<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date earliest event reported): March 25, 1997
WFS (REPUBLIC) INC.+*
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Federally Charter 91-1539486
- --------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation (IRS Employer Identification No.)
6320 Canoga Avenue, Woodland Hills, California 91367
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(818) 704-8822
- --------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
--------------------------------
(REPUBLIC FEDERAL SAVINGS AND LOAN ASSOCIATION)
+ This Form 8-K is being filed by WFS (Republic) Inc. a Nevada Corporation, as
successor in interest to Republic Federal Savings and Loan Association. The
charter of Republic Federal Savings and Loan Association was canceled on or
about November 18, 1992 upon the action of the Office of Thrift Supervision.
* This form 8-K is being filed by WFS (Republic) Inc., a Nevada Corporation, in
its capacity as Seller and Servicer of each of the grantor trusts described in
Item 2 below. This constitutes a joint filing for all of the grantor trusts.
ITEM 5. Other Events
<PAGE> 2
On February 26, 1987, Republic Federal Savings and Loan Association, a
federally chartered savings and loan association, ("Republic") as Seller and
Servicer, sold mortgage pass-through certificates (the "Mortgage Pass-Through
Certificates"). Such Mortgage Pass-Through Certificates were comprised of
Class A Certificates and Class B Certificates and are hereinafter designated as
the "Series 1987-1 Certificates." The Class A Certificates offered evidenced
fractional undivided interests in a pool of fixed-rate, conventional,
fully-amortizing, one-to four-unit single family loans (the "1987-1 Mortgage
Loans") sold and serviced by Republic. The Class A Certificates were divided
into subclasses, Class A-1 and Class A-2. Specific information relating to the
1987-1 Mortgage Loans, as well as other information relating to the sale and
servicing of the 1987-1 Mortgage Loans, is set forth in the Pooling and
Servicing Agreement, dated as of February 1, 1987 (the "Series 1987-1
Agreement"). The Series 1987-1 Agreement was included as an exhibit to
Registrant's Form 8-K filed with the Commission on January 25, 1988.
On December 23, 1987, Republic, as Seller and Servicer, sold adjustable
rate mortgage pass-through certificates (the "Adjustable Rate Mortgage
Pass-Through Certificates"). The Adjustable Rate Mortgage Pass-Through
Certificates consisted of the Series 1987-2 Adjustable Rate Mortgage
Pass-Through Certificates (the "Series 1987-2 Certificates") Class A and Class
B and the Series 1987-3 Adjustable Rate Mortgage Pass-Through Certificates (the
"Series 1987-3 Certificates") Class A and Class B. The Class A Certificates
for the Series 1987-2 Certificates and Series 1987-3 Certificates offered
evidenced fractional undivided interest in several pools of adjustable-rate,
conventional, fully amortizing, one-to four-unit single family loans (the
"1987-2 Mortgage Loans" and the "1987-3 Mortgage Loans, respectively) sold and
serviced by Republic. Specific information relating to the 1987-2 Mortgage
Loans and 1987-3 Mortgage Loans, as well as other information relating to the
sale and servicing for the 1987-2 Mortgage Loans and 1987-3 Mortgage Loans, is
set forth in the Pooling and Servicing Agreement for the Series 1987-2
Certificates and the 1987-3 Certificates, dated as of December 1, 1987 (the
"Series 1987-2 Agreement" and the "Series 1987-3 Agreement," respectively).
The Series 1987-2 Agreement and the Series 1987-3 Agreement were included as
exhibits to Registrant's Form 8-K dated December 23, 1987 and filed with
Commission.
On May 26, 1988, Republic, as Seller and Servicer, sold adjustable rate
mortgage pass-through certificates (the "Adjustable Rate Mortgage Pass-Through
Certificates"). The Adjustable Rate Mortgage Pass-Through Certificates
consisted of the Series 1988-1 Adjustable Rate Mortgage Pass-Through
Certificates (the "Series 1988-1 Certificates") Class A and Class B. The Class
A Certificates for the Series 1988-1 Certificates offered evidenced fractional
undivided interests in a pool of convertible, adjustable-rate, conventional,
fully-amortizing, one-to four-unit single family loans (the "1988-1 Mortgage
Loans") sold and serviced by Republic. Specific information relating to the
1988-1 Mortgage Loans, as well as other information relating to the sale and
servicing of the Mortgage Loans, is set forth in the pooling and Servicing
Agreement for the Series 1988-1 Certificates dated as of May 1, 1988 (the
"Series 1988-1 Agreement"). The Series 1988-1 Agreement was included as an
exhibit to Registrant's Form 8-K dated May 26, 1988 and filed with the
Commission.
2
<PAGE> 3
On July 28, 1988, Republic, as Seller and Servicer, sold pass-through
certificates (the "Mortgage Pass-Through Certificates"). The Mortgage
Pass-Through Certificates consisted of the Series 1988-2 Mortgage Pass-Through
Certificates (the "Series 1988-2 Certificates") Class A and Class B. The Class
A Certificates for the Series 1988-2 Certificates offered evidence fractional
undivided interests in a pool of conventional, 15-year, fully amortizing,
one-to four-unit single family loans (the "1988-2 Mortgage Loans") sold and
serviced by Republic. Specific information relating to the 1988-2 Mortgage
Loans, as well as other information relating to the sale and servicing of the
Mortgage Loans is set forth in the Pooling and Servicing Agreement for the
Series 1988-2 Certificates dated as of July 1, 1988, (the "Series 1988-2
Agreement"). The Series 1988-2 Agreement was include as an exhibit to
registrant's Form 8-K dated July 28, 1988, and filed with the Commission.
On November 22, 1988, Republic, as Seller and Servicer, sold mortgage
pass-through certificates (the "Mortgage Pass-Through Certificates"). the
Mortgage Pass-Through Certificates consisted of the Series 1988-3 Mortgage
Pass-Through Certificates (the "Series 1988-3 Certificates") Class A and Class
B. The Class A Certificates for the Series 1988-3 Certificates offered evidence
fractional undivided interests in a pool of conventional, 30-year, fully
amortizing, one-to four-unit single family loans (the "1988-3 Mortgage Loans")
sold and serviced by Republic. Specific information relating to the 1988-3
Mortgage Loans, as well as other information relating to the sale and servicing
of the Mortgage Loans is set forth in the Pooling and Servicing Agreement of
the Series 1988-3 Certificates dated as of November 1, 1988 (the "Series 1988-3
Agreement"). The Series 1988-3 Agreement was included as an exhibit to
registrant's Form 8-K dated November 22, 1988, and filed with the Commission.
