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Previous: BAY VIEW SECURITIZATION CORP, 8-K, 1997-03-25 |
Next: DEAN FAMILY OF FUNDS, N-1A EL/A, 1997-03-25 |
<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest event reported): JANUARY 31, 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.
incorporation or organization Employer
Identification No.)
C/O BAY VIEW BANK
2121 SO. EL CAMINO REAL
SAN MATEO, CALIFORNIA 94403
- -------------------------------------------------- ----------------
Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (415) 573-7300
Not Applicable
- --------------------------------------------------------------------------------
(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 January 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.
BY: BAY VIEW 1997 RA-1 AUTO TRUST
BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: March 25, 1997 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Executive Vice President and
Chief Financial Officer
Page 2
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 99.1
Bay View Securitization Corporation
For Remittance Date: January 31, 1997
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 21,106
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(B) Beginning Balance 200,979,000.00 52,245,989.00 253,224,989.00 21,106
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(C) Collections (Regular Payments) 5,932,048.59 - 5,932,048.59 0
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(D) Collections (Payoffs) 5,769,585.02 - 5,769,585.02 485
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(E) Withdrawal from Payahead (Principal) - - - 0
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(F) Gross Charge Offs - - - 0
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(G) Repurchases - 10,043.34 10,043.34 1
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(H) Ending Balance 189,277,366.39 52,235,945.66 241,513,312.05 20,620
------------------- ------------------- --------------------- --------------
Notional Principal Balance
---------------------
(I) Beginning 175,746,647.00
---------------------
---------------------
(J) Ending 165,280,085.00
---------------------
------------------- ------------------- ---------------------
(K) Certificate Factor 94.1776834% 99.9807768% 95.3749916%
------------------- ------------------- ---------------------
B. CASH FLOW RECONCILIATION
Total
---------------------
(A) Cash Wired 12,455,388.19
---------------------
---------------------
(B) Interest Wired 5,793.43
---------------------
---------------------
(C) Withdrawal from Payahead Account -
---------------------
---------------------
(D) Advances 63,562.49
---------------------
---------------------
(E) Repurchases 10,043.34
---------------------
---------------------
(F) Gross Charge Off Recoveries -
---------------------
---------------------
(G) Gross Charge Off Advances -
---------------------
---------------------
(H) Spread Account Withdrawal -
---------------------
---------------------
(I) "A" Surety Bond Draw for "I" Interest -
---------------------
---------------------
(J) "A" Surety Bond Draw for "A-1" Principal or -
Interest
---------------------
---------------------
(K) "A" Surety Bond Draw for "A-2" Principal or -
Interest
---------------------
---------------------
TOTAL COLLECTIONS 12,534,787.45
---------------------
C. TRUSTEE DISTRIBUTION
Total
---------------------
(A) Total Cash Flow 12,534,787.45
---------------------
---------------------
(B) Unrecovered Interest Advances
---------------------
---------------------
(C) Servicing Fee 14,068.05
---------------------
---------------------
(D) Interest to "A-1" Certificate Holders, including Overdue 70,231.00
---------------------
---------------------
(E) Interest to "A-2" Certificate Holders, including Overdue 19,127.84
---------------------
---------------------
(F) Interest to "I" Certificate Holders, 30,755.66
including Overdue
---------------------
---------------------
(G) Principal to "A-1" Certificate Holders, including Overdue 11,701,633.61
---------------------
(H) Principal to "A-2" Certificate Holders, including Overdue -
---------------------
---------------------
(I) Reinsurance Fee -
---------------------
---------------------
(J) Surety Bond Fee 3,167.42
---------------------
-------------------
(K) First Loss Protection 2,110.00
-------------------
-------------------
(L) Surety Bond Premium 1,057.42
-------------------
---------------------
(M) Interest Advance Recovery Payments -
---------------------
---------------------
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" -
Interest
---------------------
---------------------
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" -
Interest
---------------------
---------------------
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" -
Interest
---------------------
---------------------
(Q) Deposit to Payahead 622,489.74
---------------------
---------------------
(R) Bank Account Interest to Servicer 5,793.43
---------------------
---------------------
(S) Excess Yield 67,520.70
---------------------
---------------------
BALANCE 0.00
