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): October 27, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1997, providing
for the issuance of Financial Asset Securities Corp.,
Empire Funding Home Loan REMIC Trust 1997-A,
Asset Backed Certificates Series 1997-A.
(Exact name of registrant as specified in its charter)
Delaware 333-21071-04 41-1872543
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Empire Funding Home Loan REMIC
Trust 1997-A, Asset-Backed Certificates, Series
1997-A, a Trust created pursuant to the Pooling and
Servicing Agreement, dated March 1, 1997, by
First Bank National Association, as trustee for the
Trust, the Trustee has caused to be filed with the
Commission, the Monthly Report dated October 27,
1997. The Monthly Report is filed pursuant to and
in accordance with (1) numerous no-action letters
(2) current Commission policy in the area. The
filing of the Monthly Report will occur subsequent
to each monthly distribution to the holders of the
Certificates, Due June 25, 2018.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date October 27, 1997.
Principal Interest Ending Balance
Cede & Co $1,108,094.05 $276,495.96 $43,162,935.03
B. No delinquency in payment under the Certificate Guaranty
Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Certificate
Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of Certificathold-
ers: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated October 27, 1997.
EMPIRE FUNDING HOME LOAN REMIC TRUST 1997-A
PASS-THROUGH CERTIFICATES
SERIES 1997-A
DISTRIBUTION STATEMENT
Distribution Date: 10/27/97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 2,648,233.54 1,108,094.05 15,889.40 1,123,983.45 1,540,139.49
A-2 18,300,000.00 0.00 107,360.00 107,360.00 18,300,000.00
A-3 11,442,000.00 0.00 74,086.95 74,086.95 11,442,000.00
M-1 6,003,000.00 0.00 39,419.70 39,419.70 6,003,000.00
M-2 5,377,000.00 0.00 36,205.13 36,205.13 5,377,000.00
B 500,795.54 0.00 3,534.78 3,534.78 500,795.54
R 0.00 NA 0.00 0.00 0.00
Total 44,271,029.08 1,108,094.05 276,495.96 1,384,590.01 43,162,935.03
Payment of Loss Interest Allocable
Reimbursement Carry Forward Loss
Class Deficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B 0.00 0.00 0.00
R NA NA NA
Total 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass-Through
Class Distribution Distribution Distribution Balance Interest Rate
A-1 131.91595833 1.89159524 133.80755357 183.34993929 7.20000%
A-2 0.00000000 5.86666667 5.86666667 1,000.00000000 7.04000%
A-3 0.00000000 6.47500000 6.47500000 1,000.00000000 7.77000%
M-1 0.00000000 6.56666667 6.56666667 1,000.00000000 7.88000%
M-2 0.00000000 6.73333271 6.73333271 1,000.00000000 8.08000%
B 0.00000000 7.05832963 7.05832963 1,000.00000000 8.47000%
Payment of Loss Interest Allocable
Reimbursement Carry Forward Loss
Class Amount Amount Amount
A-1 NA 0.00000000 NA
A-2 NA 0.00000000 NA
A-3 NA 0.00000000 NA
M-1 0.00000000 0.00000000 0.00000000
M-2 0.00000000 0.00000000 0.00000000
B 0.00000000 0.00000000 0.00000000
EMPIRE FUNDING HOME LOAN REMIC TRUST 1997-A
PASS-THROUGH CERTIFICATES
SERIES 1997-A
Distribution Date: 10/27/97
Distribution Statement
Pooling and Servicing Agreement Dated March 1, 1997
i) Available Collection Amount 1,429,556.70
Available Distribution Amount 1,384,590.01
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 44,943,493.19
Ending Pool Principal Balance 43,902,193.19
iii) Class Factors Beginning Ending
Class A-1 0.31526590 0.18334994
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 474,855.98
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 271.15
Interest from FHA Insurance Payments 0.00
475,127.13
