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) : November 15, 1997
PRUDENTIAL SECURITIES SECURED FINANCING CORORATION, (as depositor under the
Pooling and Servicing Agreement, dated June 18, 1997, which forms Irwin Home
Equity Corporation Trust 1997-1, which will issue the Irwin Home Equity
Corporation Trust 1997-1, Mortgage Pass-Through Certificates, Series 1997-1).
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 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 32
consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On November 15, 1997, 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, Exhibit 99.2, and Exhibit 99.3. 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 November 15, 1997,
December 15, 1997, and January 15, 1998 filed as
Exhibits 99.1, 99.2, and 99.3 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 1997-1
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
November 15, 1997.
99.2 Monthly Certificateholder Statement on 15
December 15, 1997.
99.3 Monthly Certificateholder Statement on 24
January 15, 1998.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on November 15, 1997
<PAGE>
<TABLE>
===================================================================================================================================
Irwin Home Equity Corporation
Mortgage Pass-Through Certificate Series 1997-1
P & S Agreement Date: June 1, 1997
Original Settlement Date: June 18, 1997
Group I (HELOCs) Group II (HELs) Total
Initial Balance Loans Delivered $35,644,500.89 $29,264,967.26 $64,909,468.15
Balance of Pre-Funded Loans $19,352,768.10 $15,733,869.82 $35,086,637.92
Total $54,997,268.99 $44,998,837.08 $99,996,106.07
====================================================================================================================================
<S> <C> <C>
Servicer Certificate (Page 1 of 5)
Distribution Date: 11/15/97
Servicer's Remittance Amount
Group I Group II Total
Interest Collections 587,829.87 502,827.15 1,090,657.02
- ---------------------------------------------------------------------------------------------------------------------------------
Principal Collections 1,373,206.46 1,079,220.55 2,452,427.01
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursement of Prior Month's Periodic Advances (244,658.11) (10,113.68) (254,771.79)
- ---------------------------------------------------------------------------------------------------------------------------------
Periodic Advances 178,884.43 10,621.34 189,505.77
- ---------------------------------------------------------------------------------------------------------------------------------
Compensating Interest $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Insurance Proceeds $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
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 Earnings $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Principal in excess of Subsequent Receivables $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
less:
Servicing Fee $43,045.60 $35,939.85 $78,985.45
---------------------------------------------------------------------------------------------------------
Servicer Remittance Amount: 1,852,217.05 1,546,615.51 $3,398,832.56
- ---------------------------------------------------------------------------------------------------------------------------------
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 $8,331.41 $6,956.10 $15,287.51
- ---------------------------------------------------------------------------------------------------------------------------------
Premium Percentage 0.20%
---------------------------------------------------
Trustee's Fee $215.23 $179.70 $394.93
- ---------------------------------------------------------------------------------------------------------------------------------
Trustee Fee Percentage 0.005%
---------------------------------------------------
Class A-1 Interest Distribution Amount $253,861.45 $253,861.45
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-1 Certificate Rate 5.8975%
---------------------------------------------------
LIBOR 5.6875%
- ---------------------------------------------------------------------------
Class A-2 Interest Distribution Amount $162,122.31 $162,122.31
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificate Rate 6.7700%
---------------------------------------------------
Class A-3 Interest Distribution Amount $78,595.83 $78,595.83
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-3 Certificate Rate 7.2550%
---------------------------------------------------
Total Interest Distribution $253,861.45 $240,718.14 $494,579.59
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-1 Principal Distribution Amount $1,373,206.46 $1,373,206.46
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-2 Principal Distribution Amount 1,079,220.55 $1,079,220.55
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-3 Principal Distribution Amount $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution $1,373,206.46 $1,079,220.55 $2,452,427.01
- ---------------------------------------------------------------------------------------------------------------------------------
Certificate Insurer Reimbursement Amount $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Account Deposit Amount $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Class R Certificate Distribution Amount 216,602.50 $219,541.02 $436,143.52
- ---------------------------------------------------------------------------------------------------------------------------------
Total Distributions 1,852,217.05 1,546,615.51 3,398,832.56
- ---------------------------------------------------------------------------------------------------------------------------------
Servicing Fees Distributed $43,045.60 $35,939.85 $78,985.45
- ---------------------------------------------------------------------------------------------------------------------------------
Additional Certificate Allocation 151,351.98 $151,351.98
- ---------------------------------------------------------------------------------------------------------------------------------
Liquidation Loan Loss Amount $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 2 of 5)
Distribution Date: 11/15/97
Delinquency & REO Status
Group I Group II Total
Delinquent 30-59 days*
No. of 0.37% 5 0.39% 5 0.38% 10
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.23% $116,700.02 0.42% $169,288.42 0.31% $285,988.44
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 days*
No. of 0.15% 2 0.08% 1 0.11% 3
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.13% $62,906.39 0.05% $19,889.65 0.09% $82,796.04
