_________________________________________________________________
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): September 5, 1997
BENEFICIAL MORTGAGE SERVICES, INC.
_________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 333-2151 52-2022851
____________________________ ______________ __________________
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One Christina Centre
301 North Walnut Street
Wilmington, Delaware 19801
_____________________________ _________
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (302) 425-2500
_____ ________
Not applicable
------------------------------------------------------------
(Former name or former address, if changed since last report)
_________________________________________________________________
Item 5. Other Events.
____ ____________
Filing of Computational Materials.
__________________________________
In connection with the offering of the Beneifical Home Equity Loan Asset
Backed Certificates, Series 1997-2 (the "Certificates"), Salomon Brothers
Inc, Bear, Stearns & Co. Inc., Goldman, Sachs & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated and UBS Securities LLC, as underwriters of the
Certificates, have prepared certain materials (the "Computational Materials")
for distribution to their potential investors based on information regarding
the characteristics of the Certificates provided to them by the Registrant.
For purposes of this Form 8-K, Computational Materials means computer
generated tables and/or charts displaying, with respect to the Certificates,
any of the following: yield; average life, duration; expected maturity; loss
sensitivity; cash flow characteristics; background information regarding the
assets; the proposed structure; decrement tables; or similar information
(tabular or otherwise) of a statistical, mathematical, tabular or
computational nature, as well as certain matters relating to the collateral
for such transaction.
Item 7. Financial Statements and Exhibits
(c) Exhibits
The following is filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description
99.1 Computational Materials for Series 1997-2.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BENEFICIAL MORTGAGE SERVICES, INC.
By: /s/ Charles D. Brown
_____________________
Name: Charles D. Brown
Its: Vice President
Dated: September 5, 1997
Exhibit Index
_____________
Exhibit Page
_______ ____
99.1 Computational Materials for Series 1997-2 __
EXHIBIT 99.1
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 1 OF 23
Cut-Off Date Trust Balances
% of Pool
Range of Cut-Off Date Number of Home Cut-Off Date by Cut-Off Date
Trust Balances Equity Loans Trust Balance Trust Balance
$ 15,000.00 - 19,999.99 1,438 $ 25,261,715.52 3.16%
20,000.00 - 24,999.99 1,370 31,091,457.40 3.89
25,000.00 - 29,999.99 1,279 35,397,226.69 4.42
30,000.00 - 34,999.99 1,126 36,705,525.96 4.59
35,000.00 - 39,999.99 1,160 43,586,023.41 5.45
40,000.00 - 44,999.99 972 41,413,930.58 5.18
45,000.00 - 49,999.99 939 44,896,439.38 5.61
50,000.00 - 59,999.99 1,431 78,583,466.63 9.82
60,000.00 - 69,999.99 1,109 71,960,561.06 8.99
70,000.00 - 79,999.99 749 55,934,339.04 6.99
80,000.00 - 89,999.99 537 45,696,541.91 5.71
90,000.00 - 99,999.99 448 42,664,729.17 5.33
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 2 OF 23
Cut-Off Date Trust Balances(1)
