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Previous: MONEY STORE HOME EQUITY LOAN TRUST 1997-A, 8-K, 1997-11-25 |
Next: ARIS CORP/, S-8, 1997-11-25 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) 12-Nov-97
--------------------
The Money Store Home Improvement Trust 1997-I and the Originators as listed
below under a Pooling and Servicing Agreement dated as of February 28, 1997
providing for the issuance of The Money Store Home Improvement Loan
Certificates, Series 1997-I
TMS Mortgage Inc.
The Money Store Home Equity Corp.
The Money Store/ Minnesota Inc.
The Money Store/ Kentucky Inc.
The Money Store/ D.C. Inc.
--------------------------
(Exact name of registrant as specified in its charter)
New Jersey 333-20817-10 upper tier 91-181-5466
- ---------- ------------ -----------------------
lower tier 91-181-5468
-----------------------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
- ------------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
--------------
n/a
- -------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to Class
A Certificate holders with respect to the November 12, 1997 Remittance Date.
Item 7 Financial Statements and Exhibits
---------------------------------
The quarterly financial statement for the period ended September 30, 1996
for MBIA Inc. is incorporated by reference to the Form 10Q filed by MBIA Inc.
with the Securities and Exchange Commission on November 14, 1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
----------------------
Harry Puglisi
Treasurer
Dated: November 30, 1997
<PAGE>
Schedule A
List of Originators
-------------------
1997-I
------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/ Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING
AGREEMENT DATED AS OF FEBRUARY 28, 1997, THE MONEY STORE INC.
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1997-I
FOR THE NOVEMBER 12, 1997 DETERMINATION DATE.
<TABLE>
<S> <C>
1. AGGREGATE AMOUNT RECEIVED $4,613,735.47
LESS: SERVICE FEE 34,029.98
CONTINGENCY FEE 34,029.98
OTHER SERVICER FEES (Late Charges / Escrow) 11,129.25
UNREIMBURSED MONTHLY ADVANCES 0.00
-------------
79,189.21
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 0.00
PRE-FUNDING ACCOUNT TRANSFER 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER 0.00
-------------
0.00
-------------
AVAILABLE REMITTANCE AMOUNT (I-2) 4,534,546.26
=============
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 35,247,547.09
(B) CLASS A-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 53,700,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 19,487,000.00
(D) CLASS M-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 25,375,000.00
(E) CLASS M-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 12,250,000.00
(F) CLASS B-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 9,625,000.00
(G) CLASS B-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 6,563,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 2,948,840.76
CLASS A-2 0.00
CLASS A-3 0.00
CLASS M-1 0.00
CLASS M-2 0.00
CLASS B-1 0.00
CLASS B-2 0.00
TOTAL PRINCIPAL DISTRIBUTION AMOUNT : 2,948,840.76
4. (A) INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
(B) PRINCIPAL SHORTFALL CARRYFORWARD AMOUNT 0.00
(C) TOTAL SHORTFALL CARRYFORWARD AMOUNT 0.00
5. AVAILABLE MAXIMUM SUBORDINATION AMOUNT 8,285,127.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD
AMOUNT 2,302,262.64
# OF LOANS 149
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 177,042.69
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 373,622.25
9. AMOUNT OF INTEREST RECEIVED 1,741,224.05
10. (A) AMOUNT OF MONTHLY ADVANCES TO BE MADE ON
THE DETERMINATION DATE
MONTHLY ADVANCE TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii) 0.00
(B) AMOUNT OF COMPENSATING INTEREST 440.67
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 95,913.18
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 193,274.05
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,948,840.76
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 3,142,114.81
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 304,747.50
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 304,747.50
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CLASS A-3 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 114,080.15
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-3 REMITTANCE AMOUNT 114,080.15
CLASS A REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 612,101.70
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,948,840.76
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 3,560,942.46
CLASS M-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 156,690.63
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 156,690.63
CLASS M-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 82,381.25
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 82,381.25
CLASS M REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 239,071.88
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M REMITTANCE AMOUNT 239,071.88
CLASS B-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 60,236.46
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B-1 REMITTANCE AMOUNT 60,236.46
CLASS B-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 44,272.90
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B-2 REMITTANCE AMOUNT 44,272.90
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CLASS B REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 104,509.36
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B REMITTANCE AMOUNT 104,509.36
AGGREGATE REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 955,682.93
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,948,840.76
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 3,904,523.69
