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Previous: INTEGRATED ELECTRICAL SERVICES INC, S-8, 1999-11-16 |
Next: OSTERWEIS CAPITAL MANAGEMENT LLC/CA, 13F-HR, 1999-11-16 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) July 15, 1998
DiTech Home Loan Owner Trust 1997-1
-----------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 333-35653-02 13-3980310
- -------- ------------ ----------
(State or Other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
c/o The Bank of New York, as Indenture
Trustee with respect to Home Loan Asset Backed
Notes, Series 1997-1, issued by the Registrant
101 Barclay Street, 12E
New York, New York 10286
---------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(212) 815-8727
-------------------------------
(Registrant's telephone number,
including area code)
Not Applicable
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K relates to the DiTech Home Loan
Owner Trust 1997-1 (the "Registrant") formed by PaineWebber Mortgage Acceptance
Corporation IV, a Delaware corporation (the "Depositor"), pursuant to a Trust
Agreement, dated as of October 1, 1997 among the Depositor and certain other
parties thereto, and certain Home Loan Asset Backed Notes, Series 1997-1, issued
pursuant to an Indenture (the "Indenture"), dated as of October 1, 1997, between
the Registrant and The Bank of New York, as Indenture Trustee (the "Indenture
Trustee"). The Home Loan Asset Backed Notes, Series 1997-1, Class A-1, Class
A-2, Class A-3, Class A-4, Class M-1 and Class M-2 have been registered pursuant
to the Securities Act of 1933 under a Registration Statement on Form S-3 (File
No. 333-35653).
This Current Report is being filed by the Indenture Trustee, in its
capacity as such under the Indenture, on behalf of the Registrant pursuant to
Section 4.09 of the Sale and Servicing Agreement dated as of October 1, 1997
among the Depositor, the Registrant, the Indenture Trustee and DiTech Funding
Corporation (the "Sale and Servicing Agreement"). The information reported and
contained herein has been derived from information supplied to the Indenture
Trustee by the Servicer (as such term is defined in the Sale and Servicing
Agreement) without independent review or investigation by the Indenture Trustee.
Pursuant to Section 6.01(b) of the Sale and Servicing Agreement, the Indenture
Trustee is entitled to fully rely upon information provided by the Servicer.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No. Description
99.1 Monthly Payment Date Statement distributed
to Noteholders for the July 15, 1998
payment date.
- 2 -
<PAGE>
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.
Date: November 16, 1999 DITECH HOME LOAN OWNER
TRUST 1997-1
By: The Bank of New York, as Indenture
Trustee
By: /s/ Robert P. Muller
-------------------------------------
Name: Robert P. Muller
Title: Assistant Vice President
- 3 -
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
99.1 Monthly Payment Date Statement distributed
to Noteholders for the July 15, 1998
payment date.
- 4 -
<PAGE>
Page Number: 1
Payment Date: 7/15/98
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>
Current Payment Information
Class Information
Beginning Class Pass-Thru Principal Interest Total
Class Code Name Principal Balance Rate Distribution Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 15,556,557.67 5.76% 1,827,256.06 74,622.86 1,901,878.92
A-2 22,945,000.00 6.59% 0 126,006.29 126,006.29
A-3 24,897,000.00 6.71% 0 139,215.73 139,215.73
A-4 13,622,000.00 7.36% 0 83,548.27 83,548.27
M-1 17,700,000.00 7.25% 0 106,937.50 106,937.50
M-2 7,200,000.00 7.35% 0 44,100.00 44,100.00
B-1 6,300,000.00 7.69% 0 40,372.50 40,372.50
B-2 2,700,000.00 8.85% 0 19,912.50 19,912.50
Residual 0 0.00% 0 0 0
Totals 110,920,557.67 1,827,256.06 634,715.65 2,461,971.71
