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Previous: ACADIA NATIONAL HEALTH SYSTEMS INC, 5/A, 1997-11-18 |
Next: ADVISORS SERIES TRUST, 485BPOS, 1997-11-18 |
<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): November 10, 1997
Bay View Securitization Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 333-16233 93-1225376
- -------------------------------- --------------------- ------------------
State or other jurisdiction (Commission File No.) (I.R.S. Employer
of 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, (415) 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 October 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: November 18, 1997 By: /s/ David A. Heaberlin
------------------
David A. Heaberlin
Treasurer and Chief
Financial Officer
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<PAGE>
Bay View Securitization Corporation
For Remittance Date: October 31, 1997
A. Principal Balance Reconciliation
<TABLE>
<CAPTION>
A-1 A-2 Total Number of
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 116,213,977.43 52,245,989.00 168,459,966.43 15921
(C) Collections (Regular Payments) 4,545,290.12 0.00 4,545,290.12 N/A
(D) Collections (Principal Payoffs) 3,484,369.85 0.00 3,484,369.85 511
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 213,727.11 0.00 213,727.11 N/A
(G) Principal Reductions (Other) (130,626.01) 0.00 (130,626.01) (1)
(H) Gross Charge Offs 1,447,146.57 0.00 1,447,146.57 196
(I) Repurchases 35,702.14 0.00 35,702.14 24
(J) Ending Balance 106,618,367.65 52,245,989.00 158,864,356.65 15191
Notional Principal Balance:
(K) Beginning 97,140,385.56
(L) Ending 89,437,630.88
(M) Certificate Factor 53.0495065% 100.0000000% 62.7364453%
B. Cash Flow Reconciliation Total
-----
(A) Cash Wired 10,353,840.15
(B) Interest Wired/Earned 44,298.70
(C) Withdrawal from Payahead Account 213,727.11
(D) Advances 0.00
(E) Repurchases 35,702.14
(F) Gross Charge-Off Recoveries 118,733.06
(G) Gross Charge-Off Advances 57,209.57
(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 10,823,510.73
C. Trustee Distribution
Total
-----
(A) Total Cash Flow 10,823,510.73
(B) Unrecovered Interest Advances 14,850.52
(C) Servicing Fee (Due and Unpaid) 140,383.31
(D) Interest to "A-1" Certificate Holders, including Overdue 609,154.93
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 254,993.51
(G) Principal to "A-1" Certificate Holders, including Overdue 9,595,609.78
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 26,376.30
(K) First Loss Protection 5,318.80
(L) Surety Bond Premium 21,057.50
(M) Interest Advance Recovery Payments 33,205.66
(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 0.00
</TABLE>
<PAGE>
Bay View Securitization Corporation
For Remittance Date: October 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 44,298.70
(S) Excess Yield (182,279.53)
Balance 0.00
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance 2,766,133.32 167,511,112.58
(B) Additions to Spread Amount (182,279.53) N/A
(C) Interest Earned 13,776.84
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer (399,179.04) 0.00
(G) Ending Balance 2,996,809.67 156,990,493.59
(H) Required Balance 3,165,312.36 156,990,493.59
(I) Distribution to "IC" Class (168,502.69)
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 52 415,290.24
(B) 61-90 44 421,490.60
(C) 91+ 0 0.00
(D) Total 96 836,780.84
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ----------- ------- ------------
(A) Current (182,279.53) 158,864,356.65 -1.3769%
(B) 1st Previous 445,969.94 167,185,438.37 3.2010%
(C) 2nd Previous 588,174.45 175,522,760.36 4.0212%
(D) 3rd Previous 540,235.70 183,993,547.69 3.5234%
(E) 4th Previous 581,695.55 193,013,365.72 3.6165%
(F) 5th Previous 790,779.39 202,409,322.70 4.6882%
(G) Six-Month Rolling Excess Yield (/=1.75%) 460,762.58 180,164,798.58 3.0689%
G. Delinquency Rate (30+)
Month Pool
Month Balance Balance %
----- ------- ------- ------
(A) Current 836,780.84 158,864.356.65 0.5267%
(B) 1st Previous 944,326.68 167,185,438.37 0.5648%
(C) 2nd Previous 1,069,816.63 175,522,760.36 0.6095%
(D) Three-Month Rolling Average (/2%) 950,308.05 167,190,851.79 0.5684%
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- --------- ------- -----------
(A) Current 424,197.36 157,401.82 163,662,161.54 1.9562%
1st Previous 509,578.02 104,619.78 171,354,099.37 2.8359%
2nd Previous 392,225.41 85,552.05 179,758,154.03 2.0472%
Three-Month Rolling Average Net Default Rate /3% 442,000.26 115,857.88 171,591,471.64 2.2808%
</TABLE>
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<PAGE>
Bay View Securitization Corporation
For Remittance Date: October 31, 1997
<TABLE>
<CAPTION>
I. Charge-Off / Recoveries
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 196 1,447,146.57
(B) Gross Charge-Offs Cumulative Receivables 336 2,475,086.40
(C) Collection Period Recoveries on Charge-Offs NA 122,537.70
(D) Recoveries on Charge-Offs To-Date NA 122,537.70
J. Repossessions
(A) Collection Period Repossessions 30 310,400.97
(B) Aggregate Repossessions 300 3,536,222.38
(C) Unliquidated Repossessions 71 631,582.08
K. Forced Place Insurance
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/ Reversed 50 174,302.93
L. Payahead Reconciliation
(A) Beginning Balance 823,562.09
(B) Deposit 0.00
(C) Withdrawal 213,727.11
(D) Ending Balance 609,834.98
</TABLE>
Approved By: /s/ Michael A. Benavides
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
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