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Previous: CWABS INC, 424B5, 1998-12-15 |
Next: CWABS INC, 424B5, 1998-12-15 |
SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED AUGUST 21,1997 RULE 424(B)(5)
(TO PROSPECTUS DATED FEBRUARY 21, 1997) FILE NO. 333-37539
CWABS, INC.
Depositor
COUNTRYWIDE
HOME LOANS, INC.
Sponsor and Master Servicer
REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1997-C
_____________
The certificates represent obligations of the trust only and do not represent an
interest in or obligation of CWABS, Inc., Countrywide Home Loans, Inc. or any of
their affiliates.
This supplement may be used to offer and sell the offered certificates only if
accompanied by the prospectus supplement and the prospectus.
THE CERTIFICATES
o This supplement relates to the offering of the
certificates of the series referenced above. This
supplement does not contain complete information
about the offering of the certificates. Additional
information is contained in the prospectus
supplement dated August 21, 1997 prepared in
connection with the offering of the offered
certificates of the series referenced above and in
the prospectus of the depositor dated February 21,
1997. You are urged to read this supplement, the
prospectus supplement and the prospectus in full.
o As of November 16, 1998, the class certificate
balance of the certificates was approximately
$128,644,026.64.
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED THESE
SECURITIES OR DETERMINED THAT THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR THE
PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESeNTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will be
made at prices related to the prevailing prices at the time of sale.
DECEMBER 14, 1998
<PAGE>
THE MORTGAGE POOL
As of November 1, 1998 (the "Reference Date"), the Mortgage Pool
included approximately 5,974 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $133,693,284.04.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
<TABLE>
<CAPTION>
As of
November 1, 1998
----------------
<S> <C>
Aggregate Stated Principal Balance of the Mortgage Loans......................... $133,693,284.04
Delinquent Mortgage Loans and Pending Foreclosures at Period End (1)
30-59 days.............................................................. 0.32%
60-90 days.............................................................. 0.06%
91 days or more (excluding pending foreclosures)........................ 0.14%
Total Delinquencies..................................................... 0.51%
================
Foreclosures Pending............................................................. 0.05%
----------------
Total Delinquencies and foreclosures pending................................. 0.56%
================
</TABLE>
______________
(1) As a percentage of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Reference Date.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
Countrywide Home Loans, Inc. ("Countrywide") will continue to act as
Master Servicer under the Agreement.
At September 30, 1998, Countrywide provided servicing for approximately
$196.9 billion aggregate principal amount of mortgage loans, substantially all
of which are being serviced for unaffiliated persons. At September 30, 1998,
Countrywide provided servicing for approximately $1.3 billion aggregate
principal amount of first and second lien mortgage loans originated under home
equity lines of credit.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, of home equity loans serviced
by the Master Servicer. Since Countrywide only began servicing home equity loans
in October 1994, the delinquency and foreclosure percentages may be affected by
the size and relative lack of seasoning of the servicing portfolio because many
of such loans were not outstanding long enough to give rise to some or all of
the periods of delinquency indicated in the chart below. Accordingly, the
information should not be considered as a basis for assessing the likelihood,
amount or severity of delinquency or losses on the Mortgage Loans and no
assurances can be given that the foreclosure and delinquency experience
presented in the table below will be indicative of such experience on the
Mortgage Loans:
<PAGE>
<TABLE>
DELINQUENCY AND FORECLOSURE EXPERIENCE(1)
<CAPTION>
AS OF DECEMBER 31, 1996 AS OF DECEMBER 31, 1997
-------------------------- ----------------------------
<S> <C> <C> <C> <C>
Portfolio................. 455,962,847.88 100.00% 1,062,794,424.18 100.00%
Delinquency percentage(1)
30-59 days......... 599,953.75 0.13% 3,789,570.37 0.36%
60-89.............. 444,075.12 0.10% 533,225.80 0.05%
90+ days........... 437,162.71 0.10% 1,101,964.19 0.10%
Total(2)....... 1,481,191.58 0.32% 5,424,760.36 0.51%
Foreclosure Rate(3)....... 771,389.69 0.17% 1,166,826.32 0.11%
Bankruptcy Rate(4)........ 766,265.47 0.17% 3,071,686.84 0.29%
(table continued)
AS OF SEPTEMBER 30, 1998
--------------------------
Portfolio................. 1,290,008,748.84 100.00%
Delinquency percentage(1)
30-59 days......... 4,368,838.77 0.34%
60-89.............. 1,053,258.11 0.08%
90+ days........... 2,442,379.39 0.19%
Total(2)....... 7,864,476.27 0.61%
Foreclosure Rate(3)....... 1,316,152.71 0.10%
Bankruptcy Rate(4)........ 4,253,708.93 0.33%
</TABLE>
______________
(1) The period of delinquency is based on the number of days payments are
contractually past due.
(2) Certain total percentages and dollar amounts may not equal the sum of the
percentages and dollar amounts indicated in the columns due to differences
in rounding.
(3) "Foreclosure Rate" is the dollar amount of mortgage loans in foreclosure as
a percentage of the total principal balance of mortgage loans outstanding
as of the date indicated.
(4) "Bankruptcy Rate" is the dollar amount of mortgage loans for which the
related borrower has declared bankruptcy as a percentage of the total
principal balance of mortgage loans outstanding as of the date indicated.
YEAR 2000 COMPLIANCE
The Master Servicer has made and will continue to make investments to
identify, modify or replace any computer systems which are not year 2000
compliant and to address other related issues associated with the change of the
millennium. In the event that computer problems arise out of a failure of such
efforts to be completed on time, or in the event that the computer systems of
the Master Servicer or the Trustee are not fully year 2000 compliant, the
resulting disruptions in the collection or distribution of receipts on the
Mortgage Loans could materially and adversely affect the holders of the
Certificates.
DESCRIPTION OF THE CERTIFICATES
The Certificates will be allocated and entitled to receive interest and
principal payments as described in the Prospectus Supplement under "Description
of the Certificates-- Distributions on the Certificates".
As of November 16, 1998 (the "Certificate Date"), the Certificate
Principal Balance of the Certificates was approximately $128,644,026.64. As of
the Certificate Date the Pool Factor was approximately 0.7196466 and the
Invested Amount was approximately $128,644,026.64. For additional information
with respect to the Certificates, see "Description of the Certificates" in the
Prospectus Supplement.
