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Previous: FIRSTPLUS INVESTMENT CORP, 8-K, 1997-07-16 |
Next: NATIONSCREDIT GRANTOR TRUST 1996-1, 8-K, 1997-07-16 |
<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 1997-2
(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 333-26527 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 Amendment No. 1 to the Registrant's
Registration Statement on Form S-3 (File No. 333-26527) filed with the
Securities and Exchange Commission (the "Commission") on May 22, 1997 (the
"Registration Statement"), pursuant to which the Registrant registered
$5,000,000,000 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 June 12, 1997 and the related Prospectus Supplement,
dated June 12, 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 1997-2 Asset Backed Notes, Series 1997-2,
consisting of the following classes of Asset Backed Notes (collectively, the
"Offered Securities"): (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, Class A-8
Notes, Class A-9 Notes, Class M-1 Notes, Class M-2 Notes and Class B-1 Notes.
The Notes were issued pursuant to an Indenture dated as of June 1,
1997 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (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 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 June 1, 1997 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1997-2, 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
EXHIBIT INDEX
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 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED June 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
Principal Current Principal
Original Balance Before Pass Remittance
Class Face Value Distribution Through (Including Turbo)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 53,220,000.00 53,220,000.00 6.34% 5,118,605.32
A-2 103,860,000.00 103,860,000.00 6.31% 0.00
A-3 84,010,000.00 84,010,000.00 6.52% 0.00
A-4 80,400,000.00 80,400,000.00 6.64% 0.00
A-5 64,750,000.00 64,750,000.00 6.82% 0.00
A-6 46,400,000.00 46,400,000.00 6.88% 0.00
A-7 54,900,000.00 54,900,000.00 7.54% 0.00
A-8 49,230,000.00 49,230,000.00 7.58% 0.00
A-9 46,355,000.00 46,355,000.00 7.82% 0.00
M-1 78,750,000.00 78,750,000.00 7.60% 0.00
M-2 39,375,000.00 39,375,000.00 7.59% 0.00
B-1 31,875,000.00 31,875,000.00 7.93% 0.00
B-2(Certificates) 16,875,000.00 16,875,000.00 8.54% 0.00
R 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 750,000,000.00 750,000,000.00 5,118,605.32
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest
Carry Interest Carry Total Over Allocated Ending
Class Forward Remittance Forward Distribution Collateral. Losses Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 281,179.00 0.00 5,399,784.32 0.00 0.00 48,101,394.68
A-2 0.00 546,130.50 0.00 546,130.50 0.00 0.00 103,860,000.00
A-3 0.00 456,454.33 0.00 456,454.33 0.00 0.00 84,010,000.00
A-4 0.00 444,880.00 0.00 444,880.00 0.00 0.00 80,400,000.00
A-5 0.00 367,995.83 0.00 367,995.83 0.00 0.00 64,750,000.00
A-6 0.00 266,026.67 0.00 266,026.67 0.00 0.00 46,400,000.00
A-7 0.00 344,955.00 0.00 344,955.00 0.00 0.00 54,900,000.00
A-8 0.00 310,969.50 0.00 310,969.50 0.00 0.00 49,230,000.00
A-9 0.00 302,080.08 0.00 302,080.08 0.00 0.00 46,355,000.00
M-1 0.00 498,750.00 0.00 498,750.00 0.00 0.00 78,750,000.00
M-2 0.00 249,046.88 0.00 249,046.88 0.00 0.00 39,375,000.00
B-1 0.00 210,640.63 0.00 210,640.63 0.00 0.00 31,875,000.00
B-2(Certificates) 0.00 120,093.75 0.00 120,093.75 0.00 0.00 16,875,000.00
R 0.00 0.00 0.00 2,302,857.87 0.00 2,302,857.87
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 4,399,202.17 9,517,807.49 747,184,252.55
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Pool
Class Factor
- --------------------------------------------------
<S> <C>
A-1 90.382177%
A-2 100.000000%
A-3 100.000000%
A-4 100.000000%
A-5 100.000000%
A-6 100.000000%
A-7 100.000000%
A-8 100.000000%
A-9 100.000000%
M-1 100.000000%
M-2 100.000000%
B-1 100.000000%
B-2(Certificates) 100.000000%
R 0.000000%
- --------------------------------------------------
Totals
- --------------------------------------------------
</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>
A-1 1000.000000 96.178228 5.283333 101.461562 903.821772
A-2 1000.000000 0.000000 5.258333 5.258333 1000.000000
A-3 1000.000000 0.000000 5.433333 5.433333 1000.000000
A-4 1000.000000 0.000000 5.533333 5.533333 1000.000000
A-5 1000.000000 0.000000 5.683333 5.683333 1000.000000
A-6 1000.000000 0.000000 5.733333 5.733333 1000.000000
A-7 1000.000000 0.000000 6.283333 6.283333 1000.000000
A-8 1000.000000 0.000000 6.316667 6.316667 1000.000000
A-9 1000.000000 0.000000 6.516667 6.516667 1000.000000
