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Previous: CORE MATERIALS CORP, 10-K405, 1998-03-31 |
Next: FIRST GOLDEN AMERICAN LIFE INSURANCE CO OF NEW YORK, 10-K, 1998-03-31 |
<PAGE>
United States
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
_________________________
FORM 10-K
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ___________________to____________________
Commission file number 333-16233
BAY VIEW SECURITIZATION CORPORATION
(originator of the Bay View 1997-RA-1 Auto Trust discussed herein)
(Exact name of registrant as specified in its charter)
DELAWARE 93-1225376
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
C/O BAY VIEW CAPITAL CORPORATION
1840 Gateway Drive 94404 94404
San Mateo, California (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (650) 573-7300
Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12 (g) of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
requirements for the past 90 days. YES [X] NO [ ]
DOCUMENTS INCORPORATED BY REFERENCE : NONE
1
<PAGE>
PART I
Terms not otherwise defined herein have the meanings set forth in the Pooling
and Servicing Agreement (the "PSA") relating the Bay View 1997-RA-1 Auto Trust.
Item 1. Business
- ------- --------
The sole and only "business" of the Trust is the collection and
distribution of payments on the motor vehicle receivables, in the manner
described in the Registration Statement. Accordingly, there is no relevant
information to report in response to Item 101 of Regulation S-K.
ITEM 2. PROPERTIES
- --------------------
The Trust does not have any physical properties. Accordingly, this item
is inapplicable.
Item 3. Legal Proceedings
- ---------------------------
There are no material pending legal proceedings involving either the Trust,
or, with respect to any Certificates or any other trust property, involving the
Trustee or Bay View Securitization Corporation ("BVSC").
Item 4. Submission of Matters to a Vote of Security Holders
- -------------------------------------------------------------
No votes or consents of Certificateholders were solicited during the
preceding fiscal year for any purpose.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
- -------------------------------------------------------------------------------
There is no established public trading market for the Certificates.
As of December 31, 1997, there were 19 registered Certificateholders.
Since the Trust pays no dividends with respect to the Certificates, the
information required by Item 201 of Regulation S-K regarding dividends is
inapplicable to the Trust. See Exhibit 99-1 for information with respect to
distributions to Certificateholders.
ITEM 6. SELECTED FINANCIAL DATA
- ----------------------------------
No financial data is required of BVSC, as Registrant (Registration
Statement No. 333-16233 on Form S-3), inasmuch as the Registration Statement was
filed for and on behalf of the Trust and, furthermore, because BVSC is not a
guarantor of any of the payments due from the Trust to Certificateholders.
The regular monthly report form, which the Trustee is required to include
with each monthly distribution of Trust assets to Certificateholders, sets forth
for the prior calendar month, as well as cumulatively, all of the relevant
financial information required by the PSA to be reportable to
Certificateholders.
The Bay View 1997 RA-1 Auto Trust Monthly Servicer's Certificate Reports
("Monthly Reports") for the months ending January 31, 1997 through December 31,
1997 are incorporated herein by reference and attached hereto as Exhibit No. 99-
1.
The foregoing presents all relevant financial information relating to the
Trust. Because of the limited business activity of the Trust, the Selected
Financial Data specified in Item 301 of Regulation S-K would not provide
meaningful additional information.
2
<PAGE>
PART II
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
- --------------------------------------------------------------------------
RESULTS OF OPERATIONS
- ---------------------
Because of the limited business activity of the Trust, the presentation of
Management's Discussion and Analysis of Financial Condition and Results of
Operations, as otherwise required by Item 303 of Regulation S-K, would not be
meaningful. All relevant information is contained in the Monthly Reports (filed
under Current Reports on Form 8-K) as described above.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
- ---------------------------------------------------------------------
Because of the limited business activity of the Trust, the presentation of
Quantitative and Qualitative Disclosures About Market Risk, as required by Item
305 of Regulation S-K, would not be meaningful. All relevant information is
contained in the Monthly Reports (filed under Current Reports on Form 8-K) as
described above.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
------- -------------------------------------------
As discussed above, furnishing the traditional financial information required
by Item 8 of Form 10-K would not add relevant information to that provided by
the foregoing statements. Because the Certificates are essentially
"passthrough" securities, the Trust will have "income" only in the limited sense
of collecting payments on the Receivables. The only material items of "expense"
for the Trust will be the amounts paid as servicing compensation and potentially
certain payments relating to any credit enhancement facility. The Monthly
Reports contained in the Current Reports on Form 8-K provide complete
information on the amounts of the "income" and "expenses" of the Trust.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
- ------- ---------------------------------------------------------------
FINANCIAL DISCLOSURE
- --------------------
None.
3
<PAGE>
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
- -----------------------------------------------------------
Not applicable.
ITEM 11. EXECUTIVE COMPENSATION
- -------------------------------
Not applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
- -----------------------------------------------------------------------
As of December 31, 1997, there were 19 registered Certificateholders, all of
whom maintained their security positions with the Depository Trust Company.
While some of these Certificateholders' security positions in the Trust exceeded
5% of the outstanding Certificate Balance, such securities do not constitute
voting securities within the meaning of Item 403 of Regulation S-K.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
- -------------------------------------------------------
BVSC received payments from the Trust in accordance with the terms of the PSA.
4
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
- -------------------------------------------------------------------------
Incorporated herein and attached hereto as Exhibit 99-1 is a copy of the
Monthly Reports to the Trust, for the months ending January 31, 1997, February
28, 1997, March 31, 1997, April 30, 1997, May 31, 1997, June 30, 1997, July 31,
1997, August 31, 1997, September 30, 1997, October 31, 1997, November 30, 1997,
and December 31, 1997. A copy of the Independent Accountants' report is
incorporated herein and attached hereto as Exhibit 99-2.
Current Reports on Form 8-K including Monthly Reports for the months ending
September 30, 1997, October 31, 1997, and November 30, 1997 were filed in the
quarter ended December 31, 1997.
5
<PAGE>
(a)(3) Exhibits
<TABLE>
<CAPTION>
Reference to prior filing
Regulation S-K or Exhibit number
Exhibit Number Document attached hereto
- ------------------------- ----------------------------------------------- -------------------------------
<S> <C> <C>
3.1 Certificate of Incorporation of Bay View *
Securitization Corporation
3.2 Bylaws of Bay View Securitization Corporation *
4.1 Form of Pooling and Servicing Agreement for **
Grantor Trusts, including Form of Certificates
4.2 Form of Standard Terms and Conditions of Bay **
View Grantor Trusts
4.3 Form of Pooling and Servicing Agreement for **
Trusts other than Grantor Trusts, including
Form of Certificates
10 Form of Purchase Agreement **
99.1 Monthly Reports 99.1
99.2 Independent Accountants' Report 99.2
</TABLE>
* Filed as an exhibit to the Registrant's Registration Statement on Form S-3
filed with the Securities and Exchange Commission on November 16, 1996
(File No 333-16233)
** Filed as an exhibit to Pre-Effective Amendment No. One of the Registrant's
Registration Statement on Form S-3 filed with the Securities and Exchange
Commission on January 3, 1997.
