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)
Setember 15, 1997
ContiMortgage Home Equity Loan Trust 1997-3
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1528916
New York 33-319427-02 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
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Item 5. Other Events.
On September 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 August, 1997 dated September
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 August,
1997 was $475.992.96.
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 August, 1997.
Page 3
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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: September 23, 1997
Page 4
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EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of August,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-3
<TABLE>
<CAPTION>
Distribution Period: 15-Sep-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-1 130,000,000.00 104,438,074.69 15,826,568.70 558,743.70 16,385,312.40 88,611,505.99
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 0.00 0.00 0.00
R 0.00 0.00 0.00 24,729.37 24,729.37 0.00
Total 945,000,000.00 919,438,074.69 15,826,568.70 5,303,131.49 21,129,700.19 903,611,505.99
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
21075WFN0 A-10 259,200,000.00 252,419,077.91 4,610,210.25 1,274,243.34 5,884,453.59 247,808,867.66
21075WFP5 M-1A 25,600,000.00 25,600,000.00 0.00 132,097.81 132,097.81 25,600,000.00
21075WFQ3 M-2A 20,000,000.00 20,000,000.00 0.00 107,334.74 107,334.74 20,000,000.00
21075WFR1 B-1A 15,200,000.00 15,200,000.00 0.00 87,071.74 87,071.74 15,200,000.00
Total 320,000,000.00 313,219,077.91 4,610,210.25 1,600,747.63 6,210,957.88 308,608,867.66
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-1 121.74283615 4.29802846 126.04086462 681.62696915 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 16.74769175 5.58561071 22.33330246 956.20265184 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 17.78630498 4.91606227 22.70236725 956.05273017 A-10 5.89750% 5.86234%
21075WFP5 M-1A 0.00000000 5.16007070 5.16007070 1,000.00000000 M-1A 6.02750% 5.99234%
21075WFQ3 M-2A 0.00000000 5.36673700 5.36673700 1,000.00000000 M-2A 6.26750% 6.23234%
21075WFR1 B-1A 0.00000000 5.72840395 5.72840395 1,000.00000000 B-1A 6.68750% 6.65234%
Total 14.40690703 5.00233634 19.40924338 964.40271144 * Based on a LIBOR of: 5.65234%
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>
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<TABLE>
<CAPTION>
Distribution Period: 15-Sep-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Grp I Inc/(Red) Grp II Inc/(Red) Total
SEC. 7.09 (a) (ii)
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 643,822.70 12,417,609.30 0.00 2,765,136.61 0.00 15,826,568.70
Per $1000 Unit 4.95248300 95.52007154 0.00000000 21.27028162 0.00000000 121.74283615
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-10 111,475.03 3,327,605.95 234,996.65 0.00 936,132.62 4,610,210.25
Per $1000 Unit 0.43007342 12.83798592 0.90662288 0.00000000 3.61162276 17.78630498
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 755,297.82 15,745,215.25 234,996.65 2,765,136.61 936,132.62 20,436,778.95
Per $1000 Unit 0.59707338 12.44681047 0.18576810 2.18587874 0.74002579 16.15555648
<S> <C> <C>
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: 912,056,709.16 311,246,235.85 1,223,302,945.01
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 369,306.52 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5605% 10.2032%
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 2,765,136.61 936,132.62
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 13.3594% 20.3817%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 8,445,203.17 2,637,368.19
</TABLE>
Page 2
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<TABLE>
<CAPTION>
Distribution Period: 15-Sep-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)
30-59 Days 503 3.24119% 28,611,187.73 3.13700%
Group I 60-89 Days 186 1.19853% 10,179,528.20 1.11611%
90+ Days 145 0.93434% 8,232,398.55 0.90262%
30-59 Days 98 2.59809% 7,134,668.34 2.29229%
Group II 60-89 Days 28 0.74231% 2,372,878.77 0.76238%
90+ Days 25 0.66278% 1,992,415.08 0.64014%
Total Fixed 15519 100.00000% 912,056,709.16 100.00000%
Total Adjust. 3772 100.00000% 311,246,235.85 100.00000%
(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): 89 4,755,491.34 15 965,311.42 5,720,802.76
Newly Commenced LIF: 55 3,013,584.84 9 544,793.00 3,558,377.84
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 32 2,552,516.78 12 1,206,664.79
SEC. 7.09(b)(iii)(b) Balloon Loans 9253 634,129,605.78 9 667,837.65
SEC. 7.09 (b) (iv&v) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 0.00 19,558.46 19,558.46
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 18,411,926.75 4,365,293.85 22,777,220.60
SEC. 7.09 (b) (viii) Three-Month Rolling Average of 60+ Day Delinquent 1.15225% 0.82377%
Trigger Event NO NO
</TABLE>
Page 3
<PAGE>
Distribution Period: 15-Sep-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 27,824,569.56
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 16,385,312.40 16,385,312.40
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 5,884,453.59 5,884,453.59
Class A-11IO Allocation 481,666.67 481,666.67
Class A Distribution Amount 26,765,805.98 26,765,805.98
Class M-1F Allocation 331,002.89 331,002.89
Class M-1A Allocation 132,097.81 132,097.81
Class M-2F Allocation 312,148.46 312,148.46
Class M-2A Allocation 107,334.74 107,334.74
Class B-1F Allocation 62,133.75 62,133.75
Class B-1A Allocation 87,071.74 87,071.74
SEC. 7.08(a)(4) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 104,438,074.69 15,826,568.70 88,611,505.99
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-10 252,419,077.91 4,610,210.25 247,808,867.66
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) 0.00 19,558.46
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 18,411,926.75 4,365,293.85
Three-Month Rolling Average of 60+ Day Delinquent 1.15225% 0.82377%
</TABLE>
