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Previous: ISP HOLDINGS INC, 424B3, 1998-06-17 |
Next: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1998-06-17 |
<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 10, 1998
BAY VIEW SECURITIZATION CORPORATION
- - --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
DELAWARE 333-16233 93-1225376
- - ------------------------- ---------------------- -------------------
STATE OR OTHER JURISDICTION OF (COMMISSION FILE NO.) (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION IDENTIFICATION NO.)
C/O BAY VIEW BANK
1840 GATEWAY DRIVE
SAN MATEO, CALIFORNIA 94404
- - -------------------------------------- --------------------
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES ZIP CODE
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (650) 573-7310
2121 SO. EL CAMINO REAL, SAN MATEO, CALIFORNIA 94403, (415) 573-7310
- - --------------------------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS, AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
EXHIBIT 99.1 MONTHLY SERVICER'S REPORT DATED MAY 31, 1998
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
THE REGISTRANT HAS CAUSED THIS REPORT TO BE SIGNED ON BEHALF OF BAY VIEW
SECURITIZATION CORPORATION BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.
BAY VIEW 1997 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
DATED: JUNE 15, 1998 BY: /S/ DAVID A. HEABERLIN
----------------------
DAVID A. HEABERLIN
TREASURER AND CHIEF FINANCIAL OFFICER
Page 2
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: MAY 31, 1998
<TABLE>
<CAPTION>
A. PRINCIPAL BALANCE RECONCILIATION
NUMBER OF
A-1 A-2 TOTAL ACCOUNTS
<S> <C> <C> <C> <C>
(A) Original Principal Balance 200,979,000.00 52,245,989.00 253,224,989.00 21106
------------------------------------------------------------------------------
(B) Beginning Period Principal Balance 65,793,778.11 52,245,989.00 118,039,767.11 12104
------------------------------------------------------------------------------
(C) Collections (Regular Payments) 3,158,697.03 0.00 3,158,697.03 N/A
------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,508,424.84 0.00 2,508,424.84 443
------------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
------------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 60,628.70 0.00 60,628.70 N/A
------------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
------------------------------------------------------------------------------
(H) Gross Charge Offs 232,280.20 0.00 232,280.20 35
------------------------------------------------------------------------------
(I) Repurchases 42,401.35 0.00 42,401.35 19
------------------------------------------------------------------------------
(J) Ending Balance 59,791,345.99 52,245,989.00 112,037,334.99 11607
------------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 49,349,540.34
-----------------
(L) Ending 45,120,492.38
-----------------
(M) Certificate Factor 29.7500465% 100.0000000% 44.2441859%
--------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 6,856,726.21
-----------------
(B) Interest Wired/Earned 26,275.92
-----------------
(C) Withdrawal from Payahead Account 60,628.70
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 42,401.35
-----------------
(F) Gross Charge-Off Recoveries 37,586.32
-----------------
(G) Gross Charge-Off Advances 15,535.76
-----------------
(H) Spread Account Withdrawal 0.00
-----------------
(I) "A" Surety Bond Draw for "I" Interest 0.00
-----------------
(J) "A" Surety Bond Draw for "A-1" Principal
or Interest 0.00
-----------------
(K) "A" Surety Bond Draw for "A-2" Principal
or Interest 0.00
-----------------
TOTAL COLLECTIONS 7,039,154.26
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 7,039,154.26
-----------------
(B) Unrecovered Interest Advances 15,201.04
-----------------
(C) Servicing Fee (Due and Unpaid) 98,366.47
-----------------
(D) Interest to "A-1" Certificate Holders,
including Overdue 344,869.05
-----------------
(E) Interest to "A-2" Certificate Holders,
including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders,
including Overdue 129,542.54
-----------------
(G) Principal to "A-1" Certificate Holders,
including Overdue 6,002,432.12
-----------------
(H) Principal to "A-2" Certificate Holders,
including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 15,895.85
-----------------
(K) First Loss Protection 1,140.88
-----------------------
(L) Surety Bond Premium 14,754.97
-----------------------
(M) Interest Advance Recovery Payments 77,224.87
-----------------
(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: May 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 26,275.92
-----------------
(S) Excess Yield 42,428.84
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
----------------------------------------
(A) Beginning Balance 3,741,964.54 115,436,215.65
----------------------------------------
(B) Additions to Spread Amount 42,428.84 N/A
----------------------------------------
(C) Interest Earned 15,256.06
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or
Servicer 576,652.18 0.00
----------------------------------------
(G) Ending Balance 3,222,997.26 109,731,718.26
----------------------------------------
(H) Required Balance 4,201,400.06 109,731,718.26
----------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
--------------------
(A) 31-60 74 718,115.06
---------------------------------------------
(B) 61-90 26 283,379.31
---------------------------------------------
(C) 91+ 21 280,252.46
---------------------------------------------
(D) Total 121 1,281,746.83
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
-----
(A) Current 42,428.84 112,037,334.99 0.4544%
--------------------------------------------------------------
(B) 1st Previous 210,199.22 118,039,767.11 2.1369%
--------------------------------------------------------------
(C) 2nd Previous 128,018.13 124,630,130.46 1.2326%
--------------------------------------------------------------
(D) 3rd Previous 195,671.17 131,946,266.49 1.7796%
--------------------------------------------------------------
(E) 4th Previous 235,613.31 138,584,290.24 2.0402%
--------------------------------------------------------------
(F) 5th Previous 184,914.80 145,113,932.12 1.5291%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield
(>=1.75%) 166,140.91 128,391,953.57 1.5528%
--------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
BALANCE BALANCE %
MONTH
-----
(A) Current 1,281,746.83 112,037,334.99 1.1440%
--------------------------------------------------------------
(B) 1st Previous 1,218,770.40 118,039,767.11 1.0325%
--------------------------------------------------------------
(C) 2nd Previous 462,380.88 124,630,130.46 0.3710%
--------------------------------------------------------------
(D) Three-Month Rolling Average
([Lesser Than Sign]2%) 987,632.70 118,235,744.19 0.8353%
--------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION PROCEEDS AVERAGE DEFAULTED
MONTH BALANCE BALANCE (ANNUALIZED)
-----
(A) Current 372,172.09 177,478.21 115,038,551.05 2.0309%
----------------------------------------------------------------------------
(B) 1st Previous 422,798.01 196,487.95 121,334,948.79 2.2382%
----------------------------------------------------------------------------
(C) 2nd Previous 702,583.07 259,668.43 128,288,198.48 4.1430%
----------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate [Lesser Than Sign]3% 499,184.39 211,211.53 121,553,899.44 2.8429%
----------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: May 31, 1998
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
---------------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 35 232,280.20
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 644 4,589,614.61
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 37,586.32
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 355,052.58
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 24 271,039.44
---------------------------------------------
(B) Aggregate Repossessions 457 5,389,765.36
---------------------------------------------
(C) Unliquidated Repossessions 31 365,405.94
---------------------------------------------
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 669,610.56
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 60,628.70
----------------------
(D) Ending Balance 608,981.86
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
Page 5
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