On June 22, 1989, Republic, as Seller and Servicer, sold mortgage
pass-through certificates (the "Mortgage Pass-Through Certificates"). The
Mortgage Pass-Through Certificates consisted of the Series 1989-1 Mortgage
Pass-Through Certificates (the "Series 1989-1 Certificates") Class A and Class
B. The Class A Certificates for the Series 1989-1 Certificates offered evidence
fractional undivided interests in a pool of conventional, 30-year,
fully-amortizing, one-to four-unit single family loans (the "1989-1 Mortgage
Loans") sold and serviced by Republic. Specific information relating to the
1989-1 Mortgage Loans, as well as other information relating to the sale and
servicing of the Mortgage Loans is set forth in the Pooling and Servicing
Agreement for the Series 1989-1 Certificates dated as of June 1, 1989, (the
"Series 1989-1 Agreement," collectively, the Series 1987-1 Agreement, Series
1987-2 Agreement, Series 1987-3 Agreement, Series 1988-1 Agreement, Series
1988-2 Agreement, Series 1988-3 Agreement, and the Series 1989-1 Agreement are
referred to herein as the "Agreements"). The Series 1989-1 Agreement was
included as an exhibit to Registrant's Form 8-K dated June 26, 1989, and filed
with the Commission.
On July 27, 1989, Republic, as Seller and Servicer, sold REMIC
multi-class pass-through certificates (the "REMIC Pass-Through Certificates").
The REMIC Pass-Through Certificates in the aggregate, represent the entire
beneficial ownership interest in a trust (the "Subsidiary Trust Fund") composed
substantially of Mortgage Pass-Through Certificates (the "Subsidiary Class A
Certificates") evidencing as 94.00% undivided in a pool of conventional, fully
amortizing, 30-year, fixed rate, one-to four-unit Mortgage Loans sold and
serviced by Republic. The ownership
3
<PAGE> 4
of the remaining undivided interest in the Mortgage Loans held in the
Subsidiary Trust Fund are evidenced by the Subsidiary Class B Certificates,
presently held by Republic. The rights of the Subsidiary Class B
Certificateholders to receive distribution with respect to the Mortgage Loans
are subordinated to the rights of the Subsidiary Class A Certificateholders.
Specific information relating to the 1989-2 Mortgage Loans, as well as other
information relating to the sale and servicing of the Mortgage Loans is set
forth in the Pooling and Servicing Agreement for the Subsidiary Class A
Certificates dated as of July 1, 1989, (the "Series 1989-2 Agreement;"
collectively, the Series 1987-1 Agreement, Series 1987-2 Agreement, Series
1987-3 Agreement, Series 1988-1 Agreement, Series 1988-2 Agreement, the Series
1988-3 Agreement, the Series 1989-1 Agreement and the Series 1989-2 Agreement
are referred to herein as the "Agreements"). Information relating to the REMIC
Pass-Through Certificates, as well as other information is set forth in a trust
agreement dated as of July 1, 1989, (the "Trust Agreement"). The Series 1989-2
Agreement and the Trust Agreement were included as exhibits to Registrant's
Form 8-K dated July 27, 1989, and filed with the Commission.
On March 25, 1997, a monthly distribution as required by the Agreements,
was made to the holders of the Class A and Class B Certificates for the Series
1987-1 Certificates, 1987-2 Certificates, 1987-3 Certificates, and Series
1988-1 Certificates, Series 1988-2 Certificates, the Series 1988-3
Certificates, the Series 1989-1 Certificates and the Series 1989-2
Certificates. Copies of the reports (the "Reports") sent to the holders of the
Class A and Class B Certificates of each such Series describing such
distributions, the payments on the underlying Mortgage Loans and other relevant
information, all as the date of the Reports and as required by the Agreements,
are included as exhibits to this report.
4
<PAGE> 5
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.
Dated: March 25, 1997 WFS (REPUBLIC) INC.+*
(Registrant)
By: /s/ L. CORDELL McCARREY
---------------------------
L. Cordell McCarrey
Authorized Signator
5
<PAGE> 6
EXHIBITS INDEX
--------------
EXHIBIT NO. DESCRIPTION
- ----------- -----------
1.1 Report to Certificateholders for Series 1987-1 dated
March 25, 1997
1.2 Report to Certificateholders for Series 1987-2 dated
March 25, 1997
1.3 Report to Certificateholders for Series 1987-3 dated
March 25, 1997
1.4 Report to Certificateholders for Series 1988-1 dated
March 25, 1997
1.5 Report to Certificateholders for Series 1988-2 dated
March 25, 1997
1.6 Report to Certificateholders for Series 1988-3 dated
March 25, 1997
1.7 Report to Certificateholders for Series 1989-1 dated
March 25, 1997
6
<PAGE> 1
EXHIBIT 1.1
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #810
REPORT DATE: MARCH 25, 1997 SERIES: 1987-1
SECTION 1 -- MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
=================================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
=================================================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 3 4,510.25 443,513.35
--------------------------------------------------------------------------
Installments 3,849.99 660.26
--------------------------------------------------------------------------
Curtailments 27.18
--------------------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
--------------------------------------------------------------------------
Other 0.24 0.00
--------------------------------------------------------------------------
Ending Balance 3 4,510.25 442,825.91
==========================================================================
SERVICING FEE: 92.41
--------------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
==========================================================================================================
<S> <C> <C> <C> <C> <C>
# Of Loans 0 0 0 0 0
----------------------------------------------------------------------------------------
Princ Bal 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST PRINCIPAL S/F
<S> <C> <C> <C>
Amount Prepaid 0.00 0.00 0.00
-----------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
-----------------------------------------------------
</TABLE>
SECTION 1-A -- SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = Sept-2016 NOTE RATE = (10.41667%)
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- --------------------------------------------------------------------------------
<S> <C> <C>
4,510.25 3,844.23 666.02
- --------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
SECTION 2 - SCHEDULE OF PAYMENTS 1987-1 FEBRUARY 28, 1997
<TABLE>
<CAPTION>
==========================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
==========================================================================================================
<S> <C> <C> <C> <C>
666.02 27.18 0.00 0.24 693.44
==========================================================================================================
F. Int. Distribution Amount (Yield 10.16667%) 3,751.97
-------------
G. Total Distribution Amount (Principal & Interest) 4,445.41
=============
H. Certificates A-2 Distribution (3A X 91.75% @ YIELD-7.5%)/12 902.93
=============
I. Certificates A-1 Distribution
(E x 91.75%) Princ: 636.23
(3A x 91.75% @ 7.5%)/12 Int: 2,539.50
-------------
3,175.73
=============
J. Certificate B Distribution (G x 8.25%)
(E x 8.25%) Princ: 57.21
(F x 8.25%) Int: 309.54
-------------
366.75
=============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
==========================================================================================================
