UNITED STATES
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): November 25, 1997
Financial Asset Securitization, Inc.,
Mortgage Participation Securities, Series 1997-01 Trust
(Exact name of registrant as specified in its charter)
New York (governing law
of Pooling and
Servicing Agreement) 033-78368 PENDING
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) 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 November 25, 1997, a distribution was made to holders of, Financial Asset
Securitization, Inc., Mortgage Participation Securities, Series 1997-01 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Participation
Securities, Series 1997-01 Trust, relating to the November 25,
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 thereunto duly authorized.
Financial Asset Securitization, Inc.,
Mortgage Participation Securities, Series 1997-01 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: December 3, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Participation
Securities, Series 1997-01 Trust, relating to the November 25,
1997, distribution.
Financial Asset Securitization, Inc., Series 1997-1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: October 1997
Distribution Date: November 25, 1997
Contact: Candy Wachsmuth
Phone: (410) 884-2118
InvestorDirect: (800) 605-4167
<TABLE>
<CAPTION>
DISTRIBUTION STATEMENT
PASS-THROUGH BEGINNING INTEREST INTEREST PRINCIPAL ENDING TOTAL
CLASS RATE BALANCE ACCRUAL DISTRIBUTION DISTRIBUTION BALANCE DISTRIBUTION
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 6.88309915% 55,809,878.00 320,120.77 320,120.77 347,549.56 55,462,328.44 667,670.33
TOTALS 55,809,878.00 320,120.77 320,120.77 347,549.56 55,462,328.44 667,670.33
</TABLE>
<TABLE>
<CAPTION>
PAYMENTS PER $1,000 DENOMINATION
BEGINNING BEGINNING ENDING
ORIGINAL PRINCIPAL PRINCIPAL RECORD INTEREST PRINCIPAL ENDING PRINCIPAL
CLASS BALANCE BALANCE FACTOR DATE DISTRIBUTION DISTRIBUTION BALANCE FACTOR
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 55,809,878.00 55,809,878.00 1.00000000 10/31/97 5.73591596 6.22738434 55,462,328.44 0.9937726157
TOTALS 55,809,878.00 55,809,878.00 1.00000000 5.73591596 6.22738434 55,462,338.44 0.99377262
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL DISTRIBUTION DETAIL
CLASS BEGINNING BALANCE PRINCIPAL DISTRIBUTION ENDING BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 55,809,878.00 347,549.56 55,462,328.44
TOTALS 55,809,878.00 347,549.56 55,462,328.44
</TABLE>
<TABLE>
<CAPTION>
INTEREST DISTRIBUTION DETAIL
CLASS PASS-THROUGH RATE BEGINNING BALANCE INTEREST DISTRIBUITON
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1 6.88309915% 55,809,878.00 320,120.77
TOTALS 55,809,878.00 320,120.77
</TABLE>
<TABLE>
<CAPTION>
FUND ACCOUNTS ACTIVITY SUMMARY
ASSET PROCEEDS ACCOUNT
<S> <C>
BEGINNING BALANCE 0.00
DEPOSITS
TOTAL INTEREST FROM SECURITIES 321,050.84
TOTAL PRINCIPAL FROM SECURITIES 347,549.65
REINVESTMENT INCOME 0.00
TRANSFER FROM TRUSTEE FEE EXCROW ACCOUNT 0.00
TOTAL DEPOSITS 668,600.49
WITHDRAWALS
TRUSTEE FEE (813.89)
TRANSFER TOTRUSTEE FEE EXCROW ACCOUNT (116.27)
PRINCIPAL PAYMENT (347,549.56)
INTEREST PAYMENTS (320,120.77)
TOTAL WITHDRAWALS (668,600.49)
ENDING BALANCE 0.00
</TABLE>
<TABLE>
<CAPTION>
TRUSTEE FEE ESCROW ACCOUNT
<S> <C>
BEGINNING BALANCE 0.00
DEPOSITS
TRANSFER FROM COLLECTION ACCOUNT 116.27
TOTAL DEPOSITS 116.27
WITHDRAWALS
TRANSFER TO ASSET PROCEEDS ACCOUNT 0.00
TOTAL WITHDRAWALS 0.00
ENDING BALANCE 116.27
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL SUMMARY
POOLED CERTIFICATES AND TREASURY SECURITIES
POOLED BEGINNING INTEREST INTEREST
CERTIFICATE BALANCE RATE DISTRIBUTION
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Multiclass Mortgage Participation Certificates, Series G003, Class SA 702,795.17 12.25% 7,173.89
Multiclass Mortgage Participation Certificates, Series G020, Class SB 384,309.90 8.00% 2,562.07
