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 15, 1997
ContiMortgage Home Equity Loan Trust 1997-3
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1528916
New York 33-319427 16-1528914
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(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
-------------------------------- ----------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index Page 1
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Item 5. Other Events.
On October 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,M,B and R Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of September, 1997 dated
October 15, 1997 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of
September, 1997 was $484,140.59.
Page 2
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Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of September, 1997.
Page 3
<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 hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Susan E. O'Donovan
Name: Susan E. O'Donovan
Title: Vice President and Chief Financial Officer
Dated: October 29, 1997
Page 4
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EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
September, 1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-3
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-97
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075WFA8 A-1 130,000,000.00 88,611,505.99 13,953,961.43 474,071.56 14,428,032.99 74,657,544.56
21075WFB6 A-2 135,000,000.00 135,000,000.00 0.00 732,375.00 732,375.00 135,000,000.00
21075WFC4 A-3 215,000,000.00 215,000,000.00 0.00 1,196,833.33 1,196,833.33 215,000,000.00
21075WFD2 A-4 73,000,000.00 73,000,000.00 0.00 414,883.33 414,883.33 73,000,000.00
21075WFE0 A-5 71,000,000.00 71,000,000.00 0.00 414,758.33 414,758.33 71,000,000.00
21075WFF7 A-6 36,000,000.00 36,000,000.00 0.00 213,900.00 213,900.00 36,000,000.00
21075WFG5 A-7 65,000,000.00 65,000,000.00 0.00 394,333.33 394,333.33 65,000,000.00
21075WFH3 A-8 38,600,000.00 38,600,000.00 0.00 243,823.33 243,823.33 38,600,000.00
21075WFJ9 A-9 68,000,000.00 68,000,000.00 0.00 403,466.67 403,466.67 68,000,000.00
21075WFK6 M-1F 54,337,000.00 54,337,000.00 0.00 331,002.89 331,002.89 54,337,000.00
21075WFL4 M-2F 49,613,000.00 49,613,000.00 0.00 312,148.46 312,148.46 49,613,000.00
21075WFM2 B-1F 9,450,000.00 9,450,000.00 0.00 62,133.75 62,133.75 9,450,000.00
21075X1L7 C 0.00 0.00 0.00 2,119,359.68 2,119,359.68 0.00
R 0.00 0.00 0.00 18,534.70 18,534.70 0.00
Total 945,000,000.00 903,611,505.99 13,953,961.43 7,331,624.36 21,285,585.79 889,657,544.56
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WFN0 A-10 259,200,000.00 247,808,867.66 5,869,538.34 1,211,423.97 7,080,962.31 241,939,329.32
21075WFP5 M-1A 25,600,000.00 25,600,000.00 0.00 127,920.00 127,920.00 25,600,000.00
21075WFQ3 M-2A 20,000,000.00 20,000,000.00 0.00 103,937.50 103,937.50 20,000,000.00
21075WFR1 B-1A 15,200,000.00 15,200,000.00 0.00 84,312.50 84,312.50 15,200,000.00
Total 320,000,000.00 308,608,867.66 5,869,538.34 1,527,593.97 7,397,132.31 302,739,329.32
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WFS9 A-11IO 68,000,000.00 68,000,000.00 0.00 481,666.67 481,666.67 68,000,000.00
AMOUNTS PER $1,000 UNIT Ending PASS THROUGH RATES
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WFA8 A-1 107.33816485 3.64670431 110.98486915 574.28880431 A-1 6.42000% 6.42000%
21075WFB6 A-2 0.00000000 5.42500000 5.42500000 1,000.00000000 A-2 6.51000% 6.51000%