A. Beginning Aggregate Security Balance 442,855.71
-------------
B. Principal Distribution Amount 693.44
-------------
C. Ending Aggregate Security Balance 442,162.27
=============
MEMO ITEM
==========================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
-------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.75% of Security Balance) 405,684.23
-------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.25% of Security Balance) 36,478.04
-------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: Feb 97 Payable: Mar 26, 97 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- ---------------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
SUBORDINATED AMOUNT 1987-1 FEBRUARY 28, 1996
=============================================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 8.25 303,439.00
----------------------------------------
B. AGGREGATE LOSSES
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (926,237.00)
----------------------------------------
D. ENDING BALANCE 8.25 303,439.00
=============================================================================================
RESERVE FUND
A. BEGINNING BALANCE 303,439.00
-----------
B. (+) INTEREST CREDITED 813.78
-----------
C. (-) INTEREST WITHDRAWN 813.78
-----------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 57.21
-----------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 309.54
-----------
F. (-) TRANSFER TO CLASS A
-----------
G. SUB TOTAL 303,805.75
=============================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 442,825.91
-----------
SPECIFIED RESERVE FUND: 303,439.00
-----------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 366.75
(equal to amt over Specified Reserve Fund Limit) -----------
=============================================================================================
H. ENDING BALANCE 303,439.00
=============================================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 810
<S> <C>
442,825.91
(+) 0.00
(-) 0.00
(-) 666.02
(+) 0.00
(-) 0.24
442,159.65
442,162.27
(2.62)
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 0.00
(-) 0.00
(-) 0.00
(+) 0.00
(+) 0.00
(+) 27.18
(+) 0.24
(-) 0.01
(+) 0.00
(+) 0.00
(-) 0.00
27.41
24.60
(2.81)
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 2/28/97
<TABLE>
<CAPTION>
1987-1
----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 91.75%
(D) CLASS B % 8.25%
(E) ORIGINAL AGGREGATE BALANCE 57,761,206
(F) CURRENT UPB 442,826
(G) RULE CHANGE DATE 04/01/92
(H) ORIGINAL CUTOFF DATE 02/01/87
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 303,439
(J) CLASS B % OF CURR UPB (E)x(D) 36,533
(K) AGGREGATE LOSSES 0
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 303,439
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 228,306
(N) 1% OF CURR AGG BAL (E) x .01 4,428
(O) O.S. UPB CLASS B (F)x(D) 36,533
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 266,906
(Q) ADV RES + GRT'R OF: (N) or (P) 495,212
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 442,826
(S) SUBORDINATED AMOUNT (L) 303,439
----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 303,439
==========
(U) CURRENT RESERVE FUND BALANCE 303,439
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 228,306
</TABLE>
<TABLE>
<CAPTION>
RULES
-----
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 4/1992 80% OF (A)-(x) }
4/1993 60% OF (A)-(x) }
4/1994 40% OF (A)-(x) } REDUCTION SCHEDULE
4/1995 20% OF (A)-(x) }
4/1996+ 0% OF (A)-(x) }
</TABLE>
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+
DELINQUENCIES-7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION
FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE >
Page 5
<PAGE> 1
EXHIBIT 1.2
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #811
REPORT DATE: MARCH 25, 1997 SERIES: 1987-2
SECTION 1 - MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
===============================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
===============================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 38 54,250.11 6,424,050.92
--------------------------------------------------------------
Installments 45,926.19 10,350.08
--------------------------------------------------------------
Curtailments 976.20
--------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
--------------------------------------------------------------
Other 0.00 6.24 0.00
--------------------------------------------------------------
Ending Balance 38 54,250.11 6,412,724.64
==============================================================
SERVICING FEE: 2,107.53
------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
===============================================================================================
<S> <C> <C> <C> <C> <C>
# Of Loans 0 0 0 0 0
-------------------------------------------------------------------------------
Princ Bal 0.00 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
-------------------------------------------------------------------------------
INTEREST PRINCIPAL S/F
Amount Prepaid 9,465.84 2,153.69 464.54
---------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
---------------------------------------------------
</TABLE>
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = Jun-2017 NOTE RATE = ( 8.274616%)
WAMG = 2.67080
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- ---------------------------------------------------------------------------
<S> <C> <C>
54,250.11 44,240.73 10,009.38
- ---------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
SECTION 2 - SCHEDULE OF PAYMENTS 1987-2 FEBRUARY 28, 1997
<TABLE>
<CAPTION>
=============================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
=============================================================================================
<S> <C> <C> <C> <C>
10,009.38 976.20 0.00 6.24 10,991.82
=============================================================================================
F. Int. Distribution Amount (Yield 7.913760%) 42,311.39
---------------
G. Total Distribution Amount (Principal & Interest) 53,303.21
===============
H. Certificates A-1 Distribution
(E x 91.4%) Princ: 10,046.52
(E x 91.4%) Int: 38,672.61
---------------
48,719.13
===============
I. Certificate B Distribution (G x 8.6%)
(E x 8.6%) Princ: 945.30
(F x 8.6%) Int: 3,638.78
---------------
4,584.08
===============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
=============================================================================================
A. Beginning Aggregate Security Balance 6,415,871.92
---------------
B. Principal Distribution Amount 10,991.82
---------------
C. Ending Aggregate Security Balance 6,404,880.10
===============
MEMO ITEM
=============================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
---------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.4% of Security Balance) 5,854,061.42
---------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.6% of Security Balance) 550,818.68
---------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: Feb 97 Payable: Mar 26, 97 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- ---------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
================================================================================
SUBORDINATED AMOUNT 1987-2 FEBRUARY 28, 1997
================================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 8.6 3,953,444.93
-------------------------------
B. AGGREGATE LOSSES 2,500.68
-------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT 0.00
