|
|
|
|
|
|
|
|
|
|
Previous: FEDERATED CORE TRUST/PA, N-8A, 1997-11-26 |
Next: ASSET SECURITIZATION CORP COM MOR PASS THR CER SER 1997 MD, 8-K, 1997-11-26 |
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)
November 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 November 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 October, 1997 dated
November 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
October, 1997 was $141,251.48.
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 October,
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: November 26, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of October,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-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 0.00 0.00 0.00 0.00 0.00
21075WDW2 A-2 57,500,000.00 48,078,013.93 8,653,865.12 252,810.22 8,906,675.34 39,424,148.81
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 0.00 834,039.43 834,039.43 0.00
R 0.00 0.00 0.00 8,587.57 8,587.57 0.00
Total 400,000,000.00 339,828,013.93 8,653,865.12 2,791,443.47 11,445,308.59 331,174,148.81
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WEE1 A-10IO 400,001,834.97 343,828,013.93 0.00 315,175.68 315,175.68 335,174,148.81
</TABLE>
<TABLE>
<CAPTION>
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 0.00000000 0.00000000 0.00000000 0.00000000 A-1 6.25000% 6.25000%
21075WDW2 A-2 150.50200209 4.39669948 154.89870157 685.63737061 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 21.63466280 4.87204118 26.50670398 827.93537203
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WEE1 A-10IO 0.00000000 0.78793559 0.78793559 837.93152808
</TABLE>
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
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ii)Class A-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 A-2 267,515.89 8,181,134.82 172,083.79 33,130.62 8,653,865.12
Per $1000 Unit 4.65245026 142.28060557 2.99276157 0.57618470 150.50200209
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 267,515.89 8,181,134.82 172,083.79 33,130.62 8,653,865.12
Per $1000 Unit 0.66878973 20.45283705 0.43020948 0.08282655 21.63466280
<S> <C> <C>
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: 335,174,148.81
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 11.4977%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 33,130.62
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 14.9176%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 4,000,000.00
SEC. 7.09 (a) (xiv)
Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortizatio 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 206 3.72648% 11,804,390.32 3.52187%
Pool 60-89 Days 65 1.17583% 3,544,647.89 1.05755%
90+ Days 310 5.60781% 19,345,559.19 5.77179%
Total 5528 100.00000% 335,174,148.81 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs
Number Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 192 11,863,939.74
Newly Commenced LIF: 26 1,711,693.93
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 67 4,003,948.44
SEC. 7.09(b)(iii)(b) Balloon Loans 3320 235,599,502.60
SEC. 7.09 (b) (iv&v) REO Properties 13 1,219,284.94
SEC. 7.09 (b) (vi) Cumulative Losses 315,822.23
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 22,890,207.08 Page 2
</TABLE>
<PAGE>
Distribution Period: 15-Nov-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 11,762,437.65
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 0.00 0.00
Class A-2 Allocation 8,906,675.34 8,906,675.34
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 315,175.68 315,175.68
Class A Distribution Amount 10,626,548.94 10,626,548.94
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 0.00 0.00 0.00
A-2 48,078,013.93 8,653,865.12 39,424,148.81
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 343,828,013.93 NA 335,174,148.81
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) 51,124.29
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 22,890,207.08
</TABLE>
<PAGE>
REO Status
<TABLE>
<CAPTION>
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C>
2685071 $79,077.86 REO REPAIRS
2765899 $342,000.00 REO REPAIRS
2933596 $32,379.22 REO REPAIRS
2937944 $43,500.00 NOT PROVIDED
3086360 $54,005.71 REO REPAIRS
3094448 $46,383.83 REO REPAIRS
3094554 $61,200.00 REO REPAIRS
3146487 $41,000.00 REO REPAIRS
3274768 $73,724.79 REO REPAIRS
3277258 $89,250.00 REO REPAIRS
3280237 $206,250.00 NOT PROVIDED
3324639 $118,671.75 NOT PROVIDED
3353257 $31,841.78 REO REPAIRS
</TABLE>
|
|