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Previous: WORLD OMNI 1998-A AUTOMOBILE LEASE SECURITIZATION TRUST, S-1/A, 1998-11-09 |
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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): June 8, 1998
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033-06 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
4726 Airport Highway
Louisville, TN 37777
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For each of the following Remittance Dates, The Chase Manhattan Bank,
as Trustee, made the monthly distributions to the holders of the Vanderbilt
Mortgage and Finance, Inc. Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1997D:
Remittance Dates
----------------
June 8, 1998 February 9, 1998
May 7, 1998 January 7, 1998
April 7, 1998 December 8, 1997
March 9, 1998
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
20 Monthly Reports delivered by 3
the Trustee to Certificateholders in
connection with the distributions on the
Remittance Dates specified in Item 5 above.
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.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
--------------------------------
Name: David R. Jordan
Title: Vice President and Controller
Dated: June 8, 1998
<PAGE> 1
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-DEC-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-DEC-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-NOV-97
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,110,661.77 153,138.75 174,150.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 1,068,290.34
(b) Partial Prepayments Received 86,909.82
(c) Principal Payments in Full (Scheduled Balance) 898,805.36
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- -------------- --------------
Total Principal Distribution 2,054,005.52 0.00 0.00
(c) Interest Distribution 56,656.25 153,138.75 174,150.83
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 56,656.25 153,138.75 174,150.83
(d) Beginning Class I A and Class I B Principal Balance 50,000,000.00 29,100,000.00 32,300,000.00
Less: Principal Distribution 2,054,005.52 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 47,945,994.48 29,100,000.00 32,300,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.95891989
Section 6.02 Reimbursement Amount 0.00 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I A-3 1.00000000
------------ Class I A-4 1.00000000
Total Fees Due Servicer 0.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 76 1,538,528
60-89 Days Delinquent 8 142,138
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 172,290.68
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 553,713.93
-----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
7
(p) Units repossessed 172,290.68
(q) Principal Prepayments paid 985,715.18
(r) Scheduled Principal Payments 1,068,290.34
(s) Weighted Average Interest Rate 11.34%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 -
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 70,537.92 82,718.12 78,576.81
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- --------------- ---------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 70,537.92 82,718.12 78,576.81
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- --------------- ---------------
Total Interest Distribution 70,537.92 82,718.12 78,576.81
(d) Beginning Class I A and Class I B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- --------------- ---------------
Remaining Class A and Class B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Original Balance Rate
Section 6.02 Reimbursement Amount 50,000,000.00 5.8275%
Reimbursable Fees 29,100,000.00 6.3150%
32,300,000.00 6.4700%
12,700,000.00 6.6650%
14,662,000.00 6.77000
13,538,000.00 6.9650%
10,154,000.00 7.0300%
6,769,000.00 7.5500%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP 1
<S> <C> <C>
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e
--------------- ---------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00
--------------- ---------------
Total Interest Distribution 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00
--------------- ---------------
Remaining Class A and Class B Principal Balance 10,154,000.00 6,769,000.00
5.6875% Libor
0.140% Spread
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-DEC-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-DEC-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-NOV-97
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,829,950.55
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 563,761.05
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 82,768.63
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-CC 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 93,453.32
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 17,274.63
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 12,822.11
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller)
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC 0.00
Total Due Servicer 0.00
Available Distribution Amount-Vanderbilt 2,736,497.23
Available Distribution Amount-SubServicer-21st 546,486.42
(vii) Amounts not required to be deposited-SubServicer-CC 69,946.52
To Class A and B 2,771,858.01
Monthly Excess Cashflow 581,072.16
Weighted Average Remaining Term (months) 197.00
Scheduled Balance Computation
Prior Month Balance 169,223,422.71
Current Balance 167,219,149.87
Adv Principal 42,417.89
Del Principal 92,150.57
Pool Scheduled Balance 167,169,417.19
Principal Payments in Full 898,805.36
Partial Prepayments 86,909.82
Scheduled Principal 1,068,290.34
Collateral Balance 167,218,149.87
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-DEC-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-DEC-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-NOV-97
Information for Clauses (v) through (ap), Section 7.01 GROUP II
<S> <C> <C> <C> <C> <C>
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,595,828.88 8,735.71 4,253.44 5,882.81
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 266,514.97
(b) Partial Prepayments Received 16,824.62
(c) Principal Payments in Full (Scheduled Balance) 321,068.10
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 937,134.70
------------- ------------ ------------ ------------
Total Principal Distribution 1,541,542.39 0.00 0.00 0.00
(x) Interest Distribution 54,286.49 8,735.71 4,253.44 5,882.81
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
Total Interest Distribution 54,286.49 8,735.71 4,253.44 5,882.81
(y) Beginning Class I A and Class I B Principal Balance 47,340,000.00 7,320,000.00 3,271,000.00 4,361,000.00
Less: Principal Distribution 1,541,542.39 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 45,798,457.61 7,320,000.00 3,271,000.00 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.96743679 47,340,000.00 6.8975%
Section 6.02 Reimbursement Amount 0.00 Class II B-1 1.00000000 7,320,000.00 6.1375%
Reimbursable Fees 0.00 Class II B-2 1.00000000 3,271,000.00 6.6875%
-------------- Class II B-3 1.00000000 4,361,000.00 6.9375%
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 12 329,213
60-89 Days Delinquent 1 36,990
90+ Days Delinquent 0 0
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 28,230.74
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 5,882,81
