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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 September 1, 1997, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1997-3)
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 1997-3, issued pursuant to a Pooling and Servicing
Agreement, dated as of September 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.
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-3 Sub-Pool 1
<TABLE>
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-3 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
================================================================================
<S> <C>
1 Total Actual Principal Collections 397,590.80
2 Total Actual Interest Collections 192,783.19
3 Less Service Fees Service Fees Previously Remitted 3,702.78
4 Additional Proceeds 0.00
-------------
5 Total Collections: 586,671.21
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 435,998.36
-------------
8 Aggregate Amount Received: 1,022,669.57
Monthly Advances
9 Interest Advance 509,864.27
10 Compensating Interest 1,238.84
11 Amounts Held for Future Distributions 0.00
12 Cross Collateral Deposit 0.00
13 Reserve Withdrawal per Sec. 6.14c 0.00
-------------
14 Available Remittance Amount: 1,533,772.68
15 Service Fees 6,843.93
16 Expense Account Deposit: 3,003.26
-------------
17 Adjusted Remittance Amount: 1,523,925.49
Remaining Amount Available:
18 Adjusted Remittance Amount 1,523,925.49
19 Insured Payments 0.00
20 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 13,014.11
21 Cross Collateral Withdrawal 0.00
22 Class Remittance Amounts 1,510,911.38
23 Non-Recoverable Advances not
Previously Reimbursed 0.00
-------------
Total Remaining Amount Available: 0.00
=============
Amount of Reimbursements Pursuant to Sec. 5.04
24 Servicing Fee 0.00
25 Monthly Advances and Servicer Advances 0.00
26 Other Mortgage Payments 0.00
27 Interest Earned on P&I Deposits 0.00
28 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
SERVICER'S CERTIFICATE
1997-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-3 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
====================================================================================================================================
<CAPTION>
TOTAL CLASS A-1 CLASS A-2
----- --------- ---------
<S> <C> <C> <C>
29 Loans Outstanding - BOM 1306
30 Original Loan Balance 75,270,504.81 21,857,749.18 19,047,467.15
31 Pre-Funding Account Balance 46,413,348.80 13,477,939.86 11,745,061.88
32 Initial Overcollateralization 1,155,996.61 335,689.04 292,529.03
33 Realized Losses, LTD 0.00 0.00 0.00
34 Carryforward Amount 0.00 0.00 0.00
35 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
--------------- ------------- -------------
36 Total Class Principal Balance 120,527,857.00 35,000,000.00 30,500,000.00
37 Pool Factor per Loan Balance 62.4507120% 18.1350185% 15.8033733%
38 Pool Factor per Class Balance 100.0000000% 100.0000000% 100.0000000%
39 Excess Spread 0.00
40 Cross Collateral Withdrawal 0.00
41 Cross Collateral Deposit 0.00 0.00
42 Additional Principal due Class A 448,859.24 448,859.24
43 Interest Remittance @ Pass-Through Rates 664,461.34 178,772.22 168,258.33
PRINCIPAL ADDITIONS:
44 Number of loans 291
45 Transfers from Pre-Funding Account 16,722,285.65 4,855,972.82 4,231,633.46
PRINCIPAL REDUCTIONS:
46 Class 1A-5 Lockout Remittance 0.00
47 Prepayments - Number 6 6
48 Prepayments - Dollar 313,566.57 313,566.57 0.00
49 Delinquent Loans Repurchased - Number 0 0.00
50 Delinquent Loans Repurchased - Dollar 0.00 0.00 0.00
51 Net Liquidation Proceeds 0.00 0.00 0.00
52 Curtailments 638.86 638.86 0.00
53 Normal and Excess Payments 83,385.37 83,385.37 0.00
54 Pre-Funding Account Transfer 0.00 0.00 0.00
--------------- ------------- -------------
55 Total Principal Remittance 397,590.80 397,590.80 0.00
56 Additional Principal Reduction 448,859.24 448,859.24 0.00
--------------- ------------- -------------
57 Total Remittance 1,510,911.38 1,025,222.26 168,258.33