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 90+ days*
No. of 0.15% 2 0.08% 1 0.11% 3
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.10% $48,365.53 0.11% $45,000.00 0.10% $93,365.53
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
*Delinquency Amount is all Active Accounts including REO, Foreclosed, and Bankrupt Accounts
REO
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 0.00% 0 0.00% $0.00 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
<PAGE>
Foreclosed
No. of 0.07% 1 0.23% 3 0.15% 4
Accounts
- ----------------------------------------------------------------------------------------------------------------------------------
Trust 0.09% $45,000.00 0.27% $111,385.00 0.17% $156,385.00
Balances
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 33.33% 1 25.00% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 41.74% $46,495.35 29.73% $46,495.35
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 33.33% 1 25.00% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 17.86% $19,889.65 12.72% $19,889.65
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+Days:
No. of 0.00% 0 33.33% 1 25.00% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 40.40% $45,000.00 28.78% $45,000.00
Balances
--------------------------------------------------------------------------------------------------------------------
Bankruptcy
No. of 0.22% 3 0.47% 6 0.34% 9
Accounts
- ----------------------------------------------------------------------------------------------------------------------------------
Trust 0.27% $134,965.53 0.40% $161,010.41 0.33% $295,975.94
Balances
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 33.33% 1 0.00% 0 11.11% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 16.94% $22,865.53 0.00% $0.00 7.73% $22,865.53
Balances
--------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 3 of 5)
Distribution Date: 11/15/97
Group I Group II
Total
Beginning Trust Balance $49,988,442.74 $41,736,597.69 $91,725,040.43
- -------------------------------------------------------------------------------------------------------------------------------
Ending Trust Balance $48,615,236.28 $40,657,377.14 $89,272,613.42
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Additional Balance $1,342,872.70 $1,342,872.70
- -------------------------------------------------------------------------------------------------------------------------------
Ending Additional Balance $1,642,354.28 $1,642,354.28
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Total Balance $51,331,315.44 $41,736,597.69 $93,067,913.13
- -------------------------------------------------------------------------------------------------------------------------------
Ending Total Balance $50,257,590.56 $40,657,377.14 $90,914,967.70
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Number of Accounts 1397 1314 2711
- -------------------------------------------------------------------------------------------------------------------------------
Ending Number of Accounts 1367 1280 2647
- -------------------------------------------------------------------------------------------------------------------------------
Weighted Average Mortgage Interest Rate: 12.882% 14.257%
- ------------------------------------------------------------------------------------------------
Net Weighted Average Mortgage Interest Rate: 11.632% 13.007%
- ------------------------------------------------------------------------------------------------
Weighted Average Term to Stated Maturity:
231.58 125.79
- ------------------------------------------------------------------------------------------------
Book Value of REO Property $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Reserve Account (as of Closing)
Beginning Reserve Account Balance $8,325,000.00
- --------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $8,200,000.00
-------------------------------------------------------------------------------------------------
Cash $125,000.00
-------------------------------------------------------------------------------------------------
Investment Earnings $562.52
--------------------------------------------------------------------------------------------------------
Required Reserve Account Level $8,325,000.00
- --------------------------------------------------------------------------------------------------------------------------------
Group I Req'd Reserve Amount (9.0% of Group I Original Balance) $4,950,000.00
-------------------------------------------------------------------------------------------------
Group II Req'd Reserve Amount (7.5% of Group II Original Balance) $3,375,000.00
-------------------------------------------------------------------------------------------------
Available Funds Excess
436,143.52
- ---------------------------------------------------------------------------------------------------------------------------------
Group I Excess
216,602.50
-------------------------------------------------------------------------------------------------
Group II Excess
219,541.02
-------------------------------------------------------------------------------------------------
Application of Available Funds Excess to Reserve Account $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Reserve Account Balance Prior to Release of Excess $8,325,562.52
- -------------------------------------------------------------------------------------------------------------------------------
Amount Released from Reserve Account due to Excess $562.52
- -------------------------------------------------------------------------------------------------------------------------------
Ending Reserve Account Balance $8,325,000.00
- -------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $8,200,000.00
-------------------------------------------------------------------------------------------------
Cash $125,000.00
-------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 4 of 5)
Distribution Date: 11/15/97
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 $2,063,211.44
-------------------------------------------------------------------------------------------------------
Group I Formula Distribution Amount $1,627,067.91
-------------------------------------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of P&S $0.00
-------------------------------------------------------------------------------------------------------
Group II Insurance Policy Amounts
Group II Credit Enhancement Distribution Amount $0.00
-------------------------------------------------------------------------------------------------------
Group II Deficiency Amount $0.00