------------
D. ENDING BALANCE 8.6 3,950,944.25
===============================================================================
RESERVE FUND
A. BEGINNING BALANCE 3,607,475.94
-------------
B. (+) INTEREST CREDITED 15,489.12
-------------
C. (-) INTEREST WITHDRAWN 15,489.12
-------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 945.30
-------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 3,638.78
-------------
F. (-) TRANSFER TO WMC 0.00
-------------
G. SUB TOTAL 3,612,060.02
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 1,150,920.70
-------------
SPECIFIED RESERVE FUND: 3,608,450.00
-------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 3,610.02
-------------
(equal to amt over Specified Reserve Fund Limit)
- --------------------------------------------------------------------------------
H. ENDING BALANCE 3,608,450.00
================================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 811
<S> <C>
6,412,724.64
(+) 2,153.69
(-) 0.00
(-) 10,009.38
(+) 0.00
(-) 6.24
6,404,862.71
6,404,880.10
(17.39)
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 11,619.53
(-) 464.54
(-) 0.00
(+) 0.00
(+) 976.20
(+) 6.24
(-) 0.29
(+) 0.00
(+) 0.00
(-) 0.00
12,137.14
12,306.65
169.51 Pull #838974498
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
<TABLE>
<CAPTION>
REPORTING MONTH: 2/28/97 1987-2
----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE ARMS
(C) CLASS A % 91.40%
(D) CLASS B % 8.60%
(E) ORIGINAL AGGREGATE BALANCE 45,970,290
(F) CURRENT UPB 6,412,725
(G) RULE CHANGE DATE 01/01/98
(H) ORIGINAL CUTOFF DATE 12/01/87
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 3,953,445
(J) CLASS B % OF CURR UPB (E)x(D) 3,953,445
(K) AGGREGATE LOSSES 2,501
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 3,950,944
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 209,000
(N) 1% OF CURR AGG BAL (E) x .01 459,703
(O) O.S. UPB CLASS B (F)x(D) 551,494
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 3,399,450
(Q) ADV RES + GRT'R OF: (N) or (P) 3,608,450
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 1,150,921
(S) SUBORDINATED AMOUNT (L) 1,359,921
----------
(T) SPECIFIED RESERVE FUND = > OF (Q)or(S) 3,608,450
==========
(U) CURRENT RESERVE FUND BALANCE 3,608,450
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 53,000
</TABLE>
<TABLE>
<CAPTION>
RULES
-----
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 1/1998 80% OF (A)-(x) }
1/1999 60% OF (A)-(x) }
1/2000 40% OF (A)-(x) } REDUCTION SCHEDULE
1/2001 20% OF (A)-(x) }
1/2002+ 0% OF (A)-(x) }
</TABLE>
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES
- -7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH
WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
<TABLE>
<S> <C> <C>
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
</TABLE>
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE>
Page 5
<PAGE> 1
EXHIBIT 1.3
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #812
REPORT DATE: MARCH 25, 1997 SERIES: 1987-3
SECTION 1 - MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
=========================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
=========================================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 30 42,276.55 4,943,332.00
---------------------------------------------------------------------
Installments 37,044.35 8,098.40
---------------------------------------------------------------------
Curtailments 356.48
---------------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
---------------------------------------------------------------------
Other 0.00 2.54 0.00
---------------------------------------------------------------------
Ending Balance 30 42,276.55 4,934,877.12
=====================================================================
SERVICING FEE: 2,116.91
-------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
===================================================================================================
<S> <C> <C> <C> <C> <C>
# Of Loans 2 2 0 0 0
----------------------------------------------------------------------------------
Princ Bal 327,612.18 327,612.18 0.00 0.00 0.00
----------------------------------------------------------------------------------
% Delq 6.64% 6.64% 0.00% 0.00% 0.00%
----------------------------------------------------------------------------------
INTEREST PRINCIPAL S/F
Amount Prepaid 1,304.57 268.17 75.63
-----------------------------------------------------
Amount Delinquent 2,286.46 490.52 117.91
-----------------------------------------------------
</TABLE>
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = June-2017 NOTE RATE = ( 8.409755%)
WAMG = 2.72197
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- ---------------------------------------------------------------------------
<S> <C> <C>
42,276.55 34,585.15 7,691.40
- ---------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
SECTION 2 - SCHEDULE OF PAYMENTS 1987-3 FEBRUARY 28, 1997
<TABLE>
<CAPTION>
=====================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
=====================================================================================================
<S> <C> <C> <C> <C>
7,691.40 356.48 0.00 2.54 8,050.42
=====================================================================================================
F. Int. Distribution Amount (Yield 7.966494%) 32,762.24
--------------
G. Total Distribution Amount (Principal & Interest) 40,812.66
==============
H. Certificates A-1 Distribution
(E x 91.25%) Princ: 7,346.01
(E x 91.25%) Int: 29,895.54
--------------
37,241.55
==============
I. Certificate B Distribution (G x 8.6%)
(E x 8.75%) Princ: 704.41
(F x 8.75%) Int: 2,866.70
--------------
3,571.11
==============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
=====================================================================================================
A. Beginning Aggregate Security Balance 4,935,004.95
--------------
B. Principal Distribution Amount 8,050.42
--------------
C. Ending Aggregate Security Balance 4,926,954.53
==============
MEMO ITEM
=====================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
--------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.25% of Security Balance) 4,495,845.79
--------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.75% of Security Balance) 431,108.74
--------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: Feb 1997 Payable: Mar 26, 1997 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- ------------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
================================================================================
SUBORDINATED AMOUNT 1987-3 FEBRUARY 31, 1997
================================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 8.75 4,862,998.61
------------ ------------
B. AGGREGATE LOSSES 23,585.00
------------ ------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT 0.00
------------ ------------
D. ENDING BALANCE 8.75 4,862,998.61
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 4,698.872.39
------------
B. (+) INTEREST CREDITED 20,203.55
------------
C. (-) INTEREST WITHDRAWN 20,203.55
------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 704.41
------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 2,866.70
------------
F. (-) TRANSFER TO CLASS A
------------
G. SUB TOTAL 4,702,443.50
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 1,204,547.47
------------
SPECIFIED RESERVE FUND: 4,699,612.19
