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Previous: INSURED MUNICIPALS INCOME TRUST & IN QU TAX EX TR MUL SE 310, S-6, 1998-07-16 |
Next: KNIGHTSBRIDGE TANKERS LTD, 6-K, 1998-07-16 |
<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, 1998
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) 573-7310
2121 SO. EL CAMINO REAL, SAN MATEO, CALIFORNIA 94403, (415) 573-7310
- --------------------------------------------------------------------------------
(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, 1998
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 16, 1998 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: JUNE 30, 1998
<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 21106
----------------------------------------------------------------------------
(B) Beginning Period Principal Balance 59,791,345.99 52,245,989.00 112,037,334.99 11607
----------------------------------------------------------------------------
(C) Collections (Regular Payments) 3,208,850.24 0.00 3,208,850.24 N/A
----------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,798,806.61 0.00 2,798,806.61 472
----------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
----------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 58,951.06 0.00 58,951.06 N/A
----------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
----------------------------------------------------------------------------
(H) Gross Charge Offs 378,623.80 0.00 378,623.80 51
----------------------------------------------------------------------------
(I) Repurchases 34,769.22 0.00 34,769.22 20
----------------------------------------------------------------------------
(J) Ending Balance 53,311,345.06 52,245,989.00 105,557,334.06 11064
----------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 45,120,492.38
-----------------
(L) Ending 40,983,967.50
-----------------
(M) Certificate Factor 26.5258286% 100.0000000% 41.6851964%
-------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-----------------
(A) Cash Wired 7,280,596.87
-----------------
(B) Interest Wired/Earned 22,887.90
-----------------
(C) Withdrawal from Payahead Account 58,951.06
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 34,769.22
-----------------
(F) Gross Charge-Off Recoveries 25,339.99
-----------------
(G) Gross Charge-Off Advances 30,446.58
-----------------
(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 7,452,991.62
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
-----------------
(A) Total Cash Flow 7,452,991.62
-----------------
(B) Unrecovered Interest Advances 29,988.40
-----------------
(C) Servicing Fee (Due and Unpaid) 93,364.45
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 313,406.31
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 118,441.29
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 6,480,000.93
-----------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 15,145.55
-----------------
(K) First Loss Protection 1,140.88
-----------------------
(L) Surety Bond Premium 14,004.67
-----------------------
(M) Interest Advance Recovery Payments 31,709.82
-----------------
(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>
<TABLE>
<CAPTION>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1998
<S> <C>
(R) Bank Account Interest to Servicer 22,887.90
-----------------
(S) Excess Yield 61,129.42
-----------------
BALANCE 0.00
-----------------
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
-----------------------------------------
<S> <C> <C>
(A) Beginning Balance 3,222,997.26 109,731,718.26
----------------------------------------
(B) Additions to Spread Amount 61,129.42 N/A
----------------------------------------
(C) Interest Earned 14,234.57
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 0.00 0.00
----------------------------------------
(G) Ending Balance 3,298,361.25 103,146,466.40
----------------------------------------
(H) Required Balance 3,958,400.03 103,146,466.40
----------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- ---------------------------------------------
<S> <C> <C>
(A) 31-60 46 467,471.38
---------------------------------------------
(B) 61-90 28 283,783.78
---------------------------------------------
(C) 91+ 10 127,290.86
---------------------------------------------
(D) Total 84 883,546.02
---------------------------------------------
<CAPTION>
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS YIELD
MONTH BALANCE BALANCE (ANNUALIZED %)
----- ------------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 61,129.42 105,557,334.06 0.6949%
--------------------------------------------------------------
(B) 1st Previous 42,428.84 112,037,334.99 0.4544%
--------------------------------------------------------------
(C) 2nd Previous 210,199.22 118,039,767.11 2.1369%
--------------------------------------------------------------
(D) 3rd Previous 128,018.13 124,630,130.46 1.2326%
--------------------------------------------------------------
(E) 4th Previous 195,671.17 131,946,266.49 1.7796%
--------------------------------------------------------------
(F) 5th Previous 235,613.31 138,584,290.24 2.0402%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 145,510.02 121,799,187.23 1.4336%
--------------------------------------------------------------
<CAPTION>
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
----- --------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 883,546.02 105,557,334.06 0.8370%
--------------------------------------------------------------
(B) 1st Previous 1,281,746.83 112,037,334.99 1.1440%
--------------------------------------------------------------
(C) 2nd Previous 1,218,770.40 118,039,767.11 1.0325%
--------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 1,128,021.08 111,878,145.39 1.0083%
--------------------------------------------------------------
<CAPTION>
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
----- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Current 611,639.68 258,355.87 108,797,334.53 3.8966%
-----------------------------------------------------------------------------------
(B) 1st Previous 372,172.09 177,478.21 115,038,551.05 2.0309%
-----------------------------------------------------------------------------------
(C) 2nd Previous 422,798.01 196,487.95 121,334,948.79 2.2382%
-----------------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate less than 3% 468,869.93 210,774.01 115,056,944.79 2.6918%
-----------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
---------------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 51 378,623.80
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 695 4,968,238.41
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 25,339.99
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 380,392.57
---------------------------------------------
<CAPTION>
J. REPOSSESSIONS
<S> <C> <C>
(A) Collection Period Repossessions 17 213,446.11
---------------------------------------------
(B) Aggregate Repossessions 474 5,603,211.47
---------------------------------------------
(C) Unliquidated Repossessions 20 265,424.14
---------------------------------------------
<CAPTION>
K. FORCED PLACE INSURANCE
<S> <C> <C>
(A) FPI Charge-Offs 0 0.00
---------------------------------------------
(B) FPI Canceled/Waived/Removed/ Reversed 0 0.00
---------------------------------------------
<CAPTION>
L. PAYAHEAD RECONCILIATION
<S> <C>
(A) Beginning Balance 608,981.86
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 58,951.06
----------------------
(D) Ending Balance 550,030.80
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
Page 5
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