-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G8AglsC24rfo8OFfDOj3s77F0sqSfX46Y5/UIkx67GMZJuzh3J6W56C5YBGgsd3/ q9aFM0gY10VVBb2IeaLcxQ== 0001014108-98-000026.txt : 19980401 0001014108-98-000026.hdr.sgml : 19980401 ACCESSION NUMBER: 0001014108-98-000026 CONFORMED SUBMISSION TYPE: 10-K405 PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980331 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLOCK MORTGAGE FINANCE ASSET BACKED CERTIFICATES SER 1997-2 CENTRAL INDEX KEY: 0001043256 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 431758633 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-K405 SEC ACT: SEC FILE NUMBER: 333-14041-02 FILM NUMBER: 98583895 BUSINESS ADDRESS: STREET 1: C/O BANKERS TRUST CO OF CALIFORNIA NA STREET 2: 3 PARK PLZ 16TH FL CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 7142537575 MAIL ADDRESS: STREET 1: C/O BANKERS TRUST OF CALIFORNIA NA STREET 2: 3 PARK PLZ 16TH FL CITY: IRVINE STATE: CA ZIP: 92614 10-K405 1 FORM 10-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1997 Commission File Number 333-14041-02 TRUST CREATED BY BLOCK MORTGAGE FINANCE, INC. (under a Pooling and Servicing Agreement dated as of July 1, 1997, which Trust is the issuer of Block Mortgage Finance Asset Backed Certificates, Series 1997-2) --------------------- (Exact name of Registrant as specified in its Charter) New York 33-0770716 State or other jurisdiction of (I.R.S. Employer of incorporation or organization Identification No.) Bankers Trust Company of California, N.A. 3 Park Plaza, 16th Floor Irvine, California Attention: Block Mortgage Finance Asset Backed Certificates, Series 1997-2 92614 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (714) 253-7575 Securities registered pursuant to Section 12(b) of the Act: Not applicable. Securities registered pursuant to Section 12(q) of the Act: Not applicable. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (section 229, 405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] Aggregate market value of the voting stock held by non-affiliates of the registrant as of December 31, 1997: Not applicable. Number of shares of common stock as of December 31, 1997: Not applicable. DOCUMENTS INCORPORATED BY REFERENCE NONE PART I ITEM 1. BUSINESS. The Registrant issued Asset Backed Certificates, Series 1997-2 (the "Securities") pursuant to a Pooling and Servicing Agreement dated as of July 1, 1997 (the "Cut-off Date") among Block Mortgage Finance, Inc., as Depositor, Block Financial Corporation, as Master Servicer, Companion Mortgage Corporation, as Seller, and Bankers Trust Company of California, N.A., as Trustee. The assets of the Trust consist primarily of a pool of fixed rate and adjustable rate mortgage loans (the "Mortgage Loans") having an aggregate principal balance as of the Cut-off Date of approximately $215,000,031.77. The Mortgage Loans are secured by one- to four-family residential properties (each, a "Mortgaged Property"). Certificateholders receive monthly Statements to Certificateholders regarding distributions. Further information with respect to the performance of the Trust is summarized in the monthly Statements to Certificateholders, which are filed on Form 8-K. ITEM 2. PROPERTIES. Information regarding the Mortgaged Properties securing the Mortgage Loans is set forth in the Prospectus Supplement and the monthly Statements to Certificateholders, which are filed on Form 8-K. The Trust will acquire title to real estate only upon default of the mortgagors under the Mortgage Loans. As of February 25, 1998, the Trust did not hold title to any real estate. ITEM 3. LEGAL PROCEEDINGS. There are no material pending legal proceedings involving the Trust or, with respect to the Trust or the Mortgage Loans, the Trustee, the Master Servicer or the Depositor, other than ordinary routine litigation incidental to the Trustee's, the Servicer's or the Depositor's duties under the Pooling and Servicing Agreement. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. No matters were submitted to a vote of Certificateholders during the fiscal year covered by this report. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. The Registrant's Asset Backed Certificates, Series 1997-2 represent non-recourse obligations of the Trust, such Trust having assets which consist of the Mortgage Loans. Strictly speaking, Registrant has no "common equity," but for purposes of this Item only, Registrant's Asset Backed Certificates, Series 1997-2 Securities are treated as "common equity." (a) Market Information. There is no established public trading market for Registrant's Securities. (b) Certificateholders. The approximate number of registered holders of each class of Certificates as of January 31, 1998 is set forth below: Class Certificateholders ----- ------------------ A-1 5 A-2 12 A-3 1 A-4 2 A-5 1 A-6 6 R 1 (c) Dividends. Not applicable. The information regarding dividends required by sub-paragraph (c) of Item 201 of Regulation S-K is inapplicable because the Trust does not pay dividends. However, information as to distributions to Certificateholders is provided in the monthly Statements to Certificateholders for each month of the fiscal year in which a distribution to Certificateholders was made. ITEM 6. SELECTED FINANCIAL DATA. Not Applicable. Because of the limited activities of the Trust, information with respect to the performance of the Trust is summarized in the monthly Statements to Certificateholders, which are filed on a monthly basis on Form 8-K. However, certain selected aggregate information with respect to the Trust for 1997 is filed as an exhibit to this report. ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Not Applicable. The information required by Item 303 of Regulation S-K is not meaningful in light of the nature of the Trust. Information concerning the Mortgage Loans and distributions to the Certificateholders is contained in the monthly Statements to Certificateholders which are filed on Form 8-K. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK. Not applicable. The Trust does not engage in the types of transactions required to be disclosed under this Item. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Not Applicable. Information with respect to the Trust is contained in the monthly Statements to Certificateholders filed on a monthly basis on Form 8-K. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. PART III ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT. Not Applicable. The Trust does not have officers or directors. ITEM 11. EXECUTIVE COMPENSATION. Not Applicable. The Trust does not have officers or directors to whom compensation needs to be paid. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT. (a) Security ownership of certain beneficial owners. Not Applicable. Under the Pooling and Servicing Agreement governing the Trust, the holders of the Certificates generally do not have the right to vote and are prohibited from taking part in management of the Trust. (b) Security ownership of management. Not Applicable. The Trust does not have any officers or directors. (c) Changes in control. Not Applicable. Because Certificateholders do not possess, directly or indirectly, the power to direct or cause the direction of the management and policies of the Trust, other than with respect to certain required consents to amendments to the Pooling and Servicing Agreement and the ability to act as a group in the event of the occurrence of certain events which if continuing would constitute events of default under the Pooling and Servicing Agreement, the information requested with respect to Item 403(c) of Regulation S-K is inapplicable. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. Not Applicable. The Trust does not have officers or directors and under the Pooling and Servicing Agreement governing the Trust. In addition, the Registrant does not have knowledge of any transaction required to be disclosed by Items 404(a)(3) or (a)(4) of Regulation S-K. PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K. (a) The following is a list of documents filed as part of this report: EXHIBITS 4.1 Pooling and Servicing Agreement dated as of July 1, 1997 (hereby incorporated herein by reference as Exhibit 4 to Depositor's Current Report on Form 8-K dated July 29, 1997). 99.1 Master Servicer Annual Officer's Certificate dated March 31, 1998. 99.2 Report of Independent Accountants pertaining to NF Investments, Inc., dated February 16, 1998. 99.3 Report of Independent Accountants pertaining to Companion Servicing Company, L.L.C., dated February 13, 1998. 99.4 Independent Accountant's Report pertaining to Option One Mortgage Corporation, dated October 7, 1997. 99.5 Aggregate Information from Statements to Certificateholders Relating to 1997 Distributions to Holders of Block Mortgage Finance Asset Backed Certificates, Series 1997-2. 