page 4 Item 5. Other Event Information concerning interest and principal distributions made on the Class A Certificates of the BCMSC Trust Series 1998-B on July 15, 2002 is contained in the Distribution Date Statement provided to each holder of the Certificates. Such Distribution Date Statement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits: 99.1.Distribution Date Statement relating to interest and principal distributions made on July 15, 2002 on the Series 1998-B Certificates SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the date indicated. BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION BY: /s/ Robert Gillespie Robert Gillespie Title: President Dated: July 31, 2002

I. ORIGINAL DEAL PARAMETERS (A) Initial Pool Principal Balance $ 300,623,237.84 (B) Initial Certificates Principal Balance $ 294,610,000.00 (i) Initial Class A-1 Certificate Principal Balance $ 226,969,000.00 Certificate Amount Percentage 75.50% Certificate Pass-through Rate 6.53% (ii) Initial Class A-2 Certificate Principal Balance $ - Certificate Amount Percentage 0.00% Certificate Pass-through Rate 0.00% (iii)Initial Class A-3 Certificate Principal Balance $ - Certificate Amount Percentage 0.00% Certificate Pass-through Rate 0.00% (iv) Initial Class A-4 Certificate Principal Balance $ - Certificate Amount Percentage 0.00% Certificate Pass-through Rate 0.00% (v) Initial Class M-1 Certificate Principal Balance $ 24,050,000.00 Certificate Amount Percentage 8.00% Certificate Pass-through Rate 6.81% (vi) Initial Class M-2 Certificate Principal Balance $ 15,031,000.00 Certificate Amount Percentage 5.00% Certificate Pass-through Rate 7.31% (vii)Initial Class B-1 Certificate Principal Balance $ 16,535,000.00 Certificate Amount Percentage 5.50% Certificate Pass-through Rate 7.76% (~~viiiInitial~~viii)Initial Class B-2 Certificate Principal Balance $ 12,025,000.00 Certificate Amount Percentage 4.00% Certificate Pass-through Rate 8.72% (C) Initial Weighted Average Coupon (WAC) 10.22% (D) Initial Weighted Average Original Maturity (WAOM) 313.00 months (E) Initial Weighted Average Remaining Maturity (WAM) 311.00 months (F) Initial Number of Receivables 8,979 (G) Servicing Fee Rate 1.00% (H) Credit Enhancement (i) Reserve Fund Initial Deposit Percentage 0.00% (ii) Reserve Fund Target % 1.25% (iii)Target Overcollateralization Percentage Prior to Crossover Date 2.00% (iv) Target Overcollateralization Percentage After Crossover Date 4.50% (v) Target Overcollateralization Floor 7.88% (vi) Target Credit Enhancement % Prior to Crossover Date 4.50% (vii)Target Credit Enhancement % After Crossover Date 7.88% (~~viiiTarget~~viii)Target Credit Enhancement Floor 1.25% (ix) Target Credit Enhancement Amount $ 13,528,045.70 (I) Crossover Date Tests Earliest Crossover Date Feb-2003 Percent of Initial Suboridnation Percentage 193.00% (J) Class B-2 Floor Percentage (of Initial Pool Balance) 0.75% II. CURRENT PORTFOLIO INFORMATION (A) Beginning Pool Schedule Balance $ ~~199~~191,~~372~~068,~~636~~410.1166 (B) Beginning Pool Factor 6663.~~319769~~557432% (C) Ending Pool Schedule Balance $ ~~195~~187,~~691~~135,~~431~~104.9176 (D) Ending Pool Factor 6562.