SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FROM 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): September 25, 1997
TRUST CREATED BY BLOCK MORTGAGE FINANCE, INC. (under a Pooling and Servicing
Agreement dated as of July 1, 1997, which Trust is the Issuer of Block
Mortgage Finance Asset Backed Certificates, Series 1997-2)
- ------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York
- ------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
333-14041 Applied for
- ------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
3 Park Plaza, Irvine, California
Attention: Block Mortgage Finance
Asset Backed Certificates, Series 1997-2 92614
- ------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 714-253-7575
Not applicable
- ------------------------------------------------------------------------
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
Attached hereto is a copy of the Statement to Certificateholders with
respect to the August (revised) and September (revised),1997,
distribution to Certificateholders, as provided to the
Certificateholders by the Trustee.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
<PAGE>
Exhibit 99.1 Statement to Certificateholders Relating to August (revised), 1997,
Distributions to Holders of Block Mortgage Finance Asset Backed
Certificates, Series 1997-2
Exhibit 99.2 Statement to Certificateholders Relating to September (revised),
1997, Distributions to Holders of Block Mortgage Finance Asset Backed
Certificates, Series 1997-2
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BLOCK MORTGAGE FINANCE, INC.
By: /s/ Bret G. Wilson
-------------------
Name:Bret G. Wilson
Title: President
Date: October 9, 1997
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Statement to Certificateholders
Relating to August (revised), 1997
Distributions to Holders
of Block Mortgage
Finance Asset Backed
Certificates, Series 1997-2
Exhibit No. Description
99.2 Statement to Certificateholders
Relating to September (revised),
1997, Distributions to Holders
of Block Mortgage Finance Asset
Backed Certificates, Series 1997-2
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 45,336,000.00 45,336,000.00 245,947.80 1,116,449.32 1,362,397.12 0.00 0.00 44,219,550.68
A-2 24,279,000.00 24,279,000.00 133,939.15 0.00 133,939.15 0.00 0.00 24,279,000.00
A-3 12,505,000.00 12,505,000.00 71,278.50 0.00 71,278.50 0.00 0.00 12,505,000.00
A-4 16,951,000.00 16,951,000.00 100,152.16 0.00 100,152.16 0.00 0.00 16,951,000.00
A-5 11,007,000.00 11,007,000.00 61,914.38 0.00 61,914.38 0.00 0.00 11,007,000.00
A-6 104,922,000.00 104,922,000.00 443,638.72 648,525.32 1,092,164.04 0.00 0.00 104,273,474.68
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 215,000,000.00 215,000,000.00 1,056,870.71 1,764,974.64 2,821,845.35 0.00 0.00 213,235,025.36
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 09367MAE9 1,000.000000 5.425000 24.626110 30.051110 975.373890 6.510000% 6.510000%
A-2 09367MAF6 1,000.000000 5.516667 0.000000 5.516667 1,000.000000 6.620000% 6.620000%
A-3 09367MAG4 1,000.000000 5.700000 0.000000 5.700000 1,000.000000 6.840000% 6.840000%
A-4 09367MAH2 1,000.000000 5.908333 0.000000 5.908333 1,000.000000 7.090000% 7.090000%
A-5 09367MAJ8 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
A-6 09367MAK5 1,000.000000 4.228272 6.181023 10.409295 993.818977 5.854530% 5.835000%
R BL9702101 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: Block Financial Corporation ADMINISTRATOR: Vince Valdes
SERVICER: Block Financial Corporation Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: July 31, 1997 Irvine, CA 92714
DISTRIBUTION DATE: August 25, 1997 FACTOR (800) 735-7777
INFORMATION:
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Page 1 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 08/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DELINQUENT LOAN INFORMATION: 1 - 30 31 - 60 60 - 90 91+
(Statistics Do Not Include Foreclosures, Bankruptcies & DAYS DAYS DAYS DAYS TOTAL
REOs)
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP I
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 18,233,624.77 1,008,575.46 361,117.76 0.00 19,603,317.99
PERCENTAGE OF POOL BALANCE 16.6752% 0.9224% 0.3303% 0.0000% 17.9279%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 422 26 8 0 456