99.6 Consolidated financial statements of MBIA Insurance Corporation and its subsidiaries as of December 31, 1997 and 1996 and for the three years ended December 31, 1997 (hereby incorporated hereto by reference to the Annual Report on Form 10-K of MBIA Inc.for the year ended December 31, 1997 under Commission file number 001-09583). (b) Reports on Form 8-K Current Report on Form 8-K dated October 27, 1997 (filing monthly Statement to Certificateholders) Current Report on Form 8-K dated November 25, 1997 (filing monthly Statement to Certificateholders) Current Report on Form 8-K dated December 26, 1997 (filing monthly Statement to Certificateholders) (c) The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof. (d) Not Applicable. The Trust does not have any subsidiaries or affiliates. Therefore, no financial statements are filed with respect to subsidiaries or affiliates. SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT No Annual report, proxy statement, form of proxy or other soliciting material has been sent to Security Holders, and the Registrant does not contemplate sending any such materials subsequent to the filing of this report. SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Block Financial Corporation, not in its individual capacity but solely as a duly authorized agent of the Registrant pursuant to Section 8.17 of the Pooling and Servicing Agreement dated as of July 1, 1997. By: /S/ Frank L. Salizzoni -------------------------------- Name: Frank L. Salizzoni ----------------------------- Title: President ----------------------------- Date: March 31, 1998 EXHIBIT INDEX EXHIBIT DOCUMENT 4.1 Pooling and Servicing Agreement dated as of July 1, 1997 (hereby incorporated herein by reference as Exhibit 4 to Depositor's Current Report on Form 8-K dated July 29, 1997). 99.1 Master Servicer Annual Officer's Certificate dated March 31, 1998. 99.2 Report of Independent Accountants pertaining to NF Investments, Inc., dated February 16, 1998. 99.3 Report of Independent Accountants pertaining to Companion Servicing Company, L.L.C., dated February 13, 1998. 99.4 Independent Accountant's Report pertaining to Option One Mortgage Corporation, dated October 7, 1997. 99.5 Aggregate Information from Statements to Certificateholders Relating to 1997 Distributions to Holders of Block Mortgage Finance Asset Backed Certificates, Series 1997-2. 99.6 Consolidated financial statements of MBIA Insurance Corporation and its subsidiaries as of December 31, 1997 and 1996 and for the three years ended December 31, 1997 (hereby incorporated hereto by reference to the Annual Report on Form 10-K of MBIA Inc.for the year ended December 31, 1997 under Commission file number 001-09583). EX-99.1 2 MASTER SERVICER ANNUAL OFFICER'S CERTIFICATE BLOCK MORTGAGE FINANCE, INC. ASSET BACKED CERTIFICATES, SERIES 1997-2 MASTER SERVICER ANNUAL OFFICER'S CERTIFICATE March 31, 1998 Pursuant to the provisions of Section 8.16 of that certain agreement dated as of July 1, 1997, by and between BLOCK MORTGAGE FINANCE, INC., as Depositor, BLOCK FINANCIAL CORPORATION, as Master Servicer, COMPANION MORTGAGE CORPORATION, as Seller, and BANKERS TRUST COMPANY OF CALIFORNIA, N.A., as Trustee (the "PSA"), I, Bret G. Wilson, Vice President of the Master Servicer, hereby certify as follows: (i) a review of the activities of the Master Servicer during the preceding calendar year and of performance under the PSA has been made under my supervision; (ii) to the best of my individual knowledge based on such review, the Master Servicer has fulfilled all of its obligations under the PSA for such year; and (iii)the Master Servicer's short-term commercial paper rating is A1 (S&P) and P-1 (Moody's). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the PSA. MASTER SERVICER BLOCK FINANCIAL CORPORATION /s/ Bret G. Wilson - ------------------------ By: Bret G. Wilson Vice President EX-99.2 3 REPORT OF INDEPENDENT ACCOUNTANTS Report of Independent Accountants on Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers Board of Directors NF Investments, Inc. We have examined management's assertion, included in the accompanying report titled Report of Management that NF Investments, Inc. (NFI) complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) during the year ended December 31, 1997. Management is responsible for NFI's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about NFI's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about NFI's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on NFI's compliance with specified requirements. In our opinion, management's assertion that NFI complied with the aforementioned requirements during the year ended December 31, 1997 is fairly stated, in all material respects. /s/ Ernst & Young LLP --------------------- February 16, 1998 EX-99.3 4 REPORT OF INDEPENDENT ACCOUNTANTS Report of Independent Accountants on Management's Assertion on Compliance with Minimum Servicing Standards Set Forth in the Uniform Single Attestation Program for Mortgage Bankers To the Members Companion Servicing Company, L.L.C. We have examined management's assertion included in the accompanying report titled Report of Management that Companion Servicing Company, L.L.C. (CSC) complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) during the year ended December 31, 1997. Management