-----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, HG/n+g4UKyWnC+kAeCt0f4YHFuNS/xyYhIm6cmY/hjew28ecBofIoSQmuHmFrRu6 X2SnECaPaA1dih9E1eCnug== 0000950149-04-001062.txt : 20040525 0000950149-04-001062.hdr.sgml : 20040525 20040525131217 ACCESSION NUMBER: 0000950149-04-001062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040517 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BAY VIEW SECURITIZATION CORP CENTRAL INDEX KEY: 0001026808 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 931225376 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-16233 FILM NUMBER: 04829346 BUSINESS ADDRESS: STREET 1: 1840 GATEWAY DRIVE STREET 2: BAY VIEW BANK CITY: SAN MATEO STATE: CA ZIP: 94403 BUSINESS PHONE: 6505737310 MAIL ADDRESS: STREET 1: BAY VIEW BANK STREET 2: 1840 GATEWAY DRIVE CITY: SAN MATEO STATE: CA ZIP: 94404 8-K 1 f99276e8vk.htm CURRENT REPORT e8vk
 

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 17, 2004

BAY VIEW SECURITIZATION CORPORATION

(Exact name of registrant as specified in charter)
         
Delaware   333-30048   93-1225376
  		 
  		 
 
State or other jurisdiction of
incorporation or organization 		  (Commission File No.)   (I.R.S. Employer Identification No.)
 
 		        
c/o Bay View Bank        
1840 Gateway Drive        
San Mateo, California       94404
  		     
 
Address of principal executive offices       Zip Code

     Registrant’s telephone number, including area code: (650) 312-6857

(Former name, former address, and former fiscal year, if changed since last report)

 

 

Item 7. Financial Statements, Pro forma Financial Information and Exhibits

     
Exhibit 99.1
  Monthly Servicer’s Reports dated April 30, 2004

Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on behalf of Bay View Securitization Corporation by the undersigned thereunto duly authorized.

                     
            BAY VIEW 2002-LJ-1 OWNER TRUST    
        BY:   BAY VIEW SECURITIZATION CORPORATION    
            ORIGINATOR OF TRUST    
 
 
                    
Dated:
  May 17, 2004       By:   /s/ Lisa Staab    
             
 		    
              Lisa Staab    
              VP, Controller    

 

EX-99.1 2 f99276exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1

Bay View Securitization Corporation
Bay View 2002 LJ-1 Owner Trust
For Payment Date: May 25, 2004
For Collection Period: April, 2004
For Determination Date: May 17, 2004

                                                             
A. PRINCIPAL BALANCE RECONCILIATION   A-1   A-2   A-3   A-4   # LOANS   TOTAL   LOAN BALANCE
(A)  
Original Principal Balance
     65,800,000.00       129,000,000.00       171,000,000.00       87,410,907.00       20,885       453,210,907.00       453,210,907.00  
(B)  
Beginning Balance
     0.00       0.00       110,150,945.05       87,410,907.00       11,896       197,561,852.05       197,561,852.05  
(C)  
Collections (Regular Payments)
     0.00       0.00       3,907,095.00       0.00       N/A       3,907,095.00       3,907,095.00  
(D)  
Withdrawal from Payahead (Principal)
     0.00       0.00       5,149.90       0.00       N/A       5,149.90       5,149.90  
(E)  
Collections (Principal Payoffs)
     0.00       0.00       5,305,781.09       0.00       384       5,305,781.09       5,305,781.09  
(F)  
Gross Charge Offs (Prior Mo. End Bal)
     0.00       0.00       429,454.95       0.00       24       429,454.95       429,454.95  
(G)  
Principal Reductions (Other)(Partial chg-off)
     0.00       0.00       47,851.38       0.00       N/A       47,851.38       47,851.38  
(H)  
Repurchases
     0.00       0.00       0.00       0.00       0       0.00       0.00  
   
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
(I)  
Ending Balance
     0.00       0.00       100,455,612.73       87,410,907.00       11,488       187,866,519.73       187,866,519.73  
   
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
(J)  
Certificate Factor
     0.000000 %     0.000000 %     58.745972 %     100.000000 %     55.005985 %     41.452339 %     41.452339 %
Notional Principal Balance: Class I                
(K)  
Beginning
                                                     107,511,746.96  
(L)  
Reduction
                                                     9,695,332.32  
(M)  
Ending
                                                     97,816,414.64  
Notional Principal Balance: Companion Component                
(N)  
Beginning
                                                     90,050,105.09  
(O)  
Reduction
                                                     —  
(P)  
Ending
                                                     90,050,105.09  
B. CASH FLOW RECONCILIATION
           TOTALS
(A)   CASH WIRED-PRINCIPAL AND INTEREST COLLECTIONS     10,899,972.39  
(B)   INTEREST WIRED — COLLECTION ACCOUNT & PAYAHEAD ACCOUNT     10,627.45  
(C)   WITHDRAWAL FROM PAYAHEAD ACCOUNT     0.00  
   
1) allocable to principal
                                                     5,149.90  
   