<CAPTION>
Current Payment Information
Class Information
Optimal Principal Interest Allocable Loss Ending Class
Class Code Name Balance Carryforward Amount Principal Balance
<S> <C> <C> <C> <C> <C>
A-1 0 0 0 13,729,301.61
A-2 0 0 0 22,945,000.00
A-3 0 0 0 24,897,000.00
A-4 0 0 0 13,622,000.00
M-1 0 0 0 17,700,000.00
M-2 0 0 0 7,200,000.00
B-1 0 0 0 6,300,000.00
B-2 0 0 0 2,700,000.00
Residual 0 0 0 0
Totals 0 0 0 109,093,301.61
<CAPTION>
Original Class Information
Class Information
Original Pass-Thru Cusip Principal
Type Name Class Balance Rate Numbers Distribution
<S> <C> <C> <C> <C> <C>
Senior A-1 24,636,000.00 Floating 25500P-AA4 74.17015997
A-2 22,945,000.00 6.59% 25500P-AB2 0
A-3 24,897,000.00 6.71% 25500P-AC0 0
A-4 13,622,000.00 7.36% 25500P-AD8 0
Mezzanine M-1 17,700,000.00 7.25% 25500P-AE6 0
M-2 7,200,000.00 7.35% 25500P-AF3 0
Subordinate B-1 6,300,000.00 7.69% 25500P-AG1 0
B-2 2,700,000.00 8.85% 25500P-AH9 0
Totals 120,000,000.00 - - 15.22713384
<CAPTION>
Factors per $1,000
Class Information
Interest Ending
Type Name Distribution Class Balance
<S> <C> <C> <C>
Senior A-1 3.02901699 557.28615
A-2 5.49166667 1000
A-3 5.59166667 1000
A-4 6.13333333 1000
Mezzanine M-1 6.04166667 1000
M-2 6.125 1000
Subordinate B-1 6.40833333 1000
B-2 7.375 1000
Totals 5.28929705 909.11085
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 7/15/98
101 Barclay Street, 12E Revised Cumulative Prepayments
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
COLLATERAL INFORMATION
Number of Loans in Pool 2,584
Pool Principal Balance as of first day of Due Period 114,391,462.90
Scheduled Principal Payments during Due Period 100,452.37
Principal Prepayments during Due Period 1,170,600.02
Balance of Loans Charged Off 161,757.84
Recoveries of Prior Charge Offs 0
Pool Reconciliation Adjustment Amount 0
Pool Principal Balance as of last day of Due Period 112,958,652.67
Cumulative Principal Prepayments since Cut-off Date 5,591,819.04
Weighted Average Maturity of the Home Loans 260.36
Weighted Average Interest Rate of the Home Loans 13.24%
Gross Interest Collected On Loans 1,264,082.19
Available Collection Amount 2,535,134.58
Less Expense Fees:
Servicing Compensation 71,494.66
Indenture Trustee Fee 1,668.21
Owner Trustee Fee 0
Custodian Fee 0
Available Distribution Amount 2,461,971.71
OVERCOLLATERALIZATION
Overcollateralization Target Amount 4,800,000.00
Overcollateralization Amount 3,865,351.06
Overcollateralization Deficiency Amount 934,648.94
OTHER INFORMATION
Net Loan Losses 0
Allocable Loss Amount 0
DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Days Delinquent Number of Loans Aggregate Principal Balance
<S> <C> <C>
30 Days 17 645,358.10
60 Days 13 635,779.12
90 Days 17 623,313.20
Totals 47 1,904,450.42
<CAPTION>
Delinquent Status Number of Loans Aggregate Principal Balance Percent Book Value
<S> <C> <C> <C> <C>
In Foreclosure Proceedings 0 0 0.00% NA
In Bankruptcy ( Delinquent ) 13 454,211.00 0.40% 0
In Bankruptcy ( Non-Delinquent ) 0 0 0.00% 0
Foreclosure Properties 0 0 0.00% 0
** Foreclosure and Bankruptcy Numbers are included
in the 'Days Delinquent' category above
60-Day Delinquent Amount 1,259,092.32
Six-Month Rolling Delinquency Average 1,114,307.69
<CAPTION>
During Related Due Period
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 5 161,757.84
<CAPTION>
Cumulative Since Closing Date
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 18 587,314.56
</TABLE>
<PAGE>
Page Number: 1
Payment Date: 8/17/98
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>
Current Payment Information
Class Information
Beginning Class Pass-Thru Principal Interest
Class Code Name Principal Balance Rate Distribution Distribution
<S> <C> <C> <C> <C>
A-1 13,729,301.61 5.76% 1,813,944.04 72,443.52
A-2 22,945,000.00 6.59% 0 126,006.29
