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 (date of earliest event reported): May 27, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1997, providing
for the issuance of Financial Asset Securities Corp.,
Empire Funding Home Loan REMIC Trust 1997-A,
Asset Backed Certificates Series 1997-A.
(Exact name of registrant as specified in its charter)
Delaware 333-21071-04 41-1872543
(State or Other Jurisdiction (Commission (I.R.S.
Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Empire Funding Home Loan
REMIC Trust 1997-A, Asset-Backed Certificates,
Series 1997-A, a Trust created pursuant to the
Pooling and Servicing Agreement, dated March
1, 1997, by First Bank National Association, as
trustee for the Trust, the Trustee has caused to
be filed with the Commission, the Monthly
Report dated May 27, 1997. The Monthly
Report is filed pursuant to and in accordance
with (1) numerous no-action letters (2) current
Commission policy in the area. The filing of the
Monthly Report will occur subsequent to each
monthly distribution to the holders of the
Certificates, Due June 25, 2018.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date May 27, 1997.
Principal Interest Ending Balance
Cede & Co $932,349.26 $306,972.34 $48,418,075.88
B. No delinquency in payment under the Certificate
Guaranty Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable
under the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the
Certificate Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated May 27, 1997.
EMPIRE FUNDING HOME LOAN REMIC TRUST 1997-A
PASS-THROUGH CERTIFICATES
SERIES 1997-A
DISTRIBUTION STATEMENT
Distribution Date: 05/27/97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 7,727,629.60 932,349.26 46,365.78 978,715.04 6,795,280.34
A-2 18,300,000.00 0.00 107,360.00 107,360.00 18,300,000.00
A-3 11,442,000.00 0.00 74,086.95 74,086.95 11,442,000.00
M-1 6,003,000.00 0.00 39,419.70 39,419.70 6,003,000.00
M-2 5,377,000.00 0.00 36,205.13 36,205.13 5,377,000.00
B 500,795.54 0.00 3,534.78 3,534.78 500,795.54
R 0.00 NA 0.00 0.00 0.00
Total 49,350,425.14 932,349.26 306,972.34 1,239,321.60 48,418,075.88
Payment of Loss Interest Allocable
Reimbursement Carry Forward Loss
Class Deficiency Amount Amount
A-1 NA 0.00 NA
A-2 NA 0.00 NA
A-3 NA 0.00 NA
M-1 0.00 0.00 0.00
M-2 0.00 0.00 0.00
B 0.00 0.00 0.00
R NA NA NA
Total 0.00 0.00 0.00
AMOUNTS PER $1,000 UNIT Ending Current
Principal Interest Total Certificate Pass-Through
Class Distribution Distribution Distribution Balance Interest Rate
A-1 110.99395952 5.51973571 116.51369524 808.96194524 7.20000%
A-2 0.00000000 5.86666667 5.86666667 1,000.00000000 7.04000%
A-3 0.00000000 6.47500000 6.47500000 1,000.00000000 7.77000%
M-1 0.00000000 6.56666667 6.56666667 1,000.00000000 7.88000%
M-2 0.00000000 6.73333271 6.73333271 1,000.00000000 8.08000%
B 0.00000000 7.05832963 7.05832963 1,000.00000000 8.47000%
Payment of Loss Interest Allocable
Reimbursement Carry Forward Loss
Class Amount Amount Amount
A-1 NA 0.00000000 NA
A-2 NA 0.00000000 NA
A-3 NA 0.00000000 NA
M-1 0.00000000 0.00000000 0.00000000
M-2 0.00000000 0.00000000 0.00000000
B 0.00000000 0.00000000 0.00000000
EMPIRE FUNDING HOME LOAN REMIC TRUST 1997-A
PASS-THROUGH CERTIFICATES
SERIES 1997-A
Distribution Date: 05/27/97
Distribution Statement
Pooling and Servicing Agreement Dated March 1, 1997
i) Available Collection Amount 1,288,176.19
Available Distribution Amount 1,239,321.60
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 49,416,689.33
Ending Pool Principal Balance 48,678,095.31
iii) Class Factors Beginning Ending
Class A-1 0.91995590 0.80896195
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Class M-1 1.00000000 1.00000000
Class M-2 1.00000000 1.00000000
