|
|
|
|
|
|
|
|
|
|
Previous: HORACE MANN MUTUAL FUNDS, NSAR-A, 1999-08-26 |
Next: COMPLETE BUSINESS SOLUTIONS INC, 8-K, 1999-08-26 |
<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): AUGUST 16, 1999
<TABLE>
<S> <C> <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 July 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: August 26, 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: July 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 689,073.57 52,245,989.00 52,935,062.57 6317
------------------------------------------------------------------------
(C) Collections (Regular Payments) 689,073.57 1,103,871.64 1,792,945.21 N/A
------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 0.00 1,253,484.77 1,253,484.77 287
------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
------------------------------------------------------------------------
(F) Withdrawal Withdrawal rom Payahead (Principal) 0.00 14,769.27 14,769.27 N/A
------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
------------------------------------------------------------------------
(H) Gross Charge Offs 0.00 159,649.35 159,649.35 15
------------------------------------------------------------------------
(I) Repurchases 0.00 51,039.87 51,039.87 24
------------------------------------------------------------------------
(J) Ending Balance 0.00 49,663,174.10 49,663,174.10 5991
------------------------------------------------------------------------
Notional Principal Balance: -----------------
(K) Beginning 5,925,289.77
-----------------
(L) Ending 4,893,403.01
-----------------
---------------------------------------------------------
(M) Certificate Factor 0.000000 0% 95.0564341% 19.6122722%
---------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
-----------------
(A) Cash Wired 3,712,487.95
-----------------
(B) Interest Wired/Earned 14,006.49
-----------------
(C) Withdrawal from Payahead Account 14,769.27
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 51,039.87
-----------------
(F) Gross Charge-Off Recoveries 32,572.02
-----------------
(G) Gross Charge-Off Advances 2,496.36
-----------------
(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 3,827,371.96
-----------------
C. TRUSTEE DISTRIBUTION
Total
-----------------
(A) Total Cash Flow 3,827,371.96
-----------------
(B) Unrecovered Interest Advances 2,379.90
-----------------
(C) Servicing Fee (Due and Unpaid) 44,112.55
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 3,611.89
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 15,553.89
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 689,073.57
-----------------
(H) Principal to "A-2" Certificate Holders, including Overdue 2,582,814.90
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 6,616.88
-----------------------------------
(K) First Loss Protection 0.00
-----------------
(L) Surety Bond Premium 6,616.88
-----------------------------------
(M) Interest Advance Recovery Payments 36,335.84
-----------------
(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: July 31, 1999
<TABLE>
<CAPTION>
<S> <C>
---------------------
(R) Bank Account Interest to Servicer 14,006.49
---------------------
(S) Excess Yield 145,948.49
---------------------
---------------------
BALANCE 0.00
---------------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
----------------------------------------
(A) Beginning Balance 3,401,442.43 50,145,305.92
----------------------------------------
(B) Additions to Spread Amount 145,948.49 N/A
----------------------------------------
(C) Interest Earned 13,725.91
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 236,130.07 0.00
----------------------------------------
(G) Ending Balance 3,324,986.76 46,848,057.63
----------------------------------------
----------------------------------------
(H) Required Balance 3,165,312.36 46,848,057.63
----------------------------------------
(I) Distribution to "IC" Class 159,674.40
-----------------
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ---------------------------------------
(A) 31-60 21 153,825.47
---------------------------------------
(B) 61-90 16 144,254.80
---------------------------------------
(C) 91+ 6 24,431.73
---------------------------------------
(D) Total 43 322,512.00
---------------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- --------------------------------------------------------------
(A) Current 145,948.49 49,663,174.10 3.5265%
--------------------------------------------------------------
(B) 1st Previous 223,814.48 52,935,062.57 5.0737%
--------------------------------------------------------------
(C) 2nd Previous 98,926.91 56,389,588.22 2.1052%
--------------------------------------------------------------
(D) 3rd Previous 80,045.75 59,947,518.62 1.6023%
--------------------------------------------------------------
(E) 4th Previous 170,699.83 63,938,978.92 3.2037%
--------------------------------------------------------------
(F) 5th Previous 26,313.08 68,163,750.56 0.4632%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield
(Greater or equal to 1.75%) 124,291.43 58,506,345.50 2.5493%
--------------------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- --------------------------------------------------------------
(A) Current 322,512.00 49,663,174.10 0.6494%
--------------------------------------------------------------
(B) 1st Previous 398,831.53 52,935,062.57 0.7534%
--------------------------------------------------------------
(C) 2nd Previous 381,913.11 56,389,588.22 0.6773%
--------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 367,752.21 52,995,941.63 0.6939%
--------------------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------------------------------------------------------------
(A) Current 192,985.51 65,908.18 51,299,118.34 2.9726%
------------------------------------------------------------------------
(B) 1st Previous 141,653.36 69,411.23 54,662,325.40 1.5859%
------------------------------------------------------------------------
(C) 2nd Previous 191,365.11 108,247.03 58,168,553.42 1.7147%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 175,334.66 81,188.81 54,709,999.05 2.0650%
------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1999
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off Receivables 15 159,649.35
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 1002 7,239,758.36
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 32,572.02
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 938,101.98
---------------------------------------------
J. REPOSSESSIONS
---------------------------------------------
(A) Collection Period Repossessions 4 37,450.65
---------------------------------------------
(B) Aggregate Repossessions 635 7,431,067.50
---------------------------------------------
(C) Unliquidated Repossessions 9 86,673.86
---------------------------------------------
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 244,344.04
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 14,769.27
----------------------
(D) Ending Balance 229,574.77
----------------------
</TABLE>
Approved By: /s/ Michael LaOrange
--------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
Page 5
|
|