21075WFC4 A-3 0.00000000 5.56666665 5.56666665 1,000.00000000 A-3 6.68000% 6.68000%
21075WFD2 A-4 0.00000000 5.68333329 5.68333329 1,000.00000000 A-4 6.82000% 6.82000%
21075WFE0 A-5 0.00000000 5.84166662 5.84166662 1,000.00000000 A-5 7.01000% 7.01000%
21075WFF7 A-6 0.00000000 5.94166667 5.94166667 1,000.00000000 A-6 7.13000% 7.13000%
21075WFG5 A-7 0.00000000 6.06666662 6.06666662 1,000.00000000 A-7 7.28000% 7.28000%
21075WFH3 A-8 0.00000000 6.31666658 6.31666658 1,000.00000000 A-8 7.58000% 7.58000%
21075WFJ9 A-9 0.00000000 5.93333338 5.93333338 1,000.00000000 A-9 7.12000% 7.12000%
21075WFK6 M-1F 0.00000000 6.09166664 6.09166664 1,000.00000000 A-11IO 8.50000% 8.50000%
21075WFL4 M-2F 0.00000000 6.29166670 6.29166670 1,000.00000000 M-1F 7.31000% 7.31000%
21075WFM2 B-1F 0.00000000 6.57500000 6.57500000 1,000.00000000 M-2F 7.55000% 7.55000%
Total 14.76609675 5.49601056 20.26210731 941.43655509 B-1F 7.89000% 7.89000%
AMOUNTS PER $1,000 UNIT Ending PASS THROUGH RATES
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WFN0 A-10 22.64482384 4.67370359 27.31852743 933.40790633 A-10 5.89750% 5.86625%
21075WFP5 M-1A 0.00000000 4.99687500 4.99687500 1,000.00000000 M-1A 6.02750% 5.99625%
21075WFQ3 M-2A 0.00000000 5.19687500 5.19687500 1,000.00000000 M-2A 6.26750% 6.23625%
21075WFR1 B-1A 0.00000000 5.54687500 5.54687500 1,000.00000000 B-1A 6.68750% 6.65625%
Total 18.34230731 4.77373116 23.11603847 946.06040413 * Based on a LIBOR of: 5.65625%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WFS9 A-11IO 0.00000000 7.08333338 7.08333338 1,000.00000000
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff; M & T Corporate Trust Department; One M & T Plaza-7th Floor; Buffalo, NY 14240 Page 1
</TABLE>
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<TABLE>
<CAPTION>
Distribution Period: 15-Oct-97
SEC. 7.09 (a) (ii)
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Grp I Inc/(Red) Grp II Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C>
Class A-1 648,096.26 12,260,535.30 0.00 1,045,329.87 0.00 13,953,961.43
Per $1000 Unit 4.98535585 94.31181000 0.00000000 8.04099900 0.00000000 107.33816485
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-9 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-1F 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-2F 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B-1F 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-10 113,787.23 5,193,119.30 0.00 0.00 562,631.81 5,869,538.34
Per $1000 Unit 0.43899394 20.03518248 0.00000000 0.00000000 2.17064742 22.64482384
Class M-1A 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class M-2A 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B-1A 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 761,883.49 17,453,654.60 0.00 1,045,329.87 562,631.81 19,823,499.77
Per $1000 Unit 0.60227944 13.79735542 0.00000000 0.82634772 0.44476823 15.67075081
SEC. 7.09 (a) (iv)
<S> <C>
Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10 Interest Carry-Forward Amount 0.00
Class A-11IO Interest Carry-Forward Amount 0.00
Class M-1F Interest Carry-Forward Amount 0.00
Class M-1A Interest Carry-Forward Amount 0.00
Class M-2F Interest Carry-Forward Amount 0.00
Class M-2A Interest Carry-Forward Amount 0.00
Class B-1F Interest Carry-Forward Amount 0.00
Class B-1A Interest Carry-Forward Amount 0.00
Group I Group II Total
SEC. 7.09 (a) (vi) Outstanding Group Balance: 899,107,544.56 305,939,329.32 1,205,046,873.88
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided
at Calendar Year End.
