October 15, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: United PanAm Mortgage Loan Asset Backed Certificates, Series 1997-1;
File No. 333-39649.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of December 1, 1997 (the "Pooling and Servicing Agreement")
among Lehman ABS Corporation, as Depositor, United PanAm Mortgage
Corporation, as Seller, Pan American Bank, FSB, as Master Servicer, and
Bankers Trust Company of California, N.A., as Trustee.
The United PanAm Mortgage Loan Asset Backed Certificates, Series 1997-1
(collectively, the "Certificates") will consist of three classes of
Certificates: the Class A Certificates (the "Class A Certificates"), the
Class X Certificates (the "Class X Certificates") and the Class R
Certificates (the "Class R Certificates"). The rights of the holders of
the Class X Certificates and the Class R Certificates to receive
distributions with respect to the Mortgage Loans will be subordinate to
the rights of the holders of the Class A Certificates to the extent
described in the Prospectus Supplement dated December 15, 1997. Only the
Class A Certificates are being offered hereby.
The Certificates represent in the aggregate the entire beneficial
ownership interest in a Trust Fund (the "Trust Fund") consisting primarily
of a pool (the "Mortgage Pool") of conventional, one- to four-family,
first lien mortgage loans having original terms to maturity of 30 years
(the "Mortgage Loans").
The Offered Certificates were registered under the Securities Act of 1933,
as amended, by a Registration Statement on Form S-11 (File No.
333-39649). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as defined in
the Pooling and Servicing Agreement), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit thereto
the applicable Distribution Date report. Each such Current Report will
also disclose under Item 5 any matter occurring during the relevant
reporting period which would be reportable under Item 1, 2, 4 or 5 of
Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for United PanAm Mortgage Loan Asset Backed
Certificates, Series 1997-1.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 1998
LEHMAN ABS CORPORATION,
as Depositor, United PanAm Mortgage Corporation, as Seller, Pan
American Bank, FSB, as Master Servicer, and Bankers Trust Company
of California, N.A., as trustee (the "Trustee") under the Pooling
and Servicing Agreement, dated as of September 1, 1997, providing
for the issuance of the United PanAm Mortgage Loan Asset Backed
Certificates, Series 1997-1.
LEHMAN ABS CORPORATION
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-39649 94-324470
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
200 VESEY STREET
NEW YORK, NEW YORK 10022
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 526-7000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
January 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
April 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
May 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
June 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1998.
SIGNATURE
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.
Bankers Trust Company of California,
N.A., not in its individual
capacity, but solely as a duly
authorized agent of the Registrant
pursuant to the Pooling and
Servicing Agreement, dated as of
December 1, 1997.
Date: October 15, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
January 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
April 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
May 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
June 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
July 27, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
August 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
September 25, 1998.
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 1997-1
REMIC III
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 114,425,000.00 536,259.91 404,057.88
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 114,425,000.00 536,259.91 404,057.88
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
940,317.79 0.00 0.00 114,020,942.12
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
940,317.79 0.00 0.00 114,020,942.12
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 525170BA3 1,000.000000 4.758296 3.585252
X 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000
CURRENT PASS-THROUGH
PRINCIPAL RATES
TOTAL BALANCE CURRENT NEXT
8.343547 996.468797 6.248750% 5.881560%
0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: UNITED PANAM MORTGAGE CORPORATION
SERVICER: PAN AMERICAN BANK, FSB
LEAD UNDERWRITER: LEHMAN ASB CORPORATION
RECORD DATE: DECEMBER 31, 1997
DISTRIBUTION DATE: JANUARY 26, 1998
ADMINISTRATOR: NATALIE TSCHAIKOWSKY
BANKERS TRUST COMPANY
