SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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): October 15, 1997
--------------------------------
CIT Home Equity Loan Trust 1997-1
------------------------------------------------------------------------
Exact name of registrant as specified in its charter)
New York
------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
000-22959 13-3960888
------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Consumer Finance, Inc.
650 CIT Drive, Livingston, New Jersey 07039
------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (201) 740-5000
------------------------------
N/A
------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On October 15, 1997, The Bank of New York (a New York Banking
Corporation), as Trustee, made the monthly distribution to the holders of CIT
Home Equity Loan Trust 1997-1, Class A-1 5.93% Home Equity Loan Asset Backed
Certificates, Class A-2 6.17% Home Equity Loan Asset Backed Certificates, Class
A-3 6.25% Home Equity Loan Asset Backed Certificates, Class A-4 6.37% Home
Equity Loan Asset Backed Certificates, Class A-5 6.55% Home Equity Loan Asset
Backed Certificates, Class A-6 6.67% Home Equity Loan Asset Backed Certificates,
Class A-7 6.95% Home Equity Loan Asset Backed Certificates, Class A-8 6.65% Home
Equity Loan Asset Backed Certificates, Class A-9 Home Equity Loan Asset Backed
Certificates, Class M-1 6.85% Home Equity Loan Asset Backed Certificates, Class
M-2 7.10% Home Equity Loan Asset Backed Certificates, Class B-1 7.45% Home
Equity Loan Asset Backed Certificates, and Class B-2 8.78% Home Equity Loan
Asset Backed Certificates.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
---------- ----------- ----
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distributions
on October 15, 1997
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.
THE CIT GROUP/CONSUMER
FINANCE, INC., as master servicer
By: /s/ Frank Garcia
-------------------------
Name: Frank Garcia
Title: Vice President
Dated: October 27, 1997
<PAGE>
THE CIT GROUP/CONSUMER FINANCE, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that he is a Vice President of The CIT Group/Consumer
Finance, Inc., a corporation organized under the laws of Delaware ("CITCF"), and
that as such he is duly authorized to execute and deliver this certificate on
behalf of CITCF pursuant to Section 6.02 of the Pooling and Servicing Agreement,
dated as of July 1, 1997 (the "Agreement"), among CITCF, The CIT Group
Securitization Corporation III and The Bank Of New York, as Trustee (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The Monthly Report for the period from September 1, 1997 to September 30,
---------------------------------
1997 attached to this certificate is complete and accurate in accordance
----
with the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has
occurred.
IN WITNESS WHEREOF, he has affixed hereunto his signature this 9th day of
----------
October 1997.
- ------------
THE CIT GROUP/CONSUMER FINANCE, INC.
BY /s/ Frank Garcia
-----------------------
Frank Garcia
Vice President
<PAGE>
CIT Home Equity Loan Trust 1997-1
Home Equity Loan Asset Backed Certificates, Series 1997-1
Master Servicer's Certificate
Due Period 9/30/97
Determinayion Date 10/9/97
Distribution Date 10/15/97
I Available in Certificate Account
Principal collected on Mortgage Loans 5,909,635.65
Interest collected on Mortgage Loans 4,251,580.35
All Liquidation Proceeds with respect
to Principal 0.00
All Liquidation Proceeds with respect
to Interest 0.00
Recoveries on previously Liquidated Mortgage 0.00
Principal portion of Purchase Price on
Repurchased Mortgage Loans 0.00
Interest portion of Purchase Price on