6
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
BY: BAY VIEW SECURITIZATION CORPORATION
(ORIGINATOR OF TRUST)
BAY VIEW 1997 RA-1 AUTO TRUST
DATED: MARCH 31, 1998 BY: /S/ DAVID A. HEABERLIN
----------------------
DAVID A. HEABERLIN
TREASURER AND CHIEF FINANCIAL OFFICER
7
<PAGE>
EXHIBIT INDEX
Exhibit No. Document
----------- ----------------------------------------
99.1 Monthly Reports
99.2 Indepent Accountants' Report
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT 99.1
Bay View Securitization Corporation
For Remittance Date: January 31, 1997
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 21,106
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(B) Beginning Balance 200,979,000.00 52,245,989.00 253,224,989.00 21,106
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(C) Collections (Regular Payments) 5,932,048.59 - 5,932,048.59 0
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(D) Collections (Payoffs) 5,769,585.02 - 5,769,585.02 485
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(E) Withdrawal from Payahead (Principal) - - - 0
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(F) Gross Charge Offs - - - 0
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(G) Repurchases - 10,043.34 10,043.34 1
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(H) Ending Balance 189,277,366.39 52,235,945.66 241,513,312.05 20,620
------------------- ------------------- --------------------- --------------
Notional Principal Balance
---------------------
(I) Beginning 175,746,647.00
---------------------
---------------------
(J) Ending 165,280,085.00
---------------------
------------------- ------------------- ---------------------
(K) Certificate Factor 94.1776834% 99.9807768% 95.3749916%
------------------- ------------------- ---------------------
B. CASH FLOW RECONCILIATION
Total
---------------------
(A) Cash Wired 12,455,388.19
---------------------
---------------------
(B) Interest Wired 5,793.43
---------------------
---------------------
(C) Withdrawal from Payahead Account -
---------------------
---------------------
(D) Advances 63,562.49
---------------------
---------------------
(E) Repurchases 10,043.34
---------------------
---------------------
(F) Gross Charge Off Recoveries -
---------------------
---------------------
(G) Gross Charge Off Advances -
---------------------
---------------------
(H) Spread Account Withdrawal -
---------------------
---------------------
(I) "A" Surety Bond Draw for "I" Interest -
---------------------
---------------------
(J) "A" Surety Bond Draw for "A-1" Principal or -
Interest
---------------------
---------------------
(K) "A" Surety Bond Draw for "A-2" Principal or -
Interest
---------------------
---------------------
TOTAL COLLECTIONS 12,534,787.45
---------------------
C. TRUSTEE DISTRIBUTION
Total
---------------------
(A) Total Cash Flow 12,534,787.45
---------------------
---------------------
(B) Unrecovered Interest Advances
---------------------
---------------------
(C) Servicing Fee 14,068.05
---------------------
---------------------
(D) Interest to "A-1" Certificate Holders, including Overdue 70,231.00
---------------------
---------------------
(E) Interest to "A-2" Certificate Holders, including Overdue 19,127.84
---------------------
---------------------
(F) Interest to "I" Certificate Holders, 30,755.66
including Overdue
---------------------
---------------------
(G) Principal to "A-1" Certificate Holders, including Overdue 11,701,633.61
---------------------
(H) Principal to "A-2" Certificate Holders, including Overdue -
---------------------
---------------------
(I) Reinsurance Fee -
---------------------
---------------------
(J) Surety Bond Fee 3,167.42
---------------------
-------------------
(K) First Loss Protection 2,110.00
-------------------
-------------------
(L) Surety Bond Premium 1,057.42
-------------------
---------------------
(M) Interest Advance Recovery Payments -
---------------------
---------------------
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" -
Interest
---------------------
---------------------
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" -
Interest
---------------------
---------------------
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" -
Interest
---------------------
---------------------
(Q) Deposit to Payahead 622,489.74
---------------------
---------------------
(R) Bank Account Interest to Servicer 5,793.43
---------------------
---------------------
(S) Excess Yield 67,520.70
---------------------
---------------------
BALANCE 0.00
---------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: January 31, 1997
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
<S> <C> <C>
Spread Account Surety Bond
------------------- ---------------------
(A) Beginning Balance - -
------------------- ---------------------
------------------- ---------------------
(B) Additions to Spread Account 67,520.70 -
------------------- ---------------------
------------------- ---------------------
(C) Interest Earned - -
------------------- ---------------------
------------------- ---------------------
(D) Draws - -
------------------- ---------------------
------------------- ---------------------
(E) Reimbursement for Prior Draws - -
------------------- ---------------------
------------------- ---------------------
(F) Distribution of Funds to Servicer - -
------------------- ---------------------
------------------- ---------------------
(G) Ending Balance 67,520.70 -
------------------- ---------------------
------------------- ---------------------
(H) Required Balance 3,162,312.36 -
------------------- ---------------------
-------------------
(I) Distribution to "IC" Class -
-------------------
</TABLE>
<TABLE>
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
<S> <C> <C>
------------------- -------------------
(A) 31-60 1 16,879.73
------------------- -------------------
------------------- -------------------
(B) 61-90 0 0.00
------------------- -------------------
------------------- -------------------
(C) 91+ 0 0.00
------------------- -------------------
------------------- -------------------
(D) Total 1 16,879.73
------------------- -------------------
</TABLE>
<TABLE>
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------- ------- -------
<S> <C> <C> <C>
------------------- ------------------- ---------------------
(A) Current 67,520.70 241,513,312.10 0.0280%
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(B) 1st Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(C) 2nd Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(D) 3rd Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(E) 4th Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(F) 5th Previous 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(G) Six Month Rolling Excess Yield 0.00 0.00 #DIV/01
------------------- ------------------- ---------------------
G. DELINQUENCY RATE (30+)
Month Month Balance Pool Balance %
----- ------------- ------------ -
------------------- ------------------- ---------------------
(A) Current 16,880 241,513,312 0.0070%
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(B) 1st Previous 0 0 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(C) 2nd Previous 0 0 #DIV/01
------------------- ------------------- ---------------------
------------------- ------------------- ---------------------
(D) Three-Month Rolling Average 0 0 #DIV/01
------------------- ------------------- ---------------------
</TABLE>
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
<S> <C> <C> <C> <C>
------------------- ------------------- --------------------- --------------
(A) Current 0.00 0.00 120,756,656.05 0.0000%
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(B) 1st Previous 0.00 0.00 0.00 #DIV/01
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(C) 2nd Previous 0.00 0.00 0.00 #DIV/01
------------------- ------------------- --------------------- --------------
------------------- ------------------- --------------------- --------------
(D) Three-Month Rolling Average Net Default Rate 0.00 0.00 0.00 0.0000%
------------------- ------------------- --------------------- --------------
</TABLE>
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------------------- -------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 0 0.00
------------------- -------------------
------------------- -------------------
(B) Gross Charge Offs Cumulative Receivables 0 0.00
------------------- -------------------
------------------- -------------------
(C) Collection Period Recoveries on Charge-Offs 0 0.00
------------------- -------------------
------------------- -------------------
(D) Recoveries on Charge-Offs To-Date 0 0.00
------------------- -------------------
</TABLE>
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: January 31, 1997
<TABLE>
<CAPTION>
J. REPOSSESSIONS
------------------- -------------------
<S> <C> <C>
(A) Collection Period Repossessions 21 317,289.03
------------------- -------------------
------------------- -------------------
(B) Aggregate Repossessions 21 317,289.03
------------------- -------------------
------------------- -------------------
(C) Unliquidated Repossessions 21 317,289.03
------------------- -------------------
K. FORCED PLACE INSURANCE
------------------- -------------------
(A) FPI Charge-Offs 0 0.00
------------------- -------------------
------------------- -------------------
(B) FPI Canceled/Waived/Removed/ Reversed 87 263,667.22
------------------- -------------------
L. PAYAHEAD RECONCILIATION
-------------------
(A) Beginning Balance 0.00
-------------------
-------------------
(B) Deposit 622,489.74
-------------------
-------------------
(C) Withdrawal 0.00
-------------------
-------------------
(D) Ending Balance 622,489.74
-------------------
</TABLE>
Approved By: /s/ Kimberly A. Osborne
-----------------------
