March 31, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Delta Funding Corporation Home Equity Loan Asset-Backed
Certificates, Series 1997-3; File No. 333-3418.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of Delta Funding Corporation
under the Pooling and Servicing Agreement, dated as of August 31,
1997 (the "Pooling and Servicing Agreement") among Delta Funding
Corporation, as seller and servicer (the "Seller" and the "Servicer",
respectively), and Bankers Trust Company of California, N.A., as
trustee (the "Trustee").
The Home Equity Loan Asset-Backed Certificates, Series 1997-3 (the
"Certificates") will represent the entire beneficial interest in
Delta Funding Home Equity Loan Trust 1997-3 (the "Trust"). Only
Classes A-1F, A-2F, A-3f, A-4F, A-5F, A-6F, M-1F, M-2F, B-1F, A-1A,
M-1A, M-2A, and B-1A (collectively, the "Offered Certificates") are
offered hereby.
The assets of the Trust consist primarily of two pools (each, a
"Loan Group") of closed-end mortgage loans (the "Mortgage Loans")
secured by first and second liens primarily on one- to four- family
residential properties. The Mortgage Loans in one Loan Group ("Loan
Group F") bear interest at fixed rates and the Mortgage Loans in the
other Loan Group ("Loan Group A") bear interest at adjustable rates.
The Certificates were registered under the Securities Act of 1933.
As a result, the Registrant 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 agent for Registrant will file, promptly after each Distribution
Date as defined in the Indenture 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.
Within 90 days after the end of each fiscal year, the agent for the
Registrant 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 agent for the Registrant 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 agent for the Registrant 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 Delta Funding Corporation Home Equity Loan
Asset-Backed Certificates, Series 1997-3.
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): November 25, 1997
DELTA FUNDING CORPORATION
(as seller and servicer under a Pooling and Servicing Agreement,
dated as of August 31, 1997, providing for inter alia, the issuance
of Home Equity Loan Asset-Backed Certificates, Series 1997-3.
DELTA FUNDING CORPORATION
(Exact name of Registrant as specified in its Charter)
NEW YORK
(State or Other Jurisdiction of Incorporation)
333-3418 11-2609517
(Commission File Number) (I.R.S. Employer
Identification No.)
1000 WOODBURY ROAD
WOODBURY, NEW YORK 11797
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (516) 364-8500
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer 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
October 27, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
November 25, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
December 26, 1997.
Monthly Remittance Statement to the Certificateholders dated as of
January 27, 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.
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 August 31, 1997.
Date: March 31, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders 4
dated as of October 27, 1997.
Monthly Remittance Statement to the Certificateholders 10
dated as of November 25, 1997.
Monthly Remittance Statement to the Certificateholders
dated as of December 26, 1997. 15
Monthly Remittance Statement to the Certificateholders
dated as of January 27, 1998 22
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998 26
Monthly Remittance Statement to the Certificateholders
dated as of March 25, 1998. 31
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-F1 91,302,000.00 91,302,000.00 451,776.88 1,596,617.86
A-2F 17,395,000.00 17,395,000.00 95,527.54 0.00
A-3F 55,396,000.00 55,396,000.00 306,062.90 0.00
A-4F 14,014,000.00 14,014,000.00 80,930.85 0.00
A-5F 20,643,000.00 20,643,000.00 142,718.13 0.00
A-6F 26,500,000.00 26,500,000.00 151,491.67 0.00
A-6I0 26,500,000.00 26,500,000.00 143,541.67 0.00
M-1F 16,562,000.00 16,562,000.00 97,715.80 0.00
M-2F 12,588,000.00 12,588,000.00 76,891.70 0.00
B-1F 10,600,000.00 10,600,000.00 67,575.00 0.00
A-1A 59,250,000.00 59,250,000.00 298,790.76 683,613.13
M-1A 6,750,000.00 6,750,000.00 35,027.58 0.00
M-2A 5,250,000.00 5,250,000.00 28,147.84 0.00
B-1A 3,750,000.00 3,750,000.00 21,494.14 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 340,000,000.00 340,000,000.00 1,979,692.46 2,280,030.99
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1F 2,048,194.74 0.00 0.00 89,705,582.14
A-2F 95,527.54 0.00 0.00 17,395,000.00
A-3F 306,062.90 0.00 0.00 55,396,000.00
A-4F 80,930.85 0.00 0.00 14,014,000.00
A-5F 124,718.13 0.00 0.00 20,643,000.00
A-6F 151,491.67 0.00 0.00 26,500,000.00
A-6IO 143,541.67 0.00 0.00 26,500,000.00
M-1F 97,715.80 0.00 0.00 16,562,000.00
M-2F 76,891.70 0.00 0.00 12,588,000.00
B-1F 67,575.00 0.00 0.00 10,600,000.00
A-1A 982,403.89 0.00 0.00 58,566,386.87
M-1A 35,027.58 0.00 0.00 6,750,000.00
M-2A 28,147.84 0.00 0.00 5,250,000.00
B-1A 21,494.14 0.00 0.00 3,750,000.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 4,259,723.45 0.00 0.00 270,578,822.17
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1F 24763LBU3 1,000.000000 4.948160 17.485026 22.433186
