1
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
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turb Forward Remittance
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A-1 53,220,000.00 32,421,758.38 6.34% 8,640,962.41 0.00 171,294.96
A-2 103,860,000.00 103,860,000.00 6.31% 0.00 0.00 546,130.50
A-3 84,010,000.00 84,010,000.00 6.52% 0.00 0.00 456,454.33
A-4 80,400,000.00 80,400,000.00 6.64% 0.00 0.00 444,880.00
A-5 64,750,000.00 64,750,000.00 6.82% 0.00 0.00 367,995.83
A-6 46,400,000.00 46,400,000.00 6.88% 0.00 0.00 266,026.67
A-7 54,900,000.00 54,900,000.00 7.54% 0.00 0.00 344,955.00
A-8 49,230,000.00 49,230,000.00 7.58% 0.00 0.00 310,969.50
A-9 46,355,000.00 46,355,000.00 7.82% 0.00 0.00 302,080.08
M-1 78,750,000.00 78,750,000.00 7.60% 0.00 0.00 498,750.00
M-2 39,375,000.00 39,375,000.00 7.59% 0.00 0.00 249,046.88
B-1 31,875,000.00 31,875,000.00 7.93% 0.00 0.00 210,640.63
B-2(Certificates) 16,875,000.00 16,875,000.00 8.54% 0.00 0.00 120,093.75
R 0.00 9,763,427.56 0.00 0.00
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Totals 750,000,000.00 738,965,185.94 8,640,962.41 4,289,318.13
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Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral. Losses Balance Factor
- -------------------------------------------------------------------------------------------------------------------------
A-1 0.00 8,812,257.37 0.00 0.00 23,780,795.97 44.683946%
A-2 0.00 546,130.50 0.00 0.00 103,860,000.00 100.000000%
A-3 0.00 456,454.33 0.00 0.00 84,010,000.00 100.000000%
A-4 0.00 444,880.00 0.00 0.00 80,400,000.00 100.000000%
A-5 0.00 367,995.83 0.00 0.00 64,750,000.00 100.000000%
A-6 0.00 266,026.67 0.00 0.00 46,400,000.00 100.000000%
A-7 0.00 344,955.00 0.00 0.00 54,900,000.00 100.000000%
A-8 0.00 310,969.50 0.00 0.00 49,230,000.00 100.000000%
A-9 0.00 302,080.08 0.00 0.00 46,355,000.00 100.000000%
M-1 0.00 498,750.00 0.00 0.00 78,750,000.00 100.000000%
M-2 0.00 249,046.88 0.00 0.00 39,375,000.00 100.000000%
B-1 0.00 210,640.63 0.00 0.00 31,875,000.00 100.000000%
B-2(Certificates) 0.00 120,093.75 0.00 0.00 16,875,000.00 100.000000%
R 0.00 0.00 3,530,053.86 0.00 13,293,481.42 0.000000%
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Totals 12,930,280.54 733,854,277.39
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AMOUNTS PER 1,000
Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
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A-1 609.202525 162.363067 3.218620 165.581687 446.839458
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 October 7, 1997
Distribution Date October 10, 1997
Original weighted average sercurities rate = 7.04%
Current weighted average sercurities rate = 7.07%
2
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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COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
--------------- --------------- ---------------
Scheduled Monthly Payments 6,232,003.55 1,130,210.73 7,362,214.28
Recovery of Delinquent Scheduled Payments 1,241,443.73 230,997.25 1,472,440.98
Principal Prepayments 803,937.12 3,749,700.57 4,553,637.69
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Available Collection Amount 8,277,384.40 5,110,908.55 13,388,292.95
FEES:
Servicing Fee 461,853.24
Trustee Fee 1,539.51
Owner Trustee Fee 0.00
Total Fees: 463,392.75
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 13,293,481.42
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 227
Ending Weighted Average Remaining Maturity 226
Beginning Weighted Average Coupon 13.750%
Ending Weighted Average Coupon 13.740%
Beginning Number of Loans 24,126
Ending Number of Loans 23,990
Beginning Unpaid Principle Balance of Home Loans 738,965,185.94
Ending Unpaid Principle Balance of Home Loans 733,854,277.39
Loans Paid in Full 136
DELINQUENCIES:
# $ % of $
----- ------------ -------
30-59 Days 147 4,321,224.00 0.5848%
60-89 Days 53 1,604,839.00 0.2172%
Over 90 47 1,390,478.00 0.1882%
Total 247 7,316,541.00 0.9901%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
* Assumes entire prefunded account is used to purchase home loans
3
BACKUP CALCULATIONS:
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DEPOSIT TO NOTE PAYMENT ACCOUNT*:
Available Collection Amount 13,388,292.95
Cap Interest Release pursuant to Section 5.03 A 4.11
Remaing Prefunding Balance after end of funding period 0.00
Note Payment Account Earnings 5,376.23
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Total Deposits 13,393,673.29
Note Payment Account balance 13,393,673.29
* 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
-----------------
ServIcing Fee 461,853.24 12,931,820.05
Indenture Trustee Fee 1,539.51 12,930,280.54
Owner Trustee Fee 0.00 12,930,280.54
Senior Noteholders Interest Payment Amount 3,210,786.87 9,719,493.67
Class M-1 Noteholders Interest Payment Amount 498,750.00 9,220,743.67
Class M-2 Noteholders Interest Payment Amount 249,046.88 8,971,696.79
Class B-1 Noteholders Interest Payment Amount 210,640.63 8,761,056.16
Class B-2 Certificateholders Distributable Amount 120,093.75 8,640,962.41
Senior Note Regular Prinicipal Payment Amount 5,110,908.55 3,530,053.86
Class M-1 Regular Prinicipal Payment Amount 0.00 3,530,053.86
Class M-2 Regular Prinicipal Payment Amount 0.00 3,530,053.86
Class B-1 Regular Prinicipal Payment Amount 0.00 3,530,053.86
Class B-2 Certificateholders Regular Prinicipal Distributable Amount 0.00 3,530,053.86
Class M-1 Deffered Amount 0.00 3,530,053.86
Class M-2 Deffered Amount 0.00 3,530,053.86
Class B-1 Deffered Amount 0.00 3,530,053.86
Class B-2 Certificateholders Loss Reimbursement Deficiency Amount 0.00 3,530,053.86
Servicing Advance Reimbursement Amount 0.00 3,530,053.86
Overcollateralization Deficency amount to Senior Note Holder 3,530,053.86 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
Check:
Sources of Cash:
Collection Account 13,393,673.29
Guranteed Payments 0.00
---------------
13,393,673.29
Uses of Cash:
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Principal Distributed 8,640,962.41
Interest Distributed 4,289,318.13
Fees Paid 463,392.75
---------------
13,393,673.29
Cert. Principal 8,640,962.41
Cert. Int 4,289,318.13
---------------
Fees 463,392.75
---------------
Total 13,393,673.29
4
CAPITALIZED INTEREST:
- ---------------------
Beginning balance: 0.00
Capitalized interest acct requirement (projected interest shortfall) 0.00
Less amount to be released to residual interest 4.11
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 3.23
Prefunding account earnings posted in due period 0.88
Ending balance on distribution date 0.00
07/01/97
Projected Shortfall
Amount Days S. Rate
- ------ ---- -------
0.00 x 78 x 4.50% = 0.00
Interest Shortfall
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Wtd Pref. Bal
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ERR x 30 x 7.04% = ERR
859,272.75
ERR