14. (A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) CLASS X REMITTANCE AMOUNT PAYABLE
PURSUANT TO SECTION 6.08(d) (iii) & (iv) 623,262.25
15. (A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 32,298,706.33
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 53,700,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 19,487,000.00
(D) CLASS M-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 25,375,000.00
(E) CLASS M-2 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 12,250,000.00
(F) CLASS B-1 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 9,625,000.00
(G) CLASS B-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 6,563,000.00
(H) TOTAL POOL PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 159,298,706.33
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
16. CLASS B PRINCIPAL DISTRIBUTION TEST TEST SATISFIED
(1) TEST SHALL BE SATISFIED IF (i) DOES NOT EXCEED 50% OF (ii)
(i) SIXTY-DAY DELINQUENCY RATIO 1.92%
(ii) CLASS A SUBORDINATION PERCENTAGE 33.78%
PERCENTAGE 5.67% YES
AND EITHER (2) OR (3)
(2) BOTH (X) AND (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
DOES NOT EXCEED 9% AND 1.61%
(Y) THE CUMULATIVE REALIZED LOSSES DO NOT EXCEED $19,425,000 170,511.55 YES
(3) BOTH (X) AND (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
DOES NOT EXCEED 15% AND 1.61%
(Y) THE CUMULATIVE REALIZED LOSSES DO NOT EXCEED $6,475,000 170,511.55 YES
IF (1) AND EITHER (2) OR (3) = "YES", THEN THE TEST IS SATISFIED
17. CUMULATIVE REALIZED LOSSES 170,511.55
18. (A) THE WEIGHTED AVERAGE MATURITY 209.521
(B) THE WEIGHTED AVERAGE INTEREST RATE 12.857%
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 34,029.98
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 34,029.98
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 6,760.31
(D) FHA PREMIUM ACCOUNT 8,504.12
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE
SERVICERS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f)(i) 68,059.96
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 32,298,706.33 0.67288972
ORIGINAL CLASS A-1 PRINCIPAL BALANCE 48,000,000.00
CLASS A-2 POOL FACTOR (I-5):
CURRENT CLASS A-2 PRINCIPAL BALANCE 53,700,000.00 1.00000000
ORIGINAL CLASS A-2 PRINCIPAL BALANCE 53,700,000.00
CLASS A-3 POOL FACTOR (I-5):
CURRENT CLASS A-3 PRINCIPAL BALANCE 19,487,000.00 1.00000000
ORIGINAL CLASS A-3 PRINCIPAL BALANCE 19,487,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
CLASS M-1 POOL FACTOR (I-5):
CURRENT CLASS M-1 PRINCIPAL BALANCE 25,375,000.00 1.00000000
ORIGINAL CLASS M-1 PRINCIPAL BALANCE 25,375,000.00
CLASS M-2 POOL FACTOR (I-5):
CURRENT CLASS M-2 PRINCIPAL BALANCE 12,250,000.00 1.00000000
ORIGINAL CLASS M-2 PRINCIPAL BALANCE 12,250,000.00
CLASS B-1 POOL FACTOR (I-5):
CURRENT CLASS B-1 PRINCIPAL BALANCE 9,625,000.00 1.00000000
ORIGINAL CLASS B-2 PRINCIPAL BALANCE 9,625,000.00
CLASS A-B2 POOL FACTOR (I-5):
CURRENT CLASS B-2 PRINCIPAL BALANCE 6,563,000.00 1.00000000
ORIGINAL CLASS B-2 PRINCIPAL BALANCE 6,563,000.00
POOL FACTOR:
CURRENT POOL PRINCIPAL BALANCE 159,298,706.33 0.91027832
ORIGINAL POOL PRINCIPAL BALANCE 175,000,000.00
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 12.857%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 14.407%
(C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2
CLASS A-3, CLASS M-1, CLASS M-2, CLASS B-1 AND
CLASS B-2 ADJUSTED MORTGAGE LOAN REMITTANCE RATE 7.127%
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 08/31/97 09/30/97 10/31/97
----------------------------------------------
12.864% 12.863% 12.857%
23. AMOUNT OF GUARANTY PAYMENTS OR ALTERNATE CREDIT ENHANCEMENT
PAYMENTS RECEIVED DURING THE DUE PERIOD 0.00
24. THE AMOUNT OF ANY DEFAULTED GUARANTY PAYMENT
FOR THE DUE PERIOD 0.00
25. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 8,504.12
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT TO 6.06(b)(i) 8,244.21
26. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE MONTH 0.00
27. THE RESERVE AMOUNT FOR THE DUE PERIOD 17,500,000.00
28. CLAIMS FILED DURING THE DUE PERIOD 157,371.14
29. CLAIMS PAID DURING THE PERIOD 0.00
30. CLAIMS DENIED BY FHA DURING THE PERIOD 0.00
31. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
32. OTHER INFORMATION
</TABLE>
<PAGE>
EXHIBIT O
REMIC DELINQUENCIES AS OF -OCTOBER 31, 1997
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1997-I $159,298,706.33 9,161 1 TO 29 DAYS 22,777,083.93 1,277 14.30%
30 TO 59 DAYS 6,652,067.76 406 4.18%
60 TO 89 DAYS 3,109,749.69 182 1.95%
90 AND OVER 9,373,320.99 558 5.88%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $41,912,222.37 2,423 26.31%
============== ========== ==========
</TABLE>
<PAGE>
1997-I
The following additional information, presented in dollars, pursuant to
Section 6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxii)
is provided for each Class per $1,000 original dollar amount as of the
Cut-Off Date.
<TABLE>
<CAPTION>
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS M-1
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(ii) 734.32 1,000.00 767.96 1,302.15
(vi) 47.96 0.00 0.00 0.00
(vii) 3.69 0.00 0.00 0.00
(viii) 7.78 0.00 0.00 0.00
(xiii) (a) 4.03 5.68 4.50 8.04
(b) 61.43 0.00 0.00 0.00
(c) 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00
(xv) 672.89 1,000.00 767.96 1,302.15
(xxxv) 0.00 0.00 0.00 0.00
<CAPTION>
SUBCLAUSE CLASS M-2 CLASS B-1 CLASS B-2
- ------------------------ -----------------------------------------------------------
<S> <C> <C> <C>
(ii) 1,000.00 1,000.00 1,000.00
(vi) 0.00 0.00 0.00
(vii) 0.00 0.00 0.00
(viii) 0.00 0.00 0.00
(xiii) (a) 6.73 6.26 6.75
(b) 0.00 0.00 0.00
(c) 0.00 0.00 0.00
(d) 0.00 0.00 0.00
(xv) 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00
</TABLE>
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