-------------------------------------------------------------------------------------------------------
Group II Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group II Available Amount $1,756,082.22
-------------------------------------------------------------------------------------------------------
Group II Formula Distribution Amount $1,319,938.69
-------------------------------------------------------------------------------------------------------
Class A-2 Formula Distribution Amount $1,241,342.86
----------------------------------------------------------------------
Class A-3 Formula Distribution Amount $78,595.83
----------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of P&S $0.00
-------------------------------------------------------------------------------------------------------
Investor Information
(As per $1,000.00 of Original Principal Amount)
Class A-1 Certificates
Total Distribution $29.583053
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $24.967390
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $20.268941
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $4.615663
--------------------------------------------------------------------------------------------------------------------
Class A-1 Pool Factor 883.9133869
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-1 Certificate Principal Balance $49,988,442.74
- --------------------------------------------------------------------------------------------------------------------------------
Ending Class A-1 Certificate Principal Balance $48,615,236.28
- --------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificates
Total Distribution $38.791964
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $33.725642
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $27.820201
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $5.066322
--------------------------------------------------------------------------------------------------------------------
Class A-2 Pool Factor 864.2930356
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-2 Certificate Principal Balance $28,736,597.69
- -------------------------------------------------------------------------------------------------------------------------------
Ending Class A-2 Certificate Principal Balance $27,657,377.14
- -------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Class A-3 Certificates
Total Distribution $6.045833
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $0.000000
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $0.000000
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $6.045833
--------------------------------------------------------------------------------------------------------------------
Class A-3 Pool Factor 1000.0000000
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-3 Certificate Principal Balance $13,000,000.00
- --------------------------------------------------------------------------------------------------------------------------
Ending Class A-3 Certificate Principal Balance $13,000,000.00
- --------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 5 of 5)
Distribution Date: 11/15/97
Capitalized Interest Account
Group I Group II Total
CIA Balance, last day of the preceding Collection Period (Letter of Credit) $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------------------
Capitalized Interest deposit amount transferred to Certificate Account on remittance $0.00 $0.00 $0.00
date
- ------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Capitalized Interest Account $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account
Group I Group II Total
Pre-Funding Account Balance, last day of the preceding Collection Period, including $0.00 $0.00 $0.00
earnings
- ------------------------------------------------------------------------------------------------------------------------------
Earnings on Eligible investments, preceding Collection Period, transferred to $0.00 $0.00 $0.00
Certificate Account
- ------------------------------------------------------------------------------------------------------------------------------
Withdrawals of Principal made on the most recent Subsequent Transfer Date $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------------------
Pre-Funding principal in excess of Subsequent Receivables transferred to Certificate $0.00 $0.00 $0.00
Account
- ------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Pre-Funding Account $0.00 $0.00 $0.00
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on December 15, 1997
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
Irwin Home Equity Corporation
Mortgage Pass-Through Certificate Series 1997-1
P & S Agreement Date:June 1, 1997
Original Settlement Date:June 18, 1997
Group I (HELOCs) Group II (HELs) Total
Initial Balance $35,644,500.89 $29,264,967.26 $64,909,468.15
Loans Delivered
Balance of $19,352,768.10 $15,733,869.82 $35,086,637.92
Pre-Funded Loans
Total $54,997,268.99 $44,998,837.08 $99,996,106.07
===================================================================================================================================
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Servicer Certificate (Page 1 of 5)
Distribution Date: 12/15/97
Servicer's Remittance Amount
Group I Group II Total
Interest Collections 474,465.81 453,193.70 927,659.51
- ---------------------------------------------------------------------------------------------------------------------------------
Principal Collections 1,252,031.61 1,299,095.64 2,551,127.25
- ---------------------------------------------------------------------------------------------------------------------------------
Reimbursement of Prior Month's Periodic Advances (178,884.43) (10,621.34) (189,505.77)
- ---------------------------------------------------------------------------------------------------------------------------------
Periodic Advances 269,311.51 18,294.57 287,606.08
- ---------------------------------------------------------------------------------------------------------------------------------
Compensating Interest $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Insurance Proceeds $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
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 Earnings $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Principal in excess of Subsequent Receivables $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
less:
Servicing Fee $40,512.70 $33,881.15 $74,393.85
---------------------------------------------------------------------------------------------------------
Servicer Remittance Amount: 1,776,411.80 1,726,081.42 3,502,493.22
