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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, 1994
HOME IMPROVEMENT LOAN TRUST 1994-B1
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(Exact name of registrant as specified in its charter)
MINNESOTA 33-53449 APPLIED FOR
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 LANDMARK TOWERS, 345 ST. PETER STREET, SAINT PAUL, MINNESOTA 55102-1639
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
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Pursuant to the Pooling and Servicing Agreement between Green
Tree Financial Corporation (the "Servicer") and First Trust
(N.A.) (the "Trustee"), on November 15, 1994, the Trustee made
distributions to the holders of the certificates representing
interests in the Trust (the "Certificateholders") and delivered
to the Certificateholders the Monthly Report required by Section
6.05 of the Pooling and Servicing Agreement attached hereto as
Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits.
The following is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. Description
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99.1 Monthly Report delivered to
Certificateholders on November 15,
1994.
2
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 15, 1994
HOME IMPROVEMENT LOAN TRUST 1994-B1
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Robley D. Evans
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ROBLEY D. EVANS
Vice President and Controller
3
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INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
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99.1 Monthly Report delivered to Certificateholders 5
on November 15, 1994.
4
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GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that he is a vice president and controller of Green
Tree Financial Corp., a Minnesota corporation (the "Company"), and that as such
he is duly authorized to execute and deliver this certificate on behalf of the
Company pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of June 1, 1994 between the Company and First Trust (N.A),
as Trustee of Home Improvement Loan Trust 1994-B1 (all capitalized terms used
herein without definition having the respective meanings specified in the
Agreement), and further certifies that:
1. The Monthly Report for the period from October 1, 1994 to October 31, 1994
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 9 day of November,
1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
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GREEN TREE FINANCIAL CORP.
CERTIFICATE REGARDING REPURCHASED CONTRACTS
The undersigned certifies that his is a Vice President and Controller of Green
Tree Financial Corp., a Minnesota corporation (the "Company"), and that as such
he is duly authorized to execute and deliver this certificate on behalf of the
Company pursuant to Section 8.06 of the Pooling and Servicing Agreement (the
"Agreement") dated as of June 1, 1994 between the Company and First Trust
National Association, as Trustee of Home Improvement Loan Trust 1994-B1 (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The contracts on the attached schedule are to be repurchased by the
Company on the date hereof pursuant to Sections 3.05 of the Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such Contracts
may, pursuant to Section 8.06 of the Agreement, be assigned by the Trustee
to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 9 day of November,
1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
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HOME IMPROVEMENT LOAN
CERTIFICATES FOR HOME IMPROVEMENT LOANS
GREEN TREE TRUST
1994-B1
MONTHLY REPORT
October 1994
Distribution Date: 11/15/94
Trust Account: 3331994-0
<TABLE>
<S> <C>
1. Collected Amount $2,081,388.42
2. Delinquent Payments to be Advanced/
Recovered 5,800.35
3. Aggregate Repurchase Price for
Contracts to be Repurchased .00
4. Amount Available (1+2+3) 2,087,188.77
INTEREST
5. Class A-1 Interest (7.15%)
(a) Current Interest 438,030.60
(b) Amount applied to Unpaid Class A-1
Interest Shortfall .00
(c) Remaining Unpaid Class A-1 Interest
Shortfall .00
6. Class M-1 Interest (8.15%)
(a) Current Interest 65,879.17
(b) Amount Applied to Unpaid Class M-1
Interest Shortfall .00
(c) Remaining Unpaid Class M-1 Interest
Shortfall .00
7. Class B-1 Interest (8.55%)
(a) Class B-1 Pass-Through Rate (lesser
of 8.55% or Weighted Average Contract
Rate) 8.55%
(b) Current Interest 52,012.50
(c) Amount Applied to Unpaid Class B-1
Interest Shortfall .00
(d) Remaining Unpaid Class B-1 Interest
Shortfall .00
8. Class B-2 Interest
(a) Class B-2 Pass-Through Rate (lesser
of 8.70% or Weighted Average Contract
Rate) 8.70%
(b) Current Interest 65,651.62
(c) Amount Applied to Unpaid Class B-2
Interest Shortfall .00
(d) Remaining Unpaid Class B-2 Interest
Shortfall .00
</TABLE>
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HOME IMPROVEMENT LOAN
CERTIFICATES FOR HOME IMPROVEMENT LOANS
GREEN TREE TRUST
1994-B1
MONTHLY REPORT
October 1994
Page 2
Distribution Date: 11/15/94
Trust Account: 3331994-0
<TABLE>
<S> <C> <C>
9. Monthly Principal
1) Regular Principal Payments 371,112.35
2) Principal Prepayments 773,946.16
3) Delinquent Principal Advanced 31,551.91
4) Net Losses .00
5) Contracts Repurchased due to
Breach of Representations and
Warranties (see attached) .00
6) Bankruptcy Write-Down .00
7) Unpaid Principal from
Prior Months .00
8) Delinquent Payments
Recovered (28,704.13)
Total Principal 1,147,906.29
10. Class A-1 Principal Distribution 1,147,906.29
10(a) Class A-1 Principal Balance 72,367,718.63
11. Class M-1 Principal Distribution .00
11(a) Class M-1 Principal Balance 9,700,000.00
12. Class B-1 Principal Distribution .00
12(a) Class B-1 Principal Balance 7,300,000.00
13. Class B-2 Principal Distribution .00
14. Pool Scheduled Principal Balance 98,423,114.63
15. Class B-2 Principal Liquidation
Loss Amount .00
16. Class B-2 Guaranty Payment .00
17. Class B-2 Principal Balance 9,055,396.00
18. Pool Factor
Previous Month Pool Factor .94869844
Current Month Pool Factor .93776135
</TABLE>
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HOME IMPROVEMENT LOAN
CERTIFICATES FOR HOME IMPROVEMENT LOANS
GREEN TREE TRUST
1994-B1
MONTHLY REPORT
October 1994
Page 3
Distribution Date: 11/15/94
Trust Account: 3331994-0
<TABLE>
<S> <C> <C> <C>
19. Aggregate Scheduled Balances of Delinquent Contracts as of
Determination Date
(a) 31-59 Days 180,322.85 15
(b) 60-89 Days 59,897.14 4
(c) 90 or more days 51,987.31 5
20. Liquidation Contracts .00
21. Number of Loans Remaining 7,747
22. Number and Principal Balance of
Contracts with FHA Claims finally
rejected, or no FHA claim was submitted
because FHA insurance was unavailable # 0 .00
23. Weighted Average Contract Rate of
all outstanding Contracts 11.31626%
24. Monthly Servicing Fee (.75%) 62,231.89
25. Guarantee Fee (3% cap) and Reimbursement
to Company for prior Class B-2 Guaranty
Payments 248,927.55
CLASS C CERTIFICATE
26. Class C Residual Payment 6,549.15
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Please contact the Bondholder Relations Department of First Trust National
Association at (612) 223-7900 with any questions regarding this Statement or
your Distribution.
