|
|
|
|
|
|
|
|
|
|
|
|
|
<PAGE>
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_________________________
FORM 10-K
[x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------------- ----------------
Commission file number 333-16233
BAY VIEW SECURITIZATION CORPORATION
(originator of the Bay View 1997-RA-1 Auto Trust discussed herein)
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
Delaware 93-1225376
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
c/o Bay View Capital Corporation
1840 Gateway Drive 94404
San Mateo, California (Zip Code)
(Address of principal executive offices)
</TABLE>
Registrant's telephone number, including area code: (650) 312-7200
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
requirements for the past 90 days. YES X NO
--- ---
DOCUMENTS INCORPORATED BY REFERENCE : None
1
<PAGE>
Part I
Terms not otherwise defined herein have the meanings set forth in the Pooling
and Servicing Agreement (the "PSA") relating the Bay View 1997-RA-1 Auto Trust.
Item 1. Business
- -----------------
The sole and only "business" of the Bay View 1997-RA-1 Auto Trust (the
"Trust") is the collection and distribution of payments on the motor vehicle
receivables, in the manner described in the Registration Statement on Form S-3
(File No. 333-16233). Accordingly, there is no relevant information to
report in response to Item 101 of Regulation S-K.
Item 2. Properties
- -------------------
The Trust does not have any physical properties. Accordingly, this item
is inapplicable.
Item 3. Legal Proceedings
- --------------------------
There were no material legal proceedings involving either the Trust, or,
with respect to any Certificates or any other Trust property, involving the
Trustee or Bay View Securitization Corporation ("BVSC") which were pending at
December 31, 1998, or as of the date of this report.
Item 4. Submission of Matters to a Vote of Security Holders
- ------------------------------------------------------------
No votes or consents of Certificate-holders were solicited during the
preceding fiscal year 1998 for any purpose.
Item 5. Market for the Registrant's Common Equity and Related Stockholder
- --------------------------------------------------------------------------
Matters
- -------
There is no established public trading market for the Certificates.
As of December 31, 1998, there were 16 registered Certificate-holders.
Since the Trust pays no dividends with respect to the Certificates, the
information required by Item 201 of Regulation S-K regarding dividends is
inapplicable to the Trust. See Exhibit No. 99.1 for information with respect to
distributions to Certificate-holders.
Item 6. Selected Financial Data
- ---------------------------------
No financial data is required of BVSC, as Registrant, inasmuch as the
Registration Statement on Form S-3 (File No. 333-16233) was filed for and on
behalf of the Trust and, furthermore, because BVSC is not a guarantor of any of
the payments due from the Trust to Certificate-holders.
The regular monthly report form, which the Trustee is required to include
with each monthly distribution of Trust assets to Certificate-holders, sets
forth for the prior calendar month, as well as cumulatively, all of the relevant
financial information required by the PSA to be reported to Certificate-holders.
The Bay View 1997-RA-1 Auto Trust Monthly Servicer's Certificate Reports
("Monthly Reports") for the months ended January 31, 1998 through December 31,
1998 are incorporated herein by reference and attached hereto as Exhibit No. 99.
1.
The foregoing presents all relevant financial information relating to the
Trust. Because of the limited business activity of the Trust, the Selected
Financial Data specified in Item 301 of Regulation S-K would not provide any
meaningful additional information.
2
<PAGE>
Part II
Item 7. Management's Discussion and Analysis of Financial Condition and
- -------------------------------------------------------------------------
Results of Operations
- ---------------------
Because of the limited business activity of the Trust, the presentation of
Management's Discussion and Analysis of Financial Condition and Results of
Operations, as otherwise required by Item 303 of Regulation S-K, would not be
meaningful. All relevant information is contained in the Monthly Reports (filed
under Current Reports on Form 8-K) as described above.
Item 7a. Quantitative and Qualitative Disclosures About Market Risk
- -------------------------------------------------------------------
Because of the limited business activity of the Trust, the presentation of
Quantitative and Qualitative Disclosures About Market Risk, as required by Item
305 of Regulation S-K, would not be meaningful. All relevant information is
contained in the Monthly Reports (filed under Current Reports on Form 8-K) as
described above.
Item 8. Financial Statements and Supplementary Data
- ----------------------------------------------------
As discussed above, furnishing the financial information required by Item 8
of Form 10-K would not add any relevant information to that provided by the
foregoing statements. Because the Certificates are essentially "pass-through"
securities, the Trust will have "income" only in the limited sense of collecting
payments on the motor vehicle-related receivables. The only material items of
"expense" for the Trust will be the amounts paid as servicing compensation and
potentially certain payments relating to any credit enhancement facility. The
Monthly Reports contained in the Current Reports on Form 8-K provide complete
information on the amounts of the "income" and "expenses" of the Trust.
Item 9. Changes in and Disagreements with Accountants on Accounting and
- ------------------------------------------------------------------------
Financial Disclosure
- --------------------
None.
3
<PAGE>
Part III
Item 10. Directors and Executive Officers of the Registrant
- -----------------------------------------------------------
Not applicable.
Item 11. Executive Compensation
- -------------------------------
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
- -----------------------------------------------------------------------
As of December 31, 1998, there were 16 registered Certificate-holders, all
of whom maintained their security positions with the Depository Trust Company.
While some of these Certificate-holders' security positions in the Trust
exceeded 5% of the outstanding Certificate Balance, such securities do not
constitute voting securities within the meaning of Item 403 of Regulation S-K.
Item 13. Certain Relationships and Related Transactions
- -------------------------------------------------------
BVSC received payments from the Trust in accordance with the terms of the
PSA.
4
<PAGE>
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
- -------------------------------------------------------------------------
(a)(1) and (2)
Incorporated herein and attached hereto as Exhibit No. 99.1 is a copy of
the Monthly Reports to the Trust for the months ended January 31, 1998, February
28, 1998, March 31, 1998, April 30, 1998, May 31, 1998, June 30, 1998, July 31,
1998, August 31, 1998, September 30, 1998, October 31, 1998, November 30, 1998,
and December 31, 1998. A copy of the Independent Accountants' report is
incorporated herein and attached hereto as Exhibit No. 99.2.
Current Reports on Form 8-K including Monthly Reports for the months ended
September 30, 1998, October 31, 1998 and November 30, 1998 were filed in the
quarter ended December 31, 1998.
(a)(3) Exhibits:
<TABLE>
<CAPTION>
Reference to prior filing
Regulation S-K or exhibit number
Exhibit Number Document attached hereto
------------------- ---------------------------------------------- --------------------------
<C> <S> <C>
3.1 Certificate of Incorporation of Bay View *
Securitization Corporation
3.2 Bylaws of Bay View Securitization Corporation *
4.1 Form of Pooling and Servicing Agreement for **
Grantor Trusts, including Form of Certificates
4.2 Form of Standard Terms and Conditions of Bay **
View Grantor Trusts
4.3 Form of Pooling and Servicing Agreement for **
Trusts other than Grantor Trusts, including
Form of Certificates
10 Form of Purchase Agreement **
99.1 Monthly Servicer's Certificate Reports 99.1
99.2 Independent Accountants' Report 99.2
</TABLE>
* Filed as an exhibit to the Registrant's Registration Statement on Form S-3
filed with the Securities and Exchange Commission on November 16, 1996
(File No 333-16233)
** Filed as an exhibit to Pre-Effective Amendment No. 1 to the Registrant's
Registration Statement on Form S-3 filed with the Securities and Exchange
Commission on January 3, 1997.
5
<PAGE>
Signatures
Pursuant to the requirements of Section 13 or 15(d) 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.