3 PARK PLAZA
IRVINE, CA 92614
FACTOR INFORMATION: (800) 735-7777
1 of 3
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIRES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 40,261.15
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 6,670.48
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 46,931.63
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 7,790.32
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 124,236.03
30-59 60-89 91+
DAYS DAYS DAYS TOTAL
DELINQUENT LOAN INFORMATION:
PRINCIPAL BALANCE O.OO O.OO O.OO O.OO
NUMBER OF LOANS 0 0 0 0
FORECLOSURE LOAN INFORMATION:
PRICIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTIES 0.00
GUARANTEED DISTRIBUTION AMOUNT: 536,259.91
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 536,259.91
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 986.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 114,887,803.49
WEIGHTED AVERAGE MONTHS TO MATURITY: 358.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.3965%
PRINCIPAL REPAYMENTS FOR THE CURRENT PERIOD: 10,567.93
CLASS A INTEREST DISTRIBUTION AMOUNT: 536,259.91
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
2 of 3
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHORTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION ACCOUNT:0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 336,945.67
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
UNPAID STATED PRINCIPAL DATE PROPERTY
LOAN NUMBER PRINCIPAL BALANCE PRINCIPAL BALANCE BECAME REO
3 of 3
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 1997-1
REMIC III
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 114,020,942.12 558,850.84 1,630,714.60
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 114,020,942.12 558,850.84 1,630,714.60
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
2,189,565.44 0.00 0.00 112,390,227.52
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
2,189,565.44 0.00 0.00 112,390,227.52
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 525170BA3 996.468797 4.958747 14.469517
X 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000
CURRENT PASS-THROUGH
PRINCIPAL RATES
TOTAL BALANCE CURRENT NEXT
19.428265 982.217413 5.881560% 5.905000%
0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: UNITED PANAM MORTGAGE CORPORATION
SERVICER: PAN AMERICAN BANK, FSB
LEAD UNDERWRITER: LEHMAN ASB CORPORATION
RECORD DATE: JANUARY 30, 1998
DISTRIBUTION DATE: FEBRUARY 25, 1998
ADMINISTRATOR: NATALIE TSCHAIKOWSKY
BANKERS TRUST COMPANY
3 PARK PLAZA
IRVINE, CA 92614
FACTOR INFORMATION: (800) 735-7777
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIRES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 42,284.56
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 5,585.36
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 47,869.92
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 19,366.43
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 323,493.53
30-59 60-89 91+
DAYS DAYS DAYS TOTAL
DELINQUENT LOAN INFORMATION:
PRINCIPAL BALANCE O.OO O.OO O.OO O.OO
NUMBER OF LOANS 0 0 0 0
FORECLOSURE LOAN INFORMATION:
PRICIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 172,065.72
NUMBER OF LOANS 0 0 0 1
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTIES 0.00
GUARANTEED DISTRIBUTION AMOUNT: 558,850.84
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 558,850.84
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 978.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 113,543,727.04
WEIGHTED AVERAGE MONTHS TO MATURITY: 357.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.5897%
PRINCIPAL REPAYMENTS FOR THE CURRENT PERIOD: 1,286,496.44
CLASS A INTEREST DISTRIBUTION AMOUNT: 558,850.84
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHORTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION ACCOUNT:0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 286,638.15
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
UNPAID STATED PRINCIPAL DATE PROPERTY
LOAN NUMBER PRINCIPAL BALANCE PRINCIPAL BALANCE BECAME REO
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 1997-1
REMIC III
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 112,390,277.52 516,183.34 844,471.55
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 112,390,227.52 516,183.34 844,471.55
CURRENT
REALIZED DEFERRED PRINCIPAL
TOTAL LOSSES INTEREST BALANCE
1,360,654.89 0.00 0.00 111,545,755.97
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,360,654.89 0.00 0.00 111,545,755.97
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 525170BA3 982.217413 4.580154 7.493093
X 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000
CURRENT PASS-THROUGH
PRINCIPAL RATES
TOTAL BALANCE CURRENT NEXT
12.073247 974.837282 5.905000% 5.967500%
