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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: October 22, 1997
(Date of earliest event reported)
Residential Accredit Loans Inc.
(Exact name of registrant as specified in its charter)
Delaware 33-95932 51-0368240
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
[CTSRASC.WPD December 7, 1995]
<PAGE>
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Item 5. Other Events.
On October 30, 1997, the Registrant expects to cause the
issuance and sale of Mortgage Pass-Through Certificates, Series
1997-QS11 (the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of October 1, 1997, among the Registrant,
Residential Funding Corporation, as Master Servicer, and Bankers Trust
Company, Ltd., as Trustee.
In connection with the expected sale of the Series 1997-QS11
Certificates, the Registrant has been advised by Morgan Stanley (the
"Underwriter"), that the Underwriter has furnished to prospective
investors certain collateral information with respect to the mortgage
loans ("Mortgage Loans") underlying the proposed offering of the
Certificates (the "Collateral Term Sheets"), which Collateral Term
Sheets are being filed as exhibits to this report.
The Collateral Term Sheets have been provided by the
Underwriter. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Description of the Mortgage
Pool contained in the Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the
Securities and Exchange Commission.
The Collateral Term Sheets were prepared by the Underwriter at
the request of certain prospective investors. The Collateral Term
Sheets may be based on information that differs from the information
set forth in the Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the
information provided in the Collateral Term Sheets, which were provided
to certain investors only to give a sense of the underlying collateral
which will effect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the
collateral information in the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Certificates.
[CTSRASC.WPD December 7, 1995]
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Collateral Term Sheets
[CTSRASC.WPD December 7, 1995]
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ACCREDIT LOANS
INC.
By: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: October 22, 1997
[CTSRASC.WPD December 7, 1995]
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ACCREDIT LOANS
INC.
By:
Name: Randy Van Zee
Title: Vice President
Dated: October 22, 1997
[CTSRASC.WPD December 7, 1995]
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term P
Sheets
[CTSRASC.WPD December 7, 1995]
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EXHIBIT 1
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
MortgagePrincipal of MortgagOrig Percent Full Primary Single
Mortgage Rates (%) Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C><C> <C> <C> <C> <C>
6.500 - 6.999 2 324,490 0.31 93.40 0.00100.00 100.00100.00
7.000 - 7.499 20 2,944,927 2.81 75.87 78.11 36.82 86.70 67.69
7.500 - 7.999 15920,992,199 20.00 69.24 40.17 49.79 83.85 70.59
8.000 - 8.499 31535,147,754 33.49 74.59 50.21 45.42 74.14 64.39
8.500 - 8.999 42134,092,561 32.49 73.51 53.71 57.07 47.52 56.06
9.000 - 9.499 153 9,219,498 8.79 75.15 61.18 63.66 27.63 55.22
9.500 - 9.999 41 2,020,772 1.93 76.08 58.92 69.43 4.86 44.93
10.000 - 10.499 4 177,280 0.17 90.00 100.00100.00 0.00 15.51
10.500 - 10.999 1 21,251 0.02 90.00 100.00100.00 0.00100.00
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
As of the Cut-off Date, the weighted average Mortgage Rate of the Mortgage Loans
will be approximately 8.3343%.
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
Original Mortgage Loan MortgagePrincipal of MortgagOrig Percent Full Primary Single
Principal Balance ($) Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C><C> <C> <C> <C> <C>
0.01 - 25,000.00 38 770,806 0.73 71.12 65.10 85.64 18.92 60.08
25,000.01 - 50,000.0 29311,043,788 10.52 72.03 59.99 75.58 24.86 60.92
50,000.01 - 75,000.0 26416,079,677 15.32 71.89 48.35 58.81 39.95 55.77
75,000.01 - 100,000.0 17014,833,248 14.13 71.75 54.35 48.45 51.75 66.69
100,000.01 - 125,000. 12714,156,504 13.49 74.74 46.88 45.02 66.38 58.86
125,000.01 - 150,000. 69 9,479,794 9.03 74.67 59.74 43.25 70.97 51.98
150,000.01 - 175,000. 35 5,676,862 5.41 76.98 46.45 28.38 83.47 69.03
175,000.01 - 200,000. 30 5,530,583 5.27 75.39 39.51 29.34 87.28 63.23
200,000.01 - 250,000. 34 7,391,426 7.04 74.74 53.20 48.14 73.94 58.01
250,000.01 - 300,000. 25 6,835,179 6.51 71.33 48.94 46.98 80.32 84.57
300,000.01 - 400,000. 20 6,724,287 6.41 74.98 44.61 61.49 85.50 70.28
400,000.01 - 500,000. 4 1,732,564 1.65 77.30 75.73 24.27 75.73 73.40
500,000.01 - 600,000. 3 1,571,077 1.50 80.00 67.86100.00 100.00 0.00
600,000.01 - 700,000. 1 613,350 0.58 75.00 0.00 0.00 100.00100.00
700,000.01 - 800,000. 1 668,590 0.64 75.00 0.00100.00 100.00100.00
800,000.01 - 900,000. 1 852,418 0.81 60.00 0.00100.00 100.00100.00
900,000.01 - 1,000,000. 1 980,579 0.93 59.00 100.00100.00 100.00 0.00
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
As of the Cut-off Date, the average Cut-off Balanace of the Mortgage Loans will
be approximately $94,033.
