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Previous: ELITE PHARMACEUTICALS INC /DE/, SB-2, 1998-01-30 |
Next: MONEY STORE AUTO TRUST 1997-4, 8-K, 1998-01-30 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) January 15, 1998
--------------------
The Money Store Residential Trust 1997-II and the Originators as listed below
under a Pooling and Servicing Agreement dated as of August 31, 1997 providing
for the issuance of The Money Store Residential Loan Certificates, Series 1997-
II
TMS Mortgage Inc.
The Money Store Home Equity Corp.
The Money Store/Minnesota Inc.
The Money Store/Kentucky Inc.
The Money Store/D.C. Inc.
(Exact name of registrant as specified in its charter)
New Jersey SEC TO PROVIDE Applied For
- ---------- -------------- -----------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
-------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
--------------
n/a
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to
Class A Certificate holders with respect to the January 15, 1998 Remittance
Date.
Item 7 Financial Statements and Exhibits
---------------------------------
The quarterly financial statement for the period ended September 30,
1996 for MBIA Inc. is incorporated by reference to the Form 10Q filed by MBIA
Inc. with the Securities and Exchange Commission on November 14, 1996.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
-------------------------
Harry Puglisi
Treasurer
Dated: January 31, 1998
<PAGE>
Schedule A
List of Originators
-------------------
Residential Trust 1997-II
-------------------------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING AGREEMENT DATED
AS OF NOVEMBER 30, 1997, THE MONEY STORE INC. REPORTS THE FOLLOWING
INFORMATION PERTAINING TO THE RESIDENTIAL TRUST 1997-II FOR THE JANUARY 12,
1998 DETERMINATION DATE.
<TABLE>
<S> <C>
1. AGGREGATE AMOUNT RECEIVED $1,732,208.01
LESS: SERVICE FEE 18,775.35
CONTINGENCY FEE 18,775.35
OTHER SERVICER FEES (Late Charges/Escrow) 3,766.32
UNREIMBURSED MONTHLY ADVANCES 0.00
------------------
41,317.02
PLUS: MONTHLY ADVANCE - INCLUDING
COMPENSATING INTEREST 467,449.54
PRE-FUNDING ACCOUNT TRANSFER 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER 0.00
------------------
467,449.54
AMOUNT WITHDRAWN FROM THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01(b)(vi) 0.00
------------------
AVAILABLE REMITTANCE AMOUNT (I-2) 2,158,340.53
==================
2. (A) ORIGINAL CLASS A-1 PRINCIPAL BALANCE
50,644,000.00
(B) ORIGINAL CLASS A-2 PRINCIPAL BALANCE
17,885,000.00
(C) ORIGINAL CLASS A-3 PRINCIPAL BALANCE
12,315,000.00
(D) ORIGINAL CLASS A-4 PRINCIPAL BALANCE
16,693,000.00
(E) ORIGINAL CLASS M-1 PRINCIPAL BALANCE
13,837,000.00
(F) ORIGINAL CLASS M-2 PRINCIPAL BALANCE
13,837,000.00
(G) ORIGINAL CLASS B PRINCIPAL BALANCE
9,789,000.00
3. PRINCIPAL DISTRIBUTION AMOUNTS:
CLASS A-1 1,350,423.40
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS M-1 0.00
CLASS M-2 0.00
CLASS B 0.00
TOTAL PRINCIPAL DISTRIBUTION AMOUNT: 1,350,423.40
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
4. (A) CLASS A INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS M INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
CLASS B INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
AGGREGATE INTEREST SHORTFALL CARRYFORWARD AMOUNT 0.00
(B) CLASS A REALIZED LOSS AMOUNT 0.00
CLASS M REALIZED LOSS AMOUNT 0.00
CLASS B REALIZED LOSS AMOUNT 0.00
AGGREGATE REALIZED LOSS AMOUNT 0.00
5. AVAILABLE MAXIMUM SUBORDINATION AMOUNT 7,604,173.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD
AMOUNT 480,652.87
# OF LOANS 69
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD 167,912.66
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD 42,697.96
9. AMOUNT OF INTEREST RECEIVED 1,036,228.43
10. (A) AMOUNT OF MONTHLY ADVANCES TO BE MADE ON
THE DETERMINATION DATE
MONTHLY ADVANCE TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii) 467,449.54
(B) AMOUNT OF COMPENSATING INTEREST 143.61
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT L)
12. AMOUNT OF REALIZED LOSSES DURING