Kimberly A. Osborne
Vice President, Controller
3
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: February 28, 1997
A. PRINCIPAL BALANCE RECONCILIATION
<TABLE>
<CAPTION>
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 21,106
(B) Beginning Period Principal Balance 189,277,366.39 52,245,989.00 241,523,355.39 20,621
(C) Collections (Regular Payments) 4,752,049.09 0.00 4,752,049.09 N/A
(D) Collections (Principal Payoffs) 4,424,515.74 0.00 4,424,515.74 447
(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 85,275.36 0.00 85,275.36
(H) Gross Charge Offs 0.00 0.00 0.00 0
(I) Repurchases 63,745.73 0.00 63,745.73 6
-------------- ------------- -------------- ------
(J) Ending Balance 179,951,780.47 52,245,989.00 232,197,769.47 20,168
-------------- ------------- -------------- ------
Notional Principal Balance:
(K) Beginning 165,280,085.00
--------------
(L) Ending 156,693,745.50
--------------
(M) Certificate Factor 89.53760367% 100.0000000% 91.69623045%
-------------- ------------- --------------
B. CASH FLOW RECONCILIATION
Total
--------------
(A) Cash Wired 10,475,909.46
(B) Interest Wired/Earned 42,178.57
(C) Month-end Deposit to Collection Account 1,239,606.35
(D) Withdrawal from Payahead Account 0.00
(E) Advances 444,275.62
(F) Repurchases 63,745.73
(G) Gross Charge-Off Recoveries 0.00
(H) Gross Charge-Off Advances 0.00
(I) Spread Account Withdrawal 0.00
(J) "A" Surety Bond Draw for "I" Interest 0.00
(K) "A" Surety Bond Draw for "A-1" Principal or Interest 0.00
(L) "A" Surety Bond Draw for "A-2" Principal or Interest 0.00
--------------
TOTAL COLLECTIONS 12,265,715.73
--------------
C. TRUSTEE DISTRIBUTION
Total
--------------
(A) Total Cash Flow 12,265,715.73
(B) Unrecovered Interest Advances 0.00
(C) Servicing Fee (Due and Unpaid) 201,269.46
(D) Interest to "A-1" Certificate Holders, including Overdue 992,128.86
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 433,860.22
(G) Principal to "A-1" Certificate Holders, including Overdue 9,325,585.92
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 43,077.86
(K) First Loss Protection 12,887.00
(L) Sure Bond Premium 30,887.00
(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
--------------
</TABLE>
Page 3
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: February 28, 1997
<TABLE>
<CAPTION>
<S> <C> <C>
(Q) Deposit to Payahead 31,820.67
(R) Bank Account Interest to Services 42,178.57
(S) Excess Yield 908,876.61
--------------
BALANCE 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- --------------
(A) Beginning Balance 67,520.70 253,224,989.00
(B) Additions to Spread Amount 908,876.61 N/A
(C) Interest Earned
(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 976,397.31 234,263,521.50
-------------- --------------
(H) Required Balance 3,019,041.94 0.00
(I) Distribution to "IC" class 0.00
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------------- --------------
(A) 31-60 40 427,355.76
(B) 61-90 1 16,899.73
(C) 91 plus 0 0.00
(D) Total 41 444,255.49
</TABLE>
F. EXCESS YIELD
<TABLE>
<CAPTION>
Excess Yield Pool Excess
Month Balance Balance Yield%
----- -------------- -------------- --------------
<S> <C> <C> <C>
(A) Current 908,876.61 232,197,769.47 0.3914%
(B) 1st Previous 67,520.70 241,523,355.39 0.0280%
(C) 2nd Previous 0.00 0.00 #DIV/01
(D) 3rd Previous 0.00 0.00 #DIV/01
(E) 4th Previous 0.00 0.00 #DIV/01
(F) 5th Previous 0.00 0.00 #DIV/01
(G) Six Month Rolling Excess Yield 0.00 0.00 #DIV/01
</TABLE>
G. DELINQUENCY RATE (30 PLUS)
<TABLE>
<CAPTION>
Month Pool
Month Balance Balance %
----- -------------- -------------- --------------
<S> <C> <C> <C>
(A) Current 444,255.49 232,197,769.47 0.1913%
(B) 1st Previous 16,879.73 241,523,355.39 0.0070%
(C) 2nd Previous 0.00 0.00 #DIV/01
(D) Three-Month Rolling Average 0.00 0.00 #DIV/01
</TABLE>
H. NET LOSS RATE
<TABLE>
<CAPTION>
Liquidation Average Defaulted
Month Balance Procceds Balance (Annualized)
----- -------------- ------------- -------------- ------------
<S> <C> <C> <C> <C>
(A) Current 0.00 0.00 236,860,562.43 0.0000%
(B) 1st Previous 0.00 0.00 247,374,172.20 0.0000%
(C) 1st Previous 0.00 0.00 0.00 #DIV/01
(D) Three-Month Rolling Average Net Default Rate 0.00 0.00 0.00 0.0000%
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: February 28, 1997
I. CHARGE-OFF/RECOVERIES
<TABLE>
<CAPTION>
Number Balance
------------- --------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 0 0.00
(B) Gross Charge-Offs Cumulative Receivables 0 0.00
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 31 376,555.31
(B) Aggregate Repossessions 52 693,844.34
(C) Unliquidated Repossessions 50 547,700.29
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 112 410,868.27
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 622,489.74
(B) Deposit 31,820.67
(C) Withdrawal 0.00
(D) Ending Balance 654,310.41
</TABLE>
Page 5
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: MARCH 31, 1997
<TABLE>
<CAPTION>
A. PRINCIPAL BALANCE RECONCILIATION
A-1 A-2 TOTAL NUMBER OF ACCOUNTS
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21,106
--------------------------------------------------------------------------------------------
(B) Beginning Period Principal Balance 179,951,780.47 52,245,989.00 232,197,769.47 20,168
--------------------------------------------------------------------------------------------
(C) Collections (Regular Payments) 5,194,132.92 0.00 5,194,132.92 N/A
--------------------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 4,699,937.08 0.00 4,699,937.08 541
--------------------------------------------------------------------------------------------
(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 29,449.70 0.00 29,449.70
--------------------------------------------------------------------------------------------
(H) Gross Charge Offs 0.00 0.00 0.00 0
--------------------------------------------------------------------------------------------
(I) Repurchases 11,194.23 0.00 11,194.23 1
--------------------------------------------------------------------------------------------
(J) Ending Balance 170,017,066.54 52,245,989.00 222,263,055.54 19,628
--------------------------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 156,693,745.50
-------------------
(L) Ending 147,606,056.15
-------------------
(M) Certificate Factor 84.5944435% 100.0000000% 87.7729550%
------------------------------------------------------------------
<CAPTION>
B. CASH FLOW RECONCILIATION
TOTAL
-------------------
<S> <C>
(A) Cash Wired 13,104,443.25
-------------------
(B) Interest Wired/Earned 47,539.36
-------------------
(C) Withdrawal from Payahead Account 0.00
-------------------
(D) Advances 672,370.18
-------------------
(E) Repurchases 11,194.23
-------------------
(F) Gross Charge-Off Recoveries 0.00
-------------------
(G) Gross Charge-Off Advances 0.00
-------------------
(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 13,835,547.02
-------------------
<CAPTION>
<S> <C>
C. TRUSTEE DISTRIBUTION
TOTAL
-------------------
(A) Total Cash Flow 13,835,547.02
-------------------
(B) Unrecovered Interest Advances 0.00
-------------------
(C) Servicing Fee (Due and Unpaid) 193,498.14
-------------------
(D) Interest to "A-1" Certificate Holders, including Overdue 943,247.25
-------------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-------------------
(F) Interest to "I" Certificate Holders, including Overdue 411,321.08
-------------------
(G) Principal to "A-1" Certificate Holders, including Overdue 9,934,713.93
-------------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-------------------
(I) Reinsurance Fee 0.00
-------------------
(J) Surety Bond Fee 41,288.83
-------------------
(K) First Loss Protection 12,264.11
-------------------
(L) Surety Bond Premium 29,024.72
-------------------
(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
-------------------
</TABLE>
1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: March 31, 1997
<TABLE>
<S> <C> <C> <C>
(Q) Deposit to Payahead 111,609.71
-------------------
(R) Bank Account Interest to Servicer 47,539.36
-------------------
(S) Excess Yield 1,865,411.16
-------------------
BALANCE 0.00
-------------------
D. SPREAD ACCOUNT AND SURETY
RECONCILIATION
SPREAD ACCOUNT SURETY BOND
-------------------------------------------
(A) Beginning Balance 976,397.31 234,263,521.50
-------------------------------------------
(B) Additions to Spread Amount 1,865,411.16 N/A
-------------------------------------------
(C) Interest Earned
-------------------------------------------
(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 2,841,808.47 223,121,642.26
-------------------------------------------
(H) Required Balance 2,902,472.12 223,121,642.26
-------------------------------------------
(I) Distribution to "IC" Class 0.00
------------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
--------------------
-----------------------------------------------
(A) 31-60 55 522,339.76
-----------------------------------------------
(B) 61-90 32 291,498.58
-----------------------------------------------
(C) 91+ 0 0.00
-----------------------------------------------
(D) Total 87 813,838.34
-----------------------------------------------
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS
MONTH BALANCE BALANCE YIELD %
-----
------------------------------------------------------------------
(A) Current 1,865,411.16 222,263,055.54 0.8393%
------------------------------------------------------------------
(B) 1st Previous 908,876.61 232,197,769.47 0.3914%
------------------------------------------------------------------
(C) 2nd Previous 67,520.70 241,523,355.39 0.0280%
------------------------------------------------------------------
(D) 3rd Previous 0.00 0.00 0.0000%
------------------------------------------------------------------
(E) 4th Previous 0.00 0.00 #DIV/01
------------------------------------------------------------------
