SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : December 15, 1997
PRUDENTIAL SECURITIES SECURED FINANCING CORORATION, (as depositor under the
Pooling and Servicing Agreement, dated November 18, 1997, which forms Irwin Home
Equity Corporation Trust 1997-2, which will issue the Irwin Home Equity
Corporation Trust 1997-2, Mortgage Pass-Through Certificates, Series 1997-2).
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-27355 13-3526694
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
One New York Plaza
New York, New York 10292
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (212) 778-1000
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 23
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On December 15, 1997, and January 15, 1998, distributions were made to the
Certificateholders. Specific information with respect to the distributions is
filed as Exhibit 99.1 and 99.2. No other reportable transactions or matters have
occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(a) Not applicable
(b) Not applicable
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 15, 1997 and
January 15, 1998, filed as Exhibit 99.1 and 99.2 hereto.
<PAGE>
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.
CHASE MANHATTAN BANK
not in its individual capacity but solely
as Trustee for Irwin Home Equity
Corporation Trust 1997-2
Date: January 30, 1998 By: /s/ Regina Bergeland
Chase Manhattan Bank
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on 6
December 15, 1997.
99.2 Monthly Certificateholder Statement on 15
January 15, 1998.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 15, 1997
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
Irwin Home Equity Corporation
Mortgage Pass-Through Certificate Series1997-2
P & S Agreement Date: November1, 1997
Original Settlement Date: November18, 1997
Group I (HELOCs) Group II (HELs) Total
Initial Balance $26,900,133.54 $23,100,251.37 $50,000,384.91
Loans Delivered
Balance of $43,099,866.46 $36,899,748.63 $79,999,615.09
Pre-Funded Loans
Total $70,000,000.00 $60,000,000.00 $130,000,000.00
===================================================================================================================================
<S> <C> <C>
Servicer Certificate (Page 1 of 5)
Distribution 12/15/97
Date:
Servicer's Remittance Amount
Group I Group II Total
Interest $219,524.95 $220,079.62 $439,604.57
Collections
- ----------------------------------------------------------------------------------------------------------------------------
Principal Collections $639,572.15 $414,024.37 $1,053,596.52
- ----------------------------------------------------------------------------------------------------------------------------
Reimbursement of Prior Month's Periodic $0.00 $0.00 $0.00
Advances
- ----------------------------------------------------------------------------------------------------------------------------
Periodic Advances $128,687.55 $9,567.67 $138,255.22
- ----------------------------------------------------------------------------------------------------------------------------
Compensating Interest $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Insurance $0.00 $0.00 $0.00
Proceeds
- ----------------------------------------------------------------------------------------------------------------------------
Loan Repurchase Price $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Substitution Adjustment $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Released Mortgage Property Proceeds $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Net Liquidation Proceeds $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account Investment $39,962.03 $117,739.84 $157,701.87
Earnings
- ----------------------------------------------------------------------------------------------------------------------------
Pre-Funding Principal in excess of Subsequent Receivables $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
less:
Servicing Fee $22,416.78 $19,250.21 $41,666.99
----------------------------------------------------------------------------------------------------------
Servicer Remittance Amount: $1,005,329.90 $742,161.29 $1,747,491.19
- ----------------------------------------------------------------------------------------------------------------------------
Net Foreclosure Profits $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Capitalized Interest Deposit Amount $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
<PAGE>
Distributions
Certificate Insurance Policy Premium Amount $0.00 $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
Premium Percentage 0.20%
-------------------------------------------------
Trustee's Fee $112.08 $96.25 $208.33
- -----------------------------------------------------------------------------------------------------------------------------
Trustee Fee Percentage 0.005%
-------------------------------------------------
Class A-1 Interest Distribution $307,158.08 $307,158.08
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-1 Certificate Rate 5.61630%
-------------------------------------------------
LIBOR 5.40630%
- -------------------------------------------------------------------
Class A-2 Interest Distribution $131,177.08 $131,177.08
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificate Rate 6.4250%
-------------------------------------------------
Class A-3 Interest Distribution $109,675.00 $109,675.00
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-3 Certificate Rate 6.4200%
-------------------------------------------------
Class A-4 Interest Distribution $84,625.00 $84,625.00
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-4 Certificate Rate 6.7700%
-------------------------------------------------