% of Pool
Range of Cut-Off Date Number of Home Cut-Off Date by Cut-Off Date
Trust Balances Equity Loans Trust Balance Trust Balance
$100,000.00 - 109,999.99 299 $ 31,304,982.03 3.91%
110,000.00 - 119,999.99 282 32,562,811.79 4.07
120,000.00 - 129,999.99 257 32,054,576.32 4.01
130,000.00 - 139,999.99 135 18,219,914.10 2.28
140,000.00 - 149,999.99 124 17,984,088.61 2.25
150,000.00 - 199,999.99 365 63,015,472.29 7.88
200,000.00 - 249,999.99 143 32,286,110.01 4.04
250,000.00 - 299,999.99 42 11,490,113.32 1.44
300,000.00 - 349,999.99 22 7,207,565.35 0.90
350,000.00 - .......... 2 700,000.00 0.09
TOTAL 14,229 $800,017,590.57 100.00%
(1) The average Cut-Off Date Trust Balance is $56,224.44.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 3 OF 23
Cut-Off Date Loan Rates
% of Pool
Range of Number of Home Cut-Off Date by Cut-Off Date
Loan Rates Equity Loans Trust Balance Trust Balance
6.50 - 6.99% 1 $ 169,715.13 0.02%
7.00 - 7.49 26 2,486,613.51 0.31
7.50 - 7.99 189 12,406,852.69 1.55
8.00 - 8.49 302 20,301,261.88 2.54
8.50 - 8.99 324 20,331,422.66 2.54
9.00 - 9.49 196 11,867,978.58 1.48
9.50 - 9.99 201 12,136,070.24 1.52
10.00 - 10.49 199 13,365,826.15 1.67
10.50 - 10.99 611 48,096,754.24 6.01
11.00 - 11.49 596 53,584,451.83 6.70
11.50 - 11.99 1,909 137,446,060.68 17.18
12.00 - 12.49 1,352 88,389,293.61 11.05
12.50 - 12.99 3,351 174,759,162.01 21.84
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 4 OF 23
Cut-Off Date Loan Rates (1)
% of Pool
Range of Number of Home Cut-Off Date by Cut-Off Date
Loan Rates Equity Loans Trust Balance Trust Balance
13.00 - 13.49% 2,338 $103,840,739.62 12.98%
13.50 - 13.99 1,424 57,204,117.73 7.15
14.00 - 14.49 650 24,446,297.65 3.06
14.50 - 14.99 304 10,981,739.68 1.37
15.00 - 15.49 157 5,475,600.78 0.68
15.50 - 15.99 40 1,218,560.49 0.15
16.00 - 16.49 33 853,736.99 0.11
16.50 - 16.99 17 467,739.94 0.06
17.00 - 17.49 1 16,396.39 0.00
17.50 - 17.99 5 106,689.93 0.01
18.00 - 18.49 1 16,408.16 0.00
18.50 - 18.99 2 48,100.00 0.01
TOTAL 14,229 $800,017,590.57 100.00%
(1) The Weighted Average Cut-Off Date Loan Rate is 11.93% per annum.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 5 OF 23
Margin Ranges--LIBOR Based Loans
% of Pool
Range of Number of Home Cut-Off Date by Cut-Off Date
Loan Rates Equity Loans Trust Balance Trust Balance
3.00 - 3.49% 1 $ 55,645.88 0.04%
3.50 - 3.99 2 118,818.46 0.07
4.00 - 4.49 27 2,734,218.32 1.72
4.50 - 4.99 47 4,099,320.94 2.58
5.00 - 5.49 92 9,299,801.80 5.86
5.50 - 5.99 162 11,153,485.56 7.03
6.00 - 6.49 242 15,060,804.65 9.49
6.50 - 6.99 601 30,447,121.86 19.18
7.00 - 7.49 1,019 44,503,413.91 28.04
7.50 - 7.99 582 22,109,646.82 13.93
8.00 - 8.49 293 10,459,311.51 6.59
8.50 - 8.99 160 5,280,907.43 3.33
9.00 - 9.49 64 1,959,672.65 1.23
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 6 OF 23
Margin Ranges--LIBOR Based Loans(1)(2)
% of Pool
Range of Number of Home Cut-Off Date by Cut-Off Date
Loan Rates Equity Loans Trust Balance Trust Balance
9.50 - 9.99% 25 $ 828,834.94 0.52%
10.00 - 10.49 10 248,548.59 0.16
10.50 - 10.99 9 261,953.95 0.17
11.00 - 11.49 1 39,005.57 0.02
11.50 - 11.99 1 16,396.39 0.01
12.50 - 12.99 1 28,100.00 0.02
TOTAL 3,339 $158,705,009.23 100.00%
(1) The Weighted Average Cut-Off Date Margin where the Reference Rate is
based on Three-Month LIBOR is 6.95%.