A-2F 24763LBV1 1,000.000000 5.491667 0.000000 5.491667
A-3F 24763LBW9 1,000.000000 5.525000 0.000000 5.525000
A-4F 24763LBX7 1,000.000000 5.775000 0.000000 5.775000
A-5F 24763LBY5 1,000.000000 6.041667 0.000000 6.041667
A-6F 24763LBZ2 1,000.000000 5.716667 0.000000 5.716667
A-6IO** 24763LCA6 1,000.000000 5.416667 0.000000 5.416667
M-1F 24763LCB4 1,000.000000 5.900000 0.000000 5.900000
M-2F 24763LCC2 1,000.000000 6.108333 0.000000 6.108333
B-1F 24763LCD0 1,000.000000 6.375000 0.000000 6.375000
A-1A 24763LCE8 1,000.000000 5.042882 11.537774 16.580656
M-1A 24763LCF5 1,000.000000 5.189271 0.000000 5.189271
M-2A 24763LCG3 1,000.000000 5.361493 0.000000 5.361493
B-1A 24763LCH1 1,000.000000 5.731771 0.000000 5.731771
R-1 DF9703101 0.000000 0.000000 0.000000 0.000000
R-2 DF9703102 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1F 982.514974 5.746250% 5.746250%
A-2F 1,000.000000 6.590000% 6.590000%
A-3F 1,000.000000 6.630000% 6.630000%
A-4F 1,000.000000 6.930000% 6.930000%
A-5F 1,000.000000 7.250000% 7.250000%
A-6F 1,000.000000 6.860000% 6.860000%
A-6IO 1,000.000000 6.500000% 5.866250%
M-1F 1,000.000000 7.080000% 7.080000%
M-2F 1,000.000000 7.330000% 7.330000%
B-1F 1,000.000000 7.650000% 7.650000%
A-1A 988.462226 5.856250% N/A
M-1A 1,000.000000 6.263000% 0.000000%
M-2A 1,000.000000 6.226300% 0.000000%
B-1A 1,000.000000 6.656250% 0.000000%
R-1 0.000000 0.000000% 0.000000%
R-2 0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
Seller: Delta Funding Corporation Administrator: David M. Arnold
Servicer: Delta Funding Corporation Bankers Trust Company
Lead Underwriter: Prudential Securities Incorporated 3 Park Plaza
Record Date: September 30, 1997 Irvine, CA 92714
Distribution Date: October 27, 1997 Factor Information (800)735-7777
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: October 27,1997
GROUP I 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 6,849,376.85 1,376,406.80 0.00 0.00
NUMBER OF LOANS 99 17 0 0
PERCENTAGE OF LOANS 2.5960% 0.5220% 0.0000% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1 3,150,495.40
SERVICING FEES 54,320.11
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1 289,903582.14
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
264,997,255.95
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
263,890,310.84
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 705,711.97
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 2,074,981.87
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 12
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS891,831.90
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD 0.00
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
215,113.21
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
2,095,126.35
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 903,86355
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 0.00
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 269
THE WEIGHTED AVERAGE LOAN RATE 11.0347%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 3,494
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 3,482
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: October 27,1997
GROUP I CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
CUMULATIVE LOSS EVENT NO
SERVICER TERMINATION TEST NO
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: October 27,1997
GROUP II 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 1,226,621.84 217,000.00 0.00 0.00
NUMBER OF LOANS 13 5 0 0
PERCENTAGE OF LOANS 1.5450% 0.2910% 0.0000% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2 1,063,109.72
SERVICING FEES 13,522.83
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2 74,316,386.87
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
74,999,558.00
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
74,535,370.14
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 705,711.97
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 2,074,981.87
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 5
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS343,000.00
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD 0.00
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
121,188.86
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
612,002.69
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 323,877.79
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 0.00
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 357
THE WEIGHTED AVERAGE LOAN RATE 10.7628%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 768
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 763
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: October 27,1997
GROUP II CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-F1 91,302,000.00 89,705,582.14 451,240.29 2,427,136.45
A-2F 17,395,000.00 17,395,000.00 95,527.54 0.00
A-3F 55,396,000.00 55,396,000.00 306,062.90 0.00
A-4F 14,014,000.00 14,014,000.00 80,930.85 0.00
A-5F 20,643,000.00 20,643,000.00 124,718.13 0.00
A-6F 26,500,000.00 26,500,000.00 151,491.67 0.00
A-6I0 26,500,000.00 26,500,000.00 143,541.67 0.00
M-1F 16,562,000.00 16,562,000.00 97,715.80 0.00
M-2F 12,588,000.00 12,588,000.00 76,891.70 0.00
B-1F 10,600,000.00 10,600,000.00 67,575.00 0.00
A-1A 59,250,000.00 58,566,386.87 276,288.96 971,915.47
