|
|
|
|
|
|
|
|
|
|
Previous: KILROY REALTY CORP, 8-K, 1998-04-23 |
Next: SUSSEX BANCORP, 8-K, 1998-04-23 |
<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): APRIL 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
</TABLE>
<TABLE>
<S> <C>
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 MARCH 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: APRIL 23, 1998 BY: /S/ DAVID A. HEABERLIN
----------------------
DAVID A. HEABERLIN
TREASURER AND CHIEF FINANCIAL OFFICER
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: MARCH 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 79,700,277.49 52,245,989.00 131,946,266.49 13235
---------------------------------------------------------------------
(C) Collections (Regular Payments) 3,677,692.57 0.00 3,677,692.57 N/A
---------------------------------------------------------------------
(D) Collections (Principal Payoffs) 3,098,527.58 0.00 3,098,527.58 504
---------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 75,709.62 0.00 75,709.62 N/A
---------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------
(H) Gross Charge Offs 436,800.98 0.00 436,800.98 82
---------------------------------------------------------------------
(I) Repurchases 27,405.28 0.00 27,405.28 21
---------------------------------------------------------------------
(J) Ending Balance 72,384,141.46 52,245,989.00 124,630,130.46 12628
---------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 60,779,142.13
-----------------
(L) Ending 54,362,424.89
-----------------
(M) Certificate Factor 36.0157735% 100.0000000% 49.2171531%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 8,381,032.96
-----------------
(B) Interest Wired/Earned 30,036.87
-----------------
(C) Withdrawal from Payahead Account 75,709.62
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 27,405.28
-----------------
(F) Gross Charge-Off Recoveries 28,446.32
-----------------
(G) Gross Charge-Off Advances 28,290.51
-----------------
(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 8,570,921.56
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 8,570,921.56
-----------------
(B) Unrecovered Interest Advances 27,975.19
-----------------
(C) Servicing Fee (Due and Unpaid) 109,955.22
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 417,762.29
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 159,545.25
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 7,316,136.03
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 19,116.53
-----------------
(K) First Loss Protection 2,623.22
----------------
(L) Surety Bond Premium 16,493.28
----------------
(M) Interest Advance Recovery Payments 79,291.58
-----------------
(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 -3,833.06
-----------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: MARCH 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 30,036.87
----------------
(S) Excess Yield 128,018.13
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,374,053.20 129,813,400.83
---------------------------------------
(B) Additions to Spread Amount 128,018.13 N/A
---------------------------------------
(C) Interest Earned 14,371.04
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to Servicer 0.00 0.00
---------------------------------------
(G) Ending Balance 3,516,442.37 122,209,427.11
---------------------------------------
(H) Required Balance 4,673,629.89 122,209,427.11
---------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -----------------------------------------------------------
(A) 31-60 40 249,770.01
---------------------------------------------
(B) 61-90 29 212,610,87
---------------------------------------------
(C) 91+ 0 0.00
---------------------------------------------
(D) Total 69 462,380.88
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
- -----------------------------------------------------------
(A) Current 128,018.13 124,630,130.46 1.2326%
-------------------------------------------------------------
(B) 1st Previous 195,671.17 131,946,266.49 1.7796%
-------------------------------------------------------------
(C) 2nd Previous 235,613.31 138,584,290.24 2.0402%
-------------------------------------------------------------
(D) 3rd Previous 184,914.80 145,113,932.12 1.5291%
-------------------------------------------------------------
(E) 4th Previous 236,132.00 151,956,095.91 1.8647%
-------------------------------------------------------------
(F) 5th Previous (182,279.53) 158,864,356.65 -1.3769%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 133,011.65 141,849,178.65 1.1252%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
- ----------------------------------------------------------- BALANCE BALANCE %
MONTH
- -----------------------------------------------------------
(A) Current 462,380.88 124,630,130.46 0.3710%
-------------------------------------------------------------
(B) 1st Previous 800,412.05 131,946,266.49 0.6066%
-------------------------------------------------------------
(C) 2nd Previous 771,406.96 138,584,290.24 0.5566%
-------------------------------------------------------------
(D) Three-Month Rolling Average (2%) 678,066.63 131,720,229.06 0.5148%
-------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -----------------------------------------------------------
(A) Current 702,583.07 259,668.43 128,288,198.48 4.1430%
------------------------------------------------------------------------
(B) 1st Previous 353,490.61 64,959.46 135,265,278.37 2.5597%
------------------------------------------------------------------------
(C) 2nd Previous 285,843.84 77,686.89 141,849,111.18 1.7609%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate 3% 447,305.84 134,104.93 135,134,196.01 2.7812%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: March 31, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 82 440,235.16
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 574 4,093,977.24
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 31,880.50
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 280,419.15
-----------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 17 217,742.30
-----------------------------------------------
(B) Aggregate Repossessions 404 4,753,112.35
-----------------------------------------------
(C) Unliquidated Repossessions 19 245,387.07
-----------------------------------------------
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
-----------------------------------------------
(B) FPI Canceled/Waived/Removed/ Reversed 89 310,488.23
-----------------------------------------------
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 555,057.47
-----------------------
(B) Deposit 0.00
-----------------------
(C) Withdrawal 79,542.68
-----------------------
(D) Ending Balance 479,347.85
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
|
|