SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
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. 333-40467
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)
<PAGE>
ITEM 5. Other Events
On December 18, 1997 DiTech 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 Subsequent
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 certain characteristics of all the Loans as of November 30, 1997 (the
"Cut-Off Date").
Capitalized terms used herein and not defined herein have the same meanings
ascribed to such terms in the Sale and Servicing Agreement.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
99 Description of the Loans
<PAGE>
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
January 16, 1998
By: /s/ Joseph Piscina
------------------
Joseph Piscina
Director
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic(E)
- ----------- ----------- -------------
99 Description of the Loans E
The Loans included in the Pool have the characteristics set forth below and
in the tables beginnings on the following page. Unless otherwise indicated, all
percentages and weighted averages are percentages and weighted averages of the
Cut-Off Date Pool Principal Balance.
Loan Statistics
As of November 30, 1997 (the "Cut-Off Date"), the Loans consisted of 2,732
Loans with an aggregate Principal Balance totaling $119,972,004 (the "Cut-Off
Date Pool Principal Balance"). The Loans bear interest at fixed Loan Rates which
range from 9.5% per annum to 18% per annum and have a weighted average Loan Rate
of approximately 13.27% per annum. The Cut-Off Date Principal Balances of the
Loans range from $13,414 to $150,000 and average $43,914. As of the Cut-Off
Date, the weighted average remaining term to stated maturity of the Loans was
approximately 264 months and the weighted average number of months that have
elapsed since origination was 3 months. As of the Cut-Off Date, the weighted
average Combined Loan-to-Value Ratio of the Loans was approximately 110%, with
the highest Combined Loan-to-Value Ratio being 134%. As of the Cut-Off Date,
2,107 of the Loans (representing approximately 79% of the Cut-Off Date Pool
Principal Balance) had a Combined Loan-to-Value Ratio in excess of 100%. All of
the Loans are fully amortizing loans having original stated maturities of not
more than 25 years. No Loan is scheduled to mature later than December 1, 2022.
As of the Cut-Off Date, all of the Loans were secured by Mortgaged
Properties located in 48 states and the District of Columbia. As of the Cut-Off
Date, all of the Loans were secured by Mortgaged Properties represented by the
related Obligors to be owner-occupied. As of the Cut-Off Date, approximately
0.4% of the Loans (by Cut-Off Date Pool Principal Balance) were secured by first
liens on the related Mortgaged Property and approximately 99.6% of the Loans (by
Cut-Off Date Pool Principal Balance) were secured by second liens on the related
Mortgaged Property.
As of the Cut-Off Date 55 of the Loans, representing approximately 1.7% of
the Cut-Off Date Pool Principal Balance, were 30 days or more past due. The
weighted average Credit Score for the Loans was 687.
The sum of the dollar amounts and percentages in the following tables may
not equal the totals due to rounding.
<PAGE>
Geographic Distribution of Initial Loans
Aggregate % of
Cut-Off Date Cut-Off Date
Number of Principal Pool Principal
State Loans Balance Balance
- ----- ----- ------- -------
Alabama.................... 73 $2,636,876 2.2%
Alaska..................... 20 932,433 0.8
Arizona.................... 46 2,182,242 1.8
Arkansas................... 6 315,280 0.3
California................. 1,298 61,251,393 51.1
Colorado................... 26 1,086,165 0.9
Connecticut................ 28 1,087,098 0.9
Delaware................... 7 287,980 0.2
District of Columbia....... 1 29,924 0.0
Florida.................... 121 5,294,910 4.4
Georgia.................... 66 2,613,769 2.2
Hawaii..................... 10 489,240 0.4
Idaho...................... 7 291,664 0.2
Illinois................... 67 2,512,287 2.1
Indiana.................... 48 1,869,251 1.6
Iowa....................... 19 735,410 0.6
Kansas..................... 26 949,295 0.8