A-3 24,897,000.00 6.71% 0 139,215.73
A-4 13,622,000.00 7.36% 0 83,548.27
M-1 17,700,000.00 7.25% 0 106,937.50
M-2 7,200,000.00 7.35% 0 44,100.00
B-1 6,300,000.00 7.69% 0 40,372.50
B-2 2,700,000.00 8.85% 0 19,912.50
Residual 0 0.00% 0 0
Totals 109,093,301.61 - 1,813,944.04 632,536.30
<CAPTION>
Current Payment Information
Class Information
Total Optimal Principal Interest Allocable Loss Ending Class
Class Code Name Distribution Balance Carryforward Amount Principal Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 1,886,387.56 0 0 0 11,915,357.57
A-2 126,006.29 0 0 0 22,945,000.00
A-3 139,215.73 0 0 0 24,897,000.00
A-4 83,548.27 0 0 0 13,622,000.00
M-1 106,937.50 0 0 0 17,700,000.00
M-2 44,100.00 0 0 0 7,200,000.00
B-1 40,372.50 0 0 0 6,300,000.00
B-2 19,912.50 0 0 0 2,700,000.00
Residual 0 0 0 0 0
Totals 2,446,480.34 0 0 0 107,279,357.57
<CAPTION>
Original Class Information Factors per $1,000
Class Information
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 73.62981154 2.940555 483.6563
A-2 22,945,000.00 6.59% 25500P-AB2 0 5.491667 1000
A-3 24,897,000.00 6.71% 25500P-AC0 0 5.591667 1000
A-4 13,622,000.00 7.36% 25500P-AD8 0 6.133333 1000
Mezzanine M-1 17,700,000.00 7.25% 25500P-AE6 0 6.041667 1000
M-2 7,200,000.00 7.35% 25500P-AF3 0 6.125 1000
Subordinate B-1 6,300,000.00 7.69% 25500P-AG1 0 6.408333 1000
B-2 2,700,000.00 8.85% 25500P-AH9 0 7.375 1000
Totals - 120,000,000.00 - - 15.11620031 5.271136 893.9946
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 8/17/98
Revised Number of Loans Charged Off: 8/19/98
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
COLLATERAL INFORMATION
Number of Loans in Pool 2,552
Pool Principal Balance as of first day of Due Period 112,958,652.67
Scheduled Principal Payments during Due Period 99,639.62
Principal Prepayments during Due Period 1,204,418.95
Balance of Loans Charged Off 148,019.41
Recoveries of Prior Charge Offs 306.81
Pool Reconciliation Adjustment Amount 0.88
Pool Principal Balance as of last day of Due Period 111,506,573.81
Cumulative Principal Prepayments since Cut-off Date 6,796,237.99
Weighted Average Maturity of the Home Loans 259.28
Weighted Average Interest Rate of the Home Loans 13.24%
Gross Interest Collected On Loans 1,214,360.55
Available Collection Amount 2,518,726.81
Less Expense Fees:
Servicing Compensation 70,599.16
Indenture Trustee Fee 1,647.31
Owner Trustee Fee 0
Custodian Fee 0
Available Distribution Amount 2,446,480.34
OVERCOLLATERALIZATION
Overcollateralization Target Amount 4,800,000.00
Overcollateralization Amount 4,227,216.24
Overcollateralization Deficiency Amount 572,783.76
OTHER INFORMATION
Net Loan Losses 0
Allocable Loss Amount 0
DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Days Delinquent Number of Loans Aggregate Principal Balance
<S> <C> <C>
30 Days 22 846,119.28
60 Days 14 624,619.17
90 Days 23 975,206.75
Totals 59 2,445,945.20
<CAPTION>
Delinquent Status Number of Loans Aggregate Principal Balance Percent Book Value
<S> <C> <C> <C> <C>
In Foreclosure Proceedings 1 52,312.37 0.05% NA
In Bankruptcy (Delinquent) 18 713,644.97 0.64% 0
In Bankruptcy (Non-Delinquent) 5 145,836.28 0.13% 0
Foreclosure Properties 0 0 0.00% 0
** Foreclosure and Bankruptcy Numbers
are included in the 'Days Delinquent'
category above
60-Day Delinquent Amount 1,599,825.92
Six-Month Rolling Delinquency Average 1,296,387.80
<CAPTION>
During Related Due Period
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 4 148,019.41
<CAPTION>
Cumulative Since Closing Date
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 22 735,027.16
</TABLE>
<PAGE>
Page Number: 1
Payment Date: 9/15/98
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>
Current Payment Information
Class Information
Beginning Class Pass-Thru Principal Interest Total