0.000000 0.000000 0.000000% 0.000000%
0.000000 0.000000 0.000000% 0.000000%
SELLER: UNITED PANAM MORTGAGE CORPORATION
SERVICER: PAN AMERICAN BANK, FSB
LEAD UNDERWRITER: LEHMAN ASB CORPORATION
RECORD DATE: FEBRUARY 27, 1998
DISTRIBUTION DATE: MARCH 25, 1998
ADMINISTRATOR: NATALIE TSCHAIKOWSKY
BANKERS TRUST COMPANY
3 PARK PLAZA
IRVINE, CA 92614
FACTOR INFORMATION: (800) 735-7777
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIRES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 41,966.62
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 5,343.27
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 47,309.89
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 5,721.89
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 104,802.65
30-59 60-89 91+
DAYS DAYS DAYS TOTAL
DELINQUENT LOAN INFORMATION:
PRINCIPAL BALANCE 4,939,452.32 O.OO O.OO 4,939,452.32
NUMBER OF LOANS 41 0 0 41
FORECLOSURE LOAN INFORMATION:
PRICIPAL BALANCE 836,873.94 0.00 0.00 836,873.94
NUMBER OF LOANS 11 0 0 11
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 172,001.97 0.00 0.00 172,001.97
NUMBER OF LOANS 1 0 0 1
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTIES 0.00
GUARANTEED DISTRIBUTION AMOUNT: 516,183.34
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 516,183.34
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 975.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 113,019,148.85
WEIGHTED AVERAGE MONTHS TO MATURITY: 356.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.5958%
PRINCIPAL REPAYMENTS FOR THE CURRENT PERIOD: 466,754.05
CLASS A INTEREST DISTRIBUTION AMOUNT: 516,183.34
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
UNITED PANAM MORTGAGE LOAN
ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHORTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION ACCOUNT:0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 319,893.36
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
UNPAID STATED PRINCIPAL DATE PROPERTY
LOAN NUMBER PRINCIPAL BALANCE PRINCIPAL BALANCE BECAME REO
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
REMIC III
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 111,545,755.97 610,178.52 1,062,699.78
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 111,545,755.97 610,178.52 1,062,699.78
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 1,672,878.30 0.00 0.00 112,545,755.97
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 1,672,878.30 0.00 0.00 110,483,056.19
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 525170BA3 974.837282 5.414184 9.429457 14.843641 965.549978
X 0.000000 0.000000 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 5.967500% 5.936250%
X 0.000000% 0.000000%
R1 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation
ADMINISTRATOR:Natalie Tschaikowsky
SERVICER: PanAm American Bank, FSB. Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation 3 Park Plaza
RECORD DATE: March 31, 1998 Irvine, CA 92614
DIST. DATE: April 27, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: April 27, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 41,021.56
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 6,069.75
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 47,091.31
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 6,522.41
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 119,278.50
DELINQUENT
LOAN
INFORMATION: 30 TO 59 69 TO 89 91 +
DAYS DAYS DAYS TOTAL
PRINCIPAL BALANCE 1,469,553.10 1,026,650.93 0.00 2,496,204.03
NUMBER OF LOANS 17 8 0 25
FORCLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 89,834.40 2,823,840.56 0.00 2,913,674.96
NUMBER OF LOANS 1 28 0 29
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 276,765.49 0.00 276,765.49
NUMBER OF LOANS 0 2 0 2
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTY: 0.00
GUARANTEED DISTRIBUTION AMOUNT 610,178.52
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 610,178.52
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 967.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 112,179,108.43
WEIGHTED AVERAGE MONTHS TO MATURITY: 355.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.6012%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD: 782,119.81
CLASS A INTEREST DISTRIBUTION AMOUNT: 610,178.52
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: April 27, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHOTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION
ACCOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT: 6,732,696.77
SUBORDINATED INCREASE AMOUNT: 222,659.36
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Unpaid Stated Principal Date Property
Loan Number Principal Balance Principal Balance Became REO
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
REMIC III