Class B 1.00000000 1.00000000
iv) Interest from Mortgagors / Master Servicer 546,376.72
Interest from Purchased Loans 0.00
Interest from Liquidated Mortgage Loans 0.00
Interest from FHA Insurance Payments 0.00
546,376.72
Principal Collections (Regular Installments) 111,921.67
Principal Collections (Curtailments and Paid in Fulls) 626,672.35
Principal from Purchased Loans 0.00
Principal from Liquidated Mortgage Loans 0.00
Principal from FHA Insurance Payments 0.00
738,594.02
Total Payments 1,284,970.74
plus: Investment Income on the Collection Account 3,205.45
Trust Fees and Expenses 49,276.80
plus: Investment Income on the Certificate Distribution Account 422.21
Available Distribution Amount 1,239,321.60
v) Optimal Principal Balances: 0.00
Senior 0.00
Class M-1 0.00
Class M-2 0.00
Class B 0.00
vi) Overcollateralization Deficiency Amount 3,741,845.52
Amounts distributed to the holders of the Class R 0.00
vii) Servicing Compensation 36,548.53
Trustee Fee 1,647.22
FHA Premium Account Deposit 11,081.05
viii) Overcollateralization Amount 260,019.43
Overcollateralization Target Amount 4,001,864.95
Net Loan Losses 0.00
Cumulative Net Loan Losses 0.00
Allocable Loss Amount 0.00
Excess Spread 193,755.24
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 184.20 183.20
Weighted average Interest Rate of the Home Loans 0.13328 0.13332
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 279,935.90
Six-Month Rolling Delinquency Average 193,199.60
Net Delinquency Calculation Amount 417,251.09
xi) FHA Payments made by Obligors on Invoiced Loans 4,616.72
xii)FHA Insurance Amount as of beginning of the related Due Period 2,749,082.52
Current FHA Insurance Proceeds 0.00
Current FHA Insurance Proceeds allocated to Fees 0.00
Original FHA Insurance Amount 2,749,082.52
Cumulative FHA Insurance Proceeds 0.00
Cumulative FHA Insurance Proceeds allocated to Fees 0.00
FHA Insurance Amount as of the end of the Related Due Period 2,749,082.52
100% of Bal 90% of Bal
Agg prin bal. of FHA Claims rejected by the FHA 0.00 0.00
Principal Balance of FHA claims Pending 0.00 0.00
Principal Balance of FHA claims Submitted 0.00 0.00
Aggregate number of FHA Claims submitted this period 0
Aggregate number of FHA Claims submitted since Cut-off 0
Aggregate number of FHA Claims paid this period 0
Aggregate number of FHA Claims pending this period 0
Prin Bal of FHA Loans for which no further amounts expected 0.00
xiii) Current Cumulative
Aggregate Aggregate
Combination Loans Number Prin Bal Number Prin Bal
A) Defaulted Loans 0.00 0.00 0.00 0.00
B) Liquidated Loans 0.00 0.00 0.00 0.00
C) Deleted b\c Defect 0.00 0.00 0.00 0.00
D) Deleted b\c Default 0.00 0.00 0.00 0.00
Current Cumulative
Aggregate Aggregate
Debt Consolidation Number Prin Bal Number Prin Bal
A) Defaulted Loans 0.00 0.00 0.00 0.00
B) Liquidated Loans 0.00 0.00 0.00 0.00
C) Deleted b\c Defect 0.00 0.00 0.00 0.00
D) Deleted b\c Default 0.00 0.00 0.00 0.00
xiv) Delinquency And Foreclosure Information:
# of Accounts Prin Bal % of Total Book Value
30-59 Days Delinquent 53 825,591.59 0.01696
60-89 Days Delinquent 13 213,604.05 0.00439
90-179 Days Delinquent 4 66,331.85 0.00136
180 or more Days Del 0 0.00 0.00000
Loans in foreclosure 0 0.00 0.00000
Foreclosed Properties 0 0.00 0.00000 0.00
Loans in bankruptcy # of Accounts Principal Bala% of Total
30-59 Days Delinquent 2 48,566.57 0.00100
60-89 Days Delinquent 0 0.00 0.00000
90-179 Days Delinquent 0 0.00 0.00000
180 or more Days Del 0 0.00 0.00000
Aggregate 2 48,566.57 0.00100
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FINANCIAL ASSET SECURITIES CORPORATION
By: /s/ James Kaufman
Name: Jim Kaufman
Title: Assistant Vice President,
First National Association
Dated: May 31, 1997