Class Code Name Principal Balance Rate Distribution Distribution Distribution
<S> <C> <C> <C> <C> <C>
A-1 11,915,357.57 5.74% 1,540,014.92 55,101.34 1,595,116.26
A-2 22,945,000.00 6.59% 0 126,006.29 126,006.29
A-3 24,897,000.00 6.71% 0 139,215.73 139,215.73
A-4 13,622,000.00 7.36% 0 83,548.27 83,548.27
M-1 17,700,000.00 7.25% 0 106,937.50 106,937.50
M-2 7,200,000.00 7.35% 0 44,100.00 44,100.00
B-1 6,300,000.00 7.69% 0 40,372.50 40,372.50
B-2 2,700,000.00 8.85% 0 19,912.50 19,912.50
Residual 0 0.00% 0 0 0
Totals 107,279,357.57 1,540,014.92 615,194.12 2,155,209.04
<CAPTION>
Current Payment Information
Class Information
Optimal Principal Interest Allocable Loss Ending Class
Class Code Name Balance Carry forward Amount Principal Balance
<S> <C> <C> <C> <C>
A-1 0 0 0 10,375,342.65
A-2 0 0 0 22,945,000.00
A-3 0 0 0 24,897,000.00
A-4 0 0 0 13,622,000.00
M-1 0 0 0 17,700,000.00
M-2 0 0 0 7,200,000.00
B-1 0 0 0 6,300,000.00
B-2 0 0 0 2,700,000.00
Residual 0 0 0 0
Totals 0 0 0 105,739,342.65
<CAPTION>
Original Class Information Factors per $1,000
Class Information
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 62.51075353 2.236619 421.1456
A-2 22,945,000.00 6.59% 25500P-AB2 0 5.491667 1000
A-3 24,897,000.00 6.71% 25500P-AC0 0 5.591667 1000
A-4 13,622,000.00 7.36% 25500P-AD8 0 6.133333 1000
Mezzanine M-1 17,700,000.00 7.25% 25500P-AE6 0 6.041667 1000
M-2 7,200,000.00 7.35% 25500P-AF3 0 6.125 1000
Subordinate B-1 6,300,000.00 7.69% 25500P-AG1 0 6.408333 1000
B-2 2,700,000.00 8.85% 25500P-AH9 0 7.375 1000
Totals 120,000,000.00 12.8334577 5.126618 881.1612
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 9/15/98
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
COLLATERAL INFORMATION
Number of Loans in Pool 2,525
Pool Principal Balance as of first day of Due Period 111,506,573.81
Scheduled Principal Payments during Due Period 98,257.79
Principal Prepayments during Due Period 901,444.36
Balance of Loans Charged Off 104,521.29
Recoveries of Prior Charge Offs 22,306.81
Pool Reconciliation Adjustment Amount 0
Pool Principal Balance as of last day of Due Period 110,402,350.37
CumulativePrincipal Prepayments since Cut-off Date 7,697,682.35
Weighted Average Maturity of the Home Loans 258.15
Weighted Average Interest Rate of the Home Loans 13.24%
Gross Interest Collected On Loans 1,204,517.83
Available Collection Amount 2,226,526.79
Less Expense Fees:
Servicing Compensation 69,691.61
Indenture Trustee Fee 1,626.14
Owner Trustee Fee 0
Custodian Fee 0
Available Distribution Amount 2,155,209.04
OVERCOLLATERALIZATION
Overcollateralization Target Amount 4,800,000.00
Overcollateralization Amount 4,663,007.72
Overcollateralization Deficiency Amount 136,992.28
OTHER INFORMATION
Net Loan Losses 0
Allocable Loss Amount 0
<TABLE>
<CAPTION>
DELINQUENCY INFORMATION
Days Delinquent Number of Loans Aggregate Principal Balance
<S> <C> <C>
30 Days 27 1,080,790.53
60 Days 6 318,012.65
90 Days 27 1,197,838.70
Totals 60 2,596,641.88
<CAPTION>
Delinquent Status Number of Loans Aggregate Principal Balance Percent Book Value
<S> <C> <C> <C> <C>
In Foreclosure Proceedings 1 52,312.37 0.05% NA
In Bankruptcy (Delinquent) 19 845,504.31 0.77% 0
In Bankruptcy (Non-Delinquent) 6 205,630.30 0.19% 0
Foreclosure Properties 0 0 0.00% 0
** Foreclosure and Bankruptcy Numbers are
included in the 'Days Delinquent' category
above
60-Day Delinquent Amount 1,515,851.35
Six-Month Rolling Delinquency Average 1,412,972.76
<CAPTION>
During Related Due Period
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 4 104,521.29
<CAPTION>
Cumulative Since Closing Date
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 26 817,241.64
</TABLE>
<PAGE>
Page Number: 1
Payment Date: 10/15/98
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>
Current Payment Information