Repurchased Mortgage Loans 0.00
Master Servicer Monthly Advances (net of
Compensating Inter 561,279.42
Reimbursement of prior months Servicer
Advances (255,786.12)
Compensating Interest 206.90
Investment Earnings on Certificate
Account 0.00
Total available in the Certificate Account 10,466,916.20
II Distributions Per $ 1,000 Amount
--------------- --------------
1. Aggregate Class A-1 Distribution 75.77308118 6,819,577.31
2. Aggregate Class A-2 Distribution 5.14166667 185,100.00
3. Aggregate Class A-3 Distribution 5.20833333 317,708.33
4. Aggregate Class A-4 Distribution 5.30833333 212,333.33
5. Aggregate Class A-5 Distribution 5.45833333 81,875.00
6. Aggregate Class A-6 Distribution 5.55833333 83,375.00
7. Aggregate Class A-7 Distribution 5.79166667 191,125.00
8. Aggregate Class A-8 Distribution 5.54166667 166,250.00
9. Aggregate Class A-9 Distribution 18.51220255 1,666,098.23
10. Aggregate Class M-1 Distribution 5.70833333 171,250.00
11. Aggregate Class M-2 Distribution 5.91666667 192,291.67
12. Aggregate Class B-1 Distribution 6.20833333 139,687.50
13. Aggregate Class B-2 Distribution 7.31666667 36,583.33
14. Aggregate Master Servicer Distribution 203,661.50
15. Aggregate Class R Distribution 0.00
Total Distributions = 10,466,916.20
<PAGE>
III Certificate Class Balances Factor % Amount
--------------- --------------
Opening Class A Certificate Balances
as reported in prior
Monthly Master Servicer Report:
(a) Class A-1 85.22017789% 76,698,160.10
(b) Class A-2 100.00000000% 36,000,000.00
(c) Class A-3 100.00000000% 61,000,000.00
(d) Class A-4 100.00000000% 40,000,000.00
(e) Class A-5 100.00000000% 15,000,000.00
(f) Class A-6 100.00000000% 15,000,000.00
(g) Class A-7 100.00000000% 33,000,000.00
(h) Class A-8 100.00000000% 30,000,000.00
(j) Class A-9 97.18571373% 87,467,142.36
--------------
394,165,302.46
Opening Class M Certificate Balances
as reported in prior
Monthly Master Servicer Report:
(a) Class M-1 100.00000000% 30,000,000.00
(b) Class M-2 100.00000000% 32,500,000.00
--------------
62,500,000.00
Opening Class B Certificate Balances
as reported in prior
Monthly Master Servicer Report
(a) Class B-1 100.00000000% 22,500,000.00
(b) Class B-2 100.00000000% 5,000,000.00
--------------
27,500,000.00
IV Principal Distribution Formula
1(a).Fixed Rate Principal Remittance Amount No. Amount
---- --------------
(a) Stated principal collected 713,494.47
(b) Principal Prepayments 101 4,276,612.08
(c) Liquidation Proceeds 0.00
(d) Repurchased Mortgage Loans 0 0.00
1(b).Add: Fixed Rate Group Extra Principal
Distribution Amount 1,450,454.01
1(c).Less: Fixed Rate Group
Overcollateralization Release Amount 0.00
--------------
Total Fixed Rate Group principal distribution 6,440,560.56
2(a).Variable Rate Principal Remittance Amount
(a) Stated principal collected 58,666.16
(b) Principal Prepayments 12 860,862.94
(c) Liquidation Proceeds 0.00
(d) Repurchased Contracts 0 0.00
2(b).Add: Adjustable Rate Group Extra
Principal Distribution Amount 320,440.15
2(c).Less: Adjustable Rate Group
Overcollateralization Release Amount 0.00
--------------
Total Variable Rate Group principal distribution 1,239,969.25
3(a).Class A Principal Distribution Amount
Per $ 1,000
---------------
1. Class A-1 71.56178405 6,440,560.56
2. Class A-2 0.00000000 0.00
3. Class A-3 0.00000000 0.00
4. Class A-4 0.00000000 0.00
5. Class A-5 0.00000000 0.00
6. Class A-6 0.00000000 0.00
7. Class A-7 0.00000000 0.00
9. Class A-8
(a) Class A-8 Lockout Percentage 0.00%
(b) Class A-8 Lockout Distribution
Amount 0.00000000 0.00
10. Class A-9 13.77743606 1,239,969.25
<PAGE>
3(b).Class M Principal Distribution Amount
1. Class M-1 0.00000000 0.00
2. Class M-2 0.00000000 0.00
