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Previous: MONEY STORE TRUST 1997-C, 8-K, 1997-10-31 |
Next: MONEY STORE AUTO TRUST 1997-3, 8-K, 1997-10-31 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_______________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event report) October 15, 1997
-----------------
The Money Store Residential Trust 1997-I and the Originators as listed below
under a Pooling and Servicing Agreement dated as of August 31, 1997 providing
for the issuance of The Money Store Residential Loan Certificates, Series 1997-I
TMS Mortgage Inc.
The Money Store Home Equity Corp.
The Money Store/ Minnesota Inc.
The Money Store/ Kentucky Inc.
The Money Store/ D.C. Inc.
-------------------------
(Exact name of registrant as specified in its charter)
New Jersey 333-20817-10 Applied For
- ---------- ------------ -----------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
- --------------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908)686-2000
------------
n/a
- -----------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to
Class A Certificate holders with respect to the October 15, 1997 Remittance
Date.
Item 7 Financial Statements and Exhibits
---------------------------------
The quarterly financial statement for the period ended September 30, 1996
for MBIA Inc.is incorporated by reference to the Form 10Q filed by MBIA Inc.
with the Securities and Exchange Commission on November 14, 1996.
<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 thereunto duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
---------------------
Harry Puglisi
Treasurer
Dated: October 31, 1997
<PAGE>
Schedule A
List of Originators
-------------------
Residential Trust 1997-1
------------------------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/ Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF AUGUST 31, 1997, THE MONEY STORE INC. REPORTS THE FOLLOWING
INFORMATION PERTAINING TO THE RESIDENTIAL TRUST 1997-I FOR THE OCTOBER 9,
1997 DETERMINATION DATE.
<TABLE>
<S> <C>
1. AGGREGATE AMOUNT RECEIVED $ 4,519,106.93
LESS: SERVICE FEE 40,874.87
CONTINGENCY FEE 40,874.87
OTHER SERVICER FEES (Late Charges / Escrow) 1,551.08
UNREIMBURSED MONTHLY ADVANCES 0.00
--------------
83,300.82
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 269,932.78
PRE-FUNDING ACCOUNT TRANSFER 6,641.14
CAPITALIZED INTEREST ACCOUNT TRANSFER 301,789.59
--------------
578,363.52
AMOUNT WITHDRAWN FROM THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01(b)(vi) 0.00
--------------
AVAILABLE REMITTANCE AMOUNT (I-2) 5,014,169.63
=============
2. (A) ORIGINAL CLASS A-1 PRINCIPAL BALANCE
114,676,000.00
(B) ORIGINAL CLASS A-2 PRINCIPAL BALANCE
64,708,000.00
(C) ORIGINAL CLASS A-3 PRINCIPAL BALANCE
49,602,000.00
(D) ORIGINAL CLASS M-1 PRINCIPAL BALANCE
29,710,000.00
(E) ORIGINAL CLASS M-2 PRINCIPAL BALANCE
17,391,000.00
(F) ORIGINAL CLASS B PRINCIPAL BALANCE
23,913,000.00
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 3,325,543.81
CLASS A-2 0.00
CLASS A-3 0.00
CLASS M-1 0.00
CLASS M-2 0.00
CLASS B 0.00
TOTAL PRINCIPAL DISTRIBUTION AMOUNT : 3,325,543.81
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
4. (A) CLASS A INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS M INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS B INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
AGGREGATE INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
(B) CLASS A REALIZED LOSS AMOUNT 0.00
CLASS M REALIZED LOSS AMOUNT 0.00
CLASS B REALIZED LOSS AMOUNT 0.00
AGGREGATE REALIZED LOSS AMOUNT 0.00
5. AVAILABLE MAXIMUM SUBORDINATION AMOUNT 7,604,173.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD
AMOUNT 1,094,371.54
# OF LOANS 206
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 383,199.41
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 671,204.39
9. AMOUNT OF INTEREST RECEIVED 2,299,357.63
10. (A) AMOUNT OF MONTHLY ADVANCES TO BE MADE ON