(y) Remaining Amount Available 356,062.54
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 1 28,230.74
(al)Principal Prepayments paid 337,892.72
(am)Scheduled Principal Payments 266,514.97
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-DEC-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-DEC-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 26-NOV-97
<S> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,053,617.10
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 19,868.42
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distribution Amount 1,033,628.68
To Class A and B - Scheduled Principal and Interest 677,566.14
Monthly Excess Cashflow Class II 356,062.54
Monthly Excess Cashflow Class I 581,072.16
Accelerated Principal Payment 937,134.70
Weighted Average Remaining Term (months) 192.00
Scheduled Balance Computation
Prior Month Balance 62,292,290.22
Current Balance 61,702,778.01
Adv Principal 4,624.33
Del Principal 19,419.81
Pool Scheduled Balance 61,687,982.53
Principal Payments in Full 321,068.10
Partial Prepayments 16,824.62
Scheduled Principal 266,514.97
Collateral Balance 61,702,778.01
Overcollateralization Amount 937,525
Required Overcollateralization Amount 2,335,965
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-DEC-97
Information for Clauses (a) through (s), Section 7.01 GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,375,370.07 153,138.75 174,150.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 560,801.89
(b) Partial Prepayments Received 73,221.84
(c) Principal Payments in Full (Scheduled Balance) 1,496,022.67
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
----------------- -------------- --------------
Total Principal Distribution 2,130,046.40 0.00 0.00
(c) Interest Distribution 245,323.67 153,138.75 174,150.83
Unpaid Interest Shortfall 0.00 0.00 0.00
----------------- ------------- --------------
Total Interest Distribution 245,323.67 153,138.75 174,150.83
(d) Beginning Class I A and Class I B Principal Balance 47,945,994.48 29,100,000.00 32,300,000.00
Less: Principal Distribution 2,130,046.40 0.00 0.00
----------------- -------------- --------------
Remaining Class A and Class B Principal Balance 45,815,948.08 29,100,000.00 32,300,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.91631896
Section 6.02 Reimbursement Amount 20,016.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
----------------- Class I A-4 1.00000000
Total Fees Due Servicer 20,016.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 93 1,953,966
60-89 Days Delinquent 23 446,444
90+ Days Delinquent 4 60,266
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 84,321.95
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 542,881.26
-----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 30,672.95
(q) Principal Prepayments paid 1,569,244.51
(r) Scheduled Principal Payments 560,801.89
(s) Weighted Average Interest Rate 11.33%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP 1
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 70,537.92 82,718.12 78,576.81
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- --------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 70,537.92 82,718.12 78,576.81
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution ------------- --------------- --------------
70,537.92 82,718.12 78,576.81
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 12,700,000.00 14,662,000.00 13,538,000.00
0.00 0.00 0.00
Remaining Class A and Class B Principal Balance
------------- --------------- --------------
(e) Fees Due Servicer 12,700,000.00 14,662,000.00 13,538,000.00
Monthly Servicing Fee
Section 8.06 Reimbursement Amount
Section 6.02 Reimbursement Amount Original Balance Rate
Reimburseable Fees 50,000,000.00 6.1400%
29,100,000.00 6.3150%
32,300,000.00 6.4700%
12,700,000.00 6.6650%
14,662,000.00 6.7700%
13,538,000.00 6.9650%
10,154,000.00 7.0300%
6,769,000.00 7.5500%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP 1
Class B-1 Class 1 B-2
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- --------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00
------------- --------------
Total Interest Distribution 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00
------------- --------------
Remaining Class A and Class B Principal Balance 10,154,000.00 6,769,000.00
6.0000% Libor
0.14% Spread
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-DEC-97
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,209,308.97
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 423,983.62
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 69,681.53
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,117.31
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 2,654.84
(iii)Section 5.05 Certificate Fund Income-SubServicer-CC 535.07
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 93,674.82
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 12,530.14
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 6,615.47
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 20,016.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC
Total Due Servicer 20,016.00
Available Distribution Amount-Vanderbilt 3,122,750.76
Available Distribution Amount-SubServicer-21st 414,108.52
Available Distribution Amount-subServicer-CC 63,601.13
To Class A and B 3,036,586.31
Monthly Excess Cashflow 563,894.10
Weighted Average Remaining Term (months) 196.00
Scheduled Balance Computation
Prior Month Balance 167,169,417.19
Current Balance 165,116,265.68
Adv Principal 35,097.57
Del Principal 111,992.46
Pool Scheduled Balance 165,039,370.79
Principal Payments in Full 1,496,022.67
Partial Prepayments 73,221.84
Scheduled Principal 560,801.89
Collateral Balance 165,116,285.66
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-SEP-97
<S> <C> <C> <C> <C>
Information for Clauses (v) through (ap), Section 7.01
GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,451,505.79 39,345.00 19,080.83 26.347.71
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 150,968.83
(b) Partial Prepayments Received 23,816.59
(c) Principal Payments in Full (Scheduled Balance) 243,939.71
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 795,773.64
------------- ------------ ------------- ------------
Total Principal Distribution 1,214,498.77 0.00 0.00 0.00
(x) Interest Distribution 237,007.02 39,345.00 19,080.83 26,347.71
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------- ------------
Total Interest Distribution 237,007.02 39,345.00 19,080.83 26,347.71
(y) Beginning Class I A and Class I B Principal Balance 45,798,457.61 7,320,000.00 3,271,000.00 4,361,000.00
Less: Principal Distribution 1,214,498.77 0.00 0.00 0.00
------------- ------------ ------------- ------------
Remaining Class A and Class B Principal Balance 44,583,958.84 7,320,000.00 3,271,000.00 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.94178198 47,340,000.00 6.2100%
Section 6.02 Reimbursement Amount 8,000.00 Class II B-1 1.00000000 7,320,000.00 6.4500%
Reimbursable Fees 0.00 Class II B-2 1.00000000 3,271,000.00 7.0000%
-------------- Class II B-3 1.00000000 4,361,000.00 7.2500%
Total Fees Due Servicer 8,000.00
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 26 667,303
60-89 Days Delinquent 2 61,770
90+ Days Delinquent 0 0
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 0.00