=============== ============= =============
58 Current Month Realized Loss - Number 0
59 Current Month Realized Loss - Dollar 0.00
CLASS PRINCIPAL BALANCE - EOM
60 Loans Outstanding - EOM 1591
61 Closing Loan Balance 91,595,199.66 26,316,131.20 23,279,100.61
62 Pre-Funding Account Balance 29,691,063.15 8,621,967.04 7,513,428.42
63 Additional Principal Reduction, LTD 1,604,855.85 784,548.28 292,529.03
64 Realized losses, LTD 0.00 0.00 0.00
65 Aggregate Unpaid Principal Balance of Delinquent
66 Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
--------------- ------------- -------------
67 Total Class Principal Balance 119,681,406.96 34,153,549.96 30,500,000.00
68 Pool Factor per Loan Balance 75.9950455% 21.8340655% 19.3142906%
69 Pool Factor per Class Balance 99.2977142% 97.5815713% 100.0000000%
<CAPTION>
CLASS A-3 CLASS A4 CLASS A-5 CLASS R
--------- -------- --------- -------
<S> <C> <C> <C> <C>
29 Loans Outstanding - BOM
30 Original Loan Balance 7,494,085.44 13,756,553.52 13,114,649.52
31 Pre-Funding Account Balance 4,621,007.95 8,482,575.20 8,086,763.91
32 Initial Overcollateralization 115,093.39 211,271.72 201,413.43
33 Realized Losses, LTD 0.00 0.00 0.00
34 Carryforward Amount 0.00 0.00 0.00
35 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
--------------- ------------- ------------- ---------
36 Total Class Principal Balance 12,000,000.00 22,027,857.00 21,000,000.00
37 Pool Factor per Loan Balance 6.2177206% 11.4135884% 10.8810111%
38 Pool Factor per Class Balance 100.0000000% 100.0000000% 100.0000000%
39 Excess Spread 0.00
40 Cross Collateral Withdrawal 0.00
41 Cross Collateral Deposit
42 Additional Principal due Class A
43 Interest Remittance @ Pass-Through Rates 66,900.00 129,780.79 120,750.00
PRINCIPAL ADDITIONS:
44 Number of loans
45 Transfers from Pre-Funding Account 1,664,904.97 3,056,190.71 2,913,583.69
PRINCIPAL REDUCTIONS:
46 Class 1A-5 Lockout Remittance
47 Prepayments - Number
48 Prepayments - Dollar 0.00 0.00 0.00
49 Delinquent Loans Repurchased - Number
50 Delinquent Loans Repurchased - Dollar 0.00 0.00 0.00
51 Net Liquidation Proceeds 0.00 0.00 0.00
52 Curtailments 0.00 0.00 0.00
53 Normal and Excess Payments 0.00 0.00 0.00
54 Pre-Funding Account Transfer 0.00 0.00 0.00
--------------- ------------- ------------- ---------
55 Total Principal Remittance 0.00 0.00 0.00
56 Additional Principal Reduction 0.00 0.00 0.00
--------------- ------------- ------------- ---------
57 Total Remittance 66,900.00 129,780.79 120,750.00 0.00
=============== ============= ============= =========
58 Current Month Realized Loss - Number 0
59 Current Month Realized Loss - Dollar 0.00
CLASS PRINCIPAL BALANCE - EOM
60 Loans Outstanding - EOM
61 Closing Loan Balance 9,158,990.41 16,812,744.23 16,028,233.21
62 Pre-Funding Account Balance 2,956,102.98 5,426,384.49 5,173,180.22
63 Additional Principal Reduction, LTD 115,093.39 211,271.72 201,413.43
64 Realized losses, LTD 0.00 0.00 0.00
65 Aggregate Unpaid Principal Balance of Delinquent
66 Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
--------------- ------------- ------------- ---------
67 Total Class Principal Balance 12,000,000.00 22,027,857.00 21,000,000.00
68 Pool Factor per Loan Balance 7.5990652% 13.9492601% 13.2983641%
69 Pool Factor per Class Balance 100.0000000% 100.0000000% 100.0000000%
====================================================================================================================================
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-3 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
====================================================================================================================================
<CAPTION>
TOTAL CLASS A-1 CLASS A-2
----- --------- ---------
<S> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 11.55794 %
71 Weighted Note Rate - NEXT Remittance 11.55794 %
72 Related Remittance Period for Libor Rate 25-Sep-97 thru 26-Oct-97
73 Days in Related Period 32
74 Pass-Through Rates 5.74625% 6.62%
75 Weighted Average Remaining Term 222.70