THE DETERMINATION DATE
MONTHLY ADVANCE TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii) 269,932.78
(B) AMOUNT OF COMPENSATING INTEREST 539.85
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT L)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMEN 613,516.60
(B) PRINCIPAL DISTRIBUTION AMOU 3,325,543.81
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 3,939,060.41
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMEN 349,423.20
(B) PRINCIPAL DISTRIBUTION AMOU 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 349,423.20
CLASS A-3 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMEN 276,117.80
(B) PRINCIPAL DISTRIBUTION AMOU 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-3 REMITTANCE AMOUNT 276,117.80
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CLASS A REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,239,057.60
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,325,543.81
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 4,564,601.41
CLASS M-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 175,412.79
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 175,412.79
CLASS M-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 109,200.99
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 109,200.99
CLASS M REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 284,613.78
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M REMITTANCE AMOUNT 284,613.78
CLASS B REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 149,954.44
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B REMITTANCE AMOUNT 149,954.44
AGGREGATE REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,673,625.82
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,325,543.81
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 4,999,169.63
14. (A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) GP REMITTANCE AMOUNT PAYABLE 0.00
15.(A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 111,350,456.19
</TABLE>
<PAGE>
<TABLE>
<S>
<C> <C> <C>
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 64,708,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 49,602,000.00
(D) CLASS M-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 29,710,000.00
(E) CLASS M-2 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 17,391,000.00
(F) CLASS B PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 23,913,000.00
(G) TOTAL POOL PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 296,674,456.19
16. TRIGGER EVENT CALCULATION TRIGGER ACTIVATED
THE TRIGGER EVENT WILL BE IN EFFECT IF EITHER
(1) (i) DOES NOT EXCEED 50% OF (ii)
(i) SIXTY-DAY DELINQUENCY RATIO 0.47%
(ii) CLASS A CREDIT ENHANCEMENT PERCENTAGE 6.43% 0.00% YES
(2) BOTH (A) AND (B)
(A) EITHER (X) OR (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 9% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEEDS $3913056.00 0.00 NO
(B) EITHER (X) OR (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 15% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEED $13043520 0.00 NO NO
(3) (i) IS GREATER THAN 75% OF (ii)
(i) PRIOR CLASS A & CLASS M PRINCIPAL BALANCES 276,087,000.00
(ii) PRINCIPAL BALANCE AS OF THE END OF
THE SECOND PRECEDING DUE PERIOD 300,000,000.00 92.03% YES
-------------------
IF EITHER (1), (2) OR (3) = "YES", THEN THE TRIGGER EVENT IS ON EFFECT YES
--------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
17. CUMULATIVE REALIZED LOSSES 0.00 TEST SATISFIED
18. AMOUNT BY WHICH THE FORMULA DISTRIBUTION AMOUNT
EXCEEDS THE CLASS DISTRIBUTION AMOUNT 0.00
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 40,874.87 YES
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 40,874.87
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 15,000.00
(D) FHA PREMIUM ACCOUNT 69,443.66
YES
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE
SERVICERS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00 YES
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f)(i) 81,749.74