---------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: January 31, 1997
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
<S> <C> <C>
Spread Account Surety Bond
------------------- ---------------------
(A) Beginning Balance - -
------------------- ---------------------
------------------- ---------------------
(B) Additions to Spread Account 67,520.70 -
------------------- ---------------------
------------------- ---------------------
(C) Interest Earned - -
------------------- ---------------------
------------------- ---------------------
(D) Draws - -
------------------- ---------------------
------------------- ---------------------
(E) Reimbursement for Prior Draws - -
------------------- ---------------------
------------------- ---------------------
(F) Distribution of Funds to Servicer - -
------------------- ---------------------
------------------- ---------------------
(G) Ending Balance 67,520.70 -
------------------- ---------------------
------------------- ---------------------
(H) Required Balance 3,162,312.36 -
------------------- ---------------------
-------------------
(I) Distribution to "IC" Class -
-------------------
</TABLE>
<TABLE>
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
<S> <C> <C>
------------------- -------------------
(A) 31-60 1 16,879.73
------------------- -------------------
------------------- -------------------
(B) 61-90 0 0.00
------------------- -------------------
------------------- -------------------
(C) 91+ 0 0.00
------------------- -------------------
------------------- -------------------
(D) Total 1 16,879.73
------------------- -------------------
</TABLE>
<TABLE>
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------- ------- -------
<S> <C> <C> <C>
------------------- ------------------- ---------------------
(A) Current 67,520.70 241,513,312.10 0.0280%
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(B) 1st Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(C) 2nd Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(D) 3rd Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(E) 4th Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(F) 5th Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(G) Six Month Rolling Excess Yield 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
G. DELINQUENCY RATE (30+)
Month Month Balance Pool Balance %
----- ------------- ------------ -
------------------- ------------------- ---------------------
(A) Current 16,880 241,513,312 0.0070%
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(B) 1st Previous 0 0 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(C) 2nd Previous 0 0 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(D) Three-Month Rolling Average 0 0 #DIV/01
------------------- ------------------- ---------------------
</TABLE>
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
<S> <C> <C> <C> <C>
------------------- ------------------- --------------------- --------------
(A) Current 0.00 0.00 120,756,656.05 0.0000%
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(B) 1st Previous 0.00 0.00 0.00 #DIV/01
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(C) 2nd Previous 0.00 0.00 0.00 #DIV/01
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(D) Three-Month Rolling Average Net Default Rate 0.00 0.00 0.00 0.0000%
------------------- ------------------- --------------------- --------------
</TABLE>
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------------------- -------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 0 0.00
------------------- -------------------
------------------- -------------------
(B) Gross Charge Offs Cumulative Receivables 0 0.00
------------------- -------------------
------------------- -------------------
(C) Collection Period Recoveries on Charge-Offs 0 0.00
------------------- -------------------
------------------- -------------------
(D) Recoveries on Charge-Offs To-Date 0 0.00
------------------- -------------------
</TABLE>
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: January 31, 1997
<TABLE>
<CAPTION>
J. REPOSSESSIONS
------------------- -------------------
<S> <C> <C>
(A) Collection Period Repossessions 21 317,289.03
------------------- -------------------
------------------- -------------------
(B) Aggregate Repossessions 21 317,289.03
------------------- -------------------
------------------- -------------------
(C) Unliquidated Repossessions 21 317,289.03
------------------- -------------------
K. FORCED PLACE INSURANCE
------------------- -------------------
(A) FPI Charge-Offs 0 0.00
------------------- -------------------
------------------- -------------------
(B) FPI Canceled/Waived/Removed/ Reversed 87 263,667.22
------------------- -------------------
L. PAYAHEAD RECONCILIATION
-------------------
(A) Beginning Balance 0.00
-------------------
-------------------
(B) Deposit 622,489.74
-------------------
-------------------
(C) Withdrawal 0.00
-------------------
-------------------
(D) Ending Balance 622,489.74
-------------------
</TABLE>
Approved By: /s/ Kimberly A. Osborne
-----------------------
Kimberly A. Osborne
Vice President, Controller
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