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): October 27, 1997
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
(as depositor under the Sale and Servicing Agreement,
dated as of August 1, 1997, relating to the Empire Funding Home Loan
Owner Trust 1997-3, Home Loan Asset Backed Notes Series 1997-3.)
(Exact name of registrant as specified in its charter)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
Delaware 333-30939 06-1204982
State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1285 Avenue of the Americas
New York, NY 10019
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 713-2000
Item 5. Other Events
On behalf of Empire Funding Home Loan Owner Trust 1997-3,
Home Loan Asset-Backed Notes, Series 1997-2, a Trust created
pursuant to the Sale and Servicing Agreement, dated August 1,
1997, by U.S. Bank National Association d.b.a. First Bank
National Association, as Indenture Trustee for the Trust, the
Indenture Trustee has caused to be filed with the Commission, the
Monthly Report dated October 27, 1997. The Monthly Report is
filed pursuant to and in accordance with (1) numerous no-action
letters (2) current Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each monthly distribution
to the holders of the Certificates, Due April 25, 2023.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date October 27, 1997.
Principal Interest Ending Balance
$1,959,385.20 $1,415,231.09 $221,775,616.19
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificatholders:
NONE
F. Item 5: Other Information - Form 10-Q, Part II - Items 1,2,4,5 if
applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated October 27, 1997.
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-3
PASS-THROUGH CERTIFICATES
SERIES 1997-3
DISTRIBUTION STATEMENT
Distribution Date: 10/27/97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 15,558,443.51 1,959,385.20 117,855.21 2,077,240.41 13,599,058.31
A-2 29,968,000.00 0.00 193,543.33 193,543.33 29,968,000.00
A-3 32,492,000.00 0.00 199,013.50 199,013.50 32,492,000.00
A-4 21,015,000.00 0.00 125,389.50 125,389.50 21,015,000.00
A-5 24,232,000.00 0.00 145,593.93 145,593.93 24,232,000.00
A-6 20,550,000.00 0.00 127,238.75 127,238.75 20,550,000.00
A-7 12,851,519.41 0.00 81,607.15 81,607.15 12,851,519.41
M-1 33,805,733.68 0.00 209,877.26 209,877.26 33,805,733.68
M-2 14,085,722.37 0.00 86,979.34 86,979.34 14,085,722.37
B-1 13,522,293.47 0.00 87,331.48 87,331.48 13,522,293.47
B-2 5,634,288.95 0.00 40,801.64 40,801.64 5,634,288.95
Total 223,715,001.39 1,959,385.20 1,415,231.09 3,374,616.29 221,755,616.19
Payment of Loss Interest Allocable
Reimbursement Carry Forward Loss
Class Deficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
A-4 NA 0.00 NA
A-5 NA 0.00 NA
A-6 NA 0.00 NA
A-7 NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B-1 0.00 0.00 0.00
B-2 0.00 0.00 0.00
Total 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass-Through
Class Distribution Distribution Distribution Balance Interest Rate
A-1 113.81848388 6.84607668 120.66456056 789.95401162 9.09000%
A-2 0.00000000 6.45833322 6.45833322 1000.00000000 7.75000%
A-3 0.00000000 6.12500000 6.12500000 1000.00000000 7.35000%
A-4 0.00000000 5.96666667 5.96666667 1000.00000000 7.16000%
A-5 0.00000000 6.00833320 6.00833320 1000.00000000 7.21000%
A-6 0.00000000 6.19166667 6.19166667 1000.00000000 7.43000%
A-7 0.00000000 6.35000014 6.35000014 1000.00000000 7.62000%
M-1 0.00000000 6.20833324 6.20833324 1000.00000000 7.45000%
M-2 0.00000000 6.17500031 6.17500031 1000.00000000 7.41000%
B-1 0.00000000 6.45833343 6.45833343 1000.00000000 7.75000%
B-2 0.00000000 7.24166623 7.24166623 1000.00000000 8.69000%
Payment of Loss Interest Allocable
Reimbursement Carry Forward Loss
Class Deficiency Amount Amount
A-1 0.00000000 0.00000000 0.00000000
A-2 0.00000000 0.00000000 0.00000000
A-3 0.00000000 0.00000000 0.00000000
