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): March 25, 1997
TRUST CREATED BY BLOCK MORTGAGE FINANCE, INC. (under a Pooling and Servicing
Agreement dated as of December 31, 1996, which Trust is the Issuer of Block
Mortgage Finance Asset Backed Certificates, Series 1997-1)
(Exact name of registrant as specified in its charter)
New York
(State or other jurisdiction of incorporation)
333-14041 Applied For
Commission File Number) (IRS Employer Identification No.)
3 Park Plaza, Irvine, California
Attention: Block Mortgage Finance
Asset Backed Certificates, Series 1997-1 92614
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 714-253-7575
Not applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Attached hereto is a copy of the Statement to
Certificateholders with respect to the February (revised)
& March, 1997, distribution to Certificateholders, as
provided to the Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
<PAGE>
Exhibit 99.1 Statement to Certificateholders Relating to February, 1997
(revised), Distributions to Holders of Block Mortgage Finance
Asset Backed Certificates, Series 1997-1
Exhibit 99.2 Statement to Certificateholders Relating to March, 1997,
Distributions to Holders of Block Mortgage Finance Asset
Backed Certificates, Series 1997-1
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BLOCK FINANCIAL CORPORATION, not in its
individual capacity, but solely as duly
authorized agent of the Registrant pursuant
to Section 8.17(C) of the Pooling and
Servicing Agreement, dated as of December
31, 1997
By: /s/ Bret G. Wilson
Bret G. Wilson
Title: Vice President,
Mortgage Operations
Date: April 11, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Statement to
Certificateholders
Relating to February,
1997 (revised),
Distributions to Holders
of Block Mortgage
Finance Asset Backed
Certificates, Series
1997-1
99.2 Statement to
Certificateholders
Relating to March, 1997,
Distributions to
Holders of Block
Mortgage Finance Asset
Backed Certificates,
Series 1997-1
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
Subsidiary REMIC
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
S-1 23,615,000.00 23,669,269.80 243,868.13 327,638.41 571,506.54 0.00 0.00 23,341,631.39
S-2 15,110,000.00 15,144,724.40 156,038.42 0.00 156,038.42 0.00 0.00 15,144,724.40
S-3 20,418,000.00 20,464,922.75 210,853.25 0.00 210,853.25 0.00 0.00 20,464,922.75
S-4 42,576,000.00 42,576,994.55 344,829.62 519,472.58 864,302.20 0.00 0.00 42,057,521.97
SR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 101,719,000.00 101,855,911.50 955,589.42 847,110.99 1,802,700.41 0.00 0.00 101,008,800.51
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
S-1 BL9701101 1,002.298107 10.326832 13.874165 24.200997 988.423942 12.363785% 12.365220%
S-2 BL9701102 1,002.298107 10.326831 0.000000 10.326831 1,002.298107 12.363785% 12.365220%
S-3 BL9701103 1,002.298107 10.326832 0.000000 10.326832 1,002.298107 12.363785% 12.365220%
S-4 BL9701104 1,000.023359 8.099155 12.201066 20.300221 987.822294 9.718759% 9.725348%
SR BL9701105 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: Block Financial Corporation ADMINISTRATOR: Serena Gutierrez
SERVICER: Block Financial Corporation Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: January 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: February 25, 1997 FACTOR INFORMATION (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
Page 1 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
Master REMIC
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 23,615,000.00 23,615,000.00 128,898.54 568,579.61 697,478.15 0.00 0.00 23,046,420.39
A-2 15,110,000.00 15,110,000.00 86,252.92 0.00 86,252.92 0.00 0.00 15,110,000.00
A-3 20,418,000.00 20,418,000.00 126,761.75 0.00 126,761.75 0.00 0.00 20,418,000.00
A-4 42,576,000.00 42,576,000.00 182,970.36 661,285.21 844,255.57 0.00 0.00 41,914,714.79
X-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 101,719,000.00 101,719,000.00 524,883.57 1,229,864.82 1,754,748.39 0.00 0.00 100,489,135.18
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 093767MAA 1,000.000000 5.458333 24.077053 29.535386 975.922947 6.550000% 6.550000%
A-2 093767MAB 1,000.000000 5.708334 0.000000 5.708334 1,000.000000 6.850000% 6.850000%