------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 2,831.31
------------
(equal to amt over Specified Reserve Fund Limit)
- --------------------------------------------------------------------------------
H. ENDING BALANCE 4,699,612.19
================================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 812
<S> <C>
4,934,877.12
(+) 268.17
(-) 490.52
(-) 7,691.40
(+) 0.00
(-) 2.54
4,926,960.83
4,926,954.53
6.30
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 1,572.74
(-) 75.63
(-) 2,776.98
(+) 117.91
(+) 356.48
(+) 2.54
(+) 0.15
(+) 0.00
(+) 0.00
(-) 0.00
(803.09)
(782.17)
20.92
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
<TABLE>
<CAPTION>
REPORTING MONTH: 2/28/97 1987-3
----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE ARMS
(C) CLASS A % 91.25%
(D) CLASS B % 8.75%
(E) ORIGINAL AGGREGATE BALANCE 55,577,136
(F) CURRENT UPB 4,934,877
(G) RULE CHANGE DATE 01/01/98
(H) ORIGINAL CUTOFF DATE 12/01/87
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 4,862,999
(J) CLASS B % OF CURR UPB (E)x(D) 4,862,999
(K) AGGREGATE LOSSES 23,585
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 4,839,414
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 292,000
(N) 1% OF CURR AGG BAL (E) x .01 555,771
(O) O.S. UPB CLASS B (F)x(D) 431,802
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 4,407,612
(Q) ADV RES + GRT'R OF: (N) or (P) 4,699,612
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 1,204,547
(S) SUBORDINATED AMOUNT (L) 1,496,547
----------
(T) SPECIFIED RESERVE FUND = > OF (Q)or(S) 4,699,612
==========
(U) CURRENT RESERVE FUND BALANCE 4,699,612
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 73,000
</TABLE>
<TABLE>
<CAPTION>
RULES
-----
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 1/1998 80% OF (A)-(x) }
1/1999 60% OF (A)-(x) }
1/2000 40% OF (A)-(x) } REDUCTION SCHEDULE
1/2001 20% OF (A)-(x) }
1/2002+ 0% OF (A)-(x) }
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
</TABLE>
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES
- -7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH
WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
<TABLE>
<S> <C>
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
</TABLE>
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE>
Page 5
<PAGE> 1
EXHIBIT 1.4
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #813
REPORT DATE: MARCH 25, 1997 SERIES: 1988-1
SECTION 1 - MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
====================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
====================================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 68 81,721.72 9,754,174.62
------------------------------------------------------------------
Installments 65,903.39 14,869.64
------------------------------------------------------------------
Curtailments 2,316.62
------------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
------------------------------------------------------------------
Other (0.01) 14.79 0.00
------------------------------------------------------------------
Ending Balance 68 81,721.71 9,736,988.36
==================================================================
SERVICING FEE: 3,012.48
------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
===============================================================================================
<S> <C> <C> <C> <C> <C>
# Of Loans 1 1 0 0 0
-------------------------------------------------------------------------------
Princ Bal 39,401.79 39,401.79 0.00 0.00 0.00
-------------------------------------------------------------------------------
% Delq 0.40% 0.40% 0.00% 0.00% 0.00%
-------------------------------------------------------------------------------
INTEREST PRINCIPAL S/F
Amount Prepaid 7,766.87 1,755.20 356.05
------------------------------------------------
Amount Delinquent 242.16 64.23 12.31
------------------------------------------------
</TABLE>
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = Nov-2017 NOTE RATE = ( 8.201683%)
WAMG = 2.5000
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- --------------------------------------------------------------------------------
<S> <C> <C>
81,721.72 66,577.13 15,144.59
- --------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
SECTION 2 - SCHEDULE OF PAYMENTS 1988-1 FEBRUARY 28, 1997
<TABLE>
<CAPTION>
====================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
====================================================================================================
<S> <C> <C> <C> <C>
15,144.59 2,316.62 0.00 14.78 17,475.99
====================================================================================================
F. Int. Distribution Amount (Yield 7.820693%) 63,484.44
---------------
G. Total Distribution Amount (Principal & Interest) 80,960.43
===============
H. Certificates A-1 Distribution
(E x 91.00%) Princ: 15,903.15
(E x 91.00%) Int: 57,770.84
---------------
73,673.99
===============
I. Certificate B Distribution (G x 8.6%)
(E x 9.00%) Princ: 1,572.84
(F x 9.00%) Int: 5,713.60
---------------
7,286.44
===============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
====================================================================================================
A. Beginning Aggregate Security Balance 9,740,995.11
---------------
B. Principal Distribution Amount 17,475.99
---------------
C. Ending Aggregate Security Balance 9,723,519.12
===============
MEMO ITEM
====================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
---------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.00% of Security Balance) 8,848,402.00
---------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (9.00% of Security Balance) 875,117.12
---------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: Feb 1997 Payable: Mar 26, 1997 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- ----------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
================================================================================
SUBORDINATED AMOUNT 1988-1 FEBRUARY 28, 1997
================================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 9.00 5,321,575.06
---------- ----------------
B. AGGREGATE LOSSES 124,685.11
---------- ----------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT 0.00
---------- ----------------
D. ENDING BALANCE 9.00 6,554,146.24
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 5,851,270.22
---------------
B. (+) INTEREST CREDITED 25,311.15
---------------
C. (-) INTEREST WITHDRAWN 25,311.15
---------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 1,572.84
---------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 5,713.60
---------------
F. (-) TRANSFER TO CLASS A
---------------
G. SUB TOTAL 5,858.556.66
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
---------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 1,158.944.95
---------------
SPECIFIED RESERVE FUND: 5,852,816.99
---------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 5,739.67
(equal to amt over Specified Reserve Fund Limit) ---------------
- --------------------------------------------------------------------------------
H. ENDING BALANCE 5,852,816.99
================================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 813
<S> <C>
9,736,988.36
(+) 1,755.20
(-) 64.23
(-) 15,144.59
(+) 0.00
(-) 14.78
9,723,519.96
9,723,519.12
0.84
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 9,522.07
(-) 356.05
(-) 306.39
(+) 12.31
(+) 2,316.62
(+) 14.79
(+) 0.68
(+) 0.00