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 26,347.71
(y) Remaining Amount Available 231,879.54
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 267,766.30
(am)Scheduled Principal Payments 150,968.83
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-DEC-97
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 995,280.18
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 2,500.05
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 17,395.00
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 8,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 8,000.00
Available Distrubution Amount 972,385.23
To Class A and B - Scheduled Principal and Interest 740,505.69
Monthly Excess Cashflow Class II 231,879.54
Monthly Excess Cashflow Class I 563,894.10
Accelerated Principal Payment 795,773.64
Weighted Average Remaining Term (months) 191.00
Scheduled Balance Computation
Prior Month Balance 61,687,982.53
Current Balance 61,294,361.67
Adv Principal 4,058.80
Del Principal 29,163.07
Pool Scheduled Balance 61,269,257.40
Principal Payments in Full 243,939.71
Partial Prepayments 23,816.59
Scheduled Principal 150,968.83
Collateral Balance 61,294,361.67
Overcollateralization Amount 1,733,299
Required Overcollateralization Amount 2,335,965
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C> <C> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-JAN-98
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
(a) Class I A and Class I B Distribution Amounts 1,601,290.00 153,138.75 174,150.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 591,850.33
(b) Partial Prepayments Received 24,644.50
(c) Principal Payments in Full (Scheduled Balance) 739,888.31
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
----------------- ------------- -------------
Total Principal Distribution 1,356,383.14 0.00 0.00
(c) Interest Distribution 244,906.86 153,138.75 174,150.83
Unpaid Interest Shortfall 0.00 0.00 0.00
----------------- ------------- -------------
Total Interest Distribution 244,906.86 153,138.75 174,150.83
(d) Beginning Class I A and Class I B Principal Balance 45,815,948.08 29,100,000.00 32,300,000.00
Less: Principal Distribution 1,356,383.14 0.00 0.00
----------------- ------------- -------------
Remaining Class A and Class B Principal Balance 44,459,564.94 29,100,000.00 32,300,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 171,916.01 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.88919130
Section 6.02 Reimbursement Amount 12,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
----------------- Class I A-4 1.00000000
Total Fees Due Servicer 183,916.01 Class I A-5 1.00000000
Class I A-6 1.00000000
Class I B-1 1.00000000
No. of Unpaid Principal Class I B-2 1.00000000
(f) Delinquency Contracts Balance
31-59 Days Delinquent 136 2,860,957
60-89 Days Delinquent 25 558,943
90+ Days Delinquent 19 393,593
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 245,063.84
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 508,189.28
-----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 19,245.00
(q) Principal Prepayments paid 764,532.81
(r) Scheduled Principal Payments 591,850.33
(s) Weighted Average Interest Rate 11.33%
<CAPTION>
<S> <C> <C> <C> <C>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-4 Class I A-5 Class I A-6
(a) Class I A and Class I B Distribution Amounts 70,537.92 82,718.12 78,576.81
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 70,537.92 82,718.12 78,576.81
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 70,537.92 82,718.12 78,576.81
(d) Beginning Class I A and Class I B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Original Balance Rate
Section 6.02 Reimbursement Amount 50,000,000.00 5.8314%
Reimburseable Fees 29,100,000.00 6.3150%
32,300,000.00 6.4700%
Total Fees Due Servicer 12,700,000.00 6.6650%
14,662,000.00 6.7700%
13,538,000.00 6.9650%
10,154,000.00 7.0300%
6,769,000.00 7.5500%
<CAPTION>
<S> <C> <C>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00
------------- ------------
Total Interest Distribution 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00
------------- ------------
Remaining Class A and Class B Principal Balance 10,154,000.00 6,769,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount
Section 6.02 Reimbursement Amount 5.6914% Libor
Reimburseable Fees 0.14% Spread
Total Fees Due Servicer
</TABLE>
<PAGE> 10
<TABLE>
<S> <C> <C>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-JAN-98
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,371,654.77
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 438,119.85
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 64,016.50
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,366.07
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 1,263.27
(iii)Section 5.05 Certificate Fund Income-SubServicer-CC 259.61
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 75,941.74
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 14,374.99
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 6,182.26
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 171,916.01
(iv) Reimburseable Liquidation Expenses 12,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC 0.00
Total Due Servicer 183,916.01
Available Distrubution Amount-Vanderbilt 2,303,079.10
Available Distrubution Amount-SubServicer-21st 425,008.13
Available Distrubution Amount-SubServicer-CC 58,093.85
To Class A and B 2,262,486.24
Monthly Excess Cashflow 523,694.84
Weighted Average Remaining Term (months) 195.00
Scheduled Balance Computation
Prior Month Balance 165,039,370.79
Current Balance 163,789,785.20
Adv Principal 31,044.28
Del Principal 137,841.83
Pool Scheduled Balance 163,682,987.65
Principal Payments in Full 739,888.31
Partial Prepayments 24,644.50
Scheduled Principal 591,850.33
Collateral Balance 163,789,785.20
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-Feb-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-Feb-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-Jan-98
<S> <C> <C> <C> <C> <C>
Information for Clauses (v) through (ap), Section 7.01
GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,761,183.22 41,208.79 20,063.61 27,748.82
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 162,925.52
(b) Partial Prepayments Received 16,461.65
(c) Principal Payments in Full (Scheduled Balance) 737,947.92
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 602,666.00
-------------- ------------- ------------ -------------
Total Principal Distribution 1,520,001.09 0.00 0.00 0.00
(x) Interest Distribution 241,182.13 41,208.79 20,063.61 27,748.82
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- ------------- ------------ -------------
Total Interest Distribution 241,182.13 41,208.79 20,063.61 27,748.82
(y) Beginning Class I A and Class I B Principal Balance 44,583,958.84 7,320,000.00 3,271,000.00 4,361,000.00
Less: Principal Distribution 1,520,001.09 0.00 0.00 0.00
-------------- ------------- ------------ -------------
Remaining Class A and Class B Principal Balance 43,063,957.75 7,320,000.00 3,271,000.00 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 63,822.14 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.90967380 47,340,000.00 5.9014%
Section 6.02 Reimbursement Amount 12,000.00 Class II B-1 1.00000000 7,320,000.00 6.1414%