~~095245~~249048% (E) Ending Total Certificate Balance (after Current Distributions) $ ~~195~~187,~~691~~135,~~431~~104.9176 (F) Current Overcollateralization Amount (after Current Distributions) $ - (G) Weighted Average Coupon (WAC) 10.11% (H) Weighted Average Remaining Maturity (WAM) ~~272~~269.1177 months (I) Ending Number of Receivables 65,~~077~~841 III. COLLECTION CALCULATIONS (A) Interest (i) Scheduled Interest Collections ~~during~~durring Current Period 1,~~406~~310,~~564~~712.2228 (ii) Paid Ahead Interest Collections applied to Current Period 2545,~~959~~539.7882 (iii)Net Servicer Advance ~~184~~(265,~~189~~660.3839) (iv) Liquidation Proceeds Attributable to Interest 120,~~776~~852.5809 (v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) -0.00 (vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) 0.00 (vii)Recoveries on Previously Liquidated Contracts -88,936.51 -------------- (~~viiiTotal~~viii)Total Interest Amount Available for Distribution 1,~~737~~300,~~489~~380.9631 (B) Principal (i) Scheduled Principal Collections ~~231~~189,~~212~~887.9858 (ii) Full and Partial Principal Prepayments ~~305~~328,~~708~~994.3443 (iii)Paid Ahead Principal Collections Applied to Current Period 56,~~396~~519.4666 (iv) Net Servicer Advance 31(25,~~484~~313.8431) (v) Liquidation Proceeds Attributable to Principal ~~205~~465,~~918~~955.2660 (vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00 (vii)Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00 (viiiOther Principal Amounts 0.00 -------------- (ix) Total Principal Amount Available for Distribution ~~779~~966,~~720~~043.8896 IV. DISTRIBUTION CALCULATIONS (A) Total Interest Available for Distribution 1,~~737~~300,~~489~~380.9631 (B) Total Principal Available for Distribution ~~779~~966,~~720~~043.8896 (C) Reserve Fund Draw Amount Required 0.00 (D) Draw on Letter of Credit for Interest Distribution 0.00 Less: Monthly Servicing Fee ~~166~~159,~~143~~223.8668 Reimbursement to Servicer for Liquidation Expense 1221,~~038~~456.0031 Late Payment Fees, Extension Fees and Other Permitted Fees 0.00 Other Permitted Withdrawals from Certificate Account 0.00 -------------- Available Distribution Amount 2,~~339~~085,~~028~~744.9828 Interest Accrual Period 30 days Total Interest Amount Due 1,~~139~~094,~~195~~006.2442 Total Interest Distribution Amount 1,~~139~~094,~~195~~006.2442 Amount Available for Principal Distribution Amount 1991,~~199,833~~737.7387 Principal Distribution Calculation: Total Principal Amount Available for Distribution ~~779~~966,~~720~~043.8896 Principal Loss on Liquidated Assets 2,~~901~~967,~~483~~261.3294 -------------- Principal Distribution ~~Shortfall~~Due ~~Carryover~~3,933,305.90 ~~Amount~~Principal ~~0.00~~Distribution ~~Overcollaterallization~~Shortfall ~~Writedown~~Carryover Amount ~~0.00~~(Current ~~Overcollaterallization~~Period) ~~Reduction Amount~~ 0.00 Accelerated Principal Distribution Amount for Current Period 0.00 -------------- Total Principal Amount to be Distributed 3,~~681~~933,~~204~~305.2090 Draw on Letter of Credit for Principal Distribution 2,~~481~~941,~~370~~568.4703 Excess Interest 047,150.0022 Reserve Account Deposit 0.00 Reserve Account Release 0.00 Class X Distribution Amount 0.00 Class R Distribution Amount 0.00 V. SERVICER ADVANCE (A) Interest (i) Beginning Advance 8,~~351~~668,~~367~~672.5733 (ii) Monthly Servicer Advance (Reimbursement) ~~184~~(265,~~189~~660.3839) -------------- (iii) Ending Advance Balance 8,~~535~~403,~~556~~011.9594 (B) Principal (i) Beginning Advance ~~586~~639,~~213~~217.2368 (ii) Monthly Servicer Advance (Reimbursement) 31(25,~~484~~313.8431) -------------- (iii) Ending Advance Balance ~~617~~613,~~698~~904.0737 (C) Total Servicer Advance (i) Beginning Advance 89,~~937~~307,~~580~~890.8001 (ii) Monthly Servicer Advance (Reimbursement) ~~215~~(290,~~674~~973.2270) -------------- (iii) Ending Advance Balance 9,~~153~~016,~~255~~916.0231 VI. CREDIT ENHANCEMENT (A) Overcollateralization (I) Target Overcollaterallization Amount 13,528,045.70 (ii) Beginning Balance 0.00 (iii)Write Down for Certificate Distributions 0.00 (iv) Overcollaterallization Addition Amount 0.00 (v) Overcollaterallization Reduction Amount 0.00 (vi) Ending Balance 0.00 (B) Reserve Fund (if