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Previous: IN HOUSE REHAB CORP, 10QSB, 1997-10-29 |
Next: AMERICAN RESIDENTIAL INVESTMENT TRUST INC, 424B1, 1997-10-29 |
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)
October 15, 1997
ContiMortgage Home Equity Loan Trust 1997-1
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1516514
New York 33-99340 16-1516516
-------- -------- ----------
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
-------------------------------- ----------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On October 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,M,B,C and R Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of September, 1997 dated
October 15, 1997 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of
September, 1997 was $139,900.55.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of September,
1997.
Page 3
<PAGE>
SIGNATURES
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Susan E. O'Donovan
Name: Susan E. O'Donovan
Title: Vice President and Chief Financial Officer
Dated: October 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of September,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-97
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075WDV4 A-1 50,750,000.00 481,269.08 481,269.08 2,506.61 483,775.69 0.00
21075WDW2 A-2 57,500,000.00 57,500,000.00 9,421,986.07 302,354.17 9,724,340.24 48,078,013.93
21075WDX0 A-3 84,500,000.00 84,500,000.00 0.00 456,300.00 456,300.00 84,500,000.00
21075WDY8 A-4 37,250,000.00 37,250,000.00 0.00 207,358.33 207,358.33 37,250,000.00
21075WDZ5 A-5 28,250,000.00 28,250,000.00 0.00 162,672.92 162,672.92 28,250,000.00
21075WEA9 A-6 20,000,000.00 20,000,000.00 0.00 117,666.67 117,666.67 20,000,000.00
21075WEB7 A-7 24,250,000.00 24,250,000.00 0.00 147,925.00 147,925.00 24,250,000.00
21075WEC5 A-8 21,500,000.00 21,500,000.00 0.00 136,525.00 136,525.00 21,500,000.00
21075WED3 A-9 30,000,000.00 30,000,000.00 0.00 176,250.00 176,250.00 30,000,000.00
21075WEF8 M-1 18,000,000.00 18,000,000.00 0.00 111,300.00 111,300.00 18,000,000.00
21075WEG6 M-2 23,000,000.00 23,000,000.00 0.00 147,008.33 147,008.33 23,000,000.00
21075WEH4 B 5,000,000.00 5,000,000.00 0.00 33,000.00 33,000.00 5,000,000.00
21075X1A1 C 0.00 0.00 0.00 817,511.27 817,511.27 0.00
R 0.00 0.00 0.00 7,741.97 7,741.97 0.00
Total 400,000,000.00 349,731,269.08 9,903,255.15 2,826,120.27 12,729,375.42 339,828,013.93
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WEE1 A-10IO 400,001,834.97 353,731,269.08 0.00 324,253.66 324,253.66 343,828,013.93
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WDV4 A-1 9.48313458 0.04939133 9.53252591 0.00000000 A-1 6.25000% 6.25000%
21075WDW2 A-2 163.86062730 5.25833339 169.11896070 836.13937270 A-2 6.31000% 6.31000%
21075WDX0 A-3 0.00000000 5.40000000 5.40000000 1,000.00000000 A-3 6.48000% 6.48000%
21075WDY8 A-4 0.00000000 5.56666658 5.56666658 1,000.00000000 A-4 6.68000% 6.68000%
21075WDZ5 A-5 0.00000000 5.75833345 5.75833345 1,000.00000000 A-5 6.91000% 6.91000%
21075WEA9 A-6 0.00000000 5.88333350 5.88333350 1,000.00000000 A-6 7.06000% 7.06000%
21075WEB7 A-7 0.00000000 6.10000000 6.10000000 1,000.00000000 A-7 7.32000% 7.32000%
21075WEC5 A-8 0.00000000 6.35000000 6.35000000 1,000.00000000 A-8 7.62000% 7.62000%
21075WED3 A-9 0.00000000 5.87500000 5.87500000 1,000.00000000 A-9 7.05000% 7.05000%
21075WEF8 M-1 0.00000000 6.18333333 6.18333333 1,000.00000000 A-10IO 1.10000% 1.10000%
21075WEG6 M-2 0.00000000 6.39166652 6.39166652 1,000.00000000 M-1 7.42000% 7.42000%
21075WEH4 B 0.00000000 6.60000000 6.60000000 1,000.00000000 M-2 7.67000% 7.67000%
B 7.92000% 7.92000%
Total 24.75813788 5.00216758 29.76030545 849.57003483
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WEE1 A-10IO 0.00000000 0.81063043 0.81063043 859.56609163
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
</TABLE>
<PAGE>
<TABLE>
Distribution Period: 15-Oct-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C>
SEC.7.09(a)(ii) Class A-1 257,571.11 223,697.97 0.00 0.00 481,269.08
Per $1000 Unit 5.07529281 4.40784177 0.00000000 0.00000000 9.48313458
Class A-2 0.00 9,239,136.57 96,569.92 86,279.58 9,421,986.07
Per $1000 Unit 0.00000000 160.68063600 1.67947687 1.50051443 163.86062730
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-9 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-1 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-2 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 257,571.11 9,462,834.54 96,569.92 86,279.58 9,903,255.15
Per $1000 Unit 0.64392778 23.65708635 0.24142480 0.21569895 24.75813788
SEC.7.09(a)(iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10IO Interest Carry-Forward Amount 0.00
Class M-1 Interest Carry-Forward Amount 0.00
Class M-2 Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
SEC.7.09(a)(vi) Outstanding Loan Balance: 343,828,013.93
SEC.7.09(a)(vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information
Provided at Calendar Year End.