Reimburseable Fees 0.00 Class II B-2 1.00000000 3,271,000.00 6.6914%
Class II B-3 1.00000000 4,361,000.00 6.9414%
--------------
Total Fees Due Servicer 75,822.14
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 51 1,516,328
60-89 Days Delinquent 5 160,638
90+ Days Delinquent 2 61,770
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 123,175.92
Reposession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 0.00
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 27,748.82
(y) Remaining Amount Available 202,147.08
Amount of (x) over (y) --------------
0.00
(ah)Class B-2 Liquidation Loss Amount
0.00
(ai) Guarantee Payment
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 0.00
(am)Scheduled Principal Payments 754,409.57
(an)Weighted Average Interest Rate 162,925.52
10.81%
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-JAN-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,533,594.75
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 3,914.24
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 12,001.33
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 63,822.14
(iv) Reimburseable Liquidation Expenses 12,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 75,822.14
Available Distribution Amount 1,449,685.52
To Class A and B - Scheduled Principal and Interest 1,247,538.44
Monthly Excess Cashflow Class II 202,147.08
Monthly Excess Cashflow Class I 523,694.84
Accelerated Principal Payment 602,666.00
Weighted Average Remaining Term (months) 190.00
Scheduled Balance Computation
Prior Month Balance 61,269,257.40
Current Balance 60,387,640.08
Adv Principal 3,203.96
Del Principal 38,921.73
Pool Scheduled Balance 603,351,922.31
Principal Payments in Full 737,947.92
Partial Prepayments 16,461.65
Scheduled Principal 162,925.52
Collateral Balance 60,387,640.08
Overcollateralization Amount 2,335,965
Required Overcollateralization Amount 2,335,965
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-FEB-98
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,583,038.51 153,138.75 174,150.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 744,815.07
(b) Partial Prepayments Received 51,318.63
(c) Principal Payments in Full (Scheduled Balance) 1,587,976.06
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) (423.00)
------------- -------------- --------------
Total Principal Distribution 2,383,686.76 0.00 0.00
(c) Interest Distribution 199,351.75 153,138.75 174,150.83
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 199,351.75 153,138.75 174,150.83
(d) Beginning Class I A and Class I B Principal Balance 44,459,564.94 29,100,000.00 32,300,000.00
Less: Principal Distribution 2,383,686.76 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 42,075,878.18 29,100,000.00 32,300.000.00
(e) Fees Due Servicer
Monthly Servicing Fee 170,503.11 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.84151756
Section 6.02 Reimbursement Amount 32,183.54 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------ Class I A-4 1.00000000
Total Fees Due Servicer 202,686.65 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 71 1,827,956
60-89 Days Delinquent 23 546,485
90+ Days Delinquent 27 565,116
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 528,225.79
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 810,016.78
-----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 6 193,213.40
(q) Principal Prepayments paid 1,639,294.69
(r) Scheduled Principal Payments 744,815.07
(s) Weighted Average Interest Rate 11.32%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 -
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 70,537.92 82,718.12 78,576.81
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- --------------- ---------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 70,537.92 82,718.12 78,576.81
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- --------------- ---------------
Total Interest Distribution 70,537.92 82,718.12 78,576.81
(d) Beginning Class I A and Class I B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- --------------- ---------------
Remaining Class A and Class B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Original Balance Rate
Section 6.02 Reimbursement Amount 50,000,000.00 5.7650%
Reimburseable Fees 29,100,000.00 6.3150%
32,300,000.00 6.4700%
12,700,000.00 6.6650%
14,662,000.00 6.7700%
13,538,000.00 6.9650%
10,154,000.00 7.0300%
6,769,000.00 7.7550%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP 1
<S> <C> <C>
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e
--------------- ---------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00
--------------- ---------------
Total Interest Distribution 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00
--------------- ---------------
Remaining Class A and Class B Principal Balance 10,154,000.00 6,769,000.00
5.6250% Libor
0.14% Spread
</TABLE>
<PAGE> 14
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-FEB-98
<S> <C> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,507,544.00
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 613,133.12
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 71,760.30
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 9,377.02
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 1,737.09
(iii)Section 5.05 Certificate Fund Income-SubServicer-CC 229.93
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 102,176.47
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 17,951.52
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 9,768.62
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 170,503.11
(iv) Reimburseable Liquidation Expenses 32,183.54
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC 0.00
Total Due Servicer 202,686.65
Available Distrubution Amount-Vanderbilt 3,414,744.55
Available Distrubution Amount-SubServicer-21st 596,918.69
Available Distrubution Amount-SubServicer-CC 62,221.61
To Class A and B 3,244,234.75
Monthly Excess Cashflow 829,650.10
Weighted Average Remaining Term (months) 194.00
Scheduled Balance Computation
Prior Month Balance 163,682,987.65
Current Balance 161,370,205.63
Adv Principal 40,159.84
Del Principal 111,487.58
Pool Scheduled Balance 161,298,877.89
Principal Payments in Full 1,587,976.06
Partial Prepayments 51,318.63
Scheduled Principal 744,815.07
Collateral Balance 161,370,205.63
</TABLE>
<PAGE> 15
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-FEB-98
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C>
Class II A-1 Class II B-1 Class II B-2
(v) Class II A and Class II B Distribution Amounts 1,045,719.91 34,587.00 16,854.74
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 151,144.50
(b) Partial Prepayments Received 30,179.12
(c) Principal Payments in Full (Scheduled Balance) 668,957.70
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
-------------- ------------- -------------
Total Principal Distribution 850,281.32 0.00 0.00
(x) Interest Distribution 195,438.59 34,587.00 16,854.74
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- ------------- -------------
Total Interest Distribution 195,438.59 34,587.00 16,854.74
(y) Beginning Class I A and Class I B Principal Balance 43,063,957.75 7,320,000.00 3,271,000.00
