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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 25, 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 November 25, 1997 (a "Remittance Date") a scheduled remittance was made
to the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1997-3, 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 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>
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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
<S> <C>
1 Total Actual Principal Collections 983,835.65
2 Total Actual Interest Collections 689,383.04
3 Less Service Fees Service Fees Previously Remitted 5,349.66
4 Additional Proceeds 0.00
------------
5 Total Collections: 1,667,869.03
6 Pre-Funding Account Transfer 301.56
7 Interest Coverage Account Transfer 152,408.56
------------
8 Aggregate Amount Received: 1,820,579.15
Monthly Advances
----------------
9 Interest Advance 300,517.99
10 Compensating Interest 4,503.01
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: 2,125,600.15
15 Service Fees 66,806.31
16 Expense Account Deposit: 2,967.43
------------
17 Adjusted Remittance Amount: 2,055,826.41
Remaining Amount Available:
---------------------------
18 Adjusted Remittance Amount 2,055,826.41
19 Insured Payments 0.00
20 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 12,858.87
21 Cross Collateral Withdrawal 0.00
22 Class Remittance Amounts 2,042,967.54
23 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
Total Remaining Amount Available: 0.00
============
Amount of Reimbursements Pursuant to Sec. 5.0
---------------------------------------------
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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class A-1 Class A-2
----- --------- ---------
<S> <C> <C> <C>
29 Loans Outstanding - BOM 1591
30 Original Loan Balance 91,595,199.66 26,316,131.20 23,279,100.61
31 Pre-Funding Account Balance 29,691,063.15 8,621,967.04 7,513,428.42
32 Initial Overcollateralization 1,604,855.85 784,548.28 292,529.03
33 Realized Losses, LTD 0.00 0.00 0.00
34 Carryforward Amount
35 Aggregate Unpaid Principal Balance of Delinquent 0.00 0.00 0.00
Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
-------------- ------------- -------------
36 Total Class Principal Balance 119,681,406.96 34,153,549.96 30,500,000.00
37 Pool Factor per Loan Balance 75.9950454% 21.8340655% 19.3142906%
38 Pool Factor per Class Balance 99.2977142% 97.5815713% 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 415,047.04 415,047.04
43 Interest Remittance @ Pass-Through Rates 643,783.29 158,094.17 168,258.33
Principal Additions:
--------------------
44 Number of loans 529
45 Transfers from Pre-Funding Account 29,690,761.59 8,621,880.98 7,513,351.57
Principal Reductions:
---------------------
46 Class 1A-5 Lockout Remittance 0.00
47 Prepayments - Number 12 12
48 Prepayments - Dollar 764,840.06 764,840.06 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 967.00 967.00 0.00
53 Normal and Excess Payments 218,028.59 218,028.59 0.00
-------------- ------------- -------------
54 Principal Remittance 983,835.65
55 Pre-Funding Account Transfer 301.56 86.06 76.85
-------------- ------------- -------------
56 Total Principal Remittance 984,137.21 983,921.71 76.85
57 Additional Principal Reduction 415,047.04 415,047.04 0.00
-------------- ------------- -------------
58 Total Remittance 2,042,967.54 1,557,062.92 168,335.18
============== ============= =============
59 Current Month Realized Loss - Number 0
60 Current Month Realized Loss - Dollar 0.00
Class Principal Balance - EOM
-----------------------------
61 Loans Outstanding - EOM 2108
62 Closing Loan Balance 120,302,125.60 33,954,176.53 30,792,452.18
63 Pre-Funding Account Balance 0.00 0.00 0.00
64 Additional Principal Reduction, LTD 2,019,902.88 1,199,595.31 292,529.03
65 Realized losses, LTD 0.00 0.00 0.00
66 Aggregate Unpaid Principal Balance of Delinquent
67 Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
-------------- ------------- -------------
68 Total Class Principal Balance 118,282,222.72 32,754,581.22 30,499,923.15
69 Pool Factor per Loan Balance 99.8127144% 28.1712273% 25.5479961%
70 Pool Factor per Class Balance 98.1368338% 93.5845178% 99.9997480%
====================================================================================================================================
<CAPTION>
Page 1 of 4
<PAGE>
====================================================================================================================================
