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Previous: OPPENHEIMER MIDCAP FUND, N-18F1, 1997-09-29 |
Next: MONEY STORE ASSET BACKED CERTIFICATES SERIES 1997-B, 8-K, 1997-09-29 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) September 15, 1997
-------------------
The Money Store Home Improvement Trust 1997-II and the Originators as listed
below under a Pooling and Servicing Agreement dated as of May 31, 1997
providing for the issuance of The Money Store Home Improvement Loan
Certificates, Series 1997-II
TMS Mortgage Inc.
The Money Store Home Equity Corp.
The Money Store/ Minnesota Inc.
The Money Store/ Kentucky Inc.
The Money Store/ D.C. Inc.
--------------------------
(Exact name of registrant as specified in its charter)
New Jersey 333-20817-10 upper tier 91-184-6078
- ---------- ------------ -------------------------
lower tier 91-184-8675
-------------------------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
- --------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
--------------
n/a
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to
Class A Certificate holders with respect to the September 15, 1997 Remittance
Date.
Item 7 Financial Statements and Exhibits
---------------------------------
The quarterly financial statement for the period ended September 30, 1996
for MBIA Inc. is incorporated by reference to the Form 10Q filed by MBIA Inc.
with the Securities a Commission on November 14, 1996.
<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 the duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
---------------------
Harry Puglisi
Treasurer
Dated: September 30, 1997
<PAGE>
Schedule A
List of Originators
-------------------
1997-II
-------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/ Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING
AGREEMENT DATED AS OF MAY 31, 1997, THE MONEY STORE INC.
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1997-II
FOR THE SEPTEMBER 10, 1997 DETERMINATION DATE.
<TABLE>
<S> <C>
1. AGGREGATE AMOUNT RECEIVED $5,550,031.71
LESS: SERVICE FEE 48,550.48
CONTINGENCY FEE 48,550.48
OTHER SERVICER FEES (Late Charges / Escrow) 7,862.61
UNREIMBURSED MONTHLY ADVANCES 0.00
--------------
104,963.57
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 0.00
PRE-FUNDING ACCOUNT TRANSFER 149,777.34
CAPITALIZED INTEREST ACCOUNT TRANSFER 72,355.69
--------------
222,133.03
AMOUNT WITHDRAWN FROM THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01(b)(vi) 0.00
--------------
AVAILABLE REMITTANCE AMOUNT (I-2) 5,667,201.17
==============
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 89,351,369.40
(B) CLASS A-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 61,800,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 27,675,000.00
(D) CLASS M-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 33,125,000.00
(E) CLASS M-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 18,750,000.00
(F) CLASS B PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 13,750,000.00
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 4,282,986.78
CLASS A-2 0.00
CLASS A-3 0.00
CLASS M-1 0.00
CLASS M-2 0.00
CLASS B 0.00
TOTAL PRINCIPAL DISTRIBUTION AMOUNT : 4,282,986.78
</TABLE>
<PAGE>
<TABLE>
<S> <C>
4. (A) CLASS A INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS M INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS B INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
AGGREGATE INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
(B) CLASS A REALIZED LOSS AMOUNT 0.00
CLASS M REALIZED LOSS AMOUNT 0.00
CLASS B REALIZED LOSS AMOUNT 0.00
AGGREGATE REALIZED LOSS AMOUNT 0.00
5. AVAILABLE MAXIMUM SUBORDINATION AMOUNT 3,408,000.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD
AMOUNT 1,831,931.11
# OF LOANS 143
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 537,575.37
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 715,841.12
9. AMOUNT OF INTEREST RECEIVED 2,448,648.32
10. (A) AMOUNT OF MONTHLY ADVANCES TO BE MADE ON
THE DETERMINATION DATE
MONTHLY ADVANCE TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii) 0.00
(B) AMOUNT OF COMPENSATING INTEREST 571.37
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 473,562.26
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,282,986.78
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 4,756,549.04
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 338,870.00
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 338,870.00
CLASS A-3 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 157,055.63
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-3 REMITTANCE AMOUNT 157,055.63
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CLASS A REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 969,487.88
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,282,986.78
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 5,252,474.66
CLASS M-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 197,921.88
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 197,921.88
CLASS M-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 120,312.50
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 120,312.50
CLASS M REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 318,234.38
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M REMITTANCE AMOUNT 318,234.38
CLASS B REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 88,343.75
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B REMITTANCE AMOUNT 88,343.75
AGGREGATE REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,376,066.01
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,282,986.78
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 5,659,052.79
