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Previous: SAFE ALTERNATIVES CORP OF AMERICA INC, 8-K, 1998-01-23 |
Next: FALMOUTH BANCORP INC, S-8, 1998-01-23 |
<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): JANUARY 12, 1998
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
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 December 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: January 23, 1998 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: DECEMBER 31, 1997
<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 99,710,106.91 52,245,989.00 151,956,095.91 14706
(C) Collections (Regular Payments) 3,869,887.54 0.00 3,869,887.54 N/A
(D) Collections (Principal Payoffs) 2,661,388.48 0.00 2,661,388.48 457
(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 (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 285,054.75 0.00 285,054.75 36
(I) Repurchases 25,833.02 0.00 25,833.02 19
(J) Ending Balance 92,867,943.12 52,245,989.00 145,113,932.12 14194
Notional Principal Balance:
(K) Beginning 81,946,503.34
(L) Ending 74,670,602.11
(M) Certificate Factor 46.2077845% 100.0000000% 57.3063238%
B. CASH FLOW RECONCILIATION
Total
------------
(A) Cash Wired 8,238,901.22
(B) Interest Wired/Earned 30,006.84
(C) Withdrawal from Payahead Account 0.00
(D) Advances 0.00
(E) Repurchases 25,833.02
(F) Gross Charge-Off Recoveries 51,106.25
(G) Gross Charge-Off Advances 13,591.61
(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 8,359,438.94
C. TRUSTEE DISTRIBUTION
Total
------------
(A) Total Cash Flow 8,359,438.94
(B) Unrecovered Interest Advances 13,417.40
(C) Servicing Fee (Due and Unpaid) 126,630.08
(D) Interest to "A-1" Certificate Holders, including Overdue 522,647.14
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 215,109.57
(G) Principal to "A-1" Certificate Holders, including Overdue 6,842,163.79
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 22,800.57
(K) First Loss Protection 3,806.06
(L) Surety Bond Premium 18,994.51
(M) Interest Advance Recovery Payments 103,319.54
(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 11,511.65
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: December 31, 1997
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 30,006.84
(S) Excess Yield 184,914.80
BALANCE 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance 3,414,720.08 150,003,719.79
(B) Additions to Spread Amount 184,914.80 N/A
(C) Interest Earned 14,761.25
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 249,407.72 0.00
(G) Ending Balance 3,364,988.41 143,099,924.11
(H) Required Balance 3,165,312.36 143,099,924.11
(I) Distribution to "IC" Class 199,676.05
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- ------ -------
(A) 31-60 58 523,561.33
(B) 61-90 32 241,530.15
(C) 91+ 0 0.00
(D) Total 90 765,091.48
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------ ------- --------------
(A) Current 184,914.80 145,113,932.12 1.5291%
(B) 1st Previous 236,132.00 151,956,095.91 1.8647%
(C) 2nd Previous (182,279.53) 158,864,356.65 -1.3769%
(D) 3rd Previous 445,969.94 167,185,438.37 3.2010%
(E) 4th Previous 588,174.45 175,522,760.36 4.0212%
(F) 5th Previous 540,235.70 183,993,547.69 3.5234%
(G) Six-Month Rolling Excess Yield (>=1.75%) 302,191.23 163,772,688.52 2.2142%
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- ---------- -------------- -------
(A) Current 765,091.48 145,113.932.12 0.5272%
(B) 1st Previous 658,050.21 151,956.095.91 0.4331%
(C) 2nd Previous 836,780.84 158,864.356.65 0.5267%
(D) Three-Month Rolling Average (less than 2%) 753,307.51 151,978,128.23 0.4957%
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- ----------- -------------- ------------
(A) Current 311,838.80 100,601.30 148,535,014.02 1.7066%
(B) 1st Previous 473,465.62 109,244.10 155,410,226.28 2.8123%
(C) 2nd Previous 424,197.36 157,401.82 163,662,161.54 1.9562%
(D) Three-Month Rolling Average
Net Default Rate less than 3% 403,167.26 122,415.74 155,869,133.95 2.1614%
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: December 31, 1997
I. CHARGE-OFF / RECOVERIES
Number Balance
----------- ------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 36 285,818.75
(B) Gross Charge-Offs Cumulative Receivables 416 3,141,547.89
(C) Collection Period Recoveries on Charge-Offs NA 51,870.25
(D) Recoveries on Charge-Offs To-Date NA 191,070.42
J. REPOSSESSIONS
(A) Collection Period Repossessions 30 337,363.17
(B) Aggregate Repossessions 348 4,083,401.39
(C) Unliquidated Repossessions 65 544,628.62
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/ Reversed 45 142,226.73
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 584,259.22
(B) Deposit 11,511.65
(C) Withdrawal 0.00
(D) Ending Balance 595,770.87
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
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