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: November 25, 1997
(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
Empire Funding Home Loan Owner Trust 1997-4, Home Loan Asset Backed Notes,
Series 1997-4)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
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Delaware 333-35653 06-1204982
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(State of Incorporation) Commission File #(I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
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Address of principal executive offices (Zip Code)
(212) 713-2000
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Registrant's Telephone Number, including area code
ITEM 5. Other Events
On behalf of Empire Funding Home Loan Owner Trust 1997-4,
Home Loan Asset-Backed Notes, Series 1997-4, a Trust created
pursuant to the Sale and Servicing Agreement, dated October 1,
1997, by U.S. Bank National Association d.b.a. First Bank
National Association, as Indenture Trustee for the Trust, the
Indenture Trustee has caused to be filed with the Commission, the
Monthly Report dated November 25, 1997. The Monthly Report is
filed pursuant to and in accordance with (1) numerous no-action
letters (2) current Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each monthly distribution
to the holders of the Certificates, Due January 25, 2024.
A. Monthly Report Information
See exhibit 1
B. Have any deficiencies occurred? NO
Date
Amount
C. Item 1: Legal Proceeding: NONE
D. Item 2: Changes in Securitie: NONE
E. Item 4: Submission of Matters to a Vote of Certificatholders: NONE
F. Item 5: Other Information - form 10-Q, Part II-Items 1,2,4,5 if
applicabele: NOT APPLICABLE
ITEM 7. Financial Statements and Exhibits
EXHIBIT NO.1
1. Monthly Distribution Report
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-4
SERIES 1997-4
DISTRIBUTION STATEMENT
Distribution Date: 11/25/97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance* Distribution DistributionDistribution Balance
A-1 60,010,000.00 1,848,466.66 314,377.39 2,162,844.05 58,161,533.34
A-2 71,136,000.00 0.00 424,444.80 424,444.80 71,136,000.00
A-3 29,688,000.00 0.00 175,901.40 175,901.40 29,688,000.00
A-4 32,313,000.00 0.00 196,570.75 196,570.75 32,313,000.00
A-5 15,353,000.00 0.00 98,003.32 98,003.32 15,353,000.00
X-1A 160,834,000.00 NA 60,312.75 60,312.75 158,985,533.34
X-1B 47,666,000.00 NA 17,874.75 17,874.75 47,666,000.00
X-1C 91,500,000.00 NA 34,312.50 34,312.50 91,500,000.00
M-1 45,000,000.00 0.00 273,375.00 273,375.00 45,000,000.00
M-2 19,500,000.00 0.00 120,412.50 120,412.50 19,500,000.00
B-1 18,000,000.00 0.00 115,950.00 115,950.00 18,000,000.00
B-2 9,000,000.00 0.00 66,450.00 66,450.00 9,000,000.00
Total 300,000,000.00 1,848,466.66 1,897,985.16 3,746,451.82 298,151,533.34
Payment of Loss Interest Allocable
Reimbursement Loss
Class Deficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
A-4 NA 0.00 NA
A-5 NA 0.00 NA
X-1A NA 0.00 NA
X-1B NA 0.00 NA
X-1C NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B-1 0.00 0.00 0.00
B-2 0.00 0.00 0.00
Total 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass Through
Class Distribution Distribution DistributionBalance Interest Rate
A-1 30.80264396 5.23875004 36.04139401 969.19735604 5.71500%
A-2 0.00000000 5.96666667 5.96666667 1,000.00000000 7.16000%
A-3 0.00000000 5.92500000 5.92500000 1,000.00000000 7.11000%
A-4 0.00000000 6.08333333 6.08333333 1,000.00000000 7.30000%
A-5 0.00000000 6.38333355 6.38333355 1,000.00000000 7.66000%
X-1A NA 0.37500000 0.37500000 988.50699066 0.45000%
X-1B NA 0.37500000 0.37500000 1,000.00000000 0.45000%
X-1C NA 0.37500000 0.37500000 1,000.00000000 0.45000%
M-1 0.00000000 6.07500000 6.07500000 1,000.00000000 7.29000%
M-2 0.00000000 6.17500000 6.17500000 1,000.00000000 7.41000%
B-1 0.00000000 6.44166667 6.44166667 1,000.00000000 7.73000%
B-2 0.00000000 7.38333333 7.38333333 1,000.00000000 8.86000%
