<PAGE> 1
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: June 12, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1
(Issuer with respect to the Securities)
FIRSTPLUS INVESTMENT CORPORATION
(Originator of the Trust described herein)
(Exact name of Registrant as specified in its charter)
Nevada 333-11855 75-2596063
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
3773 Howard Hughes Parkway
Suite 300N
Las Vegas, Nevada 89109
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (702) 866-2236
<PAGE> 2
Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-11855) filed with the Securities and Exchange Commission
(the "Commission") on September 12, 1996 (the "Registration Statement"),
pursuant to which the Registrant registered $1,240,625,000 aggregate principal
amount of its asset backed securities, issuable in various series, for sale in
accordance with the provisions of the Securities Act of 1933, as amended (the
"Act"). Reference is also hereby made to the Prospectus dated February 21,
1997 and the related Prospectus Supplement, dated February 21, 1997
(collectively, the "Prospectus"), which were previously filed with the
Commission pursuant to Rule 424(b)(5), with respect to the FIRSTPLUS HOME LOAN
OWNER TRUST 1997-1 Asset Backed Notes and Asset Backed Certificates, Series
1997-1, consisting of (A) the following classes of Asset Backed Notes
(collectively, the "Notes"): (i) Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class A-5 Notes, Class A-6 Notes, Class A-7 Notes, and
Class A-8 Notes, and (B) the Asset Backed Certificates (the "Certificates" and,
together with the Notes, the "Offered Securities").
The Notes were issued pursuant to an Indenture dated as of February 1,
1997 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (the
"Issuer" or the "Trust") and First Bank National Association, as Indenture
Trustee and Co-Owner Trustee (the "Indenture Trustee" and "Co-Owner Trustee").
The Notes are secured by the assets of the Trust pursuant to the Indenture.
The Certificates represent the entire undivided ownership interest in
the Trust and were issued pursuant to the Trust Agreement dated as of February
1, 1997 (the "Trust Agreement") among FIRSTPLUS INVESTMENT CORPORATION, as
Depositor, FIRSTPLUS RESIDUAL HOLDINGS, INC., as the Company, Wilmington Trust
Company, as Owner Trustee, and First Bank National Association, as Co-Owner
Trustee.
The Registrant is filing this Current Report on Form 8-K for the
purpose of filing the Servicer's Monthly Statement (as such term is defined in
the Sale and Servicing Agreement dated as of February 1, 1997 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1997-1, as Issuer, and First Bank
National Association, as Indenture Trustee and Co-Owner Trustee) for the month
of June 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (June 1997)
</TABLE>
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<PAGE> 3
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.
FIRSTPLUS INVESTMENT CORPORATION
June 12, 1997 By: /s/ CHRISTOPHER J. GRAMLICH
----------------------------------
Christopher J. Gramlich, Senior
Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (June 1997)
</TABLE>
<PAGE> 1
FIRSTPLUS FINANCIAL, INC. (TANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1
AGREEMENT DATED FEBRUARY 27, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 139,980,000.00 127,292,737.24 6.05% 6,040,758.87 0.00 641,767.55
A-2 64,680,000.00 64,680.000.00 6.28% 0.00 0.00 338,492.00
A-3 65,160.000.00 65,160.000.00 6.45% 0.00 0.00 350,235.00
A-4 49,750.000.00 49,750.000.00 6.60% 0.00 0.00 273,625.00
A-5 49,170,000.00 49,170,000.00 6.70% 0.00 0.00 274,532.50
A-6 93,110,000.00 93,110,000.00 6.95% 0.00 0.00 539,262,08
A-7 61,330,000.00 61,330,000.00 7.16% 0.00 0.00 365,935,67
A-8 37,570,000.00 37,570,000.00 7.33% 0.00 0.00 229,490.08
Certificates 39,250,000.00 39,250,000.00 7.64% 0.00 0.00 249,891.67
R 0.00 8,129,180.22 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 600,000,000.00 595,441,917.46 6,040,758.87 3,263,990.42
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral Losses Balance Factor
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 6,682,526.42 0.00 0.00 121,251,978.37 86.620930%
A-2 0.00 338,492.00 0.00 0.00 64,680,000.00 100.000000%
A-3 0.00 350,235.00 0.00 0.00 65,160,000.00 100.000000%
A-4 0.00 273,625.00 0.00 0.00 49,750,000.00 100.000000%
A-5 0.00 274,532.50 0.00 0.00 49,170,000.00 100.000000%
A-6 0.00 539,262.08 0.00 0.00 93,110,000.00 100.000000%
A-7 0.00 365,935.67 0.00 0.00 61,330,000.00 100.000000%
A-8 0.00 229,490.08 0.00 0.00 37,570,000.00 100.000000%
Certificates 0.00 249,891.67 0.00 0.00 39,250,000.00 100.000000%
R 0.00 0.00 3,318,086.51 24.43 11,447,242.30 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
Total 9,303,990.42 592,719,220.67
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 337925AU5 909,363747 43.154443 4.584709 47.739151 866.209304