BY: BAY VIEW SECURITIZATION CORPORATION
(ORIGINATOR OF TRUST)
BAY VIEW 1997-RA-1 AUTO TRUST
Date: March 30, 1999 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Executive Vice President and
Chief Financial Officer
6
<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>
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>
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>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: November 30, 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 32,428,444.84 52,245,989.00 84,674,433.84 9282
---------------------------------------------------------------------------------
(C) Collections (Regular Payments) 2,426,991.85 0.00 2,426,991.85 N/A
---------------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,960,421.86 0.00 1,960,421.86 367
---------------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 44,365.96 0.00 44,365.96 N/A
---------------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------------------
(H) Gross Charge Offs 174,714.73 0.00 174,714.73 23
---------------------------------------------------------------------------------
(I) Repurchases 34,086.30 0.00 34,086.30 26
---------------------------------------------------------------------------------
(J) Ending Balance 27,787,864.14 52,245,989.00 80,033,853.14 8866
---------------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 25,396,054.12
-----------------
(L) Ending 21,747,083.75
-----------------
(M) Certificate Factor 13.8262526% 100.0000000% 31.6058275%
------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-----------------
(A) Cash Wired 5,323,658.08
-----------------
(B) Interest Wired/Earned 15,989.72
-----------------
(C) Withdrawal from Payahead Account 44,365.96
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 34,086.30
-----------------
(F) Gross Charge-Off Recoveries 27,089.04
-----------------
(G) Gross Charge-Off Advances 9,500.12
-----------------
(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 5,454,689.22
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
-----------------
(A) Total Cash Flow 5,454,689.22
-----------------
(B) Unrecovered Interest Advances 9,386.70
-----------------
(C) Servicing Fee (Due and Unpaid) 70,562.03
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 169,979.10
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 66,664.64
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 4,640,580.70
-----------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 10,584.30
-----------------
(K) First Loss Protection 0.00
-----------------------
(L) Surety Bond Premium 10,584.30
-----------------------
(M) Interest Advance Recovery Payments 38,253.36
-----------------
(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>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: November 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 15,989.72
-----------------
(S) Excess Yield 145,771.11
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
----------------------------------------
(A) Beginning Balance 3,600,086.02 81,954,502.30
----------------------------------------
(B) Additions to Spread Amount 145,771.11 N/A
----------------------------------------
(C) Interest Earned 12,206.69
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 434,773.66 0.00
----------------------------------------
(G) Ending Balance 3,323,290.16 77,462,664.10
----------------------------------------
(H) Required Balance 3,165,312.36 77,462,664.10
----------------------------------------
(I) Distribution to "IC" Class 157,977.80
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- ---------------------------------------------
(A) 31-60 38 283,749.66
---------------------------------------------
(B) 61-90 22 206,988.28
---------------------------------------------
(C) 91+ 11 78,325.69
---------------------------------------------
(D) Total 71 569,063.63
---------------------------------------------
F. EXCESS YIELD
POOL EXCESS YIELD
MONTH EXCESS YIELD BALANCE BALANCE (ANNUALIZED %)
----- --------------------------------------------------------------
(A) Current 145,771.11 80,033,853.14 2.1856%
--------------------------------------------------------------
(B) 1st Previous 232,975.37 84,674,433.84 3.3017%
--------------------------------------------------------------
(C) 2nd Previous 181,861.21 89,403,377.72 2.4410%
--------------------------------------------------------------
(D) 3rd Previous 176,842.63 94,550,507.02 2.2444%
--------------------------------------------------------------
(E) 4th Previous 175,493.75 99,745,602.06 2.1113%
--------------------------------------------------------------
(F) 5th Previous 61,129.42 105,557,334.06 0.6949%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (greater than or=1.75%) 162,345.58 92,327,517.97 2.1100%
--------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
----- --------------------------------------------------------------
(A) Current 569,063.63 80,033,853.14 0.7110%
--------------------------------------------------------------
(B) 1st Previous 524,455.89 84,674,433.84 0.6194%
--------------------------------------------------------------
(C) 2nd Previous 561,875.38 89,403,377.72 0.6285%
--------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 551,798.30 84,703,888.23 0.6514%
--------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
----- -----------------------------------------------------------------------------
(A) Current 245,637.32 98,011.63 82,354,143.49 2.1511%
-----------------------------------------------------------------------------
(B) 1st Previous 249,486.65 108,620.99 87,038,905.78 1.9421%
-----------------------------------------------------------------------------
(C) 2nd Previous 251,575.92 119,625.31 91,976,942.37 1.7215%
-----------------------------------------------------------------------------
(D) Three-Month Rolling Average
Net Default Rate less than 3% 248,899.96 108,752.64 87,123,330.55 1.9303%
-----------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: November 30, 1998
I. CHARGE-OFF / RECOVERIES
<TABLE>
<CAPTION>
NUMBER BALANCE
---------------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 23 174,714.73
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 839 6,011,687.00
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 27,089.04
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 647,889.56
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 17 172,663.76
---------------------------------------------
(B) Aggregate Repossessions 560 6,541,246.30
---------------------------------------------
(C) Unliquidated Repossessions 18 186,074.05
---------------------------------------------
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 417,298.06
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 44,365.96
----------------------
(D) Ending Balance 372,932.10
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: October 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 37,157,388.72 52,245,989.00 89,403,377.72 9698
-----------------------------------------------------------------------
(C) Collections (Regular Payments) 2,543,044.43 0.00 2,543,044.43 N/A
-----------------------------------------------------------------------
(D) Collections (Principal Payoffs) 1,974,159.36 0.00 1,974,159.36 366
-----------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 7,380.25 0.00 7,380.25 N/A
-----------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------
(H) Gross Charge Offs 181,465.68 0.00 181,465.68 23
-----------------------------------------------------------------------
(I) Repurchases 22,894.16 0.00 22,894.16 27
-----------------------------------------------------------------------
(J) Ending Balance 32,428,444.84 52,245,989.00 84,674,433.84 9282
-----------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 29,145,945.77
-------------
(L) Ending 25,396,054.12
-------------
(M) Certificate Factor 16.1352404% 100.0000000% 33.4384194%
-----------------------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
------------
(A) Cash Wired 5,532,559.78
------------
(B) Interest Wired/Earned 18,548.80
------------
(C) Withdrawal from Payahead Account 7,380.25
------------
(D) Advances 2,300.18
------------
(E) Repurchases 22,894.16
------------
(F) Gross Charge-Off Recoveries 40,600.02
------------
(G) Gross Charge-Off Advances 4,267.08
------------
(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 5,628,550.27
------------
C. TRUSTEE DISTRIBUTION
Total
------------
(A) Total Cash Flow 5,628,550.27
------------
(B) Unrecovered Interest Advances 4,211.67
------------
(C) Servicing Fee (Due and Unpaid) 74,502.81
------------
(D) Interest to "A-1" Certificate Holders, including Overdue 194,766.65
------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
------------
(F) Interest to "I" Certificate Holders, including Overdue 76,508.11
------------
(G) Principal to "A-1" Certificate Holders, including Overdue 4,728,943.88
------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
------------
(I) Reinsurance Fee 0.00
------------
(J) Surety Bond Fee 11,175.42
------------
(K) First Loss Protection 0.00
------------
(L) Surety Bond Premium 11,175.42
------------
(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 1
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: October 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 18,548.80
------------
(S) Excess Yield 232,975.37
------------
BALANCE 0.00
------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------------------------
(A) Beginning Balance 3,742,373.08 86,531,801.48
-------------------------------
(B) Additions to Spread Amount 232,975.37 N/A
-------------------------------
(C) Interest Earned 14,483.99
-------------------------------
(D) Draws 0.00 0.00
-------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 389,746.42 0.00
-------------------------------
(G) Ending Balance 3,600,086.02 81,954,502.30
-------------------------------
(H) Required Balance 3,165,312.36 81,954,502.30
-------------------------------
(I) Distribution to "IC" Class 434,773.66
