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Previous: YURIE SYSTEMS INC, DEF 14A, 1997-05-23 |
Next: NATIONWIDE FINANCIAL SERVICES INC/, 10-Q/A, 1997-05-23 |
<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): MAY 12, 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 April 30, 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: May 23, 1997 By: /s/ David A. Heaberlin
----------------------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
EXHIBIT 99.1
Bay View Securitization Corporation
For Remittance Date: April 30, 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 170,017,066.54 52,245,989.00 222,263,055.54 19,628
(C) Collections (Regular Payments) 4,715,029.07 0.00 4,715,029.07 N/A
(D) Collections (Principal Payoffs) 4,648,228.88 0.00 4,648,228.88 624
(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) 17,759.43 0.00 17,759.43 1
(H) Gross Charge Offs 84,111.63 0.00 84,111.63 10
(I) Repurchases 61,661.26 0.00 61,661.26 35
(J) Ending Balance 160,490,276.27 52,245,989.00 212,736,265.27 18,958
Notional Principal Balance:
(K) Beginning 147,606,056.15
(L) Ending 138,706,230.51
(M) Certificate Factor 79.8542516% 100.0000000% 84.0107709%
B. CASH FLOW RECONCILIATION
Total
-------
(A) Cash Wired 11,989,988.61
(B) Interest Wired/Earned 49,852.87
(C) Withdrawal from Payahead Account 0.00
(D) Advances 152,444.54
(E) Repurchases 61,661.26
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 87,594.56
(H) Spread Account Withdrawal 63,520.28
(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 12,405,062.21
C. TRUSTEE DISTRIBUTION
Total
-------
(A) Total Cash Flow 12,405,062.21
(B) Unrecovered Interest Advances 1,544.11
(C) Servicing Fee (Due and Unpaid) 185,219.21
(D) Interest to "A-1" Certificate Holders, including Overdue 891,172.79
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 387,465.90
(G) Principal to "A-1" Certificate Holders, including Overdue 9,526,790.27
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 36,342.55
(K) First Loss Protection 8,559.67
(L) Surety Bond Premium 27,782.88
(M) Interest Advance Recovery Payments 0.00
(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 58,589.33
</TABLE>
<PAGE>
Bay View Securitization Corporation
For Remittance Date: April 30, 1997
<TABLE>
<CAPTION>
<S> <C> <C>
(A) Bank Account Interest to Servicer 49,852.87
(B) Excess Yield 981,167.62
BALANCE 0.00
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- --------------
<S> <C> <C>
(A) Beginning Balance 2,841,808.47 223,121,642.26
(B) Additions to Spread Amount 981,167.62 N/A
(C) Interest Earned 11,108.90 0.00
(D) Draws 63,520.28 N/A
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 0.00 0.00
(G) Ending Balance 3,834,084.99 211,645,124.37
(H) Required Balance 2,778,288.19 211,645,124.37
(I) Distribution to "IC" Class 1,055,796.79
</TABLE>
E. CURRENT RECEIVABLES DELINQUENCY
<TABLE>
<CAPTION>
#Payment Delinquency Number Balance
------------------------------- ------ ----------
<S> <C> <C>
(A) 31-60 55 458,275.41
(B) 61-90 45 433,843.80
(C) 91+ 0 0.00
(D) Total 100 892,119.21
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------------ ------- -------
<S> <C> <C> <C>
(A) Current 981,167.62 212,736,265.27 0.4612%
(B) 1st Previous 1,865,411.16 222,263,055.54 0.8393%
(C) 2nd Previous 908,876.61 232,197,769.47 0.3914%
(D) 3rd Previous 67,520.70 241,523,355.39 0.0280%
(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
<CAPTION>
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -------
<S> <C> <C> <C>
(A) Current 892,119.21 212,736,265.27 0.4194%
(B) 1st Previous 813,838.34 222,263,055.54 0.3662%
(C) 2nd Previous 444,255.49 232,197,769.47 0.1913%
(D) Three-Month Rolling Average 716,737.68 222,399,030.09 0.3223%
</TABLE>
H. NET LOSS RATE
<TABLE>
<CAPTION>
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- ----------- ------- ------------
<S> <C> <C> <C> <C>
(A) Current 84,111.63 0.00 217,499,660.41 0.0387%
(B) 1st Previous 45,171.47 0.00 227,230,412.51 0.0199%
(C) 2nd Previous 11,384.76 0.00 236,860,562.43 0.0048%
(D) Three-Month Rolling Average Net Default Rate 46,889.29 0.00 227,196,878.45 0.0206%
</TABLE>
<PAGE>
Bay View Securitization Corporation
For Remittance Date: April 30, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 10 84,111.63
(B) Gross Charge-Offs Cumulative Receivables 17 140,667.86
(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 40 477,482.23
(B) Aggregate Repossessions 132 1,634,805.55
(C) Unliquidated Repossessions 109 1,021,155.90
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 108 332,444.28
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 765,920.12
(B) Deposit 58,589.33
(C) Withdrawal 0.00
(D) Ending Balance 824,509.45
</TABLE>
Approved By: /s/ Michael A. Benavides
--------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
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