Less: Principal Distribution 850,281.32 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 42,213,676.43 7,320,000.00 3,271,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 62,866.59 (ac) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.89171264
Section 6.02 Reimbursement Amount 12,000.00 Class II B-1 1.00000000
Reimburseable Fees 0.00 Class II B-2 1.00000000
-------------- Class II B-3 1.00000000
Total Fees Due Servicer 74,866.59
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 35 1,037,335
60-89 Days Delinquent 8 245,481
90+ Days Delinquent 3 62,992
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 965,157.04
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 196,340.53
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 23,319.24
(y) Remaining Amount Available 135,506.94
-----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 2 58,201.26
(al) Principal Prepayments paid 699,136.82
(am) Scheduled Principal Payments 151,144.50
(an) Weighted Average Interest Rate 10.81%
<CAPTION>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C> <C>
Class II B-3
(v) Class II A and Class II B Distribution Amounts 23,319.24
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
-------------
Total Principal Distribution 0.00
(x) Interest Distribution 23,319.24
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 23,319.24
(y) Beginning Class I A and Class I B Principal Balance 4,361,000.00
Less: Principal Distribution 0.00
-------------
Remaining Class A and Class B Principal Balance 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 47,340,000.00 5.8350%
Section 6.02 Reimbursement Amount 7,320,000.00 6.0750%
Reimburseable Fees 3,271,000.00 6.6250%
4,361,000.00 6.8750%
Total Fees Due Servicer
No. of
(aa) Delinquency Contracts
31-59 Days Delinquent 35
60-89 Days Delinquent 8
90+ Days Delinquent 3
(ab) Section 3.05 Repurchases
(ad) Class R Distribution Amount
Reposession Profits
(ae) Principal Balance of Contracts in Repossession
(af) Aggregate Net Liquidation Losses
(ag) (x) Class B-3 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(ah) Class B-2 Liquidation Loss Amount
(ai) Guarantee Payment
(aj) Unadvanced Shortfalls
(ak) Units repossessed
(al) Principal Prepayments paid
(am) Scheduled Principal Payments
(an) Weighted Average Interest Rate
</TABLE>
<PAGE> 16
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-FEB-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,349,600.14
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 4,708.80
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 23,454.52
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 62,866.59
(iv) Reimburseable Liquidation Expenses 12,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 74,866.59
Available Distrubution Amount 1,255,987.83
To Class A and B - Scheduled Principal and Interest 1,120,480.89
Monthly Excess Cashflow Class II 135,506.94
Monthly Excess Cashflow Class I 829,650.10
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 189.00
Scheduled Balance Computation
Prior Month Balance 60,351,922.31
Current Balance 59,529,276.49
Adv Principal 6,576.34
Del Principal 34,211.84
Pool Scheduled Balance 59,501,640.99
Principal Payments in Full 668,957.70
Partial Prepayments 30,179.12
Scheduled Principal 151,144.50
Collateral Balance 59,529,276.49
Overcollateralization Amount 2,335,965
Required Overcollateralization Amount 2,335,965
</TABLE>
<PAGE> 17
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAR-98
<S> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2
(a) Class I A and Class I B Distribution Amounts 2,583,491.49 153,138.75
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 633,945.08
(b) Partial Prepayments Received 38,374.43
(c) Principal Payments in Full (Scheduled Balance) 1,713,652.03
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------------ ----------------
Total Principal Distribution 2,385,971.54 0.00
(c) Interest Distribution 197,519.95 153,138.75
Unpaid Interest Shortfall 0.00 0.00
------------------ ----------------
Total Interest Distribution 197,519.95 153,138.75
(d) Beginning Class I A and Class I B Principal Balance 42,075,878.18 29,100,000.00
Less: Principal Distribution 2,385,971.54 0.00
------------------ ----------------
Remaining Class A and Class B Principal Balance 39,689,906.64 29,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 168,019.66 (h)
Section 8.06 Reimbursement Amount 0.00 Class I A-1
Section 6.02 Reimbursement Amount 26,343.14 Class I A-2
Reimburseable Fees 0.00 Class I A-3
------------------ Class I A-4
Total Fees Due Servicer 194,362.80 Class I A-5
Class I A-6
No. of Unpaid Principal Class I B-1
(f) Delinquency Contracts Balance Class I B-2
31-59 Days Delinquent 72 1,929,851
60-89 Days Delinquent 15 480,357
90+ Days Delinquent 31 608,668
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 746,215.95
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 120,860.49
------------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 5 249,566.21
(q) Principal Prepayments paid 1,752,026.46
(r) Scheduled Principal Payments 633,945.08
(s) Weighted Average Interest Rate 11.30%
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-3 Class I A-4 Class I A-5
(a) Class I A and Class I B Distribution Amounts 174,150.83 70,537.92 82,718.12
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------------ ------------------ ---------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 174,150.83 70,537.92 82,718.12
Unpaid Interest Shortfall 0.00 0.00 0.00
------------------ ------------------ ---------------
Total Interest Distribution 174,150.83 70,537.92 82,718.12
(d) Beginning Class I A and Class I B Principal Balance 32,300,000.00 12,700,000.00 14,662,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------------ ------------------ ---------------
Remaining Class A and Class B Principal Balance 32,300,000.00 12,700,000.00 14,662,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.79379813 50,000,000.00
Section 6.02 Reimbursement Amount 1.00000000 29,100,000.00
Reimburseable Fees 1.00000000 32,300,000.00
1.00000000 12,700,000.00
Total Fees Due Servicer 1.00000000 14,662,000.00
1.00000000 13,538,000.00
No. of 1.00000000 10,154,000.00
(f) Delinquency Contract 1.00000000 6,769,000.00
31-59 Days Delinquent 72
60-89 Days Delinquent 15
90+ Days Delinquent 31
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-6 Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 78,576.81 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- ---------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 78,576.81 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- ---------------
Total Interest Distribution 78,576.81 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 13,538,000.00 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- ---------------
Remaining Class A and Class B Principal Balance 13,538,000.00 10,154,000.00 6,769,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 5.8275% 5.6875% Libor
Section 6.02 Reimbursement Amount 6.3150% 0.14% Spread
Reimburseable Fees 6.4700%
6.6650%
Total Fees Due Servicer 6.7700%
6.9650%
No. of 7.0300%
(f) Delinquency Contract 7.5500%
31-59 Days Delinquent 72
60-89 Days Delinquent 15
90+ Days Delinquent 31
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 18
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAR-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,113,670.42