-------------------------------
E. CURRENT RECEIVABLES DELINQUENCY
# Payment Delinquency Number Balance
---------------------- --------------------------------------
(A) 31-60 37 329,726.72
--------------------------------------
(B) 61-90 17 145,650.26
--------------------------------------
(C) 91+ 5 49,078.91
--------------------------------------
(D) Total 59 524,455.89
--------------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- -------------------------------------------------
(A) Current 232,975.37 84,674,433.84 3.3017%
-------------------------------------------------
(B) 1st Previous 181,861.21 89,403,377.72 2.4410%
-------------------------------------------------
(C) 2nd Previous 176,842.63 94,550,507.02 2.2444%
-------------------------------------------------
(D) 3rd Previous 175,493.75 99,745,602.06 2.1113%
-------------------------------------------------
(E) 4th Previous 61,129.42 105,557,334.06 0.6949%
-------------------------------------------------
(F) 5th Previous 42,428.84 112,037,334.99 0.4544%
-------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than or equal to 1.75%) 145,121.87 97,661,431.62 1.7832%
-------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----------------------------------------------------
(A) Current 524,445.89 84,674,433.84 0.6194%
---------------------------------------------------
(B) 1st Previous 561,875.38 89,403,377.72 0.6285%
---------------------------------------------------
(C) 2nd Previous 652,948.08 94,550,507.02 0.5848%
---------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 546,426.45 89,542,772.86 0.6102%
---------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
-------------------------------------------------------------------------
(A) Current 249,466.65 108,620.99 87,038,905.78 1.9421%
-------------------------------------------------------------------------
(B) 1st Previous 251,575.92 119,625.31 91,976,942.37 1.7215%
-------------------------------------------------------------------------
(C) 2nd Previous 380,072.68 213,696.46 97,148,054.54 2.0551%
-------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
(less than 3%) 293,711.75 147,314.25 92,054,634.23 1.9084%
-------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: October 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off Receivables 23 181,465.66
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 816 5,836,972.27
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs N/A 40,600.02
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date N/A 620,800.52
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 15 156,314.18
---------------------------------------------
(B) Aggregate Repossessions 543 6,368,582.54
---------------------------------------------
(C) Unliquidated Repossessions 17 182,981.49
---------------------------------------------
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 424,678.31
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 7,380.25
----------------------
(D) Ending Balance 417,298.06
----------------------
</TABLE>
Approved By: /s/ MICHAEL A. BENAVIDES
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
EXHIBIT 99.1
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 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 42,304,518.02 52,245,989.00 94,550,507.02 10142
-----------------------------------------------------------------------
(C) Collections (Regular Payments) 2,660,239.49 0.00 2,660,239.49 N/A
-----------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,237,235.88 0.00 2,237,235.88 396
-----------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 45,683.31 0.00 45,683.31 N/A
-----------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------
(H) Gross Charge Offs 191,584.07 0.00 191,584.07 29
-----------------------------------------------------------------------
(I) Repurchases 12,386.55 0.00 12,386.55 19
-----------------------------------------------------------------------
(J) Ending Balance 37,157,388.72 52,245,989.00 89,403,377.72 9698
-----------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 32,995,027.60
-------------
(L) Ending 29,145,945.77
-------------
(M) Certificate Factor 18.4881946% 100.0000000% 35.3059064%
-----------------------------------------------------------------------
B. CASH FLOW RECONCILIATION
Total
------------
(A) Cash Wired 5,922,422.97
------------
(B) Interest Wired/Earned 16,370.55
------------
(C) Withdrawal from Payahead Account 45,683.31
------------
(D) Advances 0.00
------------
(E) Repurchases 12,386.55
------------
(F) Gross Charge-Off Recoveries 59,633.46
------------
(G) Gross Charge-Off Advances 9,820.75
------------
(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 6,066,317.59
------------
C. TRUSTEE DISTRIBUTION
Total
------------
(A) Total Cash Flow 6,066,317.59
------------
(B) Unrecovered Interest Advances 9,591.47
------------
(C) Servicing Fee (Due and Unpaid) 78,792.09
------------
(D) Interest to "A-1" Certificate Holders, including Overdue 221,746.18
------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
------------
(F) Interest to "I" Certificate Holders, including Overdue 86,611.95
------------
(G) Principal to "A-1" Certificate Holders, including Overdue 5,147,129.30
------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
------------
(I) Reinsurance Fee 0.00
------------
(J) Surety Bond Fee 11,818.81
------------
(K) First Loss Protection 0.00
------------
(L) Surety Bond Premium 11,818.81
------------
(M) Interest Advance Recovery Payments 25,478.47
------------
(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>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 16,370.55
------------
(S) Excess Yield 81,861.21
------------
BALANCE 0.00
------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------------------------
(A) Beginning Balance 3,681,028.60 91,777,569.12
-------------------------------
(B) Additions to Spread Amount 181,861.21 N/A
-------------------------------
(C) Interest Earned 14,867.86
-------------------------------
(D) Draws 0.00 0.00
-------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 135,384.59 0.00
-------------------------------
(G) Ending Balance 3,742,373.08 86,531,801.48
-------------------------------
(H) Required Balance 3,352,626.66 86,531,801.48
-------------------------------
(I) Distribution to "IC" Class 389,746.42
-------------------------------
E. CURRENT RECEIVABLES DELINQUENCY
# Payment Delinquency Number Balance
---------------------- --------------------------------------
(A) 31-60 47 385,494.46
--------------------------------------
(B) 61-90 13 103,687.04
--------------------------------------
(C) 91+ 6 72,693.88
--------------------------------------
(D) Total 66 561,875.38
--------------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- -------------------------------------------------
(A) Current 181,861.21 89,403,377.72 2.4410%
-------------------------------------------------
(B) 1st Previous 176,842.63 94,550,507.02 2.2444%
-------------------------------------------------
(C) 2nd Previous 175,493.75 99,745,602.06 2.1113%
-------------------------------------------------
(D) 3rd Previous 61,129.42 105,557,334.06 0.6949%
-------------------------------------------------
(E) 4th Previous 42,428.84 112,037,334.99 0.4544%
-------------------------------------------------
(F) 5th Previous 210,199.22 118,039,767.11 2.1369%
-------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than or equal to 1.75%) 141,325.85 103,222,320.49 1.6430%
-------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----------------------------------------------------
(A) Current 561,875.38 89,403,377.72 0.6285%
---------------------------------------------------
(B) 1st Previous 552,948.08 94,550,507.02 0.5848%
---------------------------------------------------
(C) 2nd Previous 809,107.22 99,745,602.06 0.8112%
---------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 641,310.23 94,566,495.60 0.6782%
---------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
-------------------------------------------------------------------------
(A) Current 251,575.92 119,625.31 91,976,942.37 1.7215%
-------------------------------------------------------------------------
(B) 1st Previous 380,072.68 213,696.46 97,148,054.54 2.0551%
-------------------------------------------------------------------------
(C) 2nd Previous 401,726.99 212,593.57 102,651,468.06 2.2110%
-------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 344,458.53 181,971.78 97,258,821.66 2.0048%
-------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: September 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------------
(A) Collection Period Charge-Off Receivables 29 191,584.07
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 793 5,655,506.59
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 59,633.46
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 580,200.50
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 15 163,543.03
---------------------------------------------
(B) Aggregate Repossessions 528 6,212,268.36
---------------------------------------------
(C) Unliquidated Repossessions 16 173,505.43
---------------------------------------------
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 470,361.62
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 45,683.31
----------------------
(D) Ending Balance 424,678.31
----------------------
</TABLE>
Approved By: /s/ MICHAEL A. BENAVIDES
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 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 47,499,613.06 52,245,989.00 99,745,602.06 10585
-----------------------------------------------------------------------
(C) Collections (Regular Payments) 2,819,542.75 0.00 2,819,542.75 N/A
-----------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,065,121.78 0.00 2,065,121.78 382
-----------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 29,271.59 0.00 29,271.59 N/A
-----------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------------