PERCENTAGE OF LOANS IN POOL 18.0805% 1.1140% 0.3428% 0.0000% 19.5373%
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP II
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 1,318,669.96 0.00 0.00 0.00 1,318,669.96
PERCENTAGE OF POOL BALANCE 1.2597% 0.0000% 0.0000% 0.0000% 1.2597%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 15 0 0 0 15
PERCENTAGE OF LOANS IN POOL 1.4808% 0.0000% 0.0000% 0.0000% 1.4808%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP I
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP II
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP I
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 113,310.96 0.00 0.00 0.00 113,310.96
PERCENTAGE OF POOL BALANCE 0.1036% 0.0000% 0.0000% 0.0000% 0.1036%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 1 0 0 0 1
PERCENTAGE OF LOANS IN POOL 0.0428% 0.0000% 0.0000% 0.0000% 0.0428%
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP II
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
REO LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP I
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- ---------------
GROUP II
- ---------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 08/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SERVICER ADVANCES INCLUDED IN THIS DISTRIBUTION: 856,512.85
SERVICER ADVANCES OUTSTANDING: 0.00
ACCRUED SERVCING FEE THE THE CURRENT PERIOD : 87,668.76
PLUS ANY ADDITIONAL SERVICING FEES : 0.00
-----------------
87,668.76
LESS PERMITTED REDUCTIONS TO SERVICING FEES : 0.00
-----------------
TOTAL SERVICING FEES DUE MASTER SERVICER : 87,668.76
ACCRUED SERVICING FEES COLLECTED FOR CURRENT PERIOD : 45,272.32
COMPENSATING INTEREST: 0.00
-----------------
TOTAL SERVICING FEES COLLECTED MASTER SERVICER: 45,272.32
- -----------------------------------------------------------------------------------------------------------------------------------
GROUP I MONTHLY ADVANCE AMOUNT: 296,563.24
GROUP II MONTHLY ADVANCE AMOUNT: 559,949.61
TOTAL TRUSTEE FEES DUE : 2,687.50
TOTAL INSURANCE AMOUNT DUE : 0.00
PRINCIPAL REMITTANCE AMOUNTS:
SCHEDULED PRINCIPAL 703,001.27
CURTAILMENTS (842,023.85)
PREPAYMENTS IN FULL 1,112,124.94
NET LIQUIDATION PROCEEDS 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00
RELEASED MORTGAGED PROPERTY PROCEEDS 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00
SUBSTITUTION ADJUSTMENTS 0.00
-----------------
TOTAL PRINCIPAL DISTRIBUTED: 973,102.36
TOTAL AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
AGGREGATE AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
BOOK VALUE OF REO PROPERTY: 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 3 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 08/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 3,369
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 3,347
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 215,000,031.77
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 214,026,929.41
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 2,353
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 2,334
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 110,078,870.91
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 109,345,601.20
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 1,016
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 1,013
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 104,921,160.86
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 104,681,328.21
GROUP I SUBORDINATION INCREASE AMOUNT: 383,179.61
GROUP II SUBORDINATION INCREASE AMOUNT: 408,692.67
GROUP I SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP II SUBORDINATION DEFICIT AMOUNT: 839.14
GROUP I PRINCIPAL REMITTANCE AMOUNT: 1,116,449.32
GROUP II PRINCIPAL REMITTANCE AMOUNT: 649,364.46
GROUP I WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 11.3646%
GROUP II WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 10.2545%
GROUP I SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP II SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP I LOAN REPURCHASE AMOUNT 0.00
GROUP II LOAN REPURCHASE AMOUNT 0.00
GROUP I LARGEST LOAN BALANCE 472,101.57
GROUP II LARGEST LOAN BALANCE 498,816.17
TOTAL AMOUNT OF INSURED PAYMENTS INCLUDED IN THE DISTRIBUTION AMOUNT
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS A-5 0.00