- ---------------------------------------------------------------------------------------------------------------------------------
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 $8,102.54 $6,776.23 $14,878.77
- ---------------------------------------------------------------------------------------------------------------------------------
Premium Percentage 0.20%
---------------------------------------------------
Trustee's Fee $202.56 $169.41 $371.97
- ---------------------------------------------------------------------------------------------------------------------------------
Trustee Fee Percentage 0.005%
---------------------------------------------------
Class A-1 Interest Distribution Amount $241,455.67 $241,455.67
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-1 Certificate Rate 5.9600%
---------------------------------------------------
LIBOR 5.7500%
- ---------------------------------------------------------------------------
Class A-2 Interest Distribution Amount $156,033.70 $156,033.70
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificate Rate 6.7700%
---------------------------------------------------
Class A-3 Interest Distribution Amount $78,595.83 $78,595.83
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-3 Certificate Rate 7.2550%
---------------------------------------------------
Total Interest Distribution $241,455.67 $234,629.54 $476,085.21
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-1 Principal Distribution Amount $1,252,031.61 $1,252,031.61
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-2 Principal Distribution Amount 1,299,095.64 $1,299,095.64
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-3 Principal Distribution Amount $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution $1,252,031.61 $1,299,095.64 $2,551,127.25
- ---------------------------------------------------------------------------------------------------------------------------------
Certificate Insurer Reimbursement Amount $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Reserve Account Deposit Amount $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Class R Certificate Distribution Amount 274,619.42 185,410.60 $460,030.02
- ---------------------------------------------------------------------------------------------------------------------------------
Total Distributions 1,776,411.80 1,726,081.42 $3,502,493.22
- ---------------------------------------------------------------------------------------------------------------------------------
Servicing Fees Distributed $40,512.70 $33,881.15 $74,393.85
- ---------------------------------------------------------------------------------------------------------------------------------
Additional Certificate Allocation 113,359.17 $113,359.17
- ---------------------------------------------------------------------------------------------------------------------------------
Liquidation Loan Loss Amount $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 2 of 5)
Distribution Date: 12/15/97
Delinquency & REO Status
Group I Group II Total
Delinquent 30-59 days*
No. of 1.20% 16 0.88% 11 1.05% 27
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 1.02% $501,253.38 1.22% $48,548.38 1.11% $982,801.76
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 days*
No. of 0.07% 1 0.08% 1 0.08% 2
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.06% $29,600.00 0.12% $46,495.35 0.09% $76,095.35
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 90+ days*
No. of 0.30% 4 0.16% 2 0.23% 6
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.23% $111,271.92 0.16% $64,889.65 0.20% $176,161.57
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
*Delinquency Amount is all Active Accounts including REO, Foreclosed, and Bankrupt Accounts
REO
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 0.00% 0 0.00% $0.00 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
<PAGE>
Foreclosed
No. of 0.07% 1 0.24% 3 0.15% 4
Accounts
- ----------------------------------------------------------------------------------------------------------------------------------
Trust 0.03% $14,749.04 0.28% $111,385.00 0.14% $126,134.04
Balances
- ----------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 100.00% 1 0.00% 0 25.00% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 100.00% $14,749.04 0.00% $0.00 11.69% $14,749.04
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 33.33% 1 25.00% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 41.74% $46,495.35 36.86% $46,495.35
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+Days:
No. of 0.00% 0 66.67% 2 50.00% 2
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 58.26% $64,889.65 51.44% $64,889.65
Balances
--------------------------------------------------------------------------------------------------------------------
Bankruptcy
No. of 0.22% 3 0.32% 4 0.27% 7
Accounts
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.27% $134,965.53 0.30% $119,360.00 0.29% $254,325.53
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 33.33% 1 0.00% 0 14.29% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 16.94% $22,865.53 0.00% $0.00 8.99% $22,865.53
Balances
--------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 3 of 5)
Distribution Date: 12/15/97
Group I Group II
Total
Beginning Trust Balance $48,615,236.28 $40,657,377.14 $89,272,613.42
- ----------------------------------------------------------------------------------------------------------------------------
Ending Trust Balance $47,363,204.67 $39,358,281.50 $86,721,486.17
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Additional Balance $1,642,354.28 $1,642,354.28
- ----------------------------------------------------------------------------------------------------------------------------
Ending Additional Balance $1,840,620.46 $1,840,620.46
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Total Balance $50,257,590.56 $40,657,377.14 $90,914,967.70
- ----------------------------------------------------------------------------------------------------------------------------
Ending Total Balance $49,203,825.13 $39,358,281.50 $88,562,106.63
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Number of Accounts 1367 1280 2647
- ----------------------------------------------------------------------------------------------------------------------------
Ending Number of Accounts 1336 1247 2583
- ----------------------------------------------------------------------------------------------------------------------------
Weighted Average Mortgage Interest Rate: 12.882% 14.259%
- ----------------------------------------------------------------------------------------------