applicable) (i) Required Reserve Fund Balance 0.00 (ii) Beginning Reserve Fund Balance 0.00 (iii)Draws for Certificate Distributions 0.00 (iv) Excess Interest Deposited 0.00 (v) Reserve Fund Release 0.00 (vi) Ending Reserve Fund Balance 0.00 (C) Letter of Credit (if applicable) (i) Beginning LC Balance 138,~~827~~357,~~456~~686.51 (ii) ~~Incremental LC Balance - (iii)Total LC Balance Available 13,827,456.51 (iv)~~ Draw on LC for Interest Distribution -0.00 (viii) Draw on LC for Principal Distribution 2,~~481~~941,~~370~~568.4703 ~~(vi)~~Ending ~~Reduction in LC~~ Balance 25,~~481~~416,~~370~~118.47 ~~(vii)Ending Balance 11,346,086.04~~ VII. CERTIFICATE DISTRIBUTIONS (A) Senior Certificates - Interest (i) Class A1A-1 Pass-Through Rate 6.53% Beginning Carryover Interest $ - Current Interest Accrual $ ~~716~~671,~~839~~650.6583 Current Carryover Interest Accrual $ - Interest Paid $ ~~716~~671,~~839~~650.6583 Ending Carryover Balance $ - Interest Paid Per $1000 $ 32.1696 (ii) Class A2A-2 Pass-Through Rate 0.00% Beginning Carryover Interest $ - Current Interest Accrual $ - Current Carryover Interest Accrual $ - Interest Paid $ - Ending Carryover Balance $ - Interest Paid Per $1000 $ - (iii)Class A3A-3 Pass-Through Rate 0.00% Beginning Carryover Interest $ - Current Interest Accrual $ - Current Carryover Interest Accrual $ - Interest Paid $ - Ending Carryover Balance $ - Interest Paid Per $1000 $ - (iv) Class A4A-4 Pass-Through Rate 0.00% Beginning Carryover Interest $ - Current Interest Accrual $ - Current Carryover Interest Accrual $ - Interest Paid $ - Ending Carryover Balance $ - Interest Paid Per $1000 $ - (B) Subordinate Certificates - Interest (i) Class M1 Pass-Through Rate 6.81% Beginning Carryover Interest $ - Current Interest Accrual $ 136,483.75 Current Carryover Interest Accrual $ - Interest Paid $ 136,483.75 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 5.68 (ii) Class M2 Pass-Through Rate 7.31% Beginning Carryover Interest $ - Current Interest Accrual $ 91,563.84 Current Carryover Interest Accrual $ - Interest Paid $ 91,563.84 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 6.09 (iii)Class B1 Pass-Through Rate 7.76% Beginning Carryover Interest $ - Current Interest Accrual $ 106,926.33 Current Carryover Interest Accrual $ - Interest Paid $ 106,926.33 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 6.47 (iv) Class B2 Pass-Through Rate 8.72% Beginning Carryover Interest $ - Current Interest Accrual $ 87,381.67 Current Carryover Interest Accrual $ - Interest Paid $ 87,381.67 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.27 (C) Senior Certificates - Principal (i) Class A1A-1 Initial Certificate Balance 226,969,000.00 Initial Certificate Percentage 75.50% Beginning Certificate Balance ~~131~~123,~~731~~427,~~636~~410.1166 ~~Shortfall Carryover 0.00~~ Current Principal Due ~~131~~3,~~731~~933,~~636~~305.1190 Current Principal Paid 3,~~681~~933,~~204~~305.2090 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance ~~128~~119,~~050~~494,~~431~~104.9176 Ending Pool Factor 6563.4385% Principal Paid per $1000 2731.9487 Total Class Distribution 3,~~681~~933,~~204~~305.2090 (ii) Class A2A-2 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 0.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 0.00 Ending Pool Factor 0.00% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (iii)Class A3A-3 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 0.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 0.00 Ending Pool Factor 0.00% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (iv) Class A4A-4 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 0.