<PAGE>
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
THE CERTIFICATE INSURER
Effective February 17, 1998, MBIA Inc., a New York Stock Exchange
listed company (the "Company"), acquired all of the outstanding stock of Capital
Markets Assurance Corporation ("CapMAC") through a merger with its parent CapMAC
Holdings Inc. Pursuant to a reinsurance agreement, CapMAC has ceded all of its
net insured risks (including any amounts due but unpaid from third party
reinsurers), as well as its unearned premiums and contingency reserves, to MBIA
Insurance Corporation, a New York Stock company ("MBIA"). MBIA is the principal
operating subsidiary of the Company. The Company is not obligated to pay the
debts of or claims against MBIA.
MBIA files annual, quarterly and special reports and other information
with the Securities and Exchange Commission (the "SEC"). These documents may be
reviewed at the SEC's public reference rooms in Washington, D.C., New York, New
York and Chicago, Illinois. Please call the SEC at 1-800-SEC-0330 for further
information on the public reference rooms. MBIA's SEC filings are also available
to the public at the SEC's Web site at http://www.sec.gov.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Certificates discussed under the sections
titled "Federal Income Tax Consequences" in the Prospectus Supplement and the
Prospectus, which the following discussion supplements. Prospective investors
should consult their tax advisors with respect to those consequences.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Certificates consult their tax advisors regarding
the possible application of the Amortizable Bond Premium Regulations.
The Taxpayer Relief Act of 1997 and the IRS Restructuring and Reform
Act of 1998 reduced the capital gains tax rates for certain noncorporate
taxpayers. Prospective investors should consult their tax advisors with respect
to these tax law changes.
<PAGE>
The Small Business and Job Protection Act of 1996 and Taxpayer Relief
Act of 1997 modified the definition of U.S. person with regard to trusts. A
trust is a "U.S. Person" if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have authority to control all substantial decisions of the trust.
In addition, U.S. Persons include certain trusts that can elect to be treated as
U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October 14,
1997. In general, the New Withholding Regulations do not significantly alter the
substantive withholding and information reporting requirements, but do unify
current certification procedures and forms and clarify reliance standards. The
New Withholding Regulations generally will be effective for payments made after
December 31, 1999, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Certificates should consider carefully
the ERISA consequences of an investment in the Certificates discussed under
"ERISA Considerations" in the Prospectus, the Prospectus Supplement and herein,
and should consult their own advisors with respect to those consequences. As
described in the Prospectus Supplement and subject to the qualifications and
limitations set forth therein, it is believed that the Exemption will apply to
the acquisition and holding of the Certificates by Plans and that all conditions
of the Exemption other than those within the control of investors will be met.
RATINGS
The Certificates are currently rated "AAA" by Standard & Poor's and
"Aaa" by Moody's. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will be
made at prices relating to the prevailing prices at the time of sale.
<PAGE>
EXHIBIT 1
PRINCIPAL BALANCES
- ---------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT
RANGE OF PRINCIPAL MORTGAGE BALANCE OF
BALANCES LOANS OUTSTANDING POOL
- -------------------------- --------- ------------ -----------
$ 0.00 to $ 10,000.00... 1,491 $ 4,539,757 3.40%
10,001 to 20,000.00... 1,954 29,901,430 22.37
20,001 to 30,000.00... 1,177 29,329,805 21.94
30,001 to 40,000.00... 589 20,525,518 15.35
40,001 to 50,000.00... 351 15,973,610 11.95
50,001 to 60,000.00... 144 7,893,587 5.90%
60,001 to 70,000.00... 79 5,113,763 3.82%
70,001 to 80,000.00... 56 4,182,164 3.13%
80,001 to 90,000.00... 34 2,888,315 2.16%
90,001 to 100,000.00... 46 4,424,810 3.31%
100,001 to 110,000.00... 11 1,156,519 0.87%
110,001 to 120,000...... 2 222,128 0.17%
120,001 to 130,000...... 4 500,120 0.37%
130,001 to 140,000...... 5 667,842 0.50%
140,001 to 150,000...... 7 1,021,624 0.76%
150,001 to 160,000...... 3 473,038 0.35%
160,001 to 170,000...... 4 661,393 0.49%
170,001 to 180,000...... 4 700,079 0.52%
180,001 to 190,000...... 1 180,675 0.14%
190,001 to 200,000...... 5 983,547 0.74%
210,001 to 220,000...... 2 436,748 0.33%
330,001 to 340,000...... 1 334,995 0.25%
340,001 to 350,000...... 2 684,084 0.51%
350,000 and up........... 2 897,734 0.67%
--------- ------------ -----------
Total................. 5,974 $133,693,284 100.00%
========= ============ ===========
GEOGRAPHIC DISTRIBUTION
- --------------------------------------------------------------
NUMBER AGGREGATE
OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
STATE LOANS OUTSTANDING POOL
- -------------------- -------- ------------ ----------
Alabama............. 93 $ 1,925,971 1.44%
Alaska.............. 13 261,189 0.20%
Arizona............. 171 3,600,172 2.69%
California.......... 1,366 38,670,705 28.92%
Colorado............ 256 5,866,070 4.39%
Connecticut......... 43 1,032,442 0.77%
Delaware............ 2 59,050 0.04%
District of Columbia 2 19,179 0.01%
Florida............. 363 6,273,096 4.69%
Georgia............. 144 2,598,850 1.94%
Hawaii.............. 19 785,630 0.59%
Idaho............... 97 2,008,262 1.50%
Illinois............ 249 3,911,588 2.93%
Indiana............. 85 1,548,085 1.16%
Iowa................ 22 376,349 0.28%
Kansas.............. 49 1,366,119 1.02%
Kentucky............ 37 725,892 0.54%
Louisiana........... 77 1,660,926 1.24%
Maine............... 14 237,503 0.18%
Maryland............ 112 1,938,156 1.45%
Massachusetts....... 161 3,394,808 2.54%
Michigan............ 255 4,952,101 3.70%
Mississippi......... 20 500,386 0.37%
Missouri............ 90 1,612,961 1.21%
Montana............. 26 524,552 0.39%
Nebraska............ 36 475,793 0.36%
Nevada 110 2,221,797 1.66%
New Hampshire....... 30 535,873 0.40%
New Jersey.......... 185 3,494,104 2.61%
New Mexico.......... 63 1,773,927 1.33%
New York............ 161 5,404,427 4.04%
North Carolina...... 95 1,757,177 1.31%
North Dakota........ 2 27,225 0.02%
Ohio 232 4,039,150 3.02%
Oklahoma............ 31 488,497 0.37%
Oregon 197 5,130,430 3.84%
Pennsylvania........ 206 3,273,163 2.45%
Rhode Island........ 24 332,941 0.25%
South Carolina...... 35 667,919 0.50%
South Dakota........ 7 192,795 0.14%
Tennessee........... 108 1,644,875 1.23%
Texas 15 249,616 0.19%
Utah 151 4,006,545 3.00%
Vermont............. 10 234,321 0.18%
Virginia............ 107 2,359,026 1.76%
Washington.......... 325 8,013,673 5.99%
Wisconsin........... 55 981,444 0.73%
Wyoming............. 23 538,526 0.40%
-------- ------------ ----------
Total.......... 5,974 $133,693,284 100.00%
======== ============ ==========
______________
(1) Geographic location is determined by the address of the
Mortgaged property securing the related Mortgage Loan.