Total Interest Distribution $307,158.08 $325,477.08 $632,635.16
- -----------------------------------------------------------------------------------------------------------------------------
Class A-1 Principal Distribution $639,572.15 $639,572.15
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-2 Principal Distribution $414,024.37 $414,024.37
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-3 Principal Distribution $0.00 $0.00
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Class A-4 Principal Distribution $0.00 $0.00
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution $639,572.15 $414,024.37 $1,053,596.52
- -----------------------------------------------------------------------------------------------------------------------------
Certificate Insurer Reimbursement $0.00 $0.00 $0.00
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Reserve Account Deposit Amount $0.00 $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
Class R Certificate Distribution $58,487.59 $2,563.59 $61,051.18
Amount
- -----------------------------------------------------------------------------------------------------------------------------
Total Distributions $1,005,329.90 $742,161.29 $1,747,491.19
- -----------------------------------------------------------------------------------------------------------------------------
Servicing Fees Distributed $22,416.78 $19,250.21 $41,666.99
- -----------------------------------------------------------------------------------------------------------------------------
Additional Certificate Allocation $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
Liquidation Loan Loss Amount $0.00 $0.00 $0.00
- -----------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 2 of 5)
Distribution 12/15/97
Date:
Delinquency & REO Status
Group I Group II Total
Delinquent 30-59 days*
No. of Accounts 0.84% 6 0.14% 1 0.50% 7
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.74% $195,652.25 0.15% $35,000.00 0.47% $230,652.25
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 days*
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent 90+
days*
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
*Delinquency Amount is all Active Accounts including REO, Foreclosed, and
Bankrupt Accounts
REO
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent
30-59 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Delinquent
60-89 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Delinquent 90+
Days:
No. of Accounts 0.00% 0 0.00% $0.00 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
<PAGE>
Foreclosed
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent
30-59 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Delinquent
60-89 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Delinquent 90+
Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Bankruptcy
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent
30-59 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Delinquent
60-89 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
Delinquent 90+
Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
--------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
--------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 3 of 5)
Distribution 12/15/97
Date:
Group I Group II Total
Beginning Trust Balance $26,900,133.54 $23,100,251.37 $50,000,384.91
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Trust Balance $26,260,561.39 $22,686,227.00 $48,946,788.39
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Additional Balance $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Additional Balance $215,792.68 $215,792.68
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Total Balance $26,900,133.54 $23,100,251.37 $50,000,384.91
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Total Balance $26,476,354.07 $22,686,227.00 $49,162,581.07
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Number of Accounts 722 712 1434
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Number of Accounts 712 701 1413
- ---------------------------------------------------------------------------------------------------------------------------------
Weighted Average Mortgage Interest 12.868% 13.961%
Rate:
- ------------------------------------------------------------------------------------------------
Net Weighted Average Mortgage Interest Rate: 11.618% 12.711%
- ------------------------------------------------------------------------------------------------
Weighted Average Term to Stated 237.06 131.57
Maturity:
- ------------------------------------------------------------------------------------------------
Book Value of REO Property $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Account (as of Closing)
Beginning Reserve Account Balance $3,836,278.61
- --------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $3,800,000.00
-------------------------------------------------------------------------------------------
Cash $36,278.61
-------------------------------------------------------------------------------------------
Investment $68.95
Earnings
--------------------------------------------------------------------------------------------------------------
Required Reserve Account Level $3,836,278.60
- --------------------------------------------------------------------------------------------------------------------------------
Group I Req'd Reserve Amount (8.25% of Group I Original $2,219,261.01
Balance)
-------------------------------------------------------------------------------------------
Group II Req'd Reserve Amount (7.00% of Group II Original $1,617,017.60
Balance)
-------------------------------------------------------------------------------------------
Available Funds Excess $61,051.18
