1 FIRSTPLUS INVESTMENT CORPORATION (SELLER) FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER) THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1 AGREEMENT DATED FEBRUARY 27, 1997 SERVICER'S MONTHLY REMITTANCE REPORT --------...
1
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1
AGREEMENT DATED FEBRUARY 27, 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 39,980,000.00 93,322,978.27 6.05% 8,230,369.59 0.00 470,503.35 0.00
A-2 64,680,000.00 64,680,000.00 6.28% 0.00 0.00 338,492.00 0.00
A-3 65,160,000.00 65,160,000.00 6.45% 0.00 0.00 350,235.00 0.00
A-4 49,750,000.00 49,750,000.00 6.60% 0.00 0.00 273,625.00 0.00
A-5 49,170,000.00 49,170,000.00 6.70% 0.00 0.00 274,532.50 0.00
A-6 93,110,000.00 93,110,000.00 6.95% 0.00 0.00 539,262.08 0.00
A-7 61,330,000.00 61,330,000.00 7.16% 0.00 0.00 365,935.67 0.00
A-8 37,570,000.00 37,570,000.00 7.33% 0.00 0.00 229,490.08 0.00
Certificates 39,250,000.00 39,250,000.00 7.64% 0.00 0.00 249,891.67 0.00
R 0.00 21,636,002.58 0.00 0.00 0.00 0.00
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Totals 600,000,000.00 574,978,980.85 8,230,369.59 3,091,967.35
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Total Over Allocated Ending Pool
Class Distribution Collateral. Losses Balance Factor
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A-1 8,700,872.94 0.00 0.00 85,092,608.68 60.789119%
A-2 338,492.00 0.00 0.00 64,680,000.00 100.000000%
A-3 350,235.00 0.00 0.00 65,160,000.00 100.000000%
A-4 273,625.00 0.00 0.00 49,750,000.00 100.000000%
A-5 274,532.50 0.00 0.00 49,170,000.00 100.000000%
A-6 539,262.08 0.00 0.00 93,110,000.00 100.000000%
A-7 365,935.67 0.00 0.00 61,330,000.00 100.000000%
A-8 229,490.08 0.00 0.00 37,570,000.00 100.000000%
Certificates 249,891.67 0.00 0.00 39,250,000.00 100.000000%
R 0.00 3,186,761.05 1,117,196.47 23,705,567.16 0.000000%
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Totals 11,322,336.94 568,818,175.84
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AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End Determination Date November 4, 1997
CLASS CUSIP Distribution Remittance Remittance Distribution Balance Distribution Date November 10, 1997
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A-1 000000XX0 666.687943 58.796754 3.361218 62.157972 607.891189
A-2 000000XX0 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-3 000000XX0 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-4 000000XX0 1000.000000 0.000000 5.500000 5.500000 1000.000000
A-5 000000XX0 1000.000000 0.000000 5.583333 5.583333 1000.000000
A-6 000000XX0 1000.000000 0.000000 5.791667 5.791667 1000.000000
A-7 000000XX0 1000.000000 0.000000 5.966667 5.966667 1000.000000
A-8 000000XX0 1000.000000 0.000000 6.108333 6.108333 1000.000000
Certificates 000000XX0 1000.000000 0.000000 6.366667 6.366667 1000.000000
Original weighted average securities rate = 6.65%
Current weighted average securities rate = 6.71%
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-1 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1997-1
AGREEMENT DATED FEBRUARY 27, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
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Collections on the Mortgage Loans:
Interest Principal Total
------------ ---------- ------------
Scheduled Monthly Payments 5,943,248.15 920,441.25 6,863,689.40
Recovery of Delinquent Scheduled Payments 179,424.88 15,538.81 194,963.69
Principal Prepayments 611,553.63 4,107,214.31 4,718,767.94
Foreclosure Collections 0.00 0.00 0.00
Substitution Adjustment 12,842.11 414.17 13,256.28
Funds Received on Charged Off Loans 1,041.31 0.00 1,041.31
Total Collections on Mortgage Loans 6,748,110.08 5,043,608.54 11,791,718.62
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 26,506.86 0.00 26,506.86