(+) 0.00
(-) 0.00
11,202.67
11,172.88
(29.79)
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
<TABLE>
<CAPTION>
REPORTING MONTH: 2/28/97 1988-1
-----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE ARMS
(C) CLASS A % 91.00%
(D) CLASS B % 9.00%
(E) ORIGINAL AGGREGATE BALANCE 74,209,237
(F) CURRENT UPB 9,948,395
(G) RULE CHANGE DATE 06/01/98
(H) ORIGINAL CUTOFF DATE 05/01/88
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 6,678,831
(J) CLASS B % OF CURR UPB (E)x(D) 6,678,831
(K) AGGREGATE LOSSES 124,685
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 6,554,146
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 175,000
(N) 1% OF CURR AGG BAL (E) x .01 742,092
(O) O.S. UPB CLASS B (F)x(D) 895,329
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 5,677,817
(Q) ADV RES + GRT'R OF: (N) or (P) 5,852,817
------------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 1,158,945
(S) SUBORDINATED AMOUNT + ADV RES (M)+(R) 1,333,945
------------
(T) SPECIFIED RESERVE FUND = > OF (Q)or(S) 5,852,817
============
(U) CURRENT RESERVE FUND BALANCE 5,852,817
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 175,000
</TABLE>
<TABLE>
<CAPTION>
RULES
-----
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 6/1998 80% OF (A)-(x) }
6/1999 60% OF (A)-(x) }
6/2000 40% OF (A)-(x) } REDUCTION SCHEDULE
6/2001 20% OF (A)-(x) }
6/2002+ 0% OF (A)-(x) }
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
</TABLE>
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+DELINQUENCIES
- -4% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH
WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
WITH THE CONSENT OF THE RATING AGENCY & SO LONG AS SUCH ACTION DOES NOT
RESULT IN THE DOWNGRADING OF THE RATING THEN ASSIGNED TO CLASS A CERTS BY THE
RATING AGENCY, THE SUB AMT MAY BE REDUCED EARLIER THAN SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE>
CONVERTIBLE OPTION - OPTION OF MORTGAGOR TO CONVERT FROM ARM TO FIXED WITHIN 12
TO 60 MONTH PERIOD FROM ORIGIN. LOAN MUST BE REPURCHASED ON LAST DAY OF MONTH OF
CONVERSION.
Page 5
<PAGE> 1
EXHIBIT 1.5
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #814
REPORT DATE: MARCH 25, 1997 SERIES: 1988-2
SECTION 1 - MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
================================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 10 20,666.04 1,061,832.51
----------------------------------------------------------------
Installments 8,965.75 11,700.29
----------------------------------------------------------------
Curtailments 162.01
----------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
----------------------------------------------------------------
Other 0.00 0.00 0.00
----------------------------------------------------------------
Ending Balance 10 20,666.04 1,049,970.21
================================================================
SERVICING FEE: 1,002.01
-------------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
================================================================================================
<S> <C> <C> <C> <C>
# Of Loans 0 0 0 0 0
---------------------------------------------------------------------------------
Princ Bal 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST PRINCIPAL S/F
<S> <C> <C> <C>
Amount Prepaid 1,768.80 3,245.19 102.69
----------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
----------------------------------------------------
</TABLE>
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = Sep-02 NOTE RATE = ( 10.131130%)
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
20,666.04 8,893.16 11,772.88
- ------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
SECTION 2 - SCHEDULE OF PAYMENTS 1988-2 FEBRUARY 28, 1997
<TABLE>
<CAPTION>
================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
================================================================================================
<S> <C> <C> <C> <C>
11,772.88 162.01 0.00 0.00 11,934.89
================================================================================================
F. Int. Distribution Amount (Yield 9.00010%) 7,900.34
-------------------
G. Total Distribution Amount (Principal & Interest) 19,835.23
===================
H. Certificates A-1 Distribution
(E x 95.5%) Princ: 11,397.82
(E x 95.5%) Int: 7,544.82
-------------------
18,942.64
===================
I. Certificate B Distribution (G x 8.6%)
(E x 4.5%) Princ: 537.07
(F x 4.5%) Int: 355.52
-------------------
892.59
===================
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
================================================================================================
A. Beginning Aggregate Security Balance 1,053,366.56
-------------------
B. Principal Distribution Amount 11,934.89
-------------------
C. Ending Aggregate Security Balance 1,041,431.67
===================
MEMO ITEM
================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
-------------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.25% of Security Balance) 994,566.51
-------------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.75% of Security Balance) 46,865.16
-------------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: FEB 97 Payable: MAR 26, 97 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- --------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
===============================================================================
SUBORDINATED AMOUNT 1988-2 FEBRUARY 28, 1997
===============================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 4.5 588,037.94
-----------------------------------
B. AGGREGATE LOSSES 0.00
-----------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (2,470,450.35)
-----------------------------------
D. ENDING BALANCE 4.5 162,968.00
===============================================================================
RESERVE FUND
A. BEGINNING BALANCE 162,968.00
-----------------
B. (+) INTEREST CREDITED 1,260.11
-----------------
C. (-) INTEREST WITHDRAWN 1,260.11
-----------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 537.07
-----------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 355.52
-----------------
F. (-) TRANSFER TO CLASS A
-----------------
G. SUB TOTAL 163,860.59
===============================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 474,048.53
-----------------
SPECIFIED RESERVE FUND: 162,968.00
-----------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 892.59
(equal to amt over Specified Reserve Fund Limit) -----------------
- -------------------------------------------------------------------------------
H. ENDING BALANCE 162,968.00
===============================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 814
<S> <C>
1,049,970.21
(+) 3,245.19
(-) 0.00
(-) 11,772.88
(+) 0.00
(-) 0.00
1,041,442.52
1,041,431.67
10.85
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 5,013.99
(-) 102.69
(-) 0.00
(+) 0.00
(+) 162.01
(+) 0.00
(+) 0.00
(+) 0.00
(+) 0.00
(-) 0.00
5,073.31
5,048.85
(24.46)
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
<TABLE>
<CAPTION>
REPORTING MONTH: 2/28/97 1988-2
----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 95.50%
(D) CLASS B % 4.50%
(E) ORIGINAL AGGREGATE BALANCE 58,520,409
(F) CURRENT UPB 1,049,970
(G) RULE CHANGE DATE 08/01/93
(H) ORIGINAL CUTOFF DATE 07/01/88
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 588,038
(J) CLASS B % OF CURR UPB (E)x(D) 47,249
(K) AGGREGATE LOSSES 0
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 162,968
