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Previous: AMERICAN MEDICAL PROVIDERS INC, S-1/A, 1997-12-31 |
Next: OMNI DOORS INC, SB-2/A, 1997-12-31 |
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: December 18, 1997
(Date of earliest event reported)
Commission File No. 333-35653
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of October 1, 1997, relating to the DiTech Home
Loan Owner Trust 1997-1, Home Loan Asset Backed Notes, Series 1997-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
Delaware 06-1204982
- --------------------------------------------------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
- --------------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
(212) 713-2000
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
ITEM 5. Other Events
On December 18, 1997 Empire Funding Home Loan Owner Trust 1997-1 (the
"Issuer") completed the purchase of the Subsequent Loans pursuant to Section
2.06 of the Sale and Servicing Agreement, dated as of October 1, 1997 (the "Sale
and Servicing Agreement") among the Issuer, PaineWebber Mortgage Acceptance
Corporation IV, a Delaware corporation (the "Registrant"), DiTech Funding
Corporation (the "Transferor"), and The Bank of New York ("BNY"). The Loans were
transferred to the Issuer pursuant to the Subsequent Transfer Agreement, dated
as of December 17, 1997 (the "Subsequent Transfer Agreement"), among the
Transferor, the Issuer and the Indenture Trustee. Attached as Exhibit 99 are
tables setting forth certain characteristics of the Loans as of the date of the
Subsequent Transfer.
Capitalized terms used herein and not defined herein have the same meanings
ascribed to such terms in the Sale and Servicing Agreement.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(EX-99) Description of the Loans
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.
PAINEWEBBER MORTGAGE
ACCEPTANCE CORPORATION IV
December 30, 1997
By: /s/ Barbara J. Dawson
----------------------
Barbara J. Dawson
Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic(E)
- ----------- ----------- -------------
(EX-99) Description of the Loans E
Pool Level Detail(1)
Number of Loans 2732 Current Loan-To-Value 34.54
Current Balance 119,972,004 Mark to Market LTV 0.00
Average Balance 43,914 Servicing Fee 0.0000
Minimum Balance 13,414 Original Rate 0.00
Maximum Balance 150,000 Margin 0.00
Wtd Average Coupon 13.2660 Life Cap 0.00
Original Term 267 Life Floor 0.00
Original Amortized Term 0 Periodic Rate Cap 0.00
Seasoning 2 Periodic P&I Cap 0.00
Stated Remaining Term 265 Months to Rate Reset 0
Amortized Remaining Term 263 Months to P&I Reset 0
Original Loan-To-Value 34.59
(1) All of the above summary information ignores ZERO values, the weighted
averages may not reflect all loans in the pool.
Geographic Distribution of Loans
Aggregate % of Pool
Number of Loans Principal Principal
State Balance Balance
Alabama 73 $2,636,876 2.20%
Alaska 20 932,433 0.78
Arizona 46 2,182,242 1.82
Arkansas 6 315,280 0.26
California 1,298 61,251,393 51.05
Colorado 26 1,086,165 0.91
Connecticut 28 1,087,098 0.91
Delaware 7 287,980 0.24
District of Columbia 1 29,924 0.02
Florida 121 5,294,910 4.41
Georgia 66 2,613,769 2.18
Hawaii 10 489,240 0.41
Idaho 7 291,664 0.24
Illinois 67 2,512,287 2.09
Indiana 48 1,869,251 1.56
Iowa 19 735,410 0.61
Kansas 26 949,295 0.79
Kentucky 24 1,030,787 0.86
Louisiana 42 1,875,398 1.56
Maine 27 1,256,594 1.05
Maryland 52 2,230,294 1.86
Massachusetts 38 1,503,202 1.25
Michigan 51 2,058,870 1.72
Minnesota 20 778,352 0.65
Mississippi 22 749,860 0.63
Missouri 43 1,612,294 1.34
Montana 12 464,551 0.39
Nebraska 8 277,612 0.23
Nevada 31 1,326,095 1.11
New Hampshire 15 502,838 0.42
New Mexico 16 685,268 0.57
New York 15 750,796 0.63
North Carolina 53 2,164,561 1.80
North Dakota 5 171,935 0.14
Ohio 1 39,972 0.03
Oklahoma 34 1,329,218 1.11
Oregon 17 897,971 0.75
Pennsylvania 82 3,036,635 2.53
