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
May 15, 1998
Date of Report (Date of Earliest Event Reported)
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
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-35653 06-1204982
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
1285 Avenue of the Americas, New York, NY 10019
(Address of Principal Executive Offices)
(212) 713-2000
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. OTHER EVENTS
PaineWebber Mortgage Acceptance Corporation IV (the "Registrant") has
previously registered the offer and sale of the Home Loan Asset Backed
Notes, Series 1997-1 (the "Notes") issued by DiTech Home Loan Owner
Trust 1997-1.
The following exhibits which relate specifically to the Notes are
included with this Current Report:
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(c) Exhibits
99.1 Monthly Payment Date Statement distributed to Noteholders for
the May 15, 1998 payment date.
-2-
<PAGE>
SIGNATURE
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.
Date: June 16, 1998
PAINEWEBBER MORTGAGE
ACCEPTANCE CORPORATION IV
By:/s/Barbara J. Dawson
----------------------------
Barbara J. Dawson
-3-
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- -------------- -----------
99.1 Monthly Payment Date Statement distributed
to Noteholders for the May 15, 1998
payment date.
-4-
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Page Number: 1
Payment Date: 05/15/98
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
-------------------------------------------
DiTech Home Loan Owner Trust 1997-1
Home Loan Asset Backed Notes, Series 1997-1
-------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
-------------------------------------------------------------------------------------------------------
- -------------------------- Beginning Class Pass-Thru Principal Interest Total Optimal Principal
Class Code Name Principal Balance Rate Distribution Distribution Distribution Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 18,355,735.31 5.756250% 1,255,648.38 88,050.17 1,343,698.55 0.00
A-2 22,945,000.00 6.590000% 0.00 126,006.29 126,006.29 0.00
A-3 24,897,000.00 6.710000% 0.00 139,215.73 139,215.73 0.00
A-4 13,622,000.00 7.360000% 0.00 83,548.27 83,548.27 0.00
M-1 17,700,000.00 7.250000% 0.00 106,937.50 106,937.50 0.00
M-2 7,200,000.00 7.350000% 0.00 44,100.00 44,100.00 0.00
B-1 6,300,000.00 7.690000% 0.00 40,372.50 40,372.50 0.00
B-2 2,700,000.00 8.850000% 0.00 19,912.50 19,912.50 0.00
Residual 0.00 0.000000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Totals - 113,719,735.31 - 1,255,648.38 648,142.95 1,903,791.33 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class Information Current Payment Information
-----------------------------------------------------
- -------------------------- Interest Allocable Loss Ending Class
Class Code Name Carryforward Amount Principal Balance
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 0.00 17,100,086.93
A-2 0.00 0.00 22,945,000.00
A-3 0.00 0.00 24,897,000.00
A-4 0.00 0.00 13,622,000.00
M-1 0.00 0.00 17,700,000.00
M-2 0.00 0.00 7,200,000.00
B-1 0.00 0.00 6,300,000.00
B-2 0.00 0.00 2,700,000.00
Residual 0.00 0.00 0.00
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Totals - 0.00 0.00 112,464,086.93
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Class Information Factors per $1,000
--------------------------------------------- ------------------------------------------------
- ----------------------------- Original Pass-Thru Cusip Principal Interest Ending
Type Name Class Balance Rate Numbers Distribution Distribution Class Balance
- -------------------------------------------------------------------------- ------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 24,636,000.00 Floating 25500P-AA4 50.96802981 3.57404480 694.10971452
A-2 22,945,000.00 6.590000% 25500P-AB2 0.00000000 5.49166667 1000.00000000
A-3 24,897,000.00 6.710000% 25500P-AC0 0.00000000 5.59166667 1000.00000000
A-4 13,622,000.00 7.360000% 25500P-AD8 0.00000000 6.13333333 1000.00000000
- --------------------------------------------------------------------------
