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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)
June 15, 1997
ContiMortgage Home Equity Loan Trust 1997-1
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(Exact name of registrant as specified in its charter)
16-1516514
New York 33-99340 16-1516516
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(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
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(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)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On June 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 May, 1997 dated June
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 May,
1997 was $154,929.79
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 May, 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: June 17, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of May,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
Distribution Period: 15-Jun-97
<TABLE>
<CAPTION>
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 33,386,529.72 8,216,368.69 173,888.18 8,390,256.87 25,170,161.03
21075WDW2 A-2 57,500,000.00 57,500,000.00 0.00 302,354.17 302,354.17 57,500,000.00
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 0.00 614,358.38 614,358.38 0.00
R 0.00 0.00 0.00 7,064.65 7,064.65 0.00
Total 400,000,000.00 382,636,529.72 8,216,368.69 2,793,671.63 11,010,040.32 374,420,161.03
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WEE1 A-10IO 400,001,834.97 386,234,750.37 0.00 354,048.52 354,048.52 378,420,161.03
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
21075WDV4 A-1 161.89889044 3.42636808 165.32525852 495.96376414 A-1 6.25000% 6.25000%
21075WDW2 A-2 0.00000000 5.25833339 5.25833339 1,000.00000000 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 20.54092173 5.43062150 25.97154323 936.05040258
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WEE1 A-10IO 0.00000000 0.88511724 0.88511724 946.04606266
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>
Distribution Period: 15-Jun-97
<TABLE>
<CAPTION>
Total Principal Scheduled Overcollateralization
<S> <C> <C> <C> <C> <C> <C>
Distribution Principal Prepayments Liquidations Inc/(Red) Total
SEC. 7.09(a)(ii)Class A-1 270,063.29 7,358,651.61 182,494.55 405,159.24 8,216,368.69
Per $1000 Unit 5.32144414 144.99806128 3.59595172 7.98343330 161.89889044
Class A-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 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 270,063.29 7,358,651.61 182,494.55 405,159.24 8,216,368.69
Per $1000 Unit 0.67515823 18.39662903 0.45623638 1.01289810 20.54092173
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: 378,420,161.03
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 26,110.72 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5395%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 405,159.24
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.2128%
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 171 2.74611% 9,952,842.31 2.63010%
Pool 60-89 Days 59 0.94749% 3,084,266.89 0.81504%
90+ Days 141 2.26433% 9,597,289.13 2.53615%
Total 6227 100.00000% 378,420,161.03 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs
Number Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 122 8,220,104.45
Newly Commenced LIF: 79 4,764,297.64
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 18 1,249,123.47
SEC. 7.09(b)(iii)(b) Balloon Loans 3740 266,990,976.43
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00
SEC. 7.09 (b) (vi) Cumulative Losses 8,601.47
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 12,681,556.02 Page 2
</TABLE>
<PAGE>
Distribution Period: 15-Jun-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 11,366,238.42
<TABLE>
<CAPTION>
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 8,390,256.87 8,390,256.87
Class A-2 Allocation 302,354.17 302,354.17
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 354,048.52 354,048.52
Class A Distribution Amount 10,451,357.48 10,451,357.48
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 33,386,529.72 8,216,368.69 25,170,161.03
A-2 57,500,000.00 0.00 57,500,000.00
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 386,234,750.37 NA 378,420,161.03
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) 8,601.47
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 12,681,556.02
</TABLE>
