<PAGE>
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): October 20, 1997
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First Alliance Mortgage Company
on behalf of
First Alliance Mortgage Loan Trust 1997-1
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name of registrant as specified in its charter)
New York 033-99604 Applied for
- ---------------------------- ------------------ ------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
c/o First Alliance Mortgage Company
Attention: Mark K. Mason
Executive Vice President and Chief Financial Officer
17305 Von Karman Avenue
Irvine, CA 92614-6203
Address of Servicer
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(Address of principal executive offices)
Registrant's telephone number, including area code: (714)224-8500
Not Applicable
- --------------------------------------------------------------------------------
name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
Information relating to the distributions to Certificateholders for the
October 1997 Monthly Period of the Trust in respect of the First Alliance
Mortgage Loan Asset Backed Certificates, Series 1997-1, Class A (the
"Certificates") issued by the Registrant and the performance of the Trust
(including distributions of principal and interest, delinquent balances of
Mortgage Loans, and the subordinated amount remaining), together with certain
other information relating to the certificates, is contained in the Monthly
Report for the Monthly Period provided to certificateholders pursuant to the
Pooling and Servicing Agreement (the "Agreement") dated as of March 1, 1997
between First Alliance Mortgage Company as Servicer, and Chase Manhattan Bank,
as trustee.
Item 7. Exhibit.
Monthly Report for the October 1997 Monthly Period relating to the First
Alliance Mortgage Loan Asset Backed Certificates Series 1997-1, Class A issued
by the First Alliance Mortgage Loan Trust 1997-1.
<PAGE>
<TABLE>
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FIRST ALLIANCE MORTGAGE COMPANY
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
====================================================================================================================================
DISTRIBUTION: 20-Oct-97
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE PRINCIPAL SUBORD.
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE BALANCE AMOUNT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 24,500,000.00 22,480,069.72 667,652.84 134,880.42 802,533.26 21,812,416.88 22,152,050.90 339,634.02
A-2 48,500,000.00 44,284,519.98 1,140,908.96 203,475.07 1,344,384.03 43,143,611.02 43,869,155.25 725,544.23
R N/A N/A 0.00 0.00 0.00 N/A N/A N/A
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TOTALS 73,000,000.00 66,764,589.70 1,808,561.80 338,355.49 2,146,917.29 64,956,027.90 66,021,206.15
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</TABLE>
<TABLE>
FACTOR INFORMATION PER $1,000 PASS THRU RATES
<CAPTION>
ENDING
PRINCIPAL INTEREST CERTIFICATE ORIG PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
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<S> <C> <C> <C> <S> <C> <C>
A-1 27.25113633 5.50532327 890.30272980 A-1 7.20000% 7.20000%
A-2 23.52389608 4.19536227 889.55899010 A-2 5.89000% 5.90750%
R N/A N/A N/A R N/A N/A
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</TABLE>
<PAGE>
<TABLE>
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FIRST ALLIANCE MORTGAGE COMPANY
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
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DISTRIBUTION: 20-Oct-97
<CAPTION>
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PREPAID
SEC. 7.8(a)(ii) TOTAL PRIN DISTRIBUTION SCH. PRIN. INSTALLMENTS PREPAYMENTS LIQUIDATIONS SUB. INCREASE SUB RED.
