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Previous: SHOPPING COM, 424B1, 1997-11-26 |
Next: ONYX ACCEPTANCE GRANTOR TRUST 1997-3, 8-K, 1997-11-26 |
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)
November 15, 1997
ContiMortgage Home Equity Loan Trust 1997-4
-------------------------------------------
(Exact name of registrant as specified in its charter)
16-1537547
16-1537548
New York 33-319427 16-1537550
-------- --------- ----------
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
-------------------------------- ----------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On November 15, 1997 a scheduled distribution was made from the Trust to
holders of the Class A,B,C and R Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of October, 1997 dated
November 15, 1997 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of
October, 1997 was $625,806.22.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of
October, 1997.
Page 3
<PAGE>
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Susan E. O'Donovan
Name: Susan E. O'Donovan
Title: Vice President and Chief Financial Officer
Dated: November 26, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of October,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-4
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-97
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WFT7 A-1 235,000,000.00 228,102,886.41 16,349,454.67 1,210,846.16 17,560,300.83 211,753,431.74 207,411,725.10
21075WFU4 A-2 166,000,000.00 166,000,000.00 0.00 867,350.00 867,350.00 166,000,000.00 166,000,000.00
21075WFV2 A-3 307,000,000.00 307,000,000.00 0.00 1,601,516.67 1,601,516.67 307,000,000.00 307,000,000.00
21075WFW0 A-4 100,000,000.00 100,000,000.00 0.00 525,000.00 525,000.00 100,000,000.00 100,000,000.00
21075WFX8 A-5 132,000,000.00 132,000,000.00 0.00 708,400.00 708,400.00 132,000,000.00 132,000,000.00
21075WFY6 A-6 39,000,000.00 39,000,000.00 0.00 211,575.00 211,575.00 39,000,000.00 39,000,000.00
21075WFZ3 A-7 95,250,000.00 95,250,000.00 0.00 526,256.25 526,256.25 95,250,000.00 95,250,000.00
21075WGA7 A-8 137,500,000.00 137,500,000.00 0.00 731,671.88 731,671.88 137,500,000.00
21075WGC3 A-9 267,500,000.00 267,500,000.00 0.00 1,375,618.75 1,375,618.75 267,500,000.00
21075WGB5 B 45,750,000.00 45,750,000.00 0.00 279,456.25 279,456.25 45,750,000.00
C 0.00 0.00 0.00 4,527,640.38 4,527,640.38 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,525,000,000.00 1,518,102,886.41 16,349,454.67 12,565,331.34 28,914,786.01 1,501,753,431.74
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WGD1 A-7I0 95,250,000.00 95,250,000.00 0.00 674,687.50 674,687.50 95,250,000.00
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WFT7 A-1 69.57214753 5.15253685 74.72468438 901.07843294 A-1 6.37000% 6.37000%
21075WFU4 A-2 0.00000000 5.22500000 5.22500000 1,000.00000000 A-2 6.27000% 6.27000%
21075WFV2 A-3 0.00000000 5.21666668 5.21666668 1,000.00000000 A-3 6.26000% 6.26000%
21075WFW0 A-4 0.00000000 5.25000000 5.25000000 1,000.00000000 A-4 6.30000% 6.30000%
21075WFX8 A-5 0.00000000 5.36666667 5.36666667 1,000.00000000 A-5 6.44000% 6.44000%
21075WFY6 A-6 0.00000000 5.42500000 5.42500000 1,000.00000000 A-6 6.51000% 6.51000%
21075WFZ3 A-7 0.00000000 5.52500000 5.52500000 1,000.00000000 A-7 6.63000% 6.63000%
21075WGA7 A-8 0.00000000 5.32125004 5.32125004 1,000.00000000 A-7IO 8.50000% 8.50000%
21075WGC3 A-9 * 0.00000000 128.56250000 128.56250000 25,000.00000000 A-8 5.83625% 5.80500%
21075WGB5 B 0.00000000 6.10833333 6.10833333 1,000.00000000 A-9 5.63000% 5.61000%
B 7.33000% 7.33000%
Total 10.72095388 5.27061702 15.99157090 984.75634868
* Class A-9 Amounts Per $25,000 Unit. LIBOR: 5.62500%
AUCTION RATE: 5.61000%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WGD1 A-7I0 0.00000000 7.08333333 7.08333333 1,000.00000000
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
SEC.7.09(a)(ii) Class A-1 991,467.94 15,038,011.69 300,000.00 19,975.04 16,349,454.67
<S> <C> <C> <C> <C> <C> <C>
Per $1000 Unit 4.21901251 63.99153911 1.27659574 0.08500017 69.57214753
Class A-2 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-9 * 0.00 0.00 0.00 0.00 0.00
Per $25,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total 991,467.94 15,038,011.69 300,000.00 19,975.04 16,349,454.67
Per $1000 Unit 0.65014291 9.86099127 0.19672131 0.01309839 10.72095388
* Class A-9 Amounts Per $25,000 Unit.
