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): December 28,
1998.
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
Wilshire Mortgage Funding Company V, Inc., a Delaware corporation,
its successors and permitted assigns, as Unaffiliated Seller (the
"Unaffiliated Seller"), Wilshire Servicing Corporation, a Delaware
corporation ("WSC"), its successors and permitted assigns, as Master
Servicer (the "Master Servicer"), Credit Suisse First Boston
Mortgage Securities Corp., a Delaware corporation, as Depositor
(the "Depositor"), and Bankers Trust Company of California, N.A., a
national banking association chartered under the laws of the United
States, its successors and permitted assigns, as Trustee (the
"Trustee") and as Back-up Servicer (the "Back-up Servicer") under
the Pooling and Servicing Agreement, dated as of September 15, 1997,
providing for the issuance of the Wilshire Funding Corporation
Mortgage Backed Certificates, Series 1997-WFC1.
WILSHIRE FUNDING CORPORATION MORTGAGE BACKED CERTIFICATES,
SERIES 1997-WFC1
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-44593-08 13-3320910
(Commission File Number) (I.R.S. Employer Identification No.)
11 MADISON AVENUE
NEW YORK, NEW YORK 10010
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 325-2000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
December 28, 1998.
Monthly Report to Certificateholders as to distributions made on
January 25, 1999.
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, 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 June 1, 1998.
Date: January 29, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Report to Certificateholders as to distributions made on
December 28, 1998.
Monthly Report to Certificateholders as to distributions made on
January 25, 1999.
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1997- WFC1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
Reg Int 46,655,248.00 26,539,581.64 193,762.27 2,210,300.78 2,
>404,063.05 0.00 0.00 24,329,280.86
Reg Int 8,807,123.00 8,501,692.55 62,069.82 21,116.93
> 83,186.75 0.00 0.00 8,480,575.62
Reg Int 6,605,342.00 6,376,269.19 46,552.36 15,837.70
> 62,390.06 0.00 0.00 6,360,431.49
Reg Int 5,137,489.00 4,959,321.24 36,207.42 12,318.21
> 48,525.63 0.00 0.00 4,947,003.03
Reg Int 35,584,475.00 21,286,075.65 131,888.08 1,741,088.68 1,
>872,976.76 0.00 0.00 19,544,986.97
Reg Int 26,166,367.00 18,897,781.35 136,453.18 553,224.10
>689,677.28 0.00 0.00 18,344,557.25
Reg Int 1,682,950.00 1,245,390.94 0.00 76,921.22
> 76,921.22 0.00 0.00 1,168,469.72
Reg Int 9,908,014.00 9,564,404.76 69,825.44 23,756.55
> 93,581.99 0.00 0.00 9,540,648.21
Reg Int 1,834,817.00 1,771,185.68 12,930.63 4,399.36
> 17,329.99 0.00 0.00 1,766,786.32
Reg Int 4,403,561.76 4,215,751.77 30,777.32 10,471.30
> 41,248.62 19,174.82 0.00 4,186,105.65
R-II 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 146,785,386.76 103,357,454.77 720,466.52 4,669,434.83 5,
>389,901.35 19,174.82 0.00 98,668,845.12
0.01
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
Reg Int A 568.844509 4.153065 47.375180
> 51.528245 521.469329 8.760663% NA
Reg Int B 965.320065 7.047684 2.397710
> 9.445394 962.922355 8.760663% NA
Reg Int C 965.320068 7.047684 2.397711
> 9.445394 962.922357 8.760663% NA
Reg Int D 965.320070 7.047688 2.397710
> 9.445398 962.922360 8.760663% NA
Reg Int E 598.184339 3.706338 48.928323