(H) Gross Charge Offs 224,371.88 0.00 224,371.88 38
-----------------------------------------------------------------------
(I) Repurchases 56,787.04 0.00 56,787.04 23
-----------------------------------------------------------------------
(J) Ending Balance 42,304,518.02 52,245,989.00 94,550,507.02 10142
-----------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 36,941,594.60
-----------------
(L) Ending 32,995,027.60
-----------------
(M) Certificate Factor 21.0492231% 100.0000000% 37.3385373%
------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-----------------
(A) Cash Wired 6,010,631.17
-----------------
(B) Interest Wired/Earned 21,798.38
-----------------
(C) Withdrawal from Payahead Account 29,271.59
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 56,787.04
-----------------
(F) Gross Charge-Off Recoveries 57,995.66
-----------------
(G) Gross Charge-Off Advances 11,292.84
-----------------
(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 6,187,776.68
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
-----------------
(A) Total Cash Flow 6,187,776.68
-----------------
(B) Unrecovered Interest Advances 11,186.35
-----------------
(C) Servicing Fee (Due and Unpaid) 83,121.34
-----------------
(D) Interest to "A-1" Certificate Holders,
including Overdue 248,977.14
-----------------
(E) Interest to "A-2" Certificate Holders,
including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders,
including Overdue 96,971.69
-----------------
(G) Principal to "A-1" Certificate Holders,
including Overdue 5,195,095.04
-----------------
(H) Principal to "A-2" Certificate Holders,
including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 12,887.42
-----------------
(K) First Loss Protection 419.22
-----------------------
(L) Surety Bond Premium 12,468.20
-----------------------
(M) Interest Advance Recovery Payments 53,979.14
-----------------
(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>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1998
<TABLE>
<CAPTION>
NUMBER OF
A-1 A-2 TOTAL ACCOUNTS
-----------------------------------------------------------------
<S> <C> <C> <C>
(R) Bank Account Interest to Servicer 21,798.38
-----------------
(S) Excess Yield 176,842.63
-----------------
BALANCE 0.00
-----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
----------------------------------------
(A) Beginning Balance 3,488,925.62 97,209,146.03
----------------------------------------
(B) Additions to Spread Amount 176,842.63 N/A
----------------------------------------
(C) Interest Earned 15,260.35
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or
Servicer 0.00 0.00
----------------------------------------
(G) Ending Balance 3,681,028.60 91,777,569.12
----------------------------------------
(H) Required Balance 3,545,644.01 91,777,569.12
----------------------------------------
(I) Distribution to "IC" Class 135,384.59
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
# PAYMENT DELINQUENCY NUMBER BALANCE
--------------------- ------------------------------------------
(A) 31-60 39 313,511.12
------------------------------------------
(B) 61-90 14 126,124.66
------------------------------------------
(C) 91+ 11 113,312.30
------------------------------------------
(D) Total 64 552,948.08
------------------------------------------
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS YIELD
MONTH BALANCE BALANCE (ANNUALIZED %)
----- -----------------------------------------------------------
(A) Current 176,842.63 94,550,507.02 2.2444%
-----------------------------------------------------------
(B) 1st Previous 175,493.75 99,745,602.06 2.1113%
-----------------------------------------------------------
(C) 2nd Previous 61,129.42 105,557,334.06 0.6949%
-----------------------------------------------------------
(D) 3rd Previous 42,428.84 112,037,334.99 0.4544%
-----------------------------------------------------------
(E) 4th Previous 210,199.22 118,039,767.11 2.1369%
-----------------------------------------------------------
(F) 5th Previous 128,018.13 124,630,130.46 1.2326%
-----------------------------------------------------------
(G) Six-Month Rolling Excess Yield
(greater than symbol=1.75%) 132,352.00 109,093,445.95 1.4558%
-----------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
----- -----------------------------------------------------------
(A) Current 552,948.08 94,550,507.02 0.5848%
-----------------------------------------------------------
(B) 1st Previous 809,107.22 99,745,602.06 0.8112%
-----------------------------------------------------------
(C) 2nd Previous 883,546.02 105,557,334.06 0.8370%
-----------------------------------------------------------
(D) Three-Month Rolling Average
(less than symbol 2%) 748,533.77 99,951,147.71 0.7489%
-----------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
----- ------------------------------------------------------------------------
(A) Current 380,072.68 213,696.46 97,148,054.54 2.0551%
------------------------------------------------------------------------
(B) 1st Previous 401,726.99 212,593.57 102,651,468.06 2.2110%
------------------------------------------------------------------------
(C) 2nd Previous 611,639.68 258,355.87 108,797,334.53 3.8966%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate (less than symbol)3% 464,479.78 228,215.30 102,865,619.04 2.7562%
------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: August 31, 1998
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
<S> <C> <C>
NUMBER BALANCE
---------------------------------------------
(A) Collection Period Charge-Off Receivables 38 224,371.88
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 764 5,463,922.52
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 57,995.66
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 520,567.04
---------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 14 144,551.94
---------------------------------------------
(B) Aggregate Repossessions 513 6,048,725.33
---------------------------------------------
(C) Unliquidated Repossessions 18 204,104.66
---------------------------------------------
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 499,633.21
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 29,271.59
----------------------
(D) Ending Balance 470,361.62
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: JULY 31, 1998
A. PRINCIPAL BALANCE RECONCILIATION
<TABLE>
<CAPTION> 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 53,311,345.06 52,245,989.00 105,557,334.06 11064
-----------------------------------------------------------------
(C) Collections (Regular Payments) 3,013,506.79 0.00 3,013,506.79 N/A
-----------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,439,483.50 0.00 2,439,483.50 430
-----------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
-----------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 50,397.59 0.00 50,397.59 N/A
-----------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
-----------------------------------------------------------------
(H) Gross Charge Offs 271,312.23 0.00 271,312.23 31
-----------------------------------------------------------------
(I) Repurchases 37,031.89 0.00 37,031.89 18
-----------------------------------------------------------------
(J) Ending Balance 47,499,613.06 52,245,989.00 99,745,602.06 10585
-----------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 40,983,967.50
-------------
(L) Ending 36,941,594.60
-------------
(M) Certificate Factor 23.6341175% 100.0000000% 39.3901101%
-----------------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-------------
(A) Cash Wired 6,639,832.90
-------------
(B) Interest Wired/Earned 23,645.77
-------------
(C) Withdrawal from Payahead Account 50,397.59
-------------
(D) Advances 0.00
-------------
(E) Repurchases 37,031.89
-------------
(F) Gross Charge-Off Recoveries 82,178.81
-------------
(G) Gross Charge-Off Advances 6,421.24
-------------
(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 6,839,508.20
-------------
C. TRUSTEE DISTRIBUTION
TOTAL
-------------
(A) Total Cash Flow 6,839,508.20
-------------
(B) Unrecovered Interest Advances 5,953.19
-------------
(C) Servicing Fee (Due and Unpaid) 87,964.45
-------------
(D) Interest to "A-1" Certificate Holders, including Overdue 279,440.30
-------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-------------
(F) Interest to "I" Certificate Holders, including Overdue 107,582.91
-------------
(G) Principal to "A-1" Certificate Holders, including Overdue 5,811,732.00
-------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-------------
(I) Reinsurance Fee 0.00
-------------
(J) Surety Bond Fee 14,294.73
-------------
(K) First Loss Protection 1,100.06
--------
(L) Surety Bond Premium 13,194.67
---------------------------
(M) Interest Advance Recovery Payments 46,483.54
-------------
(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>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1998
<TABLE>
<CAPTION>
<S> <C>
---------------
(R) Bank Account Interest to Servicer 23,645.77
---------------
(S) Excess Yield 175,493.75
---------------
BALANCE 0.00
---------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-----------------------------------
(A) Beginning Balance 3,298,361.25 103,146,466.40
-----------------------------------
(B) Additions to Spread Amount 175,493.75 N/A
-----------------------------------
(C) Interest Earned 15,070.62
-----------------------------------
(D) Draws 0.00 0.00
-----------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
-----------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 0.00 0.00
-----------------------------------
(G) Ending Balance 3,488,925.62 97,209,146.03
-----------------------------------
(H) Required Balance 3,740,460.08 97,209,146.03
-----------------------------------
(I) Distribution to "IC" Class 0.00
-----------------
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
---------------------------------
(A) 31-60 49 433,760.01
---------------------------------
(B) 61-90 25 275,702.80