Net Weighted Average Mortgage Interest Rate: 11.632% 13.009%
- ----------------------------------------------------------------------------------------------
Weighted Average Term to Stated Maturity:
230.59 123.79
- ----------------------------------------------------------------------------------------------
Book Value of REO Property $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Reserve Account (as of Closing)
Beginning Reserve Account Balance $8,325,000.00
- ----------------------------------------------------------------------------------------------------------------------------
Letter of Credit $8,200,000.00
-------------------------------------------------------------------------------------------------
Cash $125,000.00
-------------------------------------------------------------------------------------------------
Investment Earnings $547.10
---------------------------------------------------------------------------------------------------------
Required Reserve Account Level $8,325,000.00
- ---------------------------------------------------------------------------------------------------------------------------------
Group I Req'd Reserve Amount (9.0% of Group I Original Balance) $4,950,000.00
-------------------------------------------------------------------------------------------------
Group II Req'd Reserve Amount (7.5% of Group II Original Balance) $3,375,000.00
-------------------------------------------------------------------------------------------------
Available Funds Excess
460,030.03
- -----------------------------------------------------------------------------------------------------------------------------
Group I Excess
274,619.42
-------------------------------------------------------------------------------------------------
Group II Excess
185,410.61
-------------------------------------------------------------------------------------------------
Application of Available Funds Excess to Reserve Account $0.00
- ---------------------------------------------------------------------------------------------------------------------------
Reserve Account Balance Prior to Release of Excess $8,325,547.10
- ---------------------------------------------------------------------------------------------------------------------------
Amount Released from Reserve Account due to Excess $547.10
- ---------------------------------------------------------------------------------------------------------------------------
Ending Reserve Account Balance $8,325,000.00
- ---------------------------------------------------------------------------------------------------------------------------
Letter of Credit $8,200,000.00
-------------------------------------------------------------------------------------------------
Cash $125,000.00
-------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 4 of 5)
Distribution Date: 12/15/97
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 $1,953,517.31
-------------------------------------------------------------------------------------------------------
Group I Formula Distribution Amount $1,493,487.28
-------------------------------------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of P&S $0.00
-------------------------------------------------------------------------------------------------------
Group II Insurance Policy Amounts
Group II Credit Enhancement Distribution Amount $0.00
-------------------------------------------------------------------------------------------------------
Group II Deficiency Amount $0.00
-------------------------------------------------------------------------------------------------------
Group II Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group II Available Amount $1,993,755.20
-------------------------------------------------------------------------------------------------------
Group II Formula Distribution Amount $1,533,725.17
-------------------------------------------------------------------------------------------------------
Class A-2 Formula Distribution Amount $1,455,129.34
----------------------------------------------------------------------
Class A-3 Formula Distribution Amount $78,595.83
----------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of P&S $0.00
-------------------------------------------------------------------------------------------------------
Investor Information
(As per $1,000.00 of Original Principal Amount)
Class A-1 Certificates
Total Distribution $27.154314
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $22.764211
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $17.906352
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $4.390103
--------------------------------------------------------------------------------------------------------------------
Class A-1 Pool Factor 861.1491758
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-1 Certificate Principal Balance $48,615,236.28
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Class A-1 Certificate Principal Balance $47,363,204.67
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificates
Total Distribution $45.472792
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $40.596739
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $33.612021
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $4.876053
--------------------------------------------------------------------------------------------------------------------
Class A-2 Pool Factor 823.6962969
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-2 Certificate Principal Balance $27,657,377.14
- ------------------------------------------------------------------------------------------------------------------------------
Ending Class A-2 Certificate Principal Balance $26,358,281.50
- ------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Class A-3 Certificates
Total Distribution $6.045833
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $0.000000
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $0.000000
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $6.045833
--------------------------------------------------------------------------------------------------------------------
Class A-3 Pool Factor 1000.0000000
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-3 Certificate Principal Balance $13,000,000.00
- ---------------------------------------------------------------------------------------------------------------------------
Ending Class A-3 Certificate Principal Balance $13,000,000.00
- ---------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 5 of 5)
Distribution Date: 12/15/97
Capitalized Interest Account
Group I Group II Total