COMBINED LOAN-TO-VALUE RATIOS(1)
- ----------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT
RANGE OF COMBINED MORTGAGE BALANCE OF
LOAN-TO-LOAN RATIOS LOANS OUTSTANDING POOL
- ---------------------- ---------- ------------ ----------
1.00% to 10.00%..... 6 $ 88,170 0.07%
10.01% to 20.00%..... 18 425,819 0.32%
20.01% to 30.00%..... 52 1,447,803 1.08%
30.01% to 40.00%..... 59 1,302,010 0.97%
40.01% to 50.00%..... 118 2,639,401 1.97%
50.01% to 60.00%..... 199 4,519,970 3.38%
60.01% to 70.00%..... 733 17,070,945 12.77%
70.01% to 80.00%..... 1,285 30,225,304 22.61%
80.01% to 90.00%..... 2,710 57,415,762 42.95%
90.01% to 100.00%..... 794 18,558,100 13.88%
---------- ----------- ----------
Total.................. 5,974 $133,693,284 100.00%
========== ============ ==========
______________
(1) The ratio (expressed as a percentage) of (A) the sum of (i)
the Credit Limit of the Mortgage Loans and (ii) any
outstanding principal balances of mortgage loans senior or
of equal priority to the Mortgage Loans (calculated
generally at the date of origination of the Mortgage Loans)
to (B) the lesser of (i) the appraised value of the related
Mortgage Property as set forth in loan files at such date
of origination or (ii) in the case of a Mortgaged Property
purchased within one year of the origination of the related
Mortgage Loan, the purchase price of such Mortgage
Property.
PROPERTY TYPE
- ------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
PROPERTY TYPE LOANS OUTSTANDING POOL
- ----------------------- --------- ------------ -----------
Condo Low Rise......... 161 $ 2,750,682 2.06%
Two-to-Four Family..... 32 783,816 0.59%
PUD.................... 499 10,473,290 7.83%
Single Family Residence 5,282 119,685,496 89.52%
--------- ------------ -----------
Total............. 5,974 $133,693,284 100.00%
========= ============ ===========
LIEN PRIORITY
- -------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
RANGE OF MARGINS LOANS OUTSTANDING POOL
- ----------------------- --------- ------------ -----------
First Lien.......... 108 $ 5,042,891 3.77%
Second Lien......... 5,866 128,650,393 96.23%
--------- ------------ -----------
Total.......... 5,974 $133,693,284 100.00%
========= ============ ===========
LOAN RATES(1)
- -------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
RANGE OF LOAN RATES LOANS OUTSTANDING POOL
- --------------------- --------- ------------ --------------
5.751% to 6.000%... 1 $ 6,810 0.01%
6.251% to 6.500%... 2 124,191 0.09%
8.001% to 8.250%... 50 1,141,841 0.85%
8.251% to 8.500%... 87 1,778,063 1.33%
8.501% to 8.750%... 1,015 23,823,188 17.82%
8.751% to 9.000%... 31 573,328 0.43%
9.001% to 9.250%... 178 5,084,591 3.80%
9.251% to 9.500%... 222 6,017,162 4.50%
9.501% to 9.750%... 460 9,672,065 7.23%
9.751% to 10.000%... 129 2,922,770 2.19%
10.001% to 10.250%... 229 4,263,181 3.19%
10.251% to 10.500%... 1,134 22,038,418 16.48%
10.501% to 10.750%... 103 2,549,298 1.91%
10.751% to 11.000%... 341 9,020,775 6.75%
11.001% to 11.250%... 687 14,756,354 11.04%
11.251% to 11.500%... 101 1,995,487 1.49%
11.501% to 11.750%... 265 7,024,545 5.25%
11.751% to 12.000%... 391 8,974,571 6.71%
12.001% and up....... 548 11,926,648 8.92%
--------- ------------ -------------
Total 5,974 $133,693,284 100%
========= ============ =============
MARGIN
- ------------------------------------------------------------------
AGGREGATE
NUMBER OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
RANGE OF MARGINS LOANS OUTSTANDING POOL
- -------------------- --------- ------------ ----------
0.000%.............. 29 $ 1,061,273 0.79%
0.001%-0.250%....... 111 1,975,518 1.48%
0.251%-0.500%....... 1,015 23,787,485 17.79%
0.501%-0.750%....... 29 552,120 0.41%
0.751%-1.000%....... 181 5,135,439 3.84%
1.001%-1.250%....... 223 6,038,044 4.52%
1.251%-1.500%....... 458 9,617,096 7.19%
1.501%-1.750%....... 128 2,900,594 2.17%
1.751%-2.000%....... 228 4,246,815 3.18%
2.001%-2.250%....... 1,138 22,134,415 16.56%
2.251%-2.500%....... 100 2,537,876 1.90%
2.501%-2.750%....... 341 9,050,496 6.77%
2.751%-3.000%....... 688 14,729,343 11.02%
3.001%-3.250%....... 99 1,973,611 1.48%
3.251%-3.500%....... 268 7,089,172 5.30%
3.501%-3.750%....... 381 8,740,907 6.54%
3.751%-4.000%....... 64 1,300,944 0.97%
4.001%-4.250%....... 136 3,433,861 2.57%
4.251%-4.500%....... 278 6,121,777 4.58%
4.501%-4.750%....... 29 392,557 0.29%
4.751%-5.000%....... 25 477,401 0.36%
5.001% and up....... 25 396,540 0.30%
--------- ------------ ----------
Total........... 5,974 $133,693,284 100.00%
========= ============ ==========
CREDIT LIMIT UTILIZATION RATES
- ------------------------------------------------------------------
