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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): December 15, 1997
Life Financial Services, Adjustable Rate Mortgage Pass-Through
Certificates, Series 1997-1A and 1B Trust
(Exact name of registrant as specified in its charter)
New York 333-16511 52-2033941, 52-6857940
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. OTHER EVENTS
On December 15, 1997, a distribution was made to holders of Life Financial
Services, Adjustable Rate Mortgage Pass-Through Certificates, Series 1997-1A and
1997-1B Trust.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit Number
99.1 -- Monthly report distributed to holders of Life
Financial Services, Adjustable Rate Mortgage Pass
Through Certificates, Series 1997-1A and 1B Trust
relating to the December 15, 1997, distribution.
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.
Life Financial Services, Adjustable Rate Mortgage Pass-Through
Certificates, Series 1997-1A and 1B Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/ Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: December 19, 1997
INDEX OF EXHIBITS
Exhibit
Number Description
EX-99.1 Monthly report distributed to holders of Life Financial
Services, Adjustable Rate Mortgage Pass- Through Certificates,
Series 1997-1A and 1B Trust relating to the December 15, 1997,
distribution.
Life Financial Services 1997-1A and 1B
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: November 1997
Distribution Date: December 15, 1997
Contact: Michele Latimer
Phone: (410) 884-2100
InvestorDirect: (800) 605-4167
Cover Page
Report Name Report Number
- -----------------------------------------------------------------------------
Series Structure Summary 1
Class Distribution Summary 2
Class Distribution Per 1,000 of Original Balance 3
Class Principal Distribution 4
Class Interest Distribution 5
Fund Account Summary 6
Loss/Delinquency Detail 7
Collateral Summary 8
Credit Enhancement Summary 9
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Interest Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Floater 38,500,000.00 5.89750000% 0.00 0.00 0.00 0.6674690281
R Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
RF-1A Subordinate Interest Only Interest Only 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
A-2 Senior Pass Through Fixed 61,500,000.00 7.48500000% 0.00 0.00 0.00 0.9335676233
RF-1B Subordinate Interest Only Interest Only 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 100,000,000.00 0.00 0.00 0.00 0.8311196641
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary
Beginning Principal Ending
Pass Through Principal Total Interest Total Principal Balance Principal Total
Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 11/28/1997 5.89750000% 28,138,238.75 129,068.54 2,440,681.17 0.00 25,697,557.58 2,569,749.71
R 11/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
RF-1A 11/28/1997 0.00000000% 0.00 85,613.54 0.00 0.00 0.00 85,613.54
A-2 11/28/1997 7.48500000% 57,945,527.49 361,435.23 531,118.66 0.00 57,414,408.83 892,553.89
RF-1B 11/28/1997 0.00000000% 0.00 209,983.59 0.00 0.00 0.00 209,983.59
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 86,083,766.24 786,100.90 2,971,799.83 0.00 83,111,966.41 3,757,900.73
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution Principal Distribution Distribution Balance Principal
Class Cusip Original Balance Factor Factor Factor Factor Reduction Factor
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 531843AB6 38,500,000.00 3.35242961 0.35824052 63.03607558 63.39431610 0.00000000 0.6674690281
R N/A 0.00 N/A N/A N/A N/A N/A N/A
RF-1A N/A 0.00 N/A N/A N/A N/A N/A N/A
A-2 531843AC4 61,500,000.00 5.87699561 1.25628293 7.37979285 8.63607577 0.00000000 0.9335676233
RF-1B N/A 0.00 N/A N/A N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 100,000,000.00 0.8311196641
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 28,138,238.75 13,792.26 2,426,888.91 0.00 0.00 2,440,681.17 0.00 25,697,557.58 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RF-1A 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-2 57,945,527.49 77,261.40 453,857.26 0.00 0.00 531,118.66 0.00 57,414,408.83 0.00
RF-1B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 86,083,766.24 91,053.66 2,880,746.17 0.00 0.00 2,971,799.83 0.00 83,111,966.41 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.89750000% 28,138,238.75 129,068.54 0.00 0.00 0.00 0.00 129,068.54 25,697,557.58
R 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
RF-1A 0.00000000% 0.00 85,613.54 0.00 0.00 0.00 0.00 85,613.54 0.00
A-2 7.48500000% 57,945,527.49 361,435.23 0.00 0.00 0.00 0.00 361,435.23 57,414,408.83
RF-1B 0.00000000% 0.00 210,278.57 294.98 0.00 0.00 0.00 209,983.59 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 786,395.88 294.98 0.00 0.00 0.00 786,100.90
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
<S> <C>
Proceeds Account
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 812,220.71
Scheduled Principal 91,053.66
Other Principal 2,880,746.17
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment (294.98)