- --------------------------------------------------------------------------------------------------------------------------------
Group I Excess $58,487.59
-------------------------------------------------------------------------------------------
Group II Excess $2,563.59
-------------------------------------------------------------------------------------------
Application of Available Funds Excess to Reserve Account $0.00
- --------------------------------------------------------------------------------------------------------------------------------
Reserve Account Balance Prior to Release of $3,836,347.56
Excess
- --------------------------------------------------------------------------------------------------------------------------------
Amount Released from Reserve Account due to Excess $68.95
- --------------------------------------------------------------------------------------------------------------------------------
Ending Reserve Account Balance $3,836,278.61
- --------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $3,800,000.00
-------------------------------------------------------------------------------------------
Cash $36,278.61
-------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 4 of 5)
Distribution 12/15/97
Date:
Insurance Policy Amounts
Group I Insurance Policy
Amounts
Class A-1/Group I Credit Enhancement Distribution Amount $0.00
-------------------------------------------------------------------------------------------------------
Class A-1/Group I Deficiency Amount $0.00
-------------------------------------------------------------------------------------------------------
Class A-1/Group I Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group I Available Amount $1,003,740.06
-------------------------------------------------------------------------------------------------------
Group I Formula Distribution Amount $967,189.65
-------------------------------------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of $0.00
P&S
-------------------------------------------------------------------------------------------------------
Group II Insurance Policy
Amounts
Group II Credit Enhancement Distribution $0.00
Amount
-------------------------------------------------------------------------------------------------------
Group II Deficiency $0.00
Amount
-------------------------------------------------------------------------------------------------------
Group II Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group II Available $691,426.86
Amount
-------------------------------------------------------------------------------------------------------
Group II Formula Distribution Amount $654,876.45
-------------------------------------------------------------------------------------------------------
Class A-2 Formula Distribution $545,201.45
Amount
----------------------------------------------------------------------------
Class A-3 Formula Distribution $109,675.00
Amount
----------------------------------------------------------------------------
Class A-4 Formula Distribution $84,625.00
Amount
----------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of $0.00
P&S
-------------------------------------------------------------------------------------------------------
Capitalized Interest Account
Group I Group II Total
CIA Balance, last day of the preceding Collection Period (Letter of Credit + $383,117.95 $388,788.82 $771,906.77
Cash)
- -----------------------------------------------------------------------------------------------------------------------------------
Capitalized Interest deposit amount transferred to Certificate Account on $0.00 $0.00 $0.00
remittance date
- -----------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Capitalized Interest $383,280.09 $388,953.36 $772,233.45
Account
- -----------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account
Group I Group II Total
Pre-Funding Account Balance, last day of the preceding Collection Period, $43,099,866.46 $36,899,748.63 $79,999,615.09
including earnings
- -----------------------------------------------------------------------------------------------------------------------------------
Earnings on Eligible investments, preceding Collection Period, transferred to $39,962.03 $117,739.84 $157,701.87
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Withdrawals of Principal made on the most recent Subsequent $0.00 $0.00 $0.00
Transfer Date
- -----------------------------------------------------------------------------------------------------------------------------------
Pre-Funding principal in excess of Subsequent Receivables transferred to $0.00 $0.00 $0.00
Certificate Account
- -----------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Pre-Funding $43,099,866.46 $36,899,748.63 $79,999,615.09
Account
- -----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 5 of 5)
Distribution 12/15/97
Date:
Investor Information
(As per $1,000.00 of Original Principal
Amount)
Class A-1 Certificates
Total Distribution $13.524718
--------------------------------------------------------------------------------------------------------------------------
Amount of $9.136745
Principal
--------------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $5.877585
Amount
--------------------------------------------------------------------------------------------------------------------------
Amount of Interest $4.387973
--------------------------------------------------------------------------------------------------------------------------
Class A-1 Pool 990.8632550
Factor
--------------------------------------------------------------------------------------------------------------------------
Beginning Class A-1 Certificate Principal $70,000,000.00
Balance
