SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended December 31, 1997
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-319427
ContiMortgage Home Equity Loan Trust 1997-5
------------------------------------------------------
(Exact name of registrant as specified in its charter)
16-1541656
16-1541652
New York 16-1541654
- ------------------------------- -------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Manufacturers and Traders Trust Company
Corporate Trust Department
One M&T Plaza
Buffalo, New York 14240-2599
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 842-5589
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
None None
- ------------------- -----------------------------------------
Securities registered pursuant to Section 12(g) of the Act:
None
- --------------------------------------------------------------------------------
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be file by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|.
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (e 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. |X|
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1997-5
INDEX
Page
PART I .................................................................. 3
ITEM 1 - Business ................................................... 3
ITEM 2 - Properties ................................................. 3
ITEM 3 - Legal Proceedings .......................................... 3
ITEM 4 - Submission of Matters to a Vote of Security Holders ........ 3
PART II ................................................................. 3
ITEM 5 - Market for Registrant's Common Stock and
Related Stockholder Matters ................................ 3
ITEM 6 - Selected Financial Data .................................... 3
ITEM 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations .............. 4
ITEM 7A - Quantitative and Qualitative Disclosures about Market Risk.. 4
ITEM 8 - Financial Statements and Supplementary Data ................ 4
ITEM 9 - Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure ..................... 4
PART III ................................................................ 4
ITEM 10 - Directors and Executive Officers of the Registrant ......... 4
ITEM 11 - Executive Compensation ..................................... 4
ITEM 12 - Security Ownership of Certain Beneficial
Owners and Management ...................................... 4
ITEM 13 - Certain Relationships and Related Transactions ............. 11
PART IV ................................................................. 11
ITEM 14 - Exhibits, Financial Statement Schedules and
Reports on Form 8-K ........................................ 11
SIGNATURES .............................................................. 12
INDEX TO EXHIBITS ....................................................... 13
-2-
<PAGE>
PART I
ITEM 1 - Business
Not Applicable.
ITEM 2 - Properties
Not Applicable.
ITEM 3 - Legal Proceedings
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1997-5 (the "Trust")
established pursuant to the Pooling and Servicing Agreement (the "Agreement")
dated December 1, 1997, among Manufacturers and Traders Trust Company, as
trustee (the "Trustee"), ContiSecurities Asset Funding Corp., as depositor (the
"Depositor") and ContiMortgage Corporation, as servicer (the "Servicer"), the
Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4 - Submission of Matters to a Vote of Security Holders
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - Market for Registrants Common Stock and Related Stockholder Matters
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, Class A-8 Certificates, Class A-9
Certificates, Class A-10 Certificate, Class A-11IO Certificates and Class B
Certificates issued by the Trust are held by the Depository Trust Company
("DTC") which in turn maintains records of holders of beneficial interests in
such Certificates. Based on information obtained by the Trust from DTC, as of
March 6, 1998, there were 5 holders of the Class A-1 Certificates, 1 holder of
the Class A-2 Certificates, 7 holders of the Class A-3 Certificates, 11 holders
of the Class A-4 Certificates, 3 holders of the Class A-5 Certificates, 8
holders of the Class A-6 Certificates, 8 holders of the Class A-7 Certificates,
5 holders of the Class A-8 Certificate, 4 holders of the Class A-9 Certificates,
9 holders of the Class A-10 Certificates, 6 holders of the Class A-11IO
Certificates, and 3 holders of the Class B Certificates.
ITEM 6 - Selected Financial Data
Not applicable.
-3-
<PAGE>
ITEM 7 - Management's Discussion and Analysis of Financial Condition and Results
of Operations
Not applicable.
ITEM 7A - Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
ITEM 8 - Financial Statements and Supplementary Data
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1997
was $294,623.
ITEM 9 - Changes in and Disagreements with Accounting and Financial Disclosure
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - Directors and Executive Officers of the Registrant
Not applicable.
ITEM 11 - Executive Compensation
Not applicable.
