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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 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
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(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)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On October 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 September, 1997 dated
October 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
September, 1997 was $301,397.67.
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
September, 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: October 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of September,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-4
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-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-1 235,000,000.00 235,000,000.00 6,897,113.59 748,475.00 7,645,588.59 228,102,886.41 225,141,521.87
21075WFU4 A-2 166,000,000.00 166,000,000.00 0.00 520,410.00 520,410.00 166,000,000.00 166,000,000.00
21075WFV2 A-3 307,000,000.00 307,000,000.00 0.00 960,910.00 960,910.00 307,000,000.00 307,000,000.00
21075WFW0 A-4 100,000,000.00 100,000,000.00 0.00 315,000.00 315,000.00 100,000,000.00 100,000,000.00
21075WFX8 A-5 132,000,000.00 132,000,000.00 0.00 425,040.00 425,040.00 132,000,000.00 132,000,000.00
21075WFY6 A-6 39,000,000.00 39,000,000.00 0.00 126,945.00 126,945.00 39,000,000.00 39,000,000.00
21075WFZ3 A-7 95,250,000.00 95,250,000.00 0.00 315,753.75 315,753.75 95,250,000.00 95,250,000.00
21075WGA7 A-8 137,500,000.00 137,500,000.00 0.00 445,824.65 445,824.65 137,500,000.00
21075WGC3 A-9 267,500,000.00 267,500,000.00 0.00 836,680.56 836,680.56 267,500,000.00
21075WGB5 B 45,750,000.00 45,750,000.00 0.00 167,673.75 167,673.75 45,750,000.00
C 0.00 0.00 0.00 2,468,279.37 2,468,279.37 0.00
R 0.00 0.00 0.00 197,077.83 197,077.83 0.00
Total 1,525,000,000.00 1,525,000,000.00 6,897,113.59 7,528,069.91 14,425,183.50 1,518,102,886.41
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WGD1 A-7IO 95,250,000.00 95,250,000.00 0.00 404,812.50 404,812.50 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 29.34941953 3.18500000 32.53441953 970.65058047 A-1 6.37000% 6.37000%
21075WFU4 A-2 0.00000000 3.13500000 3.13500000 1,000.00000000 A-2 6.27000% 6.27000%
21075WFV2 A-3 0.00000000 3.13000000 3.13000000 1,000.00000000 A-3 6.26000% 6.26000%
21075WFW0 A-4 0.00000000 3.15000000 3.15000000 1,000.00000000 A-4 6.30000% 6.30000%
21075WFX8 A-5 0.00000000 3.22000000 3.22000000 1,000.00000000 A-5 6.44000% 6.44000%
21075WFY6 A-6 0.00000000 3.25500000 3.25500000 1,000.00000000 A-6 6.51000% 6.51000%
21075WFZ3 A-7 0.00000000 3.31500000 3.31500000 1,000.00000000 A-7 6.63000% 6.63000%
21075WGA7 A-8 0.00000000 3.24236109 3.24236109 1,000.00000000 A-7IO 8.50000% 8.50000%
21075WGC3 A-9 * 0.00000000 78.19444486 78.19444486 25,000.00000000 A-8 5.83625% 5.83625%
21075WGB5 B 0.00000000 3.66500000 3.66500000 1,000.00000000 A-9 5.63000% 5.63000%
B 7.33000% 7.33000%
Total 4.52269744 3.18866407 7.71136151 995.47730256
* Class A-9 Amounts Per $25,000 Unit. LIBOR: 5.65625%
AUCTION RATE: 5.63000%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WGD1 A-7IO 0.00000000 4.25000000 4.25000000 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
</TABLE>
Page 1
<PAGE>
<TABLE>
Distribution Period: 15-Oct-97
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
<S> <C> <C> <C> <C> <C> <C>
SEC.7.09(a)(ii)Class A-1 448,511.23 6,447,570.72 0.00 1,031.64 6,897,113.59
Per $1000 Unit 1.90855843 27.43647115 0.00000000 0.00438996 29.34941953
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 448,511.23 6,447,570.72 0.00 1,031.64 6,897,113.59
Per $1000 Unit 0.29410572 4.22791523 0.00000000 0.00067649 4.52269744
* 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: 1,115,429,545.43 402,673,340.98 1,518,102,886.41
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 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.3526% 10.3452% 11.0851%
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 3.0136%
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 9.44622%
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 449,860.86
SEC. 7.09 (a) (xx) Amount Remaining in the Auction Remainder Account 0.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-97
SEC. 7.09 (b) (ii)
Delinquencies(1)
<S> <C> <C> <C> <C> <C>
Period Number Percentage Prin. Balance Percentage
30-59 Days 315 1.69146% 17,400,361.23 1.55997%
Group I 60-89 Days 69 0.37051% 3,580,162.45 0.32097%
90+ Days 12 0.06444% 621,092.08 0.05568%
30-59 Days 50 1.15234% 3,672,572.28 0.91205%
Group II 60-89 Days 2 0.04609% 394,500.00 0.09797%
90+ Days 1 0.02305% 159,126.63 0.03952%
30-59 Days 365 1.58958% 21,072,933.51 1.38811%
TOTAL 60-89 Days 71 0.30921% 3,974,662.45 0.26182%
90+ Days 13 0.05662% 780,218.71 0.05139%
Total Fixed 18623 100.00000% 1,115,429,545.43 100.00000%
Total Adjust. 4339 100.00000% 402,673,340.98 100.00000%
Total 22962 100.00000% 1,518,102,886.41 100.00000%
(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 15 0 15
Loans in Foreclosure (LIF): Balance 864,318.24 0.00 864,318.24
Newly Commenced LIF: Count 15 0 15
Newly Commenced LIF: Balance 864,318.24 0.00 864,318.24
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 4 2 6
Loans in Bankruptcy: Balance 304,686.04 115,442.45 420,128.49
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 10976 3 10979
Balloon Loans: Balance 771,656,752.26 299,081.37 771,955,833.63
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 0.00 0.00 0.00
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 4,754,881.16
SEC. 7.09 (b) (ix) Three-Month Rolling Average of 60+ Day Delinquency Rate 0.10440%
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 14,967,207.75
SEC. 7.08(a)(2)(4) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 7,645,588.59 7,645,588.59
Class A-2 Allocation 520,410.00 520,410.00
Class A-3 Allocation 960,910.00 960,910.00
Class A-4 Allocation 315,000.00 315,000.00
Class A-5 Allocation 425,040.00 425,040.00
Class A-6 Allocation 126,945.00 126,945.00
Class A-7 Allocation 315,753.75 315,753.75
Class A-7IO Allocation 404,812.50 404,812.50
Class A-8 Allocation 445,824.65 445,824.65
Class A-9 Allocation 836,680.56 836,680.56
Class A Distribution Amount 11,996,965.05 11,996,965.05
Class B Allocation 167,673.75 167,673.75
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 *
A-1 235,000,000.00 6,897,113.59 228,102,886.41
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) 0.00
Cumulative Realized Losses 0.00
SEC. 7.08(a)(7) Loan Balance of 60+ Day Delinquent Loan 4,754,881.16
Three-Month Rolling Average of
60+ Day Delinquency Rate 0.10440%
</TABLE>
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