- --------------------------------------------------------------------------------------------------------------------------------
Ending Class A-1 Certificate Principal $69,360,427.85
Balance
- --------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificates
Total Distribution $22.253120
--------------------------------------------------------------------------------------------------------------------------
Amount of $16.898954
Principal
--------------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $13.793405
Amount
--------------------------------------------------------------------------------------------------------------------------
Amount of Interest $5.354167
--------------------------------------------------------------------------------------------------------------------------
Class A-2 Pool 983.1010461
Factor
--------------------------------------------------------------------------------------------------------------------------
Beginning Class A-2 Certificate Principal $24,500,000.00
Balance
- --------------------------------------------------------------------------------------------------------------------------------
Ending Class A-2 Certificate Principal $24,085,975.63
Balance
- -------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Class A-3 Certificates
Total Distribution $5.350000
--------------------------------------------------------------------------------------------------------------------------
Amount of $0.000000
Principal
--------------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $0.000000
Amount
--------------------------------------------------------------------------------------------------------------------------
Amount of Interest $5.350000
--------------------------------------------------------------------------------------------------------------------------
Class A-3 Pool 1000.0000000
Factor
--------------------------------------------------------------------------------------------------------------------------
Beginning Class A-3 Certificate Principal $20,500,000.00
Balance
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Class A-3 Certificate Principal $20,500,000.00
Balance
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-4 Certificates
Total Distribution $5.641667
--------------------------------------------------------------------------------------------------------------------------
Amount of $0.000000
Principal
--------------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $0.000000
Amount
--------------------------------------------------------------------------------------------------------------------------
Amount of Interest $5.641667
--------------------------------------------------------------------------------------------------------------------------
Class A-4 Pool 1000.0000000
Factor
--------------------------------------------------------------------------------------------------------------------------
Beginning Class A-4 Certificate Principal $15,000,000.00
Balance
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Class A-4 Certificate Principal $15,000,000.00
Balance
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on January 15, 1998
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
Irwin Home Equity Corporation
Mortgage Pass-Through Certificate Series 1997-2
P & S Agreement Date: November 1, 1997
Original Settlement Date: November 18, 1997
Group I (HELOCs) Group II (HELs) Total
Initial Balance $26,900,133.54 $23,100,251.37 $50,000,384.91
Loans Delivered
Balance of $43,099,866.46 $36,899,748.63 $79,999,615.09
Pre-Funded Loans
Total $70,000,000.00 $60,000,000.00 $130,000,000.00
===================================================================================================================================
<S> <C> <C>
Servicer Certificate (Page 1 of 5)
Distribution 1/15/98
Date:
Servicer's Remittance Amount
Group I Group II Total
Interest $293,634.05 $274,906.75 $568,540.80
Collections
- ----------------------------------------------------------------------------------------------------------------------------
Principal Collections $717,434.67 $350,609.72 $1,068,044.39
- ----------------------------------------------------------------------------------------------------------------------------
Reimbursement of Prior Month's Periodic ($128,687.55) ($9,567.67) ($138,255.22)
Advances
- ----------------------------------------------------------------------------------------------------------------------------
Periodic Advances $99,331.77 $4,616.05 $103,947.82
- ----------------------------------------------------------------------------------------------------------------------------
Compensating Interest $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Insurance $0.00 $0.00 $0.00
Proceeds
- ----------------------------------------------------------------------------------------------------------------------------
Loan Repurchase Price $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Substitution Adjustment $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Released Mortgage Property Proceeds $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Net Liquidation Proceeds $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account Investment $206,078.88 $176,433.46 $382,512.34
Earnings
- ----------------------------------------------------------------------------------------------------------------------------
Pre-Funding Principal in excess of Subsequent Receivables $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
less:
Servicing Fee $22,613.26 $19,535.36 $42,148.62
----------------------------------------------------------------------------------------------------------
Servicer Remittance Amount: $1,165,178.56 $777,462.95 $1,942,641.51
