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Previous: DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, 8-K, 1998-01-30 |
Next: IMC HOME EQUITY LOAN TRUST 1997-2, 8-K, 1998-01-30 |
<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) January 15, 1998
--------------------
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 January 15, 1998 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: January 31, 1998
<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 JANUARY 12, 1998
DETERMINATION DATE.
<TABLE>
<CAPTION>
<C> <S> <C>
1. AGGREGATE AMOUNT RECEIVED $3,897,325.38
LESS: SERVICE FEE 30,008.11
CONTINGENCY FEE 30,008.11
OTHER SERVICER FEES (Late Charges / Escrow) 12,686.29
UNREIMBURSED MONTHLY ADVANCES 0.00
-----------------------
72,702.51
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 80,640.72
PRE-FUNDING ACCOUNT TRANSFER 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER 0.00
-----------------------
80,640.72
-----------------------
AVAILABLE REMITTANCE AMOUNT (I-2) 3,905,263.59
=======================
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 29,740,693.48
(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>
<CAPTION>
<S> <C>
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 2,486,986.80
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 : 2,486,986.80
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 1,831,209.50
# OF LOANS 123
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 189,949.06
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 316,938.69
9. AMOUNT OF INTEREST RECEIVED 1,538,900.67
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) 80,640.72
(B) AMOUNT OF COMPENSATING INTEREST 101.66
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 148,889.55
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 163,078.14
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,486,986.80
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 2,650,064.94
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 581,905.78
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,486,986.80
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 3,068,892.58
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>
<CAPTION>
<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 925,487.02
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,486,986.80
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 3,412,473.82
14. (A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) CLASS X REMITTANCE AMOUNT PAYABLE
PURSUANT TO SECTION 6.08(d) (iii) & (iv) 486,258.91
15. (A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 27,253,706.68
(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 154,253,706.68
</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 1.74%
(ii) CLASS A SUBORDINATION PERCENTAGE 34.89%
PERCENTAGE 4.99% 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 1.81%
(Y) THE CUMULATIVE REALIZED LOSSES DO NOT EXCEED $19,425,000 609,208.79 YES
(3) BOTH (X) AND (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
DOES NOT EXCEED 15% AND 1.81%
(Y) THE CUMULATIVE REALIZED LOSSES DO NOT EXCEED $6,475,000 609,208.79 YES
IF (1) AND EITHER (2) OR (3) = "YES", THEN THE TEST IS SATISFIED
17. CUMULATIVE REALIZED LOSSES 609,208.79
18. (A) THE WEIGHTED AVERAGE MATURITY 208.086
(B) THE WEIGHTED AVERAGE INTEREST RATE 12.855%
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 30,008.11
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 30,008.11
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 6,530.86
(D) FHA PREMIUM ACCOUNT 7,690.70
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) 60,016.22
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 27,253,706.68 0.56778556
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>
EXHIBIT O
REMIC DELINQUENCIES AS OF -DECEMBER 31, 1997
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1997-I $154,253,706.68 8,880 1 TO 29 DAYS 26,559,675.56 1,532 17.22%
30 TO 59 DAYS 4,399,582.41 263 2.85%
60 TO 89 DAYS 2,728,825.83 158 1.77%
90 AND OVER 12,106,151.96 700 7.85%
FORECLOSURE 39,066.39 3 0.03%
REO PROPERTY 0.00 0 0.00%
TOTALS $45,833,302.15 2,656 29.71%
================================================
</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) 619.60 1,000.00 767.96 1,302.15
(vi) 38.15 0.00 0.00 0.00
(vii) 3.96 0.00 0.00 0.00
(viii) 6.60 0.00 0.00 0.00
(xiii) (a) 3.40 5.68 4.50 8.04
(b) 51.81 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) 567.79 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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