|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: EURAMAX INTERNATIONAL PLC, 10-Q, 1999-04-26 |
Next: MID-STATE BANCSHARES, DEF 14A, 1999-04-26 |
<PAGE>
================================================================================
BAY VIEW CAPITALBAY VIEW CAPITAL
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): April 15, 1999
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 March 31, 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: April 26, 1999 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: March 31, 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 15,917,761.56 52,245,989.00 68,163,750.56 7757
---------------------------------------------------------------------------
(C) Collections (Regular Payments) 2,312,774.15 0.00 2,312,774.15 N/A
---------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,710,022.65 0.00 1,710,022.65 355
---------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 6,693.29 0.00 6,693.29 N/A
---------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------------
(H) Gross Charge Offs 171,542.84 0.00 171,542.84 18
---------------------------------------------------------------------------
(I) Repurchases 23,738.71 0.00 23,738.71 20
---------------------------------------------------------------------------
(J) Ending Balance 11,692,989.92 52,245,989.00 63,938,978.92 7364
---------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 13,119,703.27
-----------------
(L) Ending 11,078,468.47
-----------------
(M) Certificate Factor 5.8180158% 100.0000000% 25.2498694%
--------------------------------------------------------------
B. Cash Flow Reconciliation
Total
(A) Cash Wired 4,818,368.96
-----------------
(B) Interest Wired/Earned 11,985.57
-----------------
(C) Withdrawal from Payahead Account 6,693.29
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 23,738.71
-----------------
(F) Gross Charge-Off Recoveries 53,932.91
-----------------
(G) Gross Charge-Off Advances 4,450.70
-----------------
(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 4,919,170.14
-----------------
C. Trustee Distribution
Total
(A) Total Cash Flow 4,919,170.14
-----------------
(B) Unrecovered Interest Advances 4,389.08
-----------------
(C) Servicing Fee (Due and Unpaid) 56,803.13
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 83,435.60
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 34,439.22
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 4,224,771.64
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 8,520.47
-----------------
(K) First Loss Protection 0.00
--------------------
(L) Surety Bond Premium 8,520.47
--------------------
(M) Interest Advance Recovery Payments 37,208.05
-----------------
(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: March 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 11,985.57
-----------------
(S) Excess Yield 170,699.83
-----------------
Balance 0.00
-----------------
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
(A) Beginning Balance 3,201,141.17 65,488,032.54
----------------------------------------
(B) Additions to Spread Amount 170,699.83 N/A
----------------------------------------
(C) Interest Earned 10,449.36
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC"
Class or Servicer 35,828.81 0.00
----------------------------------------
(G) Ending Balance 3,346,461.55 61,235,262.06
----------------------------------------
(H) Required Balance 3,165,312.36 61,235,262.06
----------------------------------------
(I) Distribution to "IC" Class 181,149.19
-----------------------
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
--------------------
(A) 31-60 23 159,239.40
---------------------------------------------
(B) 61-90 11 99,857.14
---------------------------------------------
(C) 91+ 7 97,079.39
---------------------------------------------
(D) Total 41 356,175.93
---------------------------------------------
F. Excess Yield
Excess Yield Balance Pool Excess Yield
Month Balance (Annualized %)
-----
(A) Current 170,699.83 63,938,978.92 3.2037%
--------------------------------------------------------------
(B) 1st Previous 26,313.08 68,163,750.56 0.4632%
--------------------------------------------------------------
(C) 2nd Previous 56,815.80 71,764,929.38 0.9500%
--------------------------------------------------------------
(D) 3rd Previous 254,395.50 75,891,072.78 4.0225%
--------------------------------------------------------------
(E) 4th Previous 145,771.11 80,033,853.14 2.1856%
--------------------------------------------------------------
(F) 5th Previous 232,975.37 84,674,433.84 3.3017%
--------------------------------------------------------------
(G) Six-Month Rolling Excess
Yield ((less than or equal to)1.75%) 147,828.45 74,077,836.44 2.3947%
--------------------------------------------------------------
G. Delinquency Rate (31+)
Month Pool
Month Balance Balance %
-----
(A) Current 356,175.93 63,938,978.92 0.5571%
--------------------------------------------------------------
(B) 1st Previous 576,255.86 68,163,750.56 0.8454%
--------------------------------------------------------------
(C) 2nd Previous 613,289.79 71,764,929.38 0.8546%
--------------------------------------------------------------
(D) Three-Month Rolling
Average ((less than)2%) 515,240.53 67,955,886.29 0.7582%
--------------------------------------------------------------
H. Net Loss Rate
Liquidation Proceeds Average Defaulted
Month Balance Balance (Annualized)
-----
(A) Current 230,894.62 113,284.69 66,051,364.74 2.1367%
-----------------------------------------------------------------------------------
(B) 1st Previous 202,287.18 54,904.94 69,964,339.97 2.5278%
-----------------------------------------------------------------------------------
(C) 2nd Previous 202,823.28 91,893.03 73,828,001.08 1.8031%
-----------------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default
Rate (less than)3% 212,001.69 86,694.22 69,947,901.93 2.1497%
-----------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: March 31, 1999
<TABLE>
<CAPTION>
I. Charge-Off / Recoveries
Number Balance
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 18 171,542.84
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 940 6,722,269.45
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 53,932.91
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 804,409.36
---------------------------------------------
J. Repossessions
(A) Collection Period Repossessions 9 115,459.93
---------------------------------------------
(B) Aggregate Repossessions 604 7,065,347.70
---------------------------------------------
(C) Unliquidated Repossessions 15 180,252.92
---------------------------------------------
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 316,621.90
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 6,693.29
----------------------
(D) Ending Balance 309,928.61
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Acceptance Corp
3
|
|