76 Original Pool - Principal Balance 75,270,504.81 21,857,749.18 19,047,467.15
77 Original Pool - Pre-Funding Account 46,413,348.80 13,477,939.86 11,745,061.88
78 Original Pool - Additional Principal Reduction 1,155,996.61 335,689.04 292,529.03
-------------- ------------- -------------
79 Original Pool Total 120,527,857.00 35,000,000.00 30,500,000.00
80 Original Pool - Number of Loans 1306
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A-3 CLASS A4 CLASS A-5
--------- -------- ---------
<S> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance
71 Weighted Note Rate - NEXT Remittance
72 Related Remittance Period for Libor Rate
73 Days in Related Period
74 Pass-Through Rates 6.69% 7.07% 6.90%
75 Weighted Average Remaining Term
76 Original Pool - Principal Balance 7,494,085.44 13,756,553.52 13,114,649.52
77 Original Pool - Pre-Funding Account 4,621,007.95 8,482,575.20 8,086,763.91
78 Original Pool - Additional Principal Reduction 115,093.39 211,271.72 201,413.43
------------- ------------- -------------
79 Original Pool Total 12,000,000.00 22,027,857.00 21,000,000.00
80 Original Pool - Number of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg. of Month Current Month End of Month
------------- ------------- ------------
<S> <C> <C> <C>
81 Additional Principal Reduction, LTD 1,155,996.61 448,859.24 1,604,855.85
82 Cross Collateral Deposits 0.00 0.00 0.00
83 Less: Realized Losses, LTD 0.00 0.00 0.00
------------ ---------- ------------
84 Overcollateralization of Principal 1,155,996.61 448,859.24 1,604,855.85
============ ========== ============
85 Base Overcollateralization Required 7,726,924.72
86 Required Overcollateralization Amount 7,726,924.72
CURRENT MONTH SUBORDINATED AMOUNT Beg. of Month Current Month End of Month
------------- ------------- ------------
87 Original Subordinated Amount 16,865,382.14 N/A 16,865,382.14
88 Less: Cumulative Realized Losses 0.00 0.00 0.00
89 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ------------- -------------
90 Current Subordinated Amount 16,865,382.14 16,865,382.14
============= ============= =============
NONRECOVERABLE ADVANCE RECONCILIATION
91 Beginning of Month 0.00
92 Current Month Unpaid Nonrecoverable Advance 0.00
93 Less: Current Month Reimbursement 0.00
-------
94 End of Month 0.00
====================================================================================================================================
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-3 Sub-Pool 1 for October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
=====================================================================================================
<CAPTION>
CLASS CLASS
TOTAL A1 A2
----- ----- -----
<S> <C> <C> <C>
95 Total Class Principal - Original Pool $120,527,857.00 $35,000,000.00 $30,500,000.00
96 Interest Remittance Amount 664,461.34 178,772.22 168,258.33
97 Interest Rate Factor/1000 5.512928 5.107778 5.516667
98 Total Principal Collections 397,590.80 397,590.80 0.00
99 Prefunding Account Transfer 0.00 0.00 0.00
100 Additional Principal Reduction 448,859.24 448,859.24 0.00
-------------- ------------- ------------
101 Principal Remittance Amount 846,450.04 846,450.04 0.00
102 Principal Payment Factor/1000 7.022858 24.184287 0.000000
103 Principal Factor 992.977142 975.815713 1,000.000000
<CAPTION>
CLASS CLASS CLASS
A3 A4 A5
----- ----- -----
<S> <C> <C> <C>
95 Total Class Principal - Original Pool $120,000,000.00 $22,027,857.00 $21,000,000.00
96 Interest Remittance Amount 66,900.00 129,780.79 120,750.00
97 Interest Rate Factor/1000 5.575000 5.891667 5.750000
98 Total Principal Collections 0.00 0.00 0.00
99 Prefunding Account Transfer 0.00 0.00 0.00
100 Additional Principal Reduction 0.00 0.00 0.00
-------------- ------------- ------------
101 Principal Remittance Amount 0.00 0.00 0.00
102 Principal Payment Factor/1000 0.000000 0.000000 0.000000
103 Principal Factor 1,000.000000 1,000.000000 1,000.000000
=====================================================================================================