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 110,483,056.19 528,327.67 1,505,994.45
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 110,483,056.19 528,327.67 1,505,994.45
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 2,034,322.12 0.00 0.00 108,977,061.74
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 2,034,322.12 0.00 0.00 108,977,061.74
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
A 525170BA3 965.549978 4.687912 13.362861
X 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000
CURRENT
PRINCIPAL
CLASS TOTAL BALANCE
A 18.050773 952.388567
X 0.000000 0.000000
R1 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 5.936250% 5.928440%
X 0.000000% 0.000000%
R1 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation
ADMINISTRATOR:Natalie Tschaikowsky
SERVICER: PanAm American Bank, FSB. Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporat 3 Park Plaza
RECORD DATE: April 30, 1998 Irvine, CA 92614
DIST. DATE: May 26, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: May 26, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 41,380.81
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 5,360.48
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 46,741.29
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 5,428.91
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 108,358.92
DELINQUENT
LOAN
INFORMATION: 30 TO 59 69 TO 89 91 +
DAYS DAYS DAYS TOTAL
PRINCIPAL BAL. 1,949,647.76 735,322.62 506,536.77 3,191,507.15
NUMBER OF LOANS 13 7 6 26
FORCLOSURE LOAN INFORMATION:
PRINCIPAL BAL. 71,829.08 233,119.16 3,294,898.70 3,599,846.94
NUMBER OF LOANS 1 6 30 37
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 276,660.71 276,660.71
NUMBER OF LOANS 0 0 2 2
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTY: 0.00
GUARANTEED DISTRIBUTION AMOUNT: 528,327.67
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 528,327.67
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 956.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 110,982,190.06
WEIGHTED AVERAGE MONTHS TO MATURITY: 354.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.7147%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD: 1,140,609.68
CLASS A INTEREST DISTRIBUTION AMOUNT: 528,327.67
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: May 26, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHOTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION
ACCOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 309,076.08
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Unpaid Stated Principal Date Property
Loan Number Principal Balance Principal Balance Became REO
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
REMIC III
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 108,977,061.74 538,386.64 1,396,500.15
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 108,977,061.74 538,386.64 1,396,500.15
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 1,934,886.79 0.00 0.00 107,580,561.59
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 1,934,886.79 0.00 0.00 107,580,561.59
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 525170BA3 952.388567 4.777166 12.391306 17.168472 940.184065
X 0.000000 0.000000 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 5.928440% 5.936250%
X 0.000000% 0.000000%
R1 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation
ADMINISTRATOR:Natalie Tschaikowsky
SERVICER: PanAm American Bank, FSB. Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation 3 Park Plaza
RECORD DATE: May 29, 1998 Irvine, CA 92614
DIST. DATE: June 25, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: June 25, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 40,270.99
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 5,971.59
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 46,242.58
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 6,104.55
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 121,502.38
DELINQUENT
LOAN
INFORMATION: 30 TO 59 69 TO 89 91 +
DAYS DAYS DAYS TOTAL
PRIN. BAL. 2,016,374.29 1,131,817.78 1,333,560.30 4,481,752.37
NUMBER OF LOANS 19 8 13 40
FORCLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 188,690.60 3,206,442.28 3,395,132.88
NUMBER OF LOANS 0 2 33 35
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 50,251.46 0.00 276,544.97 326,806.43
NUMBER OF LOANS 1 0 2 3
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTY: 0.00
GUARANTEED DISTRIBUTION AMOUNT: 538,386.64
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 538,386.64
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 946.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 109,887,392.07
WEIGHTED AVERAGE MONTHS TO MATURITY: 353.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.8398%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD: 1,040,070.62