A-3 093767MAC 1,000.000000 6.208333 0.000000 6.208333 1,000.000000 7.450000% 7.450000%
A-4 093767MAD 1,000.000000 4.297500 15.531877 19.829377 984.468123 5.730000% 5.605000%
X-1 0.000000 0.000000 0.000000 0.000000 0.000000 5.426432% #N/A
X-2 0.000000 0.000000 0.000000 0.000000 0.000000 3.996853% #N/A
MR 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: Block Financial Corporation ADMINISTRATOR: Serena Gutierrez
SERVICER: Block Financial Corporation Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: January 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: February 25, 1997 FACTOR INFORMATION (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: February 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT LOAN INFORMATION: 1 - 30 31 - 60 60 - 90 91+
(Statistics Do Not Include Foreclosures, Bankruptcies & REOs) DAYS DAYS DAYS DAYS TOTAL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 1,076,809.32 183,497.42 0.00 1,260,306.74
PERCENTAGE OF POOL BALANCE 0.0000% 1.8266% 0.3113% 0.0000% 2.1379%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 21 2 0 23
PERCENTAGE OF LOANS IN POOL 0.0000% 1.3109% 0.1248% 0.0000% 1.4357%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 703,572.40 0.00 0.00 703,572.40
PERCENTAGE OF POOL BALANCE 0.0000% 1.6729% 0.0000% 0.0000% 1.6729%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 6 0 0 6
PERCENTAGE OF LOANS IN POOL 0.0000% 1.6997% 0.0000% 0.0000% 1.6997%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
REO LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Page 3 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: February 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SERVICER ADVANCES INCLUDED IN THIS DISTRIBUTION: 159,086.44
SERVICER ADVANCES OUTSTANDING: 0.00
ACCRUED SERVCING FEE THE THE CURRENT PERIOD : 42,439.96
PLUS ANY ADDITIONAL SERVICING FEES : 0.00
---------------
42,439.96
LESS PERMITTED REDUCTIONS TO SERVICING FEES : 0.00
---------------
TOTAL SERVICING FEES DUE MASTER SERVICER : 42,439.96
ACCRUED SERVICING FEES COLLECTED FOR CURRENT PERIOD : 35,091.00
COMPENSATING INTEREST: 0.00
---------------
TOTAL SERVICING FEES COLLECTED MASTER SERVICER: 35,091.00
- -----------------------------------------------------------------------------------------------------------------------------------
GROUP I MONTHLY ADVANCE AMOUNT: 107,831.19
GROUP II MONTHLY ADVANCE AMOUNT: 51,255.25
TOTAL TRUSTEE FEES DUE : 1,697.60
TOTAL INSURANCE AMOUNT DUE : 3,819.60
PRINCIPAL REMITTANCE AMOUNTS:
SCHEDULED PRINCIPAL 768,077.36
CURTAILMENTS 60,533.63
PREPAYMENTS IN FULL 18,500.00
NET LIQUIDATION PROCEEDS 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00
RELEASED MORTGAGED PROPERTY PROCEEDS 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00
SUBSTITUTION ADJUSTMENTS 0.00
---------------
TOTAL PRINCIPAL DISTRIBUTED: 847,110.99
TOTAL AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
AGGREGATE AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
BOOK VALUE OF REO PROPERTY: 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 4 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: February 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 1,962
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 1,955
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 101,855,911.51
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 101,008,800.52
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 1,607
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 1,602
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 59,278,916.96
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 58,951,278.55
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 355
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 353
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 42,576,994.55
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 42,057,521.97
GROUP I SUBORDINATION INCREASE AMOUNT: 240,941.20
GROUP II SUBORDINATION INCREASE AMOUNT: 141,812.63
GROUP I SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP II SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP I PRINCIPAL REMITTANCE AMOUNT: 568,579.61
GROUP II PRINCIPAL REMITTANCE AMOUNT: 519,472.58
GROUP I WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 12.3638%
