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
TRANSAMERICA CONSUMER MORTGAGE RECEIVABLES CORPORATION
(as seller under a Pooling and Sericing Agreement dated
as of November 1, 1997 providing for the issuance of
the TFC Home Equity Loan Asset-Backed
Certificates, Series 1997-1
Transamerica Consumer Mortgage Receivables Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-00282 33-0688964
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1150 South Olive Street, Suite 2800
Los Angeles, CA 90015
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (213) 742-4865
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 and 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, PartII - 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.
TFC HOME EQUITY TRUST
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 26-Dec-97
DISTRIBUTION SUMMARY
Pass
Beginning Through Principal Interest Remaining
Class Balance Rate Distribution Distributed Balance
A-1 24,564,000.00 6.16000% 1,747,141.85 88,266.64 22,816,858.15
A-2 10,989,000.00 6.61000% 0.00 60,531.08 10,989,000.00
A-3 9,686,000.00 6.76000% 0.00 54,564.47 9,686,000.00
A-4 11,181,000.00 7.03000% 0.00 65,502.03 11,181,000.00
A-5 111,583,000.00 6.23000% 3,620,071.19 405,511.22 107,962,928.81
R 0.00 0.00000% 0.00 0.00 0.00
TOTAL:168,003,000.00 5,367,213.04 674,375.44 162,635,786.96
(1) For Class R, remaining amounts available.
LIBOR
Current LIBOR: 6.00000%
Beginning Principal Interest Remaining
Class Cusip Balance Distribution Distribution Balance
A-1 87238NAA8 1000.00000 71.12611342 3.59333333 928.87388658
A-2 87238NAB6 1000.00000 0.00000000 5.50833379 1000.00000000
A-3 87238NAC4 1000.00000 0.00000000 5.63333368 1000.00000000
A-4 87238NAD2 1000.00000 0.00000000 5.85833378 1000.00000000
A-5 87238NAE0 1000.00000 32.44285590 3.63416667 967.55714410
Statement to Certificateholders
Pooling and Servicing Agreement Dated November 1, 1997
(Pursuant to Section 5.02)
SEC. 5.02 (a)
Class A Principal paid
on Payment Date See page 1
SEC. 5.02 (b)
Class A Remittance Amount See page 1
Class A-1 Libor Difference $0.00
Class A-5 Libor Difference $0.00
Class A-1 LIBOR Cumulative Differen $0.00
Class A-5 LIBOR Cumulative Differen $0.00
Class A-1 Excess $0.00
Class A-5 Excess $0.00
Class A-1 Excess Interest $0.00
Class A-5 Excess Interest $0.00
SEC. 5.02 (c) Certificate Balance of each
ClassA Certificates See page 1
SEC. 5.02 (d)
Fixed Group Principal Balance $54,933,100.73
Fixed Group Number of Loans 1,954
Floating Group Principal Balance $109,595,709.29
Floating Group Number of Loans 1,114
SEC. 5.02 (e) (i) , (ii) Delinquency Information for
all Mortgage Loans
31-60 Days Delinquent
Count Balance % of Balance
Fixed Group 91 $2,301,737.92 4.19%
Floating Group 24 $2,278,757.36 2.08%
Total 115 $4,580,495.28
61-90 Days Delinquent
Count Balance % of Balance
Fixed Group 14 $337,928.53 0.62%
Floating Group 7 $725,970.96 0.66%
Total 21 $1,063,899.49
91 Days or More Delinquent
Count Balance % of Balance
Fixed Group 0 $0.00 0.00%
Floating Group 6 $1,297,303.87 1.18%
Total 6 $1,297,303.87
SEC. 5.02 (f) Loans in Foreclosure
Count Principal Balance
Fixed Group 1 $6,767.98
Floating Group 0 $0.00
Total 1 $6,767.98
REO Loans
Principal Property
Count Balance Value
Fixed Group 0 $0.00 $0.00
Floating Group 0 $0.00 $0.00
Total 0 $0.00 $0.00
SEC. 5.02 (g) Repurchased Loans
Principal
Count Balance Book Value
Fixed Group 0 $0.00 $0.00
Floating Group 0 $0.00 $0.00
SEC. 5.02 (h)
Monthly Servicing Fee calculated $70,471.40
Amt Reimbursed to Master Servicer
due to Liquidation Expenses $0.00
SEC. 5.02 (i)
Insured Payments $0.00
SEC. 5.02 (j)
Liquidated Loans Principal Balance
Fixed Group $0.00
Floating Group $0.00
SEC. 5.02 (k)
Liquidation Proceeds
Fixed Group $0.00
Floating Group $0.00
SEC. 5.02 (l)
Liquidation Expenses deducted from Liquidation Proceeds
Fixed Group $0.00
Floating Group $0.00
SEC. 5.02 (m)
Liquidation Expenses not deducted from Liquidation Proceeds
Fixed Group $0.00
Floating Group $0.00
SEC. 5.02 (n)
Net Losses
Fixed Group $0.00
Floating Group $0.00
SEC. 5.02 (p)
Class R Distribution Amount see page 1
SEC. 5.02 (q)
Advances of Interest $242,282.10
Servicing Advances $0.00
Servicing Advances Reimbursed $0.00
Nonrecoverable Advances Reimbursed $0.00
SEC. 5.02 (r)
Cumulative Losses
60 Days 90 Days
Delinquent Delinquent
Fixed Group $0.00 $0.00
Floating Group $0.00 $0.00
Total $0.00 $0.00
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.
TRANSAMERICA CONSUMER
MORTGAGE RECEIVABLES CORPORATION
By: /s/ Janice OttRotuno
Name: Janice OttRotuno
Title: Vice President
The First National Bank Of Chicago
Dated: December 31, 1997