- ----------------------------------------------------------------------------------------------------------------------------
Net Foreclosure Profits $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Capitalized Interest Deposit Amount $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
<PAGE>
Distributions
Certificate Insurance Policy Premium Amount $11,560.07 $9,931.00 $21,491.07
- ---------------------------------------------------------------------------------------------------------------------------
Premium Percentage 0.20%
------------------------------------------------
Trustee's Fee $113.07 $97.68 $210.75
- ----------------------------------------------------------------------------------------------------------------------------
Trustee Fee Percentage 0.005%
------------------------------------------------
Class A-1 Interest Distribution $378,370.77 $378,370.77
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-1 Certificate Rate 6.33500%
------------------------------------------------
LIBOR 6.12500%
- ------------------------------------------------------------------
Class A-2 Interest Distribution $128,960.33 $128,960.33
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificate Rate 6.4250%
------------------------------------------------
Class A-3 Interest Distribution $109,675.00 $109,675.00
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-3 Certificate Rate 6.4200%
------------------------------------------------
Class A-4 Interest Distribution $84,625.00 $84,625.00
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-4 Certificate Rate 6.7700%
------------------------------------------------
Total Interest Distribution $378,370.77 $323,260.33 $701,631.10
- ----------------------------------------------------------------------------------------------------------------------------
Class A-1 Principal Distribution $717,434.67 $717,434.67
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-2 Principal Distribution $350,609.72 $350,609.72
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-3 Principal Distribution $0.00 $0.00
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Class A-4 Principal Distribution $0.00 $0.00
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution $717,434.67 $350,609.72 $1,068,044.39
- ----------------------------------------------------------------------------------------------------------------------------
Certificate Insurer Reimbursement $0.00 $0.00 $0.00
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Reserve Account Deposit Amount $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Class R Certificate Distribution $57,699.98 $93,564.23 $151,264.20
Amount
- ----------------------------------------------------------------------------------------------------------------------------
Total Distributions $1,165,178.56 $777,462.95 $1,942,641.51
- ----------------------------------------------------------------------------------------------------------------------------
Servicing Fees Distributed $22,613.26 $19,535.36 $42,148.62
- ----------------------------------------------------------------------------------------------------------------------------
Additional Certificate Allocation $32,534.46 $32,534.46
- ----------------------------------------------------------------------------------------------------------------------------
Liquidation Loan Loss Amount $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 2 of 5)
Distribution 1/15/98
Date:
Delinquency & REO Status
Group I Group II Total
Delinquent 30-59 days*
No. of Accounts 0.14% 1 0.29% 2 0.22% 3
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.27% $70,000.00 0.26% $58,513.25 0.27% $128,513.25
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 days*
No. of Accounts 0.00% 0 0.14% 1 0.07% 1
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.16% $35,000.00 0.07% $35,000.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent 90+
days*
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
*Delinquency Amount is all Active Accounts including REO, Foreclosed, and
Bankrupt Accounts
REO
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- ----------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent
30-59 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Delinquent
60-89 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Delinquent 90+
Days:
No. of Accounts 0.00% 0 0.00% $0.00 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
<PAGE>
Foreclosed
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- ----------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent
30-59 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Delinquent
60-89 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Delinquent 90+
Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Bankruptcy
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
- ----------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent
30-59 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Delinquent
60-89 Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
Delinquent 90+
Days:
No. of Accounts 0.00% 0 0.00% 0 0.00% 0
----------------------------------------------------------------------------------------------------------------
Trust Balances 0.00% $0.00 0.00% $0.00 0.00% $0.00
----------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 3 of 5)
Distribution 1/15/98
Date:
Group I Group II Total
Beginning Trust Balance $26,260,561.39 $22,686,227.00 $48,946,788.39
- --------------------------------------------------------------------------------------------------------------------------------
Ending Trust Balance $25,543,126.72 $22,335,617.28 $47,878,744.00
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Additional Balance $215,792.68 $215,792.68