is responsible for CSC's compliance with those requirements. Our responsibility is to express an opinion on management's assertion about CSC's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about CSC's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on CSC's compliance with specified requirements. In our opinion, management's assertion that CSC complied with the aforementioned requirements during the year ended December 31, 1997, is fairly stated, in all material respects. /s/ Ernst & Young LLP --------------------- February 13, 1998 EX-99.4 5 INDEPENDENT ACCOUNTANTS' REPORT INDEPENDENT ACCOUNTANTS' REPORT The Board of Directors Option One Mortgage Corporation Santa Ana, California We have examined management's assertion about Option One Mortgage Corporation's (the Company) compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of June 17, 1997 and for the period from January 1, 1997 through June 17, 1997. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination of the company's compliance with the minimum servicing standards. In our opinion, management's assertion that Option One Mortgage Corporation complied with the aforementioned minimum servicing standards as of June 17, 1997 and for the period from January 1, 1997 through June 17, 1997 is fairly stated, in all material respects. /s/ Deloitte & Touche LLP - ------------------------- October 7, 1997 EX-99.5 6 EXHIBIT
Block Mortgage Finance, Inc. Asset Backed Certificates Series 1997-2 Statement to Certificateholders - ------------- --------------- -------------- ----------------------------------------- ------------ --------------- ---------------- DISTRIBUTIONS IN DOLLARS PRIOR CURRENT ORIGINAL FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE - ------------- --------------- -------------- ----------------------------------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- A-1 45,336,000.00 45,336,000.00 1,159,543.55 7,180,915.89 8,340,459.44 0.00 0.00 38,155,084.11 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- A-2 24,279,000.00 24,279,000.00 669,695.75 669,695.75 0.00 0.00 0.00 24,279,000.00 0.00 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- A-3 12,505,000.00 12,505,000.00 356,392.50 0.00 356,392.50 0.00 0.00 12,505,000.00 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- A-4 16,951,000.00 16,951,000.00 500,760.80 0.00 500,760.80 0.00 0.00 16,951,000.00 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- A-5 11,007,000.00 11,007,000.00 309,571.90 0.00 309,571.90 0.00 0.00 11,007,000.00 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- A-6 104,922,000.00 104,922,000.00 2,499,375.98 6,400,181.29 8,899,557.27 0.00 0.00 95,521,818.71 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ---------------- TOTALS 215,000,000.00 215,000,000.00 5,495,340.48 13,581,097.18 19,076,437.66 0.00 0.00 201,418,920.92 - ------------- --------------- -------------- ------------ -------------- ------------- ------------ --------------- ----------------
- ------------------------------------------------------------------------ ----------------------------------------------------------- FACTOR INFORMATION PER $1000 ORIGINAL FACE ------------- -------------- ------------------------------ PRIOR CURRENT PASS-THROUGH PRINCIPAL PRINCIPAL RATES CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------------------------ - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- A-1 09367MAE9 1,000.0000000 5.1153324 31.6786478 36.7939802 841.6067609 6.510000% 6.510000% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- A-2 09367MAF6 1,000.0000000 5.5166667 0.0000000 5.5166667 1,000.0000000 6.620000% 6.620000% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- A-3 09367MAG4 1,000.0000000 5.7000000 0.0000000 5.7000000 1,000.0000000 6.840000% 6.840000% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- A-4 09367MAH2 1,000.0000000 5.9083334 0.0000000 5.9083334 1,000.0000000 7.090000% 7.090000% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- A-5 09367MAJ8 1,000.0000000 5.6250005 0.0000000 5.6250005 1,000.0000000 6.750000% 6.750000% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- A-6 09367MAK5 1,000.0000000 4.7642553 12.1998843 16.9641396 939.0005786 5.897500% 5.897500% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- R BL9702101 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000 0.0000000% 0.000000% - ------------- --------------- -------------- ------------ -------------- ------------- -------------- ------------- ---------------- - ----------------------------- ------------------------------------------ ---------------------------- ------------------------------ SELLER: Block Financial corporation ADMINISTRATOR: Vince Valdes SERVICER: Block Financial Corporation Bankers Trust Company LEAD UNDERWRITER: Morgan Stanley & Co. 3 Park Plaza Irvine, CA 92714 RECORD DATE: Calendar Year 1997 (800) 735-7777 DISTRIBUTION DATE: Calendar Year 1997 FACTOR INFORMATION - ----------------------------- ------------------------------------------ ---------------------------- ------------------------------
