SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended December 31, 1997
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-99340
ContiMortgage Home Equity Loan Trust 1997-1
------------------------------------------------------
(Exact name of registrant as specified in its charter)
16-1516514
New York 16-1516516
- ------------------------------- ------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Manufacturers and Traders Trust Company
Corporate Trust Department
One M&T Plaza
Buffalo, New York 14240-2599
- --------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 842-5589
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
None None
- ------------------------------ ------------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
None
----------------
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be file by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (e 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. |X|
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1997-1
INDEX
Page
PART 1 ..................................................................... 3
ITEM 1 - Business ...................................................... 3
ITEM 2 - Properties .................................................... 3
ITEM 3 - Legal Proceedings ............................................. 3
ITEM 4 - Submission of Matters to a Vote of Security Holders ........... 3
PART II .................................................................... 3
ITEM 5 - Market for Registrant's Common Stock and
Related Stockholder Matters ................................... 3
ITEM 6 - Selected Financial Data ....................................... 3
ITEM 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations ................. 4
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk .... 4
ITEM 8 - Financial Statements and Supplementary Data ................... 4
ITEM 9 - Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure ........................ 4
PART III ................................................................... 4
ITEM 10 - Directors and Executive Officers of the Registrant ............ 4
ITEM 11 - Executive Compensation ........................................ 4
ITEM 12 - Security Ownership of Certain Beneficial
Owners and Management ......................................... 4
ITEM 13 - Certain Relationships and Related Transactions ................ 11
PART IV .................................................................... 11
ITEM 14 - Exhibits, Financial Statement Schedules and
Reports on Form 8-K ........................................... 11
SIGNATURES ................................................................. 13
INDEX TO EXHIBITS .......................................................... 14
-2-
<PAGE>
PART I
ITEM 1 - Business
Not Applicable.
ITEM 2 - Properties
Not Applicable.
ITEM 3 - Legal Proceedings
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1997-1 (the "Trust")
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated February 1, 1997, among Manufacturers and Traders Trust Company, as
trustee (the "Trustee"), ContiSecurities Asset Funding Corp., as depositor (the
"Depositor") and ContiMortgage Corporation, as servicer (the "Servicer"), the
Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4 - Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - Market for Registrants Common Stock and Related Stockholders
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, Class A-8 Certificates, Class A-9
Certificate, Class M-1 Certificates, Class M-2 Certificates, Class B
Certificates, Class C Certificates and Class A-10IO Certificates issued by the
Trust are held by the Depository Trust Company ("DTC") which in turn maintains
records of holders of beneficial interests in such Certificates. Based on
information obtained by the Trust from DTC, as of March 6, 1998, there were no
holders of the Class A-1 Certificates, 4 holders of the Class A-2 Certificates,
10 holders of the Class A-3 Certificates, 16 holders of the Class A-4
Certificates, 12 holders of the Class A-5 Certificates, 9 holders of the Class
A-6 Certificates, 7 holders of the Class A-7 Certificates, 3 holders of the
Class A-8 Certificates, 4 holders of the Class A-9 Certificates, 6 holders of
the Class M-1 Certificates, 6 holders of the Class M-2 Certificates, 1 holder of
the Class B Certificate, 1 holder of the Class C Certificate and 4 holders of
the Class A-10IO Certificates.
ITEM 6 - Selected Financial Data
Not applicable.
-3-
<PAGE>
ITEM 7 - Management's Discussion and Analysis of Financial Condition and Results
of Operations
Not applicable.
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk
Not applicable.
ITEM 8 - Financial Statements and Supplementary Data
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1997
was $1,632,894.
ITEM 9 - Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - Directors and Executive Officers of the Registrant
Not applicable.
ITEM 11 - Executive Compensation
Not applicable.