Class 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 10,375,342.65 6.00% 2,263,308.36 51,862.88 2,315,171.24 0
A-2 22,945,000.00 6.59% 0 126,006.29 126,006.29 0
A-3 24,897,000.00 6.71% 0 139,215.73 139,215.73 0
A-4 13,622,000.00 7.36% 0 83,548.27 83,548.27 0
M-1 17,700,000.00 7.25% 0 106,937.50 106,937.50 0
M-2 7,200,000.00 7.35% 0 44,100.00 44,100.00 0
B-1 6,300,000.00 7.69% 0 40,372.50 40,372.50 0
B-2 2,700,000.00 8.85% 0 19,912.50 19,912.50 0
Residual 0 0.00% 0 193,971.10 193,971.10 0
Totals 105,739,342.65 2,263,308.36 805,926.76 3,069,235.13 0
<CAPTION>
Current Payment Information
Class Information
Interest Allocable Loss Ending Class
Class Code Name Carryforward Amount Principal Balance
<S> <C> <C> <C> <C>
A-1 0 0 8,112,034.28
A-2 0 0 22,945,000.00
A-3 0 0 24,897,000.00
A-4 0 0 13,622,000.00
M-1 0 0 17,700,000.00
M-2 0 0 7,200,000.00
B-1 0 0 6,300,000.00
B-2 0 0 2,700,000.00
Residual 0 0 0
Totals 0 0 103,476,034.28
<CAPTION>
Original Class Information Factors per $1,000
Class Information
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 91.86996119 2.105166 329.2756
A-2 22,945,000.00 6.59% 25500P-AB2 0 5.491667 1000
A-3 24,897,000.00 6.71% 25500P-AC0 0 5.591667 1000
A-4 13,622,000.00 7.36% 25500P-AD8 0 6.133333 1000
Mezzanine M-1 17,700,000.00 7.25% 25500P-AE6 0 6.041667 1000
M-2 7,200,000.00 7.35% 25500P-AF3 0 6.125 1000
Subordinate B-1 6,300,000.00 7.69% 25500P-AG1 0 6.408333 1000
B-2 2,700,000.00 8.85% 25500P-AH9 0 7.375 1000
Totals 120,000,000.00 - - 18.86090303 6.716056 862.3003
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 10/15/98
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
COLLATERAL INFORMATION
Number of Loans in Pool 2,476
Pool Principal Balance as of first day of Due Period 110,402,350.37
Scheduled Principal Payments during Due Period 99,557.37
Principal Prepayments during Due Period 1,850,469.03
Balance of Loans Charged Off 176,289.69
Recoveries of Prior Charge Offs 0
Pool Reconciliation Adjustment Amount 0
Pool Principal Balance as of last day of Due Period 108,276,034.28
Cumulative Principal Prepayments since Cut-off Date 9,548,151.38
Weighted Average Maturity of the Home Loans 257.12
Weighted Average Interest Rate of the Home Loans 13.24%
Gross Interest Collected On Loans 1,192,320.23
Available Collection Amount 3,142,346.63
Less Expense Fees:
Servicing Compensation 69,001.47
Indenture Trustee Fee 1,610.03
Owner Trustee Fee 2,500.00
Custodian Fee 0
Available Distribution Amount 3,069,235.13
OVERCOLLATERALIZATION
Overcollateralization Target Amount 4,800,000.00
Overcollateralization Amount 4,800,000.00
Overcollateralization Deficiency Amount 0
OTHER INFORMATION
Net Loan Losses 0
Allocable Loss Amount 0
DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Days Delinquent Number of Loans Aggregate Principal Balance
<S> <C> <C>
30 Days 14 598,132.32
60 Days 4 160,242.60
90 Days 21 940,154.16
Totals 39 1,698,529.08
<CAPTION>
Delinquent Status Number of Loans Aggregate Principal Balance Percent Book Value
<S> <C> <C> <C> <C>
In Foreclosure Proceedings 0 0 0.00% NA
In Bankruptcy (Delinquent) 17 811,118.90 0.75% 0
In Bankruptcy (Non-Delinquent) 12 489,094.46 0.45% 0
Foreclosure Properties 0 0 0.00% 0
** Foreclosure and Bankruptcy Numbers are
included in the 'Days Delinquent' category
above
60-Day Delinquent Amount 1,100,396.76
Six-Month Rolling Delinquency Average 1,390,180.10
<CAPTION>
During Related Due Period
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 4 176,289.69
<CAPTION>
Cumulative Since Closing Date
Number of Loans Aggregate Principal Balance
<S> <C> <C>
Defaulted Home Loans 0 0
Liquidated Home Loans 0 0
Deleted Home Loans due to being Defective 0 0
Deleted Home Loans due to being Defaulted 0 0
Home Loans charged off due to being Defaulted 30 993,531.33
</TABLE>
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