(F) 5th Previous 0.00 0.00 #DIV/01
------------------------------------------------------------------
(G) Six Month Rolling Excess Yield 0.00 0.00 #DIV/01
------------------------------------------------------------------
G. DELINQUENCY RATE (30+)
MONTH MONTH BALANCE POOL BALANCE %
----- ------------------------------------------------------------------
(A) Current 813,838.34 222,263,055.54 0.3662%
------------------------------------------------------------------
(B) 1st Previous 444,255.49 232,197,769.47 0.1913%
------------------------------------------------------------------
(C) 2nd Previous 16,879.73 241,523,355.39 0.0070%
------------------------------------------------------------------
(D) Three-Month Rolling Average 424,991.19 231,994,726.80 0.1832%
------------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
-----
----------------------------------------------------------------------------------
(A) Current 0.00 0.00 227,230,412.51 0.0000%
----------------------------------------------------------------------------------
(B) 1st Previous 0.00 0.00 236,860,562.43 0.0000%
----------------------------------------------------------------------------------
(C) 2nd Previous 0.00 0.00 247,374,172.20 0.0000%
----------------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate 0.00 0.00 237,155,049.04 0.0000%
----------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: March 31, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
-----------------------------------------------
(A) Collection Period Charge-Off Receivables 0 0.00
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 0 0.00
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs 0 0.00
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date 0 0.00
-----------------------------------------------
J. REPOSSESSIONS
-----------------------------------------------
(A) Collection Period Repossessions 40 463,478.98
-----------------------------------------------
(B) Aggregate Repossessions 92 1,157,323.32
-----------------------------------------------
(C) Unliquidated Repossessions 85 819,085.29
-----------------------------------------------
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 654,310.41
-----------------------
(B) Deposit 111,609.71
-----------------------
(C) Withdrawal 0.00
-----------------------
(D) Ending Balance 765,920.12
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
3
<PAGE>
EXHIBIT 99.1
Bay View Securitization Corporation
For Remittance Date: April 30, 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 21,106
(B) Beginning Period Principal Balance 170,017,066.54 52,245,989.00 222,263,055.54 19,628
(C) Collections (Regular Payments) 4,715,029.07 0.00 4,715,029.07 N/A
(D) Collections (Principal Payoffs) 4,648,228.88 0.00 4,648,228.88 624
(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) 17,759.43 0.00 17,759.43 1
(H) Gross Charge Offs 84,111.63 0.00 84,111.63 10
(I) Repurchases 61,661.26 0.00 61,661.26 35
(J) Ending Balance 160,490,276.27 52,245,989.00 212,736,265.27 18,958
Notional Principal Balance:
(K) Beginning 147,606,056.15
(L) Ending 138,706,230.51
(M) Certificate Factor 79.8542516% 100.0000000% 84.0107709%
B. CASH FLOW RECONCILIATION
Total
-------
(A) Cash Wired 11,989,988.61
(B) Interest Wired/Earned 49,852.87
(C) Withdrawal from Payahead Account 0.00
(D) Advances 152,444.54
(E) Repurchases 61,661.26
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 87,594.56
(H) Spread Account Withdrawal 63,520.28
(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 12,405,062.21
C. TRUSTEE DISTRIBUTION
Total
-------
(A) Total Cash Flow 12,405,062.21
(B) Unrecovered Interest Advances 1,544.11
(C) Servicing Fee (Due and Unpaid) 185,219.21
(D) Interest to "A-1" Certificate Holders, including Overdue 891,172.79
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 387,465.90
(G) Principal to "A-1" Certificate Holders, including Overdue 9,526,790.27
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 36,342.55
(K) First Loss Protection 8,559.67
(L) Surety Bond Premium 27,782.88
(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 58,589.33
</TABLE>
<PAGE>
Bay View Securitization Corporation
For Remittance Date: April 30, 1997
<TABLE>
<CAPTION>
<S> <C> <C>
(A) Bank Account Interest to Servicer 49,852.87
(B) Excess Yield 981,167.62
BALANCE 0.00
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- --------------
<S> <C> <C>
(A) Beginning Balance 2,841,808.47 223,121,642.26
(B) Additions to Spread Amount 981,167.62 N/A
(C) Interest Earned 11,108.90 0.00
(D) Draws 63,520.28 N/A
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 0.00 0.00
(G) Ending Balance 3,834,084.99 211,645,124.37
(H) Required Balance 2,778,288.19 211,645,124.37
(I) Distribution to "IC" Class 1,055,796.79
</TABLE>
E. CURRENT RECEIVABLES DELINQUENCY
<TABLE>
<CAPTION>
#Payment Delinquency Number Balance
------------------------------- ------ ----------
<S> <C> <C>
(A) 31-60 55 458,275.41
(B) 61-90 45 433,843.80
(C) 91+ 0 0.00
(D) Total 100 892,119.21
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------------ ------- -------
<S> <C> <C> <C>
(A) Current 981,167.62 212,736,265.27 0.4612%
(B) 1st Previous 1,865,411.16 222,263,055.54 0.8393%
(C) 2nd Previous 908,876.61 232,197,769.47 0.3914%
(D) 3rd Previous 67,520.70 241,523,355.39 0.0280%
(E) 4th Previous 0.00 0.00 #DIV/01
(F) 5th Previous 0.00 0.00 #DIV/01
(G) Six-Month Rolling Excess Yield 0.00 0.00 #DIV/01
<CAPTION>
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -------
<S> <C> <C> <C>
(A) Current 892,119.21 212,736,265.27 0.4194%
(B) 1st Previous 813,838.34 222,263,055.54 0.3662%
(C) 2nd Previous 444,255.49 232,197,769.47 0.1913%
(D) Three-Month Rolling Average 716,737.68 222,399,030.09 0.3223%
</TABLE>
H. NET LOSS RATE
<TABLE>
<CAPTION>
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- ----------- ------- ------------
<S> <C> <C> <C> <C>
(A) Current 84,111.63 0.00 217,499,660.41 0.0387%
(B) 1st Previous 45,171.47 0.00 227,230,412.51 0.0199%
(C) 2nd Previous 11,384.76 0.00 236,860,562.43 0.0048%
(D) Three-Month Rolling Average Net Default Rate 46,889.29 0.00 227,196,878.45 0.0206%
</TABLE>
<PAGE>
Bay View Securitization Corporation
For Remittance Date: April 30, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 10 84,111.63
(B) Gross Charge-Offs Cumulative Receivables 17 140,667.86
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 40 477,482.23
(B) Aggregate Repossessions 132 1,634,805.55
(C) Unliquidated Repossessions 109 1,021,155.90
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 108 332,444.28
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 765,920.12
(B) Deposit 58,589.33
(C) Withdrawal 0.00
(D) Ending Balance 824,509.45
</TABLE>
Approved By: /s/ Michael A. Benavides
--------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
<PAGE>
Bay View Securitization Corporation
For Remittance Date: May 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 21,106
(B) Beginning Period Principal Balance .......................... 160,490,276.27 52,245,989.00 212,736,265.27 18,958
(C) Collections (Regular Payments) .............................. 4,797,149.04 0.00 4,797,149.04 N/A
(D) Collections (Principal Payoffs) ............................. 4,874,102.71 0.00 4,874,102.71 585
(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 ........................................... 147,803.55 0.00 147,803.55 20
(I) Repurchases ................................................. 25,343.10 0.00 25,343.10 24
(J) Ending Balance .............................................. 150,645,877.87 52,245,989.00 202,891,866.87 18,329
Notional Principal Balance:
(K) Beginning .................................................. 138,706,230.51
(L) Ending ..................................................... 129,997,514.89
(M) Certificate Factor ......................................... 74.95602% 100.00000% 80.1231615%
B. CASH FLOW RECONCILIATION
Total
-----
(A) Cash Wired .................................................. 12,226,104.24
(B) Interest Wired/Earned ....................................... 51,549.48
(C) Withdrawal from Payahead Account ............................ 0.00
(D) Advances .................................................... 110,021.75
(E) Repurchases ................................................. 25,343.10
(F) Gross Charge-Off Recoveries ................................. 0.00
(G) Gross Charge-Off Advances ................................... 33.75
(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 ....................................... 12,413,052.32
C. TRUSTEE DISTRIBUTION
Total
-----
(A) Total Cash Flow ............................................. 12,413,052.32
(B) Unrecovered Interest Advances ............................... 6.75
(C) Servicing Fee (Due and Unpaid) .............................. 177,280.22
(D) Interest to "A-1" Certificate Holders, including Overdue .... 841,236.53
(E) Interest to "A-2" Certificate Holders, including Overdue .... 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue ...... 364,103.86
(G) Principal to "A-1" Certificate Holders, including Overdue ... 9,844,398.40
(H) Principal to "A-2" Certificate Holders, including Overdue ... 0.00
(I) Reinsurance Fee ............................................. 0.00
(J) Surety Bond Fee ............................................. 32,882.63
(K) First Loss Protection..................................... 6,290.60
(L) Surety Bond Premium ..................................... 26,592.03
(M) Interest Advance Recovery Payments .......................... 0.00
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" 0.00
Interest ...................................................
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" 0.00
Interest ...................................................
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" 0.00
Interest ...................................................
