SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from June 18, 1997
(Commencement of Operations) to December 31, 1997.
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number - 333-27355
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION,(as depositor under the
Pooling and Servicing Agreement, dated as of June 18, 1997, which forms Irwin
Home Equity Corporation Trust 1997-1, which will issue the Irwin Home Equity
Corporation Trust 1997-1, Mortgage Pass-Through Certificates, Series 1997-1).
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 13-3526694
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One New York Plaza
New York, New York 10292
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 778-1000
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 [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K/A or any
amendment to this Form 10-K/A. [X]
Page 1 of 4
This report consists of 10 consecutively numbered pages.
Documents incorporated by reference: none
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AMENDMENT NUMBER 1 OF 1
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PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
Irwin Home Equity Corporation Trust 1997-1
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(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Exhibits:
Annual Statement of Compliance, filed as Exhibit 99.1 hereto.
Annual Servicing Reports, filed as Exhibit 99.2 hereto.
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant.
A Current Report on Form 8-K, dated January 30, 1998, was filed for the purpose
of filing the Monthly Certificateholder Statements for payments made on July 15,
1997 and August 15, 1997, respectively. A Current Report on Form 8-K, dated
January 30, 1998, was filed for the purpose of filing the Monthly
Certificateholder Statements for payments made on September 15, 1997 and October
15, 1997, respectively. A Current Report on Form 8-K, dated January 30, 1998,
was filed for the purpose of filing the Monthly Certificateholder Statements for
payments made on November 15, 1997, December 15, 1997, and January 15, 1998,
respectively. The items reported in such Current Report were Item 5 (Other
Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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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.
CHASE MANHATTAN BANK
not in its individual capacity but solely
as Trustee for Irwin Home Equity
Corporation Trust 1997-1
Date: December 11, 1998 By: /s/ Regina Bergeland
----------------
Regina Bergeland
Chase Manhattan Bank
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Annual Statement of Compliance 6
99.2 Annual Servicing Reports 8
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EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
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OFFICER'S CERTIFICATE
OFFICER'S CERTIFICATE OF THE SERVICER
RE: ANNUAL STATEMENT AS TO COMPLIANCE
The undersigned, each a duly authorized representative of Irwin Home Equity
Corporation, an Indiana corporation (the "Servicer"), as Servicer pursuant to
the Pooling and Servicing Agreement dated as of June 1, 1997, by and among
Prudential Securities Secured Financing Corporation, as Depositor of the Trust,
Irwin Home Equity Corporation, an Indiana corporation, as Servicer, and The
Chase Manhattan Bank, as Trustee and Custodial Agent ( as such agreement may be
amended, supplemented or otherwise modified from time to time, the "Pooling and
Servicing Agreement"), do hereby certify as follows:
A. Capitalized terms used in this Certificate have their respective meanings set
forth in the Pooling and Servicing Agreement. References herein to certain
Sections and subsections are references to the respective Sections and
subsections of the Pooling and Servicing Agreement.
B This Certificate is being delivered pursuant to Section 5.16 of the Pooling
and Servicing Agreement.
C.The Servicer is the Servicer under the Pooling and Servicing Agreement.
D.The undersigned are duly authorized Servicing Officers of the Servicer.
E. A review of the activities of the Servicer during the 1997 fiscal year and of
its performance under the Pooling and Servicing Agreement has been made under
our supervision.
F. To the best of our knowledge, based on the above-mentioned review, the
Servicer has fulfilled all of its obligations under the Pooling and Servicing
Agreement and any applicable Supplements throughout the 1997 fiscal year, except
for the following item of noncompliance:
Certain reconciling items for the payment clearing account were not resolved
within ninety (90) calendar days of their original identification. Such
reconciling items are currently being resolved within ninety (90) calendar days
of their original identification.
IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed and
delivered on its behalf by its duly authorized officers on this 28th day of May,
1998.
IRWIN HOME EQUITY CORPORATION
By: /s/ Elena Delgado
Elena Delgado
President
By: /s/ Edwin K. Corbin
Edwin K. Corbin
Vice President - Finance
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EXHIBIT 99.2
ANNUAL SERVICING REPORTS
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Irwin Home Equity
12677 Alcosta Blvd.
Suite 500
San Ramor, CA 94583
An Irwin Fnancial Company
I. Assertion of Irwin Home Equity's Management
As of and for the year ended December 31, 1997, Irwin Home Equity, a majority
owned subsidiary of Irwin Financial Corporation, except for the Items of
Noncompliance below, 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, the parent corporation, Irwin Financial Corporation, had in effect a
fldelity bond and errors and omissions policy in the amount of $15,000,000.
Item of Noncompliance
During the year ended December 31, 1997, certain reconciling items for the
payment clearing account were not resolved within ninety (90) calendar days of
their original identification.
By: /s/ Edwin K. Corbin
Mr. Edwin Corbin
Vice President - Finance
By: /s/ Elena Delgado
Ms. Elena Delgado
President
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Cooper Coopers & Lybrand L.L.P.
&Lybrand a professional services firm
Report of Independent Accountants
To the Board of Directors Irwin Home Equity
We have examined management's assertion about the compliance of Irwin Home
Equity, a majority owned subsidiary of Irwin Financial Corporation, 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
the year ended December 31, 1997, included in the accompanying management
assertion. Management is responsible for Irwin Home Equity's compliance with
those minimum servicing standards. Our responsibility is to express an opinion
on management's assertion about the Company'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 Irwin Home Equity'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 Irwin Home Equity's compliance with the minimum servicing
standards.
As discussed in management's assertion, during the year ended December 31, 1997,
the Company was not in compliance with one of the minimum servicing standards
regarding custodial bank accounts in that certain reconciling items for one
account were not resolved within ninety (90) calendar days of their original
identification.
In our opinion, management's assertion that, except for noncompliance with one
of the custodial bank account reconciliation standards, Irwin Home Equity
complied with the aforementioned minimum servicing standards for the year ended
December 31, 1997, described in management's report, is fairly stated, in all
material respects.
/s/ Coopers & Lybrand L.L.P.
Coopers & Lybrand L.L.P.
Indianapolis, Indiana
May 18, 1998
Coopers & Lybrand L.L.P is a member of Coopers & Lybrand International a
limited liability association incorporated in Switzerland
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