CLASS A INTEREST DISTRIBUTION AMOUNT: 538,386.64
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: June 25, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHOTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION
ACCOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 301,702.16
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Unpaid Stated Principal Date Property
Loan Number Principal Balance Principal Balance Became REO
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
REMIC III
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 107,580,561.59 567,666.76 2,891,205.91
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 107,580,561.59 567,666.76 2,891,205.91
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 3,458,872.67 0.00 0.00 104,689,355.68
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 3,458,872.67 0.00 0.00 104,689,355.68
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 525170BA3 940.184065 5.036972 25.654001 30.690973 914.916807
X 0.000000 0.000000 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 5.936250% 5.936250%
X 0.000000% 0.000000%
R1 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation
ADMINISTRATOR:Natalie Tschaikowsky
SERVICER: PanAm American Bank, FSB. Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation 3 Park Plaza
RECORD DATE: June 30, 1998 Irvine, CA 92614
DIST. DATE: July 27, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: July 27, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 41,011.20
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 4,775.22
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 45,786.42
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 4,899.47
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 97,017.82
DELINQUENT
LOAN
INFORMATION: 30 TO 59 60 TO 89 91 +
DAYS DAYS DAYS TOTAL
PRIN. BAL. 652,917.73 0.00 822,625.80 1,475,543.53
NUMBER OF LOANS 3 0 6 9
FORCLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 906,263.07 299,435.86 3,521,682.93 4,727,381.86
NUMBER OF LOANS 9 4 37 50
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 110,151.33 0.00 298,357.39 408,508.72
NUMBER OF LOANS 1 0 3 4
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTY: 0.00
GUARANTEED DISTRIBUTION AMOUNT: 567,666.76
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 567,666.76
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 927.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 107,269,376.89
WEIGHTED AVERAGE MONTHS TO MATURITY: 352.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.9346%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD: 2,564,957.77
CLASS A INTEREST DISTRIBUTION AMOUNT: 567,666.76
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: July 27, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHOTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION
ACCOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 273,190.73
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Unpaid Stated Principal Date Property
Loan Number Principal Balance Principal Balance Became REO
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
REMIC III
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 104,689,355.68 500,622.32 3,944,810.76
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 104,689,355.68 500,622.32 3,944,810.76
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 4,445,433.08 0.00 0.00 100,744,544.92
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 4,445,433.08 0.00 0.00 100,744,544.92
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 525170BA3 914.916807 4.442079 35002757 39.444837 880.441730
X 0.000000 0.000000 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 5.936250% 5.928440%
X 0.000000% 0.000000%
R1 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation
ADMINISTRATOR:Natalie Tschaikowsky
SERVICER: PanAm American Bank, FSB. Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation 3 Park Plaza
RECORD DATE: July 31, 1998 Irvine, CA 92614
DIST. DATE: August 25, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: August 25, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 39,073.16
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 5,622.41
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 44,695.57
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 5,840.33
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 113,908.32
DELINQUENT
LOAN
INFORMATION: 30 TO 59 60 TO 89 91 +
DAYS DAYS DAYS TOTAL
PRIN. BAL. 1,245,837.16 122,637.96 1,362,286.53 1,475,543.53
NUMBER OF LOANS 6 2 7 15
FORCLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 2,051,114.64 1,180,742.18 2,833,560.133
6,065,416.95
NUMBER OF LOANS 15 9 33 57
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 204,131.07 113,530.61 425,359.85 743,021.53