NUMBER AGGREGATE
OF PRINCIPAL PERCENT
RANGE OF CREDIT LIMIT MORTGAGE BALANCE OF
UTILIZATION RATES LOANS OUTSTANDING POOL
- ------------------------ --------- ------------ ----------
0.00%................... 779 $ (86) 0.00%
0.01% to 10.00%......... 113 260,561 0.19
10.01% to 20.00%........ 130 744,470 0.56
20.01% to 30.00%........ 139 1,300,571 0.97
30.01% to 40.00%........ 184 2,566,798 1.92
40.01% to 50.00%........ 222 3,259,681 2.44
50.01% to 60.00%........ 217 3,893,667 2.91
60.01% to 70.00%........ 301 6,693,611 5.01
70.01% to 80.00%........ 341 8,117,874 6.07
80.01% to 90.00%........ 545 13,983,535 10.46
90.01% to 100.00%....... 3,003 92,872,602 69.47%
--------- ------------ ----------
Total................ 5,974 $133,693,284 100.00%
========= ============ ==========
CREDIT LIMITS
- ------------------------------------------------------------------
NUMBER AGGREGATE
OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
RANGE OF CREDIT LIMITS LOANS OUTSTANDING POOL
- ------------------------ --------- ------------ ----------
$0.00 to $10,000........ 116 $ 567,501 0.42%
10,001 to 20,000........ 2,089 24,378,401 18.23%
20,001 to 30,000........ 1,543 28,514,326 21.33%
30,001 to 40,000........ 870 22,633,676 16.93%
40,001 to 50,000........ 602 18,941,910 14.17%
50,001 to 60,000........ 230 8,446,005 6.32%
60,001 to 70,000........ 134 5,349,654 4.00%
70,001 to 80,000........ 101 4,351,305 3.25%
80,001 to 90,000........ 67 3,667,538 2.74%
90,001 to 100,000....... 120 6,566,594 4.91%
100,001 to 110,000...... 12 786,567 0.59%
110,001 to 120,000...... 10 355,192 0.27%
120,001 to 130,000...... 7 395,907 0.30%
130,001 to 140,000...... 11 870,302 0.65%
140,001 to 150,000...... 18 1,600,533 1.20%
150,001 to 160,000...... 3 290,849 0.22%
160,001 to 170,000...... 7 795,531 0.60%
170,001 to 180,000...... 6 880,990 0.66%
180,001 to 190,000...... 2 241,987 0.18%
190,001 to 200,000...... 12 1,086,319 0.81%
210,001 to 220,000...... 1 218,287 0.16%
220,001 to 230,000...... 1 218,461 0.16%
230,001 to 240,000...... 1 0 0.00%
240,001 to 250,000...... 2 64,415 0.05%
260,001 to 270,000...... 1 180,675 0.14%
280,001 to 290,000...... 1 170,000 0.13%
340,001 to 350,000...... 1 343,114 0.26%
350,000+................ 6 1,777,246 1.33%
--------- ------------ ----------
5,974 $133,693,284 100.00%
========= ============ ==========
MAXIMUM RATES
- ------------------------------------------------------------------
NUMBER AGGREGATE
OF PRINCIPAL PERCENT
MORTGAGE BALANCEL OF
MAXIMUM RATES LOANS OUTSTANDING POOL
- ------------------------ --------- ------------- ----------
12.25%........ 1 $ 19,153 0.01%
12.5%......... 108 1,644,875 1.23
15%........... 22 471,412 0.35
16%........... 96 1,788,416 1.34
17%........... 631 12,314,664 9.21
18%........... 5,116 117,454,765 87.85%
--------- ------------- ----------
Total....... 5,974 $133,693,284 100.00%
========= ============= ==========
MONTHS REMAINING TO SCHEDULED MATURITY(1)
- ------------------------------------------------------------------
NUMBER AGGREGATE
OF PRINCIPAL PERCENT
RANGE OF MONTHS REMAINING MORTGAGE BALANCE OF
TO SCHEDULED MATURITY LOANS OUTSTANDING POOL
- ------------------------ --------- ------------ ----------
135-144................. 672 $ 15,198,148 11.37%
155-164................. 32 1,024,783 0.77%
165-174................. 10 284,379 0.21%
215-224................. 1 44,339 0.03%
265-274................. 1 16,194 0.01%
275-284................. 4,160 93,089,943 69.63%
285-294................. 1,098 24,035,499 17.98%
--------- ------------ ----------
Total............ 5,974 $133,693,284 100.00%
========= ============ ==========
______________
(1) Assumes that the Draw Period for Mortgage Loans with five
year Draw Periods will be extended for an additional five
years.
ORIGINATION YEAR
- ------------------------------------------------------------------
NUMBER AGGREGATE
OF PRINCIPAL PERCENT
MORTGAGE BALANCE OF
ORIGINATION YEAR LOANS OUTSTANDING POOL
- ------------------------ --------- ------------ ----------
1996......... 7 $ 85,054 0.06%
1997......... 5,967 133,608,230 99.94%
--------- ------------ ----------
Total...... 5,974 $133,693,284 100.00%
========= ============ ==========
<PAGE>
EXHIBIT 2
<TABLE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
<CAPTION>
CERTIFICATES INFORMATION ORIGINAL BALANCE
- ------------------------ ----------------
<S> <C>
Investors $178,760,000.00
Transferor $3,648,163.27
OTHER INFORMATION
- -----------------
Original Pool Balance @ Cut-Off Date $182,408,163.27
Servicing Fee 0.500%
Original Settlement Date 8/28/97
First Payment Date 10/15/97
Long Interest Period Days 48
