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.: 033-73748
Fund America Investors Trust,
Collateralized Mortgage Obligations, Series NMC1
(Exact name of registrant as specified in its charter)
New York Not Applicable
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Md 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
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 30, 1998, on
behalf of Fund America Investors Trust, Collateralized Mortgage Obligations,
Series NMC1, established pursuant to a Management Agreement among Fund America
Investors Trust 1997-NMC1, as the Trust, and Norwest Bank Minnesota, National
Association, as Manager, pursuant to which the Fund America Investors Trust,
Collateralized Mortgage Obligations, Series NMC1 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) National Mortgage Corporation, as Servicer<F1>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 1997.
(a) National Mortgage Corporation, as Servicer <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 1997.
(a) National Mortgage Corporation, as Servicer <F1>
99.4 Aggregate Statement of Principal and Interest
Distributions to Certificate Holders.<F2>
(b) No 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.
<F2> Previously filed.
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:
Fund America Investors Trust,
Collateralized Mortgage Obligations, Series NMC1
Signed Wilmington Trust Company
as Owner Trustee
By: Mary Kay Pupillo
By: /s/Mary Kay Pupillo
Title: Officer
Dated: 2/10/2000
EXHIBIT INDEX
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1997.
(a) National Mortgage, as Servicer <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards for
the year ended December 31, 1997.
(a) National Mortgage, as Servicer <F1>
99.3 Annual Statements of Compliance for the year ended December 31, 1997.
(a) National Mortgage, as Servicer <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to
Certificate Holders.<F2>
<F1> Filed herewith.
<F2> Previously filed.
DELOITTE & TOUCHE LLP (LOGO)
Suite 3600 Telephone:(303) 292-5400
555 Seventeenth Street Facsimile:(303)312-4000
Denver, Colorado 80202-3942
INDEPENDENT ACCOUNTANTS' REPORT ON MANAGEMENT'S ASSERTION ABOUT COMPLIANCE WITH
THE UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
Board of Directors of
National Mortgage Corporation
Englewood, Colorado
We have examined management's assertion about National Mortgage Corporation (the
"Company's") compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKESRS (USAP) as of and for the year ended December 31, 1997 included
in the accompanying management assertion. Management is responsible for the
Company'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 the Company'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 the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company 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
March 6, 1998
Deloitte & Touche
Tohmatsu
International -18-
(LOGO) NATIONAL MORTGAGE CORPORATION
March 6, 1998
7600 E. Orchard Road, Suite 330 S
Englewood, Colorado 80111
Office: 303.721.7211
Office: 800.806.9922
Fax: 303.741.8131
As of and for the year ended December 31, 1997, National Mortgage 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, had in
effect a fidelity bond and errors and omissions policy in the amount of
$1,300,000.
/s/James A. Weissenborn
James A. Weissenbom, President/Chief Executive Officer
/s/Kevin J. Nystrom
Kevin J. Nystrom, Executive Vice President/Chief Financial Officer
- -19-
Providing The American Dream For 50 Years
National Mortgage Corporation
March 21, 1998
7600 E Orchard Road, Suite 330 S
Englewood, Colorado 80111
Office: (303) 721-7211
(800) 524-1712
Fax: (303) 741-8134
Norwest Bank Minnesota
11000 Broken Land Parkway
Columbia, MD 21044
Attn.: Master Servicing
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1997 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities, or obligations under these Agreements throughout such
year, or if there has been a default or failure of the Servicer to perform any
of such duties, responsibilities or obligations, a description of each default
or failure and the nature and status thereof has been reported to Norwest Bank
Minnesota.
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide
are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with respect
to each Mortgaged Property, have been paid and that all such insurance policies
are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid,
Page 2
Officer's Certification
or if any such costs or expenses have not been paid with respect to any
Mortgaged Property, the reason for the non-payment have been reported to Norwest
Bank Minnesota;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of, Mortgage Property
required per section 6060H, 60501 and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
J. Lawrence Jeppson
Vice President
March 21, 1998
Providing The American Dream For 50 Years
EXHIBIT A
FORM OF ANNUAL STATEMENT AS TO COMPLIANCE ...
Thc undersigned, J. LAWRENCE JEPPSON, of National Mortgage Corporation (the
"Servicer"), in its capacity as Servicer under that certain Servicing Agreement
dated as of September 1, 1997 (the "Servicing Agreement") among Fund America
Investors Trust 1997-NMCI, as Issuer, National Mortgage Corporation, as
Servicer, and Norwest Bank Minnesota, National Association, as Indenture
Trustee, does hereby certify pursuant to Section 2.08 of the Servicing Agreement
that as of the 24th day of March, 1998:
(a) review of the activities of the Servicer for the year ended December 31,
1997 and of its performance under the Servicing Agreement has been made under my
supervision, and
(b) to thc best of my knowledge, based on such review, the
Servicer has fulfilled all of its material obligations under the Servicing
Agreement throughout such year.
IN WITNESS WHEREOF, I have hereunto signed my
name as of this 24th day of March, 1998
Name: J. Lawrence Jeppson
Title: Vice President