</TABLE>
Page 4 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
and the Insurance Agreement dated as of September 25, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-3 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
<CAPTION>
================================================================================================
<S> <C>
1 Total Actual Principal Collections 1,200,609.66
2 Total Actual Interest Collections 215,640.91
3 Less: Service Fees Previously Remitted 5,778.61
4 Additional Proceeds 0.00
------------
5 Total Collections: 1,410,471.96
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 568,488.13
------------
8 Aggregate Amount Received: 1,978,960.09
Monthly Advance
9 Interest Advance 711,398.38
10 Compensating Interest 4,406.04
11 Amounts Held for Future Distributions 0.00
12 Reserve Withdrawal Per Sec. 6.08 VII 0.00
------------
13 Available Remittance Amount: 2,694,764.51
14 Less: Service Fees 6,018.59
15 Less: Expense Account Deposit 4,456.79
16 Cross Collateral Deposit 0.00
------------
17 Adjusted Remittance Amount: 2,684,289.13
Remaining Amount Available:
18 Adjusted Remittance Amount 2,684,289.13
19 Insured Payments 0.00
20 Insurance Account Deposit @ 13bp
the Ending Class Principal Balance 19,312.75
21 Class Remittance Amounts 1,664,976.38
22 Cross Collateral Withdrawal 0.00
23 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
24 Total Remaining Amount Available: 0.00
============
Amount of Reimbursements Pursuant to Sec. 5.04
25 Servicing Fee 0.00
26 Monthly Advances and Servicer Advances 0.00
27 Other Mortgage Payments 0.00
28 Interest Earned on P&I Deposits 0.00
29 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
1997-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
and the Insurance Agreement dated as of September 25, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-3 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>
30 Number of Loans 982
31 Original Principal Balance 115,690,188.57 115,690,188.57
32 Original Pre-Funding Account Balance 69,619,200.17 69,619,200.17
33 Initial Overcollateralization 5,837,245.74 5,837,245.74
34 Realized Losses, LTD 0.00 0.00
35 Carryforward Amount 0.00 0.00
36 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- -------------- ----
37 Opening Class Principal Balance 179,472,143.00 179,472,143.00
38 Pool Factor per Loan Balance 64.4613624% 64.4613624%
39 Pool Factor per Class Balance 100.0000000% 100.0000000%
40 Excess Spread 0.00 0.00
41 Additional Principal due Class A 530,114.51 530,114.51
42 Cross Collateral Deposit 0.00 0.00
43 Cross Collateral Withdrawal 0.00 0.00
44 Interest Remittance 934,252.21 934,252.21
45 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
PRINCIPAL ADDITIONS:
46 Number of Loans 204
47 Transfers from Pre-Funding Account 23,051,842.54 23,051,842.54
PRINCIPAL REDUCTIONS:
48 Prepayments - Number 8 8
49 Prepayments - Dollar 1,133,384.60 1,133,384.60
50 Delinquent Loans Repurchased - Number 0 0
51 Delinquent Loans Repurchased - Number 0.00 0.00
52 Net Liquidation Proceeds 0.00 0.00
53 Curtailments 7,386.02 7,386.02
54 Normal and Excess Payments 59,839.04 59,839.04
55 Pre-Funding Account Transfer 0.00 0.00
-------------- -------------- ----
56 Total Principal Remittance 1,200,609.66 1,200,609.66
57 Additional Principal Reduction 530,114.51 530,114.51
-------------- -------------- ----
58 Total Remittance 2,664,976.38 2,664,976.38 0.00
============== ============== ====
59 Carryforward Amount 0.00
60 Current Month Realized Loss - Number 0 0
61 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
62 Number of Loans # 1178
63 Closing Loan Balance 137,541,421.45 137,541,421.45
64 Pre-Funding Account Balance 46,567,357.63 46,567,357.63
65 Additional Principal Reduction, LTD 6,367,360.25 6,367,360.25
66 Realized Losses, LTD 0.00 0.00
67 Carryforward Amount 0.00 0.00
68 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- --------------
69 Closing Class Principal Balance 177,741,418.83 177,741,418.83
70 Pool Factor per Loan Balance 76.6366407% 76.6366407%
