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Previous: FIRST AVIATION SERVICES INC, S-8, 1997-04-25 |
Next: SOUTHWEST BANCORP INC /TX/, DEF 14A, 1997-04-25 |
<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): APRIL 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 Identification No.)
organization
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 March 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: April 25, 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: MARCH 31, 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 21,106
--------------------------------------------------------------------------------------------
(B) Beginning Period Principal Balance 179,951,780.47 52,245,989.00 232,197,769.47 20,168
--------------------------------------------------------------------------------------------
(C) Collections (Regular Payments) 5,194,132.92 0.00 5,194,132.92 N/A
--------------------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 4,699,937.08 0.00 4,699,937.08 541
--------------------------------------------------------------------------------------------
(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 29,449.70 0.00 29,449.70
--------------------------------------------------------------------------------------------
(H) Gross Charge Offs 0.00 0.00 0.00 0
--------------------------------------------------------------------------------------------
(I) Repurchases 11,194.23 0.00 11,194.23 1
--------------------------------------------------------------------------------------------
(J) Ending Balance 170,017,066.54 52,245,989.00 222,263,055.54 19,628
--------------------------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 156,693,745.50
-------------------
(L) Ending 147,606,056.15
-------------------
(M) Certificate Factor 84.5944435% 100.0000000% 87.7729550%
------------------------------------------------------------------
<CAPTION>
B. CASH FLOW RECONCILIATION
TOTAL
-------------------
<S> <C>
(A) Cash Wired 13,104,443.25
-------------------
(B) Interest Wired/Earned 47,539.36
-------------------
(C) Withdrawal from Payahead Account 0.00
-------------------
(D) Advances 672,370.18
-------------------
(E) Repurchases 11,194.23
-------------------
(F) Gross Charge-Off Recoveries 0.00
-------------------
(G) Gross Charge-Off Advances 0.00
-------------------
(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 13,835,547.02
-------------------
<CAPTION>
<S> <C>
C. TRUSTEE DISTRIBUTION
TOTAL
-------------------
(A) Total Cash Flow 13,835,547.02
-------------------
(B) Unrecovered Interest Advances 0.00
-------------------
(C) Servicing Fee (Due and Unpaid) 193,498.14
-------------------
(D) Interest to "A-1" Certificate Holders, including Overdue 943,247.25
-------------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-------------------
(F) Interest to "I" Certificate Holders, including Overdue 411,321.08
-------------------
(G) Principal to "A-1" Certificate Holders, including Overdue 9,934,713.93
-------------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-------------------
(I) Reinsurance Fee 0.00
-------------------
(J) Surety Bond Fee 41,288.83
-------------------
(K) First Loss Protection 12,264.11
-------------------
(L) Surety Bond Premium 29,024.72
-------------------
(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
-------------------
</TABLE>
1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: March 31, 1997
<TABLE>
<S> <C> <C> <C>
(Q) Deposit to Payahead 111,609.71
-------------------
(R) Bank Account Interest to Servicer 47,539.36
-------------------
(S) Excess Yield 1,865,411.16
-------------------
BALANCE 0.00
-------------------
D. SPREAD ACCOUNT AND SURETY
RECONCILIATION
SPREAD ACCOUNT SURETY BOND
-------------------------------------------
(A) Beginning Balance 976,397.31 234,263,521.50
-------------------------------------------
(B) Additions to Spread Amount 1,865,411.16 N/A
-------------------------------------------
(C) Interest Earned
-------------------------------------------
(D) Draws 0.00 0.00
-------------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-------------------------------------------
(F) Distribution of Funds to Servicer 0.00 0.00
-------------------------------------------
(G) Ending Balance 2,841,808.47 223,121,642.26
-------------------------------------------
(H) Required Balance 2,902,472.12 223,121,642.26
-------------------------------------------
(I) Distribution to "IC" Class 0.00
------------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
--------------------
-----------------------------------------------
(A) 31-60 55 522,339.76
-----------------------------------------------
(B) 61-90 32 291,498.58
-----------------------------------------------
(C) 91+ 0 0.00
-----------------------------------------------
(D) Total 87 813,838.34
-----------------------------------------------
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS
MONTH BALANCE BALANCE YIELD %
-----
------------------------------------------------------------------
(A) Current 1,865,411.16 222,263,055.54 0.8393%
------------------------------------------------------------------
(B) 1st Previous 908,876.61 232,197,769.47 0.3914%
------------------------------------------------------------------
(C) 2nd Previous 67,520.70 241,523,355.39 0.0280%
------------------------------------------------------------------
(D) 3rd Previous 0.00 0.00 0.0000%
------------------------------------------------------------------
(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
------------------------------------------------------------------
G. DELINQUENCY RATE (30+)
MONTH MONTH BALANCE POOL BALANCE %
----- ------------------------------------------------------------------
(A) Current 813,838.34 222,263,055.54 0.3662%
------------------------------------------------------------------
(B) 1st Previous 444,255.49 232,197,769.47 0.1913%
------------------------------------------------------------------
(C) 2nd Previous 16,879.73 241,523,355.39 0.0070%
------------------------------------------------------------------
(D) Three-Month Rolling Average 424,991.19 231,994,726.80 0.1832%
------------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
-----
----------------------------------------------------------------------------------
(A) Current 0.00 0.00 227,230,412.51 0.0000%
----------------------------------------------------------------------------------
(B) 1st Previous 0.00 0.00 236,860,562.43 0.0000%
----------------------------------------------------------------------------------
(C) 2nd Previous 0.00 0.00 247,374,172.20 0.0000%
----------------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate 0.00 0.00 237,155,049.04 0.0000%
----------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: March 31, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
-----------------------------------------------
(A) Collection Period Charge-Off Receivables 0 0.00
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 0 0.00
-----------------------------------------------
(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 40 463,478.98
-----------------------------------------------
(B) Aggregate Repossessions 92 1,157,323.32
-----------------------------------------------
(C) Unliquidated Repossessions 85 819,085.29
-----------------------------------------------
K. FORCED PLACE INSURANCE
-----------------------------------------------
(A) FPI Charge-Offs 0 0.00
-----------------------------------------------
(B) FPI Canceled/Waived/Removed/Reversed 0 0.00
-----------------------------------------------
L. PAYAHEAD RECONCILIATION
-----------------------
(A) Beginning Balance 654,310.41
-----------------------
(B) Deposit 111,609.71
-----------------------
(C) Withdrawal 0.00
-----------------------
(D) Ending Balance 765,920.12
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
3
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