---------------------------------
(C) 91+ 12 99,644.41
---------------------------------
(D) Total 86 809,107.22
---------------------------------
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ---------------------------------------------------------
(A) Current 175,493.75 99,745,602.06 2.1113%
---------------------------------------------------------
(B) 1st Previous 61,129.42 105,557,334.06 0.6949%
---------------------------------------------------------
(C) 2nd Previous 42,428.84 112,037,334.99 0.4544%
---------------------------------------------------------
(D) 3rd Previous 210,199.22 118,039,767.11 2.1369%
---------------------------------------------------------
(E) 4th Previous 128,018.13 124,630,130.46 1.2326%
---------------------------------------------------------
(F) 5th Previous 195,671.17 131,946,266.49 1.7796%
---------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 135,490.09 115,326,072.53 1.4098%
---------------------------------------------------------
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- ---------------------------------------------------------
(A) Current 809,107.22 99,745,602.06 0.8112%
---------------------------------------------------------
(B) 1st Previous 883,546.02 105,557,334.06 0.8370%
---------------------------------------------------------
(C) 2nd Previous 1,281,746.83 112,037,334.99 1.1440%
---------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 991,466.69 105,780,090.37 0.9373%
---------------------------------------------------------
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------------------------------------------------------------
(A) Current 401,726.99 212,593.57 102,651,468.06 2.2110%
------------------------------------------------------------------------
(B) 1st Previous 611,639.68 258,355.87 108,797,334.53 3.8966%
------------------------------------------------------------------------
(C) 2nd Previous 372,172.09 177,478.21 115,038,551.05 2.0309%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 461,846.25 216,142.55 108,829,117.88 2.7092%
------------------------------------------------------------------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: July 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
-----------------------------------------------
(A) Collection Period Charge-Off Receivables 31 271,312.23
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 726 5,239,550.64
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 82,178.81
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 462,571.10
-----------------------------------------------
J. REPOSSESSIONS
-----------------------------------------------
(A) Collection Period Repossessions 25 300,961.92
-----------------------------------------------
(B) Aggregate Repossessions 499 5,904,173.39
-----------------------------------------------
(C) Unliquidated Repossessions 27 327,778.10
-----------------------------------------------
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 550,030.80
-----------------------
(B) Deposit 0.00
-----------------------
(C) Withdrawal 50,397.59
-----------------------
(D) Ending Balance 499,633.21
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: JUNE 30, 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 59,791,345.99 52,245,989.00 112,037,334.99 11607
----------------------------------------------------------------------------
(C) Collections (Regular Payments) 3,208,850.24 0.00 3,208,850.24 N/A
----------------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,798,806.61 0.00 2,798,806.61 472
----------------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
----------------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 58,951.06 0.00 58,951.06 N/A
----------------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
----------------------------------------------------------------------------
(H) Gross Charge Offs 378,623.80 0.00 378,623.80 51
----------------------------------------------------------------------------
(I) Repurchases 34,769.22 0.00 34,769.22 20
----------------------------------------------------------------------------
(J) Ending Balance 53,311,345.06 52,245,989.00 105,557,334.06 11064
----------------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 45,120,492.38
-----------------
(L) Ending 40,983,967.50
-----------------
(M) Certificate Factor 26.5258286% 100.0000000% 41.6851964%
-------------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
-----------------
(A) Cash Wired 7,280,596.87
-----------------
(B) Interest Wired/Earned 22,887.90
-----------------
(C) Withdrawal from Payahead Account 58,951.06
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 34,769.22
-----------------
(F) Gross Charge-Off Recoveries 25,339.99
-----------------
(G) Gross Charge-Off Advances 30,446.58
-----------------
(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 7,452,991.62
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
-----------------
(A) Total Cash Flow 7,452,991.62
-----------------
(B) Unrecovered Interest Advances 29,988.40
-----------------
(C) Servicing Fee (Due and Unpaid) 93,364.45
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 313,406.31
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 118,441.29
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 6,480,000.93
-----------------
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 15,145.55
-----------------
(K) First Loss Protection 1,140.88
-----------------------
(L) Surety Bond Premium 14,004.67
-----------------------
(M) Interest Advance Recovery Payments 31,709.82
-----------------
(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>
<TABLE>
<CAPTION>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1998
<S> <C>
(R) Bank Account Interest to Servicer 22,887.90
-----------------
(S) Excess Yield 61,129.42
-----------------
BALANCE 0.00
-----------------
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
-----------------------------------------
<S> <C> <C>
(A) Beginning Balance 3,222,997.26 109,731,718.26
----------------------------------------
(B) Additions to Spread Amount 61,129.42 N/A
----------------------------------------
(C) Interest Earned 14,234.57
----------------------------------------
(D) Draws 0.00 0.00
----------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
----------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 0.00 0.00
----------------------------------------
(G) Ending Balance 3,298,361.25 103,146,466.40
----------------------------------------
(H) Required Balance 3,958,400.03 103,146,466.40
----------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
-------------------- ---------------------------------------------
<S> <C> <C>
(A) 31-60 46 467,471.38
---------------------------------------------
(B) 61-90 28 283,783.78
---------------------------------------------
(C) 91+ 10 127,290.86
---------------------------------------------
(D) Total 84 883,546.02
---------------------------------------------
<CAPTION>
F. EXCESS YIELD
EXCESS YIELD POOL EXCESS YIELD
MONTH BALANCE BALANCE (ANNUALIZED %)
----- ------------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 61,129.42 105,557,334.06 0.6949%
--------------------------------------------------------------
(B) 1st Previous 42,428.84 112,037,334.99 0.4544%
--------------------------------------------------------------
(C) 2nd Previous 210,199.22 118,039,767.11 2.1369%
--------------------------------------------------------------
(D) 3rd Previous 128,018.13 124,630,130.46 1.2326%
--------------------------------------------------------------
(E) 4th Previous 195,671.17 131,946,266.49 1.7796%
--------------------------------------------------------------
(F) 5th Previous 235,613.31 138,584,290.24 2.0402%
--------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 145,510.02 121,799,187.23 1.4336%
--------------------------------------------------------------
<CAPTION>
G. DELINQUENCY RATE (31+)
MONTH POOL
MONTH BALANCE BALANCE %
----- --------------------------------------------------------------
<S> <C> <C> <C>
(A) Current 883,546.02 105,557,334.06 0.8370%
--------------------------------------------------------------
(B) 1st Previous 1,281,746.83 112,037,334.99 1.1440%
--------------------------------------------------------------
(C) 2nd Previous 1,218,770.40 118,039,767.11 1.0325%
--------------------------------------------------------------
(D) Three-Month Rolling Average (less than 2%) 1,128,021.08 111,878,145.39 1.0083%
--------------------------------------------------------------
<CAPTION>
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
----- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Current 611,639.68 258,355.87 108,797,334.53 3.8966%
-----------------------------------------------------------------------------------
(B) 1st Previous 372,172.09 177,478.21 115,038,551.05 2.0309%
-----------------------------------------------------------------------------------
(C) 2nd Previous 422,798.01 196,487.95 121,334,948.79 2.2382%
-----------------------------------------------------------------------------------
(D) Three-Month Rolling Average Net
Default Rate less than 3% 468,869.93 210,774.01 115,056,944.79 2.6918%
-----------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: June 30, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
---------------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 51 378,623.80
---------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 695 4,968,238.41
---------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 25,339.99
---------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 380,392.57
---------------------------------------------
<CAPTION>
J. REPOSSESSIONS
<S> <C> <C>
(A) Collection Period Repossessions 17 213,446.11
---------------------------------------------
(B) Aggregate Repossessions 474 5,603,211.47
---------------------------------------------
(C) Unliquidated Repossessions 20 265,424.14
---------------------------------------------
<CAPTION>
K. FORCED PLACE INSURANCE
<S> <C> <C>
(A) FPI Charge-Offs 0 0.00
