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): January 15, 1998
-------------------------
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.
------------
On January 15, 1998, 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 January 15, 1998
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 J. Maderia
-------------------------
Name: Frank J. Madeira
Title: Vice President
Dated: January 23, 1998
<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 December 1, 1997 to December 31, 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 12th day of
-----------
January 1998.
- ------------
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 12/31/97
Determination 1/12/98
Distribution 1/15/98
I Available in Certificate Account
Principal collected on Mortgage
Loans 10,549,293.19
Interest collected on Mortgage Loans 4,198,795.35
All Liquidation Proceeds with respect
to Principal 79,521.75
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 Mortgage Loans 0.00
Master Servicer Monthly Advances
(net of Compensating Interest) 543,206.15
Reimbursement of prior months Servicer
Advances (429,347.45)
Compensating Interest 3,534.56
Investment Earnings on Certificate
Account 0.00
Total available in the Certificate Account 14,945,003.55
II Distributions Per $ 1,000 Amount
------------------- ---------------
1. Aggregate Class A-1 Distribution 114.19829061 10,277,846.16
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 29.95605438 2,696,044.89
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 193,533.33
15. Aggregate Class R Distribution 0.00
Total Distributions = 14,945,003.55
III Certificate Class Balances
Factor % Amount
------------------- ------------------
Opening Class A Certificate
Balances as reported in prior
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
(j) Class A-9 91.26979477% 82,142,815.29
------------------
364,565,533.60
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 1,258,506.87
(b) Principal Prepayments 153 7,305,758.64
(c) Liquidation Proceeds 79,521.75
(d) Repurchased Mortgage Loans 0 0.00
1(b). Add: Fixed Rate Group Extra Principal
Distribution Amount 1,375,003.30
1(c). Less: Fixed Rate Group Overcollateralization
Release Amount 0.00
------------------
Total Fixed Rate Group principal distribution 10,018,790.56
2(a). Variable Rate Principal Remittance Amount
(a) Stated principal collected 48,835.96
(b) Principal Prepayments 23 1,936,191.72
(c) Liquidation Proceeds 0.00
(d) Repurchased Contracts 0 0.00
2(b). Add: Adjustable Rate Group Extra Principal
Distribution Amount 299,698.48
2(c). Less: Adjustable Rate Group Overcollateralization
Release Amount 0.00
------------------
Total Variable Rate Group principal distribution 2,284,726.16
3(a). Class A Principal Distribution Amount
Per $ 1,000
-------------------
1. Class A-1 111.31989506 10,018,790.56
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 25.38584617 2,284,726.16
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
------------------- --------------
Ending Class A Certificate
Balances after distributions
of principal in this Monthly
Master Servicer Report:
(a) Class A-1 47.11547528% 42,403,927.75
(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 88.73121015% 79,858,089.13
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352,262,016.89
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
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27,500,000.00
V Interest Distribution Formula
Fixed Rate Group
(a) Fixed Rate Group Available
Funds Cap Rate 9.9200%
(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 29.9632%
(b) LIBOR Rate 5.6250%
(c) Maximum Variable Rate 20.0000%
(d) Variable Rate Group (Class A-9)
applicable Pass-Through Rate 5.8150%
INTEREST REMITTANCE AMOUNT
1. Interest collected on Mortgage
Loans 4,198,795.35
2. Interest advanced on Mortgage
Loans 113,858.70
3. Compensating Interest on Mortgage
Loans 3,534.56
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 4,316,188.61
<PAGE>
Current Interest Requirement
Fixed Rate Group
1. Class A-1 @ applicable Pass-Through Rate 259,055.60
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 2.87839555 259,055.60
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
------------------
2,036,634.77
Variable Rate Group
1. Class A-9 @ applicable rate 411,318.74
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 4.57020821 411,318.74
VI Monthly Excess Cashflow
(a) Monthly Excess Interest Amount 1,868,235.10
(b) Overcollateralization Release Amount 0.00
--------------
Total Monthly Excess Cashflow Amount 1,868,235.10
VII Credit Enhancement Information
(a) Senior Enhancement Percentage 22.38%
(b) Specified Senior Enhancement
Percentage 40.70%
<PAGE>
(c) Overcollateralization Amount:
1. Opening Overcollateralization Amount 9,914,467.56
2. Ending Overcollateralization Amount 11,574,293.20
3. Targeted Overcollateralization Amount 11,750,000.00
4. Overcollateralization Deficiency Amount 1,850,408.57
5. Overcollateralization Release Amount 0.00
VIII Trigger Information
1. (a) Delinquency Trigger percentage 2.91%
(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 7805 371,891,528.09
2. Variable Rate Group 952 81,944,782.00
(b) Weighted Average Mortgage Rate:
1. Fixed Rate Group 10.915%
2. Variable Rate Group 9.663%
(c) Weighted Average Remaining Maturity:
1. Fixed Rate Group 231.75
2. Variable Rate Group 340.15
(d) Weighted Average Original Maturity:
1. Fixed Rate Group 240.38
2. Variable Rate Group 347.60
X Delinquency Information No. % Amount
---------------------------------
A. Fixed Rate Group:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 283 3.77% 14,002,324.24
2. 60 - 89 Day Accounts 114 1.38% 5,131,994.52
3. 90 - 119 Day Accounts 41 0.50% 1,855,559.51
4. 120 + Day Accounts 70 1.07% 3,985,528.27
(b) Mortgage Loans - In Foreclosure 23 0.38% 1,419,985.63
(c) REO Property Accounts 0 0.00% 0.00
B. Variable Rate Group:
(a) Delinquent Contracts:
1. 31 - 59 Day Accounts 62 4.68% 3,833,582.31
2. 60 - 89 Day Accounts 18 1.18% 963,180.18
3. 90 - 119 Day Accounts 6 0.61% 502,835.09
4. 120 + Day Accounts 10 0.92% 752,102.97
(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 Accounts 345 3.93% 17,835,906.55
2. 60 - 89 Day Accounts 132 1.34% 6,095,174.70
3. 90 - 119 Day Accounts 47 0.52% 2,358,394.60
4. 120 + Day Accounts 80 1.04% 4,737,631.24
(b) Mortgage Loans - In Foreclosure 27 0.38% 1,727,017.84
(c) REO Property Accounts 0 0.00% 0.00
XI Realized Losses No. Amount
----- --------------
1. (a) Gross Realized Losses during the period 1 94,397.88
(b) Net Realized Losses during the period 14,876.13
(c) Cummulative Gross Realized Losses 1 94,397.88
<PAGE>
(d) Cummulative Net Realized Losses 14,876.13
(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 193,533.33
(b) Amount of prior unpaid Master Servicing Fees
paid with this distribution 0.00
(c) Total Master Servicing Fees paid with
this distribution 193,533.33
(d) Amount of unpaid Master Servicing Fees as
of this distribution 0.00
2. (a) Opening Master Servicer Advance Balance 1,993,801.93
(b) Current Advance (exclusive of
Compensating Interest) 543,206.15
(c) Reimbursement of prior Master Servicer
Advances (429,347.45)
------------------
(d) Ending Master Servicer Advance Balance 2,107,660.63
3. Current period Compensating Interest 3,534.56
4. (a) Stepdown Date in effect ? NO
