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Previous: UNIFIED FINANCIAL SERVICES INC, 8-K, 1998-01-29 |
Next: RESERVE INVESTMENT FUNDS INC, N-30D, 1998-01-29 |
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)
January 15, 1998
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 January 15, 1998 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 December, 1997 dated
January 15, 1998 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
December, 1997 was $131,018.80.
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 December,
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: January 29, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
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 29,044,296.76 16,389,120.37 152,724.59 16,541,844.96 12,655,176.39
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 0.00 763,060.07 763,060.07 0.00
R 0.00 0.00 0.00 9,008.84 9,008.84 0.00
Total 400,000,000.00 320,794,296.76 16,389,120.37 2,620,799.75 19,009,920.12 304,405,176.39
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WEE1 A-10IO 400,001,834.97 324,794,296.76 0.00 297,728.11 297,728.11 308,405,176.39
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-2 285.02818035 2.65607983 287.68426017 220.09002417 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 40.97280093 4.62182710 45.59462803 761.01294098
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WEE1 A-10IO 0.00000000 0.74431686 0.74431686 771.00940403
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>
<CAPTION>
Distribution Period: 15-Jan-98
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 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-2 245,353.16 15,790,831.35 316,272.14 36,663.72 16,389,120.37
Per $1000 Unit 4.26701148 274.62315391 5.50038504 0.63762991 285.02818035
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 0.0 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 245,353.16 15,790,831.35 316,272.14 36,663.72 16,389,120.37
Per $1000 Unit 0.61338290 39.47707838 0.79068035 0.09165930 40.97280093
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: 308,405,176.39
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 960.74 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.4710%
SEC. 7.09 (a) (x) Trigger Event Occurrence YES
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 36,663.72
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 16.2124%
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
<S> <C> <C> <C> <C>
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 189 3.71098% 10,333,711.35 3.35069%
Pool 60-89 Days 68 1.33517% 4,015,337.62 1.30197%
90+ Days 374 7.34341% 23,449,975.34 7.60363%
Total 5093 100.00000% 308,405,176.39 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs
Number Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 212 13,603,722.05
Newly Commenced LIF: 57 4,009,580.68
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 85 4,973,692.03
SEC. 7.09(b)(iii)(b) Balloon Loans 3048 215,858,337.43
SEC. 7.09 (b) (iv&v) REO Properties 19 1,645,409.94
SEC. 7.09 (b) (vi) Cumulative Losses 484,447.88
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 27,465,312.96 Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 19,309,514.37
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 16,541,844.96 16,541,844.96
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 297,728.11 297,728.11
---------- ----------
Class A Distribution Amount 18,244,270.99 18,244,270.99
============= =============
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 *
<S> <C> <C> <C> <C>
A-1 0.00 0.00 0.00
A-2 29,044,296.76 16,389,120.37 12,655,176.39
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 324,794,296.76 NA 308,405,176.39
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) 58,049.40
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 27,465,312.96
</TABLE>
<PAGE>
REO Status
<TABLE>
<CAPTION>
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C> <C>
2493450 30,029.07 3-LIST PENDING
2685071 79,077.86 2-EVICTION
2688414 37,475.65 2-EVICTION
2765899 342,000.00 1-NEW FILE
2879096 79,970.63 1-NEW FILE
2920999 76,359.98 1-NEW FILE
2933596 32,379.22 2-EVICTION
2937944 43,500.00 3-LIST PENDING
2939676 80,500.00 1-NEW FILE
3086360 54,005.71 4-LISTED
3094448 46,383.83 2-EVICTION
3146487 41,000.00 2-EVICTION
3216785 132,227.21 3-LIST PENDING
3273349 55,984.67 1-NEW FILE
3274768 73,724.79 1-NEW FILE
3277258 89,250.00 4-LISTED
3280237 206,250.00 3-LIST PENDING
3324639 118,671.75 3-LIST PENDING
3785755 26,619.57 3-LIST PENDING
</TABLE>
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