M-1A 6,750,000.00 6,750,000.00 32,767.73 0.00
M-2A 5,250,000.00 5,250,000.00 26,331.85 0.00
B-1A 3,750,000.00 3,750,000.00 20,107.42 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 340,000,000.00 337,719,969.01 1,915,191.51 3,399,051.92
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1F 2,842,376.74 0.00 0.00 87,278,445.69
A-2F 95,527.54 0.00 0.00 17,395,000.00
A-3F 306,062.90 0.00 0.00 55,396,000.00
A-4F 80,930.85 0.00 0.00 14,014,000.00
A-5F 124,718.13 0.00 0.00 20,643,000.00
A-6F 151,491.67 0.00 0.00 26,500,000.00
A-6IO 143,541.67 0.00 0.00 26,500,000.00
M-1F 97,715.80 0.00 0.00 16,562,000.00
M-2F 76,891.70 0.00 0.00 12,588,000.00
B-1F 67,575.00 0.00 0.00 10,600,000.00
A-1A 1,248,204.43 0.00 0.00 57,594,471.40
M-1A 32,767.73 0.00 0.00 6,750,000.00
M-2A 26,331.85 0.00 0.00 5,250,000.00
B-1A 20,107.42 0.00 0.00 3,750,000.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 5,314,243.43 0.00 0.00 334,320,917.09
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1F 24763LBU3 982.514974 4.547987 26.583607 31.131593
A-2F 24763LBV1 1,000.000000 5.491667 0.000000 5.491667
A-3F 24763LBW9 1,000.000000 5.525000 0.000000 5.525000
A-4F 24763LBX7 1,000.000000 5.775000 0.000000 5.775000
A-5F 24763LBY5 1,000.000000 6.041667 0.000000 6.041667
A-6F 24763LBZ2 1,000.000000 5.716667 0.000000 5.716667
A-6IO** 24763LCA6 1,000.000000 5.416667 0.000000 5.416667
M-1F 24763LCB4 1,000.000000 5.900000 0.000000 5.900000
M-2F 24763LCC2 1,000.000000 6.108333 0.000000 6.108333
B-1F 24763LCD0 1,000.000000 6.375000 0.000000 6.375000
A-1A 24763LCE8 988.462226 4.663105 16.403637 21.066741
M-1A 24763LCF5 1,000.000000 4.854479 0.000000 4.854479
M-2A 24763LCG3 1,000.000000 5.015590 0.000000 5.015590
B-1A 24763LCH1 1,000.000000 5.361979 0.000000 5.361979
R-1 DF9703101 0.000000 0.000000 0.000000 0.000000
R-2 DF9703102 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1F 955.931367 5.746250% 5.746250%
A-2F 1,000.000000 6.590000% 6.590000%
A-3F 1,000.000000 6.630000% 6.630000%
A-4F 1,000.000000 6.930000% 6.930000%
A-5F 1,000.000000 7.250000% 7.250000%
A-6F 1,000.000000 6.860000% 6.860000%
A-6IO 1,000.000000 6.500000% 5.897500%
M-1F 1,000.000000 7.080000% 7.080000%
M-2F 1,000.000000 7.330000% 7.330000%
B-1F 1,000.000000 7.650000% 7.650000%
A-1A 972.058589 5.856250% N/A
M-1A 1,000.000000 6.026250% 0.000000%
M-2A 1,000.000000 6.226300% 0.000000%
B-1A 1,000.000000 6.562500% 0.000000%
R-1 0.000000 0.000000% 0.000000%
R-2 0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
Seller: Delta Funding Corporation Administrator: David M. Arnold
Servicer: Delta Funding Corporation Bankers Trust Company
Lead Underwriter: Prudential Securities Incorporated 3 Park Plaza
Record Date: October 31, 1997 Irvine, CA 92714
Distribution Date: November 25, 1997 Factor Information (800)735-7777
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: November 25,1997
GROUP I 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 9,640,934.76 2,511,487.48 998,885.20 0.00
NUMBER OF LOANS 143 34 11 0
PERCENTAGE OF LOANS 3.6730% 0.9570% 0.3810% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1 3,988,151.46
SERVICING FEES 66,400.24
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1 287,476,445.69
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
263,890,310.84
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
262,480,611.52
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 2,015,538.45
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 2,074,981.87
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 21
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
1,240,746.69
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (4,137.74)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
203,486.27
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
2,614,456.48
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 1,195,803.48
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 2,159.81
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 268
THE WEIGHTED AVERAGE LOAN RATE 11.0337%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 3,483
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 3,462
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: November 25,1997
GROUP I CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
CUMULATIVE LOSS EVENT NO
SERVICER TERMINATION TEST NO
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: November 25,1997
GROUP II 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 2,073,537.00 256,631.84 560,000.00 0.00
NUMBER OF LOANS 13 5 0 0
PERCENTAGE OF LOANS 2.8080% 0.3470% 0.7580% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2 1,327,784.12
SERVICING FEES 14,890.25
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2 73,344,471.39
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
74,535,370.14
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
73,855,844.01
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 2,015,538.45
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 2,074,981.87
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 5
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS620,082.38
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (688.51)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
