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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) October 27, 1997
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of June 1, 1997, providing for the issuance of AFC Mortgage Loan Asset Backed
Certificates, Series 1997-2)
Superior Bank FSB
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-21485 36-1414142
- ---------------------------- ------------ ---------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
--------------
===============================================================================
<PAGE>
Item 5. Other Events
------------
On October 27, 1997 (a "Remittance Date") a scheduled remittance was made
to the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1997-2, issued pursuant to a Pooling and Servicing
Agreement, dated as of June 1, 1997, among Superior Bank FSB., as Depositor, Lee
Servicing Company, a division of Superior Bank FSB., as Servicer and LaSalle
National Bank, as Trustee. The information contained in the Servicer's Monthly
Remittance Report to the Trustee, which shall be forwarded by the Trustee to the
Certificateholders, is attached hereto as Exhibit 21.1 and is incorporated
herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of October, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SUPERIOR BANK F.S.B.
By: /s/ WILLIAM C. BRACKEN
---------------------------
Name: William C. Bracken
Title: Executive Vice President
Dated: October, 1997
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of October, 1997.
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-2 Sub-Pool 1
<CAPTION>
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-2 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
==================================================================================
<S> <C>
1 Total Actual Principal Collections 2,126,851.55
2 Total Actual Interest Collections 1,301,462.78
3 Less: Service Fees Previously Remitted 68,538.28
4 Additional Proceeds 0.00
------------
5 Total Collections: 3,359,776.05
MONTHLY ADVANCES
----------------
6 Delinquent Interest (24,960.28)
7 Compensating Interest 7,918.00
8 Cross Collateral Deposit 0.00
9 Reserve Withdrawal per Sec. 6.14c 0.00
------------
10 Available Remittance Amount: 3,342,733.77
FEES
----
11 Expense Account Deposit: 3,214.41
------------
12 Adjusted Remittance Amount: 3,339,519.36
REMAINING AMOUNT AVAILABLE:
---------------------------
13 Adjusted Remittance Amount 3,339,519.36
14 Insured Payments 0.00
15 Supplemental Interest Due 0.00
16 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 13,929.11
17 Cross Collateral Withdrawal 0.00
18 Class Remittance Amounts 3,325,590.25
19 Supplemental Interest not Previously
Reimbursed 0.00
20 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
21 Total Remaining Amount Available: 0.00
============
Amount of Reimbursements Pursuant to Sec. 5.04
22 Servicing Fee 0.00
23 Monthly Advances and Servicer Advances 0.00
24 Other Mortgage Payments 0.00
25 Interest Earned on P&I Deposits 0.00
26 Additional Servicing Compensation 0.00
==================================================================================
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-2 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===============================================================================================================
TOTAL CLASS A-1 CLASS A-2
----- --------- ---------
<S> <C> <C> <C>
27 Loans Outstanding - BOM 2411
28 Opening Loan Balance 133,373,548.87 47,961,134.14 14,631,288.11
29 Pre-Funding Account Balance 0.00 0.00 0.00
30 Initial Overcollateralization 2,670,272.99 1,901,540.40 131,685.16
31 Realized Losses, LTD 0.00 0.00 0.00
32 Carryforward Amount 0.00 0.00 0.00
-------------- ------------- -------------
33 Total Class Principal Balance 130,703,275.88 46,059,593.74 14,499,602.95
34 Pool Factor per Loan Balance 99.2023183% 35.6731581% 10.8826504%
35 Pool Factor per Class Balance 97.2161878% 34.2588056% 10.7847039%
36 Excess Spread 0.00