SEC. 7.09 (a) (iv)Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-7IO Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
Group I Group II Total
SEC. 7.09(a)(vi) Outstanding Loan Balance: 1,102,672,958.55 399,080,473.19 1,501,753,431.74
Prepayments (including Curtailments and
Purchased Principal) 11,887,839.00 3,150,172.69 15,038,011.69
Liquidation Proceeds applied to principal 0.00 300,000.00 300,000.00
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information
Provided at Calendar Year End.
Group I Group II Total
SEC. 7.09 (a) (viii) Loan Purchase Prices 277,219.74 20,756.40
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.3490% 10.3467% 11.0832%
SEC. 7.09 (a) (x) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (a) (xi) Senior Enhancement Percentage 3.0464%
SEC. 7.09 (a) (xii) Overcollateralization Amount 0.00
SEC. 7.09 (a) (xiii) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class B 0.00 0.00 0.00
SEC. 7.09 (a) (xv) Available Funds Cap 9.44937%
SEC. 7.09 (a) (xvi) Insured Payment 0.00
SEC. 7.09 (a) (xvii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xix) Largest Home Equity Loan Balance Outstanding 449,720.37
SEC. 7.09 (a) (xx) Amount Remaining in the Auction Remainder Account 0.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Nov-97
SEC. 7.09 (b) (ii)
Delinquencies(1) Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 380 2.07175% 20,779,664.92 1.88448%
Group I 60-89 Days 127 0.69240% 7,237,168.05 0.65633%
90+ Days 73 0.39799% 4,017,927.20 0.36438%
30-59 Days 59 1.38141% 4,418,409.58 1.10715%
Group II60-89 Days 22 0.51510% 2,174,730.69 0.54494%
90+ Days 3 0.07024% 553,626.63 0.13873%
30-59 Days 439 1.94136% 25,198,074.50 1.67791%
TOTAL 60-89 Days 149 0.65891% 9,411,898.74 0.62673%
90+ Days 76 0.33609% 4,571,553.83 0.30441%
Total Fixed 18342 100.00000% 1,102,672,958.55 100.00000%
Total Adjust. 4271 100.00000% 399,080,473.19 100.00000%
Total 22613 100.00000% 1,501,753,431.74 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
Group I Group II Total
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 31 2 33
Loans in Foreclosure (LIF): Balance 1,804,378.98 253,626.63 2,058,005.61
Newly Commenced LIF: Count 18 2 20
Newly Commenced LIF: Balance 995,969.97 253,626.63 1,249,596.60
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 18 3 21
Loans in Bankruptcy: Balance 907,119.70 176,977.76 1,084,097.46
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 10886 4 10890
Balloon Loans: Balance 765,350,740.73 398,851.02 765,749,591.75
SEC. 7.09 (b) (v&vi)REO Properties: Count 0 0 0
REO Properties: Balance 0.00 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 21,012.63 10,300.00 31,312.63
SEC. 7.09 (b) (viii)Loan Balance of 60+ Day Delinquent Loans 13,983,452.57
SEC. 7.09 (b) (ix) Three-Month Rolling Average of 60+ Day Delinquency Rate 0.41478%
Page 3
</TABLE>
<PAGE>
Distribution Period: 15-Nov-97
<TABLE>
<CAPTION>
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 29,716,573.32
SEC. 7.08(a)(2)(4) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 17,560,300.83 17,560,300.83
Class A-2 Allocation 867,350.00 867,350.00
Class A-3 Allocation 1,601,516.67 1,601,516.67
Class A-4 Allocation 525,000.00 525,000.00
Class A-5 Allocation 708,400.00 708,400.00
Class A-6 Allocation 211,575.00 211,575.00
Class A-7 Allocation 526,256.25 526,256.25
Class A-7IO Allocation 674,687.50 674,687.50
Class A-8 Allocation 731,671.88 731,671.88
Class A-9 Allocation 1,375,618.75 1,375,618.75
Class A Distribution Amount 24,782,376.88 24,782,376.88
Class B Allocation 279,456.25 279,456.25
SEC. 7.08(a)(3) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(a)(5) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 228,102,886.41 16,349,454.67 211,753,431.74
A-2 166,000,000.00 0.00 166,000,000.00
A-3 307,000,000.00 0.00 307,000,000.00
A-4 100,000,000.00 0.00 100,000,000.00
A-5 132,000,000.00 0.00 132,000,000.00
A-6 39,000,000.00 0.00 39,000,000.00
A-7 95,250,000.00 0.00 95,250,000.00
A-7IO 95,250,000.00 NA 95,250,000.00
A-8 137,500,000.00 0.00 137,500,000.00
A-9 267,500,000.00 0.00 267,500,000.00
B 45,750,000.00 0.00 45,750,000.00
* Denotes Notional Amounts for Class A-7IO.
SEC. 7.08(a)(6) Current Period Realized Losses (Recoveries) 31,312.63
Cumulative Realized Losses 31,312.63
SEC. 7.08(a)(7) Loan Balance of 60+ Day Delinquent Loans 13,983,452.57
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.41478%
</TABLE>
<PAGE>
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