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 510,345.10
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 61,333.12
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 11,240.19
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 1,938.09
(iii)Section 5.05 Certificate Fund Income-SubServicer-CC 246.13
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 103,697.59
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 16,173.48
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 9,338.68
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 168,019.66
(iv) Reimburseable Liquidation Expenses 26,343.14
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC 0.00
Total Due Servicer 194,362.80
Available Distrubution Amount-Vanderbilt 2,826,850.22
Available Distrubution Amount-SubServicer-21st 496,109.71
Available Distrubution Amount-SubServicer-CC 52,240.57
To Class A and B 3,244,687.73
Monthly Excess Cashflow 130,512.77
Weighted Average Remaining Term (months) 193.00
Scheduled Balance Computation
Prior Month Balance 161,298,877.89
Current Balance 158,988,088.99
Adv Principal 41,334.88
Del Principal 116,517.52
Pool Scheduled Balance 158,912,906.35
Principal Payments in Full 1,713,652.03
Partial Prepayments 38,374.43
Scheduled Principal 633,945.08
Collateral Balance 158,988,088.99
</TABLE>
<PAGE> 19
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAR-98
<S> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1 Class II B-1
(v) Class II A and Class II B Distribution Amounts 1,092,971.22 36,190.79
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 147,641.39
(b) Partial Prepayments Received 29,038.84
(c) Principal Payments in Full (Scheduled Balance) 715,743.78
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
--------------- --------------
Total Principal Distribution 892,424.01 0.00
(x) Interest Distribution 200,547.21 36,190.79
Unpaid Interest Shortfall 0.00 0.00
--------------- --------------
Total Interest Distribution 200,547.21 36,190.79
(y) Beginning Class I A and Class I B Principal Balance 42,213,676.43 7,320,000.00
Less: Principal Distribution 892,424.01 0.00
--------------- --------------
Remaining Class A and Class B Principal Balance 41,321,252.42 7,320,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 61,980.88 (ac)
Section 8.06 Reimbursement Amount 0.00 Class II A-1
Section 6.02 Reimbursement Amount 24,000.00 Class II B-1
Reimburseable Fees 0.00 Class II B-2
--------------- Class II B-3
Total Fees Due Servicer 85,980.88
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 49 1,312,150
60-89 Days Delinquent 8 215,068
90+ Days Delinquent 4 126,715
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 246,130.98
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 52,974.86
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 24,371.63
(y) Remaining Amount Available 115,618.21
---------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 744,782.62
(am) Scheduled Principal Payments 147,641.39
(an) Weighted Average Interest Rate 10.81%
<CAPTION>
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
<S> <C> <C>
Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 17,621.38 24,371.63
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
-------------- ---------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 17,621.38 24,371.63
Unpaid Interest Shortfall 0.00 0.00
-------------- ---------------
Total Interest Distribution 17,621.38 24,371.63
(y) Beginning Class I A and Class I B Principal Balance 3,271,000.00 4,361,000.00
Less: Principal Distribution 0.00 0.00
-------------- ---------------
Remaining Class A and Class B Principal Balance 3,271,000.00 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.87286127 47,340,000.00 5.8975%
Section 6.02 Reimbursement Amount 1.00000000 7,320,000.00 6.1375%
Reimburseable Fees 1.00000000 3,271,000.00 6.6875%
1.00000000 4,361,000.00 6.9375%
Total Fees Due Servicer
No. of
(aa) Delinquency Contracts
31-59 Days Delinquent 49
60-89 Days Delinquent 8
90+ Days Delinquent 4
(ab) Section 3.05 Repurchases
(ad) Class R Distribution Amount
Reposession Profits
(ae) Principal Balance of Contracts in Repossession
(af) Aggregate Net Liquidation Losses
(ag) (x) Class B-3 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(ah) Class B-2 Liquidation Loss Amount
(ai) Guarantee Payment
(aj) Unadvanced Shortfalls
(ak) Units repossessed
(al) Principal Prepayments paid
(am) Scheduled Principal Payments
(an) Weighted Average Interest Rate
</TABLE>
<PAGE> 20
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAR-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,387,966.39
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 6,356.77
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 21,569.05
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 61,980.88
(iv) Reimburseable Liquidation Expenses 24,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 85,980.88
Available Distrubution Amount 1,286,773.23
To Class A and B - Scheduled Principal and Interest 1,171,155.02
Monthly Excess Cashflow Class II 115,618.21
Monthly Excess Cashflow Class I 130,512.77
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 188.00
Scheduled Balance Computation
Prior Month Balance 59,501,640.99
Current Balance 58,639,265.43
Adv Principal 5,697.61
Del Principal 35,746.06
Pool Scheduled Balance 58,609,216.98
Principal Payments in Full 715,743.78
Partial Prepayments 29,038.84
Scheduled Principal 147,641.39
Collateral Balance 58,639,265.43
Overcollateralization Amount 2,335,965
Required Overcollateralization Amount 2,335,965
</TABLE>
<PAGE> 21
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-APR-98
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,585,541.91 153,138.75 174,150.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 750,637.02
(b) Partial Prepayments Received 1,270.75
(c) Principal Payments in Full (Scheduled Balance) 1,641,921.97
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
-------------- --------------- ---------------
Total Principal Distribution 2,393,829.74 0.00 0.00
(c) Interest Distribution 191,712.17 53,138.75 174,150.83
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- --------------- ---------------
Total Interest Distribution 191,712.17 153,138.75 174,150.83
(d) Beginning Class I A and Class I B Principal Balance 39,689,906.64 29,100,000.00 32,300,000.00
Less: Principal Distribution 2,393,829.74 0.00 0.00
-------------- --------------- ---------------
Remaining Class A and Class B Principal Balance 37,296,076.90 29,100,000.00 32,300,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 165,534.28 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.74592154
Section 6.02 Reimbursement Amount 32,650.09 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 198,184.37 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 74 1,537,750
60-89 Days Delinquent 17 457,318
90+ Days Delinquent 25 612,663
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 595,975.48
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 90,339.18
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units Repossessed 6 238,775.64
(q) Principal Prepayments Paid 1,643,192.72
(r) Scheduled Principal Payments 750,637.02
(s) Weighted Average Interest Rate 11.29%
<CAPTION>
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 70,537.92 82,718.12 78,576.81