CLASS A-6 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 4 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 08/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL AMOUNT OF CARRY FORWARD AMOUNT INCLUDED IN DISTRIBUTION AMOUNT :
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS A-5 0.00
CLASS A-6 0.00
BASIS RISK CARRYOVER AMOUNT INCLUDED IN DISTRIBUTION AMOUNT : 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 5 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 45,336,000.00 44,219,550.68 239,891.06 1,147,219.51 1,387,110.57 0.00 0.00 43,072,331.17
A-2 24,279,000.00 24,279,000.00 133,939.15 0.00 133,939.15 0.00 0.00 24,279,000.00
A-3 12,505,000.00 12,505,000.00 71,278.50 0.00 71,278.50 0.00 0.00 12,505,000.00
A-4 16,951,000.00 16,951,000.00 100,152.16 0.00 100,152.16 0.00 0.00 16,951,000.00
A-5 11,007,000.00 11,007,000.00 61,914.38 0.00 61,914.38 0.00 0.00 11,007,000.00
A-6 104,922,000.00 104,273,474.68 523,930.76 1,109,922.26 1,633,853.02 0.00 0.00 103,163,552.42
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 215,000,000.00 213,235,025.36 1,131,106.01 2,257,141.77 3,388,247.78 0.00 0.00 210,977,883.59
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 09367MAE9 975.373890 5.291403 25.304824 30.596228 950.069066 6.510000% 6.510000%
A-2 09367MAF6 1,000.000000 5.516667 0.000000 5.516667 1,000.000000 6.620000% 6.620000%
A-3 09367MAG4 1,000.000000 5.700000 0.000000 5.700000 1,000.000000 6.840000% 6.840000%
A-4 09367MAH2 1,000.000000 5.908333 0.000000 5.908333 1,000.000000 7.090000% 7.090000%
A-5 09367MAJ8 1,000.000000 5.625000 0.000000 5.625000 1,000.000000 6.750000% 6.750000%
A-6 09367MAK5 993.818977 4.993526 10.578547 15.572073 983.240430 5.835000% 5.866250%
R BL9702101 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
SELLER: Block Financial Corporation ADMINISTRATOR: Vince Valdes
SERVICER: Block Financial Corporation Bankers Trust Company
LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza
RECORD DATE: August 29, 1997 Irvine, CA 92714
DISTRIBUTION DATE: September 25, 1997 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
Page 1 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 09/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DELINQUENT LOAN INFORMATION: 1 - 30 31 - 60 60 - 90 91+
(Statistics Do Not Include Foreclosures, DAYS DAYS DAYS DAYS TOTAL
Bankruptcies & REOs)
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 19,797,149.39 2,007,217.46 1,190,614.93 172,925.99 23,167,907.77
PERCENTAGE OF POOL BALANCE 18.2328% 1.8486% 1.0965% 0.1593% 21.3372%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 444 33 21 3 501
PERCENTAGE OF LOANS IN POOL 19.1627% 1.4243% 0.9063% 0.1295% 21.6228%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 2,228,103.73 139,500.00 0.00 0.00 2,367,603.73
PERCENTAGE OF POOL BALANCE 2.1445% 0.1343% 0.0000% 0.0000% 2.2788%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 22 1 0 0 23
PERCENTAGE OF LOANS IN POOL 2.1869% 0.0994% 0.0000% 0.0000% 2.2863%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 108,937.85 0.00 0.00 0.00 108,937.85
PERCENTAGE OF POOL BALANCE 0.1003% 0.0000% 0.0000% 0.0000% 0.1003%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 2 0 0 0 2
PERCENTAGE OF LOANS IN POOL 0.0863% 0.0000% 0.0000% 0.0000% 0.0863%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 114,712.30 0.00 0.00 0.00 114,712.30
PERCENTAGE OF POOL BALANCE 0.1104% 0.0000% 0.0000% 0.0000% 0.1104%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 1 0 0 0 1
PERCENTAGE OF LOANS IN POOL 0.0994% 0.0000% 0.0000% 0.0000% 0.0994%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 252,396.99 0.00 0.00 0.00 252,396.99
PERCENTAGE OF POOL BALANCE 0.2325% 0.0000% 0.0000% 0.0000% 0.2325%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 3 0 0 0 3
PERCENTAGE OF LOANS IN POOL 0.1295% 0.0000% 0.0000% 0.0000% 0.1295%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 166,433.89 0.00 0.00 0.00 166,433.89
PERCENTAGE OF POOL BALANCE 0.1602% 0.0000% 0.0000% 0.0000% 0.1602%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 2 0 0 0 2
PERCENTAGE OF LOANS IN 0.1988% 0.0000% 0.0000% 0.0000% 0.1988%
POOL
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
REO LOAN INFORMATION:
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP I