CIA Balance, last day of the preceding Collection Period (Letter of Credit) $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Capitalized Interest deposit amount transferred to Certificate Account on remittance $0.00 $0.00 $0.00
date
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Capitalized Interest Account $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account
Group I Group II Total
Pre-Funding Account Balance, last day of the preceding Collection Period, including $0.00 $0.00 $0.00
earnings
- ---------------------------------------------------------------------------------------------------------------------------------
Earnings on Eligible investments, preceding Collection Period, transferred to $0.00 $0.00 $0.00
Certificate Account
- ---------------------------------------------------------------------------------------------------------------------------------
Withdrawals of Principal made on the most recent Subsequent Transfer Date $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Pre-Funding principal in excess of Subsequent Receivables transferred to Certificate $0.00 $0.00 $0.00
Account
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Pre-Funding Account $0.00 $0.00 $0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on January 15, 1998
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
Irwin Home Equity Corporation
Mortgage Pass-Through Certificate Series 1997-1
P & S Agreement Date:June 1, 1997
Original Settlement Date:June 18, 1997
Group I (HELOCs) Group II (HELs) Total
Initial Balance $35,644,500.89 $29,264,967.26 $64,909,468.15
Loans Delivered
Balance of $19,352,768.10 $15,733,869.82 $35,086,637.92
Pre-Funded Loans
Total $54,997,268.99 $44,998,837.08 $99,996,106.07
===================================================================================================================================
<S> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Servicer Certificate (Page 1 of 5)
Distribution Date: 1/15/98
Servicer's Remittance Amount
Group I Group II Total
Interest Collections 539,819.78 474,779.38 1,014,599.16
- -------------------------------------------------------------------------------------------------------------------------------
Principal Collections 1,348,304.90 1,155,517.51 2,503,822.41
- -------------------------------------------------------------------------------------------------------------------------------
Reimbursement of Prior Month's Periodic Advances (269,311.51) (18,294.57) (287,606.08)
- -------------------------------------------------------------------------------------------------------------------------------
Periodic Advances 205,932.90 12,598.94 $218,531.84
- -------------------------------------------------------------------------------------------------------------------------------
Compensating Interest $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Insurance Proceeds $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
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 Earnings $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Principal in excess of Subsequent Receivables $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
less:
Servicing Fee $40,784.98 $33,891.85 $74,676.83
-------------------------------------------------------------------------------------------------------
Servicer Remittance Amount: 1,783,961.09 1,590,709.41 $3,374,670.50
- -------------------------------------------------------------------------------------------------------------------------------
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 $7,893.87 $6,559.71 $14,453.58
- -------------------------------------------------------------------------------------------------------------------------------
Premium Percentage 0.20%
-------------------------------------------------
Trustee's Fee $203.92 $169.46 $373.38
- -------------------------------------------------------------------------------------------------------------------------------
Trustee Fee Percentage 0.005%
-------------------------------------------------
Class A-1 Interest Distribution Amount $258,372.86 $258,372.86
- -------------------------------------------------------------------------------------------------------------------------------
Class A-1 Certificate Rate 6.3350%
-------------------------------------------------
LIBOR 6.1250%
- -------------------------------------------------------------------------
Class A-2 Interest Distribution Amount $148,704.64 $148,704.64
- -------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificate Rate 6.7700%
-------------------------------------------------
Class A-3 Interest Distribution Amount $78,595.83 $78,595.83
- -------------------------------------------------------------------------------------------------------------------------------
Class A-3 Certificate Rate 7.2550%
-------------------------------------------------
Total Interest Distribution $258,372.86 $227,300.47 $485,673.33
- -------------------------------------------------------------------------------------------------------------------------------
Class A-1 Principal Distribution Amount $1,348,304.90 $1,348,304.90
- -------------------------------------------------------------------------------------------------------------------------------
Class A-2 Principal Distribution Amount 1,155,517.51 $1,155,517.51
- -------------------------------------------------------------------------------------------------------------------------------
Class A-3 Principal Distribution Amount $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution $1,348,304.90 $1,155,517.51 $2,503,822.41
- -------------------------------------------------------------------------------------------------------------------------------
Certificate Insurer Reimbursement Amount $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Reserve Account Deposit Amount $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Class R Certificate Distribution Amount 169,185.54 $201,162.26 $370,347.80
- -------------------------------------------------------------------------------------------------------------------------------
Total Distributions 1,783,961.09 $1,590,709.41 $3,374,670.50
- -------------------------------------------------------------------------------------------------------------------------------
Servicing Fees Distributed $40,784.98 $33,891.85 $74,676.83
- -------------------------------------------------------------------------------------------------------------------------------
Additional Certificate Allocation 96,213.59 $96,213.59
- -------------------------------------------------------------------------------------------------------------------------------
