<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: July 15, 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 July 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
----------- -----------
99.1 Servicer's Monthly Statement (July 1997)
-2-
<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
July 15, 1997 By: /s/ CHRISTOPHER J. GRAMLICH
--------------------------------
Christopher J. Gramlich,
Senior Vice President
-3-
<PAGE> 4
INDEX TO EXHIBITS
Exhibit
No. Description
------- -----------
99.1 Servicer's Monthly Statement (July 1997)
<PAGE> 1
EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR 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-1 139,980,000.00 121,251,978.37 6.05% 6,312,667.14 0.00 611,312.06
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 11,447,242.30 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
Totals 600,000,000.00 592,719,220.67 6,312,667.14 3,232,776.06
- -----------------------------------------------------------------------------------------------------------------
<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 6,923,979.20 0.00 0.00 114,939,311.23 82.111238%
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 2,872,663.88 0.00 14,319,906.18 0.000000%
- ------------------------------------------------------------------------------------------------------------
Totals 9,545,443.20 589,279,217.41
- ------------------------------------------------------------------------------------------------------------
</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> <C> <C>
A-1 337925AU5 866.209304 45.096922 4.367139 49.464061 821.112382
A-2 337925AV3 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-3 337925AW1 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-4 337925AX9 1000.000000 0.000000 5.500000 5.500000 1000.000000
A-5 337925AY7 1000.000000 0.000000 5.583333 5.583333 1000.000000
A-6 337925AZ4 1000.000000 0.000000 5.791667 5.791667 1000.000000
A-7 337925BA8 1000.000000 0.000000 5.966667 5.966667 1000.000000
A-8 337925BB6 1000.000000 0.000000 6.108333 6.108333 1000.000000
Certificates 337925BC4 1000.000000 0.000000 6.366667 6.366667 1000.000000
</TABLE>
Original weighted average securities rate = 6.65%
Current weighted average securities rate = 6.67%
Determination Date July 7, 1997
Distribution Date July 14, 1997
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR 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>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
------------ ------------ ------------
<S> <C> <C> <C>
Scheduled Monthly Payments 4,934,104.88 666,869.92 5,600,974.80
Recovery of Delinquent Scheduled Payments 1,012,610.73 140,280.97 1,152,891.70
Principal Prepayments 650,556.92 2,632,852.37 3,283,409.29
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 6,597,272.53 3,440,003.26 10,037,275.79
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 24,403.10 0.00 24,403.10
Note Distribution Account Earnings 2,781.52 0.00 2,781.52
Capitalized Interest Release 3.04 0.00 3.04
Available Collection Amounts 6,624,460.19 3,440,003.26 10,064,463.45
FEES:
Servicing Fee 370,449.51
Trustee Fee 1,975.73
Custodian Fee 5,927.19
Guaranty Insurance 140,667.82
Owner Trustee Fee 0.00
Total Fees: 519,020.25
OVERCOLLATERALIZATION INFORMATION: *
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 14,319,906.18
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 230
Ending Weighted Average Remaining Maturity 229
Beginning Weighted Average Coupon 14.110%
Ending Weighted Average Coupon 14.100%
Beginning Number of Loans 19,491
Ending Number of Loans 19,393
Beginning Unpaid Principle Balance of Home Loans 592,719,220.67
Ending Unpaid Principle Balance of Home Loans 589,279,217.41
Loans Paid in Full 98
DELINQUENCIES:
# $ % of $
--- ------------ -------
30-59 Days 119 3,403,985.00 0.5743%
60-89 Days 53 1,439,664.00 0.2429%
Over 90 75 2,461,163.00 0.4152%
Total 247 7,304,812.00 1.2324%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
</TABLE>
* Assumes entire prefunded account is used to purchase home loans
<PAGE> 3
<TABLE>
<S> <C>
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Principal and Interest 10,037,275.79
Cap Interest Release 3.04
Guaranteed Payment 0.00
Reserve Account Withdrawals 0.00
Prefunding Account Deposit 0.00
Collection Account Withdrawals/Collection Account Earnings 24,403.10
Total Deposits 10,061,681.93
Note Distribution Account earnings 2,781.52
Note Distribution Account balance 10,064,463.45
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>
<TABLE>
<CAPTION>
Remaining Balance
-----------------
<S> <C> <C>
Servicing Fee 370,449.51 9,694,013.94
Guaranty Insurance Premium 140,667.82 9,553,346.12
Indenture Trustee Fee 1,975.73 9,551,370.39
Owner Trustee Fee 0.00 9,551,370.39
Custodian Fee 5,927.19 9,545,443.20
Noteholders Interest Distributable Amount 2,982,884.39 6,562,558.81
Regular Principal Distributable Amount 3,440,003.26 3,122,555.55
Excess Spread to Class A-1 note as a part of the 2,872,663.88 249,891.67
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>
<PAGE> 4
<TABLE>
<S> <C>
RESERVE ACCOUNT:
Beginning balance 20,999,951.52
Current deposits 0.00
Current earnings 90,090.66
Withdraw of excess reserve account amount to residual interest holders 90,090.66
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 3.04
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 in due period 2.24
Prefunding account earnings posted in due period 0.80
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>
<PAGE> 5
<TABLE>
<CAPTION>
Class Balance Rate Interest Calc.
----- ------- ---- --------------
<S> <C> <C> <C>
A-1 139,980,000.00 6.05% 8,468,790.00
A-2 64,680,000.00 6.28% 4,061,904.00
A-3 65,160,000.00 6.45% 4,202,820.00
A-4 49,750,000.00 6.60% 3,283,500.00
A-5 49,170,000.00 6.70% 3,294,390.00
A-6 93,110,000.00 6.95% 6,471,145.00
A-7 61,330,000.00 7.16% 4,391,228.00
A-8 37,570,000.00 7.33% 2,753,881.00
Certificates 39,250,000.00 7.64% 2,998,700.00
* WA_CERT 6.65% 39,926,358.00
</TABLE>
<TABLE>
<CAPTION>
WA PREFUNDING INTEREST
CERT ACCOUNT BAL NO. OF DAYS SHORTFALL
- ---- ----------- ----------- ---------
<S> <C> <C> <C>
6.65% 0.00 0 0.00
TOTAL 0.00
6.65% 0.00 0 0.00
</TABLE>
CAPITALIZED INTEREST AMOUNT
<TABLE>
<S> <C> <C>
Beginning Balance February 27 0.00
Required Deposit 0.00
Less Amount to be distributed to Note Distribution
Account on May 27, 1997 required by Section 5.04(a) 0.00
Less Amount to de released to Depositor
on May 27, 1997 pursuant to Section 5.04(d) 3.04
----
Plus Prefunding Account Earnings 0.80
Cap Int Earnings 2.24
Ending Balance on Distribution Date 0.00
</TABLE>
