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Previous: NEW VISUAL ENTERTAINMENT INC, 10KSB, 2000-01-21 |
Next: BAY VIEW SECURITIZATION CORP, 8-K, 2000-01-21 |
<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): January 18, 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 December 31, 1999
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on behalf of Bay View
Securitization Corporation by the undersigned thereunto duly authorized.
BAY VIEW 1997 RA-1 AUTO TRUST
BY: BAY VIEW SECURITIZATION CORPORATION
ORIGINATOR OF TRUST
Dated: January 21, 2000 By: /s/ David A. Heaberlin
----------------------
David A. Heaberlin
Treasurer and Chief Financial
Officer
Page 2
<PAGE>
EXHIBIT 99.1
Bay View Securitization Corporation
For Remittance Date: December 31, 1999
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 0.00 38,490,490.46 38,490,490.46 4885
------------------------------------------------------------------
(C) Collections (Regular Payments) 0.00 1,433,014.38 1,433,014.38 N/A
------------------------------------------------------------------
(D) Collections (Principal Payoffs) 0.00 989,501.29 989,501.29 218
------------------------------------------------------------------
(E) Collections (Principal Recoveries) 0.00 0.00 0.00
------------------------------------------------------------------
(F) Withdrawal from Payahead (Principal) 0.00 9,966.08 9,966.08 N/A
------------------------------------------------------------------
(G) Principal Reductions (Other) 0.00 0.00 0.00 0
------------------------------------------------------------------
(H) Gross Charge Offs 0.00 98,909.29 98,909.29 14
------------------------------------------------------------------
(I) Repurchases 0.00 12,324.72 12,324.72 11
------------------------------------------------------------------
(J) Ending Balance 0.00 35,946,774.70 35,946,774.70 4642
------------------------------------------------------------------
Notional Principal Balance:
(K) Beginning 2,135,298.00
---------------
(L) Ending 1,661,349.09
---------------
----------------------------------------------------
(M) Certificate Factor 0.0000000% 68.8029366% 14.1955874%
----------------------------------------------------
<CAPTION>
B. CASH FLOW RECONCILIATION
Total
---------------
<S> <C>
(A) Cash Wired 2,909,596.91
---------------
(B) Interest Wired/Earned 12,794.88
---------------
(C) Withdrawal from Payahead Account 9,966.08
---------------
(D) Advances 0.00
---------------
(E) Repurchases 12,324.72
---------------
(F) Gross Charge-Off Recoveries 20,429.85
---------------
(G) Gross Charge-Off Advances 2,556.60
---------------
(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 2,967,669.04
---------------
<CAPTION>
C. TRUSTEE DISTRIBUTION
Total
---------------
<S> <C>
(A) Total Cash Flow 2,967,669.04
---------------
(B) Unrecovered Interest Advances 2,462.48
---------------
(C) Servicing Fee (Due and Unpaid) 32,075.41
---------------
(D) Interest to "A-1" Certificate Holders, including Overdue 0.00
---------------
(E) Interest to "A-2" Certificate Holders, including Overdue 211,376.94
---------------
(F) Interest to "I" Certificate Holders, including Overdue 5,605.16
---------------
(G) Principal to "A-1" Certificate Holders, including Overdue 0.00
---------------
(H) Principal to "A-2" Certificate Holders, including Overdue 2,543,715.76
---------------
(I) Reinsurance Fee 0.00
---------------
(J) Surety Bond Fee 4,811.31
---------------
(K) First Loss Protection 0.00
------------
(L) Surety Bond Premium 4,811.31
------------
(M) Interest Advance Recovery Payments 17,427.41
---------------
(N) Unreimbursed Draws on Class "A" Surety Bond for Class "A-1" Interest 0.00
---------------
(O) Unreimbursed Draws on Class "A" Surety Bond for Class "A-2" Interest 0.00
---------------
(P) Unreimbursed Draws on Class "A" Surety Bond for Class "I" Interest 0.00
---------------
(Q) Deposit to Payahead 0.00
---------------
</TABLE>
Page 3
<PAGE>
Bay View Securitization Corporation
For Remittance Date: December 31, 1999
<TABLE>
<S> <C>
----------------
(R) Bank Account Interest to Servicer 12,794.88
----------------
(S) Excess Yield 137,399.69
----------------
----------------
BALANCE 0.00
----------------
</TABLE>
D. SPREAD ACCOUNT AND SURETY RECONCILIATION
<TABLE>
<CAPTION>
Spread Account Surety Bond
---------------------------------------
<S> <C> <C>
(A) Beginning Balance 3,312,596.21 35,592,156.39
---------------------------------------
(B) Additions to Spread Amount 137,399.69 N/A
---------------------------------------
(C) Interest Earned 15,280.28
---------------------------------------