71 Pool Factor per Class Balance 99.0356586% 99.0356586%
=========================================================================================================================
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
and the Insurance Agreement dated as of September 25, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-3 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
<CAPTION>
=============================================================================================================================
TOTAL CLASS A1
----- --------
<S> <C> <C> <C>
72 Weighted Note Rate - This Remittance: 10.02611%
73 Weighted Note Rate - Next Remittance: 10.02611%
74 Available Cap Carry Forward Amount - This Remittance: 0.00
(see schedule C)
75 Pass-Through Rate: 5.85625% 5.85625%
76 Related Remittance Period: 25-Sep-97 thru 26-Oct-97
77 Days in Related Period: 32
78 Weighted Average Remaining Term 350.68
79 Original Pool - Principal Balance 115,690,188.57 115,690,188.57
80 Original Pool - Pre-Funding Account Balance 69,619,200.17 69,619,200.17
81 Original Pool - Initial Overcollateralization 5,837,245.74 5,837,245.74
-------------- --------------
82 Original Pool - Class Principal Balance 179,472,143.00 179,472,143.00
83 Original Pool - Number of Loans 455
- ------------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
--------------------------------------------
Beginning of Month Current Month End of Month
------------------ ------------- ------------
84 Initial Overcollateralization 5,837,245.74 530,114.51 6,367,360.25
85 Cross Collateral Deposits, LTD 0.00 0.00 0.00
86 Less: Realized Losses, LTD 0.00 0.00 0.00
-------------- -------------- --------------
87 Overcollateralization of Principal 5,837,245.74 530,114.51 6,367,360.25
============== ============== ==============
88 Base Overcollateralization Requirement 9,821,397.59
89 Required Overcollateralization 9,821,397.59
CURRENT MONTH SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
--------------------------------- ------------------ ------------- ------------
90 Original Subordinated Amount 19,198,052.65 N/A 19,198,052.65
91 Less: Cumulative Realized Losses 0.00 0.00 0.00
92 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-------------- -------------- --------------
93 Current Subordinated Amount 19,198,052.65 19,198,052.65
============== ============== ==============
NONRECOVERABLE ADVANCE RECONCILIATION
-------------------------------------
94 Beginning of Month 0.00
95 Current Month Nonrecoverable Advance 0.00
96 Less: Current Month Reimbursment 0.00
--------------
97 End of Month 0.00
==============
==============================================================================================================================
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1997-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of September 1, 1997
and the Insurance Agreement dated as of September 25, 1997, Lee Servicing Company reports the following
information pertaining to series 1997-3 Sub Pool 2 for October 27, 1997, the Remittance date.
Period Ended: October 1, 1997
<CAPTION>
=====================================================================================================================
CLASS
A1
------------------------------------
<S> <C> <C>
98 Total Class Principal - Original Pool $179,472,143.00 $179,472,143.00
99 Interest Remittance Amount 934,252.21 934,252.21
100 Interest Rate Factor/1000 5.205556 5.205556
101 Total Principal Collections 1,200,609.66 1,200,609.66
102 Prefunding Account Transfer 0.00 0.00
103 Additional Principal Reduction 530,114.51 530,114.51
--------------- ---------------
104 Principal Remittance Amount 1,730,724.17 1,730,724.17
105 Principal Payment Factor/1000 9.643414 9.643414
106 Principal Factor 990.356586 990.356586
=====================================================================================================================
Page 4 of 4
</TABLE>
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