(Q) Deposit to Payahead ......................................... 23,897.50
</TABLE>
1
<PAGE>
Bay View Securitization Corporation
For Remittance Date: May 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Account Interest to Servicer ................................ 51,549.48
(S) Excess Yield ................................................ 790,779.39
BALANCE ................................................ 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance .......................................... 3,834,084.99 211,645,232.26
(B) Additions to Spread Amount ................................. 790,779.39 N/A
(C) Interest Earned ............................................ 12,777.32
(D) Draws ...................................................... (63,520.28) 0.00
(E) Reimbursement for Prior Draws .............................. N/A 0.00
(F) Distribution of Funds to Servicer .......................... 1,055,796.79 0.00
(G) Ending Balance ............................................. 3,518,324.63 201,783,116.93
(H) Required Balance ........................................... 2,659,203.32 201,783,116.93
(I) Distribution to "IC" Class ................................. 859,121.31
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 ...................................................... 60 524,148.50
(B) 61-90 ...................................................... 58 397,528.69
(C) 91+ ........................................................ 0 0.00
(D) Total ...................................................... 118 921,677.19
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------- ------- -------
(A) Current .................................................... 790,779.39 202,891,866.87 0.3898%
(B) 1st Previous ............................................... 981,167.62 212,736,265.27 0.4612%
(C) 2nd Previous ............................................... 1,865,411.16 222,263,055.54 0.8393%
(D) 3rd Previous ............................................... 908,876.61 232,197,769.47 0.3914%
(E) 4th Previous ............................................... 67,520.70 241,523,355.39 0.0280%
(F) 5th Previous ............................................... 0.00 0.00 0.0000%
(G) Six-Month Rolling Excess Yield ............................. 0.00 0.00 0.0000%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -
(A) Current .................................................... 921,677.19 202,891,866.87 0.4543%
(B) 1st Previous ............................................... 892,119.21 212,736,265.27 0.4194%
(C) 2nd Previous ............................................... 813,838.34 222,263,055.54 0.3662%
(D) Three-Month Rolling Average ................................ 875,878.25 212,630,395.89 0.4119%
</TABLE>
<TABLE>
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
<S> <C> <C> <C> <C>
(A) Current .................................................... 147,803.55 0.00 207,814,066.07 0.0711%
(B) 1st Previous ............................................... 84,111.63 0.00 217,499,660.41 0.0387%
(C) 2nd Previous ............................................... 45,171.47 0.00 227,230,412.51 0.0199%
(D) Three-Month Rolling Average Net Default Rate ............... 92,362.22 0.00 217,514,712.99 0.0425%
</TABLE>
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: May 31, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables ................... 20 147,803.55
(B) Gross Charge-Offs Cumulative Receivables ................... 37 288,471.41
(C) Collection Period Recoveries on Charge-Offs ................ 0 0.00
(D) Recoveries on Charge-Offs To-Date .......................... 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions ............................ 21 249,630.44
(B) Aggregate Repossessions .................................... 153 1,884,435.99
(C) Unliquidated Repossessions ................................. 110 917,084.58
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs ............................................ 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed ....................... 81 253,225.78
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance .......................................... 824,509.45
(B) Deposit .................................................... 23,897.50
(C) Withdrawal ................................................. 0.00
(D) Ending Balance ............................................. 848,406.95
</TABLE>
Approved By: /s/ Michael A. Benavides
-------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
3
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
A. PRINCIPAL BALANCE RECONCILIATION
NUMBER OF
A-1 A-2 TOTAL ACCOUNTS
--- --- ----- ---------
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21,106
(B) Beginning Period Principal Balance 150,645,877.87 52,245,989.00 202,891,866.87 18,329
(C) Collections (Regular Payments) 4,491,794.25 0.00 4,491,794.25 N/A
(D) Collections (Principal Payoffs) 4,431,550.16 0.00 4,431,550.16 601
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 20,317.49 0.00 20,317.49 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 252,352.37 0.00 252,352.37 34
(I) Repurchases 32,180.37 0.00 32,180.37 25
-------------- ------------- -------------- ------
(J) Ending Balance 141,417,683.23 52,245,989.00 193,663,672.23 17,669
Notional Principal Balance:
(K) Beginning 129,997,514.89
(L) Ending 121,483,203.97
(M) Certificate Factor 70.3644078% 100.0000000% 76.4788945%
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 11,337,477.70
(B) Interest Wired/Earned 46,612.64
(C) Withdrawal from Payahead Account 20,317.49
(D) Advances 38,355.64
(E) Repurchases 32,180.37
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 1,496.04
(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 11,476,439.88
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 11,476,439.88
(B) Unrecovered Interest Advances 1,462.40
(C) Servicing Fee (Due and Unpaid) 169,076.56
(D) Interest to "A-1" Certificate Holders, including Overdue 789,635.48
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 341,243.48
(G) Principal to "A-1" Certificate Holders, including Overdue 9,228,194.64
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 31,601.59
(K) First Loss Protection 6,240.11
(L) Surety Bond Premium 25,361.48
(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>
3
<PAGE>
BAY VIEW SECURIZATION CORPORATION
For Remittance Date: June 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
(R) Account Interest to Servicer 46,612.64
(S) Excess Yield 581,695.55
BALANCE 0.00
------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
-------------- --------------
(A) Beginning Balance 3,518,324.63 201,783,116.93
(B) Additions to Spread Amount 581,695.55 N/A
(C) Interest Earned 11,672.07
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 859,121.31 0.00
(G) Ending Balance 3,252,570.94 191,752,538.16
(H) Required Balance 2,536,148.34 191,752,538.16
(I) Distribution to "IC" Class 716,422.60
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- --------- -----------
(A) 31-60 58 505,828.44
(B) 61-90 55 373,447.24
(C) 91+ 0 0.00
(D) Total 113 879,275.68
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS
MONTH BALANCE BALANCE YIELD %
----- -------------- -------------- -------------
(A) Current 581,695.55 193,663,672.23 0.3004%
(B) 1st Previous 790,779.39 202,891,866.87 0.3898%
(C) 2nd Previous 981,167.62 212,736,265.27 0.4612%
(D) 3rd Previous 1,865,411.16 222,263,055.54 0.8393%
(E) 4th Previous 908,876.61 232,197,769.47 0.3914%
(F) 5th Previous 67,520.70 241,523,355.39 0.0280%
(G) Six-Month Rolling Excess Yield 865,908.50 217,545,997.46 0.3980%
G. DELINQUENCY RATE (30+)
MONTH POOL
MONTH BALANCE BALANCE %
----- ---------- --------------
(A) Current 879,275.68 193,663,672.23 0.4540%
(B) 1st Previous 921,677.19 202,891,866.87 0.4543%
(C) 2nd Previous 892,119.21 212,736,265.27 0.4194%
(D) Three-Month Rolling Average 897,690.69 203,097,268.12 0.4420%
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULT
MONTH BALANCE FEES BALANCE (ANNUALIZED)
----- ---------- ------------- -------------- ------------
(A) Current 252,352.37 0.00 198,277,769.55 0.1273%
(B) 1st Previous 147,803.55 0.00 207,814,066.07 0.0711%
(C) 2nd Previous 84,111.63 0.00 217,499,660.41 0.0387%
(D) Three-Month Rolling Average Net Default Rate 161,422.52 0.00 207,863,832.01 0.0777%
</TABLE>
4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1997
<TABLE>
<CAPTION>
NUMBER BALANCE
---------- ------------
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
(A) Collection Period Charge-Off Receivables 34 252,352.37
(B) Gross Charge-Offs Cumulative Receivables 71 540,823.78
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 33 375,084.65
(B) Aggregate Repossessions 186 2,259,520.64
(C) Unliquidated Repossessions 120 994,247.83
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 50 128,295.37
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 848,406.95
(B) Deposit 0.00
(C) Withdrawal 20,317.49
(D) Ending Balance 828,089.46
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
5
