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): August 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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c/o The Bank of New York
101 Barclay Street
New York, New York 10286
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
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On August 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.
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(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 August 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: August 25, 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 July 1, 1997 to July 31, 1997
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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 12th day of
-----------
August 1997.
- ------------
THE CIT GROUP/CONSUMER FINANCE, INC.
BY /s/ Frank Garcia
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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 7/31/97
Determination Date 8/12/97
Distribution Date 8/15/97
I Available in Certificate Account
Principal collected on Mortgage Loans 5,161,081.36
Interest collected on Mortgage Loans 4,227,304.50
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 Mortage Loans 478,693.26
Interest portion of Purchase Price on
Repurchased Mortgage Loan 3,966.58
Master Servicer Monthly Advances (net
of Compensating Interest) 725,927.15
Reimbursement of prior months Servicer
Advances 0.00
Compensating Interest 1,446.87
Investment Earnings on Certificate Account 0.00
Total available in the Certificate Account 10,598,419.72
II Distributions Per $ 1,000 Amount
--------------- --------------
1. Aggregate Class A-1 Distribution 83.45227452 7,510,704.71
2. Aggregate Class A-2 Distribution 3.94194444 141,910.00
3. Aggregate Class A-3 Distribution 3.99305556 243,576.39
4. Aggregate Class A-4 Distribution 4.06972222 162,788.89
5. Aggregate Class A-5 Distribution 4.18472222 62,770.83
6. Aggregate Class A-6 Distribution 4.26138889 63,920.83
7. Aggregate Class A-7 Distribution 4.44027778 146,529.17
8. Aggregate Class A-8 Distribution 4.24861111 127,458.33
9. Aggregate Class A-9 Distribution 16.85047132 1,516,542.42
10. Aggregate Class M-1 Distribution 4.37638889 131,291.67
11. Aggregate Class M-2 Distribution 4.53611111 147,423.61
12. Aggregate Class B-1 Distribution 4.75972222 107,093.75
13. Aggregate Class B-2 Distribution 5.60944444 28,047.22
14. Aggregate Master Servicer Distribution 208,361.90
15. Aggregate Class R Distribution 0.00
Total Distributions = 10,598,419.72
<PAGE>
III Certificate Class Balances Factor % Amount
---------------- --------------
Opening Class A Certificate Balances
as reported in prior Monthly Master
Servicer Report:
(a) Class A-1 100.00000000% 90,000,000.00
(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-9 100.00000000% 90,000,000.00
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
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
IV Principal Distribution Formula
1(a) Fixed Rate Principal Remittance Amount No. Amount
--- -----------------
(a) Stated principal collected 744,680.57
(b) Principal Prepayments 82 4,050,514.31
(c) Liquidation Proceeds 0.00
(d) Repurchased Mortgage Loans 3 154,539.72
1(b) Add: Fixed Rate Group Extra Principal
Distribution Amount 2,219,995.11
1(c) Less: Fixed Rate Group Overcollateralization
Release Amount 0.00
Total Fixed Rate Group principal distribution 7,169,729.71
2(a) Variable Rate Principal Remittance Amount
(a) Stated principal collected 62,188.31
(b) Principal Prepayments 4 303,698.17
(c) Liquidation Proceeds 0.00
(d) Repurchased Contracts 2 324,153.54
2(b) Add: Adjustable Rate Group Extra Principal
Distribution Amount 489,444.30
2(c) Less: Adjustable Rate Group Overcollateralization
Release Amount 0.00
Total Variable Rate Group principal distribution 1,179,484.32
3(a) Class A Principal Distribution Amount
Per $ 1,000
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1. Class A-1 79.66366341 7,169,729.71
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 0.00%
Percentage
(b) Class A-8 Lockout 0.00000000 0.00
Distribution Amount
10. Class A-9 13.10538132 1,179,484.32
<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 92.03363366% 82,830,270.29