SEC. 7.09 (a) (viii) Loan Purchase Prices \ Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5087%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 86,279.58
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 14.5422%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 4,000,000.00
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class M-1 0.00 0.00 0.00
Class M-2 0.00 0.00 0.00
Class B 0.00 0.00 0.00
SEC. 7.09 (b) (i) Delinquencies(1)
Period Number Percentage Prin. Balance Percentage
30-59 Days 241 4.24595% 12,881,094.38 3.74638%
Pool 60-89 Days 92 1.62086% 5,152,003.64 1.49842%
90+ Days 278 4.89782% 17,309,453.56 5.03433%
Total 5676 100.00000% 343,828,013.93 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs
Number Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 189 11,514,919.24
Newly Commenced LIF: 52 2,902,066.09
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 53 3,088,517.43
SEC. 7.09(b)(iii)(b) Balloon Loans 3411 241,907,009.12
SEC. 7.09 (b) (iv&v) REO Properties 7 828,505.71
SEC. 7.09 (b) (vi) Cumulative Losses 264,697.94
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 22,461,457.20 Page 2
</TABLE>
<PAGE>
<TABLE>
Distribution Period: 15-Oct-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 13,055,627.85
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 483,775.69 483,775.69
Class A-2 Allocation 9,724,340.24 9,724,340.24
Class A-3 Allocation 456,300.00 456,300.00
Class A-4 Allocation 207,358.33 207,358.33
Class A-5 Allocation 162,672.92 162,672.92
Class A-6 Allocation 117,666.67 117,666.67
Class A-7 Allocation 147,925.00 147,925.00
Class A-8 Allocation 136,525.00 136,525.00
Class A-9 Allocation 176,250.00 176,250.00
Class A-10IO Allocation 324,253.66 324,253.66
Class A Distribution Amount 11,937,067.51 11,937,067.51
Class M-1 Allocation 111,300.00 111,300.00
Class M-2 Allocation 147,008.33 147,008.33
Class B Allocation 33,000.00 33,000.00
SEC.7.08(a)(4)
Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 481,269.08 481,269.08 0.00
A-2 57,500,000.00 9,421,986.07 48,078,013.93
A-3 84,500,000.00 0.00 84,500,000.00
A-4 37,250,000.00 0.00 37,250,000.00
A-5 28,250,000.00 0.00 28,250,000.00
A-6 20,000,000.00 0.00 20,000,000.00
A-7 24,250,000.00 0.00 24,250,000.00
A-8 21,500,000.00 0.00 21,500,000.00
A-9 30,000,000.00 0.00 30,000,000.00
A-10IO 353,731,269.08 NA 343,828,013.93
M-1 18,000,000.00 0.00 18,000,000.00
M-2 23,000,000.00 0.00 23,000,000.00
B 5,000,000.00 0.00 5,000,000.00
* Denotes Notional Amounts for Class A-10IO.
SEC. 7.08(a)(5) Current Period Realized Losses (Recoveries) 100,455.72
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 22,461,457.20
</TABLE>
<PAGE>
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
2765899 $342,000.00 REO REPAIRS
3076627 $34,800.00 REO NO OFFERS
3086360 $54,005.71 REO REPAIRS
3094554 $61,200.00 REO REPAIRS
3146487 $41,000.00 REO REPAIRS
3277258 $89,250.00 REO REPAIRS
3280237 $206,250.00 NOT PROVIDED
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