GROUP II WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 9.7188%
GROUP I SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP II SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP I LOAN REPURCHASE AMOUNT 0.00
GROUP II LOAN REPURCHASE AMOUNT 0.00
GROUP I LARGEST LOAN BALANCE 307,921.01
GROUP II LARGEST LOAN BALANCE 639,778.93
TOTAL AMOUNT OF INSURED PAYMENTS INCLUDED IN THE DISTRIBUTION AMOUNT
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 5 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: February 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL AMOUNT OF CARRY FORWARD AMOUNT INCLUDED IN DISTRIBUTION AMOUNT :
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS X-1 0.00
CLASS X-2 0.00
BASIS RISK CARRYOVER AMOUNT INCLUDED IN DISTRIBUTION AMOUNT : 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 6 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Statement To Certificateholders
Subsidiary REMIC
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
S-1 23,615,000.00 23,341,631.39 239,006.28 888,934.36 1,127,940.64 0.00 0.00 22,452,697.03
S-2 15,110,000.00 15,144,724.40 156,700.47 0.00 156,700.47 0.00 0.00 15,144,724.40
S-3 20,418,000.00 20,464,922.75 211,747.86 0.00 211,747.86 0.00 0.00 20,464,922.75
S-4 42,576,000.00 42,057,521.97 340,853.38 635,769.34 976,622.72 0.00 0.00 41,421,752.63
SR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 101,719,000.00 101,008,800.51 948,307.99 1,524,703.70 2,473,011.69 0.00 0.00 99,484,096.81
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
S-1 BL9701101 988.423942 10.120952 37.642785 47.763737 950.781157 12.365220% 12.366493%
S-2 BL9701102 1,002.298107 10.370647 0.000000 10.370647 1,002.298107 12.365220% 12.366493%
S-3 BL9701103 1,002.298107 10.370646 0.000000 10.370646 1,002.298107 12.365220% 12.366493%
S-4 BL9701104 987.822294 8.005763 14.932576 22.938339 972.889718 9.725348% 9.729767%
SR BL9701105 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: Block Financial Corporation ADMINISTRATOR: Serena Gutierrez
SERVICER: Block Financial Corporation Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: February 28, 1997 Irvine, CA 92714
DISTRIBUTION DATE: March 25, 1997 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
Page 1 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Revised as of 3/25/97
Statement To Certificateholders
Master REMIC
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 23,615,000.00 23,046,420.39 125,795.04 1,126,195.58 1,251,990.62 0.00 0.00 21,920,224.81
A-2 15,110,000.00 15,110,000.00 86,252.92 0.00 86,252.92 0.00 0.00 15,110,000.00
A-3 20,418,000.00 20,418,000.00 126,761.75 0.00 126,761.75 0.00 0.00 20,418,000.00
A-4 42,576,000.00 41,914,714.79 182,724.87 771,534.99 954,259.86 0.00 0.00 41,143,179.80
X-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 101,719,000.00 100,489,135.18 521,534.58 1,897,730.57 2,419,265.15 0.00 0.00 98,591,404.61
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 09367MAA7 975.922947 5.326913 47.689840 53.016753 928.233107 6.550000% 6.550000%
A-2 09367MAB5 1,000.000000 5.708334 0.000000 5.708334 1,000.000000 6.850000% 6.850000%
A-3 09367MAC3 1,000.000000 6.208333 0.000000 6.208333 1,000.000000 7.450000% 7.450000%
A-4 09367MAD1 984.468123 4.291734 18.121359 22.413093 966.346763 5.605000% 5.855000%
X-1 0.000000 0.000000 0.000000 0.000000 0.000000 5.424107% #N/A
X-2 0.000000 0.000000 0.000000 0.000000 0.000000 3.942555% #N/A
MR 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: Block Financial Corporation ADMINISTRATOR: Serena Gutierrez
SERVICER: Block Financial Corporation Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: February 28, 1997 Irvine, CA 92714
DISTRIBUTION DATE: March 25, 1997 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Statement To Certificateholders
xx
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: March 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT LOAN INFORMATION: 1 - 30 31 - 60 60 - 90 91+
(Statistics Do Not Include Foreclosures, Bankruptcies & REOs) DAYS DAYS DAYS DAYS TOTAL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 1,369,967.73 427,925.42 93,750.00 0.00 1,891,643.15
