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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 February 16, 1998)
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.
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(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
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(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
n/a
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(Former name or former address, if changed since last report)
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Item 5 Other Events
Attached herein as Annex A is a copy of the Monthly Statement sent
to Class Certificate holders with respect to the February 16, 1998
Remittance Date.
Item 7 Financial Statements and Exhibits
The quarterly financial statement for the period ended September 30,
1996 for M is incorporated by reference to the Form 10Q filed by MBIA Inc.
with the Securities Commission on November 14, 1996.
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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 thereunto duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
--------------------------------
Harry Puglisi
Treasurer
Dated: February 28, 1998
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Schedule A
List of Originators
1997-II
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/ Kentucky I
The Money Store Home Equity
TMS Mortgage Inc.
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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 FEBRUARY 11, 1998 DETERMINATION DATE.
1. AGGREGATE AMOUNT RECEIVED $ 5,164,056.25
LESS: SERVICE FEE 45,720.83
CONTINGENCY FEE 45,720.83
OTHER SERVICER FEES (Late Charges/Escrow) 8,693.02
UNREIMBURSED MONTHLY ADVANCES 0.00
--------------
100,134.68
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 35,017.02
PRE-FUNDING ACCOUNT TRANSFER 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER 0.00
--------------
35,017.02
AMOUNT WITHDRAWN FROM THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01(b)(vi) 0.00
--------------
AVAILABLE REMITTANCE AMOUNT (I-2) 5,098,938.59
==============
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 68,264,083.39
(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 3,827,189.73
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: 3,827,189.73
Series 1997-II
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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 2,281,617.93
# OF LOANS 158
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 156,641.63
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 412,351.94
9. AMOUNT OF INTEREST RECEIVED 2,297,527.22
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) 35,017.02
(B) AMOUNT OF COMPENSATING INTEREST 2,878.04
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 24,584.98
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 361,799.64
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,827,189.73
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 4,188,989.37
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
Series 1997-II
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CLASS A REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 857,725.27
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,827,189.73
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 4,684,915.00
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 1,264,303.39
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,827,189.73
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 5,091,493.12
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 64,436,893.66
Series 1997-II
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(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 219,536,893.66
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 1.31%
(ii) CLASS A CREDIT ENHANCEMENT
PERCENTAGE 31.59% 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 75,241.22 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 75,241.22 NO NO
(3) (i) IS GREATER THAN 75% OF (ii)
(i) PRIOR CLASS A & CLASS M PRINCIPAL
BALANCES 209,614,083.39
(ii) PRINCIPAL BALANCE AS OF THE END OF
THE SECOND PRECEEDING DUE PERIOD 230,583,274.88 90.91% YES
IF EITHER (1), (2) OR (3) = "YES", -----
THEN THE TRIGGER EVENT IS ON EFFECT YES
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Series 1997-II
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17. CUMULATIVE REALIZED LOSSES 75,241.22
18. AMOUNT BY WHICH THE FORMULA
DISTRIBUTION AMOUNT EXCEEDS
THE CLASS DISTRIBUTION AMOUNT 0.00
19. (A) SERVICING FEE FOR THE RELATED
DUE PERIOD 45,720.83
(B) CONTINGENCY FEE FOR THE RELATED
DUE PERIOD 45,720.83
(C) AMOUNT TO BE DEPOSITED TO THE
EXPENSE ACCOUNT - TRUSTEE 7,445.47
(D) FHA PREMIUM ACCOUNT 7,245.29
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) 91,441.66
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 64,436,893.66 0.67899783
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 219,536,893.66 0.87814757
ORIGINAL POOL PRINCIPAL BALANCE 250,000,000.00
Series 1997-II
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22. (A) WEIGHTED AVERAGE MORTGAGE
INTEREST RATE 12.615%
(B) ADJUSTED MORTGAGE INTEREST
RATE OF THE MORTGAGE LOANS 14.165%
(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 6.840%
(D) WEIGHTED AVERAGE MORTGAGE INTEREST -----------------------------------
RATE FOR 11/30/97 12/31/97 01/31/98
-----------------------------------
12.615% 12.615% 12.615%
23. (A) SENIOR PERCENTAGE 100.00%
(B) CLASS B PERCENTAGE 0.00%
24. (A) SPREAD AMOUNT 11,046,381.22
(B) SPECIFIED SUBORDINATED AMOUNT 17,500,000.00
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 976,578.23
27. (A) AMOUNT TO BE DEPOSITED INTO THE FHA
PREMIUM ACCOUNT FOR THE DUE PERIOD 7,245.29
(B) AMOUNT REIMBURSABLE TO THE SERVICER
AND/OR THE CERTIFICATE INSURER FROM
THE FHA ACCOUNT PURSUANT TO
6.06(b)(i) 1,573.44
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 168,385.78
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 168,385.78
34. OTHER INFORMATION N/A
Series 1997-II
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EXHIBIT O
REMIC DELINQUENCIES AS OF - JANUARY 31, 1998
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
1997-II $227,708,078.40 12,116 1 TO 29 DAYS 32,328,167.12 1,715 14.20%
30 TO 59 DAYS 6,933,359.37 389 3.04%
60 TO 89 DAYS 2,976,858.52 159 1.31%
90 AND OVER 9,484,308.96 525 4.17%
FORECLOSURE 59,885.00 2 0.03%
REO PROPERTY 0.00 0 0.00%
TOTALS $51,782,578.97 2,790 22.74%
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Series 1997-II
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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.
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS M-1
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(ii) 719.33 1,000.00 1,000.00 1,000.00
(vi) 24.04 0.00 0.00 0.00
(vii) 1.65 0.00 0.00 0.00
(viii) 4.35 0.00 0.00 0.00
(xiii) (a) 3.81 5.48 5.68 5.98
(b) 40.33 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) 679.00 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00 0.00
SUBCLAUSE CLASS M-2 CLASS B
- -------------- --------------- ---------------
(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
Series 1997-II
