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): December 15, 1997
--------------------------------
CIT Home Equity Loan Trust 1997-1
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Exact name of registrant as specified in its charter)
New York
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(State or other jurisdiction of incorporation)
000-22959 13-3960888
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(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Consumer Finance, Inc.
650 CIT Drive, Livingston, New Jersey 07039
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (201) 740-5000
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N/A
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
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On December 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 December 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: December 19, 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 November 1, 1997 to November 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 10th day of
-----------
December 1997.
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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 11/30/97
Determination Date 12/10/97
Distribution Date 12/15/97
I Available in Certificate Account
Principal collected on
Mortgage Loans 8,040,129.12
Interest collected on
Mortgage Loans 4,009,082.88
All Liquidation Proceeds
with respect to Principal 0.00
All Liquidation Proceeds with
respect to Interest 0.00
Recoveries on previously
Liquidated Mortgages 0.00
Principal portion of Purchase Price
on Repurchased Mortgage Loans 0.00
Interest portion of Purchase Price
on Repurchased Mortgaage Loans 0.00
Master Servicer Monthly Advances
(net of Compensating Interest) 642,025.76
Reimbursement of prior months Servicer
Advances (254,429.96)
Compensating Interest 1,303.42
Investment Earnings on
Certificate Account 0.00
Total available in the Certificate Account 12,438,111.22
II Distributions Per $ 1,000 Amount
------------- -------------
1. Aggregate Class A-1 Distribution 86.49985089 7,784,986.58
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 29.76291206 2,678,662.09
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 196,883.39
15. Aggregate Class R Distribution 0.00
Total Distributions = 12,438,111.22
III Certificate Class Balances Factor % Amount
------------------ ------------------
Opening Class A Certificate
Balances as reported in prior
Monthly Master Servicer Report:
(a) Class A-1 66.56849059% 59,911,641.53
(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 93.81721102% 84,435,489.92
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374,347,131.45
<PAGE>
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
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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
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27,500,000.00
IV Principal Distribution Formula
1(a). Fixed Rate Principal Remittance
Amount No. Amount
----- --------------------
(a) Stated principal collected 822,445.34
(b) Principal Prepayments 300 5,239,686.08
(c) Liquidation Proceeds 0.00
(d) Repurchased Mortgage Loans 0 0.00
1(b). Add: Fixed Rate Group Extra Principal
Distribution Amount 1,426,791.80
1(c). Less: Fixed Rate Group
Overcollateralization Release Amount 0.00
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Total Fixed Rate Group principal
distribution 7,488,923.22
2(a). Variable Rate Principal Remittance Amount
(a) Stated principal collected 150,418.51
(b) Principal Prepayment 42 1,827,579.19
(c) Liquidation Proceeds 0.00
(d) Repurchased Contracts 0 0.00
2(b). Add: Adjustable Rate Group Extra
Principal Distribution Amount 314,676.93
2(c). Less: Adjustable Rate Group
Overcollateralization Release Amount 0.00
------------------
Total Variable Rate Group principal
distribution 2,292,674.63
3(a). Class A Principal Distribution Amount
Per $ 1,000
------------------
1. Class A-1 83.21025798 7,488,923.22
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 25.47416250 2,292,674.63
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
<PAGE>
Factor % Amount
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Ending Class A Certificate Balances
after distributions of principal in
this Monthly Master Servicer Report:
(a) Class A-1 58.24746479% 52,422,718.31
(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 91.26979477% 82,142,815.29
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364,565,533.61
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
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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
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27,500,000.00
V Interest Distribution Formula
Fixed Rate Group
(a) Fixed Rate Group Available Funds
Cap Rate 9.9230%
(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
Funds Cap Rate 29.7268%
(b) LIBOR Rate 5.6875%
(c) Maximum Variable Rate 20.0000%
(d) Variable Rate Group (Class A-9)
applicable Pass Though Rate 5.8775%
INTEREST REMITTANCE AMOUNT
1. Interest collected on Mortgage
Loans 4,009,082.88
2. Interest advanced on Mortgage
Loans 387,595.80
3. Compensating Interest on Mortgage
Loans 1,303.42
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 4,397,982.10
<PAGE>
Current Interest Requirement
Fixed Rate Group
1. Class A-1 @ applicable Pass-Through Rate 296,063.36
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 3.28959291 296,063.36
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
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2,073,642.53
Variable Rate Group
1. Class A-9 @ applicable rate 385,987.46
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 4.28874956 385,987.46
VI Monthly Excess Cashflow
(a) Monthly Excess Interest Amount 1,938,352.11
(b) Overcollateralization Release Amount 0.00
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Total Monthly Excess Cashflow Amount 1,938,352.11
VII Credit Enhancement Information
(a) Senior Enhancement Percentage 21.51%
(b) Specified Senior Enhancement
Percentage 40.70%
<PAGE>
(c) Overcollateralization Amount:
1. Opening Overcollateralization Amount 8,172,998.84
2. Ending Overcollateralization Amount 9,914,467.56
3. Targeted Overcollateralization Amount 11,750,000.00
4. Overcollateralization Deficiency Amount 3,577,001.16
5. Overcollateralization Release Amount 0.00
VIII Trigger Information
1. (a) Delinquency Trigger percentage 2.40%
(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 7959 380,550,191.48
2. Variable Rate Group 975 83,929,809.68
(b) Weighted Average Mortgage Rate:
1. Fixed Rate Group 10.920%
2. Variable Rate Group 9.599%
(c) Weighted Average Remaining Maturity:
1. Fixed Rate Group 232.68
2. Variable Rate Group 340.61
(d) Weighted Average Original Maturity:
1. Fixed Rate Group 240.34
2. Variable Rate Group 347.05
X Delinquency Information No. % Amount
-------------------------------
A. Fixed Rate Group:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 295 3.80% 14,453,101.23
2. 60 - 89 Day Accounts 92 1.16% 4,429,970.45
3. 90 - 119 Day Accounts 38 0.49% 1,853,511.67
4. 120 + Day Accounts 53 0.81% 3,082,382.18
(b) Mortgage Loans - In Foreclosure 21 0.28% 1,073,346.85
(c) REO Property Accounts 0 0.00% 0.00
B. Variable Rate Group:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 60 4.89% 4,105,889.67
2. 60 - 89 Day Accounts 12 1.02% 858,545.84
3. 90 - 119 Day Accounts 4 0.40% 335,432.50
4. 120 + Day Accounts 7 0.68% 568,092.33
(b) Mortgage Loans - In Foreclosure 4 0.37% 307,032.21
(c) REO Property Accounts 0 0.00% 0.00
C. Total For All Groups:
(a) Delinquent Contracts:
1. 31 - 59 Day Account 355 4.00% 18,558,990.90
2. 60 - 89 Day Accounts 104 1.14% 5,288,516.29
3. 90 - 119 Day Accounts 42 0.47% 2,188,944.17
4. 120 + Day Accounts 60 0.79% 3,650,474.51
(b) Mortgage Loans - In Foreclosure 25 0.30% 1,380,379.06
(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
<PAGE>
(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 196,883.39
(b) Amount of prior unpaid Master
Servicing Fees paid with this
distribution 0.00
(c) Total Master Servicing Fees paid
with this distribution 196,883.39
(d) Amount of unpaid Master Servicing Fees
as of this distribution 0.00
2. (a) Opening Master Servicer Advance Balance 1,606,206.13
(b) Current Advance (exclusive of Compensating Interest) 642,025.76
(c) Reimbursement of prior Master Servicer Advances (254,429.96)
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(d) Ending Master Servicer Advance Balance 1,993,801.93
3. Current period Compensating Interest 1,303.42
4. (a) Stepdown Date in effect ? NO