Payment of Loss Interest Allocable
Reimbursement Loss
Class Amount Amount Amount
A-1 NA 0.00000000 NA
A-2 NA 0.00000000 NA
A-3 NA 0.00000000 NA
A-4 NA 0.00000000 NA
A-5 NA 0.00000000 NA
X-1A NA 0.00000000 NA
X-1B NA 0.00000000 NA
X-1C NA 0.00000000 NA
M-1 0.00000000 0.00000000 0.00000000
M-2 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 0.00000000
B-2 0.00000000 0.00000000 0.00000000
EMPIRE FUNDING HOME LOAN OWNER TRUST 1997-4
PASS-THROUGH CERTIFICATES
SERIES 1997-4
Distribution Date: 11/25/97
Distribution Statement
Sale and Servicing Agreement Dated October 1, 1997
i) Available Collection Amount 3,898,495.56
Available Distribution Amount 3,746,451.82
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 239,536,659.74
Ending Pool Principal Balance 238,750,119.24
iii) Class Factors Class A-1 1.00000000 0.96919736
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class A-4 1.00000000 1.00000000
Class A-5 1.00000000 1.00000000
Class X-1A 1.00000000 0.98850699
Class X-1B 1.00000000 1.00000000
Class X-1C 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B-1 1.00000000 1.00000000
Class B-2 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 2,733,018.02
Interest from Purchased Loans 2,163.93
Interest from Liquidated Mortgage Loans 0.00
Interest from Capitalized Interest Subsequent Deposit 0.00
2,735,181.95
Principal Collections (Regular Installments) 243,604.11
Principal Collections (Curtailments and Paid in Fulls) 461,050.61
Substitution Adjustment 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from Purchased Loans 81,885.78
786,540.50
Total Payments 3,521,722.45
plus: Capitalized Interest Requirement 376,768.31
plus: Amts remaining upon termination of Pre-funded Acct 0.00
plus: Int. Income on Collection, Certificate, & Note Dist. Accts 4.80
less: Trust Fees and Expenses 152,043.74
Available Distribution Amount 3,746,451.82
v) Optimal Principal Balances: 0.00
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B-1 0.00
vi) Overcollateralization Deficiency Amount (before distribution) 12,000,000.00
Amounts distributed to the Residual Interest 0.00
vii) Servicing Compensation 149,710.41
Indenture Trustee Fee 2,000.00
Owner Trustee Fee 333.33
viii) Overcollateralization Amount 1,061,926.16
Overcollateralization Target Amount 12,000,000.00
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 1,061,926.16
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 241 240
weighted avg. Home Loan Int Rate of the Home Loans 14.357% 14.356%
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 43,132.47
Six-Month Rolling Delinquency Average 43,132.47
Net Delinquency Calculation Amount 64,698.71
xiii) Current
Aggregate
Combination Loans Number Prin Balance Number
A)Defaulted Home Loans 0 0.00 0
B)Liquidated Home Loans 0 0.00 0
C)Deleted Home Loans because Defective 0 0.00 0
D)Deleted Home Loans because Defaulted 0 0.00 0
Current
Aggregate
Debt Consolidation Loans Number Prin Balance Number
A)Defaulted Home Loans 0 0.00 0
B)Liquidated Home Loans 0 0.00 0
C)Deleted Home Loans because Defective 0 0.00 0
D)Deleted Home Loans because Defaulted 0 0.00 0
xiv) Delinquency And Foreclosure Information:
# of Account Prin Balance % of Total
30-59 Days Delinquent 31 987,681.34 0.414%
60-89 Days Delinquent 2 43,132.47 0.018%
90-179 Days Delinquent 0 0.00 0.000%
180 or more Days Delinquent 0 0.00 0.000%
Loans in foreclosure proceedings 0 0.00 0.000%
Foreclosed Properties 0 0.00 0.000%
Loans in bankruptcy proceedings# of Account Prin Balance % of Total
30-59 Days Delinquent 0 0.00 0.000%
60-89 Days Delinquent 0 0.00 0.000%
90-179 Days Delinquent 0 0.00 0.000%
180 or more Days Delinquent 0 0.00 0.000%
Aggregate 0 0.00 0.000%
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.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
By /s/ James Kaufman
Name: Jim Kaufman
Title:Assistant Vice President,
First National Association
Dated: November 30, 1997
