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Previous: LEXINGTON HEALTHCARE GROUP INC, 8-K/A, 1997-09-24 |
Next: JWH GLOBAL TRUST, S-1/A, 1997-09-24 |
<PAGE>
================================================================================
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): SEPTEMBER 10, 1997
BAY VIEW SECURITIZATION CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 333-16233 93-1225376
- ------------------------------ --------------------- -------------------
State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation or organization Identification No.)
C/O BAY VIEW BANK
1840 GATEWAY DRIVE
SAN MATEO, CALIFORNIA 94404
- -------------------------------------- ------------------------------
Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (650) 573-7300
2121 SO. EL CAMINO REAL, SAN MATEO, CALIFORNIA 94403, (650) 573-7300
- --------------------------------------------------------------------------------
(Former name, former address, and former fiscal year,
if changed since last report)
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated August 31, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on behalf of Bay View
Securitization Corporation by the undersigned thereunto duly authorized.
BAY VIEW 1997 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: September 24, 1997 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1997
<TABLE>
<CAPTION>
A. PRINCIPAL BALANCE RECONCILIATION
Number of
A-1 A-2 Total Accounts
--- --- ----- --------
<S> <C> <C> <C> <C>
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21106
(B) Beginning Period Principal Balance 132,575,574.51 52,245,989.00 184,821,563.51 17050
(C) Collections (Regular Payments) 4,023,008.39 0.00 4,023,008.39 N/A
(D) Collections (Principal Payoffs) 4,038,378.38 0.00 4,038,378.38 534
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 0.00 0.00 0.00 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 166,180.81 0.00 166,180.81 23
(I) Repurchases 35,189.98 0.00 35,189.98 24
(J) Ending Balance 124,312,816.95 52,245,989.00 176,558,805.95 16469
Notional Principal Balance:
(K) Beginning 113,166,641.44
(L) Ending 105,051,220.71
(M) Certificate Factor 61.8536349% 100.0000000% 69.7240848%
B. CASH FLOW RECONCILIATION
Total
-----
(A) Cash Wired 10,134,049.92
(B) Interest Wired/Earned 45,404.23
(C) Withdrawal from Payahead Account 0.00
(D) Advances 145,060.23
(E) Repurchases 35,189.98
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 3,931.29
(H) Spread Account Withdrawal 0.00
(I) "A" Surety Bond Draw for "I" Interest 0.00
(J) "A" Surety Bond Draw for "A-1" Principal or 0.00
Interest
(K) "A" Surety Bond Draw for "A-2" Principal or 0.00
Interest
TOTAL COLLECTIONS 10,363,635.65
C. TRUSTEE DISTRIBUTION
Total
-----
(A) Total Cash Flow 10,363,635.65
(B) Unrecovered Interest Advances 3,824.91
(C) Servicing Fee (Due and Unpaid) 154,017.97
(D) Interest to "A-1" Certificate Holders, including Overdue 694,916.97
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 297,062.43
(G) Principal to "A-1" Certificate Holders, including Overdue 8,262,757.56
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 28,990.47
(K) First Loss Protection 5,887.77
(L) Surety Bond Premium 23,102.70
(M) Interest Advance Recovery Payments 0.00
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" 0.00
Interest
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" 0.00
Interest
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" 0.00
Interest
(Q) Deposit to Payahead 1,569.11
</TABLE>
1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1997
<TABLE>
<S> <C>
(R) Bank Account Interest to Servicer 45,404.23
(S) Excess Yield 588,174.44
BALANCE 0.00
</TABLE>
<TABLE>
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -----------
<S> <C> <C> <C> <C>
(A) Beginning Balance 3,088,294.93 183,793,876.89
(B) Additions to Spread Amount 588,174.44 N/A
(C) Interest Earned 11,721.60
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 667,499.03 0.00
(G) Ending Balance 3,020,691.94 175,570,924.98
(H) Required Balance 2,310,269.54 175,570,924.98
(I) Distribution to "IC" Class 710,422.40
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 65 491,900.11
(B) 61-90 62 582,966.95
(C) 91+ 0 0.00
(D) Total 127 1,074,867.06
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------- ------- -------
(A) Current 588,174.45 176,558,805.95 0.3331%
(B) 1st Previous 540,235.70 184,821,563.51 0.2923%
(C) 2nd Previous 581,695.55 193,663,672.23 0.3004%
(D) 3rd Previous 790,779.39 202,891,866.87 0.3898%
(E) 4th Previous 981,167.62 212,736,265.27 0.4612%
(F) 5th Previous 1,865,411.16 222,263,055.54 0.8393%
(G) Six-Month Rolling Excess Yield 891,243.98 198,822,538.23 0.4483%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -
(A) Current 1,074,867.06 176,558,805.95 0.6088%
(B) 1st Previous 1,036,251.41 184,821,563.51 0.5607%
(C) 2nd Previous 879,275.68 193,663,672.23 0.4540%
(D) Three-Month Rolling Average 996,798.05 185,014,680.56 0.5388%
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
(A) Current 166,180.81 0.00 180,690,184.73 1.1036%
(B) 1st Previous 186,051.40 0.00 189,242,617.87 1.1798%
(C) 2nd Previous 252,352.37 0.00 198,277,769.55 1.5273%
(D) Three-Month Rolling Average Net Default Rate 201,528.19 0.00 189,403,524.05 1.2768%
</TABLE>
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 23 166,180.81
(B) Gross Charge-Offs Cumulative Receivables 122 893,055.99
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 32 396,665.72
(B) Aggregate Repossessions 250 3,007,877.65
(C) Unliquidated Repossessions 147 1,277,289.07
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/ Reversed 59 163,625.66
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 835,523.94
(B) Deposit 1,569.11
(C) Withdrawal 0.00
(D) Ending Balance 837,093.05
</TABLE>
Approved By: /s/ Michael A. Benavides
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
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