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 188,000
(N) 1% OF CURR AGG BAL (E) x .01 10,500
(O) O.S. UPB CLASS B (F)x(D) 47,249
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 115,719
(Q) ADV RES + GRT'R OF: (N) or (P) 303,719
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 474,049
(S) SUBORDINATED AMOUNT (L) 162,968
----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 162,968
==========
(U) CURRENT RESERVE FUND BALANCE 162,968
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 160,000
</TABLE>
RULES
-----
<TABLE>
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 8/1993 80% OF (A)-(x) }
8/1994 60% OF (A)-(x) }
8/1995 40% OF (A)-(x) } REDUCTION SCHEDULE
8/1996 20% OF (A)-(x) }
8/1997+ 0% OF (A)-(x) }
</TABLE>
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+
DELINQUENCIES-3% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION
FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS
NOT BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
WITH THE CONSENT OF THE RATING AGENCY & SO LONG AS SUCH ACTION DOES NOT
RESULT IN THE DOWNGRADING OF THE RATING THEN ASSIGNED TO THE CLASS A CERTS BY
THE RATING AGENCY, THE SUB AMT MAY BE REDUCED EARLIER THAN SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE>
Page 5
<PAGE> 1
EXHIBIT 1.6
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #815
REPORT DATE: MARCH 25, 1997 SERIES: 1988-3
SECTION 1 - MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
================================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 9 16,468.77 1,709,624.18
----------------------------------------------------------------
Installments 13,208.53 1,697.65
----------------------------------------------------------------
Curtailments 59.90
----------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
----------------------------------------------------------------
Other 0.00 0.51 0.00
----------------------------------------------------------------
Ending Balance 9 16,468.77 1,707,866.63
================================================================
SERVICING FEE: 647.19
-------------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
================================================================================================
<S> <C> <C> <C> <C> <C>
# Of Loans 2 2 0 0 0
---------------------------------------------------------------------------------
Princ Bal 338,468.79 338,468.79 0.00 0.00 0.00
---------------------------------------------------------------------------------
% Delq 19.82% 19.82% 0.00% 0.00% 0.00%
---------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST PRINCIPAL S/F
<S> <C> <C> <C>
Amount Prepaid 0.00 0.00 0.00
----------------------------------------------------
Amount Delinquent 2,859.04 379.65 105.89
----------------------------------------------------
</TABLE>
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = Apr-2018 NOTE RATE = ( 10.240170%)
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
16,468.77 14,571.30 1,897.47
- ------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
SECTION 2 - SCHEDULE OF PAYMENTS 1988-3 FEBRUARY 28, 1997
<TABLE>
<CAPTION>
================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
================================================================================================
<S> <C> <C> <C> <C>
1,897.47 59.90 0.00 0.51 1,957.88
================================================================================================
F. Int. Distribution Amount (Yield 9.75000%) 13,873.81
------------
G. Total Distribution Amount (Principal & Interest) 15,831.69
============
H. Certificates A-1 Distribution
(E x 93.0%) Princ: 1,820.83
(E x 93.0%) Int: 12,902.64
------------
14,723.47
============
I. Certificate B Distribution (G x 8.6%)
(E x 7.0%) Princ: 137.05
(F x 7.0%) Int: 971.17
------------
1,108.22
============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
================================================================================================
A. Beginning Aggregate Security Balance 1,707,546.00
------------
B. Principal Distribution Amount 1,957.88
------------
C. Ending Aggregate Security Balance 1,705,588.12
============
MEMO ITEM
================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (93.0% of Security Balance) 1,586,197.34
------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (7.00% of Security Balance) 119,390.78
------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: FEB 97 Payable: MAR 26, 97 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- --------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
================================================================================
SUBORDINATED AMOUNT 1988-3 JULY 31, 1996
================================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 7.00 1,132,864.97
------------------------------------
B. AGGREGATE LOSSES 94,394.03
------------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (1,590,401.00)
------------------------------------
D. ENDING BALANCE 7.00 727,752.00
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 727,752.00
-----------------
B. (+) INTEREST CREDITED 3,906.88
-----------------
C. (-) INTEREST WITHDRAWN 3,906.88
-----------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 137.05
-----------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 971.17
-----------------
F. (-) TRANSFER TO WMC 0.00
-----------------
G. SUB TOTAL 728,860.22
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 929,030.93
-----------------
SPECIFIED RESERVE FUND: 727,752.00
-----------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 1,108.22
(equal to amt over Specified Reserve Fund Limit) -----------------
================================================================================
H. ENDING BALANCE 727,752.00
================================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 815
<S> <C>
1,707,866.63
(+) 0.00
(-) 379.65
(-) 1,897.47
(+) 0.00
(-) 0.51
1,705,589.00
1,705,588.12
0.88
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 0.00
(-) 0.00
(-) 3,238.69
(+) 105.89
(+) 59.90
(+) 0.51
(+) 0.02
(+) 0.00
(+) 0.00
(-) 0.00
(3,072.41)
(3,076.59)
(4.18)
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
<TABLE>
<CAPTION>
REPORTING MONTH: 2/28/97 1988-3
----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 93.00%
(D) CLASS B % 7.00%
(E) ORIGINAL AGGREGATE BALANCE 80,402,379
(F) CURRENT UPB 1,707,867
(G) RULE CHANGE DATE 11/01/93
(H) ORIGINAL CUTOFF DATE 11/01/88
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 1,132,865
(J) CLASS B % OF CURR UPB (F)x(D) 119,551
(K) AGGREGATE LOSSES 94,394
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 727,752
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 172,000
(N) 1% OF CURR AGG BAL (E) x .01 17,079
(O) O.S. UPB CLASS B (F)x(D) 119,551
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 608,201
(Q) ADV RES + GRT'R OF: (N) or (P) 780,201
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 929,031
(S) SUBORDINATED AMOUNT + ADV RES (M)+(R) 727,752
----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 727,752
==========
(U) CURRENT RESERVE FUND BALANCE 727,752
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 100,000
</TABLE>
RULES
-----
<TABLE>
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 11/1993 80% OF (A)-(x) }
11/1994 60% OF (A)-(x) }
11/1995 40% OF (A)-(x) } REDUCTION SCHEDULE
11/1996 20% OF (A)-(x) }
11/1997+ 0% OF (A)-(x) }
</TABLE>
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+