29,736.36
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
693,544.14
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 383,003.42
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 571.34
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 356
THE WEIGHTED AVERAGE LOAN RATE 10.7665%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 762
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 757
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: November 25,1997
GROUP II CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-F1 91,302,000.00 87,278,445.69 434,216.33 3,840,727.73
A-2F 17,395,000.00 17,395,000.00 95,527.54 0.00
A-3F 55,396,000.00 55,396,000.00 306,062.90 0.00
A-4F 14,014,000.00 14,014,000.00 80,930.85 0.00
A-5F 20,643,000.00 20,643,000.00 124,718.13 0.00
A-6F 26,500,000.00 26,500,000.00 151,491.67 0.00
A-6I0 26,500,000.00 26,500,000.00 143,541.67 0.00
M-1F 16,562,000.00 16,562,000.00 97,715.80 0.00
M-2F 12,588,000.00 12,588,000.00 76,891.70 0.00
B-1F 10,600,000.00 10,600,000.00 67,575.00 0.00
A-1A 59,250,000.00 57,594,471.40 291,991.97 528,731.77
M-1A 6,750,000.00 6,750,000.00 35,209.22 0.00
M-2A 5,250,000.00 5,250,000.00 28,289.11 0.00
B-1A 3,750,000.00 3,750,000.00 21,595.05 0.00
R-1 0.00 0.00 61,295.85 0.00
R-2 0.00 0.00 0.00 0.00
Totals 340,000,000.00 334,320,917.09 2,017,052.79 4,369,459.50
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1F 4,274,944.06 0.00 0.00 83,437,717.96
A-2F 95,527.54 0.00 0.00 17,395,000.00
A-3F 306,062.90 0.00 0.00 55,396,000.00
A-4F 80,930.85 0.00 0.00 14,014,000.00
A-5F 124,718.13 0.00 0.00 20,643,000.00
A-6F 151,491.67 0.00 0.00 26,500,000.00
A-6IO 143,541.67 0.00 0.00 26,500,000.00
M-1F 97,715.80 0.00 0.00 16,562,000.00
M-2F 76,891.70 0.00 0.00 12,588,000.00
B-1F 67,575.00 0.00 0.00 10,600,000.00
A-1A 820,723.74 0.00 0.00 57,065,739.63
M-1A 35,209.22 0.00 0.00 6,750,000.00
M-2A 28,289.11 0.00 0.00 5,250,000.00
B-1A 21,595.05 0.00 0.00 3,750,000.00
R-1 61,295.85 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 6,386,512.29 0.00 0.00 329,951,457.59
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1F 24763LBU3 955.931367 4.755825 42.066195 46.822020
A-2F 24763LBV1 1,000.000000 5.491667 0.000000 5.491667
A-3F 24763LBW9 1,000.000000 5.525000 0.000000 5.525000
A-4F 24763LBX7 1,000.000000 5.775000 0.000000 5.775000
A-5F 24763LBY5 1,000.000000 6.041667 0.000000 6.041667
A-6F 24763LBZ2 1,000.000000 5.716667 0.000000 5.716667
A-6IO** 24763LCA6 1,000.000000 5.416667 0.000000 5.416667
M-1F 24763LCB4 1,000.000000 5.900000 0.000000 5.900000
M-2F 24763LCC2 1,000.000000 6.108333 0.000000 6.108333
B-1F 24763LCD0 1,000.000000 6.375000 0.000000 6.375000
A-1A 24763LCE8 972.058589 4.928135 8.923743 13.851877
M-1A 24763LCF5 1,000.000000 5.216181 0.000000 5.216181
M-2A 24763LCG3 1,000.000000 5.388402 0.000000 5.388402
B-1A 24763LCH1 1,000.000000 5.758680 0.000000 5.758680
R-1 DF9703101 0.000000 0.180282 0.000000 0.180282
R-2 DF9703102 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1F 913.865172 5.777500% 5.777500%
A-2F 1,000.000000 6.590000% 6.590000%
A-3F 1,000.000000 6.630000% 6.630000%
A-4F 1,000.000000 6.930000% 6.930000%
A-5F 1,000.000000 7.250000% 7.250000%
A-6F 1,000.000000 6.860000% 6.860000%
A-6IO 1,000.000000 6.500000% 5.897500%
M-1F 1,000.000000 7.080000% 7.080000%
M-2F 1,000.000000 7.330000% 7.330000%
B-1F 1,000.000000 7.650000% 7.650000%
A-1A 963.134846 5.887500% N/A
M-1A 1,000.000000 6.057500% 0.000000%
M-2A 1,000.000000 6.257500% 0.000000%
B-1A 1,000.000000 6.875000% 0.000000%
R-1 0.000000 0.000000% 0.000000%
R-2 0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
Seller: Delta Funding Corporation Administrator: David M. Arnold
Servicer: Delta Funding Corporation Bankers Trust Company
Lead Underwriter: Prudential Securities Incorporated 3 Park Plaza
Record Date: November 28, 1997 Irvine, CA 92714
Distribution Date: December 26, 1997 Factor Information (800)735-7777
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: December 26,1997
GROUP I 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 12,923,896.43 4,052,088.15 2,780,074.54 0.00
NUMBER OF LOANS 161 64 37 7
PERCENTAGE OF LOANS 4.9780% 1.5610% 1.0710% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1 5,420,711.73
SERVICING FEES 57,449.54
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1 283,635,717.95
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
262,480,611.52
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
259,645,679.54
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,259,957.18
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 33
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
2,658,620.44
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (2,420.99)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
178,732.53
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
2,643,229.28
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 1,400,827.82
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 5,262.25
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 267
THE WEIGHTED AVERAGE LOAN RATE 11.0300%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 3,462
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 3,429