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CLASS A-1 DISTRIBUTION 17,473.19 0.00 604,120.75 0.00 46,058.90 0.00
CLASS A-2 DISTRIBUTION 32,251.76 0.00 983,686.62 0.00 124,970.58 0.00
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</TABLE>
<TABLE>
<S> <C> <C>
SEC. 7.8(a)(v) CLASS A-1 INSURED PAYMENT 0.00
CLASS A-2 INSURED PAYMENT 0.00
SEC. 7.8(a)(vi) CODE INFORMATION NONE
</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II
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<S> <C> <C>
SEC. 7.8(a)(vii) LOAN PURCHASE PRICES 0.00 0.00
SUBSTITUTION AMOUNTS 0.00 0.00
SEC. 7.8(a)(viii) SUBORDINATION REDUCTION AMOUNT 0.00 0.00
SEC. 7.8(a)(ix) CURRENT REALIZED LOSSES 0.00 0.00
CUMULATIVE REALIZED LOSSES 0.00 0.00
SEC. 7.8(a)(x) LOANS BOUGHT PURSUANT TO
SECTION 3.4, 3.6 AND 8.10 0.00 0.00
SEC. 7.8(a)(xi) GROUP II AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT 0.00
</TABLE>
<TABLE>
CLASS A-1 CLASS A-2
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<S> <C> <C> <C>
SEC. 7.8(a)(xii) POOL FACTOR 0.89030273 0.88955899
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------
SEC. 7.8(b)(i) GROUP I PERIOD NUMBER PRIN. BALANCE PERCENTAGE
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DELINQUENCIES 31 - 60 DAYS 1 48,145.18 0.22%
61 - 90 DAYS 1 28,254.96 0.13%
91+ DAYS 2 145,643.45 0.66%
------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------
GROUP II PERIOD NUMBER PRIN. BALANCE PERCENTAGE
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
DELINQUENCIES 31 - 60 DAYS 7 694,079.38 1.58%
61 - 90 DAYS 4 265,115.10 0.60%
91+ DAYS 6 640,206.57 1.46%
------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
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SEC. 7.8(b)(ii) LOANS IN FORECLOSURE GROUP I
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(Included in Delinquencies above) NUMBER PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C>
4 222,043.59 1.00%
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</TABLE>
<TABLE>
<CAPTION>
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GROUP II
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NUMBER PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C>
14 1,330,411.37 3.03%
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</TABLE>
<TABLE>
<CAPTION>
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SEC. 7.8(b)(iii) LOANS IN BANKRUPTCY GROUP I
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(Included in Delinquencies above) NUMBER PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C>
0 0.00 0.00%
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</TABLE>
<TABLE>
<CAPTION>
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GROUP II
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NUMBER PRIN. BALANCE PERCENTAGE
-----------------------------------------------------
<S> <C> <C> <C>
2 300,166.33 0.68%
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</TABLE>
<TABLE>
<CAPTION>
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SEC. 7.8(b)(iv) REO PROPERTIES GROUP I
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(Not included in Delinquencies above) NUMBER PRIN. BALANCE PERCENTAGE
-----------------------------------------------------
<S> <C> <C> <C>
0 0.00 0.00%
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</TABLE>
<TABLE>
<CAPTION>
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GROUP II
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NUMBER PRIN. BALANCE PERCENTAGE
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<S> <C> <C> <C>
0 0.00 0.00%
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</TABLE>
<TABLE>
<CAPTION>
GROUP I GROUP II
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<S> <C> <C> <C>
SEC. 7.8(b)(v) ENDING AGGREGATE LOAN BALANCE 22,152,050.90 43,869,155.25
ENDING INITIAL MORTGAGE LOANS N/A N/A
ENDING SUBSEQUENT MORTGAGE LOANS N/A N/A
<CAPTION>
SEC. 7.8(b)(vi) BOOK VALUE OF REO PROPERTY GROUP I GROUP II
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<S> <C> <C>
0.00 0.00
<CAPTION>
SERVICING FEE GROUP I GROUP II
------- --------
<S> <C> <C>
9,489.07 18,702.19
</TABLE>
<PAGE>
SIGNATURE
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.
First Alliance Mortgage Loan Trust 1997-1
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(Registrant)
By: First Alliance Mortgage Company
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(Servicer)
Date: October 20, 1997 By: /s/ Mark K. Mason
----------------- -----------------------------------------
Name: Mark K. Mason
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Executive Vice President and
Title: Chief Financial Officer
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