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Previous: AMRESCO COMMERCIAL MORTGAGE FUNDING I CORP, S-3, 1998-01-21 |
Next: STRUCTURED ASSET SECURITIES CORP SERIES 1996-5, 15-15D, 1998-01-21 |
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) : July 25, 1997
Morgan Stanley ABS Capital I Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-19779 13-3939229
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
1585 Broadway
2nd Floor
New York, NY 10036
(Address of principal executive offices)
Registrant's telephone number, including area code : (212) 761-4000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 22 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On July 25, 1997, August 25, 1997, September 25, 1997,
October 27, 1997, November 25, 1997 and December 26, 1997
distributions were made to the Certificateholders.
Specific information with respect to the distributions
is filed as Exhibits 99.1, 99.2, 99.3, 99.4, 99.5 and 99.6.
No other reportable transactions or matters have occurred
during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not appllicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on July 25, 1997 filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on August 25, 1997 filed
as Exhibit 99.2 hereto.
Statement to Certificateholders on September 25, 1997 filed
as Exhibit 99.3 hereto.
Statement to Certificateholders on October 27, 1997 filed
as Exhibit 99.4 hereto.
Statement to Certificateholders on November 25, 1997 filed
as Exhibit 99.5 hereto.
Statement to Certificateholders on December 26, 1997 filed
as Exhibit 99.6 hereto.
-2-
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEXAS COMMERCE BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely
as Trustee under the Agreement referred
to herein
Date: January 22, 1998 By: /s/Karen Marshall
Karen Marshall
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
July 25, 1997 5
99.2 Monthly Certificateholder Statement on
August 25, 1997 8
99.3 Monthly Certificateholder Statement on
September 25, 1997 11
99.4 Monthly Certificateholder Statement on
October 27, 1997 14
99.5 Monthly Certificateholder Statement on
November 25, 1997 17
99.6 Monthly Certificateholder Statement on
December 26, 1997 20
-4-
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on July 25, 1997
-5-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-JUL-97 PAGE # 1
RECORD DATE: 30-JUN-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,727,000.00 61,261.96 104,146.13 0.00 165,408.09 17,665,738.04 17,712,049.28
A-2 61744CAB4 87,118,000.00 87,118,000.00 528,988.51 400,960.60 0.00 929,949.11 86,589,011.49 86,871,841.98
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 104,845.000.00 590,250.47 505,106.73 - 1,095,357.20 104,254,749.53 104,583,891.26
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,727,000.00 - 46,054.40 - 17,712,049.28
X-2 N/A 87,118,000.00 87,118,000.00 - 253,961.31 - 86,871,841.98
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 104,845,000.00 - 300,015.71 - 104,583,891.26
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
+
A-1 61744CAA4 3.45585604 5.87500028 996.54414396 7.05000%
A-2 61744CAB4 6.07209199 4.60250006 993.92790801 5.91750%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 999.15661308 3.11758%
X-2 N/A - 997.17442985 3.49817%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-6-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-JUL-97 PAGE # 2
RECORD DATE: 30-JUN-97
Sec. 7.09(a)(i) Prepayment amount 209,499.06
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 300,015.71
Interest portion of carry forward amount -
Remaining interest portion of carry forward amount -
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 43,685.62
Premium amount -
Trustee fees amount 1,747.42
Sec. 7.09(a)(vii) P&I advances 753,877.06
Servicing advances -
Total P&I advances outstanding 753,877.06
Total servicing advances outstanding -
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Deliquent one payment 0 - 0 -
Deliquent two payments 0 - 0 -
Deliquent three or more payments 0 - 0 -
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,727,254.69 87,118,227.36
Aggregate ending loan balance 17,712,049.28 86,871,841.98
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 46.311.24 282,830.49
Remaining Subordinated deficit amount 352,551.99 2,330,716.33
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.68758% 9.93567%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 1,198,168.45
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-7-
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on August 25, 1997
-8-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-AUG-97 PAGE # 1
RECORD DATE: 31-JUL-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,665,738.04 56,493.34 103,786.32 0.00 160,279.55 17,609,244.70 17,699,195.48
