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Previous: INTERNATIONAL SPECIALTY PRODUCTS INC /NEW/, 13F-HR/A, 2000-02-22 |
Next: BAY VIEW SECURITIZATION CORP, 8-K, 2000-02-22 |
<PAGE>
===============================================================================
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest event reported): February 15, 2000
Bay View Securitization Corporation
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 333-16233 93-1225376
- ------------------------------ --------------------- -------------------
State or other jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation or organization Identification No.)
c/o Bay View Bank
1840 Gateway Drive
San Mateo, California 94404
----------------------------------------- -----------------
Address of principal executive offices Zip Code
Registrant's telephone number, including area code: (650) 573-7310
2121 So. El Camino Real, San Mateo, California 94403, (415) 573-7310
- -------------------------------------------------------------------------------
(Former name, former address, and former fiscal year,
if changed since last report)
<PAGE>
Item 7. Financial Statements, Pro forma Financial Information and Exhibits
Exhibit 99.1 Monthly Servicer's Report dated January 31, 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: February 22, 2000 By: /s/ David A. Heaberlin
David A. Heaberlin
Treasurer and Chief Financial Officer
<PAGE>
Bay View Securitization Corporation
For Remittance Date: January 31, 2000
<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 0.00 35,946,774.70 35,946,774.70 4642
------------------ ------------------- --------------------- ---------------
(C) Collections (Regular Payments) 0.00 1,357,510.32 1,357,510.32 N/A
------------------ ------------------- --------------------- ---------------
(D) Collections (Principal Payoffs) 0.00 788,413.60 788,413.60 190
------------------ ------------------- --------------------- ---------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
------------------ ------------------- --------------------- ---------------
(F) Withdrawal from Payahead (Principal) 0.00 3,479.75 3,479.75 N/A
------------------ ------------------- --------------------- ---------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
------------------ ------------------- --------------------- ---------------
(H) Gross Charge Offs 0.00 56,360.89 56,360.89 6
------------------ ------------------- --------------------- ---------------
(I) Repurchases 0.00 16,888.69 16,888.69 19
------------------ ------------------- --------------------- ---------------
(J) Ending Balance 0.00 33,724,121.45 33,724,121.45 4427
------------------ ------------------- --------------------- ---------------
Notional Principal Balance:
(K) Beginning 1,661,349.09
---------------------
(L) Ending 1,330,075.13
---------------------
(M) Certificate Factor 0.0000000% 64.5487282% 13.3178489%
------------------ ------------------- ---------------------
B. Cash Flow Reconciliation
Total
---------------------
(A) Cash Wired 2,616,192.31
---------------------
(B) Interest Wired/Earned 11,277.21
---------------------
(C) Withdrawal from Payahead Account 3,479.75
---------------------
(D) Advances 0.00
---------------------
(E) Repurchases 16,888.69
---------------------
(F) Gross Charge-Off Recoveries 12,457.05
---------------------
(G) Gross Charge-Off Advances 3,726.36
---------------------
(H) Spread Account Withdrawal 0.00
---------------------
(I) "A" Surety Bond Draw for "I" Interest 0.00
---------------------
(J) "A" Surety Bond Draw for "A-1" Principal or Interest 0.00
---------------------
(K) "A" Surety Bond Draw for "A-2" Principal or Interest 0.00
---------------------
Total Collections 2,664,021.37
---------------------
C. Trustee Distribution
Total
---------------------
(A) Total Cash Flow 2,664,021.37
---------------------
(B) Unrecovered Interest Advances 3,707.07
---------------------
(C) Servicing Fee (Due and Unpaid) 29,955.65
---------------------
(D) Interest to "A-1" Certificate Holders, including Overdue 0.00
---------------------
(E) Interest to "A-2" Certificate Holders, including Overdue 197,407.70
---------------------
(F) Interest to "I" Certificate Holders, including Overdue 4,361.04
---------------------
(G) Principal to "A-1" Certificate Holders, including Overdue 0.00
---------------------
(H) Principal to "A-2" Certificate Holders, including Overdue 2,222,653.25
---------------------
(I) Reinsurance Fee 0.00
---------------------
(J) Surety Bond Fee 4,493.35
---------------------
(K) First Loss Protection 0.00
-------------------
(L) Surety Bond Premium 4,493.35
-------------------
(M) Interest Advance Recovery Payments 32,036.28
---------------------
(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, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
(R) Bank Account Interest to Servicer 11,277.21