ITEM 12 - Security Ownership of Certain Beneficial Owners and Management
The following table sets forth (i) the name and address of each entity
owning more than 5% of the outstanding principal amount of each Class of
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Certificates is based upon information obtained by the Trust from
DTC and represents ownership of beneficial interest in the Certificates held by
DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
-4-
<PAGE>
Amount Owned
Name and Address All Dollar Amounts Are in Thousands
---------------- -----------------------------------
Principal Percent
--------- -------
Class A-1 Certificates
Corestates Bank, N.A. $8,500 8.23%
P.O. Box 7618 F.C. #1-9-21
Philadelphia, PA 19106-7618
PNC Bank, National Association 7,840 7.59
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103
SSB
Global Corp Action Dept. JAB5W 77,000 74.51
P.P Box 1631
Boston, MA 02105-1631
Class A-2 Certificates (floating)
Depository Trust company $675,000 100.00%
Nominee - CEDE & Co.
55 Water Street
New York, NY 10041
Class A-3 Certificates
American Express Trust Company $5,000 7.94%
1200 Northstar West
Minneapolis, MN 55440
Chase Manhattan Bank 38,500 61.11
4 New York Plaza
13th Floor
New York, NY 10004
Corestates Bank, N.A. 8,000 12.70
P.O. Box 7618 F.C. #1-9-21
Philadelphia, PA 19106-7618
SSB 5,050 8.02
Global Corp Action Dept. JAB5W
P.P Box 1631
Boston, MA 02105-1631
-5-
<PAGE>
Union Bank of California, N.A. 5,425 8.61
Safekeeping Department
475 Sansome Street, 11th Floor
San Francisco, CA 94145
Class A-4 Certificates
Bankers Trust Company $8,025 5.73%
c/o BT Services Tennessee, Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Chase Manhattan Bank/Chemical 73,500 52.50
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004
PNC Bank, N.A./ Pittsburgh 36,500 26.07
One PNC Plaza, 9th Floor
249 5th Avenue
Pittsburgh, PA 15222-7707
Class A-5 Certificates
Bank of New York $24,000 60.00%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 6,000 15.00
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank 10,000 25.00
4 New York Plaza
13th Floor
New York, NY 10004
-6-
<PAGE>
Class A-6 Certificates
Bank of New York $19,200 16.62%
925 Patterson Plank Road
Secaucus, NJ 07094
Bankers Trust Company 17,610 15.24
c/o BT Services Tennessee, Inc.
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank
4 New York Plaza, 13th Floor 28,000 24.23
New York, NY 10004
Chase Manhattan /Salomon 10,000 8.66
4 New York Plaza-21st Floor
New York, NY 10004
Morgan Stanley & Co. Incorporated 23,540 20.37
One Pierrepont Plaza, 7th floor
Brooklyn, NY 11201
SSB-Custodian 11,890 10.29
Global Corp Action Dept. JAB5W
P.O. Box 1631
Boston, MA 02105-1631
Class A-7 Certificates
Bank of New York $35,000 26.92%
925 Patterson Plank Road
Secaucus, NJ 07094
Boston Safe Deposit and Trust Company 60,000 46.15
C/O Mellon Bank, N.A.
Three Mellon Bank Center, Rm 153-3015
Pittsburgh, PA 15259
Northwest Bank Minnesota, National Ass. 10,000 7.69
733 Marquette Avenue
Minneapolis, MN 55479-0056
Northern Trust Company 8,500 6.54
801 S. Canal C-IN
Chicago, IL 60607
-7-
<PAGE>
Class A-8 Certificates
Bankers Trust Company
c/o BT Services Tennessee, Inc. $20,000 18.26%
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank
4 New York Plaza, 13th Floor
New York, NY 10004 10,000 9.13
Chase Manhattan Bank/Chemical
4 New York Plaza, 13th Floor
New York, NY 10004 23,000 21.00
French American Banking Corporation
200 Liberty Street, 20th Floor
New York, NY 10281 20,000 18.26
Republic National Bank of New York
Investment
Account 36,520 33.35
One Hanson Place, Lower Level
Brooklyn, NY 11243
Class A-9 Certificates
Bank of New York $18,605 52.25%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank/Broker & Dealer 15,000 42.13
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
Class B Certificates
First Union National Bank $25,000 47.06%
401 South Tryon Street
TR OPSCMG NC 1151
Charlotte, NC 28288
-8-
<PAGE>
Northern Trust Company 26,120 49.17
801 S. Canal C-In
Chicago, IL 60607
Class A-10 Certificate
Bank of New York $22,000 11.29%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 10,000 5.13
C/O BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Harris Trust & Savings Bank 10,000 5.13
Proxy Operations
111 West Monroe Street, 1130
Chicago, IL 60603
Merrill Lynch, Pierce Fenner & Smith 94,975 48.74
Safekeeping
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
Merrill Lynch, Pierce, Fenner & Smith, Inc. 18,400 9.44
Debt Securities
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
28,000 14.37
Morgan Stanley Trust Company
Investor Communications Services
51 Mercedes Way
Edgewood, NY 11717
Class A-11-IO Certificates
$27,466(1) 17.66%
Citibank, N.A.
