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Previous: CHEVY CHASE AUTO RECEIVABLES TRUST 1996-2, 8-K, 1997-07-24 |
Next: BERKELEY CAPITAL MANAGEMENT FUNDS, 485BPOS, 1997-07-24 |
<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): JULY 10, 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 June 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: July 24, 1997 By: /S/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
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<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
A. PRINCIPAL BALANCE RECONCILIATION
NUMBER OF
A-1 A-2 TOTAL ACCOUNTS
--- --- ----- ---------
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21,106
(B) Beginning Period Principal Balance 150,645,877.87 52,245,989.00 202,891,866.87 18,329
(C) Collections (Regular Payments) 4,491,794.25 0.00 4,491,794.25 N/A
(D) Collections (Principal Payoffs) 4,431,550.16 0.00 4,431,550.16 601
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 20,317.49 0.00 20,317.49 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 252,352.37 0.00 252,352.37 34
(I) Repurchases 32,180.37 0.00 32,180.37 25
-------------- ------------- -------------- ------
(J) Ending Balance 141,417,683.23 52,245,989.00 193,663,672.23 17,669
Notional Principal Balance:
(K) Beginning 129,997,514.89
(L) Ending 121,483,203.97
(M) Certificate Factor 70.3644078% 100.0000000% 76.4788945%
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 11,337,477.70
(B) Interest Wired/Earned 46,612.64
(C) Withdrawal from Payahead Account 20,317.49
(D) Advances 38,355.64
(E) Repurchases 32,180.37
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 1,496.04
(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 11,476,439.88
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 11,476,439.88
(B) Unrecovered Interest Advances 1,462.40
(C) Servicing Fee (Due and Unpaid) 169,076.56
(D) Interest to "A-1" Certificate Holders, including Overdue 789,635.48
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 341,243.48
(G) Principal to "A-1" Certificate Holders, including Overdue 9,228,194.64
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 31,601.59
(K) First Loss Protection 6,240.11
(L) Surety Bond Premium 25,361.48
(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>
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<PAGE>
BAY VIEW SECURIZATION CORPORATION
For Remittance Date: June 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
(R) Account Interest to Servicer 46,612.64
(S) Excess Yield 581,695.55
BALANCE 0.00
------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
-------------- --------------
(A) Beginning Balance 3,518,324.63 201,783,116.93
(B) Additions to Spread Amount 581,695.55 N/A
(C) Interest Earned 11,672.07
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 859,121.31 0.00
(G) Ending Balance 3,252,570.94 191,752,538.16
(H) Required Balance 2,536,148.34 191,752,538.16
(I) Distribution to "IC" Class 716,422.60
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- --------- -----------
(A) 31-60 58 505,828.44
(B) 61-90 55 373,447.24
(C) 91+ 0 0.00
(D) Total 113 879,275.68
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS
MONTH BALANCE BALANCE YIELD %
----- -------------- -------------- -------------
(A) Current 581,695.55 193,663,672.23 0.3004%
(B) 1st Previous 790,779.39 202,891,866.87 0.3898%
(C) 2nd Previous 981,167.62 212,736,265.27 0.4612%
(D) 3rd Previous 1,865,411.16 222,263,055.54 0.8393%
(E) 4th Previous 908,876.61 232,197,769.47 0.3914%
(F) 5th Previous 67,520.70 241,523,355.39 0.0280%
(G) Six-Month Rolling Excess Yield 865,908.50 217,545,997.46 0.3980%
G. DELINQUENCY RATE (30+)
MONTH POOL
MONTH BALANCE BALANCE %
----- ---------- --------------
(A) Current 879,275.68 193,663,672.23 0.4540%
(B) 1st Previous 921,677.19 202,891,866.87 0.4543%
(C) 2nd Previous 892,119.21 212,736,265.27 0.4194%
(D) Three-Month Rolling Average 897,690.69 203,097,268.12 0.4420%
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULT
MONTH BALANCE FEES BALANCE (ANNUALIZED)
----- ---------- ------------- -------------- ------------
(A) Current 252,352.37 0.00 198,277,769.55 0.1273%
(B) 1st Previous 147,803.55 0.00 207,814,066.07 0.0711%
(C) 2nd Previous 84,111.63 0.00 217,499,660.41 0.0387%
(D) Three-Month Rolling Average Net Default Rate 161,422.52 0.00 207,863,832.01 0.0777%
</TABLE>
4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1997
<TABLE>
<CAPTION>
NUMBER BALANCE
---------- ------------
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
(A) Collection Period Charge-Off Receivables 34 252,352.37
(B) Gross Charge-Offs Cumulative Receivables 71 540,823.78
(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 33 375,084.65
(B) Aggregate Repossessions 186 2,259,520.64
(C) Unliquidated Repossessions 120 994,247.83
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 50 128,295.37
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 848,406.95
(B) Deposit 0.00
(C) Withdrawal 20,317.49
(D) Ending Balance 828,089.46
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
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