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Previous: CAPTEC NET LEASE REALTY INC, 10-Q, 1997-12-29 |
Next: ADVANTA MORTGAGE LOAN TRUST 1997-3, 8-K, 1997-12-29 |
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)
December 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 December 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 November, 1997 dated
December 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
November, 1997 was $533,633.46.
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
November, 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: December 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of November,
1997.
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-4
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-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-1 235,000,000.00 211,753,431.74 20,436,635.02 1,124,057.80 21,560,692.82 191,316,796.72 188,491,295.50
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 0.00 627,496.53 627,496.53 137,500,000.00
21075WGC3 A-9 267,500,000.00 267,500,000.00 0.00 1,183,836.11 1,183,836.11 267,500,000.00
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 4,790,736.30 4,790,736.30 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,525,000,000.00 1,501,753,431.74 20,436,635.02 12,445,680.91 32,882,315.93 1,481,316,796.72
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WGD1 A-7IO 95,250,000.00 95,250,000.00 0.00 674,687.50 674,687.50 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
21075WFT7 A-1 86.96440434 4.78322468 91.74762902 814.11402860 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 4.56361113 4.56361113 1,000.00000000 A-7IO 8.50000% 8.50000%
21075WGC3 A-9 * 0.00000000 110.63888879 110.63888879 25,000.00000000 A-8 5.83625% 5.86750%
21075WGB5 B 0.00000000 6.10833333 6.10833333 1,000.00000000 A-9 5.63000% 5.69000%
B 7.33000% 7.33000%
Total 13.40107214 5.01963581 18.42070795 971.35527654
* Class A-9 Amounts Per $25,000 Unit. LIBOR: 5.68750%
AUCTION RATE: 5.69000%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WGD1 A-7IO 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-Dec-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-1 852,702.50 19,195,533.87 377,685.00 10,713.65 20,436,635.02
Per $1000 Unit 3.62852128 81.68312285 1.60717021 0.04559000 86.96440434
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 852,702.50 19,195,533.87 377,685.00 10,713.65 20,436,635.02
Per $1000 Unit 0.55914918 12.58723532 0.24766230 0.00702534 13.40107214
* 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: 1,085,798,074.20 395,518,722.52 1,481,316,796.72
Prepayments (including Curtailments
and Purchased Principal) 15,763,847.58 3,431,686.29 19,195,533.87
Liquidation Proceeds applied to principal 377,685.00 0.00 377,685.00
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 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.3481% 10.3438% 11.0812%
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 3.0885%
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 9.43690%
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-Dec-97
SEC. 7.09(b)(ii)Delinquencies(1) Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 624 3.45840% 35,357,354.05 3.25635%
Group I 60-89 Days 202 1.11955% 11,999,493.00 1.10513%
90+ Days 175 0.96991% 10,084,210.70 0.92874%
30-59 Days 110 2.59924% 8,732,888.23 2.20796%
Group II 60-89 Days 32 0.75614% 2,983,837.85 0.75441%
90+ Days 25 0.59074% 2,553,818.37 0.64569%
30-59 Days 734 3.29517% 44,090,242.28 2.97642%
TOTAL 60-89 Days 234 1.05051% 14,983,330.85 1.01149%
90+ Days 200 0.89787% 12,638,029.07 0.85316%
Total Fixed 18043 100.00000% 1,085,798,074.20 100.00000%
Total Adjust. 4232 100.00000% 395,518,722.52 100.00000%
Total 22275 100.00000% 1,481,316,796.72 100.00000%
(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 59 7 66
Loans in Foreclosure (LIF): Balance 3,638,779.41 838,000.77 4,476,780.18
Newly Commenced LIF: Count 29 5 34
Newly Commenced LIF: Balance 1,884,634.36 584,374.14 2,469,008.50
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 25 6 31
Loans in Bankruptcy: Balance 1,511,857.70 445,445.27 1,957,302.97
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 10718 4 10722
Balloon Loans: Balance 754,094,475.04 398,661.31 754,493,136.35
SEC. 7.09 (b) (v&vi) REO Properties: Count 1 0 1
REO Properties: Balance 106,780.77 0.00 106,780.77
SEC. 7.09 (b) (vii) Cumulative Realized Losses 39,243.95 10,300.00 49,543.95
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 27,621,359.92
SEC. 7.09 (b) (ix) Three-Month Rolling Average of 60+ Day Delinquency Rate 1.03633%
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Dec-97
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 33,688,640.53
SEC. 7.08(a)(2)(4) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 21,560,692.82 21,560,692.82
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 627,496.53 627,496.53
Class A-9 Allocation 1,183,836.11 1,183,836.11
Class A Distribution Amount 28,486,810.88 28,486,810.88
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-1 211,753,431.74 20,436,635.02 191,316,796.72
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) 18,231.32
Cumulative Realized Losses 49,543.95
SEC. 7.08(a)(7) Loan Balance of 60+ Day Delinquent Loans 27,621,359.92
Three-Month Rolling Average of
60+ Day Delinquency Rate 1.03633%
</TABLE>
<PAGE>
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
4463048 $106,780.77 New File (Setup)
<PAGE>
Insurer's Report
Distribution Period: 15-Dec-97
* Monthly Excess Cashflow Amount 4,773,187.12
* Premium paid from cash flow (1) 71,778.00
* Trustee Fee paid from cash flow (1) 1,647.29
* Auction Agent Fee
(Incl. Broker Dealer Fee) 58,211.81
* Interest Collected on Mortgage
Loans (net of Service Fee) 13,234,456.33
* Current Period Realized Losses:
Principal 10,713.65
Interest 7,517.67
(1) Allocated based upon the related Certificate Balances.
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