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: December 26,1997
GROUP I CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
CUMULATIVE LOSS EVENT NO
SERVICER TERMINATION TEST NO
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: December 26,1997
GROUP II 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 3,757,677.15 724,801.17 453,600.00 185,000.00
NUMBER OF LOANS 34 8 6 4
PERCENTAGE OF LOANS 5.1080% 0.9850% 0.6170% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2 967,482.25
SERVICING FEES 12,016.54
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2 72,815,739.63
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
73,855,844.01
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
73,565,735.22
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,259,957.18
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 5
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS272,598.08
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (2,582.02)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
20,092.73
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
689,390.00
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 434,163.90
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 765.24
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 355
THE WEIGHTED AVERAGE LOAN RATE 10.7774%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 757
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 752
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: December 26,1997
GROUP II CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-F1 91,302,000.00 80,090,295.35 435,316.01 3,347,422.61
A-2F 17,395,000.00 17,395,000.00 95,527.54 0.00
A-3F 55,396,000.00 55,396,000.00 306,062.90 0.00
A-4F 14,014,000.00 14,014,000.00 80,930.85 0.00
A-5F 20,643,000.00 20,643,000.00 124,718.13 0.00
A-6F 26,500,000.00 26,500,000.00 151,491.67 0.00
A-6I0 26,500,000.00 26,500,000.00 143,541.67 0.00
M-1F 16,562,000.00 16,562,000.00 97,715.80 0.00
M-2F 12,588,000.00 12,588,000.00 76,891.70 0.00
B-1F 10,600,000.00 10,600,000.00 67,575.00 0.00
A-1A 59,250,000.00 57,065,739.63 303,132.02 1,096,398.12
M-1A 6,750,000.00 6,750,000.00 36,843.98 0.00
M-2A 5,250,000.00 5,250,000.00 29,560.60 0.00
B-1A 3,750,000.00 3,750,000.00 22,503.26 0.00
R-1 0.00 0.00 484,824.86 0.00
R-2 0.00 0.00 0.00 0.00
Totals 340,000,000.00 329,951,457.59 2,456,635.99 4,443,820.73
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1F 3,782,738.62 0.00 0.00 80,090,295.35
A-2F 95,527.54 0.00 0.00 17,395,000.00
A-3F 306,062.90 0.00 0.00 55,396,000.00
A-4F 80,930.85 0.00 0.00 14,014,000.00
A-5F 124,718.13 0.00 0.00 20,643,000.00
A-6F 151,491.67 0.00 0.00 26,500,000.00
A-6IO 143,541.67 0.00 0.00 26,500,000.00
M-1F 97,715.80 0.00 0.00 16,562,000.00
M-2F 76,891.70 0.00 0.00 12,588,000.00
B-1F 67,575.00 0.00 0.00 10,600,000.00
A-1A 1,399,530.14 0.00 0.00 55,969,341.51
M-1A 36,843.98 0.00 0.00 6,750,000.00
M-2A 29,560.60 0.00 0.00 5,250,000.00
B-1A 22,503.26 0.00 0.00 3,750,000.00
R-1 484,824.86 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 6,900,456.72 0.00 0.00 325,507,636.86
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1F 24763LBU3 913.865172 4.767869 36.663190 41.431060
A-2F 24763LBV1 1,000.000000 5.491667 0.000000 5.491667
A-3F 24763LBW9 1,000.000000 5.525000 0.000000 5.525000
A-4F 24763LBX7 1,000.000000 5.775000 0.000000 5.775000
A-5F 24763LBY5 1,000.000000 6.041667 0.000000 6.041667
A-6F 24763LBZ2 1,000.000000 5.716667 0.000000 5.716667
A-6IO** 24763LCA6 1,000.000000 5.416667 0.000000 5.416667
M-1F 24763LCB4 1,000.000000 5.900000 0.000000 5.900000
M-2F 24763LCC2 1,000.000000 6.108333 0.000000 6.108333
B-1F 24763LCD0 1,000.000000 6.375000 0.000000 6.375000
A-1A 24763LCE8 963.134846 5.116152 18.504610 23.620762
M-1A 24763LCF5 1,000.000000 5.458367 0.000000 5.458367
M-2A 24763LCG3 1,000.000000 5.630590 0.000000 5.630590
B-1A 24763LCH1 1,000.000000 6.000869 0.000000 6.000869
R-1 DF9703101 0.000000 1.425955 0.000000 1.425955
R-2 DF9703102 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1F 877.201982 6.058750% 6.058750%
A-2F 1,000.000000 6.590000% 6.590000%
A-3F 1,000.000000 6.630000% 6.630000%
A-4F 1,000.000000 6.930000% 6.930000%
A-5F 1,000.000000 7.250000% 7.250000%
A-6F 1,000.000000 6.860000% 6.860000%
A-6IO 1,000.000000 6.500000% 5.811560%
M-1F 1,000.000000 7.080000% 7.080000%
M-2F 1,000.000000 7.330000% 7.330000%
B-1F 1,000.000000 7.650000% 7.650000%
A-1A 944.630236 6.168750% N/A
M-1A 1,000.000000 6.338750% 0.000000%
M-2A 1,000.000000 6.538750% 0.000000%
B-1A 1,000.000000 6.968750% 0.000000%
R-1 0.000000 0.000000% 0.000000%
R-2 0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
Seller: Delta Funding Corporation Administrator: David M. Arnold
Servicer: Delta Funding Corporation Bankers Trust Company
Lead Underwriter: Prudential Securities Incorporated 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92714
Distribution Date: January 26, 1998 Factor Information (800)735-7777
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: January 26, 1998
GROUP I 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 14,023,045.83 3,718,424.05 4,064,254.76 1,675,716.01
NUMBER OF LOANS 187 49 59 21
PERCENTAGE OF LOANS 5.4680% 1.4500% 1.5850% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1 5,213762.04
