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Previous: MANUFACTURED HOUSING CONT SEN SUB PASS THR CERT SERIES 1997A, 8-K, 1997-09-30 |
Next: PROVIDENT BANK HOME EQUITY LOAN TRUST 1997-1, 8-K, 1997-09-30 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 1997
Vanderbilt Mortgage & Finance, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- -------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033-03 62-0997810
- -------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On June 7, 1997, The Chase Manhattan Bank, as Trustee, made the monthly
distribution to the holders of the Vanderbilt Mortgage & Finance, Inc.
Manufactured Housing Contract Senior/Subordinated Pass Through Certificates,
Series 1997A.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit
numbers correspond with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on June 7, 1997.
</TABLE>
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.
VANDERBILT MORTGAGE & FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
--------------------------
Name: David R. Jordan
Title: Controller
Dated: June 7, 1997
<PAGE> 1
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997A FOR THE PERIOD ENDED: 25-MAY-97
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I A-1 CLASS I A-2 CLASS I A-3
(A) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 1,973,591.99 135,393.75 103,133.33
(A) SCHEDULED PRINCIPAL DUE 302,602.73
(B) PARTIAL PREPAYMENTS RECEIVED 42,760.57
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 1,497,972.65
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
------------ ---------- -------------
TOTAL PRINCIPAL DISTRIBUTION 1,843,335.95 0.00 0.00
(C) INTEREST DISTRIBUTION 130,256.04 135,393.75 103,133.33
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------ ---------- -------------
TOTAL INTEREST DISTRIBUTION 130,256.04 135,393.75 103,133.33
(D) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 24,637,623.42 24,900,000.00 18,200,000.00
LESS: PRINCIPAL DISTRIBUTION 1,843,335.95 0.00 0.00
------------ ---------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 22,794,287.47 24,900,000.00 18,200,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (b) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS I A-1 0.79979956
SECTION 6.02 REIMBURSEMENT AMOUNT 30,000.00 CLASS I A-2 1.00000000
REIMBURSEABLE FEES 0.00 CLASS I A-3 1.00000000
--------------- CLASS I A-4 1.00000000
TOTAL FEES DUE SERVICER 30,000.00 CLASS I A-5 1.00000000
CLASS I A-6 1.00000000
NO. OF UNPAID PRINCIPAL CLASS I B-1 1.00000000
(F) DELINQUENCY CONTRACTS BALANCE CLASS I B-2 1.00000000
31-59 DAYS DELINQUENT 155 5,602,445
60-89 DAYS DELINQUENT 15 615,376
90+ DAYS DELINQUENT 12 514,948
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSESSION PROFITS 0.00
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 0.00
(K) AGGREGATE NET LIQUIDATION LOSSES 0.00
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 31,267.71
(Y) REMAINING AMOUNT AVAILABLE 270,904.25
AMOUNT OF (X) OVER (Y) 0.00
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(N) GUARANTEE PAYMENT 0.00
(O) UNADVANCED SHORTFALLS 0.00
NO. $
(P) UNITS REPOSSESSED 0 0.00
(Q) PRINCIPAL PREPAYMENTS PAID 1,540,733.22
(R) SCHEDULED PRINCIPAL PAYMENTS 302,602.73
(S) WEIGHTED AVERAGE INTEREST RATE 11.49%
<CAPTION>
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I A-4 CLASS I A-5 CLASS I A-6
(A) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 63,085.42 78,590.58 58,475.67
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
------------- ------------- ------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
(C) INTEREST DISTRIBUTION 63,085.42 78,590.58 58,475.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- ------------
TOTAL INTEREST DISTRIBUTION 63,085.42 78,590.58 58,475.67
(D) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 10,700,000.00 12,919,000.00 9,233,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------- ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 10,700,000.00 12,919,000.00 9,233,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 28,500,000.00 5.768%
SECTION 6.02 REIMBURSEMENT AMOUNT 24,900,000.00 6.525%
REIMBURSEABLE FEES 18,200,000.00 6.800%
10,700,000.00 7.075%
TOTAL FEES DUE SERVICER 12,919,000.00 7.300%
6,347,000.00 7.500%
(F) DELINQUENCY 4,618,000.00 8.125%
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
(N) GUARANTEE PAYMENT
(O) UNADVANCED SHORTFALLS
(P) UNITS REPOSSESSED
(Q) PRINCIPAL PREPAYMENTS PAID
(R) SCHEDULED PRINCIPAL PAYMENTS
(S) WEIGHTED AVERAGE INTEREST RATE
<CAPTION>
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I B-1 CLASS I B-2
(A) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 39,668.75 31,267.71
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
------------- ------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00
(C) INTEREST DISTRIBUTION 39,668.75 31,267.71
UNPAID INTEREST SHORTFALL 0.00 0.00
------------- ------------
TOTAL INTEREST DISTRIBUTION 39,668.75 31,267.71
(D) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 6,347,000.00 4,618,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00
------------- ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,347,000.00 4,618,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE
SECTION 8.06 REIMBURSEMENT AMOUNT 5.68% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 0.08% SPREAD
REIMBURSEABLE FEES