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 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 21,106
(B) Beginning Period Principal Balance 141,417,683.23 52,245,989.00 193,663,672.23 17,669
(C) Collections (Regular Payments) 4,422,480.82 0.00 4,422,480.82 N/A
(D) Collections (Principal Payoffs) 4,203,791.51 0.00 4,203,791.51 571
(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 186,051.40 0.00 186,051.40 28
(I) Repurchases 29,784.99 0.00 29,784.99 20
(J) Ending Balance 132,575,574.51 52,245,989.00 184,821,563.51 17,050
Notional Principal Balance:
(K) Beginning 121,483,203.97
(L) Ending 113,166,641.44
(M) Certificate Factor 65.9648891% 100.0000000% 72.9870951%
B. CASH FLOW RECONCILIATION
Total
---------------------
(A) Cash Wired 10,940,959.85
(B) Interest Wired/Earned 44,569.17
(C) Withdrawal from Payahead Account 0.00
(D) Advances 0.00
(E) Repurchases 29,784.99
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 7,386.58
(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 11,022,700.59
C. TRUSTEE DISTRIBUTION
Total
---------------------
(A) Total Cash Flow 11,022,700.59
(B) Unrecovered Interest Advances 4,769.41
(C) Servicing Fee (Due and Unpaid) 161,386.39
(D) Interest to "A-1" Certificate Holders, including Overdue 741,264.36
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 318,893.41
(G) Principal to "A-1" Certificate Holders, including Overdue 8,842,108.72
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 30,338.36
(K) First Loss Protection 6,130.40
(L) Surety Bond Premium 24,207.96
(M) Interest Advance Recovery Payments 44,783.04
(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 7,434.48
</TABLE>
Page 3
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Account Interest to Servicer 44,569.17
(S) Excess Yield 540,235.71
BALANCE 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
------------------- ---------------------
(A) Beginning Balance 3,252,570.94 191,752,538.16
(B) Additions to Spread Amount 540,235.71 N/A
(C) Interest Earned 11,910.89
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Prior month distribution to "IC" Class 716,422.60 0.00
(G) Ending Balance 3,088,294.94 183,793,876.89
(H) Required Balance 2,420,795.90 183,793,876.89
(I) Distribution to "IC" Class 667,499.04
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------------------- -------------------
(A) 31-60 76 650,012.46
(B) 61-90 51 386,238.95
(C) 91+ 0 0.00
(D) Total 127 1,036,251.41
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------------------- ------------------- ---------------------
(A) Current 540,235.71 184,821,563.51 0.2923%
(B) 1st Previous 581,695.55 193,663,672.23 0.3004%
(C) 2nd Previous 790,779.39 202,891,866.87 0.3898%
(D) 3rd Previous 981,167.62 212,736,265.27 0.4612%
(E) 4th Previous 1,865,411.16 222,263,055.54 0.8393%
(F) 5th Previous 908,876.61 232,197,769.47 0.3914%
(G) Six-Month Rolling Excess Yield 944,694.34 208,095,698.82 0.4540%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------------------- ------------------- ---------------------
(A) Current 1,036,251.41 184,821,563.51 0.5607%
(B) 1st Previous 879,275.68 193,663,672.23 0.4540%
(C) 2nd Previous 921,677.19 202,891,866.87 0.4543%
(D) Three-Month Rolling Average 945,734.76 193,792,367.54 0.4880%
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------- ------------------- --------------------- --------------
(A) Current 186,051.40 0.00 189,242,617.87 0.0983%
(B) 1st Previous 252,352.37 0.00 198,277,769.55 0.1273%
(C) 2nd Previous 147,803.55 0.00 207,814,066.07 0.0711%
(D) Three-Month Rolling Average Net Default Rate 195,402.44 0.00 198,444,817.83 0.0985%
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
------------------- -------------------
(A) Collection Period Charge-Off Receivables 28 186,051.40
(B) Gross Charge-Offs Cumulative Receivables 99 726,875.18
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 32 351,691.30
(B) Aggregate Repossessions 218 2,611,211.94
(C) Unliquidated Repossessions 136 1,096,063.43
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 52 182,254.39
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 828,089.46
(B) Deposit 7,434.48
(C) Withdrawal 0.00
(D) Ending Balance 835,523.94
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
Page 5
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 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 132,575,574.51 52,245,989.00 184,821,563.51 17050
(C) Collections (Regular Payments) 4,023,008.39 0.00 4,023,008.39 N/A
(D) Collections (Principal Payoffs) 4,038,378.38 0.00 4,038,378.38 534
(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 166,180.81 0.00 166,180.81 23
(I) Repurchases 35,189.98 0.00 35,189.98 24
(J) Ending Balance 124,312,816.95 52,245,989.00 176,558,805.95 16469
Notional Principal Balance:
(K) Beginning 113,166,641.44
(L) Ending 105,051,220.71
(M) Certificate Factor 61.8536349% 100.0000000% 69.7240848%
B. CASH FLOW RECONCILIATION
Total
-----
(A) Cash Wired 10,134,049.92
(B) Interest Wired/Earned 45,404.23
(C) Withdrawal from Payahead Account 0.00
(D) Advances 145,060.23
(E) Repurchases 35,189.98
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 3,931.29
(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 0.00
Interest
(K) "A" Surety Bond Draw for "A-2" Principal or 0.00
Interest
TOTAL COLLECTIONS 10,363,635.65
C. TRUSTEE DISTRIBUTION
Total
-----
(A) Total Cash Flow 10,363,635.65
(B) Unrecovered Interest Advances 3,824.91
(C) Servicing Fee (Due and Unpaid) 154,017.97
(D) Interest to "A-1" Certificate Holders, including Overdue 694,916.97
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 297,062.43
(G) Principal to "A-1" Certificate Holders, including Overdue 8,262,757.56
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 28,990.47
(K) First Loss Protection 5,887.77
(L) Surety Bond Premium 23,102.70
(M) Interest Advance Recovery Payments 0.00
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" 0.00
Interest
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" 0.00
Interest
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" 0.00
Interest
(Q) Deposit to Payahead 1,569.11
</TABLE>
1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1997
<TABLE>
<S> <C>
(R) Bank Account Interest to Servicer 45,404.23
(S) Excess Yield 588,174.44
BALANCE 0.00
</TABLE>
<TABLE>
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -----------
<S> <C> <C> <C> <C>
(A) Beginning Balance 3,088,294.93 183,793,876.89
(B) Additions to Spread Amount 588,174.44 N/A
(C) Interest Earned 11,721.60
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 667,499.03 0.00
(G) Ending Balance 3,020,691.94 175,570,924.98
(H) Required Balance 2,310,269.54 175,570,924.98
(I) Distribution to "IC" Class 710,422.40
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 65 491,900.11
(B) 61-90 62 582,966.95
(C) 91+ 0 0.00
(D) Total 127 1,074,867.06
F. EXCESS YIELD
Excess Yield Pool Excess
Month Balance Balance Yield %
----- ------- ------- -------
(A) Current 588,174.45 176,558,805.95 0.3331%
(B) 1st Previous 540,235.70 184,821,563.51 0.2923%
(C) 2nd Previous 581,695.55 193,663,672.23 0.3004%
(D) 3rd Previous 790,779.39 202,891,866.87 0.3898%
(E) 4th Previous 981,167.62 212,736,265.27 0.4612%
(F) 5th Previous 1,865,411.16 222,263,055.54 0.8393%
(G) Six-Month Rolling Excess Yield 891,243.98 198,822,538.23 0.4483%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -
(A) Current 1,074,867.06 176,558,805.95 0.6088%
(B) 1st Previous 1,036,251.41 184,821,563.51 0.5607%
(C) 2nd Previous 879,275.68 193,663,672.23 0.4540%
(D) Three-Month Rolling Average 996,798.05 185,014,680.56 0.5388%
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
(A) Current 166,180.81 0.00 180,690,184.73 1.1036%
(B) 1st Previous 186,051.40 0.00 189,242,617.87 1.1798%
(C) 2nd Previous 252,352.37 0.00 198,277,769.55 1.5273%
(D) Three-Month Rolling Average Net Default Rate 201,528.19 0.00 189,403,524.05 1.2768%
</TABLE>
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 23 166,180.81
(B) Gross Charge-Offs Cumulative Receivables 122 893,055.99
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 32 396,665.72
(B) Aggregate Repossessions 250 3,007,877.65
(C) Unliquidated Repossessions 147 1,277,289.07
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/ Reversed 59 163,625.66
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 835,523.94
(B) Deposit 1,569.11
(C) Withdrawal 0.00
(D) Ending Balance 837,093.05
</TABLE>
Approved By: /s/ Michael A. Benavides
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
3
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 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 124,312,816.95 52,245,989.00 176,558,805.95 16469
(C) Collections (Regular Payments) 4,154,162.51 0.00 4,154,162.51 N/A
(D) Collections (Principal Payoffs) 3,725,745.67 0.00 3,725,745.67 512
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 13,530.96 0.00 13,530.96 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 187,635.43 0.00 187,635.43 25
(I) Repurchases 17,764.95 0.00 17,764.95 11
(J) Ending Balance 116,213,977.43 52,245,989.00 168,459,966.43 15921
Notional Principal Balance:
(K) Beginning 105,051,220.71