> 52.634660 549.256016 7.435175% NA
Reg Int F 722.216475 5.214831 21.142564
> 26.357395 701.073911 8.664711% NA
Reg Int G 740.004718 0.000000 45.706183
> 45.706183 694.298535 0.000000% 0.000000%
Reg Int H 965.320069 7.047370 2.397711
> 9.445081 962.922359 8.760663% NA
Reg Int I 965.320073 7.047368 2.397711
> 9.445078 962.922362 8.760663% NA
Reg Int J 957.350437 6.989188 2.377916
> 9.367104 950.618132 8.760663% NA
R-II 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Wilshire Mortgage Funding Company V, Inc. ADMI
>NISTRATOR: Jennifer C. Bohannon
SERVICER: Wilshire Servicing Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Credit Suisse First Boston Mortgage Securitie
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1997- WFC1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-I 46,655,248.00 26,539,581.64 160,343.31 2,210,300.78 2,
>370,644.09 0.00 0.00 24,329,280.86
A-II 35,584,475.00 21,286,075.65 131,888.08 1,741,088.68 1,
>872,976.76 0.00 0.00 19,544,986.97
A-III 26,166,367.00 18,897,781.35 136,453.18 553,224.10
>689,677.28 0.00 0.00 18,344,557.25
PO 1,682,950.00 1,245,390.94 0.00 76,921.22
> 76,921.22 0.00 0.00 1,168,469.72
IO(*) 67,205,202.00 46,376,864.62 58,398.31 0.00
> 58,398.31 0.00 0.00 44,117,291.00
M-1 8,807,123.00 8,501,692.55 51,364.39 21,116.93
> 72,481.32 0.00 0.00 8,480,575.62
M-2 6,605,342.00 6,376,269.19 38,523.29 15,837.70
> 54,360.99 0.00 0.00 6,360,431.49
M-3 5,137,489.00 4,959,321.24 29,962.57 12,318.21
> 42,280.78 0.00 0.00 4,947,003.03
B-1 9,908,014.00 9,564,404.76 69,825.44 23,756.55
> 93,581.99 0.00 0.00 9,540,648.21
B-2 1,834,817.00 1,771,185.68 12,930.63 4,399.36
> 17,329.99 0.00 0.00 1,766,786.32
B-3 4,403,561.76 4,215,751.77 30,777.32 10,471.30
> 41,248.62 19,174.82 0.00 4,186,105.65
R-I 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 146,785,386.76 103,357,454.77 720,466.52 4,669,434.83 5,
>389,901.35 19,174.82 0.00 98,668,845.12
(*) Represents Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-I 22540ACR7 568.844509 3.436769 47.375180
> 50.811949 521.469329 7.250000% 7.250000%
A-II 22540ACS5 598.184339 3.706338 48.928323
> 52.634660 549.256016 7.435175% NA
A-III 22540ACT3 722.216475 5.214831 21.142564
> 26.357395 701.073911 8.664711% NA
PO 22540ACV8 740.004718 0.000000 45.706183
> 45.706183 694.298535 0.000000% 0.000000%
IO(*) 22540ACU0 690.078494 0.868955 0.000000
> 0.868955 656.456490 1.510663% NA
M-1 22540ACW6 965.320065 5.832142 2.397710
> 8.229852 962.922355 7.250000% 7.250000%
M-2 22540ACX4 965.320068 5.832142 2.397711
> 8.229852 962.922357 7.250000% 7.250000%
M-3 22540ACY2 965.320070 5.832143 2.397710
> 8.229853 962.922360 7.250000% 7.250000%
B-1 22540ACZ9 965.320069 7.047370 2.397711
> 9.445081 962.922359 8.760663% NA
B-2 22540ADA3 965.320073 7.047368 2.397711
> 9.445078 962.922362 8.760663% NA
B-3 22540ADB1 957.350437 6.989188 2.377916
> 9.367104 950.618132 8.760663% NA
R-I 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Wilshire Mortgage Funding Company V, Inc. ADMI
>NISTRATOR: Jennifer C. Bohannon
SERVICER: Wilshire Servicing Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Credit Suisse First Boston Mortgage Securitie
> 3 Park Plaza
RECORD DATE: November 30, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1997- WFC1
Revised
Statement To Certificateholders
Distribution Date: December 28, 1998
