<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): JUNE 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
2121 SO. EL CAMINO REAL
SAN MATEO, CALIFORNIA 94403
--------------------- -----
Address of principal Zip Code
executive offices
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)
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Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated May 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: June 20, 1997 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
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Bay View Securitization Corporation
For Remittance Date: May 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 21,106
(B) Beginning Period Principal Balance .......................... 160,490,276.27 52,245,989.00 212,736,265.27 18,958
(C) Collections (Regular Payments) .............................. 4,797,149.04 0.00 4,797,149.04 N/A
(D) Collections (Principal Payoffs) ............................. 4,874,102.71 0.00 4,874,102.71 585
(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 ........................................... 147,803.55 0.00 147,803.55 20
(I) Repurchases ................................................. 25,343.10 0.00 25,343.10 24
(J) Ending Balance .............................................. 150,645,877.87 52,245,989.00 202,891,866.87 18,329
Notional Principal Balance:
(K) Beginning .................................................. 138,706,230.51
(L) Ending ..................................................... 129,997,514.89
(M) Certificate Factor ......................................... 74.95602% 100.00000% 80.1231615%
B. CASH FLOW RECONCILIATION
Total
-----
(A) Cash Wired .................................................. 12,226,104.24
(B) Interest Wired/Earned ....................................... 51,549.48
(C) Withdrawal from Payahead Account ............................ 0.00
(D) Advances .................................................... 110,021.75
(E) Repurchases ................................................. 25,343.10
(F) Gross Charge-Off Recoveries ................................. 0.00
(G) Gross Charge-Off Advances ................................... 33.75
(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 Interest......... 0.00
(K) "A" Surety Bond Draw for "A-2" Principal or Interest......... 0.00
TOTAL COLLECTIONS ....................................... 12,413,052.32
C. TRUSTEE DISTRIBUTION
Total
-----
(A) Total Cash Flow ............................................. 12,413,052.32
(B) Unrecovered Interest Advances ............................... 6.75
(C) Servicing Fee (Due and Unpaid) .............................. 177,280.22
(D) Interest to "A-1" Certificate Holders, including Overdue .... 841,236.53
(E) Interest to "A-2" Certificate Holders, including Overdue .... 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue ...... 364,103.86
(G) Principal to "A-1" Certificate Holders, including Overdue ... 9,844,398.40
(H) Principal to "A-2" Certificate Holders, including Overdue ... 0.00
(I) Reinsurance Fee ............................................. 0.00
(J) Surety Bond Fee ............................................. 32,882.63
(K) First Loss Protection..................................... 6,290.60
(L) Surety Bond Premium ..................................... 26,592.03
(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 ......................................... 23,897.50
</TABLE>
1
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Bay View Securitization Corporation
For Remittance Date: May 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Account Interest to Servicer ................................ 51,549.48
(S) Excess Yield ................................................ 790,779.39
BALANCE ................................................ 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance .......................................... 3,834,084.99 211,645,232.26
(B) Additions to Spread Amount ................................. 790,779.39 N/A
(C) Interest Earned ............................................ 12,777.32
(D) Draws ...................................................... (63,520.28) 0.00
(E) Reimbursement for Prior Draws .............................. N/A 0.00
(F) Distribution of Funds to Servicer .......................... 1,055,796.79 0.00
(G) Ending Balance ............................................. 3,518,324.63 201,783,116.93
(H) Required Balance ........................................... 2,659,203.32 201,783,116.93
(I) Distribution to "IC" Class ................................. 859,121.31
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 ...................................................... 60 524,148.50
(B) 61-90 ...................................................... 58 397,528.69
(C) 91+ ........................................................ 0 0.00
(D) Total ...................................................... 118 921,677.19
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------- ------- -------
(A) Current .................................................... 790,779.39 202,891,866.87 0.3898%
(B) 1st Previous ............................................... 981,167.62 212,736,265.27 0.4612%
(C) 2nd Previous ............................................... 1,865,411.16 222,263,055.54 0.8393%
(D) 3rd Previous ............................................... 908,876.61 232,197,769.47 0.3914%
(E) 4th Previous ............................................... 67,520.70 241,523,355.39 0.0280%
(F) 5th Previous ............................................... 0.00 0.00 0.0000%
(G) Six-Month Rolling Excess Yield ............................. 0.00 0.00 0.0000%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -
(A) Current .................................................... 921,677.19 202,891,866.87 0.4543%
(B) 1st Previous ............................................... 892,119.21 212,736,265.27 0.4194%
(C) 2nd Previous ............................................... 813,838.34 222,263,055.54 0.3662%
(D) Three-Month Rolling Average ................................ 875,878.25 212,630,395.89 0.4119%
</TABLE>
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
<S> <C> <C> <C> <C>
(A) Current .................................................... 147,803.55 0.00 207,814,066.07 0.0711%
(B) 1st Previous ............................................... 84,111.63 0.00 217,499,660.41 0.0387%
(C) 2nd Previous ............................................... 45,171.47 0.00 227,230,412.51 0.0199%
(D) Three-Month Rolling Average Net Default Rate ............... 92,362.22 0.00 217,514,712.99 0.0425%
</TABLE>
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: May 31, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables ................... 20 147,803.55
(B) Gross Charge-Offs Cumulative Receivables ................... 37 288,471.41
(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 ............................ 21 249,630.44
(B) Aggregate Repossessions .................................... 153 1,884,435.99
(C) Unliquidated Repossessions ................................. 110 917,084.58
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs ............................................ 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed ....................... 81 253,225.78
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance .......................................... 824,509.45
(B) Deposit .................................................... 23,897.50
(C) Withdrawal ................................................. 0.00
(D) Ending Balance ............................................. 848,406.95
</TABLE>
Approved By: /s/ Michael A. Benavides
-------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
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