<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): September 25,
1997
Credit Suisse First Boston Mortgage Securities Corp.
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(Exact name of registrant as specified in its charter)
DELAWARE 333-33807 13-3320910
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(State or other jurisdiction (Commission) (I.R.S. employer
of incorporation) file number) identification no.)
11 Madison Avenue, New York, New York 10010
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 325-2000
Not Applicable
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(Former name or former address, if changed since last report)
Exhibit Index Located on Page 2
<PAGE>
Item 5. Other Events.
On September 25, 1997, the Registrant will cause the issuance and sale
of approximately $146,745,563 initial principal amount of Wilshire Funding
Corporation Mortgage-Backed Certificates, Series 1997-WFC1, Class A-I, Class A-
II, Class A-III, Class IO, Class PO, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 (the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of September 15, 1997, among the Registrant, Wilshire
Servicing Corporation, as Master Servicer, and Bankers Trust Company of
California, N.A., as Trustee and Back-Up Servicer. In connection with the sale
of the Class A-I, Class A-II, Class A-III, Class IO, Class PO, Class M-1, Class
M-2 and Class M-3 Certificates (the "Publicly Offered Certificates"), the
Registrant has been advised by Credit Suisse First Boston Corporation (the
"Underwriter"), that the Underwriter has furnished to prospective investors
certain written descriptions of the securities to be offered that set forth the
name of the issuer, the size of the potential offering, the structure of the
offering (e.g. the number of classes, seniority, interest rate) and
miscellaneous similar items (the "Structural Term Sheets") with respect to the
Publicly Offered Certificates following the effective date of Registration
Statement No. 333-33807 but prior to the availability of a final Prospectus
relating to the Publicly Offered Certificates. In connection with the sale of
the Publicly Offered Certificates, the Registrant also has been informed by the
Underwriter that the Underwriter has furnished to prospective investors certain
descriptive information regarding the mortgage loans (the "Mortgage Loans")
underlying the Certificates that set forth the number of Mortgage Loans, the
principal balance of the Mortgage Loans, information regarding the mortgage
rates thereon and miscellaneous similar items (the "Collateral Term Sheets")
following the effective date of Registration Statement No. 333-33807 but prior
to the availability of a final Prospectus relating to the Publicly Offered
Certificates. The Structural Terms Materials and Collateral Term Sheets are
being filed as an exhibit to this report.
The Structural Term Sheets and Collateral Term Sheets attached hereto have
been provided by the Underwriter. The information in the Structural Term Sheets
and Collateral Term Sheets is preliminary and may be superseded by the
Prospectus Supplement relating to the Publicly Offered Certificates and by any
other information subsequently filed with the Securities and Exchange
Commission.
2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
List below the financial statements, pro forma financial information and
exhibits, if any, filed as part of this report.
(a) Financial Statements of Businesses Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits.
99.1 Structural Term Sheets prepared by the Underwriter in
connection with the sale of the Publicly Offered Certificates
of the Registrant.
99.2 Collateral Term Sheets prepared by the Underwriter in
connection with the sale of the Publicly Offered Certificates
of the Registrant.
3
<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.
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
Registrant
By: /s/ Allan Baum
---------------------------------------
Name: Allan Baum
Title: Vice President
Dated: September 25, 1997
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
Exhibit Description Page
- --------- ----------------------------------- ----
<S> <C> <C>
99.1 Structural Term Sheets prepared by
the Underwriter in connection with
the sale of the Publicly Offered
Certificates of the Registrant.
99.2 Collateral Term Sheets prepared by
the Underwriter in connection with
the sale of the Publicly Offered
Certificates of the Registrant.
</TABLE>
<PAGE>
[LOGO OF CREDIT SUISSE FIRST BOSTON]
This information is being provided in response to your specific request for
information. The information has been provided and furnished to you solely by
CREDIT SUISSE FIRST BOSTON CORPORATION (CSFBC) and not the Issuer of the
Securities or any of its affiliates. The preliminary description of the
underlying assets has not been independently verified by CSFBC. CSFBC is not
acting as agent for the Issuer or its affiliates in connection with the proposed
transaction. All information contained herein is preliminary, limited in nature
and subject to completion or amendment. CSFBC makes no representations that the
above referenced security will actually perform as described in any scenario.
The above analysis alone is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
the information contained in the final prospectus. Under no circumstances shall
the information presented constitute an offer to sell or solicitation of an
offer to buy nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction. The securities
may not be sold nor may an offer to buy be accepted prior to the delivery of a
final prospectus relating to the securities.
September 23, 1997
Preliminary Term Sheet
$146,745,563 (+/- 5%)
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Depositor)
WILSHIRE SERVICING CORPORATION
(Servicer)
WILSHIRE MORTGAGE FUNDING COMPANY V, INC.
(Seller)
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES
SERIES 1997-WFC1
<TABLE>
<CAPTION>
Principal or Average
Notional Moody's/D&P/ Initial Life Last Sub.