A-4 0.00000000 0.00000000 0.00000000
A-5 0.00000000 0.00000000 0.00000000
A-6 0.00000000 0.00000000 0.00000000
A-7 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 0.00000000
M-2 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 0.00000000
B-2 0.00000000 0.00000000 0.00000000
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-3
PASS-THROUGH CERTIFICATES
SERIES 1997-3
Distribution Date: 10/27/97
Distribution Statement
Pooling and Servicing Agreement Dated August 1, 1997
i) Available Collection Amount 3,517,446.59
Available Distribution Amount 3,374,616.29
ii) Beginning Pool Principal Balances 224,625,764.36
Ending Pool Principal Balance 223,617,328.78
iii) Class Factors Class A-1 0.90377250 0.78995401
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class A-5 1.00000000 1.00000000
Class A-6 1.00000000 1.00000000
Class A-7 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B-1 1.00000000 1.00000000
Class B-2 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 2,503,220.40
Interest from Purchased Loans 3,879.09
Interest from Liquidated Mortgage Loans 0.00
2,507,099.49
Principal Collections (Regular Installments) 254,379.68
Principal Collections (Curtailments and Paid in Fulls) 629,955.90
Substitution Adjustment 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from Purchased Loans 124,100.00
1,008,435.58
Total Payments 3,515,535.07
plus: Interest Income on Collection, Certificate and 1,911.52
Note Distribution Accounts
less: Trust Fees and Expenses 142,830.30
Available Distribution Amount 3,374,616.29
v) Optimal Principal Balances:
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
Class B-2 0.00
vi) Overcollateralization Deficiency Amount (before distribution 9,230,957.13
Amounts distributed to the Residual Interest 0.00
vii) Servicing Compensation 140,391.10
Indenture Trustee Fee 2,105.87
Owner Trustee Fee 333.33
viii) Overcollateralization Amount 1,861,712.59
Overcollateralization Target Amount 10,141,720.10
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 950,949.62
Beginning Ending
ix) Weighted Average Maturity 237 236
Weighted Average Home Loan Interest Rate 14.073% 14.074%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 464,895.52
Six-Month Rolling Delinquency Average 320,436.81
Net Delinquency Calculation Amount 0.00
xi) Current
Current Aggregate
Combination Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans because Defective 0 0.00
D)Deleted Home Loans because Defaulted 0 0.00
Cumulative
Cumulative Aggregate
Combination Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans because Defective 0 0.00
D)Deleted Home Loans because Defaulted 0 0.00
Current
Current Aggregate
Debt Consolidation Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans because Defective 0 0.00
D)Deleted Home Loans because Defaulted 0 0.00
Cumulative
Cumulative Aggregate
Debt Consolidation Loans Number Principal Balance
A)Defaulted Home Loans 0 0.00
B)Liquidated Home Loans 0 0.00
C)Deleted Home Loans because Defective 0 0.00
D)Deleted Home Loans because Defaulted 0 0.00
Principal
xii) Delinquency Information Number Balance % of Total
30-59 Days Delinquent 21 498,172.06 0.223%
60-89 Days Delinquent 10 277,923.63 0.124%
90-179 Days Delinquent 5 106,009.01 0.047%
180 or more Days Delinquent 0 0.00 0.000%
Loans in foreclosure proceedings 0 0.00 0.000%
Foreclosed Properties 0 0.00 0.000%
Principal
Loans in bankruptcy proceedings Number Balance % of Total
30-59 Days Delinquent 0 0.00 0.000%
60-89 Days Delinquent 2 80,962.88 0.036%
90-179 Days Delinquent 0 0.00 0.000%
180 or more Days Delinquent 0 0.00 0.000%
Aggregate 2 80,962.88 0.036%
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 thereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
By /s/ James Kaufman
Name: Jim Kaufman
Title:Assistant Vice President,
First National Association
Dated: October 31, 1997