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- --------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 70,537.92 82,718.12 78,576.81
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- -------------- --------------
Total Interest Distribution 70,537.92 82,718.12 78,576.81
(d) Beginning Class I A and Class I B Principal Balance 12,700,000.00 14,662,000.00 13,538,000.00
Less: Principal Distribution 0.00 0.00 0.00
-------------- -------------- --------------
Remaining Class A and Class B Principal Balance 17,700,000.00 14,662,000.00 13,538,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 50,000,000.00 5.7963%
Section 6.02 Reimbursement Amount 29,100,000.00 6.3150%
Reimburseable Fees 32,300,000.00 6.4700%
12,700,000.00 6.6650%
Total Fees Due Servicer 14,662,000.00 6.7700%
13,538,000.00 6.9650%
10,154,000.00 7.0300%
6,769,000.00 7.5500%
<CAPTION>
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
Class I B-1 Class I B-2
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- --------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00
-------------- --------------
Total Interest Distribution 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00
-------------- --------------
Remaining Class A and Class B Principal Balance 10,154,000.00 6,769,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 5.6563% Libor
Section 8.06 Reimbursement Amount 0.14% Spread
Section 6.02 Reimbursement Amount
Reimburseable Fees
Total Fees Due Servicer
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-APR-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,051,701.48
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 535,157.43
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 146,241.66
(ii) Monthly Advance Made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 10,720.58
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 1,698.83
(iii)Section 5.05 Certificate Fund Income-SubServicer-CC 428.86
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 92,174.02
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 14,430.89
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 4,833.40
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 165,534.28
(iv) Reimburseable Liquidation Expenses 32,650.09
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC 0.00
Total Due Servicer 198,184.37
Available Distrubution Amount-Vanderbilt 2,772,063.67
Available Distrubution Amount-Subservicer-21st 522,425.37
Available Distrubution Amount-SubServicer-CC 141,837.12
To Class A and B 3,246,738.15
Monthly Excess Cashflow 189,588.01
Weighted Average Remaining Term (months) 192.00
Scheduled Balance Computation
Prior Month Balance 158,912,906.35
Current Balance 156,611,061.07
Adv Principal 37,051.60
Del Principal 129,036.06
Pool Scheduled Balance 156,519,076.61
Principal Payments in Full 1,641,921.97
Partial Prepayments 1,270.75
Scheduled Principal 750,637.02
Collateral Balance 156,611,061.07
</TABLE>
<PAGE> 23
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-APR-98
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
<S> <C> <C> <C>
Class II A-1 Class II B-1
(v) Class II A and Class II B Distribution Amounts 1,015,394.89 37,248.43
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 153,853.75
(b) Partial Prepayments Received 58,455.86
(c) Principal Payments in Full (Scheduled Balance) 601,082.89
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
-------------- -------------
Total Principal Distribution 813,392.50 0.00
(x) Interest Distribution 202,002.39 37,248.43
Unpaid Interest Shortfall 0.00 0.00
-------------- -------------
Total Interest Distribution 202,002.39 37,248.43
(y) Beginning Class I A and Class I B Principal Balance 41,321,252.42 7,320,000.00
Less: Principal Distribution 813,392.50 0.00
-------------- -------------
Remaining Class A and Class B Principal Balance 40,507,859.92 7,320,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 61,051.27 (ae)
Section 8.06 Reimbursement Amount 0.00 Class II A-1
Section 6.02 Reimbursement Amount 24,191.00 Class II B-1
Reimburseable Fees 0.00 Class II B-2
Class II B-3
Total Fees Due Servicer --------------
85,242.27
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 35 895,450
60-89 Days Delinquent 9 272,384
90+ Days Delinquent 4 108,725
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 347,699.57
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 200,154.44
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 25,098.65
(y) Remaining Amount Available 158,111.56
--------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
(ak) Units Repossessed No. $ 36,295.72
1
(al) Principal Prepayments Paid 659,538.75
(am) Scheduled Principal Payments 153,853.75
(an) Weighted Average Interest Rate 10.80%
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
<CAPTION>
<S> <C> <C>
Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 18,143.96 25,098.65
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------- -------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 18,143.96 25,098.65
Unpaid Interest Shortfall 0.00 0.00
------------- -------------
Total Interest Distribution 18,143.96 25,098.65
(y) Beginning Class I A and Class I B Principal Balance 3,271,000.00 4,361,000.00
Less: Principal Distribution 0.00 0.00
------------- -------------
Remaining Class A and Class B Principal Balance 3,271,000.00 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.85567934 47,340,000.00 5.8663%
Section 6.02 Reimbursement Amount 1.00000000 7,320,000.00 6.1063%
Reimburseable Fees 1.00000000 3,271,000.00 6.6563%
1.00000000 4,361,000.00 6.9063%
Total Fees Due Servicer
</TABLE>
<PAGE> 24
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-APR-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,351,664.54
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 6,237.38
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal and Interest
due subsequent to the Due Period-Vanderbilt 18,662.16
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 61,051.27
(iv) Reimburseable Liquidation Expenses 24,191.00
(v) Section 6.04 (c) Reimbursement 0.00
(vi) Section 8.06 Reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 85,242.27
Available Distrubution Amount 1,253,997.49
to Class A and B - Scheduled Principal and Interest 1,095,885.93
Monthly Excess Cashflow Class II 158,111.56
Monthly Excess Cashflow Class I 189,588.01
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 187.00
Scheduled Balance Computation
Prior Month Balance 58,609,216.98
Current Balance 57,829,352.82
Adv Principal 5,592.49
Del Principal 39,120.83
Pool Scheduled Balance 57,795,824.48
Principal Payments in Full 601,082.89
Partial Prepayments 58,455.86
Scheduled Principal 153,853.75
Collateral Balance 57,829,352.82
Overcollateralization Amount 2,335,965
Required Overcollateralization Amount 2,335,965
</TABLE>
<PAGE> 25
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAY-98
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,016,676.96 153,138.75 174,150.83 70,537.92
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 792,068.86
(b) Partial Prepayments Received 42,848.77
(c) Principal Payments in Full (Scheduled Balance) 989,732.31
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.29
------------- ------------- ------------- -------------