ITEM 12 - Security Ownership of Certain Beneficial Owners and Management
The following table sets forth (i) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Certificates is based upon information obtained by the Trust from
DTC and represents ownership of beneficial interest in the Certificates held by
DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
-4-
<PAGE>
Amount Owned
------------
Name and Address All Dollar Amounts Are in Thousands
---------------- -----------------------------------
Principal Percent
--------- -------
Class A-1 Certificates
- ----------------------
- - none -
Class A-2 Certificates
- ----------------------
Chase Manhattan Bank/Chemical $ 5,200 9.04%
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
Corestates Bank, N.A 3,000 5.22
P.O. Box 7618 F.C. #1-9-1-21
Philadelphia, PA 19106-7618
Nomura Securities/Fixed Income 19,800 34.44
2 World Financial Center, Bldg. B
New York, NY 10281-1198
SSB Custodian 29,500 51.30
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-3 Certificates
- ----------------------
Bank of New York $47,135 55.78%
925 Patterson Plank Rd
Secaucus, NJ 07094
Bankers Trust Company 16,000 18.93
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. 6,585 7.79
c/o Mellon Bank N.A
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
-5-
<PAGE>
SSB Custodian 10,000 11.83
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-4 Certificates
- ----------------------
Bankers Trust $16,750 44.97%
Corporate Clearance A/C #16
130 Liberty Street
New York, NY 10006
First Union National Bank 3,500 9.40
401 South Tryon Street
Charlotte, NC 28288
SSB-Custodian 12,065 32.39
Global Corp Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-5 Certificates
- ----------------------
Bankers Trust $ 6,000 21.24%
Corporate Clearance A/C #16
130 Liberty Street
New York, NY 10006
10,050 35.58
Chase Manhattan Bank
4 New York Plaza
13th Floor
New York, NY 10004
2,000 7.08
Fleet Bank of Massachusetts, N.A
Fleet Services Corp
2nd Floor NYROTO2B
Rochester, NY 14638
2,500 8.85
Northern Trust Company
801 S. Canal C-IN
Chicago, IL 60607
4,200 14.87
SSB-Custodian
Global Corp Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
-6-
<PAGE>
Class A-6 Certificates
- ----------------------
Bankers Trust Company $ 6,350 31.75%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Bank One Trust Company, N.A./DBII 1,000 5.00
235 West Schrock Road
Brooksedge Village
Westerville, OH 43081
Chase Manhattan Bank 9,300 46.50
4 New York Plaza
13th Floor
New York, NY 10004
Fleet Bank of Massachusetts, N.A 1,900 9.50
Fleet Services Corp
2nd Floor NYROTO2B
Rochester, NY 14638
Class A-7 Certificates
- ----------------------
Bankers Trust Company $ 5,000 20.62%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank 1,500 6.19
4 New York Plaza
13th Floor
New York, NY 10004
Citibank 3,500 14.43
P.O. Box 30576
Tampa, FL 33630-3576
Citibank /Private Banking Division 3,000 12.37
1309 N. Ward Street, 2nd Floor
Tampa, FL 33607
LBI-Lehman Government Securities Inc. 5,000 20.62
200 Vesey Street
New York, NY 10285
Northern Trust Company 1,250 5.15
801 S Canal C-IN
Chicago, IL 60607
-7-
<PAGE>
SSB-Custodian 5,000 20.62
Global Corporate Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-8 Certificates
- ----------------------
Bank of New York $15,000 69.77%
925 Patterson Plank Road
Secaucus, NJ 07094
Norwest Bank Minnesota, N.A 1,500 6.98
733 Marquette Avenue
Minneapolis, MN 55479-0056
SSB-Custodian 5,000 23.25
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-9 Certificates
- ----------------------
$ 6,750 22.50%
Bank of New York
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company 8,750 29.17
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Bankers Trust Company 2,000 6.67
First Union Safekeeping
Dealer clearance
16 Wall Street, 5th Floor
New York, NY 10005
Chase Manhattan Bank/Chemical 12,500 41.66
4 New York Plaza
Proxy Department 13th floor
New York, NY 10004
-8-
<PAGE>
Class M-1 Certificates
- ----------------------
Bank of New York $ 3,500 19.45%
925 Patterson Plank Road
Secaucus, NJ 07094
Bank Boston, N.A 2,400 13.33
150 Royal Street
Canton, NA 02021
Bankers Trust Company 4,800 26.67
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Boston Safe Deposit and Trust Company 2,400 13.33
c/o Mellon Bank N.A
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
Northern Trust Company 2,900 16.11
801 S. Canal C-IN
Chicago, IL 60607
SSB Custodian 2,000 11.11
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class M-2 Certificates
- ----------------------
Bankers Trust Company $ 2,725 11.85%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Citibank 5,750 25.00
P.O. Box 30576
Tampa, FL 33630-3576
First Union National Bank 2,875 12.50
401 South Tryon Street
Charlotte, NC 28288
Salomon Brothers 2,875 12.50
8800 Hidden River Parkway
Tampa, FL 33637
SSB Custodian 8,680 37.74
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
-9-
<PAGE>
Class B Certificates
- --------------------
Salomon Brothers $ 5,000 100.00%
8800 Hidden River Parkway
Tampa, FL 33637
Class C Certificates
- --------------------
Contisecurities Asset Funding Corp.II $400,000(1) 100.00%
277 Park Avenue
New York, NY 10172
Class A-10IO
- ------------
$259,500(1) 64.88%
Chase Manhattan Bank
4 New York Plaza
13th Floor
New York, NY 10004
27,000(1) 6.75
Mercantile Safe Deposit & Trust
766 Old Hammonds Ferry Road
Proxy Unit #230-20
Linthicum, MD 21090
101,000(1) 25.25
SSB Custodian
Global Corp Action Dept JAB5W
P.O. Box 1631
Boston, MA 02105-1631
(1) Represents the "Notional Principal Amount" of the Certificates which is
based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
-10-
<PAGE>
ITEM 13 - Certain Relationships and Related Transactions
None
PART IV
ITEM 14 - Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
----------- -----------
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to the
Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
-11-
<PAGE>
b) Reports on Form 8-K.