Managed Amortization Period (Months) 60
Initial Insured Amount $178,760,000.00
Initial Invested Amount $178,760,000.00
Fixed Allocation Percentage 98.00%
Investor Certificate Principal Balance 0.00%
Minimum Transferor Interest Percentage 5.00%
Credit Enhancement Fee 0.150%
Rapid Amortization Event Trigger (% of Original Pool Balance) 1.000%
Tail Adjustment $0.00
</TABLE>
<PAGE>
<TABLE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
<CAPTION>
INPUT SECTION (PAGE 1 OF 1)
- ---------------------------
<S> <C> <C>
MONTH: 14 15
DISTRIBUTION DATE: 11/16/98 12/15/98
DETERMINATION DATE: 11/11/98 12/10/98
MORTGAGE LOANS PAYMENT SUMMARY
- ------------------------------
COLLECTION PERIOD:
MTGE LOANS INTEREST RECEIVED $1,251,476.32 $1,183,996.86
MTGE LOANS PRINCIPAL RECEIVED $6,791,089.66 $8,142,290.24
MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS REMOVED FROM THE TRUST BY THE SERVICER (Section 2.06) $0.00 $0.00
MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)(Sections 2.02(a)) $0.00 $0.00
MTGE LOANS DRAWS (ADDITIONAL BALANCES) $1,814,419.41 $1,761,824.35
MTGE LOANS LIQUIDATION LOSS AMOUNT (NET LOSSES) $0.00 $0.00
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE (NET OF SERVICER REMOVALS) $133,693,284.06 $127,312,818.17
AVERAGE MTGE LOANS RATE 10.426% 10.162%
AVERAGE MTGE LOANS DAILY BALANCE $134,297,403.57 $132,854,618.30
DELINQUENCY & REO SUMMARY
- -------------------------
DEL STAT 1 - NO. OF ACCTS 18 7
DEL STAT 1 - CURRENT BALANCE $424,594.22 $133,197.41
DEL STAT 2 - NO. OF ACCTS 6 8
DEL STAT 2 - CURRENT BALANCE $109,217.17 $234,930.41
DEL STAT 1+ - NO. OF ACCTS 30 20
DEL STAT 1+ - CURRENT BALANCE $705,791.80 $499,025.99
DEL STAT 3+ - NO. OF ACCTS 6 5
DEL STAT 3+ - CURRENT BALANCE $171,980.41 $130,898.17
DEL STAT 9+ - NO. OF ACCTS 2 2
DEL STAT 9+ - CURRENT BALANCE $48,500.00 $48,500.00
REO - NO. OF ACCTS 0 0
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE) $0.00 $0.00
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
LOAN MODIFICATION SUMMARY
- -------------------------
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV<80%) $227,413.04 $200,031.54
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV>80%) $487,496.92 $762,560.41
MTGE LOANS W/ CREDIT LIMIT MODIFICATION $0.00 $0.00
MTGE LOANS W/ GROSS MARGIN MODIFICATION $0.00 $0.00
OTHER INFORMATION
- -----------------
LIBOR RATE FOR CURRENT INTEREST PERIOD 5.40859% 5.27781%
AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL $0 $0
CAPMAC'S SURETY BOND IN FORCE ? (YES=1; NO=0) 1 1
DETAILED INFORMATiON (PAGE 1 OF 5)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
LIBOR Rate (Adjusted two business days 5.40859% 5.27781%
prior to previous Distribution Date)
Average Mtge Loans Net Loan Rate (Effective 9.78318% 9.52279%
Rate;Multiply by 360/365)
Maximum Rate 9.78318% 9.52279%
Investor Certificate Rate (LIBOR + 18 bps) 5.58859% 5.45781%
Investor Certificate Rate Capped at Maximum 0 0
Rate? (Y=1; N=0)
Interest Period (Days) 32 29
Beginning Pool Balance 138,669,954.31 133,693,284.06
Beginning Investor Certificate Principal 133,620,696.89 128,644,026.64
Balance
Beginning Transferor Principal Balance 5,049,257.42 5,049,257.42
Beginning Invested Amount 133,620,696.89 128,644,026.64
Investor Floating Allocation Percentage 96.3588% 96.2233%
Liquidation Loss Amount 0.00 0.00
Servicing Fee 57,779.15 55,705.54
Mtge Loans Interest (Net of Cut-Off 1,251,476.32 1,183,996.86
Date Overdue Interest)
Mtge Loans Principal 6,791,089.66 8,142,290.24
Mtge Loans Net Liquidation Proceeds 0.00 0.00
Mtge Loans Insurance Proceeds 0.00 0.00
Mtge Loans Optional Servicer Advances 0.00 0.00
Mtge Loans Purchase Price (Section 0.00 0.00
2.02(a))
Mtge Loans (90+ Day Delinquent) 0.00 0.00
Purchase Price
Mtge Loans Transfer Deposit Amount 0.00 0.00
(Section 2.02(a))
Available Funds 8,042,565.98 9,326,287.10
Mtge Loans Interest 1,251,476.32 1,183,996.86
Mtge Loans Net Liquidations Proceeds 0.00 0.00
(Alloc. To Int.)
Mtge Loans Insurance Proceeds (Alloc. 0.00 0.00
To Int.)
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Mtge Loans Optional Servicer Advances 0.00 0.00
(Alloc. To Int.)
Mtge Loans Purchase Price (Alloc. To 0.00 0.00
Int.) (Section 2.02(a))
Mtge Loans (90+ Day Delinquent) 0.00 0.00
Purchase Price (Alloc. To Int.)
Mtge Loans Interest Collections 1,251,476.32 1,183,996.86
Mtge Loans Principal 6,791,089.66 8,142,290.24
Mtge Loans Net Liquidaton Proceeds 0.00 0.00
(Alloc. To Princ.& Net of Forecl.
Profits)
Mtge Loans Insurance Proceeds (Alloc. 0.00 0.00
To Princ.)
Mtge Loans Purchase Price (Alloc. To 0.00 0.00
Princ.) (Section 2.02(a))
Mtge Loans (90+ Day Delinquent) 0.00 0.00
Purchase Price (Alloc. To Princ.)
