SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(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
/ / Transition report pursuant to section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File No.: 333-40467
Life
Home Loan Owner Trust 1997-03
(Exact name of registrant as specified in its charter)
NY Pending
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (301) 696-7900
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: NONE
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed 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__
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 26, 1998, on behalf of
Life Home Loan Owner Trust 1997-03 established pursuant to a Adminstration
Agreement among Life Bank, (the "Company"), and Norwest Bank Minnesota, National
Association, as Indenture Trustee and Administrator, pursuant to which the Life
Home Loan Owner Trust 1997-03 registered under the Securities Act of 1933 (the
"Certificates") were issued. Item 14 of the Original Form 10-K is amended to
read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 1997.
(a) Life Financial Corporation, as Servicer<F1>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 1997.
(a) Life Financial Corporation, as Servicer <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1997.
(a) Life Bank, as Servicer <F1>
99.4 Aggregate Statement of Principal and Interest
Distributions to Certificate Holders.
No distributions to certificate holders were made during 1997
(b) On December 24, 1997, a report on Form 8-K was filed by the Company in
order to provide the Pooling and Servicing Agreement for the
Certificates.
No other reports on Form 8-K have been filed during the last quarter
of the period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized:
Life Financial Services,
Home Loan Owner Trust 1997-03
Signed NORWEST BANK MINNESOTA, N.A.,
as Indenture Trustee
By: /s/Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President -- Securities Administration Services
Dated: August 31, 1998
EXHIBIT INDEX
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1997.
(a) Life Financial Corporation, as Servicer <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards for
the year ended December 31, 1997.
(a) Life Financial Corporation, as Servicer <F1>
99.3 Annual Statements of Compliance for the year ended December 31, 1997.
(a) Life Bank, as Servicer <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to Certificate
Holders.
No distributions to certificate holders were made during 1997
<F1> Filed herewith.
(LOGO) DELOITTE & TOUCHE LLP
Suite 1200
695 Town Center Drive
Costa Mesa, California 92626-1924
Telephone: (714) 436-71O0 Facsimile: (714) 436-7200
INDEPENDENT ACCOUNTANTS' REPORT
To LIFE Financial Corporation:
We have examined management's assertion about LIFE Financial 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) as of, and for the year ended, December 31, 1997, included in the
accompanying management assertion. Management is responsible for LIFE Financial
Corporation's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance 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 LIFE Financial 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 LIFE Financial Corporation's compliance
with the minimum servicing standards.
In our opinion, management's assertion that LIFE Financial Corporation complied
with the aforementioned minimum servicing standards as of, and for the year
ended, December 31, 1997 is fairly stated, in all material respects.
/S/Deloitte & Touche LLP
February 27, 1998
(LOGO)
February 27,1998
As of and for the year ended December 31, 1997, LIFE Financial Corporation has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION
PROGRAM FOR MORTGAGE BANKERS. As of and for this same period, LIFE Financial
Corporation had in effect a fidelity bond in the amount of $2,000,000 and errors
and omissions policy in the amount of $1,000,000.
/s/Daniel L. Perl
Daniel L. Perl
President and Chief Executive
Officer
/s/L. Bruce Mills
L. Bruce Mills
Executive Vice President and
Chief Financial Officer
/s/Steven Sandoval
Steven Sandoval
Vice President
(LOGO)
ANNUAL OFFICER'S CERTIFICATE
March 31, 1998
I, DANIEL L. PERL, Chairman, President and CEO of Life Bank (the "Servicer"),
pursuant to the provisions of the Section Servicing Agreement dated September 1,
1997, (the "Agreement"), by and among Norwest Bank, Minnesota, Life Financial
Home Loan Owner Trust 1997-2 and the Servicer, do hereby certify as follows:
(i) the Servicer has fully complied with the provisions of the Agreement
(ii) a review of activities of the Servicer during the preceding year
and of the Servicer's performance under the Agreement has been made
under my supervision; and
(iii) to the best of my knowledge, based on the review referred to in (ii)
above, the Servicer has fulfilled all of its obligations, duties and
responsibilities under the Agreement throughout the preceding
quarterly period, and unless otherwise specified on Schedule I hereto,
no Servicer Default exists.
Capitalized terms used but not otherwise defined herein shall have
meanings ascribed to such terms in the Agreement.
IN WITNESS WHEREOF, I have executed this certificate this 31st day of March
1998.
SERVICER:
By:/s/Daniel L. Perl
Daniel L. Perl
Chairman, President & CEO
LIFE BANK
A LIFE FINANCIAL COMPANY 10540 MAGNOLIA AVE., SUITE B, RIVERSIDE, CA 92505-1814
(888) 388-5433 (909) 637-4000