DELINQUENCY ADVANCES FOR DISTRIBUTION DATE:
INTEREST:
> 339,272.93
PRINCIPAL:
> 97,744.14
UNREIMBURSED DELINQUENCY ADVANCES REMAINING AFTER DISTRIBUTION DATE:
> 0.00
UNREIMBURSED SERVICING ADVANCES REMAINING AFTER DISTRIBUTION DATE:
> 0.00
DELINQUENT LOAN 31-60
> 61-90 91 +
INFORMATION: DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 3,485,127.47
>931,944.02 2,920,337.66 7,337,409.15
NUMBER OF LOANS 71
> 21 63 155
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE
> 1,722,885.14
NUMBER OF LOANS
> 36
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE
> 265,773.65
NUMBER OF LOANS
> 4
BOOK VALUE PRINCIPAL BALANCE OF REO LOANS:
> #N/A
PRINCIPAL PREPAYMENTS
> 4,418,437.06
SUBSTITUTION AMOUNTS OR REPURCHASE AMOUNTS
> 0.00
OTHER UNSCHEDULED RECOVERIES
> 0.00
Page 3 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1997- WFC1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
Reg Int 46,655,248.00 24,329,280.86 177,839.77 1,584,571.86 1,
>762,411.63 0.00 0.00 22,744,709.00
Reg Int 8,807,123.00 8,480,575.62 61,990.47 21,607.44
> 83,597.91 0.00 0.00 8,458,968.18
Reg Int 6,605,342.00 6,360,431.49 46,492.86 16,205.58
> 62,698.44 0.00 0.00 6,344,225.91
Reg Int 5,137,489.00 4,947,003.03 36,161.11 12,604.34
> 48,765.45 0.00 0.00 4,934,398.69
Reg Int 35,584,475.00 19,544,986.97 120,544.84 263,744.80
>384,289.64 0.00 0.00 19,281,242.17
Reg Int 26,166,367.00 18,344,557.25 131,134.63 486,185.82
>617,320.45 0.00 0.00 17,858,371.43
Reg Int 1,682,950.00 1,168,469.72 0.00 6,466.40
> 6,466.40 0.00 0.00 1,162,003.32
Reg Int 9,908,014.00 9,540,648.21 69,733.99 24,308.37
> 94,042.36 0.00 0.00 9,516,339.84
Reg Int 1,834,817.00 1,766,786.32 12,913.70 4,501.55
> 17,415.25 0.00 0.00 1,762,284.77
Reg Int 4,403,561.76 4,186,105.65 30,596.86 10,665.67
> 41,262.53 0.00 0.00 4,175,439.98
R-II 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 146,785,386.76 98,668,845.12 687,408.23 2,430,861.83 3,
>118,270.06 0.00 0.00 96,237,983.29
0.01
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
Reg Int A 521.469329 3.811785 33.963422
> 37.775207 487.505907 8.770975% NA
Reg Int B 962.922355 7.038674 2.453405
> 9.492079 960.468950 8.770975% NA
Reg Int C 962.922357 7.038676 2.453405
> 9.492081 960.468952 8.770975% NA
Reg Int D 962.922360 7.038674 2.453405
> 9.492079 960.468955 8.770975% NA
Reg Int E 549.256016 3.387568 7.411794
> 10.799362 541.844222 7.401070% NA
Reg Int F 701.073911 5.011572 18.580563
> 23.592135 682.493348 8.578106% NA
Reg Int G 694.298535 0.000000 3.842301
> 3.842301 690.456235 0.000000% 0.000000%
Reg Int H 962.922359 7.038140 2.453405
> 9.491545 960.468954 8.770975% NA
Reg Int I 962.922362 7.038141 2.453405
> 9.491546 960.468957 8.770975% NA
Reg Int J 950.618132 6.948207 2.422055
> 9.370263 948.196077 8.770975% NA
R-II 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Wilshire Mortgage Funding Company V, Inc. ADMI
>NISTRATOR: Jennifer C. Bohannon
SERVICER: Wilshire Servicing Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Credit Suisse First Boston Mortgage Securitie
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1997- WFC1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-I 46,655,248.00 24,329,280.86 146,989.41 1,584,571.86 1,
>731,561.27 0.00 0.00 22,744,709.00
A-II 35,584,475.00 19,544,986.97 120,544.84 263,744.80
>384,289.64 0.00 0.00 19,281,242.17
A-III 26,166,367.00 18,344,557.25 131,134.63 486,185.82
