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Previous: MONEY STORE BUSINESS LOAN BACKED CERIFICATES SERIES 1997-1, 8-K, 1998-01-30 |
Next: FINANCIAL ASSET SEC CORP MEGO MORT HOME LOAN OWNER TR 1997-2, 15-15D, 1998-01-30 |
<PAGE> 1
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)
January 15, 1998
NATIONSCREDIT GRANTOR TRUST 1997 - 1
(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
Not Applicable
(Former name or former address,
if changed since last report.)
<PAGE> 2
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Period ending December
31, 1997.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement (with Standard Terms and Conditions attached
thereto) dated as of April 30, 1997 among NationsCredit Securitization
Corporation, NationsCredit Commercial Corporation of America and Bankers Trust
Company, as Trustee, which was previously filed as an exhibit to the Current
Report on Form 8-K filed on behalf of the Trust by NationsCredit Commercial
Corporation of America on June 4, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE> 3
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.
NATIONSCREDIT GRANTOR TRUST 1997 - 1 (Registrant)
By: NationsCredit Commercial Corporation
of America, as Servicer of NationsCredit
Grantor Trust 1997 - 1
Date: January 30, 1998
By: /s/ LAWRENCE ANGELILLI
Name: Lawrence Angelilli
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NUMBER DESCRIPTION
---------------- -------------------------
<S> <C>
19.1 Certificateholders Statements
</TABLE>
<PAGE> 1
EXHIBIT 19.1
STATEMENT TO CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997 - 1
Pursuant to the Pooling and Servicing Agreement, dated as of May 22,
1997 among NationsCredit Securitization Corporation (as "Seller"),
NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company
(as "Trustee" and "Collateral Agent"), the Servicer is required to prepare
certain information each month regarding distribution to Certificateholders and
the performance of the Trust. The information with respect to the applicable
Distribution Date is set forth below.
<TABLE>
<S> <C>
Month Dec-97
Collection Period 12/1/97
Determination Date 1/12/98
Deposit Date 1/14/98
Distribution Date 1/15/98
POOL BALANCE
Pool Balance on the close of the last day of
the Collection Period (Record Date) 154,707,662.90
Pool Factor 85.1065601%
Ending Pool Balance (per $1,000 certificate) 851.07
Liquidation Proceeds 121,919.95
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.86
Carry-Over Monthly Interest Payment -
Total Interest Payment 4.86
Principal Payments:
Monthly Principal Payment 12.45
Carry-Over Monthly Principal Payment -
Total Principal Payment 12.45
Servicing Fee:
Servicing Fee 0.54
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.54
</TABLE>
<PAGE> 2
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997 - 1
Pursuant to the Pooling and Servicing Agreement, dated as of May 31,
1997 among NationsCredit Securitization Corporation (as "Seller"),
NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company
(as "Trustee" and "Collateral Agent"), the Servicer is required to prepare
certain information each month regarding distribution to Certificateholders and
the performance of the Trust. The information with respect to the applicable
Distribution Date is set forth below.
<TABLE>
<S> <C>
Month Dec-97
Collection Period 1-Dec-97
Determination Date 12-Jan-98
Deposit Date 14-Jan-98
Distribution Date 15-Jan-98
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 156,971,681.87
Principal Collections 2,048,610.26
Purchase Amounts Allocable to Principal -
Defaulted Receivables 215,408.71
Pool Balance on the close of the last day of the Collection Period 154,707,662.90
Original Pool Balance 181,781,125.63
Certificate Factor 85.10656%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,444,877.84
Purchase Amounts allocable to interest -
Liquidation Proceeds 121,919.95
Collections allocable to principal 2,048,610.26
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection or Certificate Account -
Total Available Funds 3,615,408.05
INTEREST PAYMENT
Monthly Interest Payment 882,965.71
Carry-Over Monthly Interest -
Total 882,965.71
PRINCIPAL PAYMENT
Monthly Principal Payment 2,264,018.97
Carry-Over Monthly Principal -
Total 2,264,018.97
SERVICING FEE
Servicing Fee 98,107.30
Carry-Over Servicing Fee -
Total 98,107.30
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 3,615,408.05
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 3,615,408.05
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 882,965.71
Monthly Principal Payment and any Carry-Over Monthly Principal 2,264,018.97
Servicing Fee and any Carry-Over Servicing Fee 98,107.30
Distributions to the Surety Bond Provider 15,697.17
Distributions to the Reserve Account -
Distributions to the Seller 354,618.90
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Servicing Fee to the next Distribution Date -
RESERVE ACCOUNT
Reserve Account Balance as of the end of the preceding Collection Period 6,278,867.27
Earnings from investments on the Reserve Account 26,874.19
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 6,305,741.46
Distributions of any excess amounts on deposit in the Reserve Account 117,434.94
Ending Reserve Account Balance 6,188,306.52
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 6,188,306.52
Amount needed to fully fund Reserve Account -
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Preference Amounts -
Surety Drawing Amount -
Surety Bond Fee 15,697.17
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 15,697.17
Distributions to the Surety Bond Provider 15,697.17
Remaining Reimbursement Obligations Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 93,488.76
For the current Collection Period 0.72%
For the preceding Collection Period 1.92%
For the second preceding Collection Period 0.36%
Average Net Credit Loss Ratio 1.00%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 243
60 to 89 days past due 53
90 or more days past due 102
Total 398
Principal Balance
30 to 59 days past due 2,597,604.83
60 to 89 days past due 586,499.55
90 or more days past due 1,199,812.17
Total 4,383,916.55
Delinquency Ratio
For the current Collection Period 2.83%
For the preceding Collection Period 2.49%
For the second preceding Collection Period 2.29%
Average Delinquency Ratio 2.54%
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession occurred in the Current Month 366,185.40
Number of Contracts where Repossession occurred in the Current Month 27
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.92%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 103.81
Number of Outstanding Accounts - End of Period 13,920
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 3,615,408.05
Servicing Fee 98,107.30
Interest allocable to the Seller's Certificate 0.61
Principal amount allocable to the Seller's Certificate 1.56
Wire Funds to the Surety Bond Provider 15,697.17
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 3,501,601.41
Wire Funds to the Certificateholders - Interest Amounts 882,965.10
Wire Funds to the Certificateholders - Principal Amounts 2,264,017.41
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 354,618.90
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
----------------------
Authorized Signer
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