SERVICING FEES 59,006.07
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1 280,288,295.34
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
259,645,679.54
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
256,438,267.90
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 37
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
3,028,679.72
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (2,383.20)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
181,115.12
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
2,065,356.48
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 808,524.76
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 6,131.69
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 266
THE WEIGHTED AVERAGE LOAN RATE 11.0227%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 3,429
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 3,392
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: January 26, 1998
GROUP I CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
CUMULATIVE LOSS EVENT NO
SERVICER TERMINATION TEST NO
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: January 26, 1998
GROUP II 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 3,134,742.03 2,064,760.00 669,050.00 292,100.00
NUMBER OF LOANS 29 19 10 5
PERCENTAGE OF LOANS 4.3260% 2.8490% 0.9230% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2 1,688,360.73
SERVICING FEES 13,502.46
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2 66,994,341.51
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
73,565,735.22
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
72,469,337.10
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 13
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
1.072.714.66
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (53.09)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
23,736.55
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
605,465.07
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 319,003.52
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 5,131.44
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 354
THE WEIGHTED AVERAGE LOAN RATE 10.8336%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 757
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 739
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: January 26, 1998
GROUP II CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-F1 91,302,000.00 80,090,295.35 379,865.60 2,779,099.73
A-2F 17,395,000.00 17,395,000.00 95,527.54 0.00
A-3F 55,396,000.00 55,396,000.00 306,062.90 0.00
A-4F 14,014,000.00 14,014,000.00 80,930.85 0.00
A-5F 20,643,000.00 20,643,000.00 124,718.13 0.00
A-6F 26,500,000.00 26,500,000.00 151,491.67 0.00
A-6I0 26,500,000.00 26,500,000.00 143,541.67 0.00
M-1F 16,562,000.00 16,562,000.00 97,715.80 0.00
M-2F 12,588,000.00 12,588,000.00 76,891.70 0.00
B-1F 10,600,000.00 10,600,000.00 67,575.00 0.00
A-1A 59,250,000.00 55,969,341.51 270,591.24 2,150,356.75
M-1A 6,750,000.00 6,750,000.00 33,590.03 0.00
M-2A 5,250,000.00 5,250,000.00 27,000.58 0.00
B-1A 3,750,000.00 3,750,000.00 20,629.88 0.00
R-1 0.00 0.00 1,047,836.52 0.00
R-2 0.00 0.00 0.00 0.00
Totals 340,000,000.00 325,507,636.86 2,923,969.11 4,549,590.88
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1F 2,779,099.73 0.00 0.00 77,691,061.22
A-2F 95,527.54 0.00 0.00 17,395,000.00
A-3F 306,062.90 0.00 0.00 55,396,000.00
A-4F 80,930.85 0.00 0.00 14,014,000.00
A-5F 124,718.13 0.00 0.00 20,643,000.00
A-6F 151,491.67 0.00 0.00 26,500,000.00
A-6IO 143,541.67 0.00 0.00 26,500,000.00
M-1F 97,715.80 0.00 0.00 16,562,000.00
M-2F 76,891.70 0.00 0.00 12,588,000.00
B-1F 67,575.00 0.00 0.00 10,600,000.00
A-1A 2,420,947.99 0.00 0.00 53,818,984.76
M-1A 33,509.03 0.00 0.00 6,750,000.00
M-2A 27,000.58 0.00 0.00 5,250,000.00
B-1A 20,629.88 0.00 0.00 3,750,000.00
R-1 1,047,836.52 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 7,473,559.99 0.00 0.00 320,958,045.98
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1F 24763LBU3 877.201982 4.160540 26.278002 30.438542
A-2F 24763LBV1 1,000.000000 5.491667 0.000000 5.491667
A-3F 24763LBW9 1,000.000000 5.525000 0.000000 5.525000
A-4F 24763LBX7 1,000.000000 5.775000 0.000000 5.775000
A-5F 24763LBY5 1,000.000000 6.041667 0.000000 6.041667
A-6F 24763LBZ2 1,000.000000 5.716667 0.000000 5.716667
A-6IO** 24763LCA6 1,000.000000 5.416667 0.000000 5.416667
M-1F 24763LCB4 1,000.000000 5.900000 0.000000 5.900000
M-2F 24763LCC2 1,000.000000 6.108333 0.000000 6.108333
B-1F 24763LCD0 1,000.000000 6.375000 0.000000 6.375000
A-1A 24763LCE8 944.630236 4.566941 36.292941 40.859882
M-1A 24763LCF5 1,000.000000 4.976301 0.000000 4.976301
M-2A 24763LCG3 1,000.000000 5.142968 0.000000 5.142968
B-1A 24763LCH1 1,000.000000 5.501301 0.000000 5.501301
R-1 DF9703101 0.000000 3.081872 0.000000 3.081872
R-2 DF9703102 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1F 850.923980 5.691560% 5.691560%
A-2F 1,000.000000 6.590000% 6.590000%
A-3F 1,000.000000 6.630000% 6.630000%
A-4F 1,000.000000 6.930000% 6.930000%
A-5F 1,000.000000 7.250000% 7.250000%
A-6F 1,000.000000 6.860000% 6.860000%
A-6IO 1,000.000000 6.500000% 5.811560%
M-1F 1,000.000000 7.080000% 7.080000%