(L) Ending 97,140,385.56
(M) Certificate Factor 57.8239405% 100.0000000% 66.5258066%
B. CASH FLOW RECONCILIATION
Total
-----
(A) Cash Wired 10,007,129.54
(B) Interest Wired/Earned 37,023.39
(C) Withdrawal from Payahead Account 13,530.96
(D) Advances 0.00
(E) Repurchases 17,764.95
(F) Gross Charge-Off Recoveries 0.00
(G) Gross Charge-Off Advances 0.00
(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 10,075,448.84
C. TRUSTEE DISTRIBUTION
Total
-----
(A) Total Cash Flow 10,075,448.84
(B) Unrecovered Interest Advances 0.00
(C) Servicing Fee (Due and Unpaid) 147,132.34
(D) Interest to "A-1" Certificate Holders, including Overdue 651,606.35
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 275,759.45
(G) Principal to "A-1" Certificate Holders, including Overdue 8,098,839.52
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 27,564.11
(K) First Loss Protection 5,494.26
(L) Surety Bond Premium 22,069.85
(M) Interest Advance Recovery Payments 104,636.18
(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>
1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 1997
<TABLE>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 37,023.39
(S) Excess Yield 445,969.94
BALANCE 0.00
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance 3,020,691.94 175,570,924.98
(B) Additions to Spread Amount 445,969.94 N/A
(C) Interest Earned 9,893.84
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 710,422.40 0.00
(G) Ending Balance 2,766,133.32 167,511,112.58
(H) Required Balance 3,165,312.36 167,511,112.58
(I) Distribution to "IC" Class -399,179.04
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 65 605,532.06
(B) 61-90 48 339,351.88
(C) 91+ 0 0.00
(D) Total 113 944,883.94
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------- ------- --------------
(A) Current 445,969.94 168,459,966.43 3.1768%
(B) 1st Previous 588,174.45 176,558,805.95 3.9976%
(C) 2nd Previous 540,235.70 184,821,563.51 3.5076%
(D) 3rd Previous 581,695.55 193,663,672.23 3.6044%
(E) 4th Previous 790,779.39 202,891,866.87 4.6770%
(F) 5th Previous 981,167.62 212,736,265.27 5.5346%
(G) Six-Month Rolling Excess Yield (Greater than or=1.75%) 654,670.44 189,855,356.71 4.1379%
G. DELINQUENCY RATE (30+)
Month Pool
Month Balance Balance %
----- ------- ------- -
(A) Current 944,883.94 168,459.966.43 0.5609%
(B) 1st Previous 1,074,867.06 176,558,805.95 0.6088%
(C) 2nd Previous 1,036,251.41 184,821,563.51 0.5607%
(D) Three-Month Rolling Average (Less than 2%) 1,018,667.47 176,613,445.30 0.5768%
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- -------- ------- ------------
(A) Current 187,635.43 0.00 172,509,386.19 1.3052%
(B) 1st Previous 166,180.81 0.00 180,690,184.73 1.1036%
(C) 2nd Previous 186,051.40 0.00 189,242,617.87 1.1798%
(D) Three-Month Rolling Average Net Default Rate
Less than 3% 179,955.88 0.00 180,814,062.93 1.1943%
</TABLE>
2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 1997
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -------
<S> <C> <C> <C> <C>
(A) Collection Period Charge-Off Receivables 25 187,635.43
(B) Gross Charge-Offs Cumulative Receivables 147 1,080,691.42
(C) Collection Period Recoveries on Charge-Offs 0 0.00
(D) Recoveries on Charge-Offs To-Date 0 0.00
J. REPOSSESSIONS
(A) Collection Period Repossessions 24 289,919.44
(B) Aggregate Repossessions 274 3,297,797.09
(C) Unliquidated Repossessions 157 1,363,810.64
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/ Reversed 56 192,744.31
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 837,093.05
(B) Deposit 0.00
(C) Withdrawal 13,530.96
(D) Ending Balance 823,562.09
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
3
<PAGE>
Bay View Securitization Corporation
For Remittance Date: October 31, 1997
A. Principal Balance Reconciliation
<TABLE>
<CAPTION>
A-1 A-2 Total Number of
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 116,213,977.43 52,245,989.00 168,459,966.43 15921
(C) Collections (Regular Payments) 4,545,290.12 0.00 4,545,290.12 N/A
(D) Collections (Principal Payoffs) 3,484,369.85 0.00 3,484,369.85 511
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 213,727.11 0.00 213,727.11 N/A
(G) Principal Reductions (Other) (130,626.01) 0.00 (130,626.01) (1)
(H) Gross Charge Offs 1,447,146.57 0.00 1,447,146.57 196
(I) Repurchases 35,702.14 0.00 35,702.14 24
(J) Ending Balance 106,618,367.65 52,245,989.00 158,864,356.65 15191
Notional Principal Balance:
(K) Beginning 97,140,385.56
(L) Ending 89,437,630.88
(M) Certificate Factor 53.0495065% 100.0000000% 62.7364453%
B. Cash Flow Reconciliation Total
-----
(A) Cash Wired 10,353,840.15
(B) Interest Wired/Earned 44,298.70
(C) Withdrawal from Payahead Account 213,727.11
(D) Advances 0.00
(E) Repurchases 35,702.14
(F) Gross Charge-Off Recoveries 118,733.06
(G) Gross Charge-Off Advances 57,209.57
(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 10,823,510.73
C. Trustee Distribution
Total
-----
(A) Total Cash Flow 10,823,510.73
(B) Unrecovered Interest Advances 14,850.52
(C) Servicing Fee (Due and Unpaid) 140,383.31
(D) Interest to "A-1" Certificate Holders, including Overdue 609,154.93
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 254,993.51
(G) Principal to "A-1" Certificate Holders, including Overdue 9,595,609.78
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 26,376.30
(K) First Loss Protection 5,318.80
(L) Surety Bond Premium 21,057.50
(M) Interest Advance Recovery Payments 33,205.66
(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>
Bay View Securitization Corporation
For Remittance Date: October 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 44,298.70
(S) Excess Yield (182,279.53)
Balance 0.00
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance 2,766,133.32 167,511,112.58
(B) Additions to Spread Amount (182,279.53) N/A
(C) Interest Earned 13,776.84
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer (399,179.04) 0.00
(G) Ending Balance 2,996,809.67 156,990,493.59
(H) Required Balance 3,165,312.36 156,990,493.59
(I) Distribution to "IC" Class (168,502.69)
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 52 415,290.24
(B) 61-90 44 421,490.60
(C) 91+ 0 0.00
(D) Total 96 836,780.84
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ----------- ------- ------------
(A) Current (182,279.53) 158,864,356.65 -1.3769%
(B) 1st Previous 445,969.94 167,185,438.37 3.2010%
(C) 2nd Previous 588,174.45 175,522,760.36 4.0212%
(D) 3rd Previous 540,235.70 183,993,547.69 3.5234%
(E) 4th Previous 581,695.55 193,013,365.72 3.6165%
(F) 5th Previous 790,779.39 202,409,322.70 4.6882%
(G) Six-Month Rolling Excess Yield (/=1.75%) 460,762.58 180,164,798.58 3.0689%
G. Delinquency Rate (30+)
Month Pool
Month Balance Balance %
----- ------- ------- ------
(A) Current 836,780.84 158,864.356.65 0.5267%
(B) 1st Previous 944,326.68 167,185,438.37 0.5648%
(C) 2nd Previous 1,069,816.63 175,522,760.36 0.6095%
(D) Three-Month Rolling Average (/2%) 950,308.05 167,190,851.79 0.5684%
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- --------- ------- -----------
(A) Current 424,197.36 157,401.82 163,662,161.54 1.9562%
1st Previous 509,578.02 104,619.78 171,354,099.37 2.8359%
2nd Previous 392,225.41 85,552.05 179,758,154.03 2.0472%
Three-Month Rolling Average Net Default Rate /3% 442,000.26 115,857.88 171,591,471.64 2.2808%
</TABLE>
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: October 31, 1997
<TABLE>
<CAPTION>
I. Charge-Off / Recoveries
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 196 1,447,146.57
(B) Gross Charge-Offs Cumulative Receivables 336 2,475,086.40
(C) Collection Period Recoveries on Charge-Offs NA 122,537.70
(D) Recoveries on Charge-Offs To-Date NA 122,537.70
J. Repossessions
(A) Collection Period Repossessions 30 310,400.97
(B) Aggregate Repossessions 300 3,536,222.38
(C) Unliquidated Repossessions 71 631,582.08
K. Forced Place Insurance
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/ Reversed 50 174,302.93
L. Payahead Reconciliation
(A) Beginning Balance 823,562.09
(B) Deposit 0.00
(C) Withdrawal 213,727.11
(D) Ending Balance 609,834.98
</TABLE>
Approved By: /s/ Michael A. Benavides
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
3
<PAGE>
Bay View Securitization Corporation
For Remittance Date: November 30, 1997
<TABLE>
<CAPTION>
A. Principal Balance Reconciliation
A-1 A-2 Total Number of
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 106,618,367.65 52,245,989.00 158,864,356.65 15191
(C) Collections (Regular Payments) 3,686,164.32 0.00 3,686,164.32 N/A
(D) Collections (Principal Payoffs) 2,806,399.26 0.00 2,806,399.26 424
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 25,575.76 0.00 25,575.76 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 379,487.42 0.00 379,487.42 44
(I) Repurchases 10,633.98 0.00 10,633.98 17
(J) Ending Balance 99,710,106.91 52,245,989.00 151,956,095.91 14706
Notional Principal Balance:
(K) Beginning 89,437,630.88
(L) Ending 81,946,503.34
(M) Certificate Factor 49.6122017% 100.0000000% 60.0083335%
B. Cash Flow Reconciliation
Total
-----
(A) Cash Wired 8,243,883.96
(B) Interest Wired/Earned 31,266.02
