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Previous: NUVEEN UNIT TRUSTS SERIES 8, S-6, 1997-12-29 |
Next: ADVANTA MORTGAGE LOAN TRUST 1997-2, 8-K, 1997-12-29 |
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
ContiMortgage Home Equity Loan Trust 1997-3
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1528916
New York 33-319427 16-1528914
-------- ------------ ----------
(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
<PAGE>
Item 5. Other Events.
On December 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,M,B,C and R Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of November, 1997 dated
December 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
November, 1997 was $432,778.34.
Page 2
<PAGE>
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 November, 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: December 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
November, 1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-3
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-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 57,714,469.28 16,736,137.07 308,772.41 17,044,909.48 40,978,332.21
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 3,385,057.21 3,385,057.21 0.00
R 0.00 0.00 0.00 280,532.88 280,532.88 0.00
Total 945,000,000.00 872,714,469.28 16,736,137.07 8,694,020.92 25,430,157.99 855,978,332.21
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<C> <C> <C> <C> <C> <C> <C> <C>
21075WFN0 A-10 259,200,000.00 236,832,465.52 8,782,338.00 1,086,337.36 9,868,675.36 228,050,127.52
21075WFP5 M-1A 25,600,000.00 25,600,000.00 0.00 120,014.22 120,014.22 25,600,000.00
21075WFQ3 M-2A 20,000,000.00 20,000,000.00 0.00 97,494.44 97,494.44 20,000,000.00
21075WFR1 B-1A 15,200,000.00 15,200,000.00 0.00 79,061.11 79,061.11 15,200,000.00
Total 320,000,000.00 297,632,465.52 8,782,338.00 1,382,907.13 10,165,245.13 288,850,127.52
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 PASS THROUGH RATES
Principal Interest Total Ending Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WFA8 A-1 128.73951592 2.37517238 131.11468831 315.21794008 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 17.71019796 5.32109083 23.03128878 905.79717694 B-1F 7.89000% 7.89000%
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Principal Interest Total Ending Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
21075WFN0 A-10 33.88247685 4.19111636 38.07359321 879.82302284 A-10 5.89750% 5.89750%
21075WFP5 M-1A 0.00000000 4.68805547 4.68805547 1,000.00000000 M-1A 6.02750% 6.02750%
21075WFQ3 M-2A 0.00000000 4.87472200 4.87472200 1,000.00000000 M-2A 6.26750% 6.26750%
21075WFR1 B-1A 0.00000000 5.20138882 5.20138882 1,000.00000000 B-1A 6.68750% 6.68750%
Total 27.44480625 4.32158478 31.76639103 902.65664850 * Based on a LIBOR of: 5.68750%
Principal Interest Total Ending 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>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Grp I Inc/(Red) Grp II Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SEC. 7.09(a)(ii)Class A-1 609,442.04 16,044,334.38 16,240.86 66,119.79 0.00 16,736,137.07
Per $1000 Unit 4.68801569 123.41795677 0.12492969 0.50861377 0.00000000 128.73951592
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 99,551.73 8,610,873.71 71,104.92 0.00 807.64 8,782,338.00
Per $1000 Unit 0.38407303 33.22096339 0.27432454 0.00000000 0.00311590 33.88247685
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 708,993.77 24,655,208.09 87,345.78 66,119.79 807.64 25,518,475.07
Per $1000 Unit 0.56046938 19.49028308 0.06904805 0.05226861 0.00063845 20.17270757
SEC.7.09(a)(iv) Total Certificate Interest Carry-Forward Amount 0.00
<S> <C> <C>
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: 865,428,332.21 292,050,127.52 1,157,478,459.73
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 162,188.27 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5374% 10.4617%
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 66,119.79 807.64
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 14.1953% 21.9140%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 9,450,000.00 3,200,000.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-97
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)
<S> <C> <C> <C> <C> <C>
30-59 Days 667 4.53433% 36,524,335.02 4.22038%
Group I 60-89 Days 201 1.36642% 11,558,792.18 1.33562%
90+ Days 454 3.08634% 26,818,356.81 3.09885%
30-59 Days 121 3.42388% 8,623,240.49 2.95266%
Group II 60-89 Days 47 1.32994% 4,066,731.09 1.39248%
90+ Days 90 2.54669% 8,729,973.25 2.98920%
Total Fixed 14710 100.00000% 865,428,332.21 100.00000%
Total Adjust. 3534 100.00000% 292,050,127.52 100.00000%
(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): 223 13,026,663.50 41 3,880,733.19 16,907,396.69
Newly Commenced LIF: 44 2,686,752.80 10 925,207.74 3,611,960.54
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 86 4,814,452.58 31 2,999,757.29
SEC. 7.09(b)(iii)(b) Balloon Loans 8752 601,182,934.00 7 422,723.56
SEC. 7.09 (b) (iv&v) REO Properties 6 483,183.42 0 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 163,139.36 55,951.24 219,090.60
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 38,377,148.99 12,796,704.34 51,173,853.33
SEC. 7.09 (b) (viii) Three-Month Rolling Average of 60+ Day Delinquent 3.54396% 3.34644%
Trigger Event NO NO
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 36,079,221.14
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 17,044,909.48 17,044,909.48
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 9,868,675.36 9,868,675.36
Class A-11IO Allocation 481,666.67 481,666.67
Class A Distribution Amount 31,409,624.83 31,409,624.83
Class M-1F Allocation 331,002.89 331,002.89
Class M-1A Allocation 120,014.22 120,014.22
Class M-2F Allocation 312,148.46 312,148.46
Class M-2A Allocation 97,494.44 97,494.44
Class B-1F Allocation 62,133.75 62,133.75
Class B-1A Allocation 79,061.11 79,061.11
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 57,714,469.28 16,736,137.07 40,978,332.21
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-10 236,832,465.52 8,782,338.00 228,050,127.52
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) 77,139.65 4,631.24
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 38,377,148.99 12,796,704.34
Three-Month Rolling Average of 60+ Day Delinquent 3.54396% 3.34644%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-97
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C>
3214087 $70,951.83 List Pending
3753951 $38,400.00 List Pending
3939212 $183,850.00 New File (Setup)
4076402 $94,500.00 Status Pending
4318143 $41,031.59 List Pending
4412623 $54,450.00 Status Pending
</TABLE>
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