Class Amount Priority Fitch Coupon (1) (Yrs.) (2) Pay (2) Offering Spread Speed Level
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-I $46,643,595 Senior Aaa/AAA/AAA 7.25% 2.1 11/02 Public +100/2yr. 250 PSA (7) 25%
A-II 35,582,447 Senior Aaa/AAA/AAA 7.68 2.8 (3) 10/04 (3) Public +110 BEEM (5) 25 CPR (7) 25%
A-III 26,150,273 Senior Aaa/AAA/AAA 8.87 2.9 (3) 10/04 (3) Public 7.23% yld.(6) 22 CPR (7) 25%
IO 67,187,974 Senior Aaa/AAA/AAA 1.61 3.2 (4) 3/06 (4) Public 16.50% yld. 18 CPR (8) 25%
PO 1,682,857 Senior Aaa/AAA/AAA N/A 6.1 4/27 Public +75/interp 100 PSA (8) 25%
M-1 8,804,734 Mezzanine Aa2/AA/AA 7.25 8.7 4/27 Public +155/interp 250 PSA (7) 19%
M-2 6,603,550 Mezzanine A2/A/A 7.25 8.7 4/27 Public +170/interp 250 PSA (7) 14.5%
M-3 5,136,095 Mezzanine Baa2/BBB/BBB 7.25 8.7 4/27 Public +200/interp 250 PSA (7) 11%
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<CAPTION>
% Bonds
- -----------------
<S> <C>
A-I 31.8%
A-II 24.2%
A-III 17.8%
IO _
PO 1.1%
M-1 6.0%
M-2 4.5%
M-3 3.5%
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</TABLE>
(1) Class A-I has a fixed pass-through rate, Classes M-1, M-2 and M-3 are fixed
pass-through rates subject to a blended WAPT rate and all other rates are
variable rates.
(2) To Maturity, based on prepayment speed, unless otherwise noted.
(3) To the Optional Call assuming that all prepayments are allocated to senior
bonds until they are retired.
(4) To the Optional Call.
(5) Dollar price of 102-17.
(6) Dollar price of 104-00.
(7) Assuming 250 PSA for Pool I, 25 CPR for Pool II and 22 CPR for Pool III.
(8) Assuming stated Speed for Pool I, 25 CPR for Pool II and 22 CPR for Pool
III.
"THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES."
<PAGE>
Key Collateral Statistics as of September 15, 1997(1)(2)
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<TABLE>
<CAPTION>
Wilshire 97-1 Pool I Pool II Pool III
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<S> <C> <C> <C> <C>
Balance $146,745,563 $85,012,843 $35,582,447 $26,150,273
Index Fixed CMT Mixed ARMs
GWAC 8.868% 9.063% 8.092% 9.289%
Gross Margin 2.797% n/a 2.769% 2.838%
WAM (mos.) 245 243 288 195
Seas (mos.) 72 65 62 107
Geographic 27.44% CA (South) 23.07% CA (South) 28.10% CA (South) 10.26% MA
Concentration 8.92% CA (North) 8.98% TX 9.84% CA (North)
7.60% NJ 8.92% NJ 8.04% NJ
6.98% TX 7.90% CA (North) 6.54% FL
5.37% MA 5.23% NY
5.23% VA
Wtd. ALTV 77.98% 77.48% 81.09% 75.37%
Avg. Balance $63,280 $63,113 $104,347 $41,443
Loans 2,319 1,347 341 631
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</TABLE>
(1) Collateral statistics +/- 5%
"THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES."
This information is being provided in response to your specific request for
information. The information has been provided and furnished to you solely by
CREDIT SUISSE FIRST BOSTON CORPORATION (CSFBC) and not the Issuer of the
Securities or any of its affiliates. The preliminary description of the
underlying assets has not been independently verified by CSFBC. CSFBC is not
acting as agent for the Issuer or its affiliates in connection with the proposed
transaction. All information contained herein is preliminary, limited in nature
and subject to completion or amendment. CSFBC makes no representations that the
above referenced security will actually perform as described in any scenario.
The above analysis alone is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
the information contained in the final prospectus. Under no circumstances shall
the information presented constitute an offer to sell or solicitation of an
offer to buy nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction. The securities
may not be sold nor may an offer to buy be accepted prior to the delivery of a
final prospectus relating to the securities.
<PAGE>
[LOGO OF CREDIT SUISSE/FIRST BOSTON]
This information is being provided in response to your specific request for
information. The information has been provided and furnished to you solely by
CREDIT SUISSE FIRST BOSTON CORPORATION (CSFBC) and not the Issuer of the
Securities or any of its affiliates. The preliminary description of the
underlying assets has not been independently verified by CSFBC. CSFBC is not
acting as agent for the Issuer or its affiliates in connection with the proposed
transaction. All information contained herein is preliminary, limited in nature
and subject to completion or amendment. CSFBC makes no representations that the
above referenced security will actually perform as described in any scenario.
