8-K 1 d01150398-b.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/ Brian Peters Brian Peters 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) January 30, 2003 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 January 15, 2003 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 January 15, 2003 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/ Brian Peters Brian Peters Title: President Dated: January 30, 2003

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% (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% (viii)Target Credit Enhancement Floor 1.25% (ix) Target Credit Enhancement Amount $ 13,528,045.70 (I) Crossover Date Tests Earliest Crossover Date Aug-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 $ ~~179~~175,~~034~~499,~~174~~303.3426 (B) Beginning Pool Factor 5958.~~554336~~378489% (C) Ending Pool Schedule Balance $ ~~177~~173,~~115~~791,~~190~~901.8290 (D) Ending Pool Factor 5857.~~916001~~810535% (E) Ending Total Certificate Balance (after Current Distributions) $ ~~177~~173,~~115~~791,~~190~~901.8290 (F) Current Overcollateralization Amount (after Current Distributions) 0.00 (G) Weighted Average Coupon (WAC) 10.10% (H) Weighted Average Remaining Maturity (WAM) ~~266~~264.0551 months (I) Ending Number of Receivables 5,~~566~~470 III. COLLECTION CALCULATIONS (A) Interest (i) Scheduled Interest Collections durring Current Period 1,~~312~~200,~~697~~469.4982 (ii) Paid Ahead Interest Collections applied to Current Period 2621,~~258~~733.8217 (iii) Net Servicer Advance 7141,~~414~~142.8474 (iiia)Reimbursement to Servicer for Previously Unrecovered Advances 0.00 (iv) Liquidation Proceeds Attributable to Interest 5649,~~225~~909.6366 (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 6217,968.0017 -------------- (viii)Total Interest Amount Available for Distribution 1,~~402~~431,~~658~~223.7856 (B) Principal (i) Scheduled Principal Collections ~~182~~203,~~149~~616.0751 (ii) Full and Partial Principal Prepayments 81103,~~825~~810.1025 (iii) Paid Ahead Principal Collections Applied to Current Period ~~1,094~~0.0400 (iv) Net Servicer Advance 325,~~718~~445.2245 (v) Liquidation Proceeds Attributable to Principal ~~296~~299,~~424~~532.8366 (vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00 (vii) Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00 (viii)Other Principal Amounts 0.00 -------------- (ix) Total Principal Amount Available for Distribution ~~565~~632,~~211~~404.2687 IV. DISTRIBUTION CALCULATIONS (A) Total Interest Available for Distribution 1,~~402~~431,~~658~~223.7856 (B) Total Principal Available for Distribution ~~565~~632,~~211~~404.2687 (C) Reserve Fund Draw Amount Required 0.00 (D) Draw on Letter of Credit for Interest Distribution 0.00 Less: Monthly Servicing Fee ~~149~~146,~~195~~249.1542 Reimbursement to Servicer for Liquidation Expense 611,~~108~~196.6308 Late Payment Fees, Extension Fees and Other Permitted Fees 0.00 Other Permitted Withdrawals from Certificate Account 0.00 -------------- Available Distribution Amount 1,~~757~~916,~~566~~182.2693 Interest Accrual Period 30 days Total Interest Amount Due 1,~~022~~000,~~953~~171.9208 Total Interest Distribution Amount 1,~~022~~000,~~953~~171.9208 Amount Available for Principal Distribution Amount ~~734~~916,~~612~~011.3485 Principal Distribution Calculation: Total Principal Amount Available for Distribution ~~565~~632,~~211~~404.2687 Principal Loss on Liquidated Assets 1,~~353~~074,~~772~~996.2649 -------------- Principal Distribution Due 1,~~918~~707,~~983~~401.5236 Overcollaterallization Writedown Amount 0.00 Overcollaterallization Reduction Amount 0.00 Accelerated Principal Distribution Amount for Current Period 0.00 -------------- Total Principal Amount to be Distributed 1,~~918~~707,~~983~~401.5236 Draw on Letter of Credit for Principal Distribution 0.00 Draw on LC for Previously Unreimbursed Advances 0.00 Excess Interest 0.00 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 4,~~625~~743,~~962~~249.9294 (ii) Monthly Servicer Advance (Reimbursement) 7141,~~414~~142.8474 (iii) Reimbursement of Previously Unrecovered Advances *VI(D) 0.00 -------------- (iv) Ending Advance Balance 4,~~633~~884,~~377~~392.7668 (B) Principal (i) Beginning Advance ~~420~~444,~~626~~036.2637 (ii) Monthly Servicer Advance (Reimbursement) 325,~~718~~445.2245 (iii) Reimbursement of Previously Unrecovered Advances *VI(D) 0.00 -------------- (iv) Ending Advance Balance ~~424~~469,~~344~~481.4882 (C) Total Servicer Advance (i) Beginning Advance 5,~~046~~187,~~589~~286.1831 (ii) Monthly Servicer Advance (Reimbursement) 11166,~~133~~588.0619 (iii) Reimbursement of Previously Unrecovered Advances *VI(D) 0.00 -------------- (iv) Ending Advance Balance 5,~~057~~353,~~722~~874.2450 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 0.00 (ii) Draw on LC for Interest Distribution 0.00 (iii) Draw on LC for Principal Distribution 0.00 (iv) Draw on LC For Previously Unreimbursed Advances 0.00 -------------- (v) Ending Balance 0.00 (D) Unreimbursed Servicer Advances (see note*) (i) Previous Unreimbursed Advance Balance 0.00 (ii) Current Months Reimbursement from Excess Interest 0.00 (iii) Current Months Reimbursement from Letter of Credit 0.00 -------------- (iv) Ending Unreimbursed Advance Balance 0.00 Note: **~~rrepresentsaadvancesmmadeiinrrespectoofccontractstthatwwerelliquidated~~represents advances made in respect of contracts that were liquidated, and not reimbursed, before the current period. VII. CERTIFICATE DISTRIBUTIONS (A) Senior Certificates - Interest (i) Class A-1 Pass-Through Rate 6.53% Beginning Carryover Interest $ - Current Interest Accrual $ ~~622~~614,~~761~~102.4481 Current Carryover Interest Accrual $ - Interest Paid $ ~~622~~614,~~761~~102.4481 Ending Carryover Balance $ - Interest Paid Per $1000 $ 2.7471 (ii) Class A-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 A-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 A-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 $ 6551,~~218~~094.5635 Current Carryover Interest Accrual $ - Interest Paid $ 6551,~~218~~094.5635 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 $ 54.4225 (C) Senior Certificates - Principal (i) Class A-1 Initial Certificate Balance 226,969,000.00 Initial Certificate Percentage 75.50% Beginning Certificate Balance ~~114~~112,~~443~~851,~~142~~970.8739 Current Principal Due ~~734~~916,~~612~~011.3485 Current Principal Paid ~~734~~916,~~612~~011.3485 Principal Shortfall Carryover For Current Period 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance ~~113~~111,~~708~~935,~~530~~958.5354 Ending Pool Factor 64.2041% Principal Paid per $1000 34.2404 Total Class Distribution ~~734~~916,~~612~~011.3485 (ii) Class A-2 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 Current Principal Due (0.00) Current Principal Paid (0.00) 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 A-3 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 Current Principal Due (0.00) Current Principal Paid (0.00) 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 A-4 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 Current Principal Due (0.00) Current Principal Paid (0.00) 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 Current Principal Due (0.00) Current Principal Paid (0.00) Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 24,050,000.00 Ending Pool Factor 9.3451% 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 Current Principal Due (0.00) Current Principal Paid (0.00) Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 15,031,000.00 Ending Pool Factor 43.4059% Principal Paid per $1000 (0.00) Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 15,031,000.00 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 Current Principal Due (0.00) Current Principal Paid (0.00) Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 16,535,000.00 Ending Pool Factor 9.3451% Principal Paid per $1000 (0.00) Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 16,535,000.00 Total Class Distribution (0.00) (iv) Class B2 Initial Certificate Balance 12,025,000.00 Initial Certificate Percentage 4.00% Beginning Certificate Balance 87,~~975,~~031,332.4787 Current Principal Due (0.00) Current Principal Paid (0.00) Principal Shortfall Carryover For Current Period 0.00 Ending Certificate Balance- Excluding Writedowns 12,025,000.00 Ending Pool Factor 43.4059% Principal Paid per $1000 9865.4981 Beginning Outstanding Writedown 34,~~049~~993,~~968~~667.5313 Current Writedown/Writeup (1791,~~184,371~~389.1851) Ending Certificate Balance- Including Writedowns 76,~~790~~239,~~660~~943.2936 Total Class Distribution (1791,~~184,371~~389.1851) (E) Total Certificate Balances Beg of Period End of Period (i) Aggregate Balance of Certificates $ ~~179~~175,~~034~~499,~~174~~303.3426 $ ~~177~~173,~~115~~791,~~190~~901.8290 (ii) Total Certificate Pool Factor 6059.~~7698905~~5700429% 6058.~~1185265~~9904966%

