|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: CASCO INTERNATIONAL INC, 8-K, 1997-08-21 |
Next: HEADLANDS MORTGAGE SECURITIES INC, 424B5, 1997-08-21 |
<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): August 11, 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 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 July 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: August 21, 1997 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 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 141,417,683.23 52,245,989.00 193,663,672.23 17,669
(C) Collections (Regular Payments) 4,422,480.82 0.00 4,422,480.82 N/A
(D) Collections (Principal Payoffs) 4,203,791.51 0.00 4,203,791.51 571
(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 186,051.40 0.00 186,051.40 28
(I) Repurchases 29,784.99 0.00 29,784.99 20
(J) Ending Balance 132,575,574.51 52,245,989.00 184,821,563.51 17,050
Notional Principal Balance:
(K) Beginning 121,483,203.97
(L) Ending 113,166,641.44
(M) Certificate Factor 65.9648891% 100.0000000% 72.9870951%
B. CASH FLOW RECONCILIATION
Total
---------------------
(A) Cash Wired 10,940,959.85
(B) Interest Wired/Earned 44,569.17
(C) Withdrawal from Payahead Account 0.00
(D) Advances 0.00
(E) Repurchases 29,784.99
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 7,386.58
(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 11,022,700.59
C. TRUSTEE DISTRIBUTION
Total
---------------------
(A) Total Cash Flow 11,022,700.59
(B) Unrecovered Interest Advances 4,769.41
(C) Servicing Fee (Due and Unpaid) 161,386.39
(D) Interest to "A-1" Certificate Holders, including Overdue 741,264.36
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 318,893.41
(G) Principal to "A-1" Certificate Holders, including Overdue 8,842,108.72
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 30,338.36
(K) First Loss Protection 6,130.40
(L) Surety Bond Premium 24,207.96
(M) Interest Advance Recovery Payments 44,783.04
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1"
Interest 0.00
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2"
Interest 0.00
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I"
Interest 0.00
(Q) Deposit to Payahead 7,434.48
</TABLE>
Page 3
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Account Interest to Servicer 44,569.17
(S) Excess Yield 540,235.71
BALANCE 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
------------------- ---------------------
(A) Beginning Balance 3,252,570.94 191,752,538.16
(B) Additions to Spread Amount 540,235.71 N/A
(C) Interest Earned 11,910.89
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Prior month distribution to "IC" Class 716,422.60 0.00
(G) Ending Balance 3,088,294.94 183,793,876.89
(H) Required Balance 2,420,795.90 183,793,876.89
(I) Distribution to "IC" Class 667,499.04
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------------------- -------------------
(A) 31-60 76 650,012.46
(B) 61-90 51 386,238.95
(C) 91+ 0 0.00
(D) Total 127 1,036,251.41
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------------------- ------------------- ---------------------
(A) Current 540,235.71 184,821,563.51 0.2923%
(B) 1st Previous 581,695.55 193,663,672.23 0.3004%
(C) 2nd Previous 790,779.39 202,891,866.87 0.3898%
(D) 3rd Previous 981,167.62 212,736,265.27 0.4612%
(E) 4th Previous 1,865,411.16 222,263,055.54 0.8393%
(F) 5th Previous 908,876.61 232,197,769.47 0.3914%
(G) Six-Month Rolling Excess Yield 944,694.34 208,095,698.82 0.4540%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------------------- ------------------- ---------------------
(A) Current 1,036,251.41 184,821,563.51 0.5607%
(B) 1st Previous 879,275.68 193,663,672.23 0.4540%
(C) 2nd Previous 921,677.19 202,891,866.87 0.4543%
(D) Three-Month Rolling Average 945,734.76 193,792,367.54 0.4880%
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------- ------------------- --------------------- --------------
(A) Current 186,051.40 0.00 189,242,617.87 0.0983%
(B) 1st Previous 252,352.37 0.00 198,277,769.55 0.1273%
(C) 2nd Previous 147,803.55 0.00 207,814,066.07 0.0711%
(D) Three-Month Rolling Average Net Default Rate 195,402.44 0.00 198,444,817.83 0.0985%
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
------------------- -------------------
(A) Collection Period Charge-Off Receivables 28 186,051.40
(B) Gross Charge-Offs Cumulative Receivables 99 726,875.18
(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 32 351,691.30
(B) Aggregate Repossessions 218 2,611,211.94
(C) Unliquidated Repossessions 136 1,096,063.43
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 52 182,254.39
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 828,089.46
(B) Deposit 7,434.48
(C) Withdrawal 0.00
(D) Ending Balance 835,523.94
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
Page 5
|
|