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Previous: MUNDER FRAMLINGTON FUNDS TRUST, DEF 14A, 1998-10-21 |
Next: ABOVENET COMMUNICATIONS INC, S-1/A, 1998-10-21 |
<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): OCTOBER 13, 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 September 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: October 21, 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: September 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 42,304,518.02 52,245,989.00 94,550,507.02 10142
-----------------------------------------------------------------------
(C) Collections (Regular Payments) 2,660,239.49 0.00 2,660,239.49 N/A
-----------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,237,235.88 0.00 2,237,235.88 396
-----------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 45,683.31 0.00 45,683.31 N/A
-----------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------
(H) Gross Charge Offs 191,584.07 0.00 191,584.07 29
-----------------------------------------------------------------------
(I) Repurchases 12,386.55 0.00 12,386.55 19
-----------------------------------------------------------------------
(J) Ending Balance 37,157,388.72 52,245,989.00 89,403,377.72 9698
-----------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 32,995,027.60
-------------
(L) Ending 29,145,945.77
-------------
(M) Certificate Factor 18.4881946% 100.0000000% 35.3059064%
-----------------------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
------------
(A) Cash Wired 5,922,422.97
------------
(B) Interest Wired/Earned 16,370.55
------------
(C) Withdrawal from Payahead Account 45,683.31
------------
(D) Advances 0.00
------------
(E) Repurchases 12,386.55
------------
(F) Gross Charge-Off Recoveries 59,633.46
------------
(G) Gross Charge-Off Advances 9,820.75
------------
(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 6,066,317.59
------------
C. TRUSTEE DISTRIBUTION
Total
------------
(A) Total Cash Flow 6,066,317.59
------------
(B) Unrecovered Interest Advances 9,591.47
------------
(C) Servicing Fee (Due and Unpaid) 78,792.09
------------
(D) Interest to "A-1" Certificate Holders, including Overdue 221,746.18
------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
------------
(F) Interest to "I" Certificate Holders, including Overdue 86,611.95
------------
(G) Principal to "A-1" Certificate Holders, including Overdue 5,147,129.30
------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
------------
(I) Reinsurance Fee 0.00
------------
(J) Surety Bond Fee 11,818.81
------------
(K) First Loss Protection 0.00
------------
(L) Surety Bond Premium 11,818.81
------------
(M) Interest Advance Recovery Payments 25,478.47
------------
(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: September 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 16,370.55
------------
(S) Excess Yield 81,861.21
------------
BALANCE 0.00
------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------------------------
(A) Beginning Balance 3,681,028.60 91,777,569.12
-------------------------------
(B) Additions to Spread Amount 181,861.21 N/A
-------------------------------
(C) Interest Earned 14,867.86
-------------------------------
(D) Draws 0.00 0.00
-------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 135,384.59 0.00
-------------------------------
(G) Ending Balance 3,742,373.08 86,531,801.48
-------------------------------
(H) Required Balance 3,352,626.66 86,531,801.48
-------------------------------
(I) Distribution to "IC" Class 389,746.42
-------------------------------
E. CURRENT RECEIVABLES DELINQUENCY
# Payment Delinquency Number Balance
---------------------- --------------------------------------
(A) 31-60 47 385,494.46
--------------------------------------
(B) 61-90 13 103,687.04
--------------------------------------
(C) 91+ 6 72,693.88
--------------------------------------
(D) Total 66 561,875.38
--------------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- -------------------------------------------------
(A) Current 181,861.21 89,403,377.72 2.4410%
-------------------------------------------------
(B) 1st Previous 176,842.63 94,550,507.02 2.2444%
-------------------------------------------------
(C) 2nd Previous 175,493.75 99,745,602.06 2.1113%
-------------------------------------------------
(D) 3rd Previous 61,129.42 105,557,334.06 0.6949%
-------------------------------------------------
(E) 4th Previous 42,428.84 112,037,334.99 0.4544%
-------------------------------------------------
(F) 5th Previous 210,199.22 118,039,767.11 2.1369%
-------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than or equal to 1.75%) 141,325.85 103,222,320.49 1.6430%
-------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----------------------------------------------------
(A) Current 561,875.38 89,403,377.72 0.6285%
---------------------------------------------------
(B) 1st Previous 552,948.08 94,550,507.02 0.5848%
---------------------------------------------------
(C) 2nd Previous 809,107.22 99,745,602.06 0.8112%
---------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 641,310.23 94,566,495.60 0.6782%
---------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
-------------------------------------------------------------------------
(A) Current 251,575.92 119,625.31 91,976,942.37 1.7215%
-------------------------------------------------------------------------
(B) 1st Previous 380,072.68 213,696.46 97,148,054.54 2.0551%
-------------------------------------------------------------------------
(C) 2nd Previous 401,726.99 212,593.57 102,651,468.06 2.2110%
-------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 344,458.53 181,971.78 97,258,821.66 2.0048%
-------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off Receivables 29 191,584.07
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 793 5,655,506.59
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 59,633.46
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 580,200.50
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 15 163,543.03
---------------------------------------------
(B) Aggregate Repossessions 528 6,212,268.36
---------------------------------------------
(C) Unliquidated Repossessions 16 173,505.43
---------------------------------------------
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 470,361.62
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 45,683.31
----------------------
(D) Ending Balance 424,678.31
----------------------
</TABLE>
Approved By: /s/ MICHAEL A. BENAVIDES
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
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