---------------------
(S) Excess Yield 158,129.82
---------------------
Balance 0.00
---------------------
D. Spread Account and Surety Reconciliation
Spread Account Surety Bond
------------------- ---------------------
(A) Beginning Balance 3,317,992.33 33,030,519.85
------------------- ---------------------
(B) Additions to Spread Amount 158,129.82 N/A
------------------- ---------------------
(C) Interest Earned 15,277.64
------------------- ---------------------
(D) Draws 0.00 0.00
------------------- ---------------------
(E) Reimbursement for Prior Draws 0.00 0.00
------------------- ---------------------
(F) Distribution of Funds to "IC" Class or Servicer 152,679.97 0.00
------------------- ---------------------
(G) Ending Balance 3,338,719.82 30,790,533.48
------------------- ---------------------
(H) Required Balance 3,165,312.36 30,790,533.48
------------------- ---------------------
(I) Distribution to "IC" Class 173,407.46
-------------------
E. Current Receivables Delinquency
#Payment Delinquency Number Balance
-------------------- ------------------ -------------------
(A) 31-60 23 130,871.09
------------------ -------------------
(B) 61-90 17 127,975.00
------------------ -------------------
(C) 91+ 9 85,524.55
------------------ -------------------
(D) Total 49 344,370.64
------------------ -------------------
F. Excess Yield
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ------------------ ------------------- ---------------------
(A) Current 158,129.82 33,724,121.45 5.6267%
------------------ ------------------- ---------------------
(B) 1st Previous 137,399.69 35,946,774.70 4.5868%
------------------ ------------------- ---------------------
(C) 2nd Previous 133,173.80 38,490,490.46 4.1519%
------------------ ------------------- ---------------------
(D) 3rd Previous 227,915.17 41,049,306.32 6.6627%
------------------ ------------------- ---------------------
(E) 4th Previous 137,409.28 43,572,955.44 3.7843%
------------------ ------------------- ---------------------
(F) 5th Previous 350,355.04 46,455,455.36 9.0501%
------------------ ------------------- ---------------------
(G) Six-Month Rolling Excess Yield
(more than or equal to 1.75%) 190,730.47 39,873,183.96 5.7401%
------------------ ------------------- ---------------------
G. Delinquency Rate (31+)
Month Pool
Month Balance Balance %
----- ------------------ ------------------- ---------------------
(A) Current 344,370.64 33,724,121.45 1.0211%
------------------ ------------------- ---------------------
(B) 1st Previous 387,009.12 35,946,774.70 1.0766%
------------------ ------------------- ---------------------
(C) 2nd Previous 444,683.32 38,490,490.46 1.1553%
------------------ ------------------- ---------------------
(D) Three-Month Rolling Average (less than 2%) 392,021.03 36,053,795.54 1.0873%
------------------ ------------------- ---------------------
H. Net Loss Rate
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------ ------------------- --------------------- --------------
(A) Current 58,944.35 15,040.51 34,835,448.08 1.5124%
------------------ ------------------- --------------------- --------------
(B) 1st Previous 115,853.32 37,373.88 37,218,632.58 2.5303%
------------------ ------------------- --------------------- --------------
(C) 2nd Previous 118,542.99 20,463.66 39,769,898.39 2.9594%
------------------ ------------------- --------------------- --------------
(D) Three-Month Rolling Average
Net Default Rate (less than 3%) 97,780.22 24,292.68 37,274,659.68 2.3658%
------------------ ------------------- --------------------- --------------
</TABLE>
<PAGE>
Bay View Securitization Corporation
For Remittance Date: January 31, 2000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
I. Charge-Off / Recoveries
Number Balance
------------------ -------------------
(A) Collection Period Charge-Off Receivables 6 56,360.89
------------------ -------------------
(B) Gross Charge-Offs Cumulative Receivables 1070 7,737,198.74
------------------ -------------------
(C) Collection Period Recoveries on Charge-Offs NA 12,457.05
------------------ -------------------
(D) Recoveries on Charge-Offs To-Date NA 1,108,726.30
------------------ -------------------
J. Repossessions
(A) Collection Period Repossessions 10 91,902.29
------------------ -------------------
(B) Aggregate Repossessions 670 7,792,047.33
------------------ -------------------
(C) Unliquidated Repossessions 10 91,902.29
------------------ -------------------
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 124,247.43
------------------
(B) Deposit 0.00
------------------
(C) Withdrawal 3,479.75
------------------
(D) Ending Balance 120,767.68
------------------
</TABLE>
Approved By: /s/ Michael LaOrange
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
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