PO. Box 30576
Tampa, FL 33630-3576
11,137(1) 7.16
Corestates Bank, N.A.
P.O. Box 7618 F.C. #1-9-1-21
Philadelphia, PA 19106-7618
(1) Represents the "Notional Principal Amount" of the Certificates which is
based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
-9-
<PAGE>
Firstar Trust Company 44,548(1) 28.64
777 E. Wisconsin Avenue
Milwaukee, WI 53202
SSB-Custodian 61,253(1) 39.38
Global Corp Action Dept JAB5W
Boston, MA 02105-1631
(1) Represents the "Notional Principal Amount" of the Certificates which is
based on the aggregate outstanding Certificate Principal Balance of the
Certificates.
-10-
<PAGE>
ITEM 13 - Certain Relationships and Related Transactions
None
PART IV
ITEM 14 - Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
----------- -----------
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
-11-
<PAGE>
(b) Reports on Form 8-K.
1 report on Form 8-K has been filed by the Issuer during the period covered by
this report.
Items Reported/Financial
Date of Report on Form 8-K Statements Filed
January 15, 1998 Trustee's Monthly Report for the
December Monthly Period.
-12-
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
AS DEPOSITOR
By: /s/ Peter Abeles
----------------------
Name: Peter Abeles
Title: President
By: /s/ Robert Riedl
----------------------
Name: Robert Riedl
Title: Vice President, Secretary & Treasurer
Date: March 31, 1998
-13-
<PAGE>
INDEX TO EXHIBITS
Item 14(a)3.
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
-13-
Exhibit 99.1
CONTIMORTGAGE
One Contipark
338 Warminster Road
Hatboro, PA 19040-3430
(215) 347-3000
March 17, 1998
ContiSecurities Asset Funding Corporation
277 Park Avenue
New York, NY 10172
RE: CMC Home Equity Loan Trust 1997-5
Dear Sirs:
In accordance with Section 8.16 of the Pooling and Servicing Agreement,
ContiMortgage Corporation, as Servicer, confirms that as of December 31, 1997:
(i) we have completed a review of the activities of the Servicer during
the year ended December 31, 1997, and of performance under the
Pooling and Servicing Agreement has been made under my supervision;
(ii) to the best of my knowledge, based on such review, the Servicer has
fulfilled all its obligations under the Pooling and Servicing
Agreement for the year ended December 31, 1997.
Sincerely yours,
/s/ Margaret M. Curry
------------------------------
Margaret M. Curry
Sr. Vice President - Servicing
Exhibit 99.2
ARTHUR ANDERSEN
CONTIMORTGAGE CORPORATION
UNIFORM SINGLE ATTESTATION PROGRAM
FOR MORTGAGE BANKERS
FOR THE YEAR ENDED DECEMBER 31, 1997
TOGETHER WITH AUDITORS' REPORT
<PAGE>
ARTHUR ANDERSEN LLP
Independent Accountants' Report
To the Board of Directors of ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) and that ContiMortgage Corporation had in effect a fidelity bond
and errors and omissions policy in the amount of $14,000,000 and $6,000,000 as
of December 31, 1997, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $14,000,000 and $6,000,000 as of December 31, 1997, is fairly stated,
in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 11, 1998
<PAGE>
ContiMortgage
One ContiPark
338 S. Warminster Road
Hatboro, PA. 19040-3430
(215) 347-3000
As of and for the year ended December 31, 1997, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of December 31,1997 ContiMortgage Corporation had in effect
fidelity bond and errors and omissions policy in the amounts of $14,000,000 and
$6,000,000, respectively.
