|
|
|
|
|
|
|
|
|
|
|
|
|
<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): January 15, 1999
BAY VIEW SECURITIZATION CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
DELAWARE 333-16233 93-1225376
- ------------------------------ --------------------- ------------------------------------
State or other jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.)
incorporation or organization
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 December 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: January 20, 1999 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: December 31, 1998
<TABLE>
<CAPTION>
A. PRINCIPAL BALANCE RECONCILIATION
NUMBER OF ACCOUNTS
A-1 A-2 TOTAL
<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 27,787,864.14 52,245,989.00 80,033,853.14 8866
-----------------------------------------------------------------------------------
(C) Collections (Regular Payments) 2,405,335.71 0.00 2,405,335.71 N/A
-----------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,457,714.72 0.00 1,457,714.72 296
-----------------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 7,534.57 0.00 7,534.57 N/A
-----------------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------------------
(H) Gross Charge Offs 242,046.15 0.00 242,046.15 32
-----------------------------------------------------------------------------------
(I) Repurchases 30,149.21 0.00 30,149.21 22
-----------------------------------------------------------------------------------
(J) Ending Balance 23,645,083.78 52,245,989.00 75,891,072.78 8516
-----------------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 21,747,083.75
-----------------
(L) Ending 18,200,792.25
-----------------
(M) Certificate Factor 11.7649524% 100.0000000% 29.9698198%
--------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 4,812,340.50
-----------------
(B) Interest Wired/Earned 15,203.48
-----------------
(C) Withdrawal from Payahead Account 7,534.57
-----------------
(D) Advances 49,349.95
-----------------
(E) Repurchases 30,149.21
-----------------
(F) Gross Charge-Off Recoveries 63,905.92
-----------------
(G) Gross Charge-Off Advances 7,158.86
-----------------
(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 4,985,642.49
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 4,985,642.49
-----------------
(B) Unrecovered Interest Advances 6,905.67
-----------------
(C) Servicing Fee (Due and Unpaid) 66,694.88
-----------------
(D) Interest to "A-1" Certificate
Holders, including Overdue 145,654.72
-----------------
(E) Interest to "A-2" Certificate
Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate
Holders, including Overdue 57,086.09
-----------------
(G) Principal to "A-1" Certificate
Holders, including Overdue 4,142,780.36
(H) Principal to "A-2" Certificate
Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 10,004.23
-----------------
(K) First Loss Protection 0.00
-----------------------
(L) Surety Bond Premium 10,004.23
-----------------------
(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: December 31, 1998
<TABLE>
<CAPTION>
<S> <C>
(R) Bank Account Interest to Servicer 15,203.48
-----------------
(S) Excess Yield 254,395.50
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,323,290.16 77,462,664.10
----------------------------------------
(B) Additions to Spread Amount 254,395.50 N/A
----------------------------------------
(C) Interest Earned 11,351.30
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class
or Servicer 157,977.80 0.00
----------------------------------------
(G) Ending Balance 3,431,059.16 73,282,113.67
----------------------------------------
(H) Required Balance 3,165,312.36 73,282,113.67
----------------------------------------
(I) Distribution to "IC" Class 265,746.80
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -------------------------------------------------
(A) 31-60 38 262,695.37
-----------------------------------------
(B) 61-90 21 153,460.41
-----------------------------------------
(C) 91+ 6 66,110.37
-----------------------------------------
(D) Total 65 482,266.15
-----------------------------------------
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS YIELD
MONTH BALANCE BALANCE (ANNUALIZED %)
- -------------------------------------------------
(A) Current 254,395.50 75,891,072.78 4.0225%
----------------------------------------------------------
(B) 1st Previous 145,771.11 80,033,853.14 2.1856%
----------------------------------------------------------
(C) 2nd Previous 232,975.37 84,674,433.84 3.3017%
----------------------------------------------------------
(D) 3rd Previous 181,861.21 89,403,377.72 2.4410%
----------------------------------------------------------
(E) 4th Previous 176,842.63 94,550,507.02 2.2444%
----------------------------------------------------------
(F) 5th Previous 175,493.75 99,745,602.06 2.1113%
----------------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than equal to 1.75%) 194,556.60 87,383,141.09 2.6718%
----------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
- -------------------------------------------------
(A) Current 482,266.15 75,891,072.78 0.6355%
----------------------------------------------------------
(B) 1st Previous 569,063.63 80,033,853.14 0.7110%
----------------------------------------------------------
(C) 2nd Previous 524,455.89 84,674,433.84 0.6194%
----------------------------------------------------------
(D) Three-Month Rolling Average
(less than 2%) 525,261.89 80,199,786.59 0.6549%
----------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -------------------------------------------------
(A) Current 306,311.47 128,171.24 77,962,462.96 2.7419%
-------------------------------------------------------------------------------
(B) 1st Previous 245,637.32 98,011.63 82,354,143.49 2.1511%
-------------------------------------------------------------------------------
(C) 2nd Previous 249,486.65 108,620.99 87,038,905.78 1.9421%
-------------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate less than 3% 267,145.15 111,601.29 82,451,837.41 2.2638%
-------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: December 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
(A) Collection Period Charge-Off Receivables 32 242,046.15
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 871 6,253,733.15
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 63,905.92
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 711,795.48
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 12 103,374.90
---------------------------------------------
(B) Aggregate Repossessions 572 6,644,621.20
---------------------------------------------
(C) Unliquidated Repossessions 16 144,750.23
---------------------------------------------
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 372,932.10
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 7,534.57
----------------------
(D) Ending Balance 365,397.53
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
Page 5
|
|