Kentucky................... 24 1,030,787 0.9
Louisiana.................. 42 1,875,398 1.6
Maine...................... 27 1,256,594 1.0
Maryland................... 52 2,230,294 1.9
Massachusetts.............. 38 1,503,202 1.3
Michigan................... 51 2,058,870 1.7
Minnesota.................. 20 778,352 0.6
Mississippi................ 22 749,860 0.6
Missouri................... 43 1,612,294 1.3
Montana.................... 12 464,551 0.4
Nebraska................... 8 277,612 0.2
Nevada..................... 31 1,326,095 1.1
New Hampshire.............. 15 502,838 0.4
New Mexico................. 16 685,268 0.6
New York................... 15 750,796 0.6
North Carolina............. 53 2,164,561 1.8
North Dakota............... 5 171,935 0.1
Ohio....................... 1 39,972 0.0
Oklahoma................... 34 1,329,218 1.1
Oregon..................... 17 897,971 0.7
Pennsylvania............... 82 3,036,635 2.5
Rhode Island............... 8 285,565 0.2
South Carolina............. 15 510,129 0.4
South Dakota............... 4 174,317 0.1
Tennessee.................. 42 1,511,458 1.3
Utah....................... 27 1,023,064 0.9
Vermont.................... 11 399,234 0.3
Virginia................... 64 2,981,566 2.5
Washington................. 44 1,953,465 1.6
West Virginia.............. 8 357,038 0.3
Wisconsin.................. 26 1,172,431 1.0
Wyoming.................... 6 295,414 0.2
----- ------------ -----
Total................. 2,732 $119,972,004 100.0%
===== ============ =====
<PAGE>
Cut-Off Date Principal Balances
<TABLE>
<CAPTION>
Aggregate % of
Cut-Off Date Cut-Off Date
Range of Cut-Off Date Number of Principal Pool Principal
Principal Balances Loans Balance Balance
------------------ ----- ------- -------
<S> <C> <C> <C>
$ 10,000.01 - $ 20,000.................... 196 $ 3,437,020 2.9%
$ 20,000.01 - $ 30,000.................... 676 17,946,793 15.0
$ 30,000.01 - $ 40,000.................... 654 23,224,896 19.4
$ 40,000.01 - $ 50,000.................... 500 23,341,339 19.5
$ 50,000.01 - $ 60,000.................... 225 12,652,111 10.5
$ 60,000.01 - $ 70,000.................... 157 10,273,824 8.6
$ 70,000.01 - $ 80,000.................... 142 10,680,028 8.9
$ 80,000.01 - $ 90,000.................... 63 5,405,760 4.5
$ 90,000.01 - $100,000.................... 76 7,542,717 6.3
$100,000.01 - $110,000.................... 11 1,177,380 1.0
$110,000.01 - $120,000.................... 4 469,782 0.4
$120,000.01 - $130,000.................... 14 1,750,074 1.5
$130,000.01 - $140,000.................... 2 271,337 0.2
$140,000.01 - $150,000.................... 12 1,798,942 1.5
----- ------------ -----
Total................................ 2,732 $119,972,004 100.0%
===== ============ =====
</TABLE>
As of the Cut-Off Date, the average Cut-Off Date Principal Balance of the
Loans was $43,914.
Loan Rates
Aggregate % of
Cut-Off Date Cut-Off Date
Number of Principal Pool Principal
Range of Loan Rates Loans Balance Balance
- ------------------- ----- ------- -------
9.001% - 9.500%................... 46 $ 1,883,321 1.6%
9.501% - 10.000%................... 77 3,814,488 3.2
10.001% - 10.500%................... 76 3,931,271 3.3
10.501% - 11.000%................... 61 3,268,901 2.7
11.001% - 11.500%................... 131 6,170,532 5.1
11.501% - 12.000%................... 141 7,145,370 6.0
12.001% - 12.500%................... 229 11,115,542 9.3
12.501% - 13.000%................... 390 18,681,412 15.6
13.001% - 13.500%................... 329 14,943,910 12.5
13.501% - 14.000%................... 320 14,821,647 12.4
14.001% - 14.500%................... 303 12,107,210 10.1
14.501% - 15.000%................... 363 13,208,961 11.0
15.001% - 15.500%................... 128 4,155,397 3.5
15.501% - 16.000%................... 92 3,313,677 2.8
16.001% - 16.500%................... 24 777,421 0.6
16.501% - 17.000%................... 19 548,175 0.5
17.001% - 17.500%................... 2 54,768 0.0
17.501% - 18.000%................... 1 30,000 0.0
----- ------------ -----
Total.......................... 2,732 $119,972,004 100.0%
===== ============ =====
As of the Cut-Off Date, the weighted average Loan Rate of the Loans was
approximately 13.27% per annum.