Mtge Loans Transfer Deposit Amount 0.00 0.00
(Section 2.02(a))
Mtge Loans Principal Collections 6,791,089.66 8,142,290.24
Interest Collections 1,251,476.32 1,183,996.86
Principal Collections 6,791,089.66 8,142,290.24
Investor & Transferor Interest & Principal Allocation
Investor Interest Collections 1,205,907.50 1,139,280.29
Investor Principal Collections 6,655,267.87 7,979,444.43
Transferor Interest Collections 45,568.82 44,716.57
Transferor Principal Collections 135,821.79 162,845.81
(check) 0.00 0.00
Investor Loss Amout 0.00 0.00
Transferor Loss Amount 0.00 0.00
DETAILED INFORMATiON (PAGE 2 OF 5)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
Investor Interest Collections 1,205,907.50 1,139,280.29
less Investor Servicing Fee 55,675.29 53,601.68
less Unpaid Servicing Fee 0.00 0.00
less Credit Enhancement Premium 17,816.09 15,544.49
less Investor Certificate Interest 663,778.92 565,592.36
less Unpaid Investor Certificate 0.00 0.00
Interest Shortfall
less Investor Loss Amount 0.00 0.00
less Unpaid Investor Loss Amount 0.00 0.00
less Unreimbursed Draw Amounts 0.00 0.00
Excess Interest 468,637.19 504,541.77
less Accelerated Principal Distribution Amount 0.00 0.00
Remaining Excess Interest 468,637.19 504,541.77
Investor Distributions
Investor Certificate Interest 663,778.92 565,592.36
Managed Amortization Period? (Y=1; N=0) 1 1
Rapid Amortization Event? (Y=1; N=0) 0 0
Rapid Amortization Period? (Y=1; N=0) 0 0
Principal Collections less Additional Balances 4,976,670.25 6,380,465.89
Alternative Principal Payment 4,976,670.25 6,380,465.89
Maximum Principal Collections 6,655,267.87 7,979,444.43
Principal Distribution Amount 4,976,670.25 6,380,465.89
Investor Loss Amount Distributed to Investors 0.00 0.00
Excess Interest Paid as Principal 0.00 0.00
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Transferor Distributions
Transferor Interest Collections (net of Transferor Servicing Fee) 43,464.96 42,612.71
Excess Interest remaining from Collection Account 468,637.19 504,541.77
Principal Distributions (including Transferor Principal Collections) 1,814,419.41 1,761,824.35
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Excess Int. (Shortfall) a/ Premium 1,132,416.12 1,070,134.13
Excess Int. (Shortfall) a/ Interest 468,637.19 504,541.77
Excess Int. (Shortfall) a/ Losses 468,637.19 504,541.77
Required Amount 0.00 0.00
Required Amount Applied to Overcollateralization Amount 0.00 0.00
Subordinated Transferor Collections Applied to Required Amount 0.00 0.00
Required Amount Applied to Transferor Balance 0.00 0.00
Draw on Policy 0.00 0.00
Investor Certificate Distribution Amount 5,640,449.17 6,946,058.25
(Excluding Credit Enhancement Draw Amount)
Credit Enhancement Draw Amount (Excluding 0.00 0.00
writedowns of OC)
Guaranteed Principal Distribution Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
DETAILED INFORMATiON (PAGE 3 OF 5)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
Beginnining Pool Balance 138,669,954.31 133,693,284.06
Interest Distribution 1,251,476.32 1,183,996.86
Principal Distribution 6,791,089.66 8,142,290.24
Servicer Account Removals (Section 2.06) 0.00 0.00
Additional Balances 1,814,419.41 1,761,824.35
Liquidation Loss Amount 0.00 0.00
Ending Pool Balance 133,693,284.06 127,312,818.17
Beginning Investor Certificate Principal Balance 133,620,696.89 128,644,026.64
Investor Certificate Interest 663,778.92 565,592.36
Unpaid Investor Certificate Interest Shortfall distributed 0.00 0.00
Investor Certificate Principal 4,976,670.25 6,380,465.89
Ending Investor Certificate Principal Balance 128,644,026.64 122,263,560.75
Pool Factor 0.7196466 0.6839537
Beginnining Transferor Balance 5,049,257.42 5,049,257.42
Interest Distribution (including funds 514,206.01 549,258.33
released from Collection Account)
Principal Distribution (including 1,814,419.41 1,761,824.35
Unallocated Transferor Principal Collections)
Additional Balances 1,814,419.41 1,761,824.35
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Losses allocated to Transferor 0.00 0.00
Ending Transferor Balance 5,049,257.42 5,049,257.42
Minimum Transferor Interest 3,648,163.27 3,648,163.27
Transferor Principal Collections Unallocated due to 0.00 0.00
Minimum Transferor Interest (held in Coll. Acct.)
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Total Unallocated Transferor Principal 0.00 0.00
Collections held in Collection Account
Beginning Invested Amount 133,620,696.89 128,644,026.64
Principal Distribution Amount 4,976,670.25 6,380,465.89
Investor Loss Reduction Amount 0.00 0.00
Ending Invested Amount 128,644,026.64 122,263,560.75
Required OC Amount 0.00 0.00
Beginning OC Amount 0.00 0.00
Ending OC Amount 0.00 0.00
Ending OC Amount (% of Original Pool Balance) 0.00%%% 0.00%
Current Month Excess Spread 4.195% 4.065%
Rolling Three-Month Excess Spread 4.231% 4.178%
Excess Spread Trigger Step-Up Percentage 0.000% 0.000%
Delinquency Step-Up Amount 24,250.00 24,250.00
Required Subordinated Percentage 2.000% 2.000%
Initial Subordinated Amount 3,648,163.27 3,648,163.27
Trigger Date Step-Down Subordinated Amount 0.00 0.00
Preliminary Step-Down Subordinated Amount 5,546,798.17 5,347,731.36
Step-Down Subordinated Amount 5,546,798.17 5,347,731.36
Preliminary Transferor Subordinated Amount 3,672,413.27 3,672,413.27
Can the Required Transferor Subordinated Y Y
Amount be Reduced?
Required Transferor Subordinated Amount 3,672,413.27 3,672,413.27
Available Transferor Subordinated Amount 3,672,413.27 3,672,413.27
Subordinated Transferor Collections 43,464.96 42,612.71
Annualized Six-Month Rolling Losses After a 0 0
Rapid Amortization Event Trigger (Y=1; N=0)
Step-Up Cumulative Loss Trigger (Y=1; N=0) 0 0
Six-Month Rolling Loss and Rapid 0 0
Amortization Event Trigger Violated? (Y=1; N=0)
DETAILED INFORMATiON (PAGE 4 OF 5)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
Step-Down Cumulative Loss Test Violated? 0 0
(Y=1; N=0)
Step-Down Rolling Twelve-Month Delinquency 0 0
Rate Test Violated? (Y=1; N=0)
Current 60+ Day Delinquency Rate 0.21% 0.29%
Rolling Twelve-Month Delinquency Rate 0.00% 0.00%
Ending Unreimbursed Draw on Surety Bond 0.00 0.00
Beginning Insured Principal Amount $133,620,696.89 $128,644,026.64
Ending Insured Principal Amount $128,644,026.64 $122,263,560.75
Available Credit Enhancement 0.00% 0.00%
Investor Distribution Amount 5,640,449.17 6,946,058.25
Transferor Distribution Amount (incl. 2,326,521.56 2,308,978.83
Excess Cash Rel. From Collection Account)
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Investor Loss Amount Reimbursed from Excess 0.00 0.00
Interest
Investor Loss Amount Allocated to OC 0.00 0.00
Investor Loss Amount Reimbursed from 0.00 0.00
Subordinated Transferor Collections
Investor Loss Amount Reimbursed from 0.00 0.00
Transferor Balance
Investor Loss Amount Reimbursed from Policy Draw 0.00 0.00
Investor Loss Amount Unreimbursed 0.00 0.00
Unreimbursed Loss Amount Distributed 0.00 0.00
Cum. Accelerated Principal Distribution Amount 0.00 0.00
Cum. Principal Payments (Including ECPB & APDA) 50,115,973.36 56,496,439.25
Cum. Principal Payments (Excluding ECPB & APDA) 50,115,973.36 56,496,439.25
Cum. OC Amount 0.00 0.00
Cum. Liquidation Losses 45,930.47 45,930.47
Cum. Investor Loss Reduction Amount 0.00 0.00
Cum. Purchase Price of Repurchased Loans (Alloc. To Principal) 0.00 0.00
Cum. Guaranteed Principal Distribution Amount 0.00 0.00
Cum. Credit Enhancement Draw Amount Amount 0.00 0.00
Cum. Servicer Removals from Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV<80%) 1,100,080.76 1,300,112.30
Cum. Modifications to Sr. Lien Balance 0.60% 0.71%
(CLTV<80%) (% of Initial Pool)
Cum. Modifications to Sr. Lien Balance 2,578,940.66 3,341,501.07
(CLTV>80%)
Cum. Modifications to Sr. Lien Balance 1.41% 1.83%
(CLTV>80%) (% of Initial Pool)
Cum. Modifications to Credit Limit 451,012.33 451,012.33
Cum. Modifications to Credit Limit (% of 0.25% 0.25%
Initial Pool)
Cum. Modifications to Gross Margin 343,257.96 343,257.96
Cum. Modifications to Gross Margin (% of 0.19% 0.19%
Initial Pool)
DETAILED INFORMATION (PAGE 5 OF 5)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
Accrued but Unpaid a/ Distribution
Servicing Fee 0.00 0.00
Investor Certificate Interest 0.00 0.00
Credit Enhancement Premium 0.00 0.00
Unreimbursed Draw Amounts 0.00 0.00
SOURCES OF FUNDS:
- ----------------
Mtge Loans Interest 1,251,476.32 1,183,996.86
Mtge Loans Net Liq. Proceeds (Alloc. 0.00 0.00
To Int. & Incl. Rec. Charge-Offs)
Mtge Loans Insurance Proceeds (Alloc. 0.00 0.00
To Int.)