Note Distribution Account Earnings 5,048.71 0.00 5,048.71
Capitalized Interest Release 0.00 0.00 0.00
Available Collection Amounts 6,779,665.65 5,043,608.54 11,823,274.19
Fees:
Servicing Fee 359,361.86
Trustee Fee 1,916.60
Custodian Fee 5,749.79
Guaranty Insurance 133,909.00
Owner Trustee Fee 0.00
Total Fees: 500,937.25
Overcollateralization Information:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 23,705,567.16
Interim Required Overcollateralization Amount 23,999,944.55
Required Overcollateralization Amount 44,999,896.07
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date? No
Reserve Account Information
Original Reserve Account Deposit 14,019,276.18
Deposits on Subsequent Transfer 6,980,675.34
Current Reserve Fund Balance 20,999,951.52
Reserve Fund Requirement 20,999,951.52
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 227
Ending Weighted Average Remaining Maturity 226
Beginning Weighted Average Coupon 14.100%
Ending Weighted Average Coupon 14.090%
Beginning Number of Loans 18,977
Ending Number of Loans 18,767
Beginning Unpaid Principle Balance of Home Loans 574,978,980.85
Ending Unpaid Principle Balance of Home Loans 568,818,175.84
Loans Paid in Full 210
Delinquencies:
# $ % of $
------ ------------- --------
30-59 Days 217 6,280,965.00 1.0924%
60-89 Days 98 2,955,748.00 0.5141%
Over 90 221 6,517,513.00 1.1335%
Total 536 15,754,226.00 2.7400%
Liquidated Loans:
Principal Interest
Liquidation Proceeds 0.00 1041.31
Write-Offs 1,117,196.47 0.00
Net Losses 1,117,196.47 (1,041.31)
*Assumes entire prefunded account is used to purchase home loans
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Check:
Sources of Cash
Collection Account 11,823,274.19
Guaranteed Payments 0.00
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11,823,274.19
Uses of Cash:
Principal Distributed 8,230,369.59
Interest Distributed 3,091,967.35
Fees Paid 500,937.25
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11,823,274.19
Cert. Principal 8,230,369.59
Cert. Int 3,091,967.35
Fees 500,937.25
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Total 11,823,274.19
4
Reserve Account:
Beginning balance 20,999,951.52
Current deposits 0.00
Current earnings 93,647.44
Withdraw of excess reserve account amount to residual interest holders 93,647.44
Ending balance 20,999,951.52
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Principal and Interest 11,791,718.62
Cap Interest Release 0.00
Guaranteed Payment 0.00
Reserve Account Withdrawals 0.00
Prefunding Account Deposit 0.00
Collection Account Withdrawals/Collection Account Earnings 26,506.86
Total Deposits 11,818,225.48
Note Distribution Account earnings 5,048.71
Note Distribution Account balance 11,823,274.19
WITHDRAWS FROM NOTE DISTRIBUTION ACCOUNT:
To The Note Distribution Account for Disbursement
on Distribution Date Pursuant to Sections
5.01(c) paragraphs (i) to (iv)
Remaining Balance
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Servicing Fee 359,361.86 11,463,912.33
Guaranty Insurance Premium 133,909.00 11,330,003.33
Indenture Trustee Fee 1,916.60 11,328,086.73
Owner Trustee Fee 0.00 11,328,086.73
Custodian Fee 5,749.79 11,322,336.94
Noteholders Interest Distributable Amount 2,842,075.68 8,480,261.26
Regular Principal Distributable Amount 5,043,608.54 3,436,652.72
Excess Spread to Class A-1 note as a part of the Noteholders
Monthly Principal distributable Amount 3,186,761.05 249,891.67
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date.
Certificateholder Interest Distributable Amount 249,891.67 0.00
Certificateholder Principal Distributable Amount 0.00 0.00
Securities Insurer Reimbursement Amount 0.00 0.00
OverCollateralization Reduction Amount 0.00 0.00
Reimbursed Servicing Advances 0.00 0.00