Liquidation Loan Loss Amount $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 2 of 5)
Distribution Date: 1/15/98
Delinquency & REO Status
Group I Group II Total
Delinquent 30-59 days*
No. of 0.69% 9 0.99% 12 0.83% 21
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.51% $245,642.93 1.26% $480,886.57 0.84% $726,529.50
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 days*
No. of 0.15% 2 0.08% 1 0.12% 3
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.23% $108,750.00 0.18% $67,000.00 0.20% $175,750.00
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
Delinquent 90+ days*
No. of 0.31% 4 0.25% 3 0.28% 7
Accounts
- ---------------------------------------------------------------------------------------------------------------------------------
Trust 0.20% $96,505.52 0.29% $111,385.00 0.24% $207,890.52
Balances
- ---------------------------------------------------------------------------------------------------------------------------------
*Delinquency Amount is all Active Accounts including REO, Foreclosed, and Bankrupt Accounts
REO
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
- --------------------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
- --------------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 0.00% 0 0.00% $0.00 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
<PAGE>
Foreclosed
No. of 0.08% 1 0.25% 3 0.16% 4
Accounts
- ---------------------------------------------------------------------------------------------------------------------------
Trust 0.06% $29,600.00 0.41% $158,495.35 0.22% $188,095.35
Balances
- ---------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 33.33% 1 25.00% 1
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 42.27% $67,000.00 35.62% $67,000.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 100.00% 1 66.67% 2 75.00% 3
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 100.00% $29,600.00 57.73% $91,495.35 64.38% $121,095.35
Balances
--------------------------------------------------------------------------------------------------------------------
Bankruptcy
No. of 0.46% 6 0.41% 5 0.44% 1
Accounts
- --------------------------------------------------------------------------------------------------------------------------
Trust 0.47% $225,947.25 0.34% $131,337.86 0.41% $357,285.11
Balances
- --------------------------------------------------------------------------------------------------------------------------
Delinquent 30-59 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 60-89 Days:
No. of 0.00% 0 0.00% 0 0.00% 0
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 0.00% $0.00 0.00% $0.00 0.00% $0.00
Balances
--------------------------------------------------------------------------------------------------------------------
Delinquent 90+ Days:
No. of 16.67% 1 20.00% 1 18.18% 2
Accounts
--------------------------------------------------------------------------------------------------------------------
Trust 10.12% $22,865.53 15.14% $19,889.65 11.97% $42,755.18
Balances
--------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 3 of 5)
Distribution Date: 1/15/98
Group I Group II Total
Beginning Trust Balance $47,363,204.67 $39,358,281.50 $86,721,486.17
- ----------------------------------------------------------------------------------------------------------------------------
Ending Trust Balance $46,014,899.77 $38,202,763.99 $84,217,663.76
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Additional Balance $1,840,620.46 $1,840,620.46
- ----------------------------------------------------------------------------------------------------------------------------
Ending Additional Balance $2,037,470.78 $2,037,470.78
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Total Balance $49,203,825.13 $39,358,281.50 $88,562,106.63
- ----------------------------------------------------------------------------------------------------------------------------
Ending Total Balance $48,052,370.55 $38,202,763.99 $86,255,134.54
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Number of Accounts 1336 1247 2583
- ----------------------------------------------------------------------------------------------------------------------------
Ending Number of Accounts 1304 1213 2517
- ----------------------------------------------------------------------------------------------------------------------------
Weighted Average Mortgage Interest Rate: 12.863% 14.251%
- ----------------------------------------------------------------------------------------------
Net Weighted Average Mortgage Interest Rate: 11.613% 13.001%
- ----------------------------------------------------------------------------------------------
Weighted Average Term to Stated Maturity:
229.63 122.79
- ----------------------------------------------------------------------------------------------
Book Value of REO Property $0.00 $0.00 $0.00
- ----------------------------------------------------------------------------------------------------------------------------
Reserve Account (as of Closing)
Beginning Reserve Account Balance $8,325,000.00
- ------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $8,200,000.00
-------------------------------------------------------------------------------------------------
Cash $125,000.00
-------------------------------------------------------------------------------------------------
Investment Earnings $577.04
------------------------------------------------------------------------------------------------------
Required Reserve Account Level $8,325,000.00
- -----------------------------------------------------------------------------------------------------------------------------
Group I Req'd Reserve Amount (9.0% of Group I Original Balance) $4,950,000.00
-------------------------------------------------------------------------------------------------
Group II Req'd Reserve Amount (7.5% of Group II Original Balance) $3,375,000.00
-------------------------------------------------------------------------------------------------
Available Funds Excess
370,347.79
- ------------------------------------------------------------------------------------------------------------------------------
Group I Excess
169,185.54
-------------------------------------------------------------------------------------------------
Group II Excess
201,162.25
-------------------------------------------------------------------------------------------------
Application of Available Funds Excess to Reserve Account $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Reserve Account Balance Prior to Release of Excess $8,325,577.04