/s/ Margaret M. Curry /s/ William P. Higgins
- -------------------------------- ----------------------------------
Margaret M.Curry William P. Higgins
Sr. Vice President - Servicing Vice President and Controller
March 11, 1998 March 11, 1998
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-5
- --------------------------------------------------------------------------------
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WGE9 A-1 103,340,000.00 103,340,000.00 0.00 0.00 0.00 103,340,000.00
21075X1S2 A-2 (1) 675,000,000.00 675,000,000.00 0.00 0.00 0.00 675,000,000.00 675,000,000.00
21075WGG4 A-3 63,000,000.00 63,000,000.00 0.00 0.00 0.00 63,000,000.00 63,000,000.00
21075WGH2 A-4 140,000,000.00 140,000,000.00 0.00 0.00 0.00 140,000,000.00 140,000,000.00
21075WGJ8 A-5 40,000,000.00 40,000,000.00 0.00 0.00 0.00 40,000,000.00 40,000,000.00
21075WGK5 A-6 115,540,000.00 115,540,000.00 0.00 0.00 0.00 115,540,000.00 115,540,000.00
21075WGL3 A-7 130,000,000.00 130,000,000.00 0.00 0.00 0.00 130,000,000.00 130,000,000.00
21075WGM1 A-8 109,520,000.00 109,520,000.00 0.00 0.00 0.00 109,520,000.00 109,520,000.00
21075WGN9 A-9 35,605,000.00 35,605,000.00 0.00 0.00 0.00 35,605,000.00
21075WGP4 A-10 194,875,000.00 194,875,000.00 0.00 0.00 0.00 194,875,000.00
21075WGR0 B 53,120,000.00 53,120,000.00 0.00 0.00 0.00 53,120,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Total 1,660,000,000.00 1,660,000,000.00 0.00 0.00 0.00 1,660,000,000.00
--------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WGQ2 A-11IO 155,540,000.00 155,540,000.00 0.00 0.00 0.00 155,540,000.00
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
- --------------------------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WGE9 A-1 0.00000000 0.00000000 0.00000000 1,000.00000000 A-1 5.90625% 5.90625%
21075X1S2 A-2 (1) 0.00000000 0.00000000 0.00000000 1,000.00000000 A-2 6.37000% 6.37000%
21075WGG4 A-3 0.00000000 0.00000000 0.00000000 1,000.00000000 A-3 6.40000% 6.40000%
21075WGH2 A-4 0.00000000 0.00000000 0.00000000 1,000.00000000 A-4 6.58000% 6.58000%
21075WGJ8 A-5 0.00000000 0.00000000 0.00000000 1,000.00000000 A-5 6.63000% 6.63000%
21075WGK5 A-6 0.00000000 0.00000000 0.00000000 1,000.00000000 A-6 6.87000% 6.87000%
21075WGL3 A-7 0.00000000 0.00000000 0.00000000 1,000.00000000 A-7 6.14141% 6.14141%
21075WGM1 A-8 0.00000000 0.00000000 0.00000000 1,000.00000000 A-8 6.24141% 6.24141%
21075WGN9 A-9 0.00000000 0.00000000 0.00000000 1,000.00000000 A-9 6.19141% 6.19141%
21075WGP4 A-10 * 0.00000000 0.00000000 0.00000000 25,000.00000000 A-10 6.10000% 6.10000%
21075WGR0 B 0.00000000 0.00000000 0.00000000 1,000.00000000 A-11IO 25.00000% 25.00000%
----------------------------------------------------------------------
Total 0.00000000 0.00000000 0.00000000 1,000.00000000 B 7.62000% 7.62000%
---------------------------------------------------------------------------------------------------------------
* Class A-10 Amounts Per $25,000 Unit. LIBOR: 5.94141%
----------
AUCTION RATE: 6.10000%
----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
21075WGQ2 A-11IO 0.00000000 0.00000000 0.00000000 1,000.00000000
- -----------------------------------------------------------------------------------
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-5
- --------------------------------------------------------------------------------
(1) Class A-2 Fixed Certificate Page 1
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Total Principal Scheduled Overcollateralization
Distribution Principal Prepayments Liquidations Inc/(Red) Total
-----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Class A-1 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-2 Fixed 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-3 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-4 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-5 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-6 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-7 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-8 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-9 0.00 0.00 0.00 0.00 0.00
Per $1,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class A-10 * 0.00 0.00 0.00 0.00 0.00
Per $25,000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
Class B 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
===========================================================================================================
Total 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
-----------------------------------------------------------------------------------------------------------
</TABLE>
* Class A-10 Amounts Per $25,000 Unit.
