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Previous: CORE MATERIALS CORP, 10-K, 1999-03-26 |
Next: FIRST SAFECO NATIONAL LIFE INSURANCE CO OF NY SEP ACCT S, 24F-2NT, 1999-03-26 |
<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): March 15, 1999
<TABLE>
<CAPTION>
<S> <C>
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 Identification No.)
incorporation or organization
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)
</TABLE>
================================================================================
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated February 28, 1999
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: March 26, 1999 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial
Officer
Page 2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: February 28, 1999
<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 19,518,940.38 52,245,989.00 71,764,929.38 8124
---------------------------------------------------------------------------
(C) Collections (Regular Payments) 2,119,096.08 0.00 2,119,096.08 N/A
---------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,281,170.59 0.00 1,281,170.59 319
---------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 9,482.51 0.00 9,482.51 N/A
---------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------------
(H) Gross Charge Offs 159,479.20 0.00 159,479.20 25
---------------------------------------------------------------------------
(I) Repurchases 31,950.44 0.00 31,950.44 23
---------------------------------------------------------------------------
(J) Ending Balance 15,917,761.56 52,245,989.00 68,163,750.56 7757
---------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 15,451,771.80
-----------------
(L) Ending 13,119,703.27
-----------------
(M) Certificate Factor 7.9201118% 100.0000000% 26.9182559%
--------------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
-----------------
(A) Cash Wired 4,106,894.49
-----------------
(B) Interest Wired/Earned 11,249.96
-----------------
(C) Withdrawal from Payahead Account 9,482.51
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 31,950.44
-----------------
(F) Gross Charge-Off Recoveries 12,096.96
-----------------
(G) Gross Charge-Off Advances 12,714.34
-----------------
(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 4,184,388.70
-----------------
C. TRUSTEE DISTRIBUTION
Total
-----------------
(A) Total Cash Flow 4,184,388.70
-----------------
(B) Unrecovered Interest Advances 12,637.06
-----------------
(C) Servicing Fee (Due and Unpaid) 59,804.11
-----------------
(D) Interest to "A-1" Certificate Holders,
including Overdue 102,311.78
-----------------
(E) Interest to "A-2" Certificate Holders,
including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders,
including Overdue 40,560.90
-----------------
(G) Principal to "A-1" Certificate Holders,
including Overdue 3,601,178.82
-----------------
(H) Principal to "A-2" Certificate Holders,
including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 8,970.62
-----------------
(K) First Loss Protection 0.00
-----------------------
(L) Surety Bond Premium 8,970.62
-----------------------
(M) Interest Advance Recovery Payments 34,444.82
-----------------
(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: February 28, 1999
<TABLE>
<CAPTION>
<S> <C>
(R) Bank Account Interest to Servicer 11,249.96
-----------------
(S) Excess Yield 26,313.08
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
----------------------------------------
(A) Beginning Balance 3,232,963.02 69,121,493.86
----------------------------------------
(B) Additions to Spread Amount 26,313.08 N/A
----------------------------------------
(C) Interest Earned 9,515.73
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class
or Servicer 67,650.66 0.00
----------------------------------------
(G) Ending Balance 3,201,141.17 65,488,032.54
----------------------------------------
(H) Required Balance 3,165,312.36 65,488,032.54
----------------------------------------
(I) Distribution to "IC" Class 35,828.81
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
# Payment Delinquency Number Balance
--------------------- ---------------------------------------------
(A) 31-60 29 293,318.76
---------------------------------------------
(B) 61-90 18 216,964.29
---------------------------------------------
(C) 91+ 6 65,972.81
---------------------------------------------
(D) Total 53 576,255.86
---------------------------------------------
F. EXCESS YIELD
Excess Yield Balance Pool Excess Yield
Month Balance (Annualized %)
----- --------------------------------------------------------------
(A) Current 26,313.08 68,163,750.56 0.4632%
--------------------------------------------------------------
(B) 1st Previous 56,815.80 71,764,929.38 0.9500%
--------------------------------------------------------------
(C) 2nd Previous 254,395.50 75,891,072.78 4.0225%
--------------------------------------------------------------
(D) 3rd Previous 145,771.11 80,033,853.14 2.1856%
--------------------------------------------------------------
(E) 4th Previous 232,975.37 84,674,433.84 3.3017%
--------------------------------------------------------------
(F) 5th Previous 181,861.21 89,403,377.72 2.4410%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than or = 1.75%) 149,688.68 78,321,902.90 2.2934%
--------------------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- --------------------------------------------------------------
(A) Current 576,255.86 68,163,750.56 0.8454%
--------------------------------------------------------------
(B) 1st Previous 613,289.79 71,764,929.38 0.8546%
--------------------------------------------------------------
(C) 2nd Previous 482,266.15 75,891,072.78 0.6355%
--------------------------------------------------------------
(D) Three-Month Rolling Average
(less than 2%) 557,270.60 71,939,917.57 0.7746%
--------------------------------------------------------------
H. NET LOSS RATE
Liquidation Average Excess Yield
Month Balance Proceeds Balance (Annualized %)
----- -------------------------------------------------------------------------------
(A) Current 202,287.18 54,904.94 69,964,339.97 2.5278%
-------------------------------------------------------------------------------
(B) 1st Previous 202,823.28 91,893.03 73,828,001.08 1.8031%
-------------------------------------------------------------------------------
(C) 2nd Previous 306,311.47 128,171.24 77,962,462.96 2.7419%
-------------------------------------------------------------------------------
(D) Three-Month Rolling Average
Net Default Rate (less than 3%) 237,140.64 91,656.40 73,918,268.00 2.3618%
-------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: February 28, 1999
<TABLE>
<CAPTION>
<S> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off
Receivables 25 159,479.20
---------------------------------------------
(B) Gross Charge-Offs Cumulative
Receivables 922 6,550,726.61
---------------------------------------------
(C) Collection Period Recoveries
on Charge-Offs NA 12,096.96
---------------------------------------------
(D) Recoveries on Charge-Offs
To-Date NA 750,476.45
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 17 242,834.73
---------------------------------------------
(B) Aggregate Repossessions 595 6,949,887.77
---------------------------------------------
(C) Unliquidated Repossessions 17 242,834.73
---------------------------------------------
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 326,104.41
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 9,482.51
----------------------
(D) Ending Balance 316,621.90
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Acceptance Corp
Page 5
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