Class A-3 Class A-4 Class A-5 Class R
--------- --------- --------- -------
<S> <C> <C> <C> <C>
29 Loans Outstanding - BOM
30 Original Loan Balance 9,158,990.41 16,812,744.23 16,028,233.21
31 Pre-Funding Account Balance 2,956,102.98 5,426,384.49 5,173,180.22
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
35 Aggregate Unpaid Principal Balance of Delinquent 0.00 0.00 0.00
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 7.5990652% 13.9492601% 13.2983641%
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 2,956,072.74 5,426,328.99 5,173,127.31
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 Principal Remittance
55 Pre-Funding Account Transfer 30.24 55.50 52.91
------------- ------------- ------------- ----
56 Total Principal Remittance 30.24 55.50 52.91
57 Additional Principal Reduction 0.00 0.00 0.00
------------- ------------- ------------- ----
58 Total Remittance 66,930.24 129,836.29 120,802.91 0.00
== ============= ============= ============= ====
59 Current Month Realized Loss - Number 0
60 Current Month Realized Loss - Dollar 0.00
Class Principal Balance - EOM
-----------------------------
61 Loans Outstanding - EOM
62 Closing Loan Balance 12,115,063.15 22,239,073.22 21,201,360.52
63 Pre-Funding Account Balance 0.00 0.00 0.00
64 Additional Principal Reduction, LTD 115,093.39 211,271.72 201,413.43
65 Realized losses, LTD 0.00 0.00 0.00
66 Aggregate Unpaid Principal Balance of Delinquent
67 Loans Repurchased per Sec. 5.11 0.00 0.00 0.00
------------- ------------- ------------- ----
68 Total Class Principal Balance 11,999,969.76 22,027,801.50 20,999,947.09
69 Pool Factor per Loan Balance 10.0516706% 18.4513969% 17.5904235%
70 Pool Factor per Class Balance 99.9997480% 99.9997480% 99.9997480%
====================================================================================================================================
</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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class A-1 Class A-2
----- --------- ---------
<S> <C> <C> <C>
71 Weighted Note Rate - THIS Remittance 11.55794%
72 Weighted Note Rate - NEXT Remittance 11.50694%
73 Related Remittance Period for Libor Rate 27-Oct-97 thru 24-Nov-97
74 Days in Related Period 29
75 Pass-Through Rates 5.74625% 6.62%
76 Weighted Average Remaining Term 223.31
77 Original Pool - Principal Balance 75,270,504.81 21,857,749.18 19,047,467.15
78 Original Pool - Pre-Funding Account 46,413,348.80 13,477,939.86 11,745,061.88
79 Original Pool - Additional Principal Reduction 1,155,996.61 335,689.04 292,529.03
-------------- ------------- -------------
80 Original Pool Total 120,527,857.00 35,000,000.00 30,500,000.00
81 Original Pool - Number of Loans 1306
- ------------------------------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation
--------------------------------------------
Beg. of Month Current Month End of Month
------------- ------------- ------------
82 Additional Principal Reduction, LTD 1,604,855.85 415,047.04 2,019,902.88
83 Cross Collateral Deposits 0.00 0.00 0.00
84 Less: Realized Losses, LTD 0.00 0.00 0.00
------------- ---------- -------------
85 Overcollateralization of Principal 1,604,855.85 415,047.04 2,019,902.88
============= ========== =============
86 Base Overcollateralization Required 8,207,853.68*
87 Required Overcollateralization Amount 8,207,853.68*
Current Month Subordinated Amount Beg. of Month Current Month End of Month
--------------------------------- ------------- ------------- ------------
88 Original Subordinated Amount 16,865,382.14 N/A 16,889,677.00*
89 Less: Cumulative Realized Losses 0.00 0.00 0.00
90 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ---------- -------------
91 Current Subordinated Amount 16,865,382.14 16,889,677.00
============= =============
* As per Insurance Supplement dated 11/25/97
Nonrecoverable Advance Reconciliation
-------------------------------------
92 Beginning of Month 0.00
93 Current Month Unpaid Nonrecoverable Advance 0.00
94 Less: Current Month Reimbursement 0.00
----------
95 End of Month 0.00
====================================================================================================================================
<PAGE>
====================================================================================================================================
<CAPTION>
Class A-3 Class A-4 Class A-5
--------- --------- ---------
71 Weighted Note Rate - THIS Remittance
72 Weighted Note Rate - NEXT Remittance
73 Related Remittance Period for Libor Rate
