March 25, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Delta Funding Home Equity Loan Trust 1997-1 Home Equity Loan
Asset-Backed Certificates, Series 1997-1; File No. 333-3418.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of February 28, 1997 (the "Pooling and Servicing Agreement")
between Delta Funding Corporation, ("Delta"), as seller (the
"Seller") and servicer (the "Servicer"), and Bankers Trust Company
of California, N.A., as trustee (the "Trustee"), is a Current Report
on Form 8-K (the "Report").
The Home Equity Loan Asset-Backed Certificates, Series 1997-1 (the
"Certificates"), will consist of seven Classes (each, a "Class")
(collectively, the "Class A Certificates"), the Class S Certificates
(collectively with the Class A Certificates, the "Senior
Certificates"), and one or more Classes which are subordinated to the
Senior Certificates. Only the Class A Certificates are being offered
hereby. The Senior Certificates will have the benefit of an
irrevocable and unconditional certificate guaranty insurance policy
(the "Policy") issued by MBIA Insurance Corporation (the "Certificate
Insurer") pursuant to which the Certificate Insurer will guaranty
certain payments to the holders of Senior Certificates as described
in the Prospectus Supplement dated March 21, 1997.
The Certificates will evidence in the aggregate the entire
beneficial interest in a pool (the "Mortgage Pool") of closed-end
fixed and adjustable rate mortgage loans (the "Mortgage Loans")
consisting of two groups ("Loan Group 1" and "Loan Group 2",
respectively, and each a "Loan Group") held by Delta Funding Home
Equity Loan trust 1997-1 (the "Trust") to be formed pursuant to the
Pooling and Servicing Agreement dated as of February 28, 1997.
Distributions on the Class S, Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5 and Class A-6 Certificates (collectively, the "Group
1 Certificates") will be calculated by reference to Loan Group 1
which consists of Mortgage Loans with adjustable interest rates.
Distributions on the Class A-7 Certificates (the "Group 2
Certificates") will be calculated by reference to Loan Group 2
which consists of Mortgage Loans with adjustable interest rates.
The Mortgage Loans are secured by first and second deeds of trust
or mortgages primarily on one- to four-family residential
properties.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-3418). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Delta Funding Home Equity Loan Trust
1997-1 Home Equity Loan Asset-Backed Certificates, Series 1997-1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 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): April 25, 1997
DELTA FUNDING CORPORATION
(as Seller and Servicer under the Pooling and Servicing
Agreement, dated as of February 28, 1997, providing for the
issuance of Home Equity Loan Asset-Backed Certificates,
Series 1997-1)
DELTA FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
NEW YORK
(State or Other Jurisdiction of Incorporation)
333-3418 11-2609517
(Commission File Number) (I.R.S. Employer Identification No.)
1000 WOODBURY ROAD
WOODBURY, NEW YORK 11797
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (516) 364-8500
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
April 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
May 27, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
June 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
July 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
October 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1997.
SIGNATURE
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.
Bankers Trust Company of California,
N.A., not in its individual
capacity, but solely as a duly
authorized agent of the Registrant
pursuant to the Pooling and
Servicing Agreement, dated as of
February 28, 1997.
Date: March 25, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 5
dated as of April 25, 1997.
Monthly Remittance Statement to the Certificateholders 8
dated as of May 27, 1997.
Monthly Remittance Statement to the Certificateholders 12
dated as of June 25, 1997.
Monthly Remittance Statement to the Certificateholders 16
dated as of July 25, 1997.
Monthly Remittance Statement to the Certificateholders 20
dated as of August 25, 1997.
Monthly Remittance Statement to the Certificateholders 23
dated as of September 25, 1997.
Monthly Remittance Statement to the Certificateholders 27
dated as of October 25, 1997.
Monthly Remittance Statement to the Certificateholders 31
dated as of November 25, 1997.
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 83,709,000.00 460,399.50 2,385,751.21
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,846,150.71 0.00 0.00 81,323,248.79
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 37,000,000.00 168,960.24 650,760.13
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
819,720.37 0.00 0.00 36,349,239.87
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 140,033.53 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
140,033.53 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 235,000,000.00 1,451,010.24 3,036,511.34
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
4,487,521.58 0.00 0.00 231,963,488.66
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 1,000.000000 5.500000 28.500534 34.000534
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
971.499466 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 1,000.000000 4.566493 17.588112 22.154605
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
982.411888 5.668750% 5.887500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.707240 0.000000 0.707240
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.848690% 0.848690%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: March 31, 1997 Irvine, CA 92614
DISTRIBUTION DATE: April 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 81,232,248.79 447,277.87 2,828,233.23
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,275,511.10 0.00 0.00 78,495,015.56
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 36,349,239.87 190,227.69 189,371.56
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
379,599.25 0.00 0.00 36,159,868.31
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 137,707.43 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
137,707.43 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 231,963,488.66 1,456,829.96 3,017,604.79
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
4,474,434.75 0.00 0.00 228,945,883.87
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 971.499466 5.343247 33.786489 39.129736
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
937.712977 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 982.411888 5.141289 5.118150 10.259439
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
977.293738 5.887500% 5.887500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.695492 0.000000 0.695492
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.844770% 0.844770%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: April 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: May 27, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 78,495,015.56 431,722.59 2,304,933.92
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,736,716.51 0.00 0.00 76,190,021.64
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 36,159,868.31 171,495.71 723,465.13
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
894,960.84 0.00 0.00 35,436,403.18
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 134,949.90 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
134,949.90 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 228,945,883.87 1,419,785.17 3,028,459.05
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
4,448,244.22 0.00 0.00 225,917,424.82
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 937.712977 5.157421 27.535796 32.693217
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
910.177181 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 977.293738 4.635019 19.553112 24.188131
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
957.740626 5.887500% 5.887500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.681565 0.000000 0.681565
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.084000% 0.084000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: May 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: June 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 76,190,021.64 419,045.12 2,778,239.46
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,197,284.58 0.00 0.00 73,411,782.18
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 35,436,403.18 173,859.85 1,073,435.70