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Fixed Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10 Interest Carry-Forward Amount 0.00
Class A-11IO Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<C> <S> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 1,183,441,707.94 467,820,075.94 1,651,261,783.88
Prepayments (including Curtailments and Purchased Principal) 0.00 0.00 0.00
Liquidation Proceeds applied to principal 0.00 0.00 0.00
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Group I Group II Total
------- -------- -----
SEC. 7.09 (a) (viii) Loan Purchase Prices 0.00 0.00
Substitution Amounts 0.00 0.00
---- ----
SEC. 7.09 (a) (ix) Weighted Average Coupon 11.0380% 10.2832% 10.8243%
SEC. 7.09 (a) (x) Delinquency Trigger Event Occurrence NO
Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xi) Senior Enhancement Percentage 0.0000%
SEC. 7.09 (a) (xii) Overcollateralization Amount 0.00
SEC. 7.09 (a) (xiii) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
Class B 0.00 0.00 0.00
SEC. 7.09 (a) (xv) Available Funds Cap 11.45378%
SEC. 7.09 (a) (xvi) Insured Payment 0.00
SEC. 7.09 (a) (xvii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xix) Largest Home Equity Loan Balance Outstanding 449,000.00
SEC. 7.09 (a) (xx) Amount Remaining in the Auction Remainder Account 0.00
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-5
- --------------------------------------------------------------------------------
Page 2
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
---------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C>
30-59 Days 223 1.18171% 11,572,298.19 0.97785%
Group I 60-89 Days 49 0.25966% 2,399,947.50 0.20279%
90+ Days 10 0.05299% 472,627.48 0.03994%
---------------------------------------------------------------------------------------------
30-59 Days 35 0.72016% 2,678,473.03 0.57254%
Group II 60-89 Days 13 0.26749% 1,167,788.49 0.24962%
90+ Days 0 0.00000% 0.00 0.00000%
---------------------------------------------------------------------------------------------
30-59 Days 258 1.08719% 14,250,771.22 0.86302%
TOTAL 60-89 Days 62 0.26126% 3,567,735.99 0.21606%
90+ Days 10 0.04214% 472,627.48 0.02862%
---------------------------------------------------------------------------------------------------
Total Fixed 18871 100.00000% 1,183,441,707.94 100.00000%
----------------------------------------------------------------------------
Total Adjust. 4860 100.00000% 467,820,075.94 100.00000%
----------------------------------------------------------------------------
Total 23731 100.00000% 1,651,261,783.88 100.00000%
----------------------------------------------------------------------------
</TABLE>
(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective
Group's loan count and balance.