Group I Group II
SEC. 7.09 (a) (viii) Loan Purchase Prices 69,796.11 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5563% 10.2615%
SEC. 7.09 (a) (x) Trigger Event Occurrence NO NO
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Extra Principal Distribution Amount 1,045,329.87 562,631.81
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.6635% 20.9192%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 9,450,000.00 3,200,000.00
Page 2
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Distribution Period: 15-Oct-97
<TABLE>
<CAPTION>
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
<S> <C> <C> <C> <C>
Class M-1F 0.00 0.00 0.00
Class M-1A 0.00 0.00 0.00
Class M-2F 0.00 0.00 0.00
Class M-2A 0.00 0.00 0.00
Class B-1F 0.00 0.00 0.00
Class B-1A 0.00 0.00 0.00
SEC. 7.09 (b) (i)
Delinquencies(1) Period Number Percentage (2) Prin. Balance Percentage (2)
30-59 Days 529 3.45887% 28,801,970.21 3.20340%
Group I 60-89 Days 163 1.06578% 9,670,694.48 1.07559%
90+ Days 255 1.66732% 14,510,926.86 1.61393%
30-59 Days 85 2.29172% 6,926,592.25 2.26404%
Group II 60-89 Days 43 1.15934% 3,709,643.61 1.21254%
90+ Days 41 1.10542% 3,608,479.43 1.17948%
Total Fixed 15294 100.00000% 899,107,544.56 100.00000%
Total Adjust. 3709 100.00000% 305,939,329.32 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs; Based upon each respective Group's loan count and balance.
Group I No. Grp. I Bal. Group II No. Grp. II Bal. Total Balance
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 154 8,165,814.13 25 1,994,785.28 10,160,599.41
Newly Commenced LIF: 78 4,060,825.72 12 1,156,423.86 5,217,249.58
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 50 3,297,666.68 16 1,343,868.21
SEC. 7.09(b)(iii)(b) Balloon Loans 9110 625,158,122.66 8 568,637.48
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 43,170.82 19,558.46 62,729.28
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 24,181,621.34 7,318,123.04 31,499,744.38
SEC. 7.09 (b) (viii) Three-Month Rolling Average of 60+ Day Delinquent 1.91369% 1.50800%
Trigger Event NO NO
Page 3
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 29,166,598.94
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 14,428,032.99 14,428,032.99
Class A-2 Allocation 732,375.00 732,375.00
Class A-3 Allocation 1,196,833.33 1,196,833.33
Class A-4 Allocation 414,883.33 414,883.33
Class A-5 Allocation 414,758.33 414,758.33
Class A-6 Allocation 213,900.00 213,900.00
Class A-7 Allocation 394,333.33 394,333.33
Class A-8 Allocation 243,823.33 243,823.33
Class A-9 Allocation 403,466.67 403,466.67
Class A-10 Allocation 7,080,962.31 7,080,962.31
Class A-11IO Allocation 481,666.67 481,666.67
Class A Distribution Amount 26,005,035.29 26,005,035.29
Class M-1F Allocation 331,002.89 331,002.89
Class M-1A Allocation 127,920.00 127,920.00
Class M-2F Allocation 312,148.46 312,148.46
Class M-2A Allocation 103,937.50 103,937.50
Class B-1F Allocation 62,133.75 62,133.75
Class B-1A Allocation 84,312.50 84,312.50
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 88,611,505.99 13,953,961.43 74,657,544.56
A-2 135,000,000.00 0.00 135,000,000.00
A-3 215,000,000.00 0.00 215,000,000.00
A-4 73,000,000.00 0.00 73,000,000.00
A-5 71,000,000.00 0.00 71,000,000.00
A-6 36,000,000.00 0.00 36,000,000.00
A-7 65,000,000.00 0.00 65,000,000.00
A-8 38,600,000.00 0.00 38,600,000.00
A-9 68,000,000.00 0.00 68,000,000.00
A-10 247,808,867.66 5,869,538.34 241,939,329.32
A-11IO 68,000,000.00 NA 68,000,000.00
M-1F 54,337,000.00 0.00 54,337,000.00
M-1A 25,600,000.00 0.00 25,600,000.00
M-2F 49,613,000.00 0.00 49,613,000.00
M-2A 20,000,000.00 0.00 20,000,000.00
B-1F 9,450,000.00 0.00 9,450,000.00
B-1A 15,200,000.00 0.00 15,200,000.00
* Denotes Notional Amounts for Class A-11IO.
Group I Group II
SEC. 7.08(a)(5) Current Period Realized Losses (Recoveries) 43,170.82 0.00
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 24,181,621.34 7,318,123.04
Three-Month Rolling Average of 60+ Day Delinquent 1.91369% 1.50800%
</TABLE>
