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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1997-16 TRUST, 8-K, 1998-01-06 |
Next: AMERICAN CORPORATE RECEIPTS INC, S-3/A, 1998-01-06 |
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 26, 1997
Life Financial Home Loan Owner Trust 1997-2
(Exact name of registrant as specified in its Charter)
Delaware 333-26051 52-6880814
(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 December 26, 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
December 26, 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 hereunto duly authorized.
Life Financial Home Loan Owner Trust 1997-2
(Registrant)
By: Norwest Bank Minnesota, N.A.
as Indenture Trustee
By: /s/ Sherri J. Sharps
Title: Vice President
Date: January 2, 1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Life Financial Home Loan
Owner Trust 1997-2 relating to the December 26, 1997 distribution
<TABLE>
<CAPTION>
LIFE FINANCIAL HOME LOAN OWNER TRUST
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 28-Nov-1997
Distribution Date: 26-Dec-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% 28,554,307.41 159,666.17 614,574.84 0.00
A-2 53184NAB2 SEQ 6.74000% 32,097,677.86 180,281.96 0.00 0.00
A-3 53184NAC0 SEQ 6.96000% 11,705,506.32 67,891.94 0.00 0.00
A-4 53184NAD8 SEQ 7.45000% 16,503,664.33 102,460.25 0.00 0.00
M-1 53184NAE6 MEZ 7.58000% 13,604,777.20 85,936.84 0.00 0.00
M-2 53184NAF3 MEZ 7.73000% 11,135,725.05 71,732.63 0.00 0.00
B 53184NAG1 SUB 7.98000% 9,276,438.82 61,688.32 0.00 0.00
OC LFH9702OC SUB 0.00000% 1,222,090.70 0.00 0.00 0.00
R-I LFH9702R1 SEN 0.00000% 0.00 32,959.44 0.00 0.00
Totals 124,100,187.69 762,617.55 614,574.84 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 27,939,732.57 774,241.01 0.00
A-2 32,097,677.86 180,281.96 0.00
A-3 11,705,506.32 67,891.94 0.00
A-4 16,503,664.33 102,460.25 0.00
M-1 13,604,777.20 85,936.84 0.00
M-2 11,135,725.05 71,732.63 0.00
B 9,276,438.82 61,688.32 0.00
OC 1,222,090.70 0.00 27,429.62
R-I 0.00 32,959.44 0.00
Totals 123,485,612.85 1,377,192.39 27,429.62
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
<PAGE>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Senior Certificates
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 28,554,307.41 156,817.70 457,757.14 0.00 0.00 614,574.84
A-2 32,110,000.00 32,097,677.86 0.00 0.00 0.00 0.00 0.00
A-3 11,710,000.00 11,705,506.32 0.00 0.00 0.00 0.00 0.00
A-4 16,510,000.00 16,503,664.33 0.00 0.00 0.00 0.00 0.00
M-1 13,610,000.00 13,604,777.20 0.00 0.00 0.00 0.00 0.00
M-2 11,140,000.00 11,135,725.05 0.00 0.00 0.00 0.00 0.00
B 9,280,000.00 9,276,438.82 0.00 0.00 0.00 0.00 0.00
OC 1,250,000.00 1,222,090.70 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 125,000,000.00 124,100,187.69 156,817.70 457,757.14 0.00 0.00 614,574.84
<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)
Senior Certificates
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 27,939,732.57 0.95065439 614,574.84
A-2 32,097,677.86 0.99961625 0.00
A-3 11,705,506.32 0.99961625 0.00
A-4 16,503,664.33 0.99961625 0.00
M-1 13,604,777.20 0.99961625 0.00
M-2 11,135,725.05 0.99961625 0.00
B 9,276,438.82 0.99961625 0.00
OC 1,222,090.70 0.97767256 0.00
R-I 0.00 0.00000000 0.00
Class A 123,485,612.85 0.98788490 614,574.84
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Senior Certificate Factors
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (3) Amount Balance Distribution Distribution Accretion Loss (4) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29,390,000.00 971.56541034 5.33575026 15.57526846 0.00000000 0.00000000 20.91101871
A-2 32,110,000.00 999.61625226 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 11,710,000.00 999.61625278 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 16,510,000.00 999.61625257 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 13,610,000.00 999.61625276 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 11,140,000.00 999.61625224 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B 9,280,000.00 999.61625216 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 1,250,000.00 977.67256000 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>
(3) All Classes Are Per $1,000 Denominations.