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 0.00 Ending Pool Factor 0.00% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (D) Subordinate Certificates - Principal (i) Class M1 Initial Certificate Balance 24,050,000.00 Initial Certificate Percentage 8.00% Beginning Certificate Balance 24,050,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due ~~24,050,000~~0.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall ~~0.00~~Carryover ~~Accelerated~~For ~~Principal~~Current ~~Distribution~~Period 0.00 Ending Certificate Balance- Excluding Writedowns 24,050,000.00 Ending Pool Factor 128.2984% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 24,050,000.00 Total Class Distribution 0.00 (ii) Class M2 Initial Certificate Balance 15,031,000.00 Initial Certificate Percentage 5.00% Beginning Certificate Balance 15,031,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 15,031,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 15,031,000.00 Ending Pool Factor 76.6843% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 015,031,000.00 Total Class Distribution 0.00 (iii)Class B1 Initial Certificate Balance 16,535,000.00 Initial Certificate Percentage 5.50% Beginning Certificate Balance 16,535,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 16,535,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 16,535,000.00 Ending Pool Factor 8.4584% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 016,535,000.00 Total Class Distribution 0.00 (iv) Class B2 Initial Certificate Balance 12,025,000.00 Initial Certificate Percentage 4.00% Beginning Certificate Balance 12,025,000.00 ~~Shortfall Carryover 0.00~~ Current Principal Due 12,025,000.00 Current Principal Paid 0.00 ~~Ending~~ Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 12,025,000.00 Ending Pool Factor 6.1443% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 012,025,000.00 Total Class Distribution 0.00 (E) Total Certificate Balances Beg of Period End of Period (i) Aggregate Balance of Certificates $ ~~199~~191,~~372~~068,~~636~~410.1166 $ ~~195~~187,~~691~~135,~~431~~104.9176 (ii) Total Certificate Pool Factor 6764.~~6734110~~8546929% 6663.~~4238933~~5196038%

VIII. DELINQUENCY INFORMATION Percent of Percent of Delinquent Receivables at End of Due Period : Scheduled Balance Pool Balance Units Total Units 30-59 Days Delinquent $ 1819,~~298~~362,~~297~~967.6956 910.35% ~~549~~587 910.0305% 60-89 Days Delinquent $ 78,~~905~~926,~~980~~231.0359 4.0477% ~~247~~283 4.0685% 90 Days or More Delinquent $ 2422,~~206~~473,~~198~~346.8618 12.3701% ~~725~~670 11.9347% Homes Repossessed or Foreclosed Upon $ 85,~~414~~020,~~292~~728.7331 42.3068% ~~240~~145 32.9548%

IX. REPURCHASED CONTRACTS (A) Repurchased Contracts - Breach of Rep or Warranty (i) Beginning Cumulative Repurchased Contracts since cutoff $ 106,949.91 (ii) Number of Contracts repurchased this period - (iii)Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ 106,949.91 (B) Repurchased Contracts - Delinquent Loans (i) Beginning Cumulative Repurchased Contracts since cutoff $ 13,643,684.70 (ii) Number of Contracts repurchased this period - (iii)Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ 13,643,684.70 X. REPOSSESSION / LOSS INFORMATION Units Scheduled Balance Beginning Repossession Inventory ~~261~~196 $ 96,~~141~~709,~~471~~801.2695 Repossessions Incurred ~~100~~56 $ 21,~~380~~676,~~223~~391.0543 Less Repurchase of Delinquent Loans 0 $ - Less Repossessions Sold ~~121~~107 $ 3,~~107~~365,~~401~~465.5807 ~~=====~~-------------------------- ~~================= ===== =================~~ Ending Repossession Inventory ~~240~~145 $ 85,~~414~~020,~~292~~728.7331 Principal Balance of Repossessions Liquidated $ 3,~~107~~365,~~401~~465.5807 Reimbursement of Servicer Advances on Liquidated