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Previous: GROUP MAINTENANCE AMERICA CORP, 8-K, 1998-01-29 |
Next: THIRD AUTOMATIC COMMON EXCHANGE SECURITY TRUST, N-2/A, 1998-01-29 |
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)
January 15, 1998
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 December, 1997 dated
January 15, 1998 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
December, 1997 was $480,755.12.
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 December, 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: January 29, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
December, 1997.
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-3
Distribution Period: 15-Jan-98
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 40,978,332.21 22,712,667.80 219,234.08 22,931,901.88 18,265,664.41
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 3,236,236.78 3,236,236.78 0.00
R 0.00 0.00 0.00 100,394.97 100,394.97 0.00
Total 945,000,000.00 855,978,332.21 22,712,667.80 8,275,524.25 30,988,192.05 833,265,664.41
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-10 259,200,000.00 228,050,127.52 6,741,887.12 1,215,662.82 7,957,549.94 221,308,240.40
21075WFP5 M-1A 25,600,000.00 25,600,000.00 0.00 139,331.25 139,331.25 25,600,000.00
21075WFQ3 M-2A 20,000,000.00 20,000,000.00 0.00 112,985.87 112,985.87 20,000,000.00
21075WFR1 B-1A 15,200,000.00 15,200,000.00 0.00 91,366.60 91,366.60 15,200,000.00
Total 320,000,000.00 288,850,127.52 6,741,887.12 1,559,346.54 8,301,233.66 282,108,240.40
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-1 174.71282923 1.68641600 176.39924523 140.50511085 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 24.03456910 5.22634127 29.26091037 881.76260784 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 26.01036698 4.69005718 30.70042415 853.81265586 A-10 5.89750% 6.19047%
21075WFP5 M-1A 0.00000000 5.44262695 5.44262695 1,000.00000000 M-1A 6.02750% 6.32047%
21075WFQ3 M-2A 0.00000000 5.64929350 5.64929350 1,000.00000000 M-2A 6.26750% 6.56047%
21075WFR1 B-1A 0.00000000 6.01096053 6.01096053 1,000.00000000 B-1A 6.68750% 6.98047%
Total 21.06839725 4.87295794 25.94135519 881.58825125 * Based on a LIBOR of: 5.98047%
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>
Distribution Period: 15-Jan-98
<TABLE>
<CAPTION>
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-1 659,156.57 21,667,644.93 299,160.93 86,705.37 0.00 22,712,667.80
Per $1000 Unit 5.07043515 166.67419177 2.30123792 0.66696438 0.00000000 174.71282923
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-10 108,829.46 6,633,057.66 0.00 0.00 0.00 6,741,887.12
Per $1000 Unit 0.41986674 25.59050023 0.00000000 0.00000000 0.00000000 26.01036698
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 767,986.03 28,300,702.59 299,160.93 86,705.37 0.00 29,454,554.92
Per $1000 Unit 0.60710358 22.37209691 0.23649085 0.06854179 0.00000000 23.28423314
<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: 842,715,664.41 285,308,240.40 1,128,023,904.81
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 87,804.57 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.5298% 10.5343%
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 86,705.37 0.00
SEC. 7.09 (a) (xii) Senior Enhancement Percentage 14.5779% 22.4319%
SEC. 7.09 (a) (xiii) Overcollateralization Amount 9,450,000.00 3,200,000.00
Page 2
</TABLE>
<PAGE>
Distribution Period: 15-Jan-98
<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)
<S> <C> <C> <C> <C> <C>
30-59 Days 524 3.66075% 28,618,099.07 3.39594%
Group I 60-89 Days 178 1.24354% 9,864,330.48 1.17054%
90+ Days 556 3.88431% 32,735,227.01 3.88449%
30-59 Days 84 2.43549% 6,817,624.68 2.38956%
Group II60-89 Days 49 1.42070% 3,695,855.78 1.29539%
90+ Days 112 3.24732% 10,462,710.26 3.66716%
Total Fixed 14314 100.00000% 842,715,664.41 100.00000%
Total Adjust. 3449 100.00000% 285,308,240.40 100.00000%
(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): 330 19,577,256.68 60 5,755,609.57 25,332,866.25
Newly Commenced LIF: 127 7,679,885.85 23 2,180,510.21 9,860,396.06
SEC. 7.09(b)(iii)(a) Loans in Bankruptcy 111 6,294,716.46 31 2,698,498.33
SEC. 7.09(b)(iii)(b) Balloon Loans 8493 584,656,282.55 7 422,276.24
SEC. 7.09 (b) (iv&v) REO Properties 12 798,952.02 0 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 265,507.06 55,951.24 321,458.30
SEC. 7.09 (b) (vii) Loan Balance of 60+ Day Delinquent Loans 42,599,557.49 14,158,566.04 56,758,123.53
SEC. 7.09 (b) (viii) Three-Month Rolling Average of 60+ Day Delinquent 4.33247% 4.20328%
Trigger Event NO NO
Page 3
</TABLE>
<PAGE>
Distribution Period: 15-Jan-98
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 39,773,205.46
SEC. 7.08(a)(2)(3) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 22,931,901.88 22,931,901.88
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 7,957,549.94 7,957,549.94
Class A-11IO Allocation 481,666.67 481,666.67
Class A Distribution Amount 35,385,491.81 35,385,491.81
Class M-1F Allocation 331,002.89 331,002.89
Class M-1A Allocation 139,331.25 139,331.25
Class M-2F Allocation 312,148.46 312,148.46
Class M-2A Allocation 112,985.87 112,985.87
Class B-1F Allocation 62,133.75 62,133.75
Class B-1A Allocation 91,366.60 91,366.60
SEC. 7.08(a)(4)
Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C>
A-1 40,978,332.21 22,712,667.80 18,265,664.41
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-10 228,050,127.52 6,741,887.12 221,308,240.40
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) 102,367.70 0.00
SEC. 7.08(a)(6) Loan Balance of 60+ Day Delinquent Loans 42,599,557.49 14,158,566.04
Three-Month Rolling Average of 60+ Day Delinquent 4.33247% 4.20328%
</TABLE>
<PAGE>
Distribution Period: 15-Jan-98
<TABLE>
<CAPTION>
REO Status
SEC. 7.09 (b) (iv&v) Loan Number Book Value Status
<S> <C> <C> <C>
3214087 70,951.83 4-LISTED
3753951 38,400.00 3-LIST PENDING
3756392 35,741.27 1-NEW FILE
3939212 183,850.00 1-NEW FILE
4076402 94,500.00 4-LISTED
4318036 54,400.00 1-NEW FILE
4318143 41,031.59 3-LIST PENDING
4321287 38,400.00 1-NEW FILE
4345500 44,000.00 1-NEW FILE
4363784 48,750.00 1-NEW FILE
4401204 94,477.33 4-LISTED
4412623 54,450.00 3-LIST PENDING
</TABLE>
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