FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER) FIRSTPLUS INVESTMENT CORPORATION (SELLER) FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER) THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2 AGREEMENT DATED June 1, 1997 SERVICER'S...
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED June 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
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Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward
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A-1 53,220,000.00 40,296,796.52 6.34% 7,875,038.14 0.00 212,901.41 0.00
A-2 103,860,000.00 103,860,000.00 6.31% 0.00 0.00 546,130.50 0.00
A-3 84,010,000.00 84,010,000.00 6.52% 0.00 0.00 456,454.33 0.00
A-4 80,400,000.00 80,400,000.00 6.64% 0.00 0.00 444,880.00 0.00
A-5 64,750,000.00 64,750,000.00 6.82% 0.00 0.00 367,995.83 0.00
A-6 46,400,000.00 46,400,000.00 6.88% 0.00 0.00 266,026.67 0.00
A-7 54,900,000.00 54,900,000.00 7.54% 0.00 0.00 344,955.00 0.00
A-8 49,230,000.00 49,230,000.00 7.58% 0.00 0.00 310,969.50 0.00
A-9 46,355,000.00 46,355,000.00 7.82% 0.00 0.00 302,080.08 0.00
M-1 78,750,000.00 78,750,000.00 7.60% 0.00 0.00 498,750.00 0.00
M-2 39,375,000.00 39,375,000.00 7.59% 0.00 0.00 249,046.88 0.00
B-1 31,875,000.00 31,875,000.00 7.93% 0.00 0.00 210,640.63 0.00
B-2(Certificates) 16,875,000.00 16,875,000.00 8.54% 0.00 0.00 120,093.75 0.00
R 0.00 6,496,843.24 0.00 0.00 0.00
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Totals 750,000,000.00 743,573,639.76 7,875,038.14 4,330,924.58
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Total Over Allocated Ending Pool
Class Distribution Collateral. Losses Balance Factor
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A-1 8,087,939.55 0.00 0.00 32,421,758.38 60.920252%
A-2 546,130.50 0.00 0.00 103,860,000.00 100.000000%
A-3 456,454.33 0.00 0.00 84,010,000.00 100.000000%
A-4 444,880.00 0.00 0.00 80,400,000.00 100.000000%
A-5 367,995.83 0.00 0.00 64,750,000.00 100.000000%
A-6 266,026.67 0.00 0.00 46,400,000.00 100.000000%
A-7 344,955.00 0.00 0.00 54,900,000.00 100.000000%
A-8 310,969.50 0.00 0.00 49,230,000.00 100.000000%
A-9 302,080.08 0.00 0.00 46,355,000.00 100.000000%
M-1 498,750.00 0.00 0.00 78,750,000.00 100.000000%
M-2 249,046.88 0.00 0.00 39,375,000.00 100.000000%
B-1 210,640.63 0.00 0.00 31,875,000.00 100.000000%
B-2(Certificates) 120,093.75 0.00 0.00 16,875,000.00 100.000000%
R 0.00 3,266,584.32 0.00 9,763,427.56 0.000000%
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Totals 12,205,962.72 738,965,185.94
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AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
A-1 757.173929 147.971404 4.000402 151.971807 609.202525
A-2 1000.000000 0.000000 5.258333 5.258333 1000.000000
A-3 1000.000000 0.000000 5.433333 5.433333 1000.000000
A-4 1000.000000 0.000000 5.533333 5.533333 1000.000000
A-5 1000.000000 0.000000 5.683333 5.683333 1000.000000
A-6 1000.000000 0.000000 5.733333 5.733333 1000.000000
A-7 1000.000000 0.000000 6.283333 6.283333 1000.000000
A-8 1000.000000 0.000000 6.316667 6.316667 1000.000000
A-9 1000.000000 0.000000 6.516667 6.516667 1000.000000
M-1 1000.000000 0.000000 6.333333 6.333333 1000.000000
M-2 1000.000000 0.000000 6.325000 6.325000 1000.000000
B-1 1000.000000 0.000000 6.608333 6.608333 1000.000000
B-2(Certificates) 1000.000000 0.000000 7.116667 7.116667 1000.000000
Determination Date September 5, 1997
Distribution Date September 10, 1997
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-2 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-2
AGREEMENT DATED June 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 6,252,460.04 1,107,817.47 7,360,277.51
Recovery of Delinquent Scheduled Payments 1,020,129.39 269,925.69 1,290,055.08
Principal Prepayments 789,519.53 3,230,710.66 4,020,230.19
