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Previous: SUPERIOR BANK FSB, 8-K, 1997-12-01 |
Next: SUPERIOR BANK FSB, 8-K, 1997-12-01 |
===============================================================================
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 25, 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 November 25, 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 November, 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: November, 1997
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of November, 1997.
<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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
<S> <C>
1 Total Actual Principal Collections 2,595,126.87
2 Total Actual Interest Collections 1,221,958.37
3 Less: Service Fees Previously Remitted 62,159.36
4 Additional Proceeds 0.00
------------
5 Total Collections: 3,754,925.88
Monthly Advances
----------------
6 Delinquent Interest 29,129.92
7 Compensating Interest 8,037.01
8 Cross Collateral Deposit 0.00
9 Reserve Withdrawal per Sec. 6.14c 0.00
------------
10 Available Remittance Amount: 3,792,092.81
Fees
----
Service Fees 39,823.84
11 Expense Account Deposit: 3,137.59
------------
12 Adjusted Remittance Amount: 3,749,131.38
Remaining Amount Available:
---------------------------
13 Adjusted Remittance Amount 3,749,131.38
14 Insured Payments 0.00
15 Supplemental Interest Due 0.00
16 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 13,596.22
17 Cross Collateral Withdrawal 0.00
18 Class Remittance Amounts 3,735,535.16
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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class A-1 Class A-2 Class A-3
----- --------- --------- ---------
<C> <C> <C> <C> <C>
27 Loans Outstanding - BOM 2379
28 Opening Loan Balance 131,246,697.32 45,834,282.59 14,631,288.11 24,419,115.33
29 Pre-Funding Account Balance 0.00 0.00 0.00 0.00
30 Initial Overcollateralization 3,147,984.01 2,379,251.42 131,685.16 219,778.00
31 Realized Losses, LTD 0.00 0.00 0.00 0.00
32 Carryforward Amount 0.00 0.00 0.00 0.00
-------------- ------------- ------------- -------------
33 Total Class Principal Balance 128,098,713.31 43,455,031.17 14,499,602.95 24,199,337.33
34 Pool Factor per Loan Balance 97.6203809% 34.0912207% 10.8826504% 18.1627682%
35 Pool Factor per Class Balance 95.2789323% 32.3215500% 10.7847039% 17.9992988%
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 453,670.86 453,670.86
40 Interest Remittance @ Pass-Through Rates 686,737.43 202,200.18 80,593.63 136,322.93
41 Supplemental Interest Remittance 0.00 0.00 0.00 0.00
Principal Reductions:
---------------------
42 Class 1A-5 Lockout Remittance 0.00
43 Prepayments - Number 47 47
44 Prepayments - Dollar 2,218,600.09 2,218,600.09 0.00 0.00
45 Net Liquidation Proceeds 0.00 0.00 0.00 0.00
46 Curtailments 190,428.73 190,428.73 0.00 0.00
47 Normal and Excess Payments 186,098.05 186,098.05 0.00 0.00
48 Pre-Funding Account Transfer 0.00 0.00 0.00 0.00
-------------- ------------- ------------- -------------
49 Total Principal Remittance 2,595,126.87 2,595,126.87 0.00 0.00
50 Additional Principal Reduction 453,670.86 453,670.86 0.00 0.00
-------------- ------------- ------------- -------------
51 Total Remittance 3,735,535.16 3,250,997.91 80,593.63 136,322.93
============== ============= ============= =============
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 2332
55 Closing Loan Balance 128,651,570.45 43,239,155.72 14,631,288.11 24,419,115.33
56 Pre-Funding Account Balance 0.00 0.00 0.00 0.00
57 Additional Principal Reduction, LTD 3,601,654.87 2,832,922.28 131,685.16 219,778.00
58 Realized losses, LTD 0.00 0.00 0.00 0.00
-------------- ------------- ------------- -------------
59 Total Class Principal Balance 125,049,915.58 40,406,233.44 14,499,602.95 24,199,337.33
60 Pool Factor per Loan Balance 95.6901437% 32.1609834% 10.8826504% 18.1627682%
61 Pool Factor per Class Balance 93.0112578% 30.0538755% 10.7847039% 17.9992989%
====================================================================================================================================
<PAGE>
<CAPTION>
====================================================================================================================================
Class A-4 Class A-5 Class R
--------- --------- ---------
<S> <C> <C> <C>
27 Loans Outstanding - BOM
28 Opening Loan Balance 13,117,706.59 33,244,304.70
29 Pre-Funding Account Balance 0.00 0.00
30 Initial Overcollateralization 118,062.57 299,206.86
31 Realized Losses, LTD 0.00 0.00
32 Carryforward Amount 0.00 0.00
------------- -------------
33 Total Class Principal Balance 12,999,644.02 32,945,097.84
34 Pool Factor per Loan Balance 9.7568590% 24.7268827%
35 Pool Factor per Class Balance 9.6690448% 24.5043347%
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 76,264.58 191,356.11