M-2F 1,000.000000 7.330000% 7.330000%
B-1F 1,000.000000 7.650000% 7.650000%
A-1A 908.337296 5.801560% N/A
M-1A 1,000.000000 5.971560% 0.000000%
M-2A 1,000.000000 6.171560% 0.000000%
B-1A 1,000.000000 6.601560% 0.000000%
R-1 0.000000 0.000000% 0.000000%
R-2 0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
Seller: Delta Funding Corporation Administrator: David M. Arnold
Servicer: Delta Funding Corporation Bankers Trust Company
Lead Underwriter: Prudential Securities Incorporated 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92714
Distribution Date: February 25, 1998 Factor Information (800)735-7777
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: February 25, 1998
GROUP I 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 15,226,800.56 4,941,773.23 10,971,535.81 3,012,924.89
NUMBER OF LOANS 191 72 157 40
PERCENTAGE OF LOANS 5.9940% 1.9450% 4.3190% N/A
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1 4,688,689.99
SERVICING FEES 59,114.00
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1 277,889,061.21
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
256,438,267.90
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
254,039,033.77
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 32
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
2,244,128.71
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (3,290.34)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
158,395.76
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
2,348,569.86
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 1,070,526.43
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 3,286.82
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 265
THE WEIGHTED AVERAGE LOAN RATE 11.0110%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 3,392
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 3,360
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: February 25, 1998
GROUP I CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
CUMULATIVE LOSS EVENT NO
SERVICER TERMINATION TEST NO
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: February 25, 1998
GROUP II 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 3,795,877.86 807,170.28 2,658,240.43 332,600.00
NUMBER OF LOANS 35 6 34 6
PERCENTAGE OF LOANS 5.3980% 1.1480% 3.7800% N/A
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2 2,786,514.53
SERVICING FEES 13,039.24
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2 69,568,984.76
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
72,469,337.10
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
70,318,980.35
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 16
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
2,131,625.78
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (6,205.20)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
24,936.17
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
649,251.02
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 368,757.29
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 2,487.24
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 353
THE WEIGHTED AVERAGE LOAN RATE 10.8353%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 757
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 752
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: December 26,1997
GROUP II CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A-F1 91,302,000.00 77,691,061.22 345,336.77 3,371,671.12
A-2F 17,395,000.00 17,395,000.00 95,527.54 0.00
A-3F 55,396,000.00 55,396,000.00 306,062.90 0.00
A-4F 14,014,000.00 14,014,000.00 80,930.85 0.00
A-5F 20,643,000.00 20,643,000.00 124,718.13 0.00
A-6F 26,500,000.00 26,500,000.00 151,491.67 0.00
A-6I0 26,500,000.00 26,500,000.00 143,541.67 0.00
M-1F 16,562,000.00 16,562,000.00 97,715.80 0.00
M-2F 12,588,000.00 12,588,000.00 76,891.70 0.00
B-1F 10,600,000.00 10,600,000.00 67,575.00 0.00
A-1A 59,250,000.00 53,818,984.76 243,829.90 1,570,440.52
M-1A 6,750,000.00 6,750,000.00 31,473.75 0.00
M-2A 5,250,000.00 5,250,000.00 25,296.25 0.00
B-1A 3,750,000.00 3,750,000.00 19,322.92 0.00
R-1 0.00 0.00 1,009,474.44 0.00
R-2 0.00 0.00 0.00 0.00
Totals 340,000,000.00 320,958,045.98 2,819,189.29 4,596,774.87
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A-1F 3,371,671.12 0.00 0.00 74,664,726.87
A-2F 95,527.54 0.00 0.00 17,395,000.00
A-3F 306,062.90 0.00 0.00 55,396,000.00
A-4F 80,930.85 0.00 0.00 14,014,000.00
A-5F 124,718.13 0.00 0.00 20,643,000.00
A-6F 151,491.67 0.00 0.00 26,500,000.00
A-6IO 143,541.67 0.00 0.00 26,500,000.00
M-1F 97,715.80 0.00 0.00 16,562,000.00
M-2F 76,891.70 0.00 0.00 12,588,000.00
B-1F 67,575.00 0.00 0.00 10,600,000.00
A-1A 1,814,270.42 0.00 0.00 52,248,544.24
M-1A 31,473.75 0.00 0.00 6,750,000.00
M-2A 25,296.25 0.00 0.00 5,250,000.00
B-1A 19,322.92 0.00 0.00 3,750,000.00
R-1 1,009,474.44 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
Totals 7,415,964.16 0.00 0.00 316,361,271.11
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A-1F 24763LBU3 850.923980 3.782357 33.146419 36.928776
A-2F 24763LBV1 1,000.000000 5.491667 0.000000 5.491667
A-3F 24763LBW9 1,000.000000 5.525000 0.000000 5.525000
A-4F 24763LBX7 1,000.000000 5.775000 0.000000 5.775000
A-5F 24763LBY5 1,000.000000 6.041667 0.000000 6.041667