3(c).Class B Principal Distribution Amount
1. Class B-1 0.00000000 0.00
2. Class B-2 0.00000000 0.00
Factor % Amount
--------------- ------------
Ending Class A Certificate Balances
after distributions of principal in
this Monthly Master Servicer Report:
(a) Class A-1 78.06399948% 70,257,599.54
(b) Class A-2 100.00000000% 36,000,000.00
(c) Class A-3 100.00000000% 61,000,000.00
(d) Class A-4 100.00000000% 40,000,000.00
(e) Class A-5 100.00000000% 15,000,000.00
(f) Class A-6 100.00000000% 15,000,000.00
(g) Class A-7 100.00000000% 33,000,000.00
(h) Class A-8 100.00000000% 30,000,000.00
(i) Class A-9 95.80797013% 86,227,173.11
--------------
386,484,772.65
Ending Class M Certificate Balances
after distributions of principal in
this Monthly Master Servicer Report:
(a) Class M-1 100.00000000% 30,000,000.00
(b) Class M-2 100.00000000% 32,500,000.00
--------------
62,500,000.00
Ending Class B Certificate Balances
after distributions of principal in
this Monthly Master Servicer Report:
(a) Class B-1 100.00000000% 22,500,000.00
(b) Class B-2 100.00000000% 5,000,000.00
--------------
27,500,000.00
V Interest Distribution Formula
Fixed Rate Group
(a) Fixed Rate Group Available
Funds Cap Rate 9.9400%
(b) Fixed Rate Group applicable
Pass-Through Rate
1. Class A-1 5.9300%
2. Class A-2 6.1700%
3. Class A-3 6.2500%
4. Class A-4 6.3700%
5. Class A-5 6.5500%
6. Class A-6 6.6700%
7. Class A-7 6.9500%
8. Class A-8 6.6500%
9. Class M-1 6.8500%
10. Class M-2 7.1000%
11. Class B-1 7.4500%
12. Class B-2 8.7800%
Variable Rate Group
(a) Adjustable Rate Group Available
Cap Rate 29.6372%
(b) LIBOR Rate 5.6563%
(c) Maximum Variable Rate 20.0000%
(d) Variable Rate Group (Class A-9)
applicable Pass Through Rate 5.8463%
<PAGE>
INTEREST REMITTANCE AMOUNT
1. Interest collected on Mortgage Loans 4,251,580.35
2. Interest advanced on Mortgage Loans 305,493.30
3. Compensating Interest on Mortgage Loans 206.90
4. Substitution Adjustment interest 0.00
5. Purchase Price interest on repurchased
accounts 0.00
6. Liquidation Proceeds interest portion 0.00
TOTAL INTEREST REMITTANCE AMOUNT 4,557,280.55
Current Interest Requirement
Fixed Rate Group
1. Class A-1 @ applicable Pass-Through Rate 379,016.74
2. Class A-2 @ applicable Pass-Through Rate 185,100.00
3. Class A-3 @ applicable Pass-Through Rate 317,708.33
4. Class A-4 @ applicable Pass-Through Rate 212,333.33
5. Class A-5 @ applicable Pass-Through Rate 81,875.00
6. Class A-6 @ applicable Pass-Through Rate 83,375.00
7. Class A-7 @ applicable Pass-Through Rate 191,125.00
8. Class A-8 @ applicable Pass-Through Rate 166,250.00
9. Class M-1 @ applicable Pass-Through Rate 171,250.00
10. Class M-2 @ applicable Pass-Through Rate 192,291.67
11. Class B-1 @ applicable Pass-Through Rate 139,687.50
12. Class B-2 @ applicable Pass-Through Rate 36,583.33
Fixed Rate Group Interest Carry Forward Amount
1. Class A-1 0.00
2. Class A-2 0.00
3. Class A-3 0.00
4. Class A-4 0.00
5. Class A-5 0.00
6. Class A-6 0.00
7. Class A-7 0.00
8. Class A-8 0.00
9. Class M-1 0.00
10. Class M-2 0.00
11. Class B-1 0.00
12. Class B-2 0.00
Fixed Rate Group Interest Distribution Amount
Per $ 1,000
---------------
1. Class A-1 4.21129712 379,016.74
2. Class A-2 5.14166667 185,100.00
3. Class A-3 5.20833333 317,708.33
4. Class A-4 5.30833333 212,333.33
5. Class A-5 5.45833333 81,875.00
6. Class A-6 5.55833333 83,375.00
7. Class A-7 5.79166667 191,125.00
8. Class A-8 5.54166667 166,250.00
9. Class M-1 5.70833333 171,250.00
10. Class M-2 5.91666667 192,291.67
11. Class B-1 6.20833333 139,687.50
12. Class B-2 7.31666667 36,583.33
--------------
2,156,595.91
Variable Rate Group
1. Class A-9 @ applicable rate 426,128.98
Variable Rate Group Interest Carry Forward Amount