(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 98.68946187% 88,820,515.68
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
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
V Interest Distribution Formula
Fixed Rate Group
(a) Fixed Rate Group Available
Funds Cap Rate 9.9420%
(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 33.1531%
(b) LIBOR Rate 5.6719%
(c) Maximum Variable Rate 20.0000%
(d) Variable Rate Group 5.8619%
(Class A-9) applicable
<PAGE>
INTEREST REMITTANCE AMOUNT
1. Interest collected on Mortgage
Loans 4,227,304.50
2. Interest advanced on Mortgage
Loans 725,927.15
3. Compensating Interest on Mortgage
Loans 1,446.87
4. Substitution Adjustment interest 0.00
5. Purchase Price interest on
repurchased accounts 3,966.58
6. Liquidation Proceeds interest
portion 0.00
TOTAL INTEREST REMITTANCE AMOUNT 4,958,645.10
Current Interest Requirement
Fixed Rate Group
1. Class A-1 @ applicable Pass-Through Rate 340,975.00
2. Class A-2 @ applicable Pass-Through Rate 141,910.00
3. Class A-3 @ applicable Pass-Through Rate 243,576.39
4. Class A-4 @ applicable Pass-Through Rate 162,788.89
5. Class A-5 @ applicable Pass-Through Rate 62,770.83
6. Class A-6 @ applicable Pass-Through Rate 63,920.83
7. Class A-7 @ applicable Pass-Through Rate 146,529.17
8. Class A-8 @ applicable Pass-Through Rate 127,458.33
9. Class M-1 @ applicable Pass-Through Rate 131,291.67
10. Class M-2 @ applicable Pass-Through Rate 147,423.61
11. Class B-1 @ applicable Pass-Through Rate 107,093.75
12. Class B-2 @ applicable Pass-Through Rate 28,047.22
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
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1. Class A-1 3.78861111 340,975.00
2. Class A-2 3.94194444 141,910.00
3. Class A-3 3.99305556 243,576.39
4. Class A-4 4.06972222 162,788.89
5. Class A-5 4.18472222 62,770.83
6. Class A-6 4.26138889 63,920.83
7. Class A-7 4.44027778 146,529.17
8. Class A-8 4.24861111 127,458.33
9. Class M-1 4.37638889 131,291.67
10. Class M-2 4.53611111 147,423.61
11. Class B-1 4.75972222 107,093.75
12. Class B-2 5.60944444 28,047.22
Variable Rate Group
1. Class A-9 @ applicable rate 337,058.10
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 3.74509000 337,058.10
<PAGE>
VI Monthly Excess Cashflow
(a) Monthly Excess Interest Amount 2,709,439.41
(b) Overcollateralization Release Amount 0.00
Total Monthly Excess Cashflow Amount 2,709,439.41
VII Credit Enhancement Information
(a) Senior Enhancement Percentage 18.76%
(b) Specified Senior Enhancement
Percentage 40.70%
(c) Overcollateralization Amount:
1. Opening Overcollateralization Amount 68,559.83
2. Ending Overcollateralization Amount 2,777,999.24
3. Targeted Overcollateralization Amount 11,750,000.00
4. Overcollateralization Deficiency Amount 11,681,440.17
5. Overcollateralization Release Amount 0.00
VIII Trigger Information
1. (a) Delinquency Trigger percentage 0.06%
(b) Delinquency Trigger in effect ? NO
2. (a) Cummulative Realized Loss Trigger
Event in effect? NO
(b) Cummulative Realized Loss
Termination NO
IX Pool Information No. Amount
--- -----------------
(a) Closing Mortgage Loan Principal
Balance:
1. Fixed Rate Group 8429 405,113,132.13
2. Variable Rate Group 1035 89,315,653.08
(b) Weighted Average Mortgage Rate:
1. Fixed Rate Group 10.940%
2. Variable Rate Group 9.435%
(c) Weighted Average Remaining Maturity:
1. Fixed Rate Group 236.16
2. Variable Rate Group 344.44
X Delinquency Information No. % Amount
-------------------------
(a) Delinquent Contracts:
1. 31 - 59 Day Account 178 1.83% 9,062,405.28
2. 60 - 89 Day Accounts 50.06% 282,245.55
3. 90 - 119 Day Accounts 0 0.00% 0.00
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>
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 208,361.90
(b) Amount of prior unpaid Master Servicing Fees
paid with this distribution 0.00
(c) Total Master Servicing Fees paid with this
distribution 208,361.90
(d) Amount of unpaid Master Servicing Fees as of
this distribution 0.00
2. (a) Opening Master Servicer Advance Balance 0.00
(b) Current Advance (exclusive of Compensating
Interest) 725,927.15
(c) Reimbursement of prior Master Servicer Advances 0.00
(d) Ending Master Servicer Advance Balance 725,927.15
3. Current period Compensating Interest 1,446.87
4. (a) Stepdown Date in effect ? NO