(2) This schedule includes those Home Equity Loans where the Reference
Rate is based on Three-Month LIBOR.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 7 OF 23
Margin Ranges--Prime Based Loans
% of Pool
Range of Number of Home Cut-Off Date by Cut-Off Date
Loan Rates Equity Loans Trust Balance Trust Balance
(2.00) - (1.51)% 1 $ 169,715.13 0.03%
(1.50) - (1.01) 27 2,504,304.32 0.39
(1.00) - (0.51) 188 12,389,161.88 1.93
(0.50) - (0.01) 304 20,433,664.09 3.19
0.00 - 0.49 322 20,230,206.00 3.15
0.50 - 0.99 190 11,526,986.00 1.80
1.00 - 1.49 201 11,954,095.06 1.86
1.50 - 1.99 155 9,146,958.23 1.43
2.00 - 2.49 547 42,283,324.12 6.59
2.50 - 2.99 482 42,446,185.75 6.62
3.00 - 3.49 1,697 120,843,427.07 18.84
3.50 - 3.99 1,016 68,254,029.12 10.64
4.00 - 4.49 2,574 136,683,006.17 21.31
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 8 OF 23
Margin Ranges--Prime Based Loans
% of Pool
Range of Number of Home Cut-Off Date by Cut-Off Date
Loan Rates Equity Loans Trust Balance Trust Balance
4.50 - 4.99% 1,470 $ 66,420,908.22 10.36%
5.00 - 5.49 913 39,005,518.95 6.08
5.50 - 5.99 410 18,617,544.66 2.90
6.00 - 6.49 190 8,524,193.50 1.33
6.50 - 6.99 133 7,183,459.06 1.12
7.00 - 7.49 28 1,292,346.63 0.20
7.50 - 7.99 27 1,058,668.87 0.17
8.00 - 8.49 8 201,780.42 0.03
9.00 - 9.49 5 106,689.93 0.02
9.50 - 9.99 1 16,408.16 0.00
10.00 - 10.49 1 20,000.00 0.00
TOTAL 10,890 $641,312,581.34 100.00%
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 9 OF 23
Margin Ranges--Prime Based Loans(1)(2)
(1) The Weighted Average Cut-Off Date Margin where there Reference Rate is
based on Prime is 3.28%.
(2) This schedule includes those Home Equity Loans where the Reference
Rate is based on Prime.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 10 OF 23
Maximum Interest Rate(1)
% of Pool
Cut-Off Date Maximum Number of Home Cut-Off Date by Cut-Off Date
Interest Rate Equity Loans Trust Balance Trust Balance
15.00% 1,407 $ 84,641,732.45 10.58%
16.00 1,430 76,779,434.06 9.60
18.00 4,917 334,191,324.78 41.77
19.00 82 2,922,635.86 0.37
19.50 2 33,581.45 0.00
20.00 71 2,141,006.15 0.27
21.00 6,320 299,307,875.82 37.41
TOTAL 14,229 $800,017,590.57 100.00%
(1) The Weighted Average Maximum Interest Rate is 18.62% per annum.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 11 OF 23
Loan Amortization Term(1)
% of Pool
Loan Amortization Number of Home Cut-Off Date by Cut-Off Date
Term (in months) Equity Loans Trust Balance Trust Balance
60 28 $ 573,730.53 0.07%
120 841 22,318,347.55 2.79
180 6,533 242,088,451.07 30.26
240 8 575,188.40 0.07
360 6,819 534,461,873.02 66.81
TOTAL 14,229 $800,017,590.57 100.00%
(1) The Weighted Average Loan Amortization Term is approximately 299 months.
The effect of an Additional Balance in connection with a Home Equity
Loan is to reset the commencement date of the original amortization
basis to the date such Additional Balance is drawn.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 12 OF 23
Types of Mortgaged Properties(1)
% of Pool
Number of Home Cut-Off Date by Cut-Off Date
Property Type Equity Loans Trust Balance Trust Balance
Single Family 11,258 $623,303,729.81 85.78%
2-4 Family 648 40,774,811.11 5.61
Condominium 91 4,365,395.41 0.60
Other 797 58,156,291.56 8.00
TOTAL 12,794 $726,600,227.89 100.00%
(1) The data herein is based on 12,794 Home Equity Loans originated beg-
inning July 7, 1996. As to the 1,435 Home Equity Loans originated
prior to July 7, 1996, no such information is available in the
Originators' electronic records.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 13 OF 23
Types of Mortgaged Properties(2)(3)
(2) Based on information supplied by the borrower in loan application.