PERCENTAGE OF POOL BALANCE 2.3595% 0.7370% 0.1615% 0.0000% 3.2580%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 32 6 1 0 39
PERCENTAGE OF LOANS IN POOL 2.0266% 0.3800% 0.0633% 0.0000% 2.4699%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 622,277.51 152,070.00 0.00 0.00 774,347.51
PERCENTAGE OF POOL BALANCE 1.5023% 0.3671% 0.0000% 0.0000% 1.8694%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 5 2 0 0 7
PERCENTAGE OF LOANS IN POOL 1.4493% 0.5797% 0.0000% 0.0000% 2.0290%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
REO LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Page 3 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: March 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SERVICER ADVANCES INCLUDED IN THIS DISTRIBUTION: 19,357.52
SERVICER ADVANCES OUTSTANDING: 0.00
ACCRUED SERVCING FEE THE THE CURRENT PERIOD : 42,087.00
PLUS ANY ADDITIONAL SERVICING FEES : 0.00
----------------
42,087.00
LESS PERMITTED REDUCTIONS TO SERVICING FEES : (918.54)
----------------
TOTAL SERVICING FEES DUE MASTER SERVICER : 41,168.46
ACCRUED SERVICING FEES COLLECTED FOR CURRENT PERIOD : 40,976.82
COMPENSATING INTEREST: 918.54
----------------
TOTAL SERVICING FEES COLLECTED MASTER SERVICER: 40,058.28
- -----------------------------------------------------------------------------------------------------------------------------------
GROUP I MONTHLY ADVANCE AMOUNT: 15,502.79
GROUP II MONTHLY ADVANCE AMOUNT: 3,854.73
TOTAL TRUSTEE FEES DUE : 1,683.48
TOTAL INSURANCE AMOUNT DUE : 3,787.83
PRINCIPAL REMITTANCE AMOUNTS:
SCHEDULED PRINCIPAL 94,645.80
CURTAILMENTS 58,985.58
PREPAYMENTS IN FULL 1,371,072.32
NET LIQUIDATION PROCEEDS 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00
RELEASED MORTGAGED PROPERTY PROCEEDS 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00
SUBSTITUTION ADJUSTMENTS 0.00
----------------
TOTAL PRINCIPAL DISTRIBUTED: 1,524,703.70
TOTAL AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
AGGREGATE AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
BOOK VALUE OF REO PROPERTY: 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 4 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: March 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 1,955
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 1,924
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 101,008,800.52
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 99,484,096.82
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 1,602
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 1,579
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 58,951,278.55
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 58,062,344.19
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 353
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 345
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 42,057,521.97
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 41,421,752.63
GROUP I SUBORDINATION INCREASE AMOUNT: 237,261.22
GROUP II SUBORDINATION INCREASE AMOUNT: 135,765.65
GROUP I SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP II SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP I PRINCIPAL REMITTANCE AMOUNT: 1,126,195.58
GROUP II PRINCIPAL REMITTANCE AMOUNT: 635,769.34
GROUP I WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 12.3652%
GROUP II WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 9.7253%
GROUP I SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP II SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP I LOAN REPURCHASE AMOUNT 0.00
GROUP II LOAN REPURCHASE AMOUNT 0.00
GROUP I LARGEST LOAN BALANCE 307,868.21
GROUP II LARGEST LOAN BALANCE 637,806.14
TOTAL AMOUNT OF INSURED PAYMENTS INCLUDED IN THE DISTRIBUTION AMOUNT
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 5 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-1
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: March 25, 1997
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL AMOUNT OF CARRY FORWARD AMOUNT INCLUDED IN DISTRIBUTION AMOUNT :
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS X-1 267,446.21
CLASS X-2 141,808.36
BASIS RISK CARRYOVER AMOUNT INCLUDED IN DISTRIBUTION AMOUNT : 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 6 of 6 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