(4) 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)
Senior Certificate Factors
Ending Ending Total
Certificate Certificate Principal
Class (3) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 950.65439163 0.95065439 20.91101871
A-2 999.61625226 0.99961625 0.00000000
A-3 999.61625278 0.99961625 0.00000000
A-4 999.61625257 0.99961625 0.00000000
M-1 999.61625276 0.99961625 0.00000000
M-2 999.61625224 0.99961625 0.00000000
B 999.61625216 0.99961625 0.00000000
OC 977.67256000 0.97767256 0.00000000
R-I 0.00000000 0.00000000 0.00000000
<FN>
(3) All Classes Are Per $1,000 Denominations.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Senior Certificates
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% 28,554,307.41 159,666.17 0.00 0.00 0.00
A-2 32,110,000.00 6.74000% 32,097,677.86 180,281.96 0.00 0.00 0.00
A-3 11,710,000.00 6.96000% 11,705,506.32 67,891.94 0.00 0.00 0.00
A-4 16,510,000.00 7.45000% 16,503,664.33 102,460.25 0.00 0.00 0.00
M-1 13,610,000.00 7.58000% 13,604,777.20 85,936.84 0.00 0.00 0.00
M-2 11,140,000.00 7.73000% 11,135,725.05 71,732.63 0.00 0.00 0.00
B 9,280,000.00 7.98000% 9,276,438.82 61,688.32 0.00 0.00 0.00
OC 1,250,000.00 0.00000% 1,222,090.70 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 729,658.11 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Senior Certificates
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 159,666.17 0.00 27,939,732.57
A-2 0.00 180,281.96 0.00 32,097,677.86
A-3 0.00 67,891.94 0.00 11,705,506.32
A-4 0.00 102,460.25 0.00 16,503,664.33
M-1 0.00 85,936.84 0.00 13,604,777.20
M-2 0.00 71,732.63 0.00 11,135,725.05
B 0.00 61,688.32 0.00 9,276,438.82
OC 0.00 0.00 0.00 1,222,090.70
R-I 0.00 32,959.44 0.00 0.00
Total Class A Interest Distribution 0.00 762,617.55 0.00
<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>
Interest Distribution Factors Statement
Senior Certificate Factors
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 29,390,000.00 6.71000% 971.56541034 5.43266996 0.00000000 0.00000000 0.00000000
A-2 32,110,000.00 6.74000% 999.61625226 5.61451137 0.00000000 0.00000000 0.00000000
A-3 11,710,000.00 6.96000% 999.61625278 5.79777455 0.00000000 0.00000000 0.00000000
A-4 16,510,000.00 7.45000% 999.61625257 6.20595094 0.00000000 0.00000000 0.00000000
M-1 13,610,000.00 7.58000% 999.61625276 6.31424247 0.00000000 0.00000000 0.00000000
M-2 11,140,000.00 7.73000% 999.61625224 6.43919479 0.00000000 0.00000000 0.00000000
B 9,280,000.00 7.98000% 999.61625216 6.64744828 0.00000000 0.00000000 0.00000000
OC 1,250,000.00 0.00000% 977.67256000 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>
(9) All Classes are Per $1000 Denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Senior Certificate Factors
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (10) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.43266996 0.00000000 950.65439163
A-2 0.00000000 5.61451137 0.00000000 999.61625226
A-3 0.00000000 5.79777455 0.00000000 999.61625278
A-4 0.00000000 6.20595094 0.00000000 999.61625257
M-1 0.00000000 6.31424247 0.00000000 999.61625276
M-2 0.00000000 6.43919479 0.00000000 999.61625224
B 0.00000000 6.64744828 0.00000000 999.61625216
OC 0.00000000 0.00000000 0.00000000 977.67256000
R-I 0.00000000 329.59440000 0.00000000 0.00000000
<FN>
(10) 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 1,472,212.56
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 1,472,212.56
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 94,811.85
Payment of Interest and Principal 1,377,400.71
__________________
Total Withdrawals (Pool Distribution Amount) 1,472,212.56
Ending Balance 0.00
__________________
__________________
</TABLE>
<PAGE>
<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>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
__________________
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 92,743.51
Certificate Administration Fee 0.00
Trustee Fee 2,068.34
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
Net Servicing Fee 94,811.85
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Current Unpaid Percentage Delinquent
Number of Number Of Principal Number Based on Unpaid
Days Loans Balance of Loans Balance
<S> <C> <C> <C> <C>
30 Days 119 3,699,973.53 3.09% 3.00%
60 Days 15 438,516.71 0.39% 0.36%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 1 24,982.70 0.03% 0.02%
REO 0 0.00 0.00% 0.00%
Totals 135 4,163,472.94 3.51% 3.37%
</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 27,429.62
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Net Coupon 8.293019%
Weighted Average Pass-Through Rate 7.376226%
Weighted Average Maturity (Stepdown Calculation) 220 Months
Beginning Scheduled Collateral Loan Count 3,859
Number of Loans Paid in Full 13
Ending Scheduled Collateral Loan Count 3,846
OverCollateralization Amount 1,222,090.70
Targeted OverCollateralization Amount 8,750,000.00
Overcollateralization Deficiency 7,527,909.30
PreFunding Amount 0.00
Net Delinquency Calcualtion 0.00
Optimal Principal Balances for all Classes = 0.00
Monthly P&I Constant 1,463,372.50
</TABLE>
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