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): July 25, 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 Owner Trust 1997-1,
Home Loan Asset Backed Notes Series 1997-1.
(Exact name of registrant as specified in its charter)
Delaware 333-21071-05 52-6850828
(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 1997-1, Asset-Backed Certificates,
Series 1997-1, 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 July 25, 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 March 25, 2023.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date July 25, 1997.
Principal Interest Ending Balance
Cede & Co $1,009,566.15 $429,974.05 $68,117,360.58
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
Certificatholders: 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 July 25, 1997.
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-1
PASS-THROUGH CERTIFICATES
SERIES 1997-1
DISTRIBUTION STATEMENT
Distribution Date: 07/25/97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution DistributionDistribution Balance
A-1 19,049,737.89 1,009,566.15 111,123.47 1,120,689.62 18,040,171.74
A-2 7,400,000.00 0.00 43,536.67 43,536.67 7,400,000.00
A-3 8,500,000.00 0.00 50,787.50 50,787.50 8,500,000.00
A-4 11,791,000.00 0.00 76,346.73 76,346.73 11,791,000.00
A-5 4,250,000.00 0.00 26,597.92 26,597.92 4,250,000.00
M-1 8,978,000.00 0.00 59,030.35 59,030.35 8,978,000.00
M-2 7,721,000.00 0.00 51,988.07 51,988.07 7,721,000.00
B 1,437,188.84 0.00 10,563.34 10,563.34 1,437,188.84
Payment of LosInterest Allocable
Reimbursement Carry ForwardLoss
Class Deficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
A-4 NA 0.00 NA
A-5 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
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass-Through
Class Distribution Distribution DistributionBalance Interest Rate
A-1 46.41683448 5.10912506 51.52595954 829.43318345 7.00000%
A-2 0.00000000 5.88333378 5.88333378 1,000.00000000 7.06000%
A-3 0.00000000 5.97500000 5.97500000 1,000.00000000 7.17000%
A-4 0.00000000 6.47500042 6.47500042 1,000.00000000 7.77000%
A-5 0.00000000 6.25833412 6.25833412 1,000.00000000 7.51000%
M-1 0.00000000 6.57500000 6.57500000 1,000.00000000 7.89000%
M-2 0.00000000 6.73333377 6.73333377 1,000.00000000 8.08000%
B 0.00000000 7.35000141 7.35000141 1,000.00000000 8.82000%
Payment of LosInterest Allocable
Reimbursement Carry ForwardLoss
Class Amount Amount Amount
A-1 NA 0.00000000 NA
A-2 NA 0.00000000 NA
A-3 NA 0.00000000 NA
A-4 NA 0.00000000 NA
A-5 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 OWNER TRUST 1997-1
PASS-THROUGH CERTIFICATES
SERIES 1997-1
Distribution Date: 07/25/97
Distribution Statement
Pooling and Servicing Agreement Dated March 1, 1997
i) Available Collection Amount 1,487,180.60
Available Distribution Amount 1,439,540.20
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 69,982,170.34
Ending Pool Principal Balance 69,265,764.44
iii) Class Factors Class A-1 0.87585002 0.82943318
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class A-5 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 770,562.70
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 0.00
Interest from FHA Insurance Payments 0.00
770,562.70
Principal Collections (Regular Installments) 109,460.40
Principal Collections (Curtailments and Paid in Fulls) 606,945.50
Substitution Adjustment 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from FHA Insurance Payments 0.00
Principal Collections (Curtailments and Paid in Fulls) 716,405.90
Substitution Adjustment
Total Payments 1,486,968.60
plus: Investment Income on the Collection Account 212.00
less: Trust Fees and Expenses 47,853.52
plus: Investment Income on the Certificate Distribution Accou 213.12
Available Distribution Amount 1,439,540.20
v) Optimal Principal Balances:
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
vi) Overcollateralization Deficiency Amount
Amounts distributed to the Residual Interest 4,597,767.72
0.00
vii) Servicing Compensation 44,257.79
Indenture Trustee Fee 1,749.55
Owner Trustee Fee 333.33
FHA Premium Account Deposit 1,512.85
viii) Overcollateralization Amount 1,148,403.86
Overcollateralization Target Amount 5,746,171.58
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 293,160.25
Beginning Ending
ix) Weighted Average Maturity of the Home Loan 209 209
weighted average Home Loan Interest Rate 14.039% 14.042%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 663,267.33
Six-Month Rolling Delinquency Average 322,768.69
Net Delinquency Calculation Amount 0.00
xi) FHA Payments made by Obligors on Invoiced Loans 0
xii)FHA Insurance Amount as of beginning of the related Due Pe 276,533.15
Current FHA Insurance Proceeds 0.00
Current FHA Insurance Proceeds allocated to Fees 0.00
Original FHA Insurance Amount 276,533.15
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 276,533.15
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 0.00 0.00
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) CurrAggregate CumulatiAggregate
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
CurrAggregate CumulatiAggregate
Debt Consolidation 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
xiv) Delinquency And Foreclosure Information:
# of AccountsPrin Bal % of Total Book Value
30-59 Days Delinquent 25 482,140.14 0.696%
60-89 Days Delinquent 14 241,217.76 0.348%
90-179 Days Delinquent 12 201,490.59 0.291%
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 AccountsPrincipal Ba% of Total
30-59 Days Delinquent 1 37,769.51 0.055%
60-89 Days Delinquent 2 73,131.87 0.106%
90-179 Days Delinquent 7 147,427.11 0.213%
180 or more Days Del 0 0.00 0.000%
Aggregate 10 258,328.49 0.373%
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: /s/ James Kaufman
Name: Jim Kaufman
Title: Assistant Vice President,
First National Association
Dated: July 31, 1997