(3) Includes Home Equity Loans secured by multiple Mortgaged Properties.
Each of these Home Equity Loans has been categorized according to the
property type of the Mortgaged Property that has the highest appraised
value securing such Home Equity Loan.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 14 OF 23
Use of Mortgaged Properties(1)(2)(3)
% of Pool
Number of Home Cut-Off Date by Cut-Off Date
Property Use Equity Loans Trust Balance Trust Balance
Primary Residence 11,489 637,502,730.28 87.74
Investment Property 1,164 $ 81,177,217.84 11.17%
Secondary Home 141 7,920,279.77 1.09
TOTAL 12,794 $726,600,227.89 100.00%
(1) The data herein is based on 12,794 Home Equity Loans originated beg-
inning July 7, 1996. As to the 1,435 Home Equity Loans originated
prior to July 7, 1996, no such information is available in the
Originators' electronic records.
(2) Based on information supplied by the borrower in loan origination.
(3) Includes Home Equity Loans secured by multiple Mortgaged Properties.
Each of these Home Equity Loans has been categorized according to the
property type of the Mortgaged Property that has the highest appraised
value securing such Home Equity Loan.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 15 OF 23
Year of Origination
% of Pool
Number of Home Cut-Off Date by Cut-Off Date
Year of Origination Equity Loans Trust Balance Trust Balance
1990 10 $ 275,151.72 0.03%
1991 19 897,479.61 0.11
1992 57 2,529,616.99 0.32
1993 112 5,126,746.94 0.64
1994 267 13,373,200.18 1.67
1995 287 13,632,633.73 1.70
1996 2,578 145,036,076.74 18.13
1997 10,899 619,146,684.66 77.39
TOTAL 14,229 $800,017,590.57 100.00%
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 16 OF 23
Combined Loan-to-Value Ratios
% of Pool
Range of Combined Number of Home Cut-Off Date by Cut-Off Date
Loan-to-Value Ratios Equity Loans Trust Balance Trust Balance
0.00 - 10.00% 18 $ 1,036,951.22 0.14
10.01 - 20.00 102 3,038,131.44 0.42
20.01 - 30.00 280 10,486,825.92 1.44
30.01 - 40.00 468 20,500,738.70 2.82
40.01 - 50.00 933 44,969,685.71 6.19
50.01 - 55.00 520 26,712,913.89 3.68
55.01 - 60.00 740 40,056,365.90 5.51
60.01 - 65.00 1,095 60,269,181.97 8.29
65.01 - 70.00 1,475 81,914,010.14 11.27
70.01 - 75.00 2,640 136,706,893.58 18.81
75.01 - 80.00 2,683 163,355,757.52 22.48
80.01 - 85.00 1,274 91,255,620.45 12.56
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 17 OF 23
Combined Loan-to-Value Ratios(1)(2)
% of Pool
Range of Combined Number of Home Cut-Off Date by Cut-Off Date
Loan-to-Value Ratios Equity Loans Trust Balance Trust Balance
85.01 - 90.00% 268 $ 23,370,745.81 3.22%
90.01 - 95.00 163 12,799,665.73 1.76
95.01 - 100.00 134 10,106,625.73 1.39
> 100.01% 1 20,114.18 0.00
TOTAL 12,794 $726,600,227.89 100.00%
(1) The data herein is based on 12,794 Home Equity Loans originated beg-
inning July 7, 1996. As to the 1,435 Home Equity Loans originated
prior to July 7, 1996, no such information is available in the
Originators' electronic records.
(2) The weighted average of the Combined Loan-to-Value Ratio is 70.34%.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 18 OF 23
Geographic Concentration(1)(2)
Top 5 State Concentrations
CA: 19.50%
NY: 13.38%
OH: 10.36%
PA: 6.36%
WA: 6.09%
(1) The data herein is based on the actual location of the Mortgaged
Properties with respect to the 12,794 Home Equity Loans originated
beginning July 7, 1996. As to the 1,435 Home Equity Loans originated
prior to July 7, 1996, the data herein is based on the billing
address of the borrower.