Mezzanine M-1 17,700,000.00 7.250000% 25500P-AE6 0.00000000 6.04166667 1000.00000000
M-2 7,200,000.00 7.350000% 25500P-AF3 0.00000000 6.12500000 1000.00000000
- --------------------------------------------------------------------------
Subordinate B-1 6,300,000.00 7.690000% 25500P-AG1 0.00000000 6.40833333 1000.00000000
B-2 2,700,000.00 8.850000% 25500P-AH9 0.00000000 7.37500000 1000.00000000
- -------------------------------------------------------------------------- ------------------------------------------------
- -------------------------------------------------------------------------- ------------------------------------------------
Totals - 120,000,000.00 - - 10.46373652 5.40119126 937.20072439
- -------------------------------------------------------------------------- ------------------------------------------------
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 05/15/98
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
-------------------------------------------
DiTech Home Loan Owner Trust 1997-1
Home Loan Asset Backed Notes, Series 1997-1
-------------------------------------------
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COLLATERAL INFORMATION
- -------------------------------------------------------------------------------
Number of Loans in Pool 2,650
Pool Principal Balance as of first day of Due Period 116,501,341.61
Scheduled Principal Payments during Due Period 104,195.72
Principal Prepayments during Due Period 589,114.67
Balance of Loans Charged Off 126,803.21
Pool Principal Balance as of last day of Due Period 115,681,228.01
Cumulative Principal Prepayments since Cut-off Date 3,532,855.41
Weighted Average Maturity of the Home Loans 255.00
Weighted Average Interest Rate of the Home Loans 13.247859%
Gross Interest Collected On Loans 1,299,151.30
Available Collection Amount 1,978,303.65
Less Expense Fees:
Servicing Compensation 72,813.34
Indenture Trustee Fee 1,698.98
Owner Trustee Fee 0.00
Custodian Fee 0.00
Available Distribution Amount 1,903,791.33
- -------------------------------------------------------------------------------
OVERCOLLATERALIZATION
- -------------------------------------------------------------------------------
Overcollateralization Target Amount 4,800,000.00
Overcollateralization Amount 3,217,141.08
Overcollateralization Deficiency Amount 1,582,858.92
- -------------------------------------------------------------------------------
OTHER INFORMATION
- -------------------------------------------------------------------------------
Net Loan Losses 0.00
Allocable Loss Amount 0.00
- -------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- -------------------------------------------------------------------------------
Number Aggregate
Days Delinquent of Loans Principal Balance
- --------------- -------- -----------------
30 Days 21 783,964.58
60 Days 8 259,214.04
90 Days 25 946,478.84
-- ------------
Totals 54 1,989,657.46
Number Aggregate
Delinquent Status of Loans Principal Balance Percent Book Value
- ----------------- -------- ----------------- ------- ----------
In Foreclosure 0 0.00 0.0000% 0.00
Proceedings
In Bankruptcy 0 0.00 0.0000% 0.00
Proceedings
Foreclosure Properties 0 0.00 0.0000% 0.00
60-Day Delinquent Amount 1,205,692.88
Six-Month Rolling Delinquency Average 671,165.80
During Related Due Period
- -------------------------------------------------------------------------------
Number Aggregate Principal
of Loans Balance
-------- -------------------
Defaulted Home Loans 0 0.00
Liquidated Home Loans 0 0.00
Deleted Home Loans due to being Defective 0 0.00
Deleted Home Loans due to being Defaulted 0 0.00
Home Loans charged off due to being Defaulted 4 126,803.21
Cumulative Since Closing Date
- -------------------------------------------------------------------------------
Number Aggregate Principal
of Loans Balance
-------- -------------------
Defaulted Home Loans 0 0.00
Liquidated Home Loans 0 0.00
Deleted Home Loans due to being Defective 0 0.00
Deleted Home Loans due to being Defaulted 0 0.00
Home Loans charged off due to being Defaulted 4 126,803.21
- -------------------------------------------------------------------------------
