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): December 26, 1997
FINANCIAL ASSET SECURITIES CORP.
(as depositor under the Pooling and Servicing
Agreement, dated as of September 1, 1997, relating
to the New Century Home Equity Loan Trust, Series1997-NC5,
Asset Backed Pass-Through Certificates)
FINANCIAL ASSET SECURITIESCORP.
(Exact name of registrant as specified in its charter)
Delaware 333-29381 06-1442101
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On December 26, 1997 a scheduled distribution was made from the Trust
to holders of the Certificates. The Trustee has caused to be filed
with the Commission, the Monthly Report dated December 26, 1997.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous no-action letters (2) current Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated December 26, 1997.
NEW CENTURY HOME EQUITY LOAN TRUST, SERIES 1997-NC5
SERIES 1997-NC5
DISTRIBUTION STATEMENT
Distribution Date: 26-Dec-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance* Distribution DistributionDistribution Balance
A-1 42,327,259.69 1,191,991.62 210,945.54 1,402,937.16 41,135,268.07
A-2 25,000,000.00 0.00 134,791.67 134,791.67 25,000,000.00
A-3 21,000,000.00 0.00 113,925.00 113,925.00 21,000,000.00
A-4 22,500,000.00 0.00 127,125.00 127,125.00 22,500,000.00
A-5 18,675,000.00 0.00 110,960.63 110,960.63 18,675,000.00
A-6 16,500,000.00 0.00 92,125.00 92,125.00 16,500,000.00
A-7IO 163,900,905.91 0.00 88,779.66 88,779.66 162,952,709.92
M-1 6,187,000.00 0.00 36,090.83 36,090.83 6,187,000.00
M-2 5,363,000.00 0.00 32,356.77 32,356.77 5,363,000.00
B 5,775,000.00 0.00 36,526.88 36,526.88 5,775,000.00
Total 163,327,259.69 1,191,991.62 983,626.98 2,175,618.60 162,135,268.07
Payment of Loss Allocable Unpaid Interest
Reimbursement Loss Shortfall
Deficiency Amount Amount
NA NA 0
NA NA 0
NA NA 0
NA NA 0
NA NA 0
NA NA 0
NA NA 0
0 0 0
0 0 0
0 0 0
0 0 0
AMOUNTS PER $1,000 UNIT
Ending
Principal Interest Total Certificate
Class Cusip Distribution DistributionDistribution Balance
A-1 64352VAA9 27.090719 4.794217 31.884935 934.89246
A-2 64352VAB7 0.000000 5.391667 5.391667 1000.00000
A-3 64352VAC5 0.000000 5.425000 5.425000 1000.00000
A-4 64352VAD3 0.000000 5.650000 5.650000 1000.00000
A-5 64352VAE1 0.000000 5.941667 5.941667 1000.00000
A-6 64352VAF8 0.000000 5.583333 5.583333 1000.00000
A-7IO 64352VAG6 0.000000 0.710794 0.710794 1304.64415
M-1 64352VAH4 0.000000 5.833333 5.833333 1000.00000
M-2 64352VAJ0 0.000000 6.033334 6.033334 1000.00000
B 64352VAK7 0.000000 6.325001 6.325001 1000.00000
Current Payment of LossAllocable Unpaid Interest
Pass-Through Reimbursement Loss Shortfall
Interest Rate Amount Amount Amount
5.78750% NA NA 0
6.47000% NA NA 0
6.51000% NA NA 0
6.78000% NA NA 0
7.13000% NA NA 0
6.70000% NA NA 0
0.65000% NA NA 0
7.00000% 0 0 0
7.24000% 0 0 0
7.59000% 0 0 0
a) Beginning Pool Principal Balance 163,900,905.91
Ending Pool Principal Balance 162,952,709.92
b) Interest from Purchased Loans 0.00
Principal from Purchased Loans 0.00
Substitution Shortfall Amount 0.00
c) Overcollateralization Regular Principal
Class Deficiency Amount Distribution Amount
A-1 243,795.63 948,195.99
A-2 0.00 0.00
A-3 0.00 0.00
A-4 0.00 0.00
A-5 0.00 0.00
A-6 0.00 0.00
M-1 0.00 0.00
M-2 0.00 0.00
B 0.00 0.00
d) Optimal Principal Balances:
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
e) Overcollateralization Deficiency Amount
(before distributions) 1,488,723.13
Overcollateralization Deficiency Amount
(after distributions) 1,244,927.50
Overcollateralization Amount 817,441.85
Overcollateralization Target Amount 2,062,369.35
f) Servicing Fee 68,291.88
Trustee Fee 1,707.30
g) Weighted Average Rate Cap 8.83660%
Realized Losses 0.00
Cumulative Realized Losses 0.00
Maximum Collateral Amount 164,989,547.86
Realized Loss Percentage 0.00000%
Cumulative Number of liquidated Loans 0
Cumulative Balance of liquidated Loans 0.00
Beginning Ending
h) Weighted average of the remaining terms 323 323
of the Mortgage Loans:
Weighted average Mortgage Rate 9.499% 9.496%
of the Mortgage Loans:
number of the Mortgage Loans outstanding: 1,891
i) Delinquency Advances for the current period 0.00
made by the Master Servicer:
Servicing Advances for the current period 0.00
made by the Master Servicer:
Aggregate Outstanding Delinquency Advances 0.00
made by the Master Servicer:
Aggregate Nonrecoverable Delinquency Advances 0.00
made by the Master Servicer:
Prepayment Interest Shortfalls advanced 0.00
by the Master Servicer:
j) Regular Principal Distribution Amount 948,195.99
Class A-6 Priority General Distribution Amount 0.00
Class A-6 Priority Excess Distribution Amount 0.00
k) Has a Stepdown Trigger Event Occurred? NO
Has a Stepup Trigger Event Occurred? NO
l) Pre-Funding Account
Beginning Balance 0.00
Withdrawal to purchase Subsequent Loans 0.00
Withdrawal to Certificates as principal 0.00
Ending Balance 0.00
Capitalized Interest Account
Beginning Balance 0.00
Withdrawal for Capitalized Interest Requirement 0.00
Withdrawal at termination of Pre-Funding Period 0.00
Ending Balance 0.00
m) Prepayment Penalties 24,157.03
n) Original Cut-off date Loan Balance Loan Number Original Balance
of modified or extended Loans
o) Residual Class Total Distribution
Prepayment Penalties 24,157.03
General Excess Available Amount 0.00
24,157.03
p) Delinquency And Foreclosure Information:
# of Principal
Accounts Balance % of Total
30-59 Days Delinquent 24 1,525,431.00 0.9361%
60-89 Days Delinquent 5 500,208.00 0.3070%
90 or more Days Delinquent 6 326,500.00 0.2004%
Aggregate 35 2,352,139.00 1.4434%
The above statistics include Mortgage Loans in foreclosure
and bankruptcy but exclude REO Properties
# of Principal
Accounts Balance % of Total
Loans in foreclosure proceedings 5 264,500.00 0.1623%
Loans in bankruptcy proceedings 0 0.00 0.0000%
REO Properties 0 0.00 0.0000%
REO Properties
Value of
Loan Balance Loan Number Property
Value
Estimated Cost Established by Unreimbursed
of Disposal latest appraisal Advances
Loans in foreclosure
Original
Loan-to-Value Value of
Loan Number Loan Balance Ratio Property
3438322 84,000.00 80.0000% 105,000.00
3664802 10,000.00 5.0000% 200,000.00
3766532 63,750.00 63.7500% 100,000.00
3773579 48,750.00 65.0000% 75,000.00
3786233 58,000.00 58.0000% 100,000.00
Current
last Loan-to-Value
paid-to-date Ratio
01-Jul-97 80.0000%
01-Aug-97 5.0000%
01-Aug-97 63.7500%
01-Aug-97 65.0000%
01-Aug-97 58.0000%
SIGNATURES
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.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice-President
First Trust National Association
Dated: December 31, 1997