A-2 61744CAB4 87,118,000.00 86,589,011.49 779,835.12 438,312.71 0.00 1,218,147.83 85,809,176.37 86,320,957.62
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 104,254,749.53 836,328.46 542,098.92 - 1,378,427.38 103,418,421.07 104,020,153.10
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,665,738.04 - 35,885.74 - 17,699,195.48
X-2 N/A 87,118,000.00 86,589,011.49 - 204,784.46 - 86,320,957.62
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 104,254,749.53 - 240,670.20 - 104,020,153.10
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A-1 61744CAA4 3.18685275 5.85469679 993.35729121 7.05000%
A-2 61744CAB4 8.95148100 5.03125313 984.97642701 5.87844%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 998.43151577 2.43765%
X-2 N/A - 990.85100232 2.83802%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-9-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-AUG-97 PAGE # 2
RECORD DATE: 31-JUL-97
Sec. 7.09(a)(i) Prepayment amount 511,323.78
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 240,670.20
Interest portion of carry forward amount 540,685.91
Remaining interest portion of carry forward amount -
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 43,576.62
Premium amount 17,802.94
Trustee fees amount 1,737.58
Sec. 7.09(a)(vii) P&I advances 259,882.14
Servicing advances -
Total P&I advances outstanding 259,882.14
Total servicing advances outstanding -
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Deliquent one payment 4 512,249.67 12 2,613,224.80
Deliquent two payments 0 - 0 -
Deliquent three or more payments 0 - 0 -
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,712,049.28 86,871,841.98
Aggregate ending loan balance 17,699,195.48 86,320,957.62
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 89,950.78 511,781.25
Remaining Subordinated Deficit Amount 308,912.45 2,101,765.57
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.18765% 9.44646%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 1,197,700.26
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-10-
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on September 25, 1997
-11-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-SEP-97 PAGE # 1
RECORD DATE: 29-AUG-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,609,244.70 55,689.50 103,454.31 0.00 159,143.81 17,553,555.21 17,687,380.27
A-2 61744CAB4 87,118,000.00 85,809,176.37 782,859.43 432,633.18 0.00 1,215,492.61 85,026,316.93 85,770,216.49
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 103,418,421.07 838,548.93 536,087.49 - 1,374,636.42 102,579,872.14 103,457,596.76
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,609,244.70 - 43,109.93 - 17,687,380.27
X-2 N/A 87,118,000.00 85,809,176.37 - 242,034.79 - 85,770,216.49
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 103,418,421.07 - 285,144.72 - 103,457,596.76
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A-1 61744CAA4 3.14150704 5.83597394 990.21578417 7.05000%
A-2 61744CAB4 8.98619613 4.96605960 975.99023088 5.85500%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 997.76500649 2.93777%
X-2 N/A - 984.52921888 3.38474%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-12-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-SEP-97 PAGE # 2
RECORD DATE: 29-AUG-97
Sec. 7.09(a)(i) Prepayment amount 508,967.95
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 2,214.35
Interest portion of carry forward amount 285,144.72
Remaining interest portion of carry forward amount 825,830.63
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 43,341.73
Premium amount 17,657.98
Trustee fees amount 1,723.63
Sec. 7.09(a)(vii) P&I advances -
Servicing advances -
Total P&I advances outstanding -
Total servicing advances outstanding -
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Deliquent one payment 3 191,871.99 14 1,646,788.76
Deliquent two payments 0 - 9 1,892,012.23
Deliquent three or more payments 2 178,456.61 3 480,772.55
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,699,195.48 86,320,957.62
Aggregate ending loan balance 17,687,380.27 85,770,216.49
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 133,825.06 743,899.56
Remaining Subordinated Deficit Amount 265,038.17 1,869,647.26
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.68777% 9.96974%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 1,197,227.88
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-13-
<PAGE>
Exhibit 99.4
Monthly Certificateholder Statement on October 27, 1997
-14-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 27-OCT-97 PAGE # 1
RECORD DATE: 30-SEP-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,553,555.21 192,288.89 103,127.14 0.00 295,416.03 17,361,266.32 17,539,202.36
A-2 61744CAB4 87,118,000.00 85,026,316.93 937,428.55 444,876.58 0.00 1,382,305.13 84,088,888.38 85,052,285.96