(2) Includes Home Equity Loans secured by multiple Mortgaged Properties.
Each of these Home Equity Loans has been geographically categorized
according to the location of the Mortgaged Property that has the
highest appraised value securing such Home Equity Loan.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 19 OF 23
CPR 0% 10% 20% 25% 30% 40%
CLASS A: Expected Rating (Moodys/S&P/Fitch) Aaa/AAA/AAA; Legal Final 9/37
Weighted Avg Life(1) 23.92 7.73 3.89 3.01 2.42 1.64
Expected Maturity Date 11/22 11/22 6/20 2/16 7/12 1/08
Weighted Avg Life(2) 23.92 7.54 3.55 2.76 2.22 1.50
Expected Maturity Date(1)(2) 11/22 7/19 12/07 9/05 2/04 3/02
(1) The weighted average life of the Class A Certificates is determined by
(i) multiplying the amount of each principal payment by the number of
years from the date of issuance to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the initial Class A
Certificate Balance.
(2) Assumes that an optional purchase is exercised by the Master Servicer
when the Pool Balance is 10% or less of the Cut-Off Date Pool Balance.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 20 OF 23
CPR 0% 10% 20% 25% 30% 40%
CLASS M: Expected Rating (Moodys/S&P/Fitch) Aa2/AA/AA; Legal Final
9/37
Weighted Avg Life(1) 25.20 16.38 8.28 6.42 5.23 4.16
Expected Maturity Date 11/22 11/22 3/15 4/11 8/08 5/05
Weighted Avg Life(2) 25.20 15.81 7.45 5.79 4.71 3.81
Expected Maturity Date(1)(2) 11/22 7/19 12/07 9/05 2/04 3/02
(1) The weighted average life of the Class M Certificates is determined by
(i) multiplying the amount of each principal payment by the number of
years from the date of issuance to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the initial Class M
Certificate Balance.
(2) Assumes that an optional purchase is exercised by the Master Servicer
when the Pool Balance is 10% or less of the Cut-Off Date Pool Balance.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 21 OF 23
CPR 0% 10% 20% 25% 30% 40%
CLASS B: Expected Rating (Moodys/S&P/Fitch) A2/A/A; Legal Final 9/37
Weighted Avg Life(1) 25.20 16.24 7.95 6.16 5.01 3.86
Expected Maturity Date 11/22 11/22 8/12 3/09 1/07 3/04
Weighted Avg Life(2) 25.20 15.81 7.45 5.79 4.70 3.66
Expected Maturity Date(1)(2) 11/22 7/19 12/07 9/05 2/04 3/02
(1) The weighted average life of the Class B Certificates is determined by
(i) multiplying the amount of each principal payment by the number of
years from the date of issuance to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the initial Class B
Certificate Balance.
(2) Assumes that an optional purchase is exercised by the Master Servicer
when the Pool Balance is 10% or less of the Cut-Off Date Pool Balance.
************SEE PAGE 22 FOR DISCLAIMER*************
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 22 OF 23
Neither the Issuer of the Certificates nor the Depositor nor any of their
respective affiliates make any representation as to the accuracy or
completeness of the information herein. The information herein is
preliminary, and will be superseded by the applicable prospectus
supplement and by any other information
subsequently filed with the Securities and Exchange Commission. The above
analysis is not intended to be a prospectus and any investment decision
with respect to the Certificates should be made by you based solely
upon all of the information contained in the final prospectus.
Under no circumstances shall the information presented constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities may not be sold nor may
an offer to buy be accepted prior to the delivery of a final prospectus
relating to the securities. All information described herein is preliminary,
limited in nature and subject to completion or amendment.
(Continued on next page)
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BENEFICIAL 1997-2 - COMPUTATIONAL MATERIALS - PAGE 23 OF 23
No representation is made that the above referenced securities will actually
perform as described in any scenario presented. The Depositor has not
prepared, reviewed or participated in the preparation hereof, are not
responsible for the accuracy hereof and have not authorized the
dissemination hereof.