41 Supplemental Interest Remittance 0.00 0.00
Principal Reductions:
---------------------
42 Class 1A-5 Lockout Remittance 0.00
43 Prepayments - Number
44 Prepayments - Dollar 0.00 0.00
45 Net Liquidation Proceeds 0.00 0.00
46 Curtailments 0.00 0.00
47 Normal and Excess Payments 0.00 0.00
48 Pre-Funding Account Transfer 0.00 0.00
------------- ------------- ----
49 Total Principal Remittance 0.00 0.00
50 Additional Principal Reduction 0.00 0.00
------------- ------------- ----
51 Total Remittance 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 13,117,706.59 33,244,304.70
56 Pre-Funding Account Balance 0.00 0.00
57 Additional Principal Reduction, LTD 118,062.57 299,206.86
58 Realized losses, LTD 0.00 0.00
------------- -------------
59 Total Class Principal Balance 12,999,644.02 32,945,097.84
60 Pool Factor per Loan Balance 9.7568590% 24.7268827%
61 Pool Factor per Class Balance 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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class-A-1 Class A-2
----- --------- ---------
<S> <C> <C> <C>
62 Weighted Note Rate - THIS Remittance 11.53447%
63 Weighted Note Rate - NEXT Remittance 11.52071%
64 Related Remittance Period for Libor Rate 27-Oct-97 thru 24-Nov-97
65 Days in Related Period 29
66 Pass-Through Rates 5.77625% 6.67%
67 Weighted Average Remaining Term 212.47
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
- ------------------------------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation
--------------------------------------------
Beg. of Month Current Month End of Month
------------- ------------- ------------
73 Additional Principal Reduction, LTD* 3,147,984.01 453,670.86 3,601,654.87
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 3,147,984.01 453,670.86 3,601,654.87
============== ============= =============
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
====================================================================================================================================
<PAGE>
<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
- ------------------------------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation
--------------------------------------------
73 Additional Principal Reduction, LTD*
74 Cross Collateral Deposits
75 Less: Realized Losses, LTD
76 Overcollateralization of Principal
77 Base Overcollateralization Required
78 Required Overcollateralization Amount
Current Month Subordinated Amount
--------------------------------
79 Original Subordinated Amount
80 Less: Cumulative Realized Losses
81 Plus: Cumulative Additional Proceeds
82 Current Subordinated Amount
Nonrecoverable Advance Reconciliation
-------------------------------------
83 Beginning of Month
84 Current Month Unpaid Nonrecoverable Advance
85 Less: Current Month Reimbursement
86 End of Month
====================================================================================================================================
</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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Class Class Class
Total A1 A2 A3
----- ----- ----- -----
<S> <C> <C> <C> <C>
87 Total Class Principal - Original Pool $134,446,000.00 $49,800,000.00 $14,500,000.00 $24,200,000.00
88 Interest Remittance Amount 686,737.43 202,200.18 80,593.63 136,322.93
89 Interest Rate Factor/1000 5.107905 4.060245 5.558181 5.633179
90 Total Principal Collections 2,595,126.87 2,595,126.87 0.00 0.00
91 Prefunding Account Excess 0.00 0.00 0.00 0.00
92 Additional Principal Reduction 453,670.86 453,670.86 0.00 0.00
--------------- -------------- -------------- --------------
93 Principal Remittance Amount 3,048,797.73 3,048,797.73 0.00 0.00
94 Principal Payment Factor/1000 22.676746 61.220838 0.000000 0.000000
95 Current Month Ending Principal Factor 930.112578 811.370149 999.972617 999.972617
96 Prior Month Principal Factor 952.789324 872.590987 999.972617 999.972617
===================================================================================================================================
<CAPTION>
Class Class
A4 A5
----- -----
<C> <C> <C>
87 Total Class Principal - Original Pool $13,000,000.00 $32,946,000.00
88 Interest Remittance Amount 76,264.58 191,356.11
89 Interest Rate Factor/1000 5.866506 5.808174
90 Total Principal Collections 0.00 0.00
91 Prefunding Account Excess 0.00 0.00
92 Additional Principal Reduction 0.00 0.00
--------------- --------------
93 Principal Remittance Amount 0.00 0.00
94 Principal Payment Factor/1000 0.000000 0.000000
95 Current Month Ending Principal Factor 999.972617 999.972617
96 Prior Month Principal Factor 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
SERVICER'S CERTIFICATE
1997-2 Sub-Pool 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
<S> <C>