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
POOL
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------
GROUP II
- --------------
- -----------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL 0.00 0.00 0.00 0.00 0.00
BALANCE
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 0 0 0 0 0
PERCENTAGE OF LOANS IN POOL 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 09/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SERVICER ADVANCES INCLUDED IN THIS DISTRIBUTION: 237,655.83
SERVICER ADVANCES OUTSTANDING: 0.00
ACCRUED SERVICING FEE THE THE CURRENT PERIOD : 89,177.89
PLUS ANY ADDITIONAL SERVICING FEES : 0.00
---------------
89,177.89
LESS PERMITTED REDUCTIONS TO SERVICING FEES : 0.00
---------------
TOTAL SERVICING FEES DUE MASTER SERVICER : 89,177.89
ACCRUED SERVICING FEES COLLECTED FOR CURRENT PERIOD : 78,511.47
COMPENSATING INTEREST: 0.00
---------------
TOTAL SERVICING FEES COLLECTED MASTER SERVICER: 78,511.47
- -----------------------------------------------------------------------------------------------------------------------------------
GROUP I MONTHLY ADVANCE AMOUNT: 218,089.57
GROUP II MONTHLY ADVANCE AMOUNT: 19,566.26
TOTAL TRUSTEE FEES DUE : 2,675.34
TOTAL INSURANCE AMOUNT DUE: 0.00
PRINCIPAL REMITTANCE AMOUNTS:
SCHEDULED PRINCIPAL 133,851.55
CURTAILMENTS 16,497.87
PREPAYMENTS IN FULL 1,400,128.56
NET LIQUIDATION PROCEEDS 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00
RELEASED MORTGAGED PROPERTY PROCEEDS 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00
SUBSTITUTION ADJUSTMENTS 0.00
---------------
TOTAL PRINCIPAL DISTRIBUTED: 1,550,477.98
TOTAL AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
AGGREGATE AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00
BOOK VALUE OF REO PROPERTY 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Page 3 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: 09/25/97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 3,347
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 3,323
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 214,026,929.41
AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 212,476,451.43
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 2,334
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 2,317
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 109,345,601.20
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 108,579,688.27
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 1,013
TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 1,006
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 104,681,328.21
TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 103,896,763.16
GROUP I SUBORDINATION INCREASE AMOUNT: 381,306.58
GROUP II SUBORDINATION INCREASE AMOUNT: 325,357.21
GROUP I SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP II SUBORDINATION DEFICIT AMOUNT: 0.00
GROUP I PRINCIPAL REMITTANCE AMOUNT: 1,147,219.51
GROUP II PRINCIPAL REMITTANCE AMOUNT: 1,109,922.26
GROUP I WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 11.3630%
GROUP II WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 10.2507%
GROUP I SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP II SUBSTITUTION ADJUSTMENT AMOUNT 0.00
GROUP I LOAN REPURCHASE AMOUNT 0.00
GROUP II LOAN REPURCHASE AMOUNT 0.00
GROUP I LARGEST LOAN BALANCE 472,142.63
GROUP II LARGEST LOAN BALANCE 498,630.68
TOTAL AMOUNT OF INSURED PAYMENTS INCLUDED IN THE DISTRIBUTION AMOUNT
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS A-5 0.00
CLASS A-6 0.00
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Page 4 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
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<TABLE>
<CAPTION>
Block Mortgage Finance, Inc.
Asset Backed Certificates
Series 1997-2
Statement To Certificateholders
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Distribution Date: 09/25/97
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<S> <C>
TOTAL AMOUNT OF CARRY FORWARD AMOUNT INCLUDED IN DISTRIBUTION
AMOUNT :
CLASS A-1 0.00
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS A-5 0.00
CLASS A-6 0.00
BASIS RISK CARRYOVER AMOUNT INCLUDED IN DISTRIBUTION AMOUNT : 0.00
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Page 5 of 5 (C) COPYRIGHT 1997 Bankers Trust Company
</TABLE>
<PAGE>