Block Mortgage Finance, Inc. Asset Backed Certificates Series 1997-2 Statement to Certificateholders - -------------------------------------------------------------------------------- Distribution Date: Calendar Year 1997 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SERVICER ADVANCES INCLUDED IN THIS DISTRIBUTION: 2,133,410.93 SERVICER ADVANCES OUTSTANDING: 0.00 ACCRUED SERVICING FEE THE CURRENT PERIOD: 439,701.00 PLUS ANY ADDITIONAL SERVICING FEES: 0.00 ---------- 439,701.00 LESS PERMITTED REDUCTIONS TO SERVICING FEES: (8,830.03) ----------- TOTAL SERVICING FEES DUE MASTER SERVICER: 430,870.97 ACCRUED SERVICING FEES COLLECTED FOR CURRENT PERIOD: 335,869.03 COMPENSATING INTEREST: 8,830.03 ---------- TOTAL SERVICING FEES COLLECTED MASTER SERVICER: 327,039.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GROUP I MONTHLY ADVANCE AMOUNT: 826,056.13 GROUP II MONTHLY ADVANCE AMOUNT: 1,307,354.80 TOTAL TRUSTEE FEES DUE: 13,248.46 TOTAL INSURANCE AMOUNT DUE: 30,228.26 PRINCIPAL REMITTANCE AMOUNTS: SCHEDULED PRINCIPAL 1,316,783.63 CURTAILMENTS (704,357.27) PREPAYMENTS IN FULL 9,337,818.18 NET LIQUIDATION PROCEEDS 0.00 INSURANCE PRINCIPAL PROCEEDS 0.00 RELEASED MORTGAGED PROPERTY PROCEEDS 0.00 REPURCHASED PRINCIPAL AMOUNTS 0.00 SUBSTITUTION ADJUSTMENTS 0.00 TOTAL PRINCIPAL DISTRIBUTED: 9,950,244.54 TOTAL AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00 AGGREGATE AMOUNT OF LIQUIDATION LOAN LOSSES AS OF THE CURRENT DISTRIBUTION DATE: 0.00 BOOK VALUE OF REO PROPERTY: 0.00 - --------------------------------------------------------------------------------
Block Mortgage Finance, Inc. Asset Backed Certificates Series 1997-2 Statement to Certificateholders - ------------------------------------------------------------------------------------------------------------------------------------ Distribution Date: Calendar year 1997 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 3,369 TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 3,209 AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE PRIOR DISTRIBUTION PERIOD: 215,000,031.77 AGGREGATE PRINCIPAL BALANCE OF LOANS IN THE POOL AS OF THE CURRENT DISTRIBUTION PERIOD: 204,981,925.71 TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 2,353 TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 2,234 TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE PRIOR DISTRIBUTION PERIOD: 110,078,870.91 TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP I AS OF THE CURRENT DISTRIBUTION PERIOD: 104,812,211.41 TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 1,016 TOTAL NUMBER OF MORTGAGE LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 975 TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE PRIOR DISTRIBUTION PERIOD: 104,921,160.86 TOTAL PRINCIPAL BALANCE OF LOANS INCLUDED IN GROUP II AS OF THE CURRENT DISTRIBUTION PERIOD: 100,169,714.29 GROUP I SUBORDINATION INCREASE AMOUNT: 1,914,256.40 GROUP II SUBORDINATION INCREASE AMOUNT: 1,716,596.24 GROUP I SUBORDINATION DEFICIT AMOUNT: 0.00 GROUP II SUBORDINATION DEFICIT AMOUNT: 839.14 GROUP I PRINCIPAL REMITTANCE AMOUNT: 7,180,915.89 GROUP II PRINCIPAL REMITTANCE AMOUNT: 6,401,020.43 GROUP I WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 11.3484% GROUP II WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: 10.2886% GROUP I SUBSTITUTION ADJUSTMENT AMOUNT 0.00 GROUP II SUBSTITUTION ADJUSTMENT AMOUNT 0.00 GROUP I LOAN PURCHASE AMOUNT 0.00 GROUP II LOAN PURCHASE AMOUNT 0.00 GROUP I LOAN LARGEST LOAN BALANCE 471,408.48 GROUP II LOAN LARGEST LOAN BALANCE 498,254.65 TOTAL AMOUNT OF INSURED PAYMENTS INCLUDED IN THE DISTRIBUTION AMOUNT CLASS A-1 0.00 CLASS A-2 0.00 CLASS A-3 0.00 CLASS A-4 0.00 CLASS A-5 0.00 CLASS A-6 0.00 - ------------------------------------------------------------------------------------------------------------------------------------
Block Mortgage Finance, Inc. Asset Backed Certificates Series 1997-2 Statement to Certificateholders - -------------------------------------------------------------------------------- Distribution Date: Calendar Year 1997 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TOTAL AMOUNT OF CARRY FORWARD AMOUNT INCLUDED IN DISTRIBUTION AMOUNT: CLASS A-1 0.00 CLASS A-2 0.00 CLASS A-3 0.00 CLASS A-4 0.00 CLASS A-5 0.00 CLASS A-6 0.00 BASIS RISK CARRYOVER AMOUNT INCLUDED IN DISTRIBUTION AMOUNT: 0.00 - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----