</TABLE>
Determination Date June 5, 1997
Distribution Date June 10, 1997
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1
AGREEMENT DATED FEBRUARY 27,1997
SERVICER'S MONTHLY REMITTANCE REPORT
- --------------------------------------------------------------------------------
COLLECTIONS ON THE MORTGAGE LOANS:
<TABLE>
<S> <C> <C>
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 5,333,541.46 753,359.63 6,086.901.09
Recovery of Delinquent Scheduled Payments 1,077,683.28 152,796.18 1,230,479.46
Principal Prepayments 663,856.79 1,816,516.55 2,480,373.34
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 7,075,081.53 2,722,672.36 9,797,753.89
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 22,468.72 0.00 22,468.72
Note Distrbution Account Earnings 5,987.92 0.00 5,987.92
Capitalized Interest Release 0.00 0.00 0.00
Available Collection Amounts 7,103,538.17 2,722,672.36 9,826,210.53
FEES:
Servicing Fee 372,151.20
Trustee Fee 1,984.81
Custodian Fee 5,954.42
Guaranty Insurance 142,129.68
Owner Trustee Fee 0.00
Total Fees: 522,220.11
OVERCOLLATERALIZATION INFORMATION:*
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 11,447,242.30
Interim Required Overcollateralization Amount 23,999,944.55
Required Overcollateralization Amount 44,999,896.07
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date? No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 14,019,276.18
Current Reserve Fund Balance 20,999,951.52
Reserve Fund Requirement 20,999,951.52
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 0.00
Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 0.00
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 231
Ending Weighted Average Remaining Maturity 230
Beginning Weighted Average Coupon 14.110%
Ending Weighted Average Coupon 14.110%
Beginning Number of Loans 19,562
Ending Number of Loans 19,491
Beginning Unpaid Principle Balance of Home Loans 595,441,917.46
Ending Unpaid Principle Balance of Home Loans 592,719,220.67
Loans paid in Full 71
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCIES:
<S> <C> <C>
# $ % of $
- - ------
30-59 Days 105 2,995,555.00 0.5031%
60-89 Days 45 1,342,364.00 0.2254%
Over 90 41 1,445,912.00 0.2445%
Total 191 5,793,831.00 0.9730%
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATED LOANS:
<S> <C>
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 24.43 0.00
Net Losses 24.43 0.00
</TABLE>
*Assumes entire prefunded account is used to purchase home loans
5
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<TABLE>
<S> <C>
Principal and Interest 9,797,753.89
Cap Interest Release 0.00
Guaranteed Payment 0.00
Reserve Account Withdrawals 0.00
Prefunding Account Deposit 0.00
Collection Account Withdrawals/Collection Account Earnings 22,468.72
Total Deposits 9,820,222.61
Note Distribution Account earnings 5,987.92
Note Distribution Account balance 9,826,210.53
</TABLE>
WITHDRAWS FROM NOTE DISTRIBUTION ACCOUNT:
To The Note Distribution Account for Disbursement
on Distribution Date Pursuant to Sections
5.01(c) paragraphs (i) to (iv)
<TABLE>
<CAPTION>
Remaining Balance
-----------------
<S> <C> <C>
Servicing Fee 372,151.20 9,454,059.33
Guaranty Insurance Premium 142,129.68 9,311,929.65
Indenture Trustee Fee 1,984.81 9,309,944.84
Owner Trustee Fee 0.00 9,309,944.84
Custodian Fee 5,954.42 9,303,990.42
Noteholders Interest Distributable Amount 3,013,339.88 6,290,650.54
Regular Principal Distributable Amount 2,722,672.36 3,567,978.18
Excess Spread to Class A-1 note as a part of the 3,318,086.51 249,891.67
Noteholders Monthly Principal distributable Amount
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date.
Certificateholder Interest Distributable Amount 249,891.67 0.00
Certificateholder Principal Distributable Amount 0.00 0.00
Securities Insurer Reimbursement Amount 0.00 0.00
OverCollateralization Reduction Amount 0.00 0.00
Reimbursed Servicing Advances 0.00 0.00
</TABLE>
5
<PAGE> 4
<TABLE>
<S> <C>
RESERVE ACCOUNT:
Beginning balance 20,999,951.52
Current deposits 0.00
Current earnings 92,532.43
Withdraw of excess reserve account amount to residual interest holders 92,532.43
Ending balance 20,999,951.52
CAPITALIZED INTEREST:
Beginning balance: 0.00
Capitalized interest acct requirement (projected interest shortfall) 0.00
Less amount to be released to residual interest 2,669.14
Holder on March 10 pursuant to section 5.04(d)
Less amount to be distributed to note distribution 0.00
Account on March 6 required by section 5.04(a)
Plus Account earnings posted in due period 1,975.97
Prefunding account earnings posted in due period 693.17
Ending balance on distribution date 0.00
PREFUNDING ACCOUNT:
Beginning balance 0.00
Less draw for first funding 0.00
Less amount to be distributed to note distribution 0.00
Account required by section 5.03 (c)
Less amount to be distributed to certificate distribution 0.00
Account required by section 5.03 (c)
Ending balance 0.00
</TABLE>
5