A-6F 24763LBZ2 1,000.000000 5.716667 0.000000 5.716667
A-6IO** 24763LCA6 1,000.000000 5.416667 0.000000 5.416667
M-1F 24763LCB4 1,000.000000 5.900000 0.000000 5.900000
M-2F 24763LCC2 1,000.000000 6.108333 0.000000 6.108333
B-1F 24763LCD0 1,000.000000 6.375000 0.000000 6.375000
A-1A 24763LCE8 908.337296 4.115273 26.505325 30.620598
M-1A 24763LCF5 1,000.000000 4.662778 0.000000 4.662778
M-2A 24763LCG3 1,000.000000 4.818333 0.000000 4.818333
B-1A 24763LCH1 1,000.000000 5.152779 0.000000 5.152779
R-1 DF9703101 0.000000 2.969042 0.000000 2.969042
R-2 DF9703102 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A-1F 817.777561 5.715000% 5.715000%
A-2F 1,000.000000 6.590000% 6.590000%
A-3F 1,000.000000 6.630000% 6.630000%
A-4F 1,000.000000 6.930000% 6.930000%
A-5F 1,000.000000 7.250000% 7.250000%
A-6F 1,000.000000 6.860000% 6.860000%
A-6IO 1,000.000000 6.500000% 5.897500%
M-1F 1,000.000000 7.080000% 7.080000%
M-2F 1,000.000000 7.330000% 7.330000%
B-1F 1,000.000000 7.650000% 7.650000%
A-1A 881.831970 5.825000% 5.887500
M-1A 1,000.000000 5.995000% 6.057500%
M-2A 1,000.000000 6.195000% 6.257500%
B-1A 1,000.000000 6.625000% 6.687500%
R-1 0.000000 0.000000% 0.000000%
R-2 0.000000 0.000000% 0.000000%
**BALANCE REPRESENTS THE NOTIONAL BALANCE
Seller: Delta Funding Corporation Administrator: David M. Arnold
Servicer: Delta Funding Corporation Bankers Trust Company
Lead Underwriter: Prudential Securities Incorporated 3 Park Plaza
Record Date: February 27,.1998 Irvine, CA 92714
Distribution Date: March 25 1998 Factor Information (800)735-7777
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: March 25 1998
GROUP I 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 14,066,878.71 5,540,615.95 4,599,143.46 4,145,681.47
NUMBER OF LOANS 185 70 57 55
PERCENTAGE OF LOANS 5.6040% 2.2070% 1.8320%
GROUP I
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP I CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 1 5,255,803.29
SERVICING FEES 54,878.59
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 1 274,862,726.86
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
254,039,033.77
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
251,021,699.42
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 47
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
2,736,296.00
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (1,681.93)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
172,970.28
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
2,284,726.89
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 1,101,592.24
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 5,944.02
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 265
THE WEIGHTED AVERAGE LOAN RATE 11.0061%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 3,360
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 3,313
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: March 25 1998
GROUP I CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 379.36
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0001%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0001%
CUMULATIVE LOSS EVENT NO
SERVICER TERMINATION TEST NO
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: March 25 1998
GROUP II 30-59 60-89 91+
DELINQUENT LOAN INFORMATION DAYS DAYS DAYS FORECLOSURES
PRINCIPAL BALANCE 4,301,526.67 986,542.63 958,922.41 1,029,614.12
NUMBER OF LOANS 42 13 11 14
PERCENTAGE OF LOANS 6.2570% 1.4350% 1.3950%
GROUP II
REO LOAN INFORMATION
PRINCIPAL BALANCE 0.00
NUMBER OF LOANS 0
PERCENTAGE OF LOANS N/A
GROUP II CERTIFICATE INFORMATION
AVAILABLE FUNDS FOR CERTIFICATE GROUP 2 2,161,782.65
SERVICING FEES 11,580.06
CERTIFICATE GROUP BALANCE AFTER DISTRIBUTION - Group 2 67,998,544.24
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS BEFORE DISTRIBUTION
70,318,980.35
THE AGGREGATE PRINCIPAL BALANCE OF THE MORTGAGE LOANS AFTER DISTRIBUTION
68,748,539.83
OVERCOLLATERALIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
REQUIRED OVERCOLLATERIZATION AMOUNT FOR DISTRIBUTION 3,399,968.15
HAS A TRIGGER EVENT OCCURRED? No
NUMBER OF MORTGAGE LOANS THAT WERE SUBJECT TO PRINCIPAL PREPAYMENTS 13
PRINCIPAL BALANCE OF MORTGAGE LOANS SUBJECT TO PRINCIPAL PREPAYMENTS
1,548,217,27
AMOUNT OF CURTAILMENTS RECEIVED DURING DUE PERIOD (381.23)
THE PRINCIPAL PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
22,604.48
THE INTEREST PORTION OF ALL MONTHLY PAYMENTS RECEIVED DURING DUE PERIOD
602,922.19
THE AMOUNT OF MONTHLY ADVANCES TO BE MADE ON DETERMINATION DATE 357,332.40
THE AMOUNT OF COMPENSATING INTERET TO BE MADE ON DETERMINATION DATE 3,827.25
THE WEIGHTED AVERAGE REMAINING TERM TO MATURITY 352
THE WEIGHTED AVERAGE LOAN RATE 10.8249%
THE AMOUNT OF ALL PAYMENTS OR REIMBURSMENTS TO SERVICER 0.00
NUMBER OF LOANS OUTSTANDING PRIOR TO DISTRIBUTION 723
NUMBER OF LOANS OUTSTANDING AFTER DISTRIBUTION 710
DELTA FUNDING HOME EQUITY LOAN TRUST
ASSET-BACKED CERTIFICATES SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: March 25 1998
GROUP II CERTIFICATE INFORMATION (CON'T)
THE AMOUNT OF LIQUIDATION LOAN LOSSES 0.00
LOAN LOSSES AS A PERCENTAGE OF THE INITIAL COLLATERAL BALANCE 0.0000%
CUMULATIVE NET LOSSES AS A PERCENTAGE OF THE INITAL COLLATERAL BALANCE
0.0000%
