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Previous: HORACE MANN MUTUAL FUNDS, NSAR-B, 1998-02-20 |
Next: FIRST SECURITY AUTO GRANTOR TRUST 1997-A, 8-K, 1998-02-20 |
<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): FEBRUARY 10, 1998
BAY VIEW SECURITIZATION CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
DELAWARE 333-16233 93-1225376
- ----------------------------- -------------------- -----------------------------------
State or other jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.)
incorporation or organization
C/O BAY VIEW BANK
1840 GATEWAY DRIVE
SAN MATEO, CALIFORNIA 94404
- --------------------------------------- -----------------------------
Address of principal executive offices Zip Code
</TABLE>
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 January 31, 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 1998 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: February 20, 1998 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: January 31, 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 92,867,943.12 52,245,989.00 145,113,932.12 14194
(C) Collections (Regular Payments) 3,705,210.32 0.00 3,705,210.32 N/A
(D) Collections (Principal Payoffs) 2,526,889.16 0.00 2,526,889.16 419
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 40,713.40 0.00 40,713.40 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 239,064.41 0.00 239,064.41 35
(I) Repurchases 17,764.59 0.00 17,764.59 20
(J) Ending Balance 86,338,301.24 52,245,989.00 138,584,290.24 13720
Notional Principal Balance:
(K) Beginning 74,670,602.11
(L) Ending 67,613,579.58
(M) Certificate Factor 42.9588670% 100.0000000% 54.7277308%
<CAPTION>
B. CASH FLOW RECONCILIATION
Total
------------
<S> <C>
(A) Cash Wired 7,813,150.52
(B) Interest Wired/Earned 31,622.70
(C) Withdrawal from Payahead Account 40,713.40
(D) Advances 0.00
(E) Repurchases 17,764.59
(F) Gross Charge-Off Recoveries 27,931.49
(G) Gross Charge-Off Advances 17,666.49
(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 7,948,849.19
<CAPTION>
C. TRUSTEE DISTRIBUTION
Total
------------
<S> <C>
(A) Total Cash Flow 7,948,849.19
(B) Unrecovered Interest Advances 16,223.99
(C) Servicing Fee (Due and Unpaid) 120,928.28
(D) Interest to "A-1" Certificate Holders, including Overdue 486,782.80
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 196,010.33
(G) Principal to "A-1" Certificate Holders, including Overdue 6,529,641.88
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 21,600.55
(K) First Loss Protection 3,461.31
(L) Surety Bond Premium 18,139.24
(M) Interest Advance Recovery Payments 23,507.80
(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: January 31, 1998
<TABLE>
<S> <C>
(R) Bank Account Interest to Servicer 31,622.70
(S) Excess Yield 235,613.31
BALANCE 0.00
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -------------
<S> <C> <C>
(A) Beginning Balance 3,364,988.41 143,099,924.11
(B) Additions to Spread Amount 235,613.31 N/A
(C) Interest Earned 15,314.17
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 199,676.05 0.00
(G) Ending Balance 3,416,239.84 136,509,616.85
(H) Required Balance 3,165,312.36 136,509,616.85
(I) Distribution to "IC" Class 250,927.47
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ ----------
<S> <C> <C>
(A) 31-60 58 420,157.82
(B) 61-90 43 351,249.14
(C) 91+ 0 0.00
(D) Total 101 771,406.96
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------ -------------- -------------
<S> <C> <C> <C>
(A) Current 235,613.31 138,584,290.24 2.0402%
(B) 1st Previous 184,914.80 145,113,932.12 1.5291%
(C) 2nd Previous 236,132.00 151,956,095.91 1.8647%
(D) 3rd Previous (182,279.53) 158,864,356.65 -1.3769%
(E) 4th Previous 445,969.94 167,185,438.37 3.2010%
(F) 5th Previous 588,174.45 175,522,760.36 4.0212%
(G) Six-Month Rolling Excess
Yield (greater or equal
to 1.75%) 251,420.83 156,204,478.94 1.9315%
<CAPTION>
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- ---------- -------------- -------
<S> <C> <C> <C>
(A) Current 771,406.96 138,584,290.24 0.5566%
(B) 1st Previous 765,091.48 145,113.932.12 0.5272%
(C) 2nd Previous 658,050.21 151,956.095.91 0.4331%
(D) Three-Month Rolling Average
(less than 2%) 731,516.22 145,218,106.09 0.5037%
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ---------- ----------- -------------- ------------
<S> <C> <C> <C> <C>
(A) Current 285,843.84 77,686.89 141,849,111.18 1.7609%
(B) 1st Previous 311,838.80 100,601.30 148,535,014.02 1.7066%
(C) 2nd Previous 473,465.62 109,244.10 155,410,226.28 2.8123%
(D) Three-Month Rolling Average Net
Default Rate less than 3% 357,049.42 95,844.10 148,598,117.16 2.1094%
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: January 31, 1998
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -----------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 35 240,041.41
(B) Gross Charge-Offs Cumulative Receivables 451 3,381,589.30
(C) Collection Period Recoveries on Charge-Offs NA 28,908.49
(D) Recoveries on Charge-Offs To-Date NA 219,978.91
J. REPOSSESSIONS
(A) Collection Period Repossessions 20 230,628.14
(B) Aggregate Repossessions 368 4,314,029.53
(C) Unliquidated Repossessions 68 540,231.80
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 41 120,211.94
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 595,770.87
(B) Deposit 0.00
(C) Withdrawal 40,713.40
(D) Ending Balance 555,057.47
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
Page 5
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