---------------------------------------------
(B) FPI Canceled/Waived/Removed/ Reversed 0 0.00
---------------------------------------------
<CAPTION>
L. PAYAHEAD RECONCILIATION
<S> <C>
(A) Beginning Balance 608,981.86
----------------------
(B) Deposit 0.00
----------------------
(C) Withdrawal 58,951.06
----------------------
(D) Ending Balance 550,030.80
----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<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>
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>
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>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: APRIL 30, 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 72,384,141.46 52,245,989.00 124,630,130.46 12628
---------------------------------------------------------------------
(C) Collections (Regular Payments) 3,526,994.30 0.00 3,526,994.30 N/A
---------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,759,021.80 0.00 2,759,021.80 459
---------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 0.00 0.00 0.00 N/A
---------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------
(H) Gross Charge Offs 263,357.17 0.00 263,357.17 35
---------------------------------------------------------------------
(I) Repurchases 40,990.08 0.00 40,990.08 30
---------------------------------------------------------------------
(J) Ending Balance 65,793,778.11 52,245,989.00 118,039,767.11 12104
---------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 54,362,424.89
-----------------
(L) Ending 49,349,540.34
-----------------
(M) Certificate Factor 32.7366432% 100.0000000% 46.6145808%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 7,897,707.19
-----------------
(B) Interest Wired/Earned 29,250.56
-----------------
(C) Withdrawal from Payahead Account 0.00
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 40,990.08
-----------------
(F) Gross Charge-Off Recoveries 37,047.11
-----------------
(G) Gross Charge-Off Advances 33,551.38
-----------------
(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 8,038,546.32
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 8,038,546.32
-----------------
(B) Unrecovered Interest Advances 30,721.71
-----------------
(C) Servicing Fee (Due and Unpaid) 103,858.44
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 379,413.54
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 142,701.37
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 6,590,363.35
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 17,507.41
-----------------
(K) First Loss Protection 1,928.65
----------------
(L) Surety Bond Premium 15,578.77
----------------
(M) Interest Advance Recovery Payments 57,350.45
-----------------
(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 190,262.71
-----------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: APRIL 30, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 29,250.56
----------------
(S) Excess Yield 210,199.22
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,516,442.37 122,209.427.11
---------------------------------------
(B) Additions to Spread Amount 210,199.22 N/A
---------------------------------------
(C) Interest Earned 15,322.95
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to Servicer 0.00 0.00
---------------------------------------
(G) Ending Balance 3,741,964.54 115,436,215.65
---------------------------------------
(H) Required Balance 3,165,312.36 115,436,215.65
---------------------------------------
(I) Distribution to "IC" Class 576,652.18
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -----------------------------------------------------------
(A) 31-60 74 692,753.01
---------------------------------------------
(B) 61-90 37 457,011.44
---------------------------------------------
(C) 91+ 13 69,005.95
---------------------------------------------
(D) Total 124 1,218,770.40
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
- -----------------------------------------------------------
(A) Current 210,199.22 118,039,767.11 2.1369%
-------------------------------------------------------------
(B) 1st Previous 128,018.13 124,630,130.46 1.2326%
-------------------------------------------------------------
(C) 2nd Previous 195,671.17 131,946,266.49 1.7796%
-------------------------------------------------------------
(D) 3rd Previous 235,613.31 138,584,290.24 2.0402%
-------------------------------------------------------------
(E) 4th Previous 184,914.80 145,113,932.12 1.5291%
-------------------------------------------------------------
(F) 5th Previous 236,132.00 151,956,095.91 1.8647%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 198,424.77 135,045,080.39 1.7632%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
- ----------------------------------------------------------- BALANCE BALANCE %
MONTH
- -----------------------------------------------------------
(A) Current 1,218,770.40 118,039,767.11 1.0325%
-------------------------------------------------------------
(B) 1st Previous 462,380.88 124,630,130.46 0.3710%
-------------------------------------------------------------
(C) 2nd Previous 800,412,05 131,946,266.49 0.6066%
-------------------------------------------------------------
(D) Three-Month Rolling Average (2%) 827,187.78 124,872,054.69 0.6624%
-------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -----------------------------------------------------------
(A) Current 442,798.01 196,487.95 121,334,948.79 2.2382%
------------------------------------------------------------------------
(B) 1st Previous 702,583.07 259,668.43 128,288,198.48 4.1430%
------------------------------------------------------------------------
(C) 2nd Previous 353,490.61 64,959.46 135,265,278.37 2.5597%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate 3% 492,957.23 173,705.28 128,296,141.88 2.9861%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: April 30, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 35 263,357.17
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 609 4,357,334.41
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 37,047.11
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 317,466.28
-----------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 29 365,613.57
-----------------------------------------------
(B) Aggregate Repossessions 433 5,118,725.92
-----------------------------------------------
(C) Unliquidated Repossessions 30 371,011.43
-----------------------------------------------
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 479,347.85
-----------------------
(B) Deposit 190,262.71
-----------------------
(C) Withdrawal 0.00
-----------------------
(D) Ending Balance 669,610.56
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: MARCH 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 79,700,277.49 52,245,989.00 131,946,266.49 13235
---------------------------------------------------------------------
(C) Collections (Regular Payments) 3,677,692.57 0.00 3,677,692.57 N/A
---------------------------------------------------------------------
(D) Collections (Principal Payoffs) 3,098,527.58 0.00 3,098,527.58 504
---------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 75,709.62 0.00 75,709.62 N/A
---------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------
(H) Gross Charge Offs 436,800.98 0.00 436,800.98 82
---------------------------------------------------------------------
(I) Repurchases 27,405.28 0.00 27,405.28 21
---------------------------------------------------------------------
(J) Ending Balance 72,384,141.46 52,245,989.00 124,630,130.46 12628
---------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 60,779,142.13
-----------------
(L) Ending 54,362,424.89
-----------------
(M) Certificate Factor 36.0157735% 100.0000000% 49.2171531%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 8,381,032.96
-----------------
(B) Interest Wired/Earned 30,036.87
-----------------
(C) Withdrawal from Payahead Account 75,709.62
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 27,405.28
-----------------
(F) Gross Charge-Off Recoveries 28,446.32
-----------------
(G) Gross Charge-Off Advances 28,290.51
-----------------
(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 8,570,921.56
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 8,570,921.56
-----------------
(B) Unrecovered Interest Advances 27,975.19
-----------------
(C) Servicing Fee (Due and Unpaid) 109,955.22
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 417,762.29
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 159,545.25
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 7,316,136.03
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 19,116.53
-----------------
(K) First Loss Protection 2,623.22
----------------
(L) Surety Bond Premium 16,493.28
----------------
(M) Interest Advance Recovery Payments 79,291.58
-----------------
(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 -3,833.06
-----------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: MARCH 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 30,036.87
----------------
(S) Excess Yield 128,018.13
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,374,053.20 129,813,400.83
---------------------------------------
(B) Additions to Spread Amount 128,018.13 N/A
---------------------------------------
(C) Interest Earned 14,371.04
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to Servicer 0.00 0.00
---------------------------------------
(G) Ending Balance 3,516,442.37 122,209,427.11
---------------------------------------
(H) Required Balance 4,673,629.89 122,209,427.11
---------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -----------------------------------------------------------
(A) 31-60 40 249,770.01
---------------------------------------------
(B) 61-90 29 212,610,87
---------------------------------------------
(C) 91+ 0 0.00
---------------------------------------------
(D) Total 69 462,380.88
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
- -----------------------------------------------------------