- --------------------------------------------------------------------------------------------------------------------------------
Ending Additional Balance $473,981.71 $473,981.71
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Total Balance $26,476,354.07 $22,686,227.00 $49,162,581.07
- --------------------------------------------------------------------------------------------------------------------------------
Ending Total Balance $26,017,108.43 $22,335,617.28 $48,352,725.71
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Number of Accounts 712 701 1413
- --------------------------------------------------------------------------------------------------------------------------------
Ending Number of Accounts 701 693 1394
- --------------------------------------------------------------------------------------------------------------------------------
Weighted Average Mortgage Interest 12.869% 13.963%
Rate:
- ------------------------------------------------------------------------------------------------
Net Weighted Average Mortgage Interest Rate: 11.619% 12.713%
- ------------------------------------------------------------------------------------------------
Weighted Average Term to Stated 236.05 130.58
Maturity:
- ------------------------------------------------------------------------------------------------
Book Value of REO Property $0.00 $0.00 $0.00
- --------------------------------------------------------------------------------------------------------------------------------
Reserve Account (as of Closing)
Beginning Reserve Account Balance $3,836,347.56
- ---------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $3,800,000.00
-------------------------------------------------------------------------------------------------------
Cash $36,278.61
-------------------------------------------------------------------------------------------------------
Investment $167.32
Earnings
---------------------------------------------------------------------------------------------------------------
Required Reserve Account Level $3,836,278.60
- ---------------------------------------------------------------------------------------------------------------------------------
Group I Req'd Reserve Amount (8.25% of Group I Original $2,219,261.01
Balance)
-------------------------------------------------------------------------------------------------------
Group II Req'd Reserve Amount (7.00% of Group II Original $1,617,017.60
Balance)
-------------------------------------------------------------------------------------------------------
Available Funds Excess $151,264.20
- ---------------------------------------------------------------------------------------------------------------------------------
Group I Excess $57,699.98
-------------------------------------------------------------------------------------------------------
Group II Excess $93,564.22
-------------------------------------------------------------------------------------------------------
Application of Available Funds Excess to Reserve Account $446,254.62
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Account Balance Prior to Release of $3,836,514.88
Excess
- ---------------------------------------------------------------------------------------------------------------------------------
Amount Released from Reserve Account due to Excess $167.32
- --------------------------------------------------------------------------------------------------------------------------------
Ending Reserve Account Balance $3,836,278.61
- --------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $3,800,000.00
-------------------------------------------------------------------------------------------------------
Cash $36,278.61
-------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 4 of 5)
Distribution 1/15/98
Date:
Insurance Policy Amounts
Group I Insurance Policy
Amounts
Class A-1/Group I Credit Enhancement Distribution Amount $0.00
-------------------------------------------------------------------------------------------------------
Class A-1/Group I Deficiency Amount $0.00
-------------------------------------------------------------------------------------------------------
Class A-1/Group I Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group I Available Amount $1,306,944.30
-------------------------------------------------------------------------------------------------------
Group I Formula Distribution Amount $860,689.68
-------------------------------------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of $0.00
P&S
-------------------------------------------------------------------------------------------------------
Group II Insurance Policy
Amounts
Group II Credit Enhancement Distribution $0.00
Amount
-------------------------------------------------------------------------------------------------------
Group II Deficiency $0.00
Amount
-------------------------------------------------------------------------------------------------------
Group II Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group II Available $1,035,499.67
Amount
-------------------------------------------------------------------------------------------------------
Group II Formula Distribution Amount $589,245.05
-------------------------------------------------------------------------------------------------------
Class A-2 Formula Distribution $479,570.05
Amount
----------------------------------------------------------------------------
Class A-3 Formula Distribution $109,675.00
Amount
----------------------------------------------------------------------------
Class A-4 Formula Distribution $84,625.00
Amount
----------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of $0.00
P&S
-------------------------------------------------------------------------------------------------------