Mtge Loans Purchase Price (Alloc. To 0.00 0.00
Int.) (Section 2.02(a))
Mtge Loans (90+ Days Delinquent) 0.00 0.00
Purchase Price (Alloc. To Int.)
Mtge Loan Principal 6,791,089.66 8,142,290.24
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Mtge Loans Net Liq. Proceeds (Alloc. To Princ.) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. To Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. To Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) 0.00 0.00
Purchase Price (Alloc. To Princ.)
Mtge Loans Transfer Deposit Amount 0.00 0.00
(Section 2.02(a))
Draw on Policy 0.00 0.00
Unallocated Transferor Collections 0.00 0.00
Total 8,042,565.98 9,326,287.10
USES OF FUNDS
- -------------
Servicing Fee 57,779.15 55,705.54
Investor Interest Distribution 663,778.92 565,592.36
Accrued and Unpaid Investor Interest Distributed 0.00 0.00
Investor Principal Distribution 4,976,670.25 6,380,465.89
Transferor Distribution (not including 1,857,884.37 1,804,437.06
Cash Released to Transferor)
Unallocated Transferor Principal Collections 0.00 0.00
Accrued and Unpaid Servicing Fee Distributed 0.00 0.00
Payment of Unreimbursed Surety Bond Draw Amounts 0.00 0.00
Credit Enhancement Premium Distributed 17,816.09 15,544.49
Cash Released to Transferor (Including 468,637.19 504,541.77
OC Step-Down Release)
Total 8,042,565.98 9,326,287.10
ERROR CHECK
- -----------
Sources & Uses OK OK
Pool Balance OK OK
Transferor Balance (Will indicate "VIOLATION" if Servicer has viloated Min. Transferor Int.) OK OK
Loss Allocation OK OK
Overcollateralization OK OK
Balance Reduction OK OK
Distribution List:
- ------------------
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Brad Andres - Lehman Brothers Richard Marron - Countrywide Home Loans
Paul Marsillio - Lehman Brothers Dave Walker - Countrywide Home Loans
Mar Luciano - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
Richard Pohl - Countrywide Home Loans
SERVICER CERTIFICATE (PAGE 1 OF 3)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
A. POOL INFORMATION
Aggregate Amount of Collections 8,042,565.98 9,326,287.10
Aggregate Amount of Interest Collections 1,251,476.32 1,183,996.86
Aggregate Amount of Principal Collections 6,791,089.66 8,142,290.24
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Transfer Deposit Amount (Sections 2.02(a) & 2.06) 0.00 0.00
Beginning Pool Balance 138,669,954.31 133,693,284.06
Ending Pool Balance 133,693,284.06 127,312,818.17
Additional Balances 1,814,419.41 1,761,824.35
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV<80%) 1,100,080.76 1,300,112.30
Cum. Modifications to Sr. Lien Balance (CLTV<80%) (% of Initial Pool) 0.60% 0.71%
Cum. Modifications to Sr. Lien Balance (CLTV>80%) 2,578,940.66 3,341,501.07
Cum. Modifications to Sr. Lien Balance (CLTV>80%) (% of Initial Pool) 1.41% 1.83%
Cum. Modifications to Credit Limit 451,012.33 451,012.33
Cum. Modifications to Credit Limit (% of Initial Pool) 0.25% 0.25%
Cum. Modifications to Gross Margin 343,257.96 343,257.96
Cum. Modifications to Gross Margin (% of Initial Pool) 0.19% 0.19%
Servicing Fee 57,779.15 55,705.54
Unpaid Servicing Fee Received 0.00 0.00
Remaining Accrued and Unpaid Servicing Fee 0.00 0.00
B. INTEREST, PRINCIPAL & LOSS ALLOCATION
Investor Certificateholder Floating Allocation Percentage 96.36% 96.22%
Investor Certificateholder Fixed Allocation Percentage 98.00% 98.00%
Investor Interest Collections 1,205,907.50 1,139,280.29
Investor Principal Collections 6,655,267.87 7,979,444.43
Transferor Interest Collections 45,568.82 44,716.57
Transferor Principal Collections 135,821.79 162,845.81
Investor Loss Amount 0.00 0.00
Beginning Invested Amount 133,620,696.89 128,644,026.64
Ending Invested Amount 128,644,026.64 122,263,560.75
C. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 663,778.92 565,592.36
Investor Certificate Interest Shortfall b/ any Draw on Policy 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Received 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Remaining 0.00 0.00
Principal Distribution Amount 4,976,670.25 6,380,465.89
Managed Amortization Period? (Yes=1; No=0) 1 1
Rapid Amortization Period? (Yes=1; No=0) 0 0
Maximum Principal Collections Payment 6,655,267.87 7,979,444.43
Alternative Principal Payment 4,976,670.25 6,380,465.89
Principal Collections less Additional Balances 4,976,670.25 6,380,465.89
Investor Loss Amount Distributed to Investors 0.00 0.00
Accelerated Principal Distribution Amount 0.00 0.00
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
SERVICER CERTIFICATE (PAGE 2 OF 3)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
D. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Certificate Principal Balance 133,620,696.89 128,644,026.64
Ending Certificate Principal Balance 128,644,026.64 122,263,560.75
Pool Factor 0.7196466 0.6839537
E. DISTRIBUTIONS TO TRANSFEROR
Interest Distribution 514,206.01 549,258.33
Principal Distribution 1,814,419.41 1,761,824.35
Amount Distributed to Transferor pursuant to 468,637.19 504,541.77
Section 5.01 (a) (x) (included in Interest Distribution)
F. TRANSFEROR BALANCE
Beginning Transferor Principal Balance 5,049,257.42 5,049,257.42
Ending Transferor Principal Balance 5,049,257.42 5,049,257.42
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Minimum Transferor Balance 3,648,163.27 3,648,163.27
G. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.58859% 5.45781%
LIBOR Rate 5.40859% 5.27781%
Maximum Rate 9.78318% 9.52279%
Weighted Average Mortgage Net Loan Rate 9.78318% 9.52279%
H. CREDIT ENHANCEMENT
Credit Enhancement Fee 17,816.09 15,544.49
Beginning OC Amount 0.00 0.00
Ending OC Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Credit Enhancement Draw Amount 0.00 0.00
J. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 18 7
Trust Balances 424,594.22 133,197.41
Delinquent 60-89 days
No. of Accounts 6 8
Trust Balances 109,217.17 234,930.41
Delinquent 90+ days
No. of Accounts 6 5
Trust Balances 171,980.41 130,898.17
Delinquent 9+ months
No. of Accounts 2 2
Trust Balances 48,500.00 48,500.00
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
REO
No. of Accounts 0 0
Trust Balances 0.00 0.00
SERVICER CERTIFICATE (PAGE 3 OF 3)
- ----------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
K. EVENT OF DEFAULT TRIGGERS 0 0
Failure by Seller to make payment 0 0
within 5 Business Days of Required Date ?
Failure by Seller to perform any 0 0
covenants described in the Agreement ?
Bankruptcy or Insolvency relating to 0 0
Servicer ?
L. RAPID AMORTIZATION EVENT TRIGGERS 0 0
Failure by Seller to make payment 0 0
within 3 Business Days of Required Date ?
Breach of Representation or Warranty 0 0
by Seller or Depositor?
Bankruptcy or Insolvency relating to 0 0
Transferor ?
Subject to Investment Company Act of 0 0
1940 Regulation ?
Any Event of Default ? 0 0
Draws Under Policy are Greater than 1% 0 0
of Initial Pool Principal Balance?
IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be
duly executed this 9th day of
December, 1998
Countrywide Home Loans Formerly
Known as Countrywide Funding
Corporation
as Servicer
___________________________________
Lupe Montero
Vice-President
Distribution List:
------------------
Barbara Grosse - First National Lupe Montero - Countrywide Home Loans
Bank of Chicago
Brad Andres - Lehman Brothers Richard Marron - Countrywide Home Loans
Paul Marsillio - Lehman Brothers Dave Walker - Countrywide Home Loans
Jose Baltasar - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
Richard Pohl - Countrywide Home Loans
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
STATEMENT TO CERTIFICATEHOLDERS (PAGE 1 OF 2)
- ---------------------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO
INVESTORS
Investor Certificate Interest Distributed 3.713241 3.163976
Investor Certificate Interest Shortfall Distributed 0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1 1
Investors Certificate Principal Distributed 27.839954 35.692917
Principal Distribution Amount 27.839954 35.692917
Maximum Principal Payment 37.230185 44.637751
Alternative Principal Payment 27.839954 35.692917
Principal Collections less Additional Balances 27.839954 35.692917
Investor Loss Amount Distributed to Investors 0.000000 0.000000
Accelerated Principal Distribution Amount 0.000000 0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 31.553195 38.856893
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 133,620,696.89 128,644,026.64
Ending Investor Certificate Balance 128,644,026.64 122,263,560.75
Beginning Invested Amount 133,620,696.89 128,644,026.64
Ending Invested Amount 128,644,026.64 122,263,560.75
Investor Certificateholder Floating Allocation Percentage 96.3588% 96.2233%
Pool Factor 0.7196466 0.6839537
Liquidation Loss Amount for Liquidated Loans 0.00 0.00
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 138,669,954.31 133,693,284.06
Ending Pool Balance 133,693,284.06 127,312,818.17
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 57,779.15 55,705.54
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.588590% 5.457810%
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
LIBOR Rate 5.408590% 5.277810%
Maximum Rate 9.783178% 9.522795%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 18 7
Trust Balances 424,594.22 133,197.41
Delinquent 60-89 days
No. of Accounts 6 8
Trust Balances 109,217.17 234,930.41
Delinquent 90+ days
No. of Accounts 6 5
Trust Balances 171,980.41 130,898.17
Delinquent 9+ Months
No. of Accounts 2 2
Trust Balances 48,500 48,500
REO
No. of Accounts 0 0
Trust Balances 0.00 0.00
STATEMENT TO CERTIFICATEHOLDERS (PAGE 2 OF 2)
- ---------------------------------------------
Distribution Date: 11/16/98 12/15/98
-------- --------
IN WITNESS WHEREOF, the undersigned
has caused this Certificate to be
duly executed this 9th day of
December, 1998
Countrywide Home Loans Formerly
Known as Countrywide Funding
Corporation as
Servicer
___________________________________
Lupe Montero
Vice-President
<PAGE>
COUNTRYWIDE HOME LOANS, INC. DATE OF REPORT 12/10/98
COUNTRYWIDE HOME EQUITY LOAN TRUST - SERIES 1997-C TIME OF REPORT: 12:51 AM
P&S AGREEMENT DATE: AUGUST 22, 1997
ORIGINAL SETTLEMENT DATE: AUGUST 28, 1997 INVESTOR 8001005
CUSIP NUMBER OF CERTIFICATES: 222374AD2
ORIGINAL SALE BALANCE: 178,760,000
Distribution List:
------------------
Barbara Grosse - First National Lupe Montero - Countrywide Home Loans
Bank of Chicago
Brad Andres - Lehman Brothers Richard Marron - Countrywide Home Loans
Paul Marsillio - Lehman Brothers Dave Walker - Countrywide Home Loans
Mar Luciano - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
Richard Pohl - Countrywide Home Loans
</TABLE>
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