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 102,579,872.14 1,129,717.44 548,003.72 - 1,677,721.16 101,450,154.70 102,591,488.32
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,553,555.21 - 42,974.18 - 17,539,202.36
X-2 N/A 87,118,000.00 85,026,316.93 - 241,397.51 - 85,052,285.96
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 102,579,872.14 - 284,371.69 - 102,591,488.32
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A-1 61744CAA4 10.84723237 5.81751791 979.36855180 7.05000%
A-2 61744CAB2 10.76044617 5.10659772 965.22978470 5.88625%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 989.40612399 2.93781%
X-2 N/A - 976.28832113 3.40691%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-15-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 27-OCT-97 PAGE # 2
RECORD DATE: 30-SEP-97
Sec. 7.09(a)(i) Prepayment amount 812,665.96
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 2,080.53
Interest portion of carry forward amount 284,371.69
Remaining interest portion of carry forward amount 1,110,202.32
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 43,107.33
Premium amount 17,512.63
Trustee fees amount 1,709.65
Sec. 7.09(a)(vii) P&I advances 118,688.26
Servicing advances 45,650.73
Total P&I advances outstanding -
Total servicing advances outstanding -
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Delinquent one payment 2 104,109.54 11 825,620.24
Delinquent two payments 0 - 7 1,035,265.98
Delinquent three or more payments 2 178,400.89 10 2,232,683.66
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,687,380.27 85,770,216.49
Aggregate ending loan balance 17,539,202.36 85,052,285.96
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 177,936.04 963,397.58
Remaining Subordinated Deficit Amount 220,927.19 1,650,149.24
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.68781% 10.02316%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 1,196,751.27
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-16-
<PAGE>
Exhibit 99.5
Monthly Certificateholder Statement on November 25, 1997
-17-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-97 PAGE # 1
RECORD DATE: 31-Oct-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,361,266.32 142,462.91 101,997.44 0.00 244,460.35 17,218,803.41 17,440,581.97
A-2 61744CAB4 87,118,000.00 84,088,888.38 1,275,435.83 398,724.40 0.00 1,674,160.23 82,813,452.55 84,042,304.28
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 101,450,154.70 1,417,898.74 500,721.84 - 1,918,620.58 100,032,255.96 101,482,886.25
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,361,266.32 - 42,116.58 - 17,440,581.97
X-2 N/A 87,118,000.00 84,088,888.38 - 243,997.66 - 84,042,304.28
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 101,450,154.70 - 286,114.24 - 101,482,886.25
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A-1 61744CAA4 8.03649289 5.75379026 971.33205891 7.05000%
A-2 61744CAB2 14.64032496 4.57683142 950.58945974 5.88625%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 983.84283692 2.91107%
X-2 N/A - 964.69506049 3.48200%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-18-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-97 PAGE # 2
RECORD DATE: 31-OCT-97
Sec. 7.09(a)(i) Prepayment amount 1,056,871.15
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 4,279.94
Interest portion of carry forward amount 286,114.24
Remaining interest portion of carry forward amount 1,396,316.56
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 42,757.48
Premium amount 17,319.73
Trustee fees amount 1,694.24
Sec. 7.09(a)(vii) P&I advances 123,800.80
Servicing advances 64,599.15
Total P&I advances outstanding 949,979.13
Total servicing advances outstanding 64,599.15
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Delinquent one payment 1 142,219.86 17 2,040,268.51
Delinquent two payments 1 32,835.36 8 623,204.78
Delinquent three or more payments 2 178,344.62 17 3,266,700.49
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,539,202.36 85,052,285.96
Aggregate ending loan balance 17,440,581.97 84,042,304.28
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 221,778.56 1,228,851.73
Remaining Subordinated Deficit Amount 177,084.67 1,384,695.09
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.66107% 10.09825%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 1,196,270.39
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-19-
<PAGE>
Exhibit 99.6
Monthly Certificateholder Statement on December 25, 1997
-20-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 1
RECORD DATE: 28-NOV-97
- -----------------------------------------------------------------------------------------------------------------------------------
Ending
Original Beginning Interest Ending Aggregate
Certificate Certificate Principal Interest Carry- Total Certificate Loan
