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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)
January 15, 1998
ContiMortgage Home Equity Loan Trust 1997-4
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(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
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(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 January 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 December, 1997 dated
January 15, 1998 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
December, 1997 was $522,259.42.
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
December, 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: January 29, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December,
1997.
<TABLE>
<CAPTION>
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-4
Distribution Period: 15-Jan-98
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>
21075WFT7 A-1 235,000,000.00 191,316,796.72 22,924,745.43 1,015,573.33 23,940,318.76 168,392,051.29 168,392,051.29
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 3,168,039.25 727,566.13 3,895,605.38 134,331,960.75
21075WGC3 A-9 267,500,000.00 267,500,000.00 0.00 1,405,118.06 1,405,118.06 267,500,000.00
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 4,382,347.72 4,382,347.72 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,525,000,000.00 1,481,316,796.72 26,092,784.68 12,250,159.41 38,342,944.09 1,455,224,012.04
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
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WFT7 A-1 97.55210821 4.32158864 101.87369685 716.56192038 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 23.04028545 5.29139004 28.33167549 976.95971455 A-7IO 8.50000% 8.50000%
21075WGC3 A-9 * 0.00000000 131.31944486 131.31944486 25,000.00000000 A-8 5.83625% 6.14484%
21075WGB5 B 0.00000000 6.10833333 6.10833333 1,000.00000000 A-9 5.63000% 6.10000%
B 7.33000% 7.33000%
Total 17.11002274 5.15922078 22.26924352 954.24525380
* Class A-9 Amounts Per $25,000 Unit. LIBOR: 5.96484%
AUCTION RATE: 6.10000%
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-Jan-98
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-1 982,506.18 21,942,239.25 0.00 0.00 22,924,745.43
Per $1000 Unit 4.18087736 93.37123085 0.00000000 0.00000000 97.55210821
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 2,943,356.65 213,122.06 11,560.54 3,168,039.25
Per $1000 Unit 0.00000000 21.40623018 1.54997862 0.08407665 23.04028545
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 982,506.18 24,885,595.90 213,122.06 11,560.54 26,092,784.68
Per $1000 Unit 0.64426635 16.31842354 0.13975217 0.00758068 17.11002274
* Class A-9 Amounts Per $25,000 Unit.
<S> <C> <C>
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: 1,065,473,704.62 389,750,307.42 1,455,224,012.04
Prepayments (including Curtailments and Purchased Principal) 19,262,968.45 5,622,627.45 24,885,595.90
Liquidation Proceeds applied to principal 213,122.06 0.00 213,122.06
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 11.3382% 10.3544% 11.0756%
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 3.1438%
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 9.42042%
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 449,578.52
SEC. 7.09 (a) (xx) Amount Remaining in the Auction Remainder Account 0.00
Page 2
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
SEC.7.09(b)(ii)Delinquencies(1)
Period Number Percentage Prin. Balance Percentage
<S> <C> <C> <C> <C> <C>
30-59 Days 504 2.84633% 26,351,327.26 2.47320%
Group I 60-89 Days 204 1.15209% 12,611,482.91 1.18365%
90+ Days 299 1.68860% 17,845,025.35 1.67484%
30-59 Days 111 2.66123% 9,142,587.75 2.34576%
Group II 60-89 Days 44 1.05490% 4,040,073.95 1.03658%
90+ Days 43 1.03093% 4,254,830.61 1.09168%
30-59 Days 615 2.81104% 35,493,915.01 2.43907%
TOTAL 60-89 Days 248 1.13356% 16,651,556.86 1.14426%
90+ Days 342 1.56321% 22,099,855.96 1.51866%
Total Fixed 17707 100.00000% 1,065,473,704.62 100.00000%
Total Adjust. 4171 100.00000% 389,750,307.42 100.00000%
Total 21878 100.00000% 1,455,224,012.04 100.00000%
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
Group I Group II Total
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 150 25 175
Loans in Foreclosure (LIF): Balance 9,204,885.93 2,472,661.26 11,677,547.19
Newly Commenced LIF: Count 96 19 115
Newly Commenced LIF: Balance 5,917,864.88 1,934,660.49 7,852,525.37
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 52 10 62
Loans in Bankruptcy: Balance 3,236,907.45 749,099.09 3,986,006.54
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 10512 4 10516
Balloon Loans: Balance 740,679,126.80 398,502.40 741,077,629.20
SEC. 7.09 (b) (v&vi) REO Properties: Count 2 0 2
REO Properties: Balance 133,012.77 0.00 133,012.77
SEC. 7.09 (b) (vii) Cumulative Realized Losses 57,890.41 10,300.00 68,190.41
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 38,751,412.82
SEC. 7.09 (b) (ix) Three-Month Rolling Average of 60+ Day Delinquency Rate 1.81957%
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Jan-98
SEC. 7.08(a)(1) Amount on Deposit in the Certificate Account 39,151,662.93
SEC. 7.08(a)(2)(4) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 23,940,318.76 23,940,318.76
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 3,895,605.38 3,895,605.38
Class A-9 Allocation 1,405,118.06 1,405,118.06
Class A Distribution Amount 34,355,827.62 34,355,827.62
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-1 191,316,796.72 22,924,745.43 168,392,051.29
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 3,168,039.25 134,331,960.75
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) 18,646.46
Cumulative Realized Losses 68,190.41
SEC. 7.08(a)(7) Loan Balance of 60+ Day Delinquent Loans 38,751,412.82
Three-Month Rolling Average of 60+ Day Delinquency Rate 1.81957%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
<S> <C> <C> <C>
4463048 106,780.77 1-NEW FILE
4526018 26,232.00 3-LIST PENDING
</TABLE>
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