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
Original MortgagePrincipal of MortgagOrig Percent Full Primary Single
Loan-to-Value Ratio (%) Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C><C> <C> <C> <C> <C>
0.00 - 50.00 111 8,489,605 8.09 39.98 33.00 20.34 77.54 70.66
50.001 - 55.000 50 3,965,070 3.78 53.27 14.15 24.28 64.13 81.43
55.001 - 60.000 55 6,304,982 6.01 58.78 47.19 36.98 73.92 64.62
60.001 - 65.000 67 6,099,917 5.81 63.67 40.94 27.13 61.00 80.56
65.001 - 70.000 13711,804,894 11.25 69.11 40.80 49.12 48.56 59.00
70.001 - 75.000 15216,768,643 15.98 74.48 40.12 34.96 71.38 60.84
75.001 - 80.000 26230,692,796 29.25 79.68 63.18 51.39 72.38 58.45
80.001 - 85.000 59 4,888,458 4.66 84.71 24.91100.00 70.50 69.62
85.001 - 90.000 18811,219,955 10.69 89.70 89.67 99.06 5.41 50.40
90.001 - 95.000 17 1,564,686 1.49 94.01 34.88100.00 97.03 58.50
95.001 - 100.000 18 3,141,726 2.99 99.30 67.66 97.86 76.01 51.78
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
As of the Cut-off date, the weighted average Original Loan-to-Value of the
Mortgage Loans will be approximately 73.37%.
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
MortgagePrincipal of MortgagOrig Percent Full Primary Single
State Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Florida 19216,846,639 16.05 71.15 62.77 45.65 56.32 37.52
California 8010,720,436 10.22 69.83 45.42 41.07 68.86 75.09
Texas 13910,278,383 9.79 78.35 68.57 58.36 53.34 47.44
New York 58 7,887,029 7.52 74.76 60.53 40.38 73.37 64.57
Michigan 61 5,587,696 5.32 74.00 50.20 52.66 45.62 74.25
Illinois 39 5,115,677 4.87 75.17 42.06 65.89 77.99 53.24
Georgia 62 4,535,529 4.32 74.46 52.50 48.40 50.39 82.00
New Jersey 35 4,353,301 4.15 69.83 27.25 54.24 72.07 67.15
Other 45039,616,042 37.75 73.65 45.26 57.07 63.82 68.34
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
"Other" includes states and the District of Columbia with 4% concentrations individually.
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
MortgagePrincipal of MortgagOrig Percent Full Primary Single
Loan Purpose Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Purchase 60253,720,286 51.19 76.95 100.00 51.78 54.36 48.32
Refinance - Cashout 33329,576,365 28.18 67.60 0.00 50.84 73.87 81.36
Refinance - Rate Term 18121,644,081 20.63 72.38 0.00 54.97 66.22 68.87
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
MortgagePrincipal of MortgagOrig Percent Full Primary Single
Documentation Type Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Full Doc -Asset and Inco 64854,753,335 52.18 79.01 50.81100.00 40.38 55.90
No Income Stated Program 26025,789,035 24.57 66.21 51.57 0.00 90.56 68.47
Reduced Documentation 20824,398,361 23.25 68.28 51.66 0.00 81.64 68.28
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
No more than 12.59% of the limited documentation Mortgage Loans and no stated
income program Mortgage Loans will be secured by Mortgaged Properties located in
California.
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
MortgagePrincipal of MortgagOrig Percent Full Primary Single
Occupancy Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Primary 52465,384,671 62.31 71.62 44.66 33.81 100.00 70.43
Investment 51532,443,753 30.92 77.01 60.27 88.35 0.00 49.91
Second Home 77 7,112,307 6.78 72.83 69.78 55.97 0.00 37.74
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------- ------------------ ----------------------------------------
Number oTotal PercentageWtd Avg. PercenPercent Percent
MortgagePrincipal of MortgagOrig Percent Full Primary Single
Property Type Loans Balance Pool LTV PurchaseDoc ResidenceFamily
- ----------------------------- ------------------ ----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Single Family Detached 67764,925,636 61.87 71.89 39.98 47.14 70.92100.00
2-4 Family 17014,727,463 14.03 76.45 64.85 77.32 25.29 0.00
Deminimus PUD 7610,613,253 10.11 73.25 75.26 42.03 78.82 0.00
Condo - Low Rise <5 floo 114 7,362,382 7.02 78.20 69.69 59.55 49.99 0.00
Condo - High Rise >8 flo 19 2,440,866 2.33 78.26 66.16 73.48 44.26 0.00
PUD 28 2,217,535 2.11 75.18 65.17 41.93 52.90 0.00
Condo - Mid Rise 5-8 flo 9 1,086,391 1.04 74.41 82.06 4.67 51.11 0.00
Townhouse 14 787,432 0.75 74.94 73.66 76.33 55.64 0.00
Condotel - Low Rise <5 f 4 383,511 0.37 69.70 100.00 76.17 0.00 0.00
Leasehold 4 334,452 0.32 70.02 53.74 54.87 77.02 0.00
Manufactured Housing 1 61,809 0.06 80.00 0.00100.00 100.00 0.00
- ----------------------------- ------------------ ----------------------------------------
Total: 1,116104,940,73 100.00 73.37 51.19 52.18 62.31 61.87
- ----------------------------- ------------------ ----------------------------------------
</TABLE>
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