37 Cross Collateral Withdrawal 0.00
38 Cross Collateral Deposit 0.00 0.00
39 Additional Principal due Class A 477,711.02 477,711.02
40 Interest Remittance @ Pass-Through Rates 721,027.68 236,490.43 80,593.63
41 Supplemental Interest Remittance 0.00 0.00 0.00
PRINCIPAL REDUCTIONS:
42 Class 1A-5 Lockout Remittance 0.00
43 Prepayments - Number 32 32
44 Prepayments - Dollar 1,872,299.21 1,872,299.21 0.00
45 Net Liquidation Proceeds 0.00 0.00 0.00
46 Curtailments 1,228.23 1,228.23 0.00
47 Normal and Excess Payments 253,324.11 253,324.11 0.00
48 Pre-Funding Account Transfer 0.00 0.00 0.00
-------------- ------------- -------------
49 Total Principal Remittance 2,126,851.55 2,126,851.55 0.00
50 Additional Principal Reduction 477,711.02 477,711.02 0.00
-------------- ------------- -------------
51 Total Remittance 3,325,590.25 2,841,053.00 80,593.63
============== ============= =============
52 Current Month Realized Loss - Number 0 0
53 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
54 Loans Outstanding - EOM 2379
55 Closing Loan Balance 131,246,697.32 45,834,282.59 14,631,288.11
56 Pre-Funding Account Balance 0.00 0.00 0.00
57 Additional Principal Reduction, LTD 3,147,984.01 2,379,251.42 131,685.16
58 Realized losses, LTD 0.00 0.00 0.00
-------------- ------------- -------------
59 Total Class Principal Balance 128,098,713.31 43,455,031.17 14,499,602.95
60 Pool Factor per Loan Balance 97.6203810% 34.0912207% 10.8826504%
61 Pool Factor per Class Balance 95.2789323% 32.3215500% 10.7847039%
<CAPTION>
CLASS A-3 CLASS A-4 CLASS A-5 CLASS R
--------- --------- --------- -------
27 Loans Outstanding - BOM
28 Opening Loan Balance 24,419,115.33 13,117,706.59 33,244,304.70
29 Pre-Funding Account Balance 0.00 0.00 0.00
30 Initial Overcollateralization 219,778.00 118,062.57 299,206.86
31 Realized Losses, LTD 0.00 0.00 0.00
32 Carryforward Amount 0.00 0.00 0.00
-------------- ------------- -------------
24,199,337.33 12,999,644.02 32,945,097.84
33 Total Class Principal Balance 18.1627682% 9.7568590% 24.7268827%
34 Pool Factor per Loan Balance 17.9992988% 9.6690448% 24.5043347%
35 Pool Factor per Class Balance
36 Excess Spread 0.00
37 Cross Collateral Withdrawal 0.00
38 Cross Collateral Deposit
39 Additional Principal due Class A
40 Interest Remittance @ Pass-Through Rates 136,322.93 76,264.58 191,356.11
41 Supplemental Interest Remittance 0.00 0.00 0.00
PRINCIPAL REDUCTIONS:
42 Class 1A-5 Lockout Remittance 0.00
43 Prepayments - Number
44 Prepayments - Dollar 0.00 0.00 0.00
45 Net Liquidation Proceeds 0.00 0.00 0.00
46 Curtailments 0.00 0.00 0.00
47 Normal and Excess Payments 0.00 0.00 0.00
48 Pre-Funding Account Transfer 0.00 0.00 0.00
-------------- ------------- ------------- ----
49 Total Principal Remittance 0.00 0.00 0.00
50 Additional Principal Reduction 0.00 0.00 0.00
-------------- ------------- ------------- ----
51 Total Remittance 136,322.93 76,264.58 191,356.11 0.00
============== ============= ============= ====
52 Current Month Realized Loss - Number
53 Current Month Realized Loss - Dollar
CLASS PRINCIPAL BALANCE - EOM
54 Loans Outstanding - EOM
55 Closing Loan Balance 24,419,115.33 13,117,706.59 33,244,304.70
56 Pre-Funding Account Balance 0.00 0.00 0.00
57 Additional Principal Reduction, LTD 219,778.00 118,062.57 299,206.86
58 Realized losses, LTD 0.00 0.00 0.00
-------------- ------------- -------------
59 Total Class Principal Balance 24,199,337.33 12,999,644.02 32,945,097.84
60 Pool Factor per Loan Balance 18.1627682% 9.7568590% 24.7268827%
61 Pool Factor per Class Balance 17.9992989% 9.6690448% 24.5043347%
====================================================================================================================================
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-2 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===============================================================================================================
TOTAL CLASS A-1 CLASS A-2
----- --------- ---------
<S> <C> <C> <C>