Principal Collections (Regular Installments) 100,454.87
Principal Collections (Curtailments and Paid in Fulls) 846,904.94
Principal from Purchased Loans 0.00
Principal from Liquidated Mortgage Loans 19.04
Principal from FHA Insurance Payments 0.00
947,378.85
Total Payments 1,422,505.98
plus: Investment Income on the Collection Account 7,050.72
Trust Fees and Expenses 44,967.75
plus: Investment Income on the Certificate Distribution Account 1.06
Available Distribution Amount 1,384,590.01
v) Optimal Principal Balances: 0.00
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
vi) Overcollateralization Deficiency Amount (before distributions 3,423,341.03
Amounts distributed to the holders of the Class R 0.00
vii) Servicing Compensation 33,289.39
Trustee Fee 1,498.12
FHA Premium Account Deposit 10,180.24
viii) Overcollateralization Amount 739,258.16
Overcollateralization Target Amount 4,001,864.95
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 160,734.24
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 180 179
Weighted average Interest Rate of the Home Loans 13.344% 13.334%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 1,533,383.04
Six-Month Rolling Delinquency Average 908,380.21
Net Delinquency Calculation Amount 1,794,075.88
xi) FHA Payments made by Obligors on Invoiced Loans 4,095.54
xii)FHA Insurance Amount as of beginning of the related Due Period 2,749,082.52
Current FHA Insurance Proceeds 0.00
Current FHA Insurance Proceeds allocated to Fees 0.00
Original FHA Insurance Amount 2,749,082.52
Cumulative FHA Insurance Proceeds 0.00
Cumulative FHA Insurance Proceeds allocated to Fees 0.00
FHA Insurance Amount as of the end of the Related Due Period 2,749,082.52
100% of Bal 90% of Bal
Agg prin bal. of FHA Claims rejected by the FHA 0.00 0.00
Principal Balance of FHA claims Pending 622,069.68 559,862.71
Principal Balance of FHA claims Submitted 0.00 0.00
Aggregate number of FHA Claims submitted this period 0
Aggregate number of FHA Claims submitted since Cut-off 0
Aggregate number of FHA Claims paid this period 0
Aggregate number of FHA Claims pending this period 0
Prin Bal of FHA Loans for which no further amounts expected 0.00
xiii) Current Cumulative
Aggregate Aggregate
Combination Loans Number Prin Bal Number Prin Bal
A) Defaulted Loans 0 0.00 0 0.00
B) Liquidated Loans 0 0.00 0 0.00
C) Deleted b\c Defect 0 0.00 0 0.00
D) Deleted b\c Default 0 0.00 0 0.00
Current Cumulative
Aggregate Aggregate
Debt Consolidation Number Prin Bal Number Prin Bal
A) Defaulted Loans 0 0.00 2 39,879.23
B) Liquidated Loans 0 0.00 2 39,879.23
C) Deleted b\c Defect 0 0.00 0 0.00
D) Deleted b\c Default 0 0.00 0 0.00
xiv) Liquidated and Defaulted Loans (All Loan types):
Current Cumulative
Aggregate Aggregate
Number Prin Bal Number Prin Bal
Liquidated Loans 7 93,940.19 20 329,257.12
Defaulted Loans 7 93,940.19 20 329,257.12
xv) Delinquency And Foreclosure Information:
# of Accounts Prin Bal % of Total Book Value
30-59 Days Delinquent 102 1,512,670.39 0.034
60-89 Days Delinquent 35 577,891.90 0.013
90-179 Days Delinquent 45 808,270.01 0.018
180 or more Days Del 0 0.00 0.000
Loans in foreclosure 0 0.00 0.000
Foreclosed Properties 0 0.00 0.000 0.00
Loans in bankruptcy # of Accounts Principal Bala% of Total
30-59 Days Delinquent 1 33,285.47 0.001
60-89 Days Delinquent 3 60,394.21 0.001
90-179 Days Delinquent 7 86,826.92 0.002
180 or more Days Del 0 0.00 0.000
Aggregate 11 180,506.60 0.004
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.
FINANCIAL ASSET SECURITIES CORPORATION
By
Name: Jim Kaufman
Title: Assistant Vice President,
First National Association
Dated: October 31, 1997
