|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: BAY VIEW SECURITIZATION CORP, 8-K, 2000-03-22 |
Next: METRO-GOLDWYN-MAYER INC, 10-K, 2000-03-22 |
<PAGE>
<TABLE>
====================================================================================================================================
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest event reported): March 15, 2000
<CAPTION>
Bay View Securitization Corporation
- ------------------------------------------------------------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
<S> <C> <C>
Delaware 333-16233 93-1225376
- ------------------------------ --------------------- --------------------------------------
State or other jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.)
incorporation or organization
c/o Bay View Bank
1840 Gateway Drive
San Mateo, California 94404
- -------------------------------------- -----------------------------
Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (650) 573-7310
2121 So. El Camino Real, San Mateo, California 94403, (650) 573-7310
- ------------------------------------------------------------------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since last report)
</TABLE>
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated February 29, 2000
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on behalf of Bay View
Securitization Corporation by the undersigned thereunto duly authorized.
BAY VIEW 1997 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: March 22, 2000 By: /s/ David A. Heaberlin
-------------------------------------------
David A. Heaberlin
Treasurer and Chief Financial Officer
Page 2
<PAGE>
Bay View Securitization Corporation
For Remittance Date: February 29, 2000
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 .00 21106
-------------- ------------- ------------- ---------
(B) Beginning Period Principal Balance 0.00 33,724,121.45 33,724,121.45 4427
-------------- ------------- ------------- ---------
(C) Collections (Regular Payments) 0.00 1,229,724.13 1,229,724.13 N/A
-------------- ------------- ------------- ---------
(D) Collections (Principal Payoffs) 0.00 844,874.44 844,874.44 207
-------------- ------------- ------------- ---------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00 0
-------------- ------------- ------------- ---------
(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 0.00 117,664.98 117,664.98 12
-------------- ------------- ------------- ---------
(I) Repurchases 0.00 30,583.38 30,583.38 21
-------------- ------------- ------------- ---------
(J) Ending Balance 0.00 31,501.274.52 31,501.274.52 4187
-------------- ------------- ------------- ---------
Notional Principal Balance:
-------------
(K) Beginning 1,330,075.13
-------------
(L) Ending 1,007,931.16
-------------- ------------- -------------
(M) Certificate Factor 0.0000000% 60.2941491% 12.4400339%
-------------- ------------- -------------
B. Cash Flow Reconciliation
Total
-------------
(A) Cash Wired 2,472,132.25
-------------
(B) Interest Wired/Earned 10,185.20
-------------
(C) Withdrawal from Payahead Account 0.00
-------------
(D) Advances 0.00
-------------
(E) Repurchases 30,583.38
-------------
(F) Gross Charge-Off Recoveries 21,676.39
-------------
(G) Gross Charge-Off Advances 533.40
-------------
(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 2,535,110.62
-------------
C. Trustee Distribution
Total
-------------
(A) Total Cash Flow 2,535,110.62
-------------
(B) Unrecovered Interest Advances 519.42
-------------
(C) Servicing Fee (Due and Unpaid) 28,103.43
-------------
(D) Interest to "A-1" Certificate Holders, including Overdue 0.00
-------------
(E) Interest to "A-2" Certificate Holders, including Overdue 185,201.63
-------------
(F) Interest to "I" Certificate Holders, including Overdue 3,491.45
-------------
(G) Principal to "A-1" Certificate Holders, including Overdue 0.00
-------------
(H) Principal to "A-2" Certificate Holders, including Overdue 2,222,846.93
-------------
(I) Reinsurance Fee 0.00
-------------
(J) Surety Bond Fee 4,215.52
-------------
(K) First Loss Protection 0.00
-------------
(L) Surety Bond Premium 4,215.52
------------- -------------