TOTAL FEES DUE SERVICER
(F) DELINQUENCY
31-59 DAYS DELINQUENT
60-89 DAYS DELINQUENT
90+ DAYS DELINQUENT
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
(N) GUARANTEE PAYMENT
(O) UNADVANCED SHORTFALLS
(P) UNITS REPOSSESSED
(Q) PRINCIPAL PREPAYMENTS PAID
(R) SCHEDULED PRINCIPAL PAYMENTS
(S) WEIGHTED AVERAGE INTEREST RATE
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997A FOR THE PERIOD ENDED: 25-MAY-97
<S> <C> <C>
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,245,706.90
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 558,909.35
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 7,637.01
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 1,396.11
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 48,649.50
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 12,156.13
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 0.00
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 30,000.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 30,000.00
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 2,174,694.41
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 548,149.33
TO CLASS A AND B 2,483,207.20
MONTHLY EXCESS CASHFLOW 239,636.54
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 185.91
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 111,555,323.37
CURRENT BALANCE 109,763,796.06
ADV PRINCIPAL 15,495.72
DEL PRINCIPAL 67,304.36
POOL SCHEDULED BALANCE 109,711,987.42
PRINCIPAL PAYMENTS IN FULL 1,497,972.65
PARTIAL PREPAYMENTS 42,760.57
SCHEDULED PRINCIPAL 302,602.73
COLLATERAL BALANCE 109,763,796.06
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES FOR THE PERIOD ENDED: 25-MAY-97
SERIES 1997A
INFORMATION FOR CLAUSES (V) THROUGH (AP), GROUP II
SECTION 7.01 - CLASS II A-1 CLASS II B-1 CLASS II B-2 CLASS II B-3
(V) CLASS II A AND CLASS II B 1,574,554.66 53,593.67 24,462.24 33,628.55
DISTRIBUTION AMOUNTS
(W) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 200,161.53
(B) PARTIAL PREPAYMENTS RECEIVED 21,419.44
(C) PRINCIPAL PAYMENTS IN FULL
(SCHEDULED BALANCE) 664,597.77
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN
(A) THROUGH (E) 0.00
(G) ACCELERATED PRINCIPAL PAYMENT 400,590.22
------------- ------------ ------------ ------------
TOTAL PRINCIPAL DISTRIBUTION 1,286,768.96 0.00 0.00 0.00
(X) INTEREST DISTRIBUTION 287,785.70 53,593.67 24,462.24 33,628.55
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
TOTAL INTEREST DISTRIBUTION 287,785.70 53,593.67 24,462.24 33,628.55
(Y) BEGINNING CLASS I A AND CLASS I B
PRINCIPAL BALANCE 53,324,507.09 9,526,000.00 4,082,000.00 5,445,000.00
LESS: PRINCIPAL DISTRIBUTION 1,286,768.96 0.00 0.00 0.00
------------- ------------ ------------ ------------
REMAINING CLASS A AND CLASS B
PRINCIPAL BALANCE 52,037,738.13 9,526,000.00 4,082,000.00 5,445,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (AC) FACTOR ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS II A-1 0.88629182 58,714,000.00 5.888%
SECTION 6.02 REIMBURSEMENT AMOUNT 24,000.00 CLASS II B-1 1.00000000 9,526,000.00 6.138%
REIMBURSEABLE FEES 0.00 CLASS II B-2 1.00000000 4,082,000.00 6.538%
--------- CLASS II B-3 1.00000000 5,445,000.00 6.738%
TOTAL FEES DUE SERVICER 24,000.00
NO. OF UNPAID PRINCIPAL
(AA) DELINQUENCY CONTRACTS BALANCE
31-59 DAYS DELINQUENT 56 1,628,617
60-89 DAYS DELINQUENT 6 201,832
90+ DAYS DELINQUENT 7 252,019
(AB) SECTION 3.05 REPURCHASES 0.00
(AD) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSESSION PROFITS 0.00
(AE) PRINCIPAL BALANCE OF CONTRACTS
IN REPOSSESSION 0.00
(AF) AGGREGATE NET LIQUIDATION LOSSES 0.00
(AG) (X) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 33,628.55
(Y) REMAINING AMOUNT AVAILABLE 160,953.68
AMOUNT OF (X) OVER (Y) 0.00
(AH) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(AI) GUARANTEE PAYMENT 0.00
(AJ) UNADVANCED SHORTFALLS 0.00
NO. $
(AK) UNITS REPOSSESSED
(AL) PRINCIPAL PREPAYMENTS PAID 686,017.21
(AM) SCHEDULED PRINCIPAL PAYMENTS 200,161.53
(AN) WEIGHTED AVERAGE INTEREST RATE 9.93%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Chemical Bank-Trustee Determination Date: 05-Jun-97
Manufactured Housing Contracts Remittance Date: 09-Jun-97
Seniors/Subordinated Pass-Through Certificates Series 1997A For the Period Ended: 25-May-97
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,493,633.07
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 5,085.75
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 28,116.24
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 0.00
(IV) REIMBURSABLE LIQUIDATION EXPENSES 24,000.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 24,000.00
AVAILABLE DISTRUBUTION AMOUNT 1,446,602.58
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,285,648.90
MONTHLY EXCESS CASHFLOW CLASS II 160,953.68
MONTHLY EXCESS CASHFLOW CLASS I 239,636.54
ACCELERATED PRINCIPAL PAYMENT 400,590.22
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 197.12
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 75,319,402.70
CURRENT BALANCE 74,488,458.22
ADV PRINCIPAL 7,267.38
DEL PRINCIPAL 62,501.64
POOL SCHEDULED BALANCE 74,433,223.96
PRINCIPAL PAYMENTS IN FULL 664,597.77
PARTIAL PREPAYMENTS 21,419.44
SCHEDULED PRINCIPAL 200,161.53
COLLATERAL BALANCE 74,488,458.22
OVERCOLLATERALIZATION AMOUNT 3,342,486
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,305,137
</TABLE>
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