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Previous: NATIONSCREDIT GRANTOR TRUST 1997-1, 8-K, 1997-11-26 |
Next: FINANCIAL ASSET SEC CORP MEGO MORT HOME LOAN OWNER TR 1997-2, 8-K, 1997-11-26 |
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)
November 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 November 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 October, 1997 dated
November 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
October, 1997 was $499,431,32.
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 October, 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: November 26, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
October, 1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-3
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-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 74,657,544.56 16,943,075.28 399,417.86 17,342,493.14 57,714,469.28
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 3,461,125.01 3,461,125.01 0.00
R 0.00 0.00 0.00 29,846.63 29,846.63 0.00
Total 945,000,000.00 889,657,544.56 16,943,075.28 8,610,047.92 25,553,123.20 872,714,469.28
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>
21075WFN0 A-10 259,200,000.00 241,939,329.32 5,106,863.80 1,294,072.99 6,400,936.79 236,832,465.52
21075WFP5 M-1A 25,600,000.00 25,600,000.00 0.00 139,978.67 139,978.67 25,600,000.00
21075WFQ3 M-2A 20,000,000.00 20,000,000.00 0.00 113,758.33 113,758.33 20,000,000.00
21075WFR1 B-1A 15,200,000.00 15,200,000.00 0.00 92,308.33 92,308.33 15,200,000.00
Total 320,000,000.00 302,739,329.32 5,106,863.80 1,640,118.32 6,746,982.12 297,632,465.52
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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WFA8 A-1 130.33134831 3.07244508 133.40379338 443.95745600 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 17.92918019 5.41701194 23.34619213 923.50737490 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 19.70240664 4.99256555 24.69497218 913.70549969 A-10 5.89750% 5.83500%
21075WFP5 M-1A 0.00000000 5.46791680 5.46791680 1,000.00000000 M-1A 6.02750% 5.96500%
21075WFQ3 M-2A 0.00000000 5.68791650 5.68791650 1,000.00000000 M-2A 6.26750% 6.20500%
21075WFR1 B-1A 0.00000000 6.07291645 6.07291645 1,000.00000000 B-1A 6.68750% 6.62500%
Total 15.95894938 5.12536975 21.08431913 930.10145475 * Based on a LIBOR of: 5.62500%
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-Nov-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>
SEC.7.09(a)(ii) Class A-1 699,820.90 15,913,945.30 299,227.88 30,081.20 0.00 16,943,075.28
Per $1000 Unit 5.38323769 122.41496385 2.30175292 0.23139385 0.00000000 130.33134831
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-10 113,951.78 4,961,614.50 313.42 0.00 30,984.10 5,106,863.80
Per $1000 Unit 0.43962878 19.14203125 0.00120918 0.00000000 0.11953742 19.70240664
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 813,772.68 20,875,559.80 299,541.30 30,081.20 30,984.10 22,049,939.08
Per $1000 Unit 0.64329856 16.50241881 0.23679154 0.02377960 0.02449336 17.43078188
SEC. 7.09 (a) (iv) 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: 882,164,469.28 300,832,465.52 1,182,996,934.80
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 33,936.34 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5473% 10.3537%
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 30,081.20 30,984.10
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.9260% 21.2743%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 9,450,000.00 3,200,000.00
</TABLE>
Page 2
<PAGE>
Distribution Period: 15-Nov-97
<TABLE>
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 507 3.37775% 26,969,570.32 3.05720%
Group I 60-89 Days 183 1.21919% 10,861,355.29 1.23122%
90+ Days 347 2.31179% 20,084,092.66 2.27668%
30-59 Days 97 2.66337% 7,510,793.57 2.49667%
Group II 60-89 Days 36 0.98847% 3,317,766.67 1.10286%
90+ Days 70 1.92202% 6,506,257.05 2.16275%
Total Fixed 15010 100.00000% 882,164,469.28 100.00000%
Total Adjust 3642 100.00000% 300,832,465.52 100.00000%
(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
<S> <C> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): 203 11,674,661.25 35 3,309,910.38 14,984,571.63
Newly Commenced LIF: 74 4,622,499.35 14 1,689,559.63 6,312,058.98
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 70 3,906,981.45 24 2,355,682.79
SEC. 7.09(b)(iii)(b) Balloon Loans 8936 613,302,664.64 7 422,925.52
SEC. 7.09 (b) (iv&v) REO Properties 4 228,381.59 0 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 85,999.71 51,320.00 137,319.71
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 30,945,447.95 9,824,023.72 40,769,471.67
SEC. 7.09 (b) (viii) Three-Month Rolling Average of 60+ Day Delinquent 2.73871% 2.35338%
Trigger Event NO NO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 3
Distribution Period: 15-Nov-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 32,783,956.42
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 17,342,493.14 17,342,493.14
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 6,400,936.79 6,400,936.79
Class A-11IO Allocation 481,666.67 481,666.67
Class A Distribution Amount 28,239,469.92 28,239,469.92
Class M-1F Allocation 331,002.89 331,002.89
Class M-1A Allocation 139,978.67 139,978.67
Class M-2F Allocation 312,148.46 312,148.46
Class M-2A Allocation 113,758.33 113,758.33
Class B-1F Allocation 62,133.75 62,133.75
Class B-1A Allocation 92,308.33 92,308.33
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 74,657,544.56 16,943,075.28 57,714,469.28
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-10 241,939,329.32 5,106,863.80 236,832,465.52
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) 42,828.89 31,761.54
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 30,945,447.95 9,824,023.72
Three-Month Rolling Average of 60+ Day Delinquent 2.73871% 2.35338%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-97
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C>
3753951 $38,400.00 REO REPAIRS
4076402 $94,500.00 REO REPAIRS
4318143 $41,031.59 REO REPAIRS
4412623 $54,450.00 REO EVICTION
</TABLE>
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