(C) Withdrawal from Payahead Account 25,575.76
(D) Advances 91,287.10
(E) Repurchases 10,633.98
(F) Gross Charge-Off Recoveries 15,507.15
(G) Gross Charge-Off Advances 27,224.87
(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 8,445,378.84
C. Trustee Distribution
Total
-----
(A) Total Cash Flow 8,445,378.84
(B) Unrecovered Interest Advances 26,835.08
(C) Servicing Fee (Due and Unpaid) 132,386.96
(D) Interest to "A-1" Certificate Holders, including Overdue 558,857.94
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including 234,773.78
(G) Principal to "A-1" Certificate Holders, including Overdue 6,908,260.74
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 29,948.75
(K) First Loss Protection 10,090.71
(L) Surety Bond Premium 19,858.04
(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 3
<PAGE>
Bay View Securitization Corporation
For Remittance Date: November 30, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 31,266.02
(S) Excess Yield 236,132.00
Balance 0.00
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
-------------- -----------
(A) Beginning Balance 2,996,809.67 156,990,493.59
(B) Additions to Spread Amount 236,132.00 N/A
(C) Interest Earned 13,275.72
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer (168,502.69) 0.00
(G) Ending Balance 3,414,720.08 150,003,719.79
(H) Required Balance 3,165,312.36 150,003,719.79
(I) Distribution to "IC" Class 249,407.72
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- ------ -------
(A) 31-60 44 346,173.40
(B) 61-90 37 311,876.81
(C) 91+ 0 0.00
(D) Total 81 658,050.21
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------- ------- ------------
(A) Current 236,132.00 151,956,095.91 1.8647%
(B) 1st Previous (182,279.53) 158,864,356.65 -1.3769%
(C) 2nd Previous 445,969.94 167,185,438.37 3.2010%
(D) 3rd Previous 588,174.45 175,522,760.36 4.0212%
(E) 4th Previous 540,235.70 183,993,547.69 3.5234%
(F) 5th Previous 581,695.55 193,013,365.72 3.6165%
(G) Six-Month Rolling Excess 368,321.35 171,755,927.45 2.5733%
Yield (greater than=1.75%)
G. Delinquency Rate (30+)
Month Pool
Month Balance Balance %
----- ------- ------- ------
(A) Current 658,050.21 151,956.095.91 0.4331%
(B) 1st Previous 836,780.84 158,864.356.65 0.5267%
(C) 2nd Previous 944,326.68 167,185,438.37 0.5648%
(D) Three-Month Rolling Average 813,052.58 159,335,296.98 0.5103%
(less than 2%)
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------- ----------- ------- ----------
(A) Current 473,465.62 109,244.10 155,410,226.28 2.8123%
(B) 1st Previous 424,197.36 157,401.82 163,662,161.54 1.9562%
(C) 2nd Previous 509,578.02 104,619.78 171,354,099.37 2.8359%
(D) Three-Month Rolling Average Net Default Rate less than 3% 469,080.33 123,755.23 163,475,495.73 2.5349%
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: November 30, 1997
<TABLE>
<CAPTION>
I. Charge-Off / Recoveries
Number Balance
------ -------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 44 380,642.74
(B) Gross Charge-Offs Cumulative Receivables 380 2,855,729.14
(C) Collection Period Recoveries on Charge-Offs NA 16,662.47
(D) Recoveries on Charge-Offs To-Date NA 139,200.17
J. Repossessions
(A) Collection Period Repossessions 18 209,815.84
(B) Aggregate Repossessions 318 3,746,038.22
(C) Unliquidated Repossessions 63 509,117.24
K. Forced Place Insurance
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 37 126,049.46
L. Payahead Reconciliation
(A) Beginning Balance 609,834.98
(B) Deposit 0.00
(C) Withdrawal 25,575.76
(D) Ending Balance 584,259.22
</TABLE>
Approved By: /s/ Michael A. Benavides
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
Page 5
<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
Page 5
<PAGE>
Exhibit 99.2
INDEPENDENT ACCOUNTANT'S REPORT
To the Board of Directors of Bay View Credit and
Bankers Trust Company, Trustee
We have examined the accompanying management assertion (see Attachment) about
Bay View Credit's ("BVC", previously California Thrift & Loan) compliance with
the minimum servicing standards identified in the Mortgage Bankers Association
of America's Uniform Single Attestation Program for Mortgage Bankers as of
December 31, 1997 and for the period from January 29, 1997 to December 31, 1997,
to the extent that such servicing standards are applicable to the servicing
obligations set forth in the Bay View RA-1 Auto Trust Pooling and Servicing
Agreement dated January 29, 1997. Management is responsible for BVC's
compliance with those applicable minimum servicing standards. Our responsibility
is to express an opinion on management's assertion about BVC's compliance based
on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about BVC's compliance with the applicable
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on BVC's compliance with the minimum servicing standards.
In our opinion, management's assertion that BVC complied with the applicable
aforementioned minimum servicing standards as of December 31, 1997 and for the
period from January 29, 1997 to December 31, 1997 is fairly stated, in all
material respects.
/s/ Deloitte & Touche LLP
San Francisco, California
March 25, 1998
<PAGE>
ATTACHMENT
MANAGEMENT ASSERTION
March 23, 1998
Deloitte & Touche LLP
50 Fremont Street
San Francisco, California 94105
As of December 31, 1997 and for the period from January 29, 1997 to December 31,
1997, Bay View Credit ("BVC", previously California Thrift & Loan) has complied
in all material respects with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP"), to the extent that such servicing standards are
applicable (see below) to the servicing obligations set forth in the Bay View
RA-1 Auto Trust Pooling and Servicing Agreement dated January 29, 1997 (the
"Agreement").
The following minimum servicing standards are applicable to the Agreement. For
the purposes of this presentation, the USAP's reference to "mortgage" has been
replaced with "motor vehicle loan" and "mortgagor" has been replaced with
"borrower".
USAP
REFERENCE MINIMUM SERVICING STANDARD
I.1 Reconciliations shall be prepared on a monthly basis for all custodial
bank accounts and related bank clearing accounts. These
reconciliations shall:
. be mathematically accurate;
. be prepared within forty-five (45) calendar days after the
cutoff date;
. be reviewed and approved by someone other than the person who
prepared the reconciliation; and
. document explanations for reconciling items. These
reconciling items shall be resolved within ninety (90)
calendar days of their original identification.
I.2 Funds of the servicing entity shall be advanced in cases where there
is an overdraft in an investor's or a borrower's account.
I.3 Each custodial account shall be maintained at a federally insured
depository institution in trust for the applicable investor.
II.1 Motor vehicle loan payments shall be deposited into the custodial bank
accounts and related bank clearing accounts within two business days
of receipt.
-2-
<PAGE>
II.2 Motor vehicle loan payments made in accordance with the borrower's
loan documents shall be posted to the applicable borrower records
within two business days of receipt.
USAP
REFERENCE MINIMUM SERVICING STANDARD
II.3 Motor vehicle loan payments shall be allocated to principal, interest,
insurance, taxes or other escrow items in accordance with the
borrower's loan documents.
II.4 Motor vehicle loan payments identified as loan payoffs shall be
allocated in accordance with the borrower's loan documents.
III.1 Disbursements made via wire transfer on behalf of a borrower or
investor shall be made only by authorized personnel.
III.2 Disbursements made on behalf of a borrower or investor shall be posted
within two business days to the borrower's or investor's records
maintained by the servicing entity.
III.5 Amounts remitted to investors per the servicer's investor reports
shall agree with canceled checks, or other form of payment, or
custodial bank statements.
IV.1 The servicing entity's investor reports shall agree with, or reconcile
to, the records of borrowers with respect to the unpaid principal
balance on a monthly basis.
V.1 The servicing entity's motor vehicle loan records shall agree with, or
reconcile to, the records of borrowers with respect to the unpaid
principal balance on a monthly basis.
VI.1 Records documenting collection efforts shall be maintained during the
period a loan is in default and shall be updated at least monthly.
Such records shall describe the entity's activities in monitoring
delinquent loans including, for example, phone calls, letters and
motor vehicle loan payment rescheduling plans in cases where the
delinquency is deemed temporary (e.g., illness or unemployment).
Sincerely,
/s/ Michael Benavides
- ---------------------
Michael Benavides
Vice President and Controller
Bay View Credit
/s/ Bob Teh
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Bob Teh
Senior Vice President and Controller
Bay View Capital Corporation
/s/ Scott H. Ray
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Scott H. Ray
Senior Vice President and Chief Financial Officer
Bay View Bank
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