The above analysis alone is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
the information contained in the final prospectus. Under no circumstances shall
the information presented constitute an offer to sell or solicitation of an
offer to buy nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction. The securities
may not be sold nor may an offer to buy be accepted prior to the delivery of a
final prospectus relating to the securities.
September 24, 1997
REVISED
Preliminary Term Sheet
$146,745,563 (+/- 5%)
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Depositor)
WILSHIRE SERVICING CORPORATION
(Servicer)
WILSHIRE MORTGAGE FUNDING COMPANY V, INC.
(Seller)
WILSHIRE FUNDING CORPORATION MORTGAGE-BACKED CERTIFICATES
SERIES 1997-WFC1
<TABLE>
<CAPTION>
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Principal
or Average
Notional Moody's/D&P/ Initial Life Last Sub. %
Class Amount Priority Fitch Coupon(1) (Yrs.)(2) Pay(2) Offering Spread Speed Level Bonds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-I $46,643,595 Senior Aaa/AAA/AAA 7.25% 2.1 11/02 Public +100/2yr. 250 PSA(7) 25% 31.8%
A-II 35,582,447 Senior Aaa/AAA/AAA 7.68 2.8(3) 10/04(3) Public +110 BEEM(5) 25 CPR(7) 25% 24.2%
A-III 26,150,273 Senior Aaa/AAA/AAA 8.87 2.9(3) 10/04(3) Public 7.23% yld.(6) 22 CPR(7) 25% 17.8%
IO 67,187,974 Senior Aaa/AAA/AAA 1.61 3.2(4) 3/06(4) Public 16.50% yld. 18 CPR(8) 25% ---
PO 1,682,857 Senior Aaa/AAA/AAA N/A 6.1 4/27 Public +75/interp 100 PSA(8) 25% 1.1%
M-1 8,804,734 Mezzanine Aa2/AA/AA 7.25 8.7 4/27 Public +155/interp 250 PSA(7) 19% 6.0%
M-2 6,603,550 Mezzanine A2/A/A 7.25 8.7 4/27 Public +170/interp 250 PSA(7) 14.5% 4.5%
M-3 5,136,095 Mezzanine Baa2/BBB/BBB 7.25 8.7 4/27 Public +200/interp 250 PSA(7) 11% 3.5%
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</TABLE>
(1) Class A-I has a fixed pass-through rate, Classes M-1, M-2 and M-3 are fixed
pass-through rates subject to a blended WAPT rate and all other rates are
variable rates.
(2) To Maturity, based on prepayment speed, unless otherwise noted.
(3) To the Optional Call assuming that all prepayments are allocated to senior
bonds until they are retired.
(4) To the Optional Call.
(5) Dollar price of 102-17.
(6) Dollar price of 104-00.
(7) Assuming 250 PSA for Pool I, 25 CPR for Pool II and 22 CPR for Pool III.
(8) Assuming stated Speed for Pool I, 25 CPR for Pool II and 22 CPR for
Pool III.
"THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES."
<PAGE>
Key Collateral Statistics as of September 15, 1997(1)(2)
- --------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Wilshire 97-1 Pool I Pool II Pool III
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balance $146,745,563 $85,012,843 $35,582,447 $26,150,273
Index Fixed CMT Mixed ARMs
GWAC 8.868% 9.063% 8.092% 9.289%
Gross Margin 2.797% n/a 2.769% 2.838%
WAM (mos.) 245 243 288 196
Seas (mos.) 72 65 62 107
Geographic 27.44% CA (South) 23.07% CA (South) 28.10% CA (South) 40.75% CA (South)
Concentration 8.92% CA (North) 8.98% TX 9.84% CA (North) 11.01% CA (North)
7.60% NJ 8.92% NJ 8.04% NJ 13.58% MA
6.98% TX 7.90% CA (North) 6.54% FL
5.37% MA 5.23% NY
5.23% VA
Wtd. ALTV 77.98% 77.48% 81.09% 75.37%
Avg. Balance $63,280 $63,113 $104,347 $41,443
Loans 2,319 1,347 341 631
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Collateral statistics +/- 5%
"THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE
MORTGAGE POOL CONTAINED IN THE PROSPECTUS SUPPLEMENT RELATING TO THE
CERTIFICATES."
This information is being provided in response to your specific request for
information. The information has been provided and furnished to you solely by
CREDIT SUISSE FIRST BOSTON CORPORATION (CSFBC) and not the Issuer of the
Securities or any of its affiliates. The preliminary description of the
underlying assets has not been independently verified by CSFBC. CSFBC is not
acting as agent for the Issuer or its affiliates in connection with the proposed
transaction. All information contained herein is preliminary, limited in nature
and subject to completion or amendment. CSFBC makes no representations that the
above referenced security will actually perform as described in any scenario.
The above analysis alone is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
the information contained in the final prospectus. Under no circumstances shall
the information presented constitute an offer to sell or solicitation of an
offer to buy nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction. The securities
may not be sold nor may an offer to buy be accepted prior to the delivery of a
final prospectus relating to the securities.
