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<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): DECEMBER 10, 1997
BAY VIEW SECURITIZATION CORPORATION
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 333-16233 93-1225376
- ---------------- ---------------------- --------------------
State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or
organization
C/O BAY VIEW BANK
1840 GATEWAY DRIVE
SAN MATEO, CALIFORNIA 94404
- ---------------------- ------------------
Address of principal Zip Code
executive offices
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 November 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: December 19, 1997 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and
Chief Financial Officer
Page 2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: November 30, 1997
<TABLE>
<CAPTION>
A. Principal Balance Reconciliation
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 106,618,367.65 52,245,989.00 158,864,356.65 15191
(C) Collections (Regular Payments) 3,686,164.32 0.00 3,686,164.32 N/A
(D) Collections (Principal Payoffs) 2,806,399.26 0.00 2,806,399.26 424
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 25,575.76 0.00 25,575.76 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 379,487.42 0.00 379,487.42 44
(I) Repurchases 10,633.98 0.00 10,633.98 17
(J) Ending Balance 99,710,106.91 52,245,989.00 151,956,095.91 14706
Notional Principal Balance:
(K) Beginning 89,437,630.88
(L) Ending 81,946,503.34
(M) Certificate Factor 49.6122017% 100.0000000% 60.0083335%
B. Cash Flow Reconciliation
Total
-----
(A) Cash Wired 8,243,883.96
(B) Interest Wired/Earned 31,266.02
(C) Withdrawal from Payahead Account 25,575.76
(D) Advances 91,287.10
(E) Repurchases 10,633.98
(F) Gross Charge-Off Recoveries 15,507.15
(G) Gross Charge-Off Advances 27,224.87
(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 8,445,378.84
C. Trustee Distribution
Total
-----
(A) Total Cash Flow 8,445,378.84
(B) Unrecovered Interest Advances 26,835.08
(C) Servicing Fee (Due and Unpaid) 132,386.96
(D) Interest to "A-1" Certificate Holders, including Overdue 558,857.94
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including 234,773.78
(G) Principal to "A-1" Certificate Holders, including Overdue 6,908,260.74
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 29,948.75
(K) First Loss Protection 10,090.71
(L) Surety Bond Premium 19,858.04
(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 0.00
</TABLE>
Page 3
<PAGE>
Bay View Securitization Corporation
For Remittance Date: November 30, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 31,266.02
(S) Excess Yield 236,132.00
Balance 0.00
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance 2,996,809.67 156,990,493.59
(B) Additions to Spread Amount 236,132.00 N/A
(C) Interest Earned 13,275.72
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer (168,502.69) 0.00
(G) Ending Balance 3,414,720.08 150,003,719.79
(H) Required Balance 3,165,312.36 150,003,719.79
(I) Distribution to "IC" Class 249,407.72
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 44 346,173.40
(B) 61-90 37 311,876.81
(C) 91+ 0 0.00
(D) Total 81 658,050.21
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------- ------- ------------
(A) Current 236,132.00 151,956,095.91 1.8647%
(B) 1st Previous (182,279.53) 158,864,356.65 -1.3769%
(C) 2nd Previous 445,969.94 167,185,438.37 3.2010%
(D) 3rd Previous 588,174.45 175,522,760.36 4.0212%
(E) 4th Previous 540,235.70 183,993,547.69 3.5234%
(F) 5th Previous 581,695.55 193,013,365.72 3.6165%
(G) Six-Month Rolling Excess 368,321.35 171,755,927.45 2.5733%
Yield (greater than=1.75%)
G. Delinquency Rate (30+)
Month Pool
Month Balance Balance %
----- ------- ------- ------
(A) Current 658,050.21 151,956.095.91 0.4331%
(B) 1st Previous 836,780.84 158,864.356.65 0.5267%
(C) 2nd Previous 944,326.68 167,185,438.37 0.5648%
(D) Three-Month Rolling Average 813,052.58 159,335,296.98 0.5103%
(less than 2%)
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- ----------- ------- ----------
(A) Current 473,465.62 109,244.10 155,410,226.28 2.8123%
(B) 1st Previous 424,197.36 157,401.82 163,662,161.54 1.9562%
(C) 2nd Previous 509,578.02 104,619.78 171,354,099.37 2.8359%
(D) Three-Month Rolling Average Net Default Rate less than 3% 469,080.33 123,755.23 163,475,495.73 2.5349%
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: November 30, 1997
<TABLE>
<CAPTION>
I. Charge-Off / Recoveries
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 44 380,642.74
(B) Gross Charge-Offs Cumulative Receivables 380 2,855,729.14
(C) Collection Period Recoveries on Charge-Offs NA 16,662.47
(D) Recoveries on Charge-Offs To-Date NA 139,200.17
J. Repossessions
(A) Collection Period Repossessions 18 209,815.84
(B) Aggregate Repossessions 318 3,746,038.22
(C) Unliquidated Repossessions 63 509,117.24
K. Forced Place Insurance
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 37 126,049.46
L. Payahead Reconciliation
(A) Beginning Balance 609,834.98
(B) Deposit 0.00
(C) Withdrawal 25,575.76
(D) Ending Balance 584,259.22
</TABLE>
Approved By: /s/ Michael A. Benavides
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
Page 5
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