74 Days in Related Period
75 Pass-Through Rates 6.69% 7.07% 6.90%
76 Weighted Average Remaining Term
77 Original Pool - Principal Balance 7,494,085.44 13,756,553.52 13,114,649.52
78 Original Pool - Pre-Funding Account 4,621,007.95 8,482,575.20 8,086,763.91
79 Original Pool - Additional Principal Reduction 115,093.39 211,271.72 201,413.43
------------- ------------- -------------
80 Original Pool Total 12,000,000.00 22,027,857.00 21,000,000.00
81 Original Pool - Number of Loans
- ------------------------------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation
--------------------------------------------
82 Additional Principal Reduction, LTD
83 Cross Collateral Deposits
84 Less: Realized Losses, LTD
85 Overcollateralization of Principal
86 Base Overcollateralization Required
87 Required Overcollateralization Amount
Current Month Subordinated Amount
---------------------------------
88 Original Subordinated Amount
89 Less: Cumulative Realized Losses
90 Plus: Cumulative Additional Proceeds
91 Current Subordinated Amount
* As per Insurance Supplement dated 11/25/97
Nonrecoverable Advance Reconciliation
-------------------------------------
92 Beginning of Month
93 Current Month Unpaid Nonrecoverable Advance
94 Less: Current Month Reimbursement
95 End of Month
====================================================================================================================================
</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 November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Class Class
Total A-1 A-2
----- ----- -----
<S> <C> <C> <C>
96 Total Class Principal - Original Pool $120,527,857.00 $35,000,000.00 $30,500,000.00
97 Interest Remittance Amount 643,783.29 158,094.17 168,258.33
98 Interest Rate Factor/1000 5.341365 4.516976 5.516667
99 Total Principal Collections 983,835.65 983,921.71 76.85
100 Prefunding Account Transfer 301.56 0.00 0.00
101 Additional Principal Reduction 415,047.04 415,047.04 0.00
-------------- ------------- -------------
102 Principal Remittance Amount 1,399,184.25 1,398,968.74 76.85
103 Principal Payment Factor/1000 11.608804 39.970536 0.002520
104 Principal Factor 981.368338 935.845177 999.997480
105 Prior Month Principal Factor 992.977142 975.815713 1,000.000000
====================================================================================================================================
<CAPTION>
====================================================================================================================================
Class Class Class
A-3 A-4 A-5
----- ----- -----
<S> <C> <C> <C>
96 Total Class Principal - Original Pool $12,000,000.00 $22,027,857.00 $21,000,000.00
97 Interest Remittance Amount 66,900.00 129,780.79 120,750.00
98 Interest Rate Factor/1000 5.575000 5.891667 5.750000
99 Total Principal Collections 30.24 55.50 52.91
100 Prefunding Account Transfer 0.00 0.00 0.00
101 Additional Principal Reduction 0.00 0.00 0.00
-------------- -------------- --------------
102 Principal Remittance Amount 30.24 55.50 52.91
103 Principal Payment Factor/1000 0.002520 0.002520 0.002520
104 Principal Factor 999.997480 999.997480 999.997480
105 Prior Month 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
SERVICER'S CERTIFICATE
1997-3 Sub-Pool 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
<S> <C>
1 Total Actual Principal Collections 1,716,004.26
2 Total Actual Interest Collections 862,467.12
3 Less: Service Fees Previously Remitted 7,108.17
4 Additional Proceeds 0.00
------------
5 Total collections: 2,571,363.21
6 Pre-Funding Account Transfer 283.58
7 Interest Coverage Account Transfer 238,481.30
------------
8 Aggregate Amount Received: 2,810,128.09
Monthly Advance
---------------
9 Interest Advance 423,883.21
10 Compensating Interest 4,383.11
11 Amounts Held for Future Distributions 0.00
12 Reserve Withdrawal Per Sec. 6.08 VII 0.00
------------
13 Available Remittance Amount: 3,238,394.41
14 Less: Service Fees 103,305.58
15 Less: Expense Account Deposit 4,400.63
16 Cross Collateral Deposit 0.00
------------
17 Adjusted Remittance Amount: 3,130,688.20
Remaining Amount Available:
---------------------------
18 Adjusted Remittance Amount 3,130,688.20
19 Insured Payments 0.00
20 Insurance Account Deposit @ 13bp
the Ending Class Principal Balance 19,069.39
21 Class Remittance Amounts 3,111,618.81
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
SERVICER'S CERTIFICATE
1997-3 Sub-Pool 2
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 2 for November 25, 1997, the Remittance date.