(A) Current 128,018.13 124,630,130.46 1.2326%
-------------------------------------------------------------
(B) 1st Previous 195,671.17 131,946,266.49 1.7796%
-------------------------------------------------------------
(C) 2nd Previous 235,613.31 138,584,290.24 2.0402%
-------------------------------------------------------------
(D) 3rd Previous 184,914.80 145,113,932.12 1.5291%
-------------------------------------------------------------
(E) 4th Previous 236,132.00 151,956,095.91 1.8647%
-------------------------------------------------------------
(F) 5th Previous (182,279.53) 158,864,356.65 -1.3769%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 133,011.65 141,849,178.65 1.1252%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
- ----------------------------------------------------------- BALANCE BALANCE %
MONTH
- -----------------------------------------------------------
(A) Current 462,380.88 124,630,130.46 0.3710%
-------------------------------------------------------------
(B) 1st Previous 800,412.05 131,946,266.49 0.6066%
-------------------------------------------------------------
(C) 2nd Previous 771,406.96 138,584,290.24 0.5566%
-------------------------------------------------------------
(D) Three-Month Rolling Average (2%) 678,066.63 131,720,229.06 0.5148%
-------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -----------------------------------------------------------
(A) Current 702,583.07 259,668.43 128,288,198.48 4.1430%
------------------------------------------------------------------------
(B) 1st Previous 353,490.61 64,959.46 135,265,278.37 2.5597%
------------------------------------------------------------------------
(C) 2nd Previous 285,843.84 77,686.89 141,849,111.18 1.7609%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate 3% 447,305.84 134,104.93 135,134,196.01 2.7812%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: March 31, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 82 440,235.16
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 574 4,093,977.24
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 31,880.50
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 280,419.15
-----------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 17 217,742.30
-----------------------------------------------
(B) Aggregate Repossessions 404 4,753,112.35
-----------------------------------------------
(C) Unliquidated Repossessions 19 245,387.07
-----------------------------------------------
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
-----------------------------------------------
(B) FPI Canceled/Waived/Removed/ Reversed 89 310,488.23
-----------------------------------------------
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 555,057.47
-----------------------
(B) Deposit 0.00
-----------------------
(C) Withdrawal 79,542.68
-----------------------
(D) Ending Balance 479,347.85
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: FEBRUARY 28, 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 86,338,301.24 52,245,989.00 138,584,290.24 13720
---------------------------------------------------------------------
(C) Collections (Regular Payments) 3,611,528.04 0.00 3,611,528.04 N/A
---------------------------------------------------------------------
(D) Collections (Principal Payoffs) 2,741,941.49 0.00 2,741,941.49 431
---------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
---------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 0.00 0.00 0.00 N/A
---------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
---------------------------------------------------------------------
(H) Gross Charge Offs 270,237.30 0.00 270,237.30 41
---------------------------------------------------------------------
(I) Repurchases 14,316.92 0.00 14,316.92 13
---------------------------------------------------------------------
(J) Ending Balance 79,700,277.49 52,245,989.00 131,946,266.49 13235
---------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 67,613,579.58
-----------------
(L) Ending 60,779,142.13
-----------------
(M) Certificate Factor 39.6560225% 100.0000000% 52.1063371%
-------------------------------------------------
B. CASH FLOW RECONCILIATION
TOTAL
(A) Cash Wired 7,857,991.96
-----------------
(B) Interest Wired/Earned 27,957.12
-----------------
(C) Withdrawal from Payahead Account 0.00
-----------------
(D) Advances 0.00
-----------------
(E) Repurchases 14,316.92
-----------------
(F) Gross Charge-Off Recoveries 26,644.26
-----------------
(G) Gross Charge-Off Advances 25,864.41
-----------------
(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 7,952,774.67
-----------------
C. TRUSTEE DISTRIBUTION
TOTAL
(A) Total Cash Flow 7,952,774.67
-----------------
(B) Unrecovered Interest Advances 25,693.04
-----------------
(C) Servicing Fee (Due and Unpaid) 115,486.91
-----------------
(D) Interest to "A-1" Certificate Holders, including Overdue 452,556.60
-----------------
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
-----------------
(F) Interest to "I" Certificate Holders, including Overdue 177,485.65
-----------------
(G) Principal to "A-1" Certificate Holders, including Overdue 6,638,023.75
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
-----------------
(I) Reinsurance Fee 0.00
-----------------
(J) Surety Bond Fee 20,290.83
-----------------
(K) First Loss Protection 2,967.79
----------------
(L) Surety Bond Premium 17,323.04
----------------
(M) Interest Advance Recovery Payments 8,859.00
-----------------
(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 3,833.06
-----------------
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
FOR REMITTANCE DATE: FEBRUARY 28, 1998
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 27,957.12
----------------
(S) Excess Yield 195,671.17
----------------
BALANCE 0.00
----------------
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
SPREAD ACCOUNT SURETY BOND
(A) Beginning Balance 3,416,239.84 136,509,616.85
---------------------------------------
(B) Additions to Spread Amount 195,671.17 N/A
---------------------------------------
(C) Interest Earned 13,069.66
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to Servicer 250,927.47 0.00
---------------------------------------
(G) Ending Balance 3,374,053.20 129,813,400.83
---------------------------------------
(H) Required Balance 4,947,984.99 129,813,400.83
---------------------------------------
(I) Distribution to "IC" Class 0.00
-----------------------
E. CURRENT RECEIVABLES DELINQUENCY
#PAYMENT DELINQUENCY NUMBER BALANCE
- -----------------------------------------------------------
(A) 31-60 51 490,106.64
---------------------------------------------
(B) 61-90 40 310,305.41
---------------------------------------------
(C) 91+ 0 0.00
---------------------------------------------
(D) Total 91 800,412.05
---------------------------------------------
F. EXCESS YIELD
EXCESS YIELD BALANCE POOL EXCESS YIELD
MONTH BALANCE (ANNUALIZED %)
- -----------------------------------------------------------
(A) Current 195,671.17 131,946,266.49 1.7796%
-------------------------------------------------------------
(B) 1st Previous 235,613.31 138,584,290.24 2.0402%
-------------------------------------------------------------
(C) 2nd Previous 184,914.80 145,113,932.12 1.5291%
-------------------------------------------------------------
(D) 3rd Previous 236,132.00 151,956,095.91 1.8647%
-------------------------------------------------------------
(E) 4th Previous (182,279.53) 158,864,356.65 -1.3769%
-------------------------------------------------------------
(F) 5th Previous 445,969.94 167,185,438.37 3.2010%
-------------------------------------------------------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 186,003.61 148,941,729.96 1.4986%
-------------------------------------------------------------
G. DELINQUENCY RATE (31+)
MONTH POOL
- ----------------------------------------------------------- BALANCE BALANCE %
MONTH
- -----------------------------------------------------------
(A) Current 800,412.05 131,946,266.49 0.6066%
-------------------------------------------------------------
(B) 1st Previous 771,406.96 138,584,290.24 0.5566%
-------------------------------------------------------------
(C) 2nd Previous 765,091.48 145,113.932.12 0.5272%
-------------------------------------------------------------
(D) Three-Month Rolling Average (2%) 778,970.16 138,548,162.95 0.5622%
-------------------------------------------------------------
H. NET LOSS RATE
LIQUIDATION AVERAGE DEFAULTED
MONTH BALANCE PROCEEDS BALANCE (ANNUALIZED)
- -----------------------------------------------------------
(A) Current 353,490.61 64,959.46 135,265,278.37 2.5597%
------------------------------------------------------------------------
(B) 1st Previous 285,843.84 77,686.89 141,849,111.18 1.7609%
------------------------------------------------------------------------
(C) 2nd Previous 311,838.80 100,601.30 148,535,014.02 1.7066%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate 3% 317,057.75 81,082.55 141,883,134.52 1.9958%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Bay View Securitization Corporation
For Remittance Date: February 28, 1998
I. CHARGE-OFF / RECOVERIES
NUMBER BALANCE
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 41 272,152.78
-----------------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 492 3,653,742.08
-----------------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 28,559.74
-----------------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 248,538.65
-----------------------------------------------
J. REPOSSESSIONS
(A) Collection Period Repossessions 19 221,340.52
-----------------------------------------------
(B) Aggregate Repossessions 387 4,535,370.05
-----------------------------------------------
(C) Unliquidated Repossessions 57 447,319.26
-----------------------------------------------
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 555,057.47
-----------------------
(B) Deposit 3,833.06
-----------------------
(C) Withdrawal 0.00