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 111,350,456.19 1.17334517
ORIGINAL CLASS A-1 PRINCIPAL BALANCE 94,900,000.00
CLASS A-2 POOL FACTOR (I-5):
CURRENT CLASS A-2 PRINCIPAL BALANCE 64,708,000.00 1.04705502
ORIGINAL CLASS A-2 PRINCIPAL BALANCE 61,800,000.00
CLASS A-3 POOL FACTOR (I-5):
CURRENT CLASS A-3 PRINCIPAL BALANCE 49,602,000.00 1.79230352
ORIGINAL CLASS A-3 PRINCIPAL BALANCE 27,675,000.00
CLASS M-1 POOL FACTOR (I-5):
CURRENT CLASS M-1 PRINCIPAL BALANCE 29,710,000.00 0.89690566
ORIGINAL CLASS M-1 PRINCIPAL BALANCE 33,125,000.00
CLASS M-2 POOL FACTOR (I-5):
CURRENT CLASS M-2 PRINCIPAL BALANCE 17,391,000.00 0.92752000
ORIGINAL CLASS M-2 PRINCIPAL BALANCE 18,750,000.00
CLASS B POOL FACTOR (I-5):
CURRENT CLASS B-1 PRINCIPAL BALANCE 23,913,000.00 1.73912727
ORIGINAL CLASS B-2 PRINCIPAL BALANCE 13,750,000.00
POOL FACTOR:
CURRENT POOL PRINCIPAL BALANCE 296,674,456.19 1.18669782
ORIGINAL POOL PRINCIPAL BALANCE 250,000,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 14.015%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 15.565%
(C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2
CLASS A-3, CLASS M-1, CLASS M-2 AND CLASS B
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 6.758%
--------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 08/31/97 09/30/97
--------------------------------
13.000% 14.015%
23. (A) SENIOR PERCENTAGE 100.00%
(B) CLASS B PERCENTAGE 0.00%
24. (A) SPREAD AMOUNT 3,325,543.81
(B) SPECIFIED SUBORDINATED AMOUNT 24,250,000.00
25. (A) CLASS A APPLIED REALIZED LOSS AMOUNT 0.00
CLASS M APPLIED REALIZED LOSS AMOUNT 0.00
CLASS B APPLIED REALIZED LOSS AMOUNT 0.00
(B) UNPAID CLASS A REALIZED LOSS AMOUNT 0.00
UNPAID CLASS M REALIZED LOSS AMOUNT 0.00
UNPAID CLASS B REALIZED LOSS AMOUNT 0.00
26. ACCELERATED PRINCIPAL AMOUNT FOR THE CURRENT REMITTANCE DATE 1,176,768.47
27. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 69,443.66
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT TO 6.06(b)(i) 0.00
28. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE MONTH 0.00
29. THE RESERVE AMOUNT FOR THE DUE PERIOD 30,000,000.00
30. CLAIMS FILED DURING THE DUE PERIOD 0.00
31. CLAIMS PAID DURING THE PERIOD 0.00
32. CLAIMS DENIED BY FHA DURING THE PERIOD 0.00
33. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
34. OTHER INFORMATION N/A
</TABLE>
<PAGE>
EXHIBIT O
REMIC DELINQUENCIES AS OF -SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
RESIDENTIAL OUTSTANDING #
TRUST DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1997-I $242,564,541.41 18,399 1 TO 29 DAYS 28,856,165.56 2,763 11.90%
30 TO 59 DAYS 2,681,774.50 344 1.11%
60 TO 89 DAYS 1,130,250.61 127 0.47%
90 AND OVER 0.00 0 0.00%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $32,668,190.67 3,234 13.47%
========================================
</TABLE>
<PAGE>
RESIDENTIAL TRUST 1997-I
The following additional information, presented in dollars, pursuant to
Section 6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxii)
is provided for each Class per $1,000 original dollar amount as of the
Cut-Off Date.
<TABLE>
<CAPTION>
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS M-1
- -------------------- ------------------ -------------------- ------------------- -----------------
<S> <C> <C> <C> <C>
(ii) 1,208.39 1,047.06 1,792.30 896.91
(vi) 11.53 0.00 0.00 0.00
(vii) 4.04 0.00 0.00 0.00
(viii) 7.07 0.00 0.00 0.00
(xiii) (a) 6.46 5.65 9.98 5.30
(b) 35.04 0.00 0.00 0.00
(c) 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00
(xv) 1,173.35 1,047.06 1,792.30 896.91
(xxxv) 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
SUBCLAUSE CLASS M-2 CLASS B
- ------------------- ---------------------- ----------------------
<S> <C> <C>
(ii) 927.52 1,739.13
(vi) 0.00 0.00
(vii) 0.00 0.00
(viii) 0.00 0.00
(xiii) (a) 5.82 10.91
(b) 0.00 0.00
(c) 0.00 0.00
(d) 0.00 0.00
(xv) 927.52 1,739.13
(xxxv) 0.00 0.00
</TABLE>
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