Lien Priority
Aggregate % of
Cut-Off Date Cut-Off Date
Number of Principal Pool Principal
Lien Priority Loans Balance Balance
- ------------- ----- ------- -------
First Lien............... 11 $494,184 0.4%
Second Lien.............. 2,721 119,477,820 99.6
----- ------------ -----
Total............... 2,732 $119,972,004 100.0%
===== ============ =====
<PAGE>
Months Since Origination
Aggregate % of
Cut-Off Date Cut-Off Date
Number of Principal Pool Principal
Loan Age (in months) Loans Balance Balance
- -------------------- ----- ------- -------
Less than one........... 157 $8,765,195 7.3%
1 - 3................... 1,568 71,784,052 59.8
4 - 6................... 930 36,832,191 30.7
7 - 9................... 77 2,590,566 2.2
----- ------------ -----
Total.............. 2,732 $119,972,004 100.0%
===== ============ =====
As of the Cut-Off Date, the weighted average number of months since
origination of the Loans was 3 months.
Remaining Terms to Maturity
Aggregate % of
Cut-Off Date Cut-Off Date
Range of Remaining Number of Principal Pool Principal
Terms to Maturity (in months) Loans Balance Balance
- ----------------------------- ----- ------- -------
91 - 120........................... 7 $311,774 0.3%
151 - 180........................... 696 27,423,227 22.9
211 - 240........................... 272 10,645,360 8.9
241 - 270........................... 1 48,957 0.0
271 - 300........................... 1,756 81,542,687 68.0
----- ------------ -----
Total.......................... 2,732 $119,972,004 100.0%
===== ============ =====
As of the Cut-Off Date, the weighted average remaining term to maturity of
the Loans was approximately 264 months.
Original Terms to Maturity
Aggregate % of
Cut-Off Date Cut-Off Date
Original Term Number of Principal Pool Principal
to Maturity (in months) Loans Balance Balance
- ----------------------- ----- ------- -------
91 - 120................. 7 $311,774 0.3%
151 - 180................. 695 27,348,441 22.8
181 - 210................. 1 74,786 0.1
211 - 240................. 272 10,645,360 8.9
241 - 270................. 1 48,957 0.0
271 - 300................. 1,756 81,542,687 68.0
----- ------------ -----
Total................ 2,732 $119,972,004 100.0%
===== ============ =====
As of the Cut-Off Date, the weighted average original term to maturity of
the Loans was approximately 267 months.
<PAGE>
Credit Score
Aggregate % of
Cut-Off Date Cut-Off Date
Number of Principal Pool Principal
Range of Credit Scores Loans Balance Balance
- ---------------------- ----- ------- -------
600 to 619..................... 8 $ 240,499 0.2%
620 to 639..................... 232 6,628,944 5.5
640 to 659..................... 462 16,179,791 13.5
660 to 679..................... 561 24,728,114 20.6
680 to 699..................... 667 33,040,434 27.5
700 to 719..................... 427 21,466,505 17.9
720 to 739..................... 205 9,858,175 8.2
740 to 759..................... 116 5,404,808 4.5
760 to 779..................... 38 1,763,226 1.5
780 to 799..................... 15 636,527 0.5
800 to 819..................... 1 24,981 0.0
----- ------------ -----
Total..................... 2,732 $119,972,004 100.0%
===== ============ =====
As of the Cut-Off Date, the weighted average Credit Score of the Loans was
687.
Debt-to-Income Ratio
Aggregate % of
Cut-Off Date Cut-Off Date
Number of Principal Pool Principal
Range of Debt-to-Income Ratios Loans Balance Balance
- ------------------------------ ----- ------- -------
20.00 and less.................... 18 $ 693,251 0.6%
20.01 to 25.00.................... 76 2,840,460 2.4
25.01 to 30.00.................... 201 8,407,044 7.0
30.01 to 35.00.................... 392 16,107,987 13.4
35.01 to 40.00.................... 539 23,332,501 19.4
40.01 to 45.00.................... 801 33,223,779 27.7
45.01 to 50.00.................... 684 34,260,857 28.6
Greater than 50................... 21 1,106,125 0.9
----- ------------ -----
Total........................ 2,732 $119,972,004 100.0%
===== ============ =====
As of the Cut-Off Date, the weighted average debt-to-income ratio of the
Loans was approximately 40%.