62 Weighted Note Rate - THIS Remittance 11.54121 %
63 Weighted Note Rate - NEXT Remittance 11.53447 %
64 Related Remittance Period for Libor Rate 25-Sep-97 thru 26-Oct-97
65 Days in Related Period 32
66 Pass-Through Rates 5.77625% 6.67%
67 Weighted Average Remaining Term 213.53
68 Original Pool - Principal Balance 94,729,249.31 35,625,326.78 10,124,599.82
69 Original Pool - Pre-Funding Account 40,937,753.72 15,395,676.25 4,375,400.18
70 Original Pool - Additional Principal Reduction 1,221,003.03 1,221,003.03 0.00
-------------- ------------- -------------
71 Original Pool Total 134,446,000.00 49,800,000.00 14,500,000.00
72 Original Pool - Number of Loans 1674
<CAPTION>
CLASS A-3 CLASS A-4 CLASS A-5
--------- --------- ---------
<S> <C> <C> <C>
62 Weighted Note Rate - THIS Remittance
63 Weighted Note Rate - NEXT Remittance
64 Related Remittance Period for Libor Rate
65 Days in Related Period
66 Pass-Through Rates 6.76% 7.04% 6.97%
67 Weighted Average Remaining Term
68 Original Pool - Principal Balance 16,897,607.98 9,077,227.43 23,004,487.30
69 Original Pool - Pre-Funding Account 7,302,392.02 3,922,772.57 9,941,512.70
70 Original Pool - Additional Principal Reduction 0.00 0.00 0.00
------------- ------------- -------------
71 Original Pool Total 24,200,000.00 13,000,000.00 32,946,000.00
72 Original Pool - Number of Loans
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
--------------------------------------------
Beg. of Month Current Month End of Month
------------- ------------- --------------
<S> <C> <C> <C>
73 Additional Principal Reduction, LTD* 2,670,272.99 477,711.02 3,147,984.01
74 Cross Collateral Deposits 0.00 0.00 0.00
75 Less: Realized Losses, LTD 0.00 0.00 0.00
------------- ----------- -------------
76 Overcollateralization of Principal 2,670,272.99 477,711.02 3,147,984.01
============= =========== =============
77 Base Overcollateralization Required 7,800,852.67
78 Required Overcollateralization Amount 7,800,852.67
CURRENT MONTH SUBORDINATED AMOUNT Beg. of Month Current Month End of Month
--------------------------------- ------------- ------------- --------------
79 Original Subordinated Amount 16,890,541.87 N/A 16,890,541.87
80 Less: Cumulative Realized Losses 0.00 0.00 0.00
81 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ----------- -------------
82 Current Subordinated Amount 16,890,541.87 16,890,541.87
============= =============
NONRECOVERABLE ADVANCE RECONCILIATION
-------------------------------------
83 Beginning of Month 0.00
84 Current Month Unpaid Nonrecoverable Advance 0.00
85 Less: Current Month Reimbursement 0.00
-----------
86 End of Month 0.00
- ------------
* Opening balance adjusted to include initial overcollateralization of $1,221,003.03
================================================================================================================
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-2 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===============================================================================================================
CLASS CLASS
TOTAL A1 A2
----- ----- -----
<S> <C> <C> <C>
87 Total Class Principal - Original Pool $134,446,000.00 $49,800,000.00 $14,500,000.00
88 Interest Remittance Amount 721,027.68 236,490.43 80,593.63
89 Interest Rate Factor/1000 5.362954 4.748804 5.558181
90 Total Principal Collections 2,126,851.55 2,126,851.55 0.00
91 Prefunding Account Excess 0.00 0.00 0.00
92 Additional Principal Reduction 477,711.02 477,711.02 0.00
--------------- -------------- --------------
93 Principal Remittance Amount 2,604,562.57 2,604,562.57 0.00
94 Principal Payment Factor/1000 19.372555 52.300453 0.000000
95 Current Month Ending Principal Factor 952.789324 872.590987 999.972617
96 Prior Month Principal Factor 972.161879 924.891440 999.972617
<CAPTION>
CLASS CLASS CLASS
A3 A4 A5
----- ----- -----
<S> <C> <C> <C>
87 Total Class Principal - Original Pool $24,200,000.00 $13,000,000.00 $32,946,000.00
88 Interest Remittance Amount 136,322.93 76,264.58 191,356.11