Rhode Island 8 285,565 0.24
South Carolina 15 510,129 0.43
South Dakota 4 174,317 0.15
Tennessee 42 1,511,458 1.26
Utah 27 1,023,064 0.85
Vermont 11 399,234 0.33
Virginia 64 2,981,566 2.49
Washington 44 1,953,465 1.63
West Virginia 8 357,038 0.30
Wisconsin 26 1,172,431 0.98
Wyoming 6 295,414 0.25
Totals 2,732 $119,972,004 100.00%
Range of Principal Balances
Aggregate % of Pool
Range of Number Principal Principal
Current Principal Balance of Loans Balance Balance
$10,000.01-$20,000 196 $3,437,020 2.86%
$20,000.01-$30,000 676 17,946,793 14.96
$30,000.01-$40,000 654 23,224,896 19.36
$40,000.01-$50,000 500 23,341,339 19.46
$50,000.01-$60,000 225 12,652,111 10.55
$60,000.01-$70,000 157 10,273,824 8.56
$70,000.01-$80,000 142 10,680,028 8.90
$80,000.01-$90,000 63 5,405,760 4.51
$90,000.01-$100,000 76 7,542,717 6.29
$100,000.01-$110,000 11 1,177,380 0.98
$110,000.01-$120,000 4 469,782 0.39
$120,000.01-$130,000 14 1,750,074 1.46
$130,000.01-$140,000 2 271,337 0.23
$140,000.01-$150,000 12 1,798,942 1.50
Total 2,732 $119,972,004 100.00%
Range of Loan Rates
Aggregate % of Pool
Number Principal Principal
Range of Loan Rates of Loans Balance Balance
9.001% - 9.500% 46 $1,883,321 1.57%
9.501% - 10.000% 77 3,814,488 3.18
10.001% - 10.500% 76 3,931,271 3.28
10.501% - 11.000% 61 3,268,901 2.72
11.001% - 11.500% 130 6,135,606 5.11
11.501% - 12.000% 143 7,230,274 6.03
12.001% - 12.500% 230 11,179,485 9.32
12.501% - 13.000% 385 18,411,496 15.35
13.001% - 13.500% 332 15,114,831 12.60
13.501% - 14.000% 319 14,778,349 12.32
14.001% - 14.500% 303 12,117,299 10.10
14.501% - 15.000% 365 13,292,218 11.08
15.001% - 15.500% 128 4,155,397 3.46
15.501% - 16.000% 91 3,248,704 2.71
16.001% - 16.500% 24 777,421 0.65
16.501% - 17.000% 19 548,175 0.46
17.001% - 17.500% 2 54,768 0.05
17.501% - 18.000% 1 30,000 0.03
Total 2,732 $119,972,004 100.00%
Lien Priority
Lien Priority Number Aggregate % of Pool
of Loans Principal Balance Principal
Balance
First Lien 11 $494,184 0.41%
Second Lien 2,721 119,477,820 99.59
Total 2,732 $119,972,004 100.00%
Months Since Origination
% of Pool
Loan Age (in months) Number Aggregate Principal
of Loans Principal Balance Balance
Less than one 390 $18,900,096 15.75%
1 - 3 2,009 88,529,536 73.79
4 - 6 333 12,542,372 10.45
Total 2,732 $119,972,004 100.00%
Remaining Terms to Maturity
% of Pool
Range of Remaining Number Aggregate Principal
Terms to Maturity of Loans Principal Balance Balance
91 - 120 7 $311,774 0.26%
151 - 180 696 27,423,227 22.86
211 - 240 272 10,645,360 8.87
241 - 270 1 48,957 0.04
271 - 300 1,756 81,542,687 67.97
Total 2,732 $119,972,004 100.00%
Original Terms To Maturity
% of Pool
Original Term to Maturity Number Aggregate Principal
of Loans Principal Balance Balance
91 - 120 7 $311,774 0.26%
151 - 180 695 27,348,441 22.80
181 - 210 1 74,786 0.06
211 - 240 272 10,645,360 8.87
241 - 270 1 48,957 0.04
271 - 300 1,756 81,542,687 67.97
Total 2,732 $119,972,004 100.00%
Range of Credit Scores
% of Pool
Original Term to Maturity Number Aggregate Principal
of Loans Principal Balance Balance
600 to 619 8 $240,499 0.20%
620 to 639 232 6,628,944 5.53
640 to 659 462 16,179,791 13.49
660 to 679 561 24,728,114 20.61
680 to 699 667 33,040,434 27.54
700 to 719 427 21,466,505 17.89
720 to 739 205 9,858,175 8.22
740 to 759 116 5,404,808 4.51
760 to 779 38 1,763,226 1.47
780 to 799 15 636,527 0.53
800 to 819 1 24,981 0.02
Total 2,732 $119,972,004 100.00%
Debt-to-Income Ratio
% of Pool
Range of Debt-to-Income Number Aggregate Principal
Ratios of Loans Principal Balance Balance
20.00 and less 18 $693,251 0.58%
20.01 to 25.00 76 2,840,460 2.37
25.01 to 30.00 201 8,407,044 7.01
30.01 to 35.00 392 16,107,987 13.43
35.01 to 40.00 539 23,332,501 19.45
40.01 to 45.00 801 33,223,779 27.69
45.01 to 50.00 684 34,260,857 28.56
Greater than 50 21 1,106,125 0.92
Total 2,732 $119,972,004 100.00%
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