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,~~911~~355,~~900~~975.5255 1011.6814% ~~580~~591 10.4280% 60-89 Days Delinquent $ 10,~~029~~563,~~488~~174.9806 56.6608% ~~302~~324 5.4392% 90 Days or More Delinquent $ 21,~~722~~782,~~273~~706.5408 12.2653% ~~660~~665 1112.8616% Homes Repossessed or Foreclosed Upon $ 34,~~892~~753,~~936~~548.7622 2.2074% ~~117~~140 2.1056%

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 ~~115~~136 $ 34,~~937~~623,~~493~~489.3979 Repossessions Incurred 5349 $ 1,~~580~~486,~~013~~008.7126 Less Repurchase of Delinquent Loans 0 $ - Less Repossessions Sold 5145 $ 1,~~624~~355,~~570~~949.3483 ~~____________________________~~-------------------------- Ending Repossession Inventory ~~117~~140 $ 34,~~892~~753,~~936~~548.7622 Principal Balance of Repossessions Liquidated $ 1,~~624~~355,~~570~~949.3483 Reimbursement of Servicer Advances on Liquidated Contracts $ 2518,~~626~~579.7532 Liquidation Proceeds Attributable to Principal $ ~~296~~299,~~424~~532.8366 -------------- Principal Loss on Liquidation of Repo $ 1,~~353~~074,~~772~~996.2649 Reimbursement to Servicer for Liquidation Expense $ 611,~~108~~196.6308 Recoveries for Previously Liquidated Contracts $ 6217,968.0017 -------------- Net Liquidation Loss (Realized Loss) $ 1,~~414~~058,~~818~~224.8940 Recoveries Liquidation Proceeds Attributable to Interest $ 5649,~~225~~909.6366 Liquidation Proceeds Attributable to Principal $ ~~296~~299,~~424~~532.8366 Recoveries for Previously Liquidated Contracts $ 6217,968.0017 -------------- Total Recoveries $ ~~352~~367,~~712~~410.4649 Recovery Percentage of Principal Balance of Repossessions Liquidated 2227% XI. TRIGGERS Has the Crossover Date Occurred? NO Where the Current Distribution Date of 1101/15/0203 is greater than the Earliest Crossover Date of August 31, 2003 And Subordinated Certificates Beginning Principal Balance of 6462,~~591~~647,~~031~~332.4787 plus the Current Overcollateralization Amount of 0.00 divided by the Current Beginning Pool Principal Balance of ~~179~~175,~~034~~499,~~174~~303.3426 ------------- Equals 3635.0870% ------------- And is greater than the: Subordinated Initital Certificates Percentage of 22.50% multiplied by the Percentage (as Percent of Initial Class Subordination Percentage) 193% ------------- Equals 43.43% -------------

Principal Distribution Tests: Actual Ratio Test Ratio Result Over 60 Days Delinquent ------------------------------- Current Mo 2021.1335% 1st Preceding Mo 2021.1403% 2nd Preceding Mo 1920.5313% Average 60 Day Delinquency Ratio: 1920.9383% 5.00% FAIL Over 30 Days Delinquent ------------------------------- Current Mo 3032.8048% 1st Preceding Mo 31.2027% 2nd Preceding Mo 2930.5180% Average 30 Day Delinquency Ratio: 3031.5052% 7.00% FAIL

Net Liquidation Losses Ending Pool Bal (Realized Losses) --------------------------------------------------------------- Current Mo ~~177~~173,~~115~~791,~~190~~901.8290 1,~~414~~058,~~818~~224.8940 1st Preceding Mo ~~179~~175,~~034~~499,~~174~~303.3426 1,~~793~~025,~~972~~973.0431 2nd Preceding Mo ~~181~~177,~~744~~115,~~865~~190.6482 1,~~396~~414,~~350~~818.3789 ------------------------------------------------------------------------------------ Total ~~537~~526,~~894~~406,~~230~~395.8098 43,~~605~~499,~~141~~016.3060 ------------------------------------------------------------------------------------ Divided by 3 --------------------------------------- Average ~~179~~175,~~298~~468,~~076~~798.9366

Sum of last 3 months of Losses 43,~~605~~499,~~141~~016.3060 Divided by 3 month average of Pool Balance ~~179~~175,~~298~~468,~~076~~798.9366 Annualized (multiply by 4) 4 Current Realized Loss Ratio: 107.2798% 2.75% FAIL Beginning Cumulative Realized Losses 5053,~~628~~069,~~703~~495.1232 Net Liquidation Losses (Realized Losses) 1,~~414~~058,~~818~~224.8940 ------------------- Ending Cumulative Realized Losses 5254,~~043~~127,~~522~~719.0172 Divided by Initial Pool Principal Balance 300,623,237.84 Cumulative Realized Loss Ratio: 1718.3101% 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: Ann Hill TITLE: Director of Accounting BY: _____________________ DATE:_________________________ NAME: Ana Dropps TITLE: Vice President - Finance

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