1 Total Actual Principal Collections 3,021,749.44
2 Total Actual Interest Collections 1,284,322.77
3 Less: Service Fees Previously Remitted 78,837.08
4 Additional Proceeds 0.00
------------
5 Total Collections: 4,227,235.13
Monthly Advance
---------------
6 Delinquent Interest 103,446.62
7 Compensating Interest 10,097.91
8 Amounts Held for Future Distributions 0.00
9 Reserve Withdrawal Per Sec. 6.08 VII 0.00
------------
10 Available Remittance Amount: 4,340,779.66
Less: Service Fees 49,811.95
11 Less: Expense Account Deposit 3,852.15
12 Cross Collateral Deposit 0.00
------------
13 Adjusted Remittance Amount: 4,287,115.56
Remaining Amount Available:
---------------------------
14 Adjusted Remittance Amount 4,287,115.56
15 Insured Payments 0.00
16 Supplemental Interest Due 0.00
17 Insurance Account Deposit @ 13bp
the Ending Class Principal Balance 16,692.64
18 Class Remittance Amounts 4,270,422.92
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>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-2 Sub-Pool 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class 2-A Class R
----- --------- -------
<S> <C> <C> <C>
28 Number of Loans 1360
29 Original Principal Balance 163,578,227.15 163,578,227.15*
30 Original Pre-Funding Account Balance 0.00 0.00*
31 Initial Overcollateralization 6,470,613.59 6,470,613.59
32 Realized Losses, LTD 0.00 0.00
33 Carryforward Amount 0.00 0.00
-------------- --------------
34 Opening Class Principal Balance 157,107,613.56 157,107,613.56
35 Pool Factor per Loan Balance 97.6271692% 97.6271692%
36 Pool Factor per Class Balance 100.0000000% 100.0000000%
37 Excess Spread (0.00) (0.00)
38 Additional Principal due Class A 502,450.50 502,450.50
39 Cross Collateral Deposit 0.00 0.00
40 Cross Collateral Withdrawal 0.00 0.00
41 Interest Remittance 746,222.98 746,222.98
42 Supplemental Interest Remittance 0.00 0.00
Principal Reductions:
---------------------
43 Prepayments - Number 26 26
44 Prepayments - Dollar 2,871,762.38 2,871,762.38
45 Net Liquidation Proceeds 0.00 0.00
46 Curtailments 57,855.92 57,855.92
47 Normal and Excess Payments 92,131.14 92,131.14
-------------- -------------- -----
48 Total Principal Remittance 3,021,749.44 3,021,749.44
49 Additional Principal Reduction 502,450.50 502,450.50
-------------- -------------- -----
50 Total Remittance 4,270,422.92 4,270,422.92 (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 # 1334
55 Closing Loan Balance 160,556,477.71 160,556,477.71
56 Pre-Funding Account Balance 0.00 0.00
57 Additional Principal Reduction, LTD 6,973,064.09 6,973,064.09
58 Realized Losses, LTD 0.00 0.00
59 Carryforward Amount 0.00 0.0
-------------- --------------
60 Closing Class Principal Balance 153,583,413.62 153,583,413.62
61 Pool Factor per Loan Balance 95.8237211% 95.8237211%
62 Pool Factor per Class Balance 91.6620395% 91.6620395%
====================================================================================================================================
</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 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class A1
----- --------
<S> <C> <C> <C>
63 Weighted Note Rate - This Remittance: 10.26453%
64 Weighted Note Rate - Next Remittance: 10.31404%
65 Pass-Through Rate: 5.89625% 5.89625%
66 Related Remittance Period: 27-Oct-97 thru 24-Nov-97
67 Days in Related Period: 29
68 Weighted Average Remaining Term 347.30
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* 6,470,613.59 502,450.50 6,973,064.09
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 6,470,613.59 502,450.50 6,973,064.09
============= ============== =============
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
=============
====================================================================================================================================
</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 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Class
A1
--------------- ---------------
<S> <C> <C>
88 Total Class Principal - Original Pool $167,554,000.00 $167,554,000.00
89 Interest Remittance Amount 746,222.98 746,222.98
90 Interest Rate Factor/1000 4.453627 4.453627
91 Total Principal Collections 3,021,749.44 3,021,749.44
92 Prefunding Account Transfer 0.00 0.00
93 Additional Principal Reduction 502,450.50 502,450.50
-------------- ---------------
94 Principal Remittance Amount 3,524,199.94 3,524,199.94
95 Principal Payment Factor/1000 21.033219 21.033219
96 Principal Factor 916.620394 916.620394
97 Prior Month Principal Factor 937.653613 937.653613
* Ending balances 8/1/97 were incorrect. 9/1/97 Opening balances are correct.
====================================================================================================================================
</TABLE>
Page 4 of 4
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