|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MEDIFORCE INC, 10-12G/A, 1998-11-23 |
Next: BJURMAN FUNDS, N-30D, 1998-11-23 |
<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): NOVEMBER 15, 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 October 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 1997 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: November 23, 1998 BY: /s/ DAVID A. HEABERLIN
-------------------------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: October 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 37,157,388.72 52,245,989.00 89,403,377.72 9698
-----------------------------------------------------------------------
(C) Collections (Regular Payments) 2,543,044.43 0.00 2,543,044.43 N/A
-----------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,974,159.36 0.00 1,974,159.36 366
-----------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 7,380.25 0.00 7,380.25 N/A
-----------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------
(H) Gross Charge Offs 181,465.68 0.00 181,465.68 23
-----------------------------------------------------------------------
(I) Repurchases 22,894.16 0.00 22,894.16 27
-----------------------------------------------------------------------
(J) Ending Balance 32,428,444.84 52,245,989.00 84,674,433.84 9282
-----------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 29,145,945.77
-------------
(L) Ending 25,396,054.12
-------------
(M) Certificate Factor 16.1352404% 100.0000000% 33.4384194%
-----------------------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
------------
(A) Cash Wired 5,532,559.78
------------
(B) Interest Wired/Earned 18,548.80
------------
(C) Withdrawal from Payahead Account 7,380.25
------------
(D) Advances 2,300.18
------------
(E) Repurchases 22,894.16
------------
(F) Gross Charge-Off Recoveries 40,600.02
------------
(G) Gross Charge-Off Advances 4,267.08
------------
(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 5,628,550.27
------------
C. TRUSTEE DISTRIBUTION
Total
------------
(A) Total Cash Flow 5,628,550.27
------------
(B) Unrecovered Interest Advances 4,211.67
------------
(C) Servicing Fee (Due and Unpaid) 74,502.81
------------
(D) Interest to "A-1" Certificate Holders, including Overdue 194,766.65
------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
------------
(F) Interest to "I" Certificate Holders, including Overdue 76,508.11
------------
(G) Principal to "A-1" Certificate Holders, including Overdue 4,728,943.88
------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
------------
(I) Reinsurance Fee 0.00
------------
(J) Surety Bond Fee 11,175.42
------------
(K) First Loss Protection 0.00
------------
(L) Surety Bond Premium 11,175.42
------------
(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>
Page 1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: October 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 18,548.80
------------
(S) Excess Yield 232,975.37
------------
BALANCE 0.00
------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------------------------
(A) Beginning Balance 3,742,373.08 86,531,801.48
-------------------------------
(B) Additions to Spread Amount 232,975.37 N/A
-------------------------------
(C) Interest Earned 14,483.99
-------------------------------
(D) Draws 0.00 0.00
-------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 389,746.42 0.00
-------------------------------
(G) Ending Balance 3,600,086.02 81,954,502.30
-------------------------------
(H) Required Balance 3,165,312.36 81,954,502.30
-------------------------------
(I) Distribution to "IC" Class 434,773.66
-------------------------------
E. CURRENT RECEIVABLES DELINQUENCY
# Payment Delinquency Number Balance
---------------------- --------------------------------------
(A) 31-60 37 329,726.72
--------------------------------------
(B) 61-90 17 145,650.26
--------------------------------------
(C) 91+ 5 49,078.91
--------------------------------------
(D) Total 59 524,455.89
--------------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- -------------------------------------------------
(A) Current 232,975.37 84,674,433.84 3.3017%
-------------------------------------------------
(B) 1st Previous 181,861.21 89,403,377.72 2.4410%
-------------------------------------------------
(C) 2nd Previous 176,842.63 94,550,507.02 2.2444%
-------------------------------------------------
(D) 3rd Previous 175,493.75 99,745,602.06 2.1113%
-------------------------------------------------
(E) 4th Previous 61,129.42 105,557,334.06 0.6949%
-------------------------------------------------
(F) 5th Previous 42,428.84 112,037,334.99 0.4544%
-------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than or equal to 1.75%) 145,121.87 97,661,431.62 1.7832%
-------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----------------------------------------------------
(A) Current 524,445.89 84,674,433.84 0.6194%
---------------------------------------------------
(B) 1st Previous 561,875.38 89,403,377.72 0.6285%
---------------------------------------------------
(C) 2nd Previous 652,948.08 94,550,507.02 0.5848%
---------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 546,426.45 89,542,772.86 0.6102%
---------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
-------------------------------------------------------------------------
(A) Current 249,466.65 108,620.99 87,038,905.78 1.9421%
-------------------------------------------------------------------------
(B) 1st Previous 251,575.92 119,625.31 91,976,942.37 1.7215%
-------------------------------------------------------------------------
(C) 2nd Previous 380,072.68 213,696.46 97,148,054.54 2.0551%
-------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
(less than 3%) 293,711.75 147,314.25 92,054,634.23 1.9084%
-------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: October 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off Receivables 23 181,465.66
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 816 5,836,972.27
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs N/A 40,600.02
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date N/A 620,800.52
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 15 156,314.18
---------------------------------------------
(B) Aggregate Repossessions 543 6,368,582.54
---------------------------------------------
(C) Unliquidated Repossessions 17 182,981.49
---------------------------------------------
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 424,678.31
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 7,380.25
----------------------
(D) Ending Balance 417,298.06
----------------------
</TABLE>
Approved By: /s/ MICHAEL A. BENAVIDES
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
|
|