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Available Collection Amount 8,062,108.96 4,608,453.82 12,670,562.78
FEES:
Servicing Fee 464,733.52
Trustee Fee 1,549.11
Owner Trustee Fee 0.00
Total Fees: 466,282.63
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 9,763,427.56
Required Overcollaterlization Amount 33,750,000.00
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 0.00
Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 0.00
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 228
Ending Weighted Average Remaining Maturity 227
Beginning Weighted Average Coupon 13.750%
Ending Weighted Average Coupon 13.750%
Beginning Number of Loans 24,246
Ending Number of Loans 24,126
Beginning Unpaid Principle Balance of Home Loans 743,573,639.76
Ending Unpaid Principle Balance of Home Loans 738,965,185.94
Loans Paid in Full 120
DELINQUENCIES:
# $ % of $
- - ------
30-59 Days 121 3,586,084.00 0.4823%
60-89 Days 33 1,049,956.00 0.1412%
Over 90 18 540,455.00 0.0727%
Total 172 5,176,495.00 0.6962%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE PAYMENT ACCOUNT*:
Available Collection Amount 12,670,562.78
Cap Interest Release pursuant to Section 5.03 A 0.00
Remaining Prefunding Balance after end of funding period 0.00
Note Payment Account Earnings 1,682.57
Total Deposits 12,672,245.35
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Note Payment Account balance 12,672,245.35
* Collection Account earnings paid to servicer as apart of
Servicing Compensation were
WITHDRAWS FROM NOTE PAYMENT ACCOUNT:
To retain in the note payment account or deposit into the
certificate distribution account for payment on the payment
date as applicable pursuant to section 5.01 (c) paragraphs
Remaining Balance
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ServIcing Fee 464,733.52 12,207,511.83
Indenture Trustee Fee 1,549.11 12,205,962.72
Owner Trustee Fee 0.00 12,205,962.72
Senior Noteholders Interest Payment Amount 3,252,393.32 8,953,569.40
Class M-1 Noteholders Interest Payment Amount 498,750.00 8,454,819.40
Class M-2 Noteholders Interest Payment Amount 249,046.88 8,205,772.52
Class B-1 Noteholders Interest Payment Amount 210,640.63 7,995,131.89
Class B-2 Certificateholders Distributable Amount 120,093.75 7,875,038.14
Senior Note Regular Prinicipal Payment Amount 4,608,453.82 3,266,584.32
Class M-1 Regular Prinicipal Payment Amount 0.00 3,266,584.32
Class M-2 Regular Prinicipal Payment Amount 0.00 3,266,584.32
Class B-1 Regular Prinicipal Payment Amount 0.00 3,266,584.32
Class B-2 Certificateholders Regular Prinicipal Distributable Am 0.00 3,266,584.32
Class M-1 Deffered Amount 0.00 3,266,584.32
Class M-2 Deffered Amount 0.00 3,266,584.32
Class B-1 Deffered Amount 0.00 3,266,584.32
Class B-2 Certificateholders Loss Reimbursement Deficiency Amount 0.00 3,266,584.32
Servicing Advance Reimbursement Amount 0.00 3,266,584.32
Overcollateralization Deficency amount to Senior Note Holder 3,266,584.32 0.00
Overcollateralization Deficency amount to Class M-1 Notes 0.00 0.00
Overcollateralization Deficency amount to Class M-2 Notes 0.00 0.00
Overcollateralization Deficency amount to Class B-1 Notes 0.00 0.00
Overcollateralization Deficency amount to Class B-2 Certificates 0.00 0.00
Remaining Amount to Certificate Account for payment to Class R 0.00 0.00
on the payment Date
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CAPITALIZED INTEREST:
Beginning balance: 0.00
Capitalized interest acct requirement (projected interest 0.00
Less amount to be released to residual interest 3,545.53
Holder on July 10 pursuant to section 5.03(d)
Less amount to be distributed to note payment account 0.00
Account on July 6 required by section 5.03(a)
Plus Account earnings posted in due period 2,824.81
Prefunding account earnings posted in due period 720.72
Ending balance on distribution date 0.00