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 27, 1997
Life Financial Home Loan Owner Trust 1997-2
(Exact name of registrant as specified in its charter)
Delaware 333-26051 PENDING
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation File Number) Identification No.
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. OTHER EVENTS
On October 27, 1997, a distribution was made to holders of Life Financial Home
Loan Owner Trust 1997-2.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit Number
99.1- Monthly report distributed to holders of Life Financial
Home Loan Owner Trust 1997-2 relating to the October 27,
1997, distribution.
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.
Life Financial Home Loan Owner Trust 1997-2
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Indenture Trustee
By: /s/ Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: November 10, 1997
INDEX OF EXHIBITS
Exhibit
Number Description
EX-99.1 Monthly report distributed to holders of Life Financial Home Loan
Owner Trust 1997-2 relating to the October 27, 1997, distribution.
<TABLE>
<CAPTION>
LIFE FINANCIAL HOME LOAN OWNER TRUST
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Sep-1997
Distribution Date: 27-Oct-1997
LFH Series 1997-2
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone:(410) 884-2173
Fax:(410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 53184NAA4 SEQ 6.71000% 29,390,000.00 164,339.08 370,870.53 0.00
A-2 53184NAB2 SEQ 6.74000% 32,110,000.00 180,351.17 0.00 0.00
A-3 53184NAC0 SEQ 6.96000% 11,710,000.00 67,918.00 0.00 0.00
A-4 53184NAD8 SEQ 7.45000% 16,510,000.00 102,499.58 0.00 0.00
M-1 53184NAE6 MEZ 7.58000% 13,610,000.00 85,969.83 0.00 0.00
M-2 53184NAF3 MEZ 7.73000% 11,140,000.00 71,760.17 0.00 0.00
B 53184NAG1 SUB 7.98000% 9,280,000.00 61,712.00 0.00 0.00
OC LFH9702OC SUB 0.00000% 1,250,000.00 0.00 0.00 0.00
R-I LFH9702R1 SEN 0.00000% 0.00 451,404.18 0.00 0.00
Totals 125,000,000.00 1,185,954.01 370,870.53 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 29,019,129.47 535,209.61 0.00
A-2 32,110,000.00 180,351.17 0.00
A-3 11,710,000.00 67,918.00 0.00
A-4 16,510,000.00 102,499.58 0.00
M-1 13,610,000.00 85,969.83 0.00
M-2 11,140,000.00 71,760.17 0.00
B 9,280,000.00 61,712.00 0.00
OC 1,250,000.00 0.00 0.00
R-I 0.00 451,404.18 0.00
Totals 124,629,129.47 1,556,824.54 0.00
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29,390,000.00 29,390,000.00 125,015.84 245,854.69 0.00 0.00 370,870.53
A-2 32,110,000.00 32,110,000.00 0.00 0.00 0.00 0.00 0.00
A-3 11,710,000.00 11,710,000.00 0.00 0.00 0.00 0.00 0.00
A-4 16,510,000.00 16,510,000.00 0.00 0.00 0.00 0.00 0.00
M-1 13,610,000.00 13,610,000.00 0.00 0.00 0.00 0.00 0.00
M-2 11,140,000.00 11,140,000.00 0.00 0.00 0.00 0.00 0.00
B 9,280,000.00 9,280,000.00 0.00 0.00 0.00 0.00 0.00
OC 1,250,000.00 1,250,000.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Class A 125,000,000.00 125,000,000.00 125,015.84 245,854.69 0.00 0.00 370,870.53
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 29,019,129.47 0.98738106 370,870.53
A-2 32,110,000.00 1.00000000 0.00
A-3 11,710,000.00 1.00000000 0.00
A-4 16,510,000.00 1.00000000 0.00
M-1 13,610,000.00 1.00000000 0.00
M-2 11,140,000.00 1.00000000 0.00
B 9,280,000.00 1.00000000 0.00
OC 1,250,000.00 1.00000000 0.00
R-I 0.00 0.00000000 0.00
Class A 124,629,129.47 0.99703304 370,870.53
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss (3) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29,390,000.00 1000.00000000 4.25368629 8.36524974 0.00000000 0.00000000 12.61893603
A-2 32,110,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 11,710,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 16,510,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 13,610,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 11,140,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 9,280,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 1,250,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes Are Per $1,000 Denominations.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class (4) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 987.38106397 0.98738106 12.61893603