11 reports on Form 8-K has been filed by the Issuer during the period covered by
this report.
Items Reported/Financial
Date of Report on Form 8-K Statements Filed
March 15, 1997 Trustee's Monthly Report for the February
Monthly Period.
April 15, 1997 Trustee's Monthly Report for the March
Monthly Period.
May 15, 1997 Trustee's Monthly Report for the April
Monthly Period.
June 15, 1997 Trustee's Monthly Report for the May
Monthly Period.
July 15, 1997 Trustee's Monthly Report for the June
Monthly Period.
August 15, 1997 Trustee's Monthly Report for the July
Monthly Period.
September 15, 1997 Trustee's Monthly Report for the August
Monthly Period.
October 15, 1997 Trustee's Monthly Report for the September
Monthly Period.
November 15, 1997 Trustee's Monthly Report for the October
Monthly Period.
December 15, 1997 Trustee's Monthly Report for the November
Monthly Period.
January 15, 1998 Trustee's Monthly Report for the December
Monthly Period.
-12-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
AS DEPOSITOR
By: /s/ Peter Abeles
-----------------------
Name: Peter Abeles
Title: President
By: /s/ Robert Riedl
-----------------------
Name: Robert Riedl
Title: Vice President, Secretary & Treasurer
Date: March 31, 1998
-13-
<PAGE>
INDEX TO EXHIBITS
Item 14(a)3.
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to the
Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
-14-
Exhibit 99.1
CONTIMORTGAGE
One Contipark
338 Warminster Road
Hatboro, PA 19040-3430
(215) 347-3000
March 17, 1998
ContiSecurities Asset Funding Corporation
277 Park Avenue
New York, NY 10172
RE: CMC Home Equity Loan Trust 1997-1
Dear Sirs:
In accordance with Section 8.16 of the Pooling and Servicing Agreement,
ContiMortgage Corporation, as Servicer, confirms that as of December 31, 1997:
(i) we have completed a review of the activities of the Servicer during
the year ended December 31, 1997, and of performance under the
Pooling and Servicing Agreement has been made under my supervision;
(ii) to the best of my knowledge, based on such review, the Servicer has
fulfilled all its obligations under the Pooling and Servicing
Agreement for the year ended December 31, 1997.
Sincerely yours,
/s/ Margaret M. Curry
------------------------------
Margaret M. Curry
Sr. Vice President - Servicing
Exhibit 99.2
ARTHUR ANDERSEN
CONTIMORTGAGE CORPORATION
UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
FOR THE YEAR ENDED DECEMBER 31, 1997
TOGETHER WITH AUDITORS' REPORT
<PAGE>
ARTHUR ANDERSEN LLP
Independent Accountants' Report
To the Board of Directors of ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) and that ContiMortgage Corporation had in effect a fidelity bond
and errors and omissions policy in the amount of $14,000,000 and $6,000,000 as
of December 31, 1997, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $14,000,000 and $6,000,000 as of December 31, 1997, is fairly stated,
in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 11, 1998
<PAGE>
ContiMortgage
One ContiPark
338 S. Warminster Road
Hatboro, PA. 19040-3430
(215) 347-3000
As of and for the year ended December 31, 1997, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of December 31,1997 ContiMortgage Corporation had in effect
fidelity bond and errors and omissions policy in the amounts of $14,000,000 and
$6,000,000, respectively.