M-1 1000.000000 0.000000 6.333333 6.333333 1000.000000
M-2 1000.000000 0.000000 6.325000 6.325000 1000.000000
B-1 1000.000000 0.000000 6.608333 6.608333 1000.000000
B-2(Certificates) 1000.000000 0.000000 7.116667 7.116667 1000.000000
</TABLE>
Determination Date July 7, 1997
Distribution Date July 10, 1997
-5-
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED June 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
<TABLE>
<CAPTION>
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 4,810,519.34 843,043.78 5,653,563.12
Recovery of Delinquent Scheduled Payments 607,680.12 123,799.75 731,479.87
Principal Prepayments 565,252.60 1,848,903.92 2,414,156.52
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 5,983,452.06 2,815,747.45 8,799,199.51
Prefunding Account Deposit 0.00 0.00 0.00
Note Distribution Account Earnings 0.00 0.00 0.00
Capitalized Interest Release 1,074,090.94 0.00 1,074,090.94
Available Collection Amounts 7,057,543.00 2,815,747.45 9,873,290.45
FEES:
Servicing Fee 354,301.95
Trustee Fee 1,181.01
Owner Trustee Fee 0.00
Total Fees: 355,482.96
OVERCOLLATERALIZATION INFORMATION: *
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 2,302,857.87
Required Overcollateralization Amount 33,750,000.00
AMOUNT IN PREFUNDING ACCOUNT: 183,116,886.91
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 1,785,389.65
Amount to be Disbursed from Capitalized
Interest Account to Note Distribution Account 1,074,090.94
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 229
Ending Weighted Average Remaining Maturity 228
Beginning Weighted Average Coupon 13.865%
Ending Weighted Average Coupon 13.750%
Beginning Number of Loans 18,518
Ending Number of Loans 18,449
Beginning Unpaid Principle Balance of Home Loans 566,883,113.09
Ending Unpaid Principle Balance of Home Loans 564,067,365.64
Loans Paid in Full 69
<CAPTION>
DELINQUENCIES:
# $ % of $
- - ------
<S> <C> <C> <C>
30-59 Days 54 1,561,006.00 0.2754%
60-89 Days 0 0.00 0.0000%
Over 90 0 0.00 0.0000%
Total 54 1,561,006.00 0.2754%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
</TABLE>
-6-
<PAGE> 3
<TABLE>
<CAPTION>
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<S> <C> <C> <C>
Principal and Interest 8,799,199.51
Cap Interest Release 1,074,090.94
Guaranteed Payment 0.00
Reserve Account Withdrawals 0.00
Prefunding Account Deposit 0.00
Total Deposits 9,873,290.45
Note Distribution Account earnings 0.00
Note Distribution Account balance 9,873,290.45
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)
Remaining Balance
-----------------
Servicing Fee 354,301.95 9,518,988.50
Indenture Trustee Fee 1,181.01 9,517,807.49
Owner Trustee Fee 0.00 9,517,807.49
Noteholders Interest Distributable Amount 4,279,108.42 5,238,699.07
Regular Principal Distributable Amount 2,815,747.45 2,422,951.62
Excess Spread to Class A-1 note as a part of the 2,302,857.87 120,093.75
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 120,093.75 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>
-7-
<PAGE> 4
<TABLE>
<CAPTION>
CAPITALIZED INTEREST:
<S> <C>
Beginning balance: 2,700,000.00
Capitalized interest acct requirement (projected interest shortfall) 1,785,389.65
Less amount to be released to residual interest 133,761.83
Holder on July 10 pursuant to section 5.03(d)
Less amount to be distributed to note distribution 1,074,090.94
Account on July 6 required by section 5.03(a)
Plus Account earnings posted in due period 4,260.92
Prefunding account earnings posted in due period 288,981.50
Ending balance on distribution date 1,785,389.65
PREFUNDING ACCOUNT:
Beginning balance 183,116,886.91
Less draw for first funding 0.00
Less amount to be distributed to note distribution 0.00
Account required by section 5.02 (c)
Less amount to be distributed to certificate distribution 0.00
Account required by section 5.02 (c)
Ending balance 183,116,886.91
</TABLE>
-8-
<PAGE> 5
<TABLE>
<CAPTION>
Class Balance Rate Interest Calc.
<S> <C> <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
WA PREFUNDING INTEREST
CERT ACCOUNT BAL NO. OF DAYS SHORTFALL
---- -------------- ----------- ------------
7.04% 183,116,886.91 30 1,074,090.94
TOTAL 1,074,090.94
6.65% 0.00 0 0.00
CAPITALIZED INTEREST AMOUNT
---------------------------
Beginning Balance June 19 2,700,000.00
Required Deposit 1,785,389.65
Less Amount to be distributed to Note Distribution
Account on September 19, 1997 required by Section 5.03(a) 1,074,090.94
Less Amount to de released to Depositor
on September 19, 1997 pursuant to Section 5.03(d) 133,761.83
------------
Plus Prefunding Account Earnings 288,981.50
Cap Int Earnings 4,260.92
Ending Balance on Distribution Date 1,785,389.65
</TABLE>
-9-
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