>617,320.45 0.00 0.00 17,858,371.43
PO 1,682,950.00 1,168,469.72 0.00 6,466.40
> 6,466.40 0.00 0.00 1,162,003.32
IO(*) 67,205,202.00 44,117,291.00 55,942.24 0.00
> 55,942.24 0.00 0.00 42,482,301.78
M-1 8,807,123.00 8,480,575.62 51,236.81 21,607.44
> 72,844.25 0.00 0.00 8,458,968.18
M-2 6,605,342.00 6,360,431.49 38,427.61 16,205.58
> 54,633.19 0.00 0.00 6,344,225.91
M-3 5,137,489.00 4,947,003.03 29,888.14 12,604.34
> 42,492.48 0.00 0.00 4,934,398.69
B-1 9,908,014.00 9,540,648.21 69,733.99 24,308.37
> 94,042.36 0.00 0.00 9,516,339.84
B-2 1,834,817.00 1,766,786.32 12,913.70 4,501.55
> 17,415.25 0.00 0.00 1,762,284.77
B-3 4,403,561.76 4,186,105.65 30,596.86 10,665.67
> 41,262.53 0.00 0.00 4,175,439.98
R-I 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 146,785,386.76 98,668,845.12 687,408.23 2,430,861.83 3,
>118,270.06 0.00 0.00 96,237,983.29
(*) Represents Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-I 22540ACR7 521.469329 3.150544 33.963422
> 37.113966 487.505907 7.250000% 7.250000%
A-II 22540ACS5 549.256016 3.387568 7.411794
> 10.799362 541.844222 7.401070% NA
A-III 22540ACT3 701.073911 5.011572 18.580563
> 23.592135 682.493348 8.578106% NA
PO 22540ACV8 694.298535 0.000000 3.842301
> 3.842301 690.456235 0.000000% 0.000000%
IO(*) 22540ACU0 656.456490 0.832409 0.000000
> 0.832409 632.128176 1.520975% NA
M-1 22540ACW6 962.922355 5.817656 2.453405
> 8.271061 960.468950 7.250000% 7.250000%
M-2 22540ACX4 962.922357 5.817656 2.453405
> 8.271062 960.468952 7.250000% 7.250000%
M-3 22540ACY2 962.922360 5.817655 2.453405
> 8.271060 960.468955 7.250000% 7.250000%
B-1 22540ACZ9 962.922359 7.038140 2.453405
> 9.491545 960.468954 8.770975% NA
B-2 22540ADA3 962.922362 7.038141 2.453405
> 9.491546 960.468957 8.770975% NA
B-3 22540ADB1 950.618132 6.948207 2.422055
> 9.370263 948.196077 8.770975% NA
R-I 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Wilshire Mortgage Funding Company V, Inc. ADMI
>NISTRATOR: Jennifer C. Bohannon
SERVICER: Wilshire Servicing Corporation
> Bankers Trust Company
LEAD UNDERWRITER: Credit Suisse First Boston Mortgage Securitie
> 3 Park Plaza
RECORD DATE: December 31, 1998
> Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999
> FACTOR INFORMATION(800) 735-7777
Page 2 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
Wilshire Funding Corporation
Mortgage Backed Certificates
Series 1997- WFC1
Revised
Statement To Certificateholders
Distribution Date: January 25, 1999
DELINQUENCY ADVANCES FOR DISTRIBUTION DATE:
INTEREST:
> 315,977.25
PRINCIPAL:
> 97,319.41
UNREIMBURSED DELINQUENCY ADVANCES REMAINING AFTER DISTRIBUTION DATE:
> 0.00
UNREIMBURSED SERVICING ADVANCES REMAINING AFTER DISTRIBUTION DATE:
> 0.00
DELINQUENT LOAN 31-60
> 61-90 91 +
INFORMATION: DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 4,290,741.46
>963,635.71 2,667,515.54 7,921,892.71
NUMBER OF LOANS 78
> 24 59 161
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE
> 1,515,374.31
NUMBER OF LOANS
> 33
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE
> 0.00
NUMBER OF LOANS
> 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE
> 385,611.50
NUMBER OF LOANS
> 7
BOOK VALUE PRINCIPAL BALANCE OF REO LOANS:
> #N/A
PRINCIPAL PREPAYMENTS
> 2,182,794.54
SUBSTITUTION AMOUNTS OR REPURCHASE AMOUNTS
> 0.00
OTHER UNSCHEDULED RECOVERIES
> 0.00
Page 3 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