- -------------------------------------------------------------------------------------------------------------------------------
Amount Released from Reserve Account due to Excess $577.04
- -------------------------------------------------------------------------------------------------------------------------------
Ending Reserve Account Balance $8,325,000.00
- -------------------------------------------------------------------------------------------------------------------------------
Letter of Credit $8,200,000.00
-------------------------------------------------------------------------------------------------
Cash $125,000.00
-------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 4 of 5)
Distribution Date: 1/15/98
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 $1,977,025.55
-------------------------------------------------------------------------------------------------------
Group I Formula Distribution Amount $1,606,677.76
-------------------------------------------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of P&S $0.00
-------------------------------------------------------------------------------------------------------
Group II Insurance Policy Amounts
Group II Credit Enhancement Distribution Amount $0.00
-------------------------------------------------------------------------------------------------------
Group II Deficiency Amount $0.00
-------------------------------------------------------------------------------------------------------
Group II Insured Payment $0.00
-------------------------------------------------------------------------------------------------------
Group II Available Amount $1,753,165.77
-------------------------------------------------------------------------------------------------------
Group II Formula Distribution Amount $1,382,817.98
-------------------------------------------------------------------------------------------------------
Class A-2 Formula Distribution Amount $1,304,222.15
----------------------------------------------------------------------
Class A-3 Formula Distribution Amount $78,595.83
----------------------------------------------------------------------
Amount to be withdrawn from the Reserve Account per 6.4(d) of P&S $0.00
-------------------------------------------------------------------------------------------------------
Investor Information
(As per $1,000.00 of Original Principal Amount)
Class A-1 Certificates
Total Distribution $29.212323
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $24.514635
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $18.090928
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $4.697688
--------------------------------------------------------------------------------------------------------------------
Class A-1 Pool Factor 836.6345413
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-1 Certificate Principal Balance $47,363,204.67
- ---------------------------------------------------------------------------------------------------------------------------------
Ending Class A-1 Certificate Principal Balance $46,014,899.77
- ---------------------------------------------------------------------------------------------------------------------------------
Class A-2 Certificates
Total Distribution $40.756942
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $36.109922
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $28.733323
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $4.647020
--------------------------------------------------------------------------------------------------------------------
Class A-2 Pool Factor 787.5863747
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-2 Certificate Principal Balance $26,358,281.50
- ------------------------------------------------------------------------------------------------------------------------------
Ending Class A-2 Certificate Principal Balance $25,202,763.99
- ------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Class A-3 Certificates
Total Distribution $6.045833
--------------------------------------------------------------------------------------------------------------------
Amount of Principal $0.000000
--------------------------------------------------------------------------------------------------------------------
Amount of Prepayments Included in Above Amount $0.000000
--------------------------------------------------------------------------------------------------------------------
Amount of Interest $6.045833
--------------------------------------------------------------------------------------------------------------------
Class A-3 Pool Factor 1000.0000000
--------------------------------------------------------------------------------------------------------------------
Beginning Class A-3 Certificate Principal Balance $13,000,000.00
- ------------------------------------------------------------------------------------------------------------------------------
Ending Class A-3 Certificate Principal Balance $13,000,000.00
- ------------------------------------------------------------------------------------------------------------------------------
<PAGE>
Servicer Certificate (Page 5 of 5)
Distribution Date: 1/15/98
Capitalized Interest Account
Group I Group II Total
CIA Balance, last day of the preceding Collection Period (Letter of Credit) $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Capitalized Interest deposit amount transferred to Certificate Account on remittance $0.00 $0.00 $0.00
date
- -------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Capitalized Interest Account $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Pre-Funding Account
Group I Group II Total
Pre-Funding Account Balance, last day of the preceding Collection Period, including $0.00 $0.00 $0.00
earnings
- -------------------------------------------------------------------------------------------------------------------------------
Earnings on Eligible investments, preceding Collection Period, transferred to $0.00 $0.00 $0.00
Certificate Account
- -------------------------------------------------------------------------------------------------------------------------------
Withdrawals of Principal made on the most recent Subsequent Transfer Date $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
Pre-Funding principal in excess of Subsequent Receivables transferred to Certificate $0.00 $0.00 $0.00
Account
- -------------------------------------------------------------------------------------------------------------------------------
Ending Balance in the Pre-Funding Account $0.00 $0.00 $0.00
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