(M) Interest Advance Recovery Payments 16,910.98
-------------
(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 2,195.89
-------------
</TABLE>
Page 3
<PAGE>
Bay View Securitization Corporation
For Remittance Date: February 29, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 10,185.20
(S) Excess Yield 61,440.17
Balance 0.00
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
-------------- -------------
(A) Beginning Balance 3,338,719.82 30,790,533.48
------------- -------------
(B) Additions to Spread Amount 61,440.17 N/A
------------- -------------
(C) Interest Earned 14,376.81 0.00
------------- -------------
(D) Draws 0.00 0.00
------------- -------------
(E) Reimbursement for Prior Draws NA 0.00
------------- -------------
(F) Distribution of Funds to "IC" Class or Servicer 173,407.46 0.00
------------- -------------
(G) Ending Balance 3,241,129.34 28,552,758.68
------------- -------------
(H) Required Balance 3,165,312.36 28,552,758.68
------------- -------------
(I) Distribution to "IC" Class 75,816.98
-------------
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- ----------- -------------
(A) 31-60 21 169,474.28
----------- -------------
(B) 61-90 10 82,844.31
----------- -------------
(C) 91+ 9 55,673.69
----------- -------------
(D) Total 40 307,992.28
----------- -------------
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------ ------------- --------------
(A) Current 61,440.17 31,501,274.52 2.3405%
----------- ------------- --------------
(B) 1st Previous 158,129.82 33,724,121.45 5.6267%
----------- ------------- --------------
(C) 2nd Previous 137,399.69 35,946,774.70 4,5868%
----------- ------------- --------------
(D) 3rd Previous 133,173.80 38,490,490.46 4.1519%
----------- ------------- --------------
(E) 4th Previous 227,915.17 41,049,306.32 6.6627%
----------- ------------- --------------
(F) 5th Previous 137,409.28 43,572,955.44 3.7843%
----------- ------------- --------------
(G) Six-Month Rolling Excess Yield (>=1.75%) 142,577.99 37,380,820.48 4.5770%
----------- ------------- --------------
G. Delinquency Rate (31+)
Month Pool
Month Balance Balance %
----- ----------- ------------- --------------
(A) Current 307,992.28 31,501,274.52 0.9777%
----------- ------------- --------------
(B) 1st Previous 344,370.64 33,724,121.45 1.0211%
----------- ------------- --------------
(C) 2nd Previous 387,009.12 35,946,774.70 1.0766%
----------- ------------- --------------
(D) Three-Month Rolling Average (less than 2%) 346,457.35 33,724,056.89 1.0273%
----------- ------------- --------------
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ----------- ------------- ------------- ------------
(A) Current 116,827.35 24,176.39 32,612,697.99 3.4091%
----------- ------------- ------------- ------------
(B) 1st Previous 58,944.35 15,040.51 34,835,448.08 1.5124%
----------- ------------- ------------- ------------
(C) 2nd Previous 115,853.32 37,373.88 37,218,632.58 2.5303%
----------- ------------- ------------- ------------
(D) Three-Month Rolling Average Net Default Rate
less than 3% 97,208.34 25,530.26 34,888,926.21 2.4654%
----------- ------------- ------------- ------------
</TABLE>
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: February 29, 2000
<TABLE>
<CAPTION>
I. Charge-Off / Recoveries
Number Balance
----------- -------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 12 117,664.98
----------- -------------
(B) Gross Charge-Offs Cumulative Receivables 1082 7,854,863.72
----------- -------------
(C) Collection Period Recoveries on Charge-Offs NA 21,676.39
----------- -------------
(D) Recoveries on Charge-Offs To-Date NA 1,130,402.69
----------- -------------
J. Repossessions
----------- -------------
(A) Collection Period Repossessions 7 77,393.44
----------- -------------
(B) Aggregate Repossessions 677 7,869,440.77
----------- -------------
(C) Unliquidated Repossessions 10 100,417.99
----------- -------------
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 120,767.68
-----------
(B) Deposit 2,195.89
-----------
(C) Withdrawal 0.00
-----------
(D) Ending Balance 122,963.57
-----------
</TABLE>
Approved By: /s/ Michael LaOrange
--------------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
Page 5
|
|