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 : December 26, 1997
(Date of earliest event reported)
Commission File No.: 033-73748
Fund America Investors Trust 1997-NMC1,
Collateralized Mortgage Obligations, Series 1997-NMC1
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
N/A
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On December 26, 1997 a distribution was made to holders of
Fund America Investors Trust 1997-NMC1,
Collateralized Mortgage Obligations, Series 1997-NMC1
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(99.1) Monthly report distributed to holders of Collateralized Mortgage
Obligations, Series 1997-NMC1, relating to the December
26,1997 distribution
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.
Fund America Investors Trust 1997-NMC1,
Collateralized Mortgage Obligations, Series 1997-NMC1
January 07, 1998 by Wilmington Trust Company, as Owner Trustee
/s/ Terri Tavani, as Ofiicer
INDEX TO EXHIBITS
Exhibit Number Description
(99.1) Monthly report distributed to holders of Collateralized Mortgage
Obligations, Series 1997-NMC1, relating to the December
26,1997 distribution
<TABLE>
<CAPTION>
Fund America Investors Trust
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 28-Nov-1997
Distribution Date: 26-Dec-1997
FAIT Series 1997-N1
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone:(410) 884-2173
Fax:(410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A 36076PAA5 SEQ 5.89750% 118,477,317.04 601,675.54 1,802,469.72 0.00
R FAI97N01R SEQ 0.00000% 0.00 0.00 0.00 0.00
OC FAI97N1OC SUB 0.00000% 2,580,840.62 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A 116,674,847.32 2,404,145.26 0.00
R 0.00 0.00 0.00
OC 2,911,680.78 0.00 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Senior Certificates
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A 121,765,000.00 118,477,317.04 57,066.96 1,745,402.76 0.00 0.00 1,802,469.72
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00
OC 1,855,068.92 2,580,840.62 0.00 0.00 0.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Senior Certificates
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A 116,674,847.32 0.95819691 1,802,469.72
R 0.00 0.00000000 0.00
OC 2,911,680.78 1.56958092 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Senior Certificate Factors
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (3) Amount Balance Distribution Distribution Accretion Loss (4) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A 121,765,000.00 972.99977038 0.46866472 14.33419094 0.00000000 0.00000000 14.80285566
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 1,855,068.92 1391.23705442 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) All Classes Are Per $1000 Denominations.
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Senior Certificate Factors
Ending Ending Total
Certificate Certificate Principal
Class (3) Balance Percentage Distribution
<S> <C> <C> <C>
A 958.19691471 0.95819691 14.80285566
R 0.00000000 0.00000000 0.00000000
OC 1569.58091886 1.56958092 0.00000000
<FN>
(3) All Classes Are Per $1000 Denominations.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Senior Certificates
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A 121,765,000.00 5.89750% 118,477,317.04 601,675.54 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
OC 1,855,068.92 0.00000% 2,580,840.62 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Senior Certificates
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A 0.00 601,675.54 0.00 116,674,847.32
R 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 2,911,680.78
<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Senior Certificate Factors
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A 121,765,000.00 5.89750% 972.99977038 4.94128477 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 1,855,068.92 0.00000% 1391.23705442 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(9) All Classes are Per $1000 Denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Senior Certificate Factors
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (10) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A 0.00000000 4.94128477 0.00000000 958.19691471
R 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 1569.58091886
<FN>
(10) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,470,656.84
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
__________________
Total Deposits 2,470,656.84
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 66,511.58
Payment of Interest and Principal 2,404,145.26
__________________
Total Withdrawals (Pool Distribution Amount) 2,470,656.84
Ending Balance 0.00
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
__________________
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 50,440.90
Trustee Fee 1,261.02
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
Net Servicing Fee 66,511.58
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 9.902949%
Weighted Average Net Coupon 9.402949%
Weighted Average Maturity (Stepdown Calculation) 0 Months
Beginning Scheduled Collateral Loan Count 957
Number of Loans Paid in Full 8
Ending Scheduled Collateral Loan Count 949
Extra Principal Distribution Amount 330,840.16
Overcollateralization Amount 2,911,680.78
Target Overcollateralization Amount 4,573,942.55
Beginning Collateral Balance 121,058,157.67
Scheduled Principal 57,066.96
Unscheduled Principal 1,414,562.60
Ending Collateral Balance 119,586,528.11
Scheduled Interest 999,027.28
Monthly P&I Constant 1,056,094.24
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 34 3,866,875.31 3.58% 3.23%
60 Days 6 511,145.94 0.63% 0.43%
90+ Days 1 91,553.79 0.11% 0.08%
Foreclosure 19 2,298,088.54 2.00% 1.92%
REO 0 0.00 0.00% 0.00%
Totals 60 6,767,663.58 6.32% 5.66%
<FN>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Prioperties 0.00
</FN>
</TABLE>