Due period ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class 2-A Class R
----- --------- -------
<S> <C> <C> <C>
30 Number of Loans 1178
31 Original Principal Balance 137,541,421.45 137,541,421.45
32 Original Pre-Funding Account Balance 46,567,357.63 46,567,357.63
33 Initial Overcollateralization 6,367,360.25 6,367,360.25
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 177,741,418.83 177,741,418.83
38 Pool Factor per Loan Balance 76.6366407% 76.6366407%
39 Pool Factor per Class Balance 100.0000000% 100.0000000%
40 Excess Spread 0.00 0.00
41 Additional Principal due Class A 556,829.66 556,829.66
42 Cross Collateral Deposit 0.00 0.00
43 Cross Collateral Withdrawal 0.00 0.00
44 Interest Remittance 838,501.31 838,501.31
45 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
Principal Additions:
--------------------
46 Number of Loans 395
47 Transfers from Pre-Funding Account 46,567,074.05 46,567,074.05
Principal Reductions:
---------------------
48 Prepayments - Number 9 9
49 Prepayments - Dollar 1,643,702.64 1,643,702.64
50 Delinquent Loans Repurchased - Number 0 0
51 Delinquent Loans Repurchased - Dollar 0.00 0.00
52 Net Liquidation Proceeds 0.00 0.00
53 Curtailments 2,665.06 2,665.06
54 Normal and Excess Payments 69,636.56 69,636.56
-------------- --------------
55 Principal Remittance 1,716,004.26
56 Pre-Funding Account Transfer 283.58 283.58
-------------- -------------- ----
57 Total Principal Remittance 1,716,287.84 1,716,287.84
58 Additional Principal Reduction 556,829.66 556,829.66
-------------- -------------- ----
59 Total Remittance 3,111,618.81 3,111,618.81 0.00
============== ============== ====
60 Carryforward Amount 0.00
61 Current Month Realized Loss - Number 0 0
62 Current Month Realized Loss - Dollar 0.00 0.00
Class Principal Balance - EOM
-----------------------------
63 Number of Loans # 1564
64 Closing Loan Balance 182,392,491.24 182,392,491.24
65 Pre-Funding Account Balance 0.00 0.00
66 Additional Principal Reduction, LTD 6,924,189.91 6,924,189.91
67 Realized Losses, LTD 0.00 0.00
68 Carryforward Amount 0.00 0.00
69 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------- --------------
70 Closing Class Principal Balance 175,468,301.33 175,468,301.33
71 Pool Factor per Loan Balance 101.6271875% 101.6271875%
72 Pool Factor per Class Balance 97.7691013% 97.7691013%
====================================================================================================================================
</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 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Total Class A-1
----- ---------
<S> <C> <C>
73 Weighted Note Rate - This Remittance: 10.02611%
74 Weighted Note Rate - Next Remittance: 10.24493%
75 Available Cap Carry Foward Amount - This Remittance: 0.00
(see schedule C)
76 Pass-Through Rate: 5.85625% 5.85625%
77 Related Remittance Period: 27-Oct-97 thru 24-Nov-97
78 Days in Related Period: 29
79 Weighted Average Remaining Term 351.73
80 Original Pool - Principal Balance 115,690,188.57 115,690,188.57
81 Original Pool - Pre-Funding Account Balance 69,619,200.17 69,619,200.17
82 Original Pool - Initial Overcollateralization 5,837,245.74 5,837,245.74
- -- -------------- --------------
83 Original Pool - Class Principal Balance 179,472,143.00 179,472,143.00
84 Original Pool - Number of Loans 455
- ------------------------------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation
--------------------------------------------
Beginning of Month Current Month End of Month
------------------ ------------- ------------
85 Initial Overcollateralization 6,367,360.25 556,829.66 6,924,189.91
86 Cross Collateral Deposits, LTD 0.00 0.00 0.00
87 Less: Realized Losses, LTD 0.00 0.00 0.00
------------- -------------- -------------
88 Overcollateralization of Principal 6,367,360.25 556,829.66 6,924,189.91
============= ============== =============
89 Base Overcollateralization Requirement 9,289,441.80*
90 Required Overcollateralization 9,289,441.80*
Current Month Subordinated Amount Beginning of Month Current Month End of Month
---------------------------------- ------------------ ------------- ------------
91 Original Subordinated Amount 19,198,052.65 N/A 21,241,543.00*
92 Less: Cumulative Realized Losses 0.00 0.00 0.00
93 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- -------------- -------------
94 Current Subordinated Amount 19,198,052.65 21,241,543.00
============= ============== =============
*As per Insurance Supplement Dated 11/25/97
Nonrecoverable Advance Reconciliation
-------------------------------------
95 Beginning of Month 0.00
96 Current Month Nonrecoverable Advance 0.00
97 Less: Current Month Reimbursment 0.00
-------------
98 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 2
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 2 for November 25, 1997, the Remittance date.
Period Ended: November 1, 1997
====================================================================================================================================
<CAPTION>
Class
A1
--------------- ---------------
<S> <C> <C>
99 Total Class Principal - Original Pool $179,472,143.00 $179,472,143.00
100 Interest Remittance Amount 838,501.31 838,501.31
101 Interest Rate Factor/1000 4.672042 4.672042
102 Total Principal Collections 1,716,004.26 1,716,004.26
103 Prefunding Account Transfer 283.58 283.58
104 Additional Principal Reduction 556,829.66 556,829.66
--------------- ---------------
105 Principal Remittance Amount 2,273,117.50 2,273,117.50
106 Principal Payment Factor/1000 12.665573 12.665573
107 Principal Factor 977.691013 977.691013
108 Prior Month Principal Factor 990.356586 990.356586
====================================================================================================================================
</TABLE>
Page 4 of 4
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