Class Cusip # Balance Balance Distribution Distribution Over Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
A-1 61744CAA4 17,727,000.00 17,218,803.41 188,684.45 101,160.47 0.00 289,844.92 17,030,118.96 17,427,993.24
A-2 61744CAB4 87,118,000.00 82,813,452.55 1,424,056.18 421,986.30 0.00 1,846,042.48 81,389,396.37 81,935,224.33
R N/A N/A N/A N/A - N/A - N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 104,845,000.00 100,032,255.96 1,612,740.63 523,146.77 - 2,135,887.40 98,419,515.33 99,363,217.57
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Notional Notional Interest Interest Total Notional
Class Cusip # Amount Amount Distribution Carryover Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
X-1 N/A 17,727,000.00 17,440,581.97 - 42,368.61 - 17,427,993.24
X-2 N/A 87,118,000.00 84,042,304.28 791,094.09 - 791,094.09 81,935,224.33
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS N/A 104,845,000.00 101,482,886.25 791,094.09 42,368.61 791,094.09 99,363,217.57
- -----------------------------------------------------------------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
A-1 61744CAA4 10.64390190 5.70657584 960.68815702 7.05000%
A-2 61744CAB2 16.34629106 4.84384743 934.24316868 5.91750%
- -----------------------------------------------------------------------------
Factor Information Per $1,000 Pass Through Rate
- ------------------------------------------------------------------------------
Interest Ending Notional Current Pass
Class Cusip # Distribution Balance Through Rate
- ------------------------------------------------------------------------------
X-1 N/A - 983.13269250 2.91517%
X-2 N/A 9.08071915 940.50855541 3.53831%
If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Karen Marshall
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-2350
---------------------------------------
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-21-
<PAGE>
OCWEN MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 2
RECORD DATE: 28-NOV-97
Sec. 7.09(a)(i) Prepayment amount 2,068,707.81
Principal portion of carry forward amount -
Remaining principal portion of carry forward amount -
Sec. 7.09(a)(ii) Compensating Interest Amount 7,372.25
Interest portion of carry forward amount 42,368.61
Remaining interest portion of carry forward amount 613,317.24
Basis risk carryover amount payment amount -
Remaining basis risk carryover amount -
Sec. 7.09(a)(v) Servicing fees amount 42,284.54
Premium amount 17,075.17
Trustee fees amount 1,667.20
Sec. 7.09(a)(vii) P&I advances 122,214.85
Servicing advances 78,076.76
Total P&I advances outstanding 409,904.86
Total servicing advances outstanding 118,697.98
Sec. 7.09(a)(viii) The number and aggregate principal balances of all delinquent loans in each group
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
----------------------------------------------------------------------------------------------------------
Delinquent one payment 4 280,965.62 12 1,279,144.40
Delinquent two payments 0 - 8 1,178,202.59
Delinquent three or more payments 4 353,292.24 21 3,265,822.56
----------------------------------------------------------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which foreclosure proceedings
have been commenced 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Mortgage loans which have filed for protection
under applicable bankruptcy laws 0 - 0 -
-----------------------------------------------------------
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(ix) Mortgage loan that became an REO property during the preceding None None
calendar month -------------------------------------
Fixed Rate Group Variable Rate Group
Number Principal Balance Number Principal Balance
-----------------------------------------------------------
Sec. 7.09(a)(x) REO properties as of the close of business
on the determination date 0 - 0 -
-----------------------------------------------------------
Sec. 7.09(a)(xi) Insured Payment Amount -
Fixed Rate Group Variable Rate Group
-------------------------------------
Sec. 7.09(a)(xii) Aggregate beginning loan balance 17,440,581.97 84,042,304.28
Aggregate ending loan balance 17,427,993.24 81,935,224.33
-------------------------------------
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xiii) Remaining Subordinated Amount 397,874.28 545,827.96
Remaining Subordinated deficit Amount 988.95 2,067,718.86
---------------------------------------
Sec. 7.09(a)(xv) Total substitution Adjustments Amounts -
Total Loan Purchase Price Amounts -
Fixed Rate Group Adjustable Rate Group
---------------------------------------
Sec. 7.09(a)(xvi) Weighted Average Mortgage Rate 10.66517% 10.18581%
---------------------------------------
Sec. 7.09(a)(xvii) The largest Loan Balance outstanding 589,303.16
OCWEN FEDERAL BANK FSB
MASTER SERVICER
-22-
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