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Previous: PEAPOD INC, S-1/A, 1997-05-15 |
Next: LOOMIS FARGO & CO, 10-Q, 1997-05-15 |
<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) May 12, 1997
---------------------
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 regristrant as specified in its charter)
New Jersey 333-20817-10 Applied For
- ---------- ------------ -----------
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 May 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.
TMS Mortgage Inc.
By: /s/ Harry Puglisi
--------------------------
Harry Puglisi
Treasurer
Dated: May 15, 1997
<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 MAY 12, 1997 DETERMINATION DATE.
<TABLE>
<S> <C>
1. AGGREGATE AMOUNT RECEIVED $ 2,864,713.73
LESS: SERVICE FEE 25,938.40
CONTINGENCY FEE 25,938.40
OTHER SERVICER FEES (Late Charges / Escrow) 2,649.73
UNREIMBURSED MONTHLY ADVANCES 0.00
-----------------
54,526.53
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 13,390.15
PRE-FUNDING ACCOUNT TRANSFER 182,011.41
CAPITALIZED INTEREST ACCOUNT TRANSFER 74,472.79
-----------------
269,874.36
-----------------
AVAILABLE REMITTANCE AMOUNT (I-2) 3,080,061.56
=================
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 47,132,617.48
(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>
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 1,521,694.49
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 : 1,521,694.49
4. (A) INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
(B) PRINCIPAL SHORTFAL 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 1,016,268.84
# OF LOANS 89
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 185,440.07
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED
DURING THE DUE PERIOD 319,985.58
9. AMOUNT OF INTEREST RECEIVED 1,333,906.74
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) 13,390.15
(B) AMOUNT OF COMPENSATING INTEREST 77.44
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 258,443.85
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,521,694.49
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 1,780,138.34
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 677,271.50
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,521,694.49
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 2,198,965.99
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 1,020,852.74
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,521,694.49
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 2,542,547.23
14.(A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) CLASS X REMITTANCE AMOUNT PAYABLE
PURSUANT TO SECTION 6.08(d) (iii) & (iv) 530,258.80
15.(A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 45,610,922.99
(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 172,610,922.99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
16. CLASS B PRINCIPAL DISTRIBUTION TEST TEST SATISFIED
<S> <C> <C> <C>
(1) TEST SHALL BE SATISFIED IF (i) DOED NOT EXCEED 50% OF (ii)
(i) SIXTY-DAY DELINQUENCY RATIO 0.00%
(ii) CLASS A SUBORDINATION PERCENTAGE 31.18%
PERCENTAGE 0.00% 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 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES DO NOT EXCEED $19,425,000 0.00 YES
(3) BOTH (X) AND (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
DOES NOT EXCEED 15% AND 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES DO NOT EXCEED $6,475,000 0.00 YES
IF (1) AND EITHER (2) OR (3) = "YES", THEN THE TEST IS SATISFIED
17. CUMULATIVE REALIZED LOSSES 0.00
18. (A) THE WEIGHTED AVERAGE MATURITY 214.115
(B) THE WEIGHTED AVERAGE INTEREST RATE 12.880%
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 25,938.40
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 25,938.40
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 7,255.53
(D) FHA PREMIUM ACCOUNT 6,512.30
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) 51,876.80
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 45,610,922.99 0.95022756
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>
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 172,610,922.99 0.98634813
ORIGINAL POOL PRINCIPAL BALANCE 175,000,000.00
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 12.880%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 14.430%
(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 7.089%
-------------------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 02/28/97 03/31/97 04/30/97
-------------------------------------------
12.860% 12.878% 12.880%
23. AMOUNT OF GUARANTY PAYMENTS OR ALTENTA 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 6,512.30
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR
THE CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT
TO 6.06(b)(i) 0.00
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 0.00
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 -APRIL 30, 1997
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1997-I $128,860,963.59 7,443 1 TO 29 DAYS 17,214,316.18 1,036 13.36%
30 TO 59 DAYS 2,764,837.85 178 2.15%
60 TO 89 DAYS 973,388.85 53 0.76%
90 AND OVER 481,318.35 28 0.37%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $21,433,861.23 1,295 16.63%
==============================
</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) 981.93 1,000.00 767.96 1,302.15
(vi) 21.17 0.00 0.00 0.00
(vii) 3.86 0.00 0.00 0.00
(viii) 6.67 0.00 0.00 0.00
(xiii) (a) 5.38 5.68 4.50 8.04
(b) 31.70 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) 950.23 1,000.00 767.96 1,302.15
(xxxv) 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<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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