Capitalized Interest Account
Group I Group II Total
CIA Balance, last day of the preceding Collection Period (Letter of Credit + $383,280.09 $388,953.36 $772,233.45
Cash)
- --------------------------------------------------------------------------------------------------------------------------------
Capitalized Interest deposit amount transferred to Certificate Account on $0.00 $0.00 $0.00
remittance date
- --------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Capitalized Interest $383,674.10 $389,353.20 $773,027.30
Account
- --------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account
Group I Group II Total
Pre-Funding Account Balance, last day of the preceding Collection Period, $43,099,866.46 $36,899,748.63 $79,999,615.09
including earnings
- --------------------------------------------------------------------------------------------------------------------------------
Earnings on Eligible investments, preceding Collection Period, transferred to $206,078.88 $176,433.46 $382,512.34
Certificate Account
- --------------------------------------------------------------------------------------------------------------------------------
Withdrawals of Principal made on the most recent Subsequent $0.00 $0.00 $0.00
Transfer Date
- --------------------------------------------------------------------------------------------------------------------------------
Pre-Funding principal in excess of Subsequent Receivables transferred to $0.00 $0.00 $0.00
Certificate Account
- --------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Pre-Funding $43,099,866.46 $36,899,748.63 $79,999,615.09
Account
- --------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 5 of 5)
Distribution 1/15/98
Date:
Investor Information
(As per $1,000.00 of Original Principal
Amount)
Class A-1 Certificates
Total Distribution $15.654364
--------------------------------------------------------------------------------------------------------
Amount of $10.249067
Principal
--------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $5.946581
Amount
--------------------------------------------------------------------------------------------------------
Amount of Interest $5.405297
--------------------------------------------------------------------------------------------------------
Class A-1 Pool 980.6141883
Factor
--------------------------------------------------------------------------------------------------------
Beginning Class A-1 Certificate Principal $69,360,427.85
Balance
- --------------------------------------------------------------------------------------------------------------------------
Ending Class A-1 Certificate Principal $68,642,993.18
Balance
- --------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificates
Total Distribution $19.574288
--------------------------------------------------------------------------------------------------------
Amount of $14.310601
Principal
--------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $10.106827
Amount
--------------------------------------------------------------------------------------------------------
Amount of Interest $5.263687
--------------------------------------------------------------------------------------------------------
Class A-2 Pool 968.7904453
Factor
--------------------------------------------------------------------------------------------------------
Beginning Class A-2 Certificate Principal $24,085,975.63
Balance
- --------------------------------------------------------------------------------------------------------------------------
Ending Class A-2 Certificate Principal $23,735,365.91
Balance
- --------------------------------------------------------------------------------------------------------------------------
<PAGE>
Class A-3 Certificates
Total Distribution $5.350000
--------------------------------------------------------------------------------------------------------
Amount of $0.000000
Principal
--------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $0.000000
Amount
--------------------------------------------------------------------------------------------------------
Amount of Interest $5.350000
--------------------------------------------------------------------------------------------------------
Class A-3 Pool 1000.0000000
Factor
--------------------------------------------------------------------------------------------------------
Beginning Class A-3 Certificate Principal $20,500,000.00
Balance
- --------------------------------------------------------------------------------------------------------------------------
Ending Class A-3 Certificate Principal $20,500,000.00
Balance
- --------------------------------------------------------------------------------------------------------------------------
Class A-4 Certificates
Total Distribution $5.641667
--------------------------------------------------------------------------------------------------------
Amount of $0.000000
Principal
--------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above $0.000000
Amount
--------------------------------------------------------------------------------------------------------
Amount of Interest $5.641667
--------------------------------------------------------------------------------------------------------
Class A-4 Pool 1000.0000000
Factor
--------------------------------------------------------------------------------------------------------
Beginning Class A-4 Certificate Principal $15,000,000.00
Balance
- --------------------------------------------------------------------------------------------------------------------------
Ending Class A-4 Certificate Principal $15,000,000.00
Balance
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