DELINQUENCIES-7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION
FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS
NOT BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE>
Page 5
<PAGE> 1
EXHIBIT 1.7
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: FEBRUARY 28, 1997 GROUP: INV #816
REPORT DATE: MARCH 25, 19976 SERIES: 1989-1
SECTION 1 - MORTGAGE POOL ADMINISTRATION
<TABLE>
<CAPTION>
=================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
=================================================================================================
<S> <C> <C> <C> <C>
Beginning Balance 10 16,496.53 1,614,102.22
-----------------------------------------------------------------
Installments 12,968.79 1,492.43
-----------------------------------------------------------------
Curtailments 50.00
-----------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
-----------------------------------------------------------------
Other 0.00 0.46 0.00
-----------------------------------------------------------------
Ending Balance 10 16,496.53 1,612,559.79
=================================================================
SERVICING FEE: 526.93
-------------------
</TABLE>
<TABLE>
<CAPTION>
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
=================================================================================================
<S> <C> <C> <C> <C> <C>
# Of Loans 3 2 0 1 0
----------------------------------------------------------------------------------
Princ Bal 438,870.46 175,660.70 0.00 263,209.76 0.00
----------------------------------------------------------------------------------
% Delq 27.22% 10.89% 0.00% 16.32% 0.00%
----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INTEREST PRINCIPAL S/F
<S> <C> <C> <C>
Amount Prepaid 1,111.62 230.58 38.33
----------------------------------------------------
Amount Delinquent 16,901.69 1,402.59 1,572.70
----------------------------------------------------
</TABLE>
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
================================================================================
WAM = Oct-2018 NOTE RATE = ( 11.052800%)
<TABLE>
<CAPTION>
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
16,496.53 14,842.41 1,654.12
- -------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE> 2
<TABLE>
<CAPTION>
SECTION 2 - SCHEDULE OF PAYMENTS 1989-1 FEBRUARY 28, 199
=================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
=================================================================================================
<S> <C> <C> <C> <C>
1,654.12 50.00 0.00 0.46 1,704.58
=================================================================================================
F. Int. Distribution Amount (Yield 10.49999%) 14,100.07
-------------------
G. Total Distribution Amount (Principal & Interest) 15,804.65
===================
H. Certificates A-1 Distribution
(E x 94.5%) Princ: 1,610.82
(E x 94.5%) Int: 13,324.57
-------------------
14,935.39
===================
I. Certificate B Distribution
(E x 5.5%) Princ: 93.76
(F x 5.5%) Int: 775.50
-------------------
869.26
===================
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
=================================================================================================
A. Beginning Aggregate Security Balance 1,611,437.37
-------------------
B. Principal Distribution Amount 1,704.58
-------------------
C. Ending Aggregate Security Balance 1,609,732.79
===================
MEMO ITEM
=================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
-------------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (94.5% of Security Balance) 1,521,197.21
-------------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (5.50% of Security Balance) 88,535.58
-------------------
</TABLE>
All distributions required to be made by First Interstate Bank for the reporting
month of: FEB 97 Payable: MAR 26, 97 have been made.
Certified by:
/s/ MICHAEL DRAWDY
- --------------------------------
Michael Drawdy, Vice President
Investor Reporting Department
Page 2
<PAGE> 3
<TABLE>
<CAPTION>
================================================================================
SUBORDINATED AMOUNT 1989-1 FEBRUARY 28, 1997
================================================================================
PERCENT DOLLARS
<S> <C> <C>
A. BEGINNING BALANCE 5.50 1,848,466.00
---------------------------------
B. AGGREGATE LOSSES (368,690.54)
---------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (1,035,873.00)
---------------------------------
D. ENDING BALANCE 5.50 812,593.00
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 812,593.00
-----------------
B. (+) INTEREST CREDITED 3,381.70
-----------------
C. (-) INTEREST WITHDRAWN 3,381.70
-----------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 93.76
-----------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 775.50
-----------------
F. (-) TRANSFER TO CLASS A
-----------------
G. SUB TOTAL 813,462.26
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 810,332.18
-----------------
SPECIFIED RESERVE FUND: 812,593.00
-----------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 869.26
(equal to amt over Specified Reserve Fund Limit) -----------------
================================================================================
H. ENDING BALANCE 812,593.00
================================================================================
</TABLE>
Page 3
<PAGE> 4
<TABLE>
<CAPTION>
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 816
<S> <C>
1,612,559.79
(+) 230.58
(-) 1,402.59
(-) 1,654.12
(+) 0.00
(-) 0.46
1,609,733.20
1,609,732.79
0.41
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 1,342.20
(-) 38.33
(-) 18,304.28
(+) 1,572.70
(+) 0.46
(+) 50.00
(-) 0.02
(+) 0.00
(+) 0.00
(-) 0.00
(15,377.27)
(14,385.56)
991.71
</TABLE>
Page 4
<PAGE> 5
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 2/28/97
<TABLE>
<CAPTION>
1989-1
-----------
<S> <C>
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 9.45%
(D) CLASS B % 5.50%
(E) ORIGINAL AGGREGATE BALANCE 73,324,233
(F) CURRENT UPB 1,612,560
(G) RULE CHANGE DATE 06/01/94
(H) ORIGINAL CUTOFF DATE 06/01/89
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 1,848,466
(J) CLASS B % OF CURR UPB (F)x(D) 88,691
(K) AGGREGATE LOSSES 368,691
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 812,593
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 203,000
(N) 1% OF CURR AGG BAL (E) x .01 16,126
(O) O.S. UPB CLASS B (F)x(D) 88,691
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 723,902
(Q) ADV RES + GRT'R OF: (N) or (P) 926,902
-----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 810,332
(S) SUBORDINATED AMOUNT (L) 812,593
-----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 812,593
===========
(U) CURRENT RESERVE FUND BALANCE 812,593
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 85,000
</TABLE>
RULES
-----
<TABLE>
<S> <C>
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 6/1994 80% OF (A)-(x) }
6/1995 60% OF (A)-(x) }
6/1996 40% OF (A)-(x) } REDUCTION SCHEDULE
6/1997 20% OF (A)-(x) }
6/1998+ 0% OF (A)-(x) }
</TABLE>
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+
DELINQUENCIES-7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION
FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS
NOT BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
================================================================================
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE>
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