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,247,295.55 0.00 0.00 34,362,967.48
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 132,702.53 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
132,702.53 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 225,917,424.82 1,407,224.47 3,851,675.16
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
5,258,899.63 0.00 0.00 222,065,749.66
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 910.177181 5.005975 33.189256 38.195231
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
876.987925 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 957.740626 4.698915 29.011776 33.710691
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
928.728851 5.887500% 5.887500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.670215 0.000000 0.670215
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.086000% 0.086000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: June 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: July 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 73,411,782.18 403,764.80 3,422,399.16
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
3,826,163.96 0.00 0.00 69,989,383.02
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 34,362,967.48 173,057.29 980,737.06
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,153,794.35 0.00 0.00 33,382,230.42
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 129,993.75 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
129,993.75 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 222,065,749.66 1,388,432.81 4,403,136.22
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
5,791,569.03 0.00 0.00 217,662,613.44
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 876.987925 4.823434 40.884483 45.707916
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
836.103442 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 928.728851 4.677224 26.506407 31.183631
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
902.222444 5.848440% 5.887500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.656534 0.000000 0.656534
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.831060% 0.831060%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: July 31, 1997 Irvine, CA 92614
DISTRIBUTION DATE: August 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 66,856,272.18 367,709.50 4,068,572.69
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
4,436,282.19 0.00 0.00 62,787,700.01
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 32,759,495.09 170,531.37 614,666.19
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
785,197.56 0.00 0.00 32,144,828.90
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 123,602.12 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
123,602.12 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 213,906,767.79 1,343,459.96 4,683,238.88
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
6,026,698.84 0.00 0.00 209,223,528.91
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 798.674846 4.392712 48.603767 52.996478
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
750.071080 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 885.391759 4.608956 16.61260021 21.221556
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
868.779159 5.856250% 5.856250%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.624253 0.000000 0.624253
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.818800% 0.818800%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: August 29, 1997 Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 66,856,272.70 367,709.50 4,068,572.69
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
4,436,282.19 0.00 0.00 62,787,700.01
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 32,759,495.09 170,531.37 614,666.19
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
785,197.56 0.00 0.00 32,144,828.90
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 129,993.75 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
129,993.75 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 213,906,767.79 1,343,459.96 4,683,238.88
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
6,026,698.84 0.00 0.00 209,223,528.91
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 798.674846 4.392712 48.603767 52.996478
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
750.071080 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 885.391759 4.608956 16.612600 21.221556
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
868.779159 5.856250% 5.856250%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.624253 0.000000 0.624253
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.818800% 0.818800%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: September 30, 1997 Irvine, CA 92614
DISTRIBUTION DATE: October 27, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
DELTA FUNDING HOME EQUITY LOAN TRUST ASSET-BACKED CERTIFICATES
SERIES 1997-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-1 83,709,000.00 62,787,700.01 345,332.35 2,536,945.89
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,882,278.24 0.00 0.00 60,250,754.12
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-2 54,267,000.00 54,267,000.00 312,939.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
312,939.70 0.00 0.00 54,267,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-3 14,084,000.00 14,084,000.00 85,208.20 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
85,208.20 0.00 0.00 14,084,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-4 10,374,000.00 10,374,000.00 64,491.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
64,491.70 0.00 0.00 10,374,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-5 11,966,000.00 11,966,000.00 77,180.70 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
77,180.70 0.00 0.00 11,966,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-6 23,600,000.00 23,600,000.00 141,796.67 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
141,796.67 0.00 0.00 23,600,000.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-7 37,000,000.00 32,144,828.90 151,644.35 444,484.26
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
596,128.61 0.00 0.00 31,700,344.64
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
S ** 198,000,000.00 0.00 119,635.27 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
119,635.27 0.00 0.00 0.00
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
R-2 0.00 0.00 0.00 0.00
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
0.00 0.00 0.00 0.00
TOTALS
PRIOR
ORIGINAL PRINCIPAL
FACE VALUE BALANCE INTEREST PRINCIPAL
433,000,000.00 222,065,749.66 1,388,432.81 4,403,136.22
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
5,791,569.03 0.00 0.00 217,662,613.44
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1 24763LBA7 876.987925 4.823434 40.884483 45.707916
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
836.103442 6.600000% 6.600000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-2 24763LBB5 1,000.000000 5.766667 0.000000 5.766667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 6.920000% 6.920000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-3 24763LBC3 1,000.000000 6.050000 0.000000 6.050000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.260000% 7.260000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-4 24763LBD1 1,000.000000 6.216667 0.000000 6.216667
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.460000% 7.460000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-5 24763LBE9 1,000.000000 6.450000 0.000000 6.450000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.740000% 7.740000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-6 24763LBF6 1,000.000000 6.008333 0.000000 6.008333
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
1,000.000000 7.210000% 7.210000%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-7 24763LBG4 928.728851 4.677224 26.506407 31.183631
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
902.222444 5.848440% 5.887500%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
S ** 0.000000 0.656534 0.000000 0.656534
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.831060% 0.831060%
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
R-2 0.000000 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL PASS-THROUGH RATES
BALANCE CURRENT NEXT
0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
SELLER: Delta Funding Corporation ADMINISTRATOR: Nancy L. Wong
SERVICER: Delta Funding Corporation Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers 3 Park Plaza
RECORD DATE: October 31, 1997 Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1997
FACTOR INFORMATION: (800) 735-7777
Page 1 of 1 COPYRIGHT 1997 Bankers Trust Company