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
M-1 1000.00000000 1.00000000 0.00000000
M-2 1000.00000000 1.00000000 0.00000000
B 1000.00000000 1.00000000 0.00000000
OC 1000.00000000 1.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000
<FN>
(4) All Classes Are Per $1,000 Denominations.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29,390,000.00 6.71000% 29,390,000.00 164,339.08 0.00 0.00 0.00
A-2 32,110,000.00 6.74000% 32,110,000.00 180,351.17 0.00 0.00 0.00
A-3 11,710,000.00 6.96000% 11,710,000.00 67,918.00 0.00 0.00 0.00
A-4 16,510,000.00 7.45000% 16,510,000.00 102,499.58 0.00 0.00 0.00
M-1 13,610,000.00 7.58000% 13,610,000.00 85,969.83 0.00 0.00 0.00
M-2 11,140,000.00 7.73000% 11,140,000.00 71,760.17 0.00 0.00 0.00
B 9,280,000.00 7.98000% 9,280,000.00 61,712.00 0.00 0.00 0.00
OC 1,250,000.00 0.00000% 1,250,000.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
Total Class A Interest Distribution 734,549.83 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (5) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 164,339.08 0.00 29,019,129.47
A-2 0.00 180,351.17 0.00 32,110,000.00
A-3 0.00 67,918.00 0.00 11,710,000.00
A-4 0.00 102,499.58 0.00 16,510,000.00
M-1 0.00 85,969.83 0.00 13,610,000.00
M-2 0.00 71,760.17 0.00 11,140,000.00
B 0.00 61,712.00 0.00 9,280,000.00
OC 0.00 0.00 0.00 1,250,000.00
R-I 0.00 451,404.18 0.00 0.00
Total Class A Interest Distribution 0.00 1,185,954.01 0.00
<FN>
(5) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (6) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29,390,000.00 6.71000% 1000.00000000 5.59166655 0.00000000 0.00000000 0.00000000
A-2 32,110,000.00 6.74000% 1000.00000000 5.61666677 0.00000000 0.00000000 0.00000000
A-3 11,710,000.00 6.96000% 1000.00000000 5.80000000 0.00000000 0.00000000 0.00000000
A-4 16,510,000.00 7.45000% 1000.00000000 6.20833313 0.00000000 0.00000000 0.00000000
M-1 13,610,000.00 7.58000% 1000.00000000 6.31666642 0.00000000 0.00000000 0.00000000
M-2 11,140,000.00 7.73000% 1000.00000000 6.44166697 0.00000000 0.00000000 0.00000000
B 9,280,000.00 7.98000% 1000.00000000 6.65000000 0.00000000 0.00000000 0.00000000
OC 1,250,000.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) All classes are per $1000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.59166655 0.00000000 987.38106397
A-2 0.00000000 5.61666677 0.00000000 1000.00000000
A-3 0.00000000 5.80000000 0.00000000 1000.00000000
A-4 0.00000000 6.20833313 0.00000000 1000.00000000
M-1 0.00000000 6.31666642 0.00000000 1000.00000000
M-2 0.00000000 6.44166697 0.00000000 1000.00000000
B 0.00000000 6.65000000 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 1000.00000000
R-I 0.00000000 112851045.00000000 0.00000000 0.00000000
<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,642,797.69
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
__________________
Total Deposits 1,642,797.69
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 85,764.82
Payment of Interest and Principal 1,557,032.87
__________________
Total Withdrawals (Pool Distribution Amount) 1,642,797.69
Ending Balance 0.00
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 84,083.16
Certificate Administration Fee 0.00
Trustee Fee 1,681.66
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fees 85,764.82
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Current Unpaid Based on
Number of Number Of Principal Number Unpaid
Days Loans Balance Of Loan Balance
<S> <C> <C>
30 Days 0 0.00 0.00% 0.00%
60 Days 0 0.00 0.00 0.00
90+ Days 0 0.00 0.00 0.00
Foreclosure 0 0.00 0.00 0.00
REO 0 0.00 0.00 0.00
Totals 0 0.00 0.00% 0.00%
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 12.210501%
Weighted Average Net Coupon Rate 11.385158%
Weighted Average Maturity (Stepdown Calculation) 221 Months
Beginning Scheduled Collateral Loan Count 3,137
Number of Loans Paid in Full 6
Ending Scheduled Collateral Loan Count 3,131
Overcollateralization Amount 1,250,000.00
Targeted Overcollateralization Amount 8,750,000.00
Overcollateralization Deficiency 7,500,000.00
Prefunding Account 24,077,337.96
Net Delinquency Calculation 0.00
Optimal Principal Balances for all Classes = 0.00
Monthly P&I Constant 1,189,681.71
</TABLE>