(D) Draws 0.00 0.00
---------------------------------------
(E) Reimbursement for Prior Draws N/A 0.00
---------------------------------------
(F) Distribution of Funds to "IC" Class or Servicer 147,283.85 0.00
---------------------------------------
(G) Ending Balance 3,317,992.33 33,030,519.85
---------------------------------------
---------------------------------------
(H) Required Balance 3,165,312.36 33,030,519.85
---------------------------------------
(I) Distribution to "IC" Class 152,679.97
-------------------
</TABLE>
E. CURRENT RECEIVABLES DELINQUENCY
<TABLE>
<CAPTION>
#Payment Delinquency Number Balance
-------------------- ------------------------------------
<S> <C> <C>
(A) 31-60 33 219,225.84
------------------------------------
(B) 61-90 12 115,464.13
------------------------------------
(C) 91+ 5 52,319.15
------------------------------------
(D) Total 50 387,009.12
------------------------------------
</TABLE>
F. EXCESS YIELD
<TABLE>
<CAPTION>
Excess Yield Pool Excess Yield
Month Balance Balance (Annualized %)
----- ---------------------------------------------------------
<S> <C> <C> <C>
(A) Current 137,399.69 35,946,774.70 4.5868%
---------------------------------------------------------
(B) 1st Previous 133,173.80 38,490,490.46 4.1519%
---------------------------------------------------------
(C) 2nd Previous 227,915.16 41,049,306.32 6.6627%
---------------------------------------------------------
(D) 3rd Previous 137,409.27 43,572,955.44 3.7843%
---------------------------------------------------------
(E) 4th Previous 350,355.04 46,455,455.36 9.0501%
---------------------------------------------------------
(F) 5th Previous 145,948.49 49,663,174.10 3.5265%
---------------------------------------------------------
(G) Six-Month Rolling Excess Yield (*=1.75%) 188,700.25 42,529,692.73 5.3243%
---------------------------------------------------------
</TABLE>
G. DELINQUENCY RATE (31+)
<TABLE>
<CAPTION>
Month Pool
Month Balance Balance %
----- --------------------------------------------------------
<S> <C> <C> <C>
(A) Current 387,009.12 35,946,774.70 1.0766%
--------------------------------------------------------
(B) 1st Previous 444,683.32 38,490,490.46 1.1553%
--------------------------------------------------------
(C) 2nd Previous 442,085.95 41,049,306.32 1.0770%
--------------------------------------------------------
(D) Three-Month Rolling Average (**2%) 424,592.80 38,495,523.83 1.1030%
--------------------------------------------------------
</TABLE>
H. NET LOSS RATE
<TABLE>
<CAPTION>
Liquidation Average Defaulted
Month Balance Proceeds Balance (Annualized)
----- ------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(A) Current 115,853.32 37,373.88 37,218,632.58 2.5303%
------------------------------------------------------------------------
(B) 1st Previous 118,542.99 20,463.66 39,769,898.39 2.9594%
------------------------------------------------------------------------
(C) 2nd Previous 52,529.59 42,033.92 42,311,130.88 0.2977%
------------------------------------------------------------------------
(D) Three-Month Rolling Average Net Default Rate **3% 95,641.97 33,290.49 39,766,553.95 1.8815%
------------------------------------------------------------------------
</TABLE>
* - more than
** - less than
Page 4
<PAGE>
Bay View Securitization Corporation
For Remittance Date: December 31, 1999
<TABLE>
<CAPTION>
I. CHARGE-OFF / RECOVERIES
Number Balance
---------------------------------------
<S> <C> <C>
(A) Collection Period Charge-Off Receivables 14 98,909.29
---------------------------------------
(B) Gross Charge-Offs Cumulative Receivables 1064 7,680,837.85
---------------------------------------
(C) Collection Period Recoveries on Charge-Offs NA 20,429.85
---------------------------------------
(D) Recoveries on Charge-Offs To-Date NA 1,096,269.25
---------------------------------------
J. REPOSSESSIONS
---------------------------------------
(A) Collection Period Repossessions 4 47,051.10
----------------------------------------
(B) Aggregate Repossessions 660 7,700,145.04
----------------------------------------
(C) Unliquidated Repossessions 5 60,587.56
----------------------------------------
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 134,213.51
----------------
(B) Deposit 0.00
----------------
(C) Withdrawal 9,966.08
----------------
(D) Ending Balance 124,247.43
----------------
</TABLE>
Approved By: /s/ Michael LaOrange
--------------------
Michael LaOrange
Vice President, Controller
Bay View Acceptance Corp
Page 5
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