THE DUE PERIOD 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 280,652.17
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,350,423.40
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 1,631,075.57
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 99,559.83
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 99,559.83
CLASS A-3 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 70,246.81
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-3 REMITTANCE AMOUNT 70,246.81
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CLASS A-4 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 102,731.50
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A-4 REMITTANCE AMOUNT 102,731.50
CLASS A REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 553,190.32
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,350,423.40
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS A REMITTANCE AMOUNT 1,903,613.72
CLASS M-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 87,807.30
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-1 REMITTANCE AMOUNT 87,807.30
CLASS M-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 90,055.81
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M-2 REMITTANCE AMOUNT 90,055.81
CLASS M REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 177,863.10
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS M REMITTANCE AMOUNT 177,863.10
CLASS B REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 70,113.71
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL CLASS B REMITTANCE AMOUNT 70,113.71
AGGREGATE REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 801,167.13
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,350,423.40
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE 0.00
TOTAL REMITTANCE AMOUNT 2,151,590.53
14.(A) REIMBURSABLE AMOUNT (I-22) 0.00
(B) GP REMITTANCE AMOUNT PAYABLE 0.00
15.(A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 49,293,576.60
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 17,885,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 12,315,000.00
(D) CLASS A-4 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 16,693,000.00
(D) CLASS M-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 13,837,000.00
(E) CLASS M-2 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 13,837,000.00
(F) CLASS B PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 9,789,000.00
(G) TOTAL POOL PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 133,649,576.60
</TABLE>
<TABLE>
<CAPTION>
16. TRIGGER EVENT CALCULATION TRIGGER ACTIVATED
THE TRIGGER EVENT WILL BE IN EFFECT IF EITHER
<S> <C> <C> <C>
(1) (i) DOES NOT EXCEED 50% OF (ii)
(i) SIXTY-DAY DELINQUENCY RATIO 0.12%
(ii) CLASS A CREDIT ENHANCEMENT PERCENTAGE 40.12% 0.30% YES
(2) BOTH (A) AND (B)
(A) EITHER (X) OR (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 9% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEEDS $3913056.00 0.00 NO
(B) EITHER (X) OR (Y)
(X) THE WEIGHTED AVERAGE FIVE-MONTH SIXTY-DAY DELINQUENCY RATIO
EXCEEDS 15% OR 0.00%
(Y) THE CUMULATIVE REALIZED LOSSES EXCEED $13043520 0.00 NO NO
(3) (i) IS GREATER THAN 75% OF (ii)
(i) PRIOR CLASS A & CLASS M PRINCIPAL BALANCES 96,894,264.49
(ii) PRINCIPAL BALANCE AS OF THE END OF THE SECOND PRECEDING DUE PERIOD 134,999,951.62 71.77% NO
--------------
IF EITHER (1), (2) OR (3) = "YES", THEN THE TRIGGER EVENT IS ON EFFECT NO
--------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
17. CUMULATIVE REALIZED LOSSES 0.00
18. AMOUNT BY WHICH THE FORMULA DISTRIBUTION AMOUNT
EXCEEDS THE CLASS DISTRIBUTION AMOUNT 0.00
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD 18,775.35
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD 18,775.35
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE 6,750.00
(D) FHA PREMIUM ACCOUNT 970.55
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE
SERVICERS PURSUANT TO:
(A) SECTION 5.04 (b) 0.00
(B) SECTION 5.04 (c) 0.00
(C) SECTION 5.04 (d)(ii) 0.00
(D) SECTION 5.04 (e) 0.00
(E) SECTION 5.04 (f)(i) 37,550.70
21. CLASS A-1 POOL FACTOR (I-5):