-----------------------
(D) Ending Balance 558,890.53
-----------------------
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
Bay View Credit
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: January 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 92,867,943.12 52,245,989.00 145,113,932.12 14194
(C) Collections (Regular Payments) 3,705,210.32 0.00 3,705,210.32 N/A
(D) Collections (Principal Payoffs) 2,526,889.16 0.00 2,526,889.16 419
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
(F) Withdrawal from Payahead (Principal) 40,713.40 0.00 40,713.40 N/A
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
(H) Gross Charge Offs 239,064.41 0.00 239,064.41 35
(I) Repurchases 17,764.59 0.00 17,764.59 20
(J) Ending Balance 86,338,301.24 52,245,989.00 138,584,290.24 13720
Notional Principal Balance:
(K) Beginning 74,670,602.11
(L) Ending 67,613,579.58
(M) Certificate Factor 42.9588670% 100.0000000% 54.7277308%
<CAPTION>
B. CASH FLOW RECONCILIATION
Total
------------
<S> <C>
(A) Cash Wired 7,813,150.52
(B) Interest Wired/Earned 31,622.70
(C) Withdrawal from Payahead Account 40,713.40
(D) Advances 0.00
(E) Repurchases 17,764.59
(F) Gross Charge-Off Recoveries 27,931.49
(G) Gross Charge-Off Advances 17,666.49
(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 7,948,849.19
<CAPTION>
C. TRUSTEE DISTRIBUTION
Total
------------
<S> <C>
(A) Total Cash Flow 7,948,849.19
(B) Unrecovered Interest Advances 16,223.99
(C) Servicing Fee (Due and Unpaid) 120,928.28
(D) Interest to "A-1" Certificate Holders, including Overdue 486,782.80
(E) Interest to "A-2" Certificate Holders, including Overdue 286,917.56
(F) Interest to "I" Certificate Holders, including Overdue 196,010.33
(G) Principal to "A-1" Certificate Holders, including Overdue 6,529,641.88
(H) Principal to "A-2" Certificate Holders, including Overdue 0.00
(I) Reinsurance Fee 0.00
(J) Surety Bond Fee 21,600.55
(K) First Loss Protection 3,461.31
(L) Surety Bond Premium 18,139.24
(M) Interest Advance Recovery Payments 23,507.80
(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>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: January 31, 1998
<TABLE>
<S> <C>
(R) Bank Account Interest to Servicer 31,622.70
(S) Excess Yield 235,613.31
BALANCE 0.00
<CAPTION>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
Spread Account Surety Bond
-------------- -------------
<S> <C> <C>
(A) Beginning Balance 3,364,988.41 143,099,924.11
(B) Additions to Spread Amount 235,613.31 N/A
(C) Interest Earned 15,314.17
(D) Draws 0.00 0.00
(E) Reimbursement for Prior Draws N/A 0.00
(F) Distribution of Funds to Servicer 199,676.05 0.00
(G) Ending Balance 3,416,239.84 136,509,616.85
(H) Required Balance 3,165,312.36 136,509,616.85
(I) Distribution to "IC" Class 250,927.47
<CAPTION>
E. CURRENT RECEIVABLES DELINQUENCY
#Payment Delinquency Number Balance
-------------------- ------ ----------
<S> <C> <C>
(A) 31-60 58 420,157.82
(B) 61-90 43 351,249.14
(C) 91+ 0 0.00
(D) Total 101 771,406.96
<CAPTION>
F. EXCESS YIELD
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------ -------------- -------------
<S> <C> <C> <C>
(A) Current 235,613.31 138,584,290.24 2.0402%
(B) 1st Previous 184,914.80 145,113,932.12 1.5291%
(C) 2nd Previous 236,132.00 151,956,095.91 1.8647%
(D) 3rd Previous (182,279.53) 158,864,356.65 -1.3769%
(E) 4th Previous 445,969.94 167,185,438.37 3.2010%
(F) 5th Previous 588,174.45 175,522,760.36 4.0212%
(G) Six-Month Rolling Excess
Yield (greater or equal
to 1.75%) 251,420.83 156,204,478.94 1.9315%
<CAPTION>
G. DELINQUENCY RATE (31+)
Month Pool
Month Balance Balance %
----- ---------- -------------- -------
<S> <C> <C> <C>
(A) Current 771,406.96 138,584,290.24 0.5566%
(B) 1st Previous 765,091.48 145,113.932.12 0.5272%
(C) 2nd Previous 658,050.21 151,956.095.91 0.4331%
(D) Three-Month Rolling Average
(less than 2%) 731,516.22 145,218,106.09 0.5037%
<CAPTION>
H. NET LOSS RATE
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ---------- ----------- -------------- ------------
<S> <C> <C> <C> <C>
(A) Current 285,843.84 77,686.89 141,849,111.18 1.7609%
(B) 1st Previous 311,838.80 100,601.30 148,535,014.02 1.7066%
(C) 2nd Previous 473,465.62 109,244.10 155,410,226.28 2.8123%
(D) Three-Month Rolling Average Net
Default Rate less than 3% 357,049.42 95,844.10 148,598,117.16 2.1094%
</TABLE>
<PAGE>
BAY VIEW SECURITIZATION CORPORATION
For Remittance Date: January 31, 1998
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
------ -----------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 35 240,041.41
(B) Gross Charge-Offs Cumulative Receivables 451 3,381,589.30
(C) Collection Period Recoveries on Charge-Offs NA 28,908.49
(D) Recoveries on Charge-Offs To-Date NA 219,978.91
J. REPOSSESSIONS
(A) Collection Period Repossessions 20 230,628.14
(B) Aggregate Repossessions 368 4,314,029.53
(C) Unliquidated Repossessions 68 540,231.80
K. FORCED PLACE INSURANCE
(A) FPI Charge-Offs 0 0.00
(B) FPI Canceled/Waived/Removed/Reversed 41 120,211.94
L. PAYAHEAD RECONCILIATION
(A) Beginning Balance 595,770.87
(B) Deposit 0.00
(C) Withdrawal 40,713.40
(D) Ending Balance 555,057.47
</TABLE>
Approved By: /s/ Michael A. Benavides
------------------------
Michael A. Benavides
Vice President, Controller
California Thrift & Loan
<PAGE>
Independent Accountants' Report
-------------------------------
The Board of Directors
Bay View Credit:
We have examined management's assertion about Bay View Credit's (BVC's)
compliance with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers, except for minimum servicing standards I.1 through I.4, III.3, III.4,
and V.2 through V.4, which BVC has interpreted as being inapplicable to the
servicing obligations set forth in the Bay View 1997-RA-1 Auto Trust Pooling and
Servicing Agreement dated January 29, 1997, as of and for the year ended
December 31, 1998 included in the accompanying Management Assertion Report.
Management is responsible for BVC's compliance with those minimum servicing
standards. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about BVC's compliance with the minimum
servicing standards and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on BVC's compliance with the minimum servicing standards.
In our opinion, management's assertion that BVC has complied in all material
respects with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1998 is fairly stated, in all material respects.
/s/ KPMG LLP
San Francisco, California
March 10, 1999
<PAGE>
MANAGEMENT ASSERTION REPORT
March 10, 1999
As of and for the year ended December 31, 1998, Bay View Credit ("BVC") has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers ("USAP"), except for minimum servicing standards
I.1 through I.4, III.3, III.4, and V.2 through V.4, which BVC has interpreted as
being inapplicable to the servicing obligations set forth in the Bay View 1997-
RA-1 Auto Trust Pooling and Servicing Agreement dated January 29, 1997. As of
and for this same period, BVC's parent company, Bay View Capital Corporation,
had in effect a fidelity bond in the amount of $20 million, which covers its
subsidiaries including BVC. In addition, BVC also had a Blanket Vendor's Single
Interest insurance policy covering the collateral of the securitized loan
portfolio.
The following minimum servicing standards are applicable to BVC. For the
purposes of this presentation, the USAP's reference to "mortgage" has been
replaced with "auto loan" and "mortgagor" has been replaced with "borrower."
USAP
Reference Minimum Servicing Standard
- --------- --------------------------
II. Auto Loan Payments
II.1 Auto loan payments shall be deposited into the trustee's bank account
within two business days of receipt.
II.2 Auto loan payments made in accordance with the borrower's loan
documents shall be posted to the applicable borrower records within
two business days of receipt.
II.3 Auto loan payments shall be allocated to principal, interest, forced
placed insurance or other items in accordance with the borrower's
loan documents.
II.4 Auto loan payments identified as loan payoffs shall be allocated in
accordance with the borrower's loan documents.
III. Disbursements
III.1 Disbursements made via wire transfer on behalf of a borrower or
investor shall be made only by authorized personnel.
III.2 Disbursements made on behalf of a borrower or investor shall be
posted within two business days to the borrower's or investor's
records maintained by the servicing entity.
III.5 Amounts remitted to investors per the servicer's investor reports
shall agree with the canceled check, or other form of payment, or
custodial bank statements.
III.6 Unissued checks shall be safeguarded so as to prevent unauthorized
access.
IV. Investor Accounting and Reporting
IV.1 The servicing entity's investor reports shall agree with, or
reconcile to, investors' records on a monthly basis as to the total
unpaid principal balance and number of loans serviced by the
servicing entity.
<PAGE>
USAP
Reference Minimum Servicing Standard
- --------- --------------------------
V. Auto Loan Accounting
V.1 The servicing entity's auto loan records shall agree with, or
reconcile to, the records of borrowers with respect to the unpaid
principal balance on a monthly basis.
VI. Delinquencies
VI.1 Records documenting collection efforts shall be maintained during the
period a loan is in default and shall be updated at least monthly.
Such reports shall describe the servicing entity's activities in
monitoring delinquent loans including, for example, phone calls,
letters and auto loan payment rescheduling plans in cases where the
delinquency is deemed temporary (e.g., illness or unemployment).
VII. Insurance Policies
VII.1 A fidelity bond shall be in effect on the servicing entity throughout
the reporting period in the amount of coverage represented to
investors in the management assertion.
Very truly yours,
Bay View Credit
/s/ Michael A. Benavides
- ------------------------
Michael A. Benavides
Vice President and Controller
Bay View Credit
/s/ Scott H. Ray
- ----------------
Scott H. Ray
Senior Vice President and Chief Financial Officer
Bay View Bank
|
|