89 Interest Rate Factor/1000 5.633179 5.866506 5.808174
90 Total Principal Collections 0.00 0.00 0.00
91 Prefunding Account Excess 0.00 0.00 0.00
92 Additional Principal Reduction 0.00 0.00 0.00
--------------- -------------- --------------
93 Principal Remittance Amount 0.00 0.00 0.00
94 Principal Payment Factor/1000 0.000000 0.000000 0.000000
95 Current Month Ending Principal Factor 999.972617 999.972617 999.972617
96 Prior Month Principal Factor 999.972617 999.972617 999.972617
==============================================================================================================
</TABLE>
Page 4 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
and the Insurance Agreement dated as of June 1, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-2 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
====================================================================================================================================
<S><C> <C>
1 Total Actual Principal Collections 2,562,458.61
2 Total Actual Interest Collections 1,420,249.01
3 Less: Service Fees Previously Remitted 89,015.48
4 Additional Proceeds 0.00
------------
5 TOTAL COLLECTIONS: 3,893,692.14
MONTHLY ADVANCE
---------------
6 Delinquent Interest (4,074.86)
7 Compensating Interest 6,306.21
8 Amounts Held for Future Distributions 0.00
9 Reserve Withdrawal Per Sec. 6.08 VII 0.00
------------
10 AVAILABLE REMITTANCE AMOUNT: 3,895,923.49
11 Less: Expense Account Deposit 3,939.52
12 Cross Collateral Deposit 0.00
------------
13 ADJUSTED REMITTANCE AMOUNT: 3,891,983.97
REMAINING AMOUNT AVAILABLE:
14 Adjusted Remittance Amount 3,891,983.97
15 Insured Payments 0.00
16 Supplemental Interest Due 0.00
17 Insurance Account Deposit @ 13bp
the Ending Class Principal Balance 17,071.25
18 Class Remittance Amounts 3,874,912.72
19 Cross Collateral Withdrawal 0.00
20 Supplemental Interest not Previously Reimbursed 0.00
21 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
22 Total Remaining Amount Available: 0.00
============
AMOUNT OF REIMBURSEMENTS PURSUANT TO SEC. 5.04
23 Servicing Fee 0.00
24 Monthly Advances and Servicer Advances 0.00
25 Other Mortgage Payments 0.00
26 Interest Earned on P&I Deposits 0.00
27 Additional Servicing Compensation 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
and the Insurance Agreement dated as of June 1, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-2 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
====================================================================================================================================
<CAPTION>
TOTAL CLASS 2-A CLASS R
----- --------- -------
<S> <C> <C> <C>
28 Number of Loans 1376
29 Original Principal Balance 166,140,685.76 166,140,685.76
30 Original Pre-Funding Account Balance 0.00 0.00
31 Initial Overcollateralization 5,997,487.77 5,997,487.77
32 Realized Losses, LTD 0.00 0.00
33 Carryforward Amount 0.00 0.00
-------------- --------------
34 Opening Class Principal Balance 160,143,197.99 160,143,197.99
35 Pool Factor per Loan Balance 99.1565022% 99.1565022%
36 Pool Factor per Class Balance 100.0000000% 100.0000000%
37 Excess Spread 0.00 0.00
38 Additional Principal due Class A 473,125.82 473,125.82
39 Cross Collateral Deposit 0.00 0.00
40 Cross Collateral Withdrawal 0.00 0.00
41 Interest Remittance 839,328.29 839,328.29
42 Supplemental Interest Remittance 0.00 0.00
PRINCIPAL REDUCTIONS:
--------------------
43 Prepayments - Number 16 16
44 Prepayments - Dollar 2,280,170.58 2,280,170.58
45 Net Liquidation Proceeds 0.00 0.00
46 Curtailments 189,685.10 189,685.10
47 Normal and Excess Payments 92,602.93 92,602.93
-------------- -------------- ----
48 Total Principal Remittance 2,562,458.61 2,562,458.61
49 Additional Principal Reduction 473,125.82 473,125.82
-------------- -------------- ----
50 Total Remittance 3,874,912.72 3,874,912.72 0.00
============== ============== ====
51 Carryforward Amount 0.00
52 Current Month Realized Loss - Number 0 0