Contracts $ 67,752.47 Liquidation Proceeds Attributable to Principal $ ~~205~~465,~~918~~955.2660 -------------- Principal Loss on Liquidation of Repo $ 2,~~901~~967,~~483~~261.3294 Reimbursement to Servicer for Liquidation Expense $ 1221,~~038~~456.0031 Recoveries for Previously Liquidated Contracts $ -88,936.51 -------------- Net Liquidation Loss (Realized Loss) $ 2,~~913~~899,~~521~~781.3274 Recoveries Liquidation Proceeds Attributable to Interest $ 120,~~776~~852.5809 Liquidation Proceeds Attributable to Principal $ ~~205~~465,~~918~~955.2660 Recoveries for Previously Liquidated Contracts $ -88,936.51 -------------- Total Recoveries $ ~~326~~675,~~694~~744.8420 Recovery Percentage of Principal Balance of Repossessions Liquidated 1120% XI. TRIGGERS Has the Crossover Date Occurred? NO Where the Current Distribution Date of 0507/15/02 is greater than the Earliest Crossover Date of ~~02/28/03~~February 29, 2004 And Subordinated Certificates Beginning Principal Balance of 6712,~~641~~025,000.00 plus the Current Overcollateralization Amount of 0.00 divided by the Current Beginning Pool Principal Balance of ~~199~~191,~~372~~068,~~636~~410.1166 ------------ Equals 336.9329% ------------ And is greater than the: Subordinated Initital Certificates Percentage of 14.50% multiplied by the Percentage (as Percent of Initial Class Subordination Percentage) 175% ------------ Equals 25.38% ------------

Principal Distribution Tests: Actual Ratio Test Ratio Result Over 60 Days Delinquent ---------------------------- Current Mo 2019.7146% 1st Preceding Mo 2219.2892% 2nd Preceding Mo 2420.1571% Average 60 Day Delinquency Ratio: 2220.3803% 5.00% FAIL Over 30 Days Delinquent ---------------------------- Current Mo 3029.0681% 1st Preceding Mo 3029.8712% 2nd Preceding Mo 3330.3506% Average 30 Day Delinquency Ratio: 3129.4366% 7.00% FAIL

Net Liquidation Losses Ending Pool Bal (Realized Losses) ----------------------------------------------------------- Current Mo ~~195~~187,~~691~~135,~~431~~104.9176 2,~~913~~899,~~521~~781.3274 1st Preceding Mo ~~199~~191,~~372~~068,~~636~~410.1166 3,~~422~~388,~~895~~452.4590 2nd Preceding Mo ~~203~~195,~~997~~691,~~836~~431.7191 32,~~338~~913,~~090~~521.6232 ------------------------------------------------------------------------------ Total ~~599~~573,~~061~~894,~~904~~947.7333 9,~~674~~201,~~507~~755.3996 ------------------------------------------------------------------------------ Divided by 3 ------------------------------------ Average ~~199~~191,~~687~~298,~~301~~315.5878

Sum of last 3 months of Losses 9,~~674~~201,~~507~~755.3996 Divided by 3 month average of Pool Balance ~~199~~191,~~687~~298,~~301~~315.5878 Annualized (multiply by 4) 4 Current Realized Loss Ratio: 19.3824% 2.75% FAIL Beginning Cumulative Realized Losses 3642,~~111~~413,~~554~~528.0628 Net Liquidation Losses (Realized Losses) 2,~~913~~899,~~521~~781.3274 ---------------- Ending Cumulative Realized Losses 3945,~~025~~313,~~075~~310.3802 Divided by Initial Pool Principal Balance 300,623,237.84 Cumulative Realized Loss Ratio: 1215.9807% 7.00% FAIL Should Principal Be Distributed to the Subordinated Certificates? NO

The undersigned, duly authorized representatives of Bombardier Capital Inc., do hereby certify that this Remittance Report has been prepared in accordance with the Pooling and Servicing Agreement and is correct, to the best of our knowledge. BY: _____________________ DATE:_________________________ NAME: Ana Dropps TITLE: Controller - Mortgage Finance Division BY: _____________________ DATE:_________________________ NAME: Brian Peters TITLE: Vice President - Finance

Filing Compare · BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORP SER 1998-B