14.(A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) CLASS X REMITTANCE AMOUNT PAYABLE
PURSUANT TO SECTION 6.08(d) (iii) & (iv) 0.00
15.(A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 85,068,382.62
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 61,800,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 27,675,000.00
(D) CLASS M-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 33,125,000.00
(E) CLASS M-2 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 18,750,000.00
(F) CLASS B PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 13,750,000.00
(G) TOTAL POOL PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 240,168,382.62
16. TRIGGER EVENT CALCULATION TRIGGER ACTIVATED
THE TRIGGER EVENT WILL BE IN EFFECT IF EITHER
(1) (i) DOES NOT EXCEED 50% OF (ii)
(i) SIXTY-DAY DELINQUENCY RATIO 0.91%
(ii) CLASS A CREDIT ENHANCEMENT PERCENTAGE 12.76% 0.00% YES
(2) BOTH (A) AND (B)
(A) EITHER (X) OR (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 9% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEEDS $28,500,000 0.00 NO
(B) EITHER (X) OR (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 15% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEED $9,500,000 0.00 NO NO
(3) (i) IS GREATER THAN 75% OF (ii)
(i) PRIOR CLASS A & CLASS M PRINCIPAL BALANCES 230,701,369.40
(ii) PRINCIPAL BALANCE AS OF THE END OF THE SECOND PRECEDING DUE PERIOD 204,990,527.30 112.54% YES
IF EITHER (1), (2) OR (3) = "YES", THEN THE TRIGGER EVENT IS ON EFFECT YES
</TABLE>
<PAGE>
<TABLE>
<S> <C>
17. CUMULATIVE REALIZED LOSSES 0.00
18. AMOUNT BY WHICH THE FORMULA DISTRIBUTION AMOUNT
EXCEEDS THE CLASS DISTRIBUTION AMOUNT 0.00
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 48,550.48
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 48,550.48
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 8,148.38
(D) FHA PREMIUM ACCOUNT 8,193.96
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE
SERVICERS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f)(i) 97,100.96
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 85,068,382.62 0.89640024
ORIGINAL CLASS A-1 PRINCIPAL BALANCE 94,900,000.00
CLASS A-2 POOL FACTOR (I-5):
CURRENT CLASS A-2 PRINCIPAL BALANCE 61,800,000.00 1.00000000
ORIGINAL CLASS A-2 PRINCIPAL BALANCE 61,800,000.00
CLASS A-3 POOL FACTOR (I-5):
CURRENT CLASS A-3 PRINCIPAL BALANCE 27,675,000.00 1.00000000
ORIGINAL CLASS A-3 PRINCIPAL BALANCE 27,675,000.00
CLASS M-1 POOL FACTOR (I-5):
CURRENT CLASS M-1 PRINCIPAL BALANCE 33,125,000.00 1.00000000
ORIGINAL CLASS M-1 PRINCIPAL BALANCE 33,125,000.00
CLASS M-2 POOL FACTOR (I-5):
CURRENT CLASS M-2 PRINCIPAL BALANCE 18,750,000.00 1.00000000
ORIGINAL CLASS M-2 PRINCIPAL BALANCE 18,750,000.00
CLASS B POOL FACTOR (I-5):
CURRENT CLASS B-1 PRINCIPAL BALANCE 13,750,000.00 1.00000000
ORIGINAL CLASS B-2 PRINCIPAL BALANCE 13,750,000.00
POOL FACTOR:
CURRENT POOL PRINCIPAL BALANCE 240,168,382.62 0.96067353
ORIGINAL POOL PRINCIPAL BALANCE 250,000,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 12.618%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 14.168%
(C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2
CLASS A-3, CLASS M-1, CLASS M-2 AND CLASS B
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 6.802%
--------------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 06/30/97 07/31/97 08/31/97
--------------------------------------
12.628% 12.628% 12.618%
23. (A) SENIOR PERCENTAGE 100.00%
(B) CLASS B PERCENTAGE 0.00%
24. (A) SPREAD AMOUNT 0.00
(B) SPECIFIED SUBORDINATED AMOUNT 24,250,000.00
25. (A) CLASS A APPLIED REALIZED LOSS AMOUNT 0.00
CLASS M APPLIED REALIZED LOSS AMOUNT 0.00
CLASS B APPLIED REALIZED LOSS AMOUNT 0.00
(B) UNPAID CLASS A REALIZED LOSS AMOUNT 0.00
UNPAID CLASS M REALIZED LOSS AMOUNT 0.00
UNPAID CLASS B REALIZED LOSS AMOUNT 0.00
26. ACCELERATED PRINCIPAL AMOUNT FOR THE CURRENT REMITTANCE DATE 1,197,639.18
27. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 8,193.96
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT TO 6.06(b)(i) 9,742.96
28. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE MONTH 0.00
29. THE RESERVE AMOUNT FOR THE DUE PERIOD 25,000,000.00
30.CLAIMS FILED DURING THE DUE PERIOD 0.00
31. CLAIMS PAID DURING THE PERIOD 0.00
32. CLAIMS DENIED BY FHA DURING THE PERIOD 0.00
33. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
34. OTHER INFORMATION N/A
</TABLE>
<PAGE>
EXHIBIT O
REMIC DELINQUENCIES AS OF -AUGUST 31, 1997
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1997-II $243,195,757.60 13,016 1 TO 29 DAYS 29,386,235.30 1,627 12.08%
30 TO 59 DAYS 4,640,638.61 280 1.91%
60 TO 89 DAYS 2,209,758.35 126 0.91%
90 AND OVER 1,471,861.03 84 0.61%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $37,708,493.29 2,117 15.51%
=====================================
</TABLE>
<PAGE>
1997-II
The following additional information, presented in dollars, pursuant to
Section 6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxii)
is provided for each Class per $1,000 original dollar amount as of the
Cut-Off Date.
<TABLE>
<CAPTION>
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS M-1
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(ii) 941.53 1,000.00 1,000.00 1,000.00
(vi) 19.30 0.00 0.00 0.00
(vii) 5.66 0.00 0.00 0.00
(viii) 7.54 0.00 0.00 0.00
(xiii) (a) 4.99 5.48 5.68 5.98
(b) 45.13 0.00 0.00 0.00
(c) 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00
(xv) 896.40 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBCLAUSE CLASS M-2 CLASS B
- --------- --------- -------
<S> <C> <C>
(ii) 1,000.00 1,000.00
(vi) 0.00 0.00
(vii) 0.00 0.00
(viii) 0.00 0.00
(xiii) (a) 6.42 6.43
(b) 0.00 0.00
(c) 0.00 0.00
(d) 0.00 0.00
(xv) 1,000.00 1,000.00
(xxxv) 0.00 0.00
</TABLE>
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