53 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
-----------------------------
54 Number of Loans 1360
55 Closing Loan Balance 163,578,227.15 163,578,227.15
56 Pre-Funding Account Balance 0.00 0.00
57 Additional Principal Reduction, LTD 6,470,613.59 6,470,613.59
58 Realized Losses, LTD 0.00 0.00
59 Carryforward Amount 0.00 0.00
-------------- --------------
60 Closing Class Principal Balance 157,107,613.56 157,107,613.56
61 Pool Factor per Loan Balance 97.6271692% 97.6271692%
62 Pool Factor per Class Balance 93.7653614% 93.7653614%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
and the Insurance Agreement dated as of June 1, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-2 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
====================================================================================================================================
TOTAL CLASS A1
----- --------
<S><C> <C> <C> <C>
63 Weighted Note Rate - This Remittance: 10.24945%
64 Weighted Note Rate - Next Remittance: 10.26453%
65 Pass-Through Rate: 5.89625% 5.89625%
66 Related Remittance Period: 25-Sep-97 thru 26-Oct-97
67 Days in Related Period: 32
68 Weighted Average Remaining Term 348.25
69 Original Pool - Principal Balance 119,164,842.18 119,164,842.18
70 Original Pool - Pre-Funding Account Balance 52,861,851.87 52,861,851.87
71 Original Pool - Initial Overcollateralization 4,472,694.05 4,472,694.05
-------------- --------------
72 Original Pool - Class Principal Balance 167,554,000.00 167,554,000.00
73 Original Pool - Number of Loans 1002
CLASS A OVERCOLLATERALIZATION RECONCILIATION
-------------------------------------------- Beginning of Month Current Month End of Month
------------------ ------------- ------------
74 Initial Overcollateralization* 5,997,487.77 473,125.82 6,470,613.59
75 Cross Collateral Deposits, LTD 0.00 0.00 0.00
76 Less: Realized Losses, LTD 0.00 0.00 0.00
-------------- -------------- -------------
77 Overcollateralization of Principal 5,997,487.77 473,125.82 6,470,613.59
============== ============== =============
78 Base Overcollateralization Requirement 7,913,228.20
79 Required Overcollateralization 7,913,228.20
CURRENT MONTH SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
--------------------------------- ------------------ ------------- ------------
80 Original Subordinated Amount 17,804,763.45 N/A 17,804,763.45
81 Less: Cumulative Realized Losses 0.00 0.00 0.00
82 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ------------- -------------
83 Current Subordinated Amount 17,804,763.45 17,804,763.45
============= ============= =============
NONRECOVERABLE ADVANCE RECONCILIATION
-------------------------------------
84 Beginning of Month 0.00
85 Current Month Nonrecoverable Advance 0.00
86 Less: Current Month Reimbursment 0.00
-------------
87 End of Month 0.00
=============
*Opening Balance corrected to include initial overcollateralization amount of $4,472,694.05
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of June 1, 1997
and the Insurance Agreement dated as of June 1, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-2 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
====================================================================================================================================
CLASS A1
--------
<S><C> <C> <C>
88 Total Class Principal - Original Pool $167,554,000.00 $167,554,000.00
89 Interest Remittance Amount 839,328.29 839,328.29
90 Interest Rate Factor/1000 5.009300 5.009300
91 Total Principal Collections 2,562,458.61 2,562,458.61
92 Prefunding Account Transfer 0.00 0.00
93 Additional Principal Reduction 473,125.82 473,125.82
--------------- ---------------
94 Principal Remittance Amount 3,035,584.43 3,035,584.43
95 Principal Payment Factor/1000 18.117051 18.117051
96 Principal Factor 937.653613 937.653613
97 Prior Month Principal Factor 955.770664 955.770664
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
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