/s/ Margaret M. Curry /s/ William P. Higgins
- -------------------------------- ----------------------------------
Margaret M.Curry William P. Higgins
Sr. Vice President - Servicing Vice President and Controller
March 11, 1998 March 11, 1998
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
- --------------------------------------------------------------------------------
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1997
<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 50,750,000.00 50,750,000.00 1,270,938.63 52,020,938.63 0.00
21075WDW2 A-2 57,500,000.00 57,500,000.00 28,455,703.24 3,009,969.04 31,465,672.28 29,044,296.76
21075WDX0 A-3 84,500,000.00 84,500,000.00 0.00 4,760,730.00 4,760,730.00 84,500,000.00
21075WDY8 A-4 37,250,000.00 37,250,000.00 0.00 2,163,438.58 2,163,438.58 37,250,000.00
21075WDZ5 A-5 28,250,000.00 28,250,000.00 0.00 1,697,220.79 1,697,220.79 28,250,000.00
21075WEA9 A-6 20,000,000.00 20,000,000.00 0.00 1,227,655.59 1,227,655.59 20,000,000.00
21075WEB7 A-7 24,250,000.00 24,250,000.00 0.00 1,543,350.83 1,543,350.83 24,250,000.00
21075WEC5 A-8 21,500,000.00 21,500,000.00 0.00 1,424,410.83 1,424,410.83 21,500,000.00
21075WED3 A-9 30,000,000.00 30,000,000.00 0.00 1,838,875.00 1,838,875.00 30,000,000.00
21075WEF8 M-1 18,000,000.00 18,000,000.00 0.00 1,161,230.00 1,161,230.00 18,000,000.00
21075WEG6 M-2 23,000,000.00 23,000,000.00 0.00 1,533,786.91 1,533,786.91 23,000,000.00
21075WEH4 B 5,000,000.00 5,000,000.00 0.00 344,300.00 344,300.00 5,000,000.00
21075X1A1 C 0.00 0.00 0.00 5,768,845.44 5,768,845.44 0.00
R 0.00 0.00 0.00 91,415.84 91,415.84 0.00
-------------------------------------------------------------------------------------------------------
Total 400,000,000.00 400,000,000.00 79,205,703.24 27,836,167.48 107,041,870.72 320,794,296.76
-------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WEE1 A-10 400,001,834.97 400,001,834.97 0.00 3,567,702.32 3,567,702.32 324,794,296.76
- ---------------------------------------------------------------------------------------------------------------------------
<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 1,000.00000000 25.04312571 1,025.04312571 0.00000000 A-1 6.25000% 6.25000%
21075WDW2 A-2 494.88179548 52.34728765 547.22908313 505.11820452 A-2 6.31000% 6.31000%
21075WDX0 A-3 0.00000000 56.34000000 56.34000000 1,000.00000000 A-3 6.48000% 6.48000%
21075WDY8 A-4 0.00000000 58.07888805 58.07888805 1,000.00000000 A-4 6.68000% 6.68000%
21075WDZ5 A-5 0.00000000 60.07861204 60.07861204 1,000.00000000 A-5 6.91000% 6.91000%
21075WEA9 A-6 0.00000000 61.38277950 61.38277950 1,000.00000000 A-6 7.06000% 7.06000%
21075WEB7 A-7 0.00000000 63.64333320 63.64333320 1,000.00000000 A-7 7.32000% 7.32000%
21075WEC5 A-8 0.00000000 66.25166651 66.25166651 1,000.00000000 A-8 7.62000% 7.62000%
21075WED3 A-9 0.00000000 61.29583333 61.29583333 1,000.00000000 A-9 7.05000% 7.05000%
21075WEF8 M-1 0.00000000 64.51277778 64.51277778 1,000.00000000 A-10IO 1.10000% 1.10000%
21075WEG6 M-2 0.00000000 66.68638739 66.68638739 1,000.00000000 M-1 7.42000% 7.42000%
21075WEH4 B 0.00000000 68.86000000 68.86000000 1,000.00000000 M-2 7.67000% 7.67000%
B 7.92000% 7.92000%
- ----------------------------------------------------------------------------------------------------------------------------------
Total 198.01425810 54.93976550 252.95402360 801.98574190
---------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
21075WEE1 A-10IO 0.00000000 8.91921488 8.91921488 811.982016993396
- -----------------------------------------------------------------------------------------------
</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>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
- --------------------------------------------------------------------------------
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1997
Page 1
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
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 2,212,132.30 43,608,755.64 805,145.34 4,123,966.72 50,750,000.00
Per $1000 Unit 43.58881379 859.28582542 15.86493281 81.26042798 1,000.00000000
---------------------------------------------------------------------------------------------------------------
Class A-2 495,064.83 27,103,913.47 666,419.57 190,305.37 28,455,703.24
Per $1000 Unit 8.60982313 471.37240817 11.58990557 3.30965861 494.88179548
---------------------------------------------------------------------------------------------------------------