NUMBER OF LOANS 2 1 4 7
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTY: 0.00
GUARANTEED DISTRIBUTION AMOUNT: 500,622.32
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 500,622.32
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 884.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 103,645,101.43
WEIGHTED AVERAGE MONTHS TO MATURITY: 351.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.9349%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD: 3,572,754.93
CLASS A INTEREST DISTRIBUTION AMOUNT: 500,622.32
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: August 25, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHOTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION
ACCOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 320,535.30
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 0.00
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Unpaid Stated Principal Date Property
Loan Number Principal Balance Principal Balance Became REO
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
REMIC III
Statement to Certificateholders
DISTRIBUTION IN DOLLARS
PRIOR
ORIGINAL PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A 114,425,000.00 100,744,544.92 514,305.49 2,553,557.87
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 114,425,000.00 100,744,544.92 514,305.49 2,553,557.87
CURRENT
REALIZED DEFERRED PRINCIPAL
CLASS TOTAL LOSSES INTEREST BALANCE
A 3,067,863.36 0.00 0.00 98,190,987.05
X 0.00 0.00 0.00 0.00
R1 0.00 0.00 0.00 0.00
TOTALS 3,067,863.36 0.00 0.00 98,190,987.05
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE
A 525170BA3 880.441730 4.563491 22.658011 27.221503 858.125296
X 0.000000 0.000000 0.000000 0.000000 0.000000
R1 0.000000 0.000000 0.000000 0.000000 0.000000
PASS-THROUGH RATES
CLASS CURRENT NEXT
A 5.936250% 5.928440%
X 0.000000% 0.000000%
R1 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation
ADMINISTRATOR:Natalie Tschaikowsky
SERVICER: PanAm American Bank, FSB. Bankers Trust Company
LEAD UNDERWRITER: Lehman ABS Corporation 3 Park Plaza
RECORD DATE: August 31, 1998 Irvine, CA 92614
DIST. DATE: September 25, 1998 FACTOR INFORMATION: (800)735-7777
Page 1 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: September 25, 1998
SERVICING FEES PAID FOR THE CURRENT PERIOD: 33,892.59
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD: 9,292.87
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 43,185.46
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL 10,054.32
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST 185,207.88
DELINQUENT
LOAN
INFORMATION: 30 TO 59 60 TO 89 91 +
DAYS DAYS DAYS TOTAL
PRIN. BAL. 3,189,533.02 462,591.38 2,200,986.39 5,853,110.79
NUMBER OF LOANS 28 4 16 48
FORCLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 765,308.97 1,802,536.22 4,698,757.54
7,266,602.73
NUMBER OF LOANS 8 15 44 67
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 110,069.79 51,881.17 632,608.12 794,559.08
NUMBER OF LOANS 12 1 6 8
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0
BOOK VALUE OF REO PROPERTY: 0.00
GUARANTEED DISTRIBUTION AMOUNT: 514,305.49
GUARANTEED DISTRIBUTION OF PRINCIPAL: 0.00
GUARANTEED DISTRIBUTION OF INTEREST: 514,305.49
INSURANCE PAYMENTS MADE TO CLASS A: 0.00
CERTIFICATE INSURER REIMBURSEMENTS: 0.00
CUMULATIVE INSURANCE PAYMENTS TO CLASS A: 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT: 867.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE: 101,345,738.96
WEIGHTED AVERAGE MONTHS TO MATURITY: 350.00
WEIGHTED AVERAGE MORTGAGE RATE: 9.9332%
PRINCIPAL PREPAYMENTS FOR CURRENT PERIOD: 2,095,289.01
CLASS A INTEREST DISTRIBUTION AMOUNT: 514,305.49
CLASS A INTEREST PAID UNDER CERTIFICATE POLICY 0.00
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL: 0.00
AGGREGATE RELIEF ACT INTEREST SHORTFALL: 0.00
Page 2 of 3 COPYRIGHT 1998 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1997-1
Statement to Certificateholders
Distribution Date: September 25, 1998
CURRENT PERIODS BASIS RISK SHORTFALL AMOUNT: 0.00
ENDING UNPAID BASIS RISK SHOTFALLS: 0.00
EXTRAORDINARY TRUST FUND EXPENSES WITHDRAWN FROM COLLECTION
ACCOUNT: 0.00
REQUIRED SUBORDINATED AMOUNT: 4,600,000.00
SUBORDINATED INCREASE AMOUNT: 254,195.40
SUBORDINATED REDUCTION AMOUNT: 0.00
CURRENT PERIODS AGGREGATE AMOUNT OF REALIZED LOSSES: 24,591.28
CURRENT PERIODS EXTRAORDINARY LOSSES: 0.00
CURRENT PERIODS FRAUD LOSSES: 0.00
CURRENT PERIODS SPECIAL HAZARD LOSSES: 0.00
CURRENT PERIODS BANKRUPTCY LOSSES: 0.00
BANKRUPTCY AMOUNT 100,000.00
FRAUD LOSS AMOUNT 3,450,000.00
SPECIAL HAZARD AMOUNT 1,144,250.00
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Unpaid Stated Principal Date Property
Loan Number Principal Balance Principal Balance Became REO
Page 3 of 3 COPYRIGHT 1998 Bankers Trust Company