Multiclass Mortgage Participation Certificates, Series 1041, Class F 221,374.78 14.12% 2,604.57
Multiclass Mortgage Participation Certificates, Series 1385, Class S 145,332.90 7.13% 863.02
Multiclass Mortgage Participation Certificates, Series 1435, Class SB 3,184,158.32 9.83% 26,071.63
Multiclass Mortgage Participation Certificates, Series 1483, Class FD 10,073,742.81 6.13% 51,421.47
Multiclass Mortgage Participation Certificates, Series 1504, Class FA 4,212,204.78 6.73% 23,606.81
Multiclass Mortgage Participation Certificates, Series 1578, Class SC 555,580.32 6.55% 3,032.56
Multiclass Mortgage Participation Certificates, Series 1585, Class PM 597,977.28 3.42% 1,702.05
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-41, Class SA 268,807.98 5.87% 1,315.14
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-56, Class SB 7,961,315.64 7.22% 47,896.34
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-60, Class SB 640,181.76 6.36% 3,391.30
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-113, Class SF 579,380.20 8.89% 4,292.53
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-120, Class SP 155,416.30 6.57% 850.79
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-179, Class SX 125,620.63 4.05% 424.16
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1994-17, Class S 198,824.59 7.16% 1,185.51
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-44, Class Z 9,503,692.48 8.50% 67,322.52
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-57, Class ZH 11,299,162.25 8.00% 75,334.48
United States Treasury Security 1,250,000.00 0.00% -
United States Treasury Security 1,250,000.00 0.00% -
United States Treasury Security 1,250,000.00 0.00% -
United States Treasury Security 1,250,000.00 0.00% -
TOTALS 55,809,878.09 321,050.84
</TABLE>
<TABLE>
<CAPTION>
POOLED PRINCIPAL TOTAL ENDING
CERTIFICATE DISTRIBUTION DISTRIBUTION BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Multiclass Mortgage Participation Certificates, Series G003, Class SA 6,292.24 13,466.13 696,502.93
Multiclass Mortgage Participation Certificates, Series G020, Class SB 0.00 2,562.07 384,309.90
Multiclass Mortgage Participation Certificates, Series 1041, Class F 0.00 2,604.57 221,374.78
Multiclass Mortgage Participation Certificates, Series 1385, Class S 0.00 863.02 145,332.90
Multiclass Mortgage Participation Certificates, Series 1435, Class SB 0.00 26,071.63 3,184,158.32
Multiclass Mortgage Participation Certificates, Series 1483, Class FD 0.00 51,421.47 10,073,742.81
Multiclass Mortgage Participation Certificates, Series 1504, Class FA 0.00 23,606.81 4,212,204.78
Multiclass Mortgage Participation Certificates, Series 1578, Class SC 0.00 3,032.56 555,580.32
Multiclass Mortgage Participation Certificates, Series 1585, Class PM 0.00 1,702.05 597,977.28
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-41, Class SA 0.00 1,315.14 268,807.98
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-56, Class SB 0.00 47,896.34 7,961,315.64
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-60, Class SB 0.00 3,391.30 640,181.76
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-113, Class SF 0.00 4,292.53 579,380.20
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-120, Class SP 0.00 850.79 155,416.30
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1993-179, Class SX 0.00 424.16 125,620.63
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1994-17, Class S 0.00 1,185.51 198,824.59
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-44, Class Z 416,591.89 483,914.42 9,087,100.59
Guaranteed REMIC Pass-Through Certificates, Fannie Mae REMIC Trust 1997-57, Class ZH (75,334.48) 0.00 11,374,496.73
United States Treasury Security 0.00 0.00 1,250,000.00
United States Treasury Security 0.00 0.00 1,250,000.00
United States Treasury Security 0.00 0.00 1,250,000.00
United States Treasury Security 0.00 0.00 1,250,000.00
TOTALS 347,549.65 668,600.49 55,462,328.44
</TABLE>