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 2,707,197.13 70,712,669.11 1,471,564.91 4,314,272.09 79,205,703.24
Per $1000 Unit 6.76799283 176.78167278 3.67891228 10.78568023 198.01425810
---------------------------------------------------------------------------------------------------------------
<CAPTION>
<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: 324,794,296.76
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 411,026.07 0.00
SEC.7.09(a)(ix) Weighted Average Coupon 11.4820%
SEC.7.09(a)(x) Trigger Event Occurrence NO
SEC.7.09(a)(xi) Extra Principal Distribution Amount 4,314,272.09
SEC.7.09(a)(xii) Senior Enhancement Percentage 15.3944%
SEC.7.09(a)(xiii) Overcollateralization Amount 4,000,000.00
<CAPTION>
SEC.7.09(a)(xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- ------------
<S> <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
<CAPTION>
---------------------------------------------------------------------------
SEC.7.09(b)(i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 264 4.93827% 15,891,062.18 4.89265%
Pool 60-89 Days 91 1.70221% 5,605,155.51 1.72576%
90+ Days 330 6.17284% 20,408,206.68 6.28343%
----------------------------------------------------------------------------------------------
Total 5346 100.00000% 324,794,296.76 100.00000%
--------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs
<CAPTION>
Number Balance
<S> <C> <C> <C>
SEC.7.09(b)(ii) Loans in Foreclosure (LIF): 176 11,045,273.56
Newly Commenced LIF: 14 991,701.49
SEC.7.09(b)(iii)(a) Loans in Bankruptcy 83 4,758,452.12
SEC.7.09(b)(iii)(b) Balloon Loans 3209 227,908,993.78
SEC.7.09(b)(iv&v) REO Properties 13 1,195,560.59
SEC.7.09(b)(vi) Cumulative Losses 426,398.48
SEC.7.09(b)(vii) Loan Balance of 60+ Day Delinquent Loans 26,013,362.19
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
- --------------------------------------------------------------------------------
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1997
Page 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC.7.08(a)(1) Amount on Deposit in the Certificate Account 110,630,430.27
SEC.7.08(a)(2)(3) Amount Due Amount Paid
-------------- -------------
Class A-1 Allocation 52,020,938.63 52,020,938.63
Class A-2 Allocation 31,465,672.28 31,465,672.28
Class A-3 Allocation 4,760,730.00 4,760,730.00
Class A-4 Allocation 2,163,438.58 2,163,438.58
Class A-5 Allocation 1,697,220.79 1,697,220.79
Class A-6 Allocation 1,227,655.59 1,227,655.59
Class A-7 Allocation 1,543,350.83 1,543,350.83
Class A-8 Allocation 1,424,410.83 1,424,410.83
Class A-9 Allocation 1,838,875.00 1,838,875.00
Class A-10IO Allocation 3,567,702.32 3,567,702.32
-------------------------------------------
Class A Distribution Amount 101,709,994.85 101,709,994.85
===========================================
Class M-1 Allocation 1,161,230.00 1,161,230.00
Class M-2 Allocation 1,533,786.91 1,533,786.91
Class B Allocation 344,300.00 344,300.00
<CAPTION>
SEC.7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
-----------------------------------------------------------------
<S> <C> <C> <C>
A-1 50,750,000.00 50,750,000.00 0.00
A-2 57,500,000.00 28,455,703.24 29,044,296.76
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 400,001,834.97 NA 324,794,296.76
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.
<CAPTION>
<S> <C> <C>
SEC.7.08(a)(5) Current Period Realized Losses (Recoveries) 426,398.48
SEC.7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 26,013,362.19
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-1
- --------------------------------------------------------------------------------
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1997
Page 3
REO Status
SEC.7.09(b)(iv&v) Loan Number Book Value Status
13412945 618,955.72
11024390 444,304.72
11281360 460,922.61
11612482 224,961.44
11955029 227,927.73
8865879 179,467.40
8877416 145,059.48
8991329 144,728.03
9267426 186,379.40
9282817 214,124.34
9326373 754,500.00
9528374 317,314.13
9602935 122,110.45
2920999 $76,359.98
2933596 $32,379.22
2937944 $43,500.00
2939676 $80,500.00
3088739 $35,959.76
3088929 $57,013.73
3094448 $46,383.83
3095643 $45,960.02
3103082 $64,738.90
3107281 $116,744.92
3146487 $41,000.00
3216785 $132,227.21
3273349 $55,984.67
3274768 $73,724.79
3274990 $19,250.00
3277431 $35,250.00
3277480 $85,495.80
3279148 $43,976.52
3280237 $206,250.00
3284841 $77,922.25
3324639 $118,671.75
3327228 $57,716.48
3337060 $25,944.05
3785755 $26,619.57
3789864 $59,930.15