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<C> <S> <C> <C> <C>
SEC. 7.09 (b) (iii) Loans in Foreclosure (LIF): Count 3 1 4
Loans in Foreclosure (LIF): Balance 147,850.00 236,000.00 383,850.00
Newly Commenced LIF: Count 3 1 4
Newly Commenced LIF: Balance 147,850.00 236,000.00 383,850.00
SEC. 7.09(b)(iv)(a) Loans in Bankruptcy: Count 1 1 2
Loans in Bankruptcy: Balance 90,970.91 99,000.00 189,970.91
SEC. 7.09(b)(iv)(b) Balloon Loans: Count 11574 11 11585
Balloon Loans: Balance 833,357,625.62 1,161,754.84 834,519,380.46
SEC. 7.09 (b) (v&vi) REO Properties: Count 0 0 0
REO Properties: Balance 0.00 0.00 0.00
SEC. 7.09 (b) (vii) Cumulative Realized Losses 391.03 0.00 391.03
SEC. 7.09 (b) (viii) Loan Balance of 60+ Day Delinquent Loans 4,040,363.47
SEC. 7.09 (b) (ix) Three-Month Rolling Average of 60+ Day Delinquency Rate 0.08156%
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1997-5
- --------------------------------------------------------------------------------
Page 3
<TABLE>
<CAPTION>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 0.00
SEC. 7.08(b)(ii)(iv) Amount Due Amount Paid
---------- -----------
<C> <S> <C> <C>
Class A-1 Allocation 0.00 0.00
Class A-2 Fixed Allocation 0.00 0.00
Class A-3 Allocation 0.00 0.00
Class A-4 Allocation 0.00 0.00
Class A-5 Allocation 0.00 0.00
Class A-6 Allocation 0.00 0.00
Class A-7 Allocation 0.00 0.00
Class A-8 Allocation 0.00 0.00
Class A-9 Allocation 0.00 0.00
Class A-10 Allocation 0.00 0.00
Class A-11IO Allocation 0.00 0.00
----------------------------
Class A Distribution Amount 0.00 0.00
============================
Class B Allocation 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
-----------------------------------------------------------------------
<C> <S> <C> <C> <C>
A-1 103,340,000.00 0.00 103,340,000.00
A-2 Fixed 675,000,000.00 0.00 675,000,000.00
A-3 63,000,000.00 0.00 63,000,000.00
A-4 140,000,000.00 0.00 140,000,000.00
A-5 40,000,000.00 0.00 40,000,000.00
A-6 115,540,000.00 0.00 115,540,000.00
A-7 130,000,000.00 0.00 130,000,000.00
A-8 109,520,000.00 0.00 109,520,000.00
A-9 35,605,000.00 0.00 35,605,000.00
A-10 194,875,000.00 0.00 194,875,000.00
A-11IO 155,540,000.00 NA 155,540,000.00
B 53,120,000.00 0.00 53,120,000.00
</TABLE>
* Denotes Notional Amounts for Class A-11IO.
<TABLE>
<C> <S> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 391.03
Cumulative Realized Losses 391.03
SEC. 7.08(b)(vii) Loan Balance of 60+ Day Delinquent Loans 4,040,363.47
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.08156%
</TABLE>
<PAGE>
ContiMortgage Grantor Trust
Series 1997-A
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1997
<TABLE>
<CAPTION>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075WGF6 A-2(1) 675,000,000.00 675,000,000.00 0.00 0.00 0.00 675,000,000.00
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C>
21075WGF6 A-2(1) 0.00000000 0.00000000 0.00000000 1,000.00000000 A-2 6.11141% 6.11141%
LIBOR: 5.94141%
SEC. 7.09(a)(iv) Class A-2 Floating Certificate Interest Carry-Forward Amount 0.00
SEC. 7.09(a)(vi) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
SEC. 7.09(a)(vii) Insured Payment 0.00
SEC. 7.09(a)(viii) Swap Payment received from the Swap Counterparty 0.00
Swap Payment due to the Swap Counterparty 0.00
Investment Income on Grantor Trust paid to Seller in March each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 0.00
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
-15-
<PAGE>
<TABLE>
<CAPTION>
(1) Class A-2 Floating Certificate
<S> <C> <C> <C> <C> <C> <C>
SEC. 7.08(b)(1) Amount on Deposit in the Certificate Account 0.00
SEC. 7.08(b)(2) Amount Due Amount Paid
Class A-2 Floating Certificate Allocation 0.00 0.00
SEC. 7.08(b)(3) Insured Payment made by the Certificate Insurer 0.00
<CAPTION>
SEC. 7.08(b)(5) Beginning Principal Ending
Class Balance Distribution Balance
A-2 Floating 675,000,000.00 0.00 675,000,000.00
<CAPTION>
Amount Due Amount Received
SEC. 7.08(b)(6)(7) Amount of any Swap Payment payable to the Grantor Trustee 0.00 0.00
Investment Income on Grantor Trust paid to Seller in March each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 0.00
</TABLE>