1. Class A-9 0.00
Variable Rate Group Interest Distribution
Amount
Per $ 1,000
---------------
1. Class A-9 4.73476649 426,128.98
<PAGE>
VI Monthly Excess Cashflow
(a) Monthly Excess Interest
Amount 1,974,555.66
(b) Overcollateralization Release
Amount 0.00
--------------
Total Monthly Excess Cashflow Amount 1,974,555.66
VII Credit Enhancement Information
(a) Senior Enhancement Percentage 19.96%
(b) Specified Senior Enhancement Percent 40.70%
(c) Overcollateralization Amount:
1. Opening Overcollateralization Amount 4,622,292.99
2. Ending Overcollateralization Amount 6,393,187.15
3. Targeted Overcollateralization Amount 11,750,000.00
4. Overcollateralization Deficiency Amount 7,127,707.01
5. Overcollateralization Release Amount 0.00
VIII Trigger Information
1. (a) Delinquency Trigger percentage 1.41%
(b) Delinquency Trigger in effect ? NO
2. (a) Cummulative Realized Loss Trigger
Event in effect ? NO
(b) Cummulative Realized Loss Termination
Event in effect ? NO
IX Pool Information No. Amount
---- --------------
(a) Closing Mortgage Loan Principal Balance:
1. Fixed Rate Group 8249 395,502,052.73
2. Variable Rate Group 1011 87,375,907.07
(b) Weighted Average Mortgage Rate:
1. Fixed Rate Group 10.936%
2. Variable Rate Group 9.437%
(c) Weighted Average Remaining Maturity:
1. Fixed Rate Group 234.16
2. Variable Rate Group 342.38
X Delinquency Information No. % Amount
---------------------------
A. Fixed Rate Group:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 259 3.58% 14,172,145.43
2. 60 - 89 Day Accounts 69 0.84% 3,304,552.59
3. 90 - 119 Day Accounts 41 0.54% 2,141,777.26
4. 120 + Day Accounts 0 0.00% 0.00
(b) Mortgage Loans - In Foreclosure 0 0.00% 0.00
(c) REO Property Accounts 0 0.00% 0.00
<PAGE>
B. Variable Rate Group:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 51 4.16% 3,630,897.92
2. 60 - 89 Day Accounts 14 1.31% 1,141,606.74
3. 90 - 119 Day Accounts 4 0.27% 239,699.51
4. 120 + Day Accounts 0 0.00% 0.00
(b) Mortgage Loans - In Foreclosure 0 0.00% 0.00
(c) REO Property Accounts 0 0.00% 0.00
C. Total For All Groups:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 310 3.69% 17,803,043.35
2. 60 - 89 Day Accounts 83 0.92% 4,446,159.33
3. 90 - 119 Day Accounts 45 0.49% 2,381,476.77
4. 120 + Day Accounts 0 0.00% 0.00
(b) Mortgage Loans - In Foreclosure 0 0.00% 0.00
(c) REO Property Accounts 0 0.00% 0.00
XI Realized Losses No. Amount
---- --------------
1. (a) Gross Realized Losses during
the period 0 0.00
(b) Net Realized Losses during the
period 0.00
(c) Cummulative Gross Realized Losses 0 0.00
(d) Cummulative Net Realized Losses 0.00
(e) Applied Realized Loss Amount 0.00
2. (a) Class M-1 Realized Loss Amortization
Amount 0.00
(b) Class M-1 Unpaid Realized Loss Amount 0.00
3. (a) Class M-2 Realized Loss Amortization Amount 0.00
(b) Class M-2 Unpaid Realized Loss Amount 0.00
4. (a) Class B-1 Realized Loss Amortization Amount 0.00
(b) Class B-1 Unpaid Realized Loss Amount 0.00
5. (a) Class B-2 Realized Loss Amortization Amount 0.00
(b) Class B-2 Unpaid Realized Loss Amount 0.00
XII Miscellaneous Information
1. (a) Monthly Master Servicer Fee 203,661.50
(b) Amount of prior unpaid Master Servicing
Fees paid with this distribution 0.00
(c) Total Master Servicing Fees paid with
this distribution 203,661.50
(d) Amount of unpaid Master Servicing Fees
as of this distribution 0.00
<PAGE>
2. (a) Opening Master Servicer Advance
Balance 1,129,150.18
(b) Current Advance (exclusive of
Compensating Interest) 561,279.42
(c) Reimbursement of prior Master
Servicer Advances (255,786.12)
--------------
(d) Ending Master Servicer Advance Balance 1,434,643.48
3. Current period Compensating Interest 206.90
4. (a) Stepdown Date in effect ? NO