Other Deposits 0.00
Total Deposit 3,783,725.56
WITHDRAWALS:
Interest Payments 490,503.77
Scheduled Principal Payment 91,053.66
Other Principal Payments 2,880,746.17
Reserve Fund 1 295,597.13
Fees and Expenses 25,824.83
Other Withdrawals 0.00
Total Withdrawals 3,783,725.56
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Beginning Current Other Current Other
Initial Balance Requirement Balance Deposit Deposit Withdrawal Withdrawal Ending Balance
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Reserve Fund - 1 941,065.39 0.00 1,774,545.77 92,911.20 0.00 0.00 0.00 1,867,456.97
Reserve Fund - 2 3,115,053.93 0.00 6,000,196.83 234,784.40 0.00 0.00 0.00 6,234,981.23
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Loss/Delinquency Detail
Current Current Current Current Total Aggregate Aggregate Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard Credit Current Fraud Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses Losses Losses Losses Losses Losses Losses Losses
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2 0.00 0.00 0.00 294.98 294.98 0.00 0.00 0.00 162,470.33 162,470.33
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 0.00 0.00 294.98 294.98 0.00 0.00 0.00 162,470.33 162,470.33
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
30 Days Delinquent 60 Days Delinquent 90 Days Delinquent Foreclosures
Number Balance Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 33 3,411,137.12 10 864,953.50 5 636,163.64 5 572,841.56
2 52 1,797,698.50 11 507,265.24 8 278,483.78 2 97,957.05
- --------------------------------------------------------------------------------------------------------------
Totals 85 5,208,835.62 21 1,372,218.74 13 914,647.42 7 670,798.61
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
REO's Totals
Number Balance Number Balance
<S> <C> <C> <C> <C>
1 0 0.00 53 5,485,095.82
2 1 26,273.20 74 2,707,677.77
- -----------------------------------------------------------------
Totals 1 26,273.20 127 8,192,773.59
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-----------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 966,804.09| 252,157.29 714,646.80
|
Positive Amortization 91,053.66| 13,792.26 77,261.40
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 30,249.23| 1,561.19 28,688.04
Regular Curtailment Interest 274.22| 12.53 261.69
Prepaid Curtailments 0.00| 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00
Liquidations 2,850,215.70| 2,425,313.48 424,902.22
Principal Adjustments 7.02| 1.71 5.31
Total Principal Trust Distribution 2,971,799.83| 2,440,681.17 531,118.66
|
Scheduled Interest 875,750.43| 238,365.03 637,385.40
Servicing Fee 63,529.72| 15,241.52 48,288.20
Master Servicing Fee 3,586.83| 1,172.43 2,414.40
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 786,395.88| 214,682.08 571,713.80
|
Beginning Balance 86,083,766.24| 28,138,238.75 57,945,527.49
Ending Balance 83,111,966.41| 25,697,557.58 57,414,408.83
Gross P&I Distribution 3,784,020.54| 2,663,804.68 1,120,215.86
Realized Losses/(Gains) 294.98| 0.00 294.98
Net P&I Trust Distribution 3,783,725.56| 2,663,804.68 1,119,920.88
|
Beginning Loan Count 1915| 247 1668
Number of Loan Payoffs 27| 15 12
Ending Loan Count 1888| 232 1656
|
Weighted Average Maturity 0.0000000000| 348.0000000000 216.0000000000
Weighted Average Gross Rate 0.000000000%| 10.165456290% 13.199681030%
Weighted Average Net Rate 0.000000000%| 9.515457400% 12.199675640%
Weighted Average Pass-Through Rate 0.000000000%| 9.155459310% 11.839681050%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 0.00| 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Credit Enhancement Summary
Initial Current Current Current Current Current
Coverage Period Period Cumulative Coverage Coverage Pool
Type/Purpose Amount Losses Additions Losses Percentage Amount Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Reserve Fund - 1 941,065.39 0.00 92,911.20 0.00 0.00000000% 1,867,456.97 0.00
Reserve Fund - 2 3,115,053.93 0.00 234,784.40 0.00 0.00000000% 6,234,981.23 0.00
Subordination 0.00 0.00 0.00 0.00 0.00000000% 0.00 83,111,966.41
</TABLE>
<TABLE>
<CAPTION>
Principal
Distribution Scheduled Unscheduled
Amount Percentage Payment Payment
-----------------------------------------------------------
<S> <C> <C> <C> <C>
Senior 2,971,799.83 100.00000000% 100.00000000% 100.00000000%
Subordinate 0.00 0.00000000% 0.00000000% 0.00000000%
</TABLE>
<TABLE>
<CAPTION>
SUPPLEMENTAL REPORTING
TRUST 1A
<S> <C>
Additional Information
Monthly Excess Cashflow 85,613.54
Three Month Rolling Average 60+ Delinquencies 6.1979%
Three Month Average Default Rate 13.0029%
Total Expected Losses 2,494,266.23
Additional Credit Information
Reimbursed Amounts to the Certificate Insurer 0.00
Insured Payments 0.00
</TABLE>
<TABLE>
<CAPTION>
TRUST 1B
<S> <C>
Monthly Excess Cashflow 209,983.59
Three Month Rolling Average 60+ Delinquencies 1.2038%
Three Month Average Default Rate 1.3306%
Total Expected Losses 1,268,241.61
Reimbursed Amounts to the Certificate Insurer 0.00
Insured Payments 0.00
</TABLE>
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