CURRENT CLASS A-1 PRINCIPAL BALANCE 49,293,576.60 1.30148739
ORIGINAL CLASS A-1 PRINCIPAL BALANCE 37,874,801.63
CLASS A-2 POOL FACTOR (I-5):
CURRENT CLASS A-2 PRINCIPAL BALANCE 17,885,000.00 1.22726961
ORIGINAL CLASS A-2 PRINCIPAL BALANCE 14,573,000.00
CLASS A-3 POOL FACTOR (I-5):
CURRENT CLASS A-3 PRINCIPAL BALANCE 12,315,000.00 1.22732709
ORIGINAL CLASS A-3 PRINCIPAL BALANCE 10,034,000.00
CLASS A-4 POOL FACTOR (I-5):
CURRENT CLASS A-4 PRINCIPAL BALANCE 16,693,000.00 1.22724599
ORIGINAL CLASS A-4 PRINCIPAL BALANCE 13,602,000.00
CLASS M-1 POOL FACTOR (I-5):
CURRENT CLASS M-1 PRINCIPAL BALANCE 13,837,000.00 1.22722838
ORIGINAL CLASS M-1 PRINCIPAL BALANCE 11,275,000.00
CLASS M-2 POOL FACTOR (I-5):
CURRENT CLASS M-2 PRINCIPAL BALANCE 13,837,000.00 1.22722838
ORIGINAL CLASS M-2 PRINCIPAL BALANCE 11,275,000.00
CLASS B POOL FACTOR (I-5):
CURRENT CLASS B-1 PRINCIPAL BALANCE 9,789,000.00 1.22746082
ORIGINAL CLASS B-2 PRINCIPAL BALANCE 7,975,000.00
POOL FACTOR:
CURRENT POOL PRINCIPAL BALANCE 133,649,576.60 1.21499615
ORIGINAL POOL PRINCIPAL BALANCE 110,000,000.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE 13.841%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS 15.391%
(C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2, CLASS A-3,
CLASS A-4, CLASS M-1, CLASS M-2 AND CLASS B
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 6.371%
-------------------------------------------
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 11/30/97 12/31/97
-------------------------------------------
13.700% 13.841%
23. (A) SENIOR PERCENTAGE 100.00%
(B) CLASS B PERCENTAGE 0.00%
24. (A) SPREAD AMOUNT 1,350,375.02
(B) SPECIFIED SUBORDINATED AMOUNT 7,425,000.00
25. (A) CLASS A APPLIED REALIZED LOSS AMOUNT 0.00
CLASS M APPLIED REALIZED LOSS AMOUNT 0.00
CLASS B APPLIED REALIZED LOSS AMOUNT 0.00
(B) UNPAID CLASS A REALIZED LOSS AMOUNT 0.00
UNPAID CLASS M REALIZED LOSS AMOUNT 0.00
UNPAID CLASS B REALIZED LOSS AMOUNT 0.00
26. ACCELERATED PRINCIPAL AMOUNT FOR THE CURRENT REMITTANCE DATE 659,111.53
27. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 970.55
(B) AMOUNT REIMBURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PURSUANT TO 6.06(b)(i) 0.00
28. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE MONTH 0.00
29. THE RESERVE AMOUNT FOR THE DUE PERIOD 30,000,000.00
30. CLAIMS FILED DURING THE DUE PERIOD 0.00
31. CLAIMS PAID DURING THE PERIOD 0.00
32. CLAIMS DENIED BY FHA DURING THE PERIOD 0.00
33. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
34. OTHER INFORMATION N/A
</TABLE>
Series Resid 1997-II
<PAGE>
EXHIBIT O
REMIC DELINQUENCIES AS OF -DECEMBER 31, 1997
<TABLE>
<CAPTION>
RESIDENTIAL OUTSTANDING #
TRUST DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1997-II $134,308,688.13 7,319 1 TO 29 DAYS 9,850,264.70 575 7.33%
30 TO 59 DAYS 783,665.98 52 0.58%
60 TO 89 DAYS 160,337.71 21 0.12%
90 AND OVER 0.00 0 0.00%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $10,794,268.39 648 8.04%
================================================
</TABLE>
<PAGE>
RESIDENTIAL TRUST 1997-II
The following additional information, presented in dollars, pursuant to Section
6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxii) is provided for
each Class per $1,000 original dollar amount as of the Cut-Off Date.
<TABLE>
<CAPTION>
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(ii) 1,000.00 1,000.00 1,000.00 1,000.00
(vi) 9.49 0.00 0.00 0.00
(vii) 3.32 0.00 0.00 0.00
(viii) 0.84 0.00 0.00 0.00
(xiii) (a) 5.54 5.57 5.70 6.15
(b) 26.67 0.00 0.00 0.00
(c) 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00
(xv) 973.33 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00 0.00
<CAPTION>
SUBCLAUSE CLASS M-1 CLASS M-2 CLASS B
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
(ii) 1,000.00 1,000.00 1,000.00
(vi) 0.00 0.00 0.00
(vii) 0.00 0.00 0.00
(viii) 0.00 0.00 0.00
(xiii) (a) 6.35 6.51 7.16
(b) 0.00 0.00 0.00
(c) 0.00 0.00 0.00
(d) 0.00 0.00 0.00
(xv) 1,000.00 1,000.00 1,000.00
(xxxv) 0.00 0.00 0.00
</TABLE>
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