Total Principal Distribution 1,824,650.23 0.00 0.00 0.00
(c) Interest Distribution 192,026.73 153,138.75 174,150.83 70,537.92
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 192,026.73 153,138.75 174,150.83 70,537.92
(d) Beginning Class I A and Class I B Principal Balance 37,296,076.90 29,100,000.00 32,300,000.00 12,700,000.00
Less: Principal Distribution 1,824,650.23 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 35,471,426.67 29,100,000.00 32,300,000.00 12,700,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 163,040.70 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.70942853
Section 6.02 Reimbursement Amount 18,036.25 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 181,076.95 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 119 2,809,064
60-89 Days Delinquent 13 262,924
90+ Days Delinquent 31 854,470
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 523,373.23
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,588.29
(y) Remaining Amount Available 376,124.29
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 1,032,581.08
(r) Scheduled Principal Payments 792,068.86
(s) Weighted Average Interest Rate 11.28%
<CAPTION>
Class I A-5 Class I A-6 Class I B-1 Class I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 82,718.12 78,576.81 59,485.52 42,588.29
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 82,718.12 78,576.81 59,485.52 42,588.29
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 82,718.12 78,576.81 59,485.52 42,588.29
(d) Beginning Class I A and Class I B Principal Balance 14,662,000.00 13,538,000.00 10,154,000.00 6,769,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 14,662,000.00 13,538,000.00 10,154,000.00 6,769,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 50,000,000.00 5.7923% 5.6523% Libor
Section 6.02 Reimbursement Amount 29,100,000.00 6.3150% 0.14% Spread
Reimburseable Fees 32,300,000.00 6.4700%
12,700,000.00 6.6650%
Total Fees Due Servicer 14,662,000.00 6.7700%
13,538,000.00 6.9650%
No. of 10,154,000.00 7.0300%
(f) Delinquency Contracts 6,769,000.00 7.5500%
</TABLE>
<PAGE> 26
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAY-98
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,647,495.78
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 612,678.21
Certificate Account Balance at Monthly Cutoff-SubServicer-CC 78,059.79
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 10,409.91
(iii) Section 5.05 Certificate Fund Income-SubServicer-21st 2,264.81
(iii) Section 5.05 Certificate Fund Income-SubServicer-CC 393.16
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 71,238.45
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 9,124.11
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-CC 5,526.70
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 163,040.70
(iv) Reimburseable Liquidation Expenses 18,036.25
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
(vii) Amounts not required to be deposited-SubServicer-CC 0.00
Total Due Servicer 181,076.95
Available Distrubution Amount-Vanderbilt 2,405,590.29
Available Distrubution Amount-SubServicer-21st 605,818.91
Available Distrubution Amount-SubServicer-CC 72,926.25
To Class A and B 2,677,873.20
Monthly Excess Cashflow 406,462.25
Weighted Average Remaining Term (months) 191.00
Scheduled Balance Computation
Prior Month Balance 156,519,076.61
Current Balance 154,822,339.80
Adv Principal 30,034.45
Del Principal 157,947.58
Pool Scheduled Balance 154,694,426.67
Principal Payments in Full 989,732.31
Partial Prepayments 42,848.77
Scheduled Principal 792,068.86
Collateral Balance 154,822,339.80
</TABLE>
<PAGE> 27
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAY-98
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
Class II A-1 Class II B-1
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 684,259.37 39,705.63
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 148,550.73
(b) Partial Prepayments Received 21,968.09
(c) Principal Payments in Full (Scheduled Balance) 302,656.79
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
------------- -------------
Total Principal Distribution 473,175.61 0.00
(x) Interest Distribution 211,083.76 39,705.63
Unpaid Interest Shortfall 0.00 0.00
------------- -------------
Total Interest Distribution 211,083.76 39,705.63
(y) Beginning Class I A and Class I B Principal Balance 40,507,859.92 7,320,000.00
Less: Principal Distribution 473,175.61 0.00
------------- -------------
Remaining Class A and Class B Principal Balance 40,034,684.31 7,320,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 60,203.98 (ac)
Section 8.06 Reimbursement Amount 0.00 Class II A-1
Section 6.02 Reimbursement Amount 18,000.00 Class II B-1
Reimburseable Fees 0.00 Class II B-2
------------- Class II B-3
Total Fees Due Servicer 78,203.98
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 62 1,846,227
60-89 Days Delinquent 4 129,675
90+ Days Delinquent 7 207,272
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 563,960.77
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 30,693.98
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 26,756.38
(y) Remaining Amount Available 157,498.52
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 324,624.88
(am) Scheduled Principal Payments 148,550.73
(an) Weighted Average Interest Rate 10.80%
<CAPTION>
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 19,341.93 26,756.38
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------- -------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 19,341.93 26,756.38
Unpaid Interest Shortfall 0.00 0.00
------------- -------------
Total Interest Distribution 19,341.93 26,756.38
(y) Beginning Class I A and Class I B Principal Balance 3,271,000.00 4,361,000.00
Less: Principal Distribution 0.00 0.00
------------- -------------
Remaining Class A and Class B Principal Balance 3,271,000.00 4,361,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.84568408 47,340,000.00 5.8623%
Section 6.02 Reimbursement Amount 1.00000000 7,320,000.00 6.1023%
Reimburseable Fees 1.00000000 3,271,000.00 6.6523%
1.00000000 4,361,000.00 6.9023%
Total Fees Due Servicer
</TABLE>
<PAGE> 28
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997D FOR THE PERIOD ENDED: 25-MAY-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,015,378.31
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 5,678.03
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 15,290.53
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 60,203.98
(iv) Reimburseable Liquidation Expenses 18,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 78,203.98
Available Distribution Amount 927,561.83
To Class A and B - Scheduled Principal and Interest 770,063.31
Monthly Excess Cashflow Class II 157,498.52
Monthly Excess Cashflow Class I 406,462.25
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 186.00
Scheduled Balance Computation
Prior Month Balance 57,795,824.48
Current Balance 57,365,696.69
Adv Principal 5,105.54
Del Principal 48,153.36
Pool Scheduled Balance 57,322,648.87
Principal Payments in Full 302,656.79
Partial Prepayments 21,968.09
Scheduled Principal 148,550.73
Collateral Balance 57,365,696.69
Overcollateralization Amount 2,335,965
Required Overcollateralization Amount 2,335,965
</TABLE>
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