2) allocable to interest
                                                     0.00  
(D)  
ADVANCES
                                                     890.83  
(E)  
REPURCHASES
                                                     0.00  
(F)   GROSS CHARGE OFF RECOVERIES     217,648.72  
(G)   SPREAD ACCOUNT WITHDRAWAL     0.00  
(H)   Policy Draw for “I” Interest     0.00  
(I)   Policy Draw for “A-1” Interest or Ultimate Principal     0.00  
(J)   Policy Draw for “A-2” Interest or Ultimate Principal     0.00  
(K)   Policy Draw for “A-3” Interest or Ultimate Principal     0.00  
(L)   Policy Draw for “A-4” Interest or Ultimate Principal     0.00  
   
TOTAL COLLECTIONS
                                                     11,134,289.29  
C. TRUSTEE DISTRIBUTION
           TOTAL
(A)  
TOTAL CASH FLOW
                                                     11,134,289.29  
(B)  
DEPOSIT TO PAYAHEAD
                                                     0.00  
(C)  
Indenture Trustee Fee
                                                     0.00  
(D)  
UNRECOVERED INTEREST ADVANCES
                                                     0.00  
(E)  
SERVICING FEE (DUE AND UNPAID)
                                                     164,634.88  
(F)  
Standby Servicing Fee (not to exceed $50,000)
                                                     3,292.70  
(G)  
Owner Trustee Fee (not to exceed $25,000)
                                                     0.00  
(H)   INTEREST TO “A-1” CERTIFICATE HOLDERS, INCLUDING OVERDUE     0.00  
(I)   INTEREST TO “A-2” CERTIFICATE HOLDERS, INCLUDING OVERDUE     0.00  
(J)   INTEREST TO “A-3” CERTIFICATE HOLDERS, INCLUDING OVERDUE     268,033.97  
(K)   INTEREST TO “A-4” CERTIFICATE HOLDERS, INCLUDING OVERDUE     262,232.72  
(L)   Interest to “I” Certificate Holders, including Overdue     223,982.81  
(M)   PRINCIPAL TO “A-1” CERTIFICATE HOLDERS, INCLUDING OVERDUE     0.00  
(N)   PRINCIPAL TO “A-2” CERTIFICATE HOLDERS, INCLUDING OVERDUE     0.00  
(O)   PRINCIPAL TO “A-3” CERTIFICATE HOLDERS, INCLUDING OVERDUE     9,695,332.32  
(P)   PRINCIPAL TO “A-4” CERTIFICATE HOLDERS, INCLUDING OVERDUE     0.00  
(Q)  
Policy Premium and Unreimbursed Draws
                                                     62,622.17  
(R)  
Spread Account (up to the Requisite Amount)
                                                     0.00  
(S)  
Additional Unpaid Standby Servicing Fee
                                                     0.00  
(T)  
Additional Unpaid Indenture Trustee Fee
                                                     0.00  
(U)  
Additional Unpaid Owner Trustee Fee
                                                     0.00  
(V)  
Interests Advance Recovery Payments
                                                     0.00  
   
 
                                                    
 		  
(W)  
EXCESS YIELD
                                                     454,157.72  
   
 
                                                    
 		  
   
BALANCE
                                                     0.00  
D. SPREAD ACCOUNT       SPREAD ACCOUNT
  
(A)  
BEGINNING BALANCE
                                                     14,124,600.99  
(B)  
ADDITIONS TO SPREAD AMOUNT
                                                     454,157.72  
(C)  
INTEREST EARNED
                                                     10,096.21  
(D)  
DRAWS
                                                     0.00  
(E)  
REIMBURSEMENT FOR PRIOR DRAWS
                                                     N/A  
(F)  
DISTRIBUTION OF FUNDS TO SERVICER
                                                     N/A  
(G)   PRIOR MONTH DISTRIBUTION OF FUNDS TO ISSUER     528,273.78  
   
 
                                                    
 		  
(H)  
ENDING BALANCE
                                                     14,060,581.14  
   
 
                                                    
 		  
(I)  
REQUIRED BALANCE
                                                     13,596,327.21  
   
 
                                                    
 		  
(J)   CURRENT MONTH DISTRIBUTION OF FUNDS TO ISSUER     464,253.93  
   
 
                                                    
 		  

 

 

Bay View Securitization Corporation
Bay View 2002 LJ-1 Owner Trust
For Payment Date: May 25, 2004
For Collection Period: April, 2004
For Determination Date: May 17, 2004

                             
E. CURRENT RECEIVABLES DELINQUENCY                
                NUMBER   BALANCE
   
# PAYMENT DELINQUENCY
                        
(A)  
31-60
             28       440,534.97  
(B)  
61-90
             18       285,910.88  
   
 
            
 		      
 		  
(C)  
TOTAL
             46       726,445.85  
   
 
            
 		      
 		  
(D)  
90+ days
             15       291,585.81  
F. REPOSSESSIONS
(A)  
COLLECTION PERIOD REPOSSESSIONS (CURRENT PERIOD END BAL)
             26       475,676.64  
(B)  
AGGREGATE REPOSSESSIONS
             417       8,283,718.60  
(C)  
UNLIQUIDATED REPOSSESSIONS
             30       577,924.69  
G. PAYAHEAD RECONCILIATION
(A)  
BEGINNING BALANCE
                     97,797.47  
(B)  
DEPOSIT
                     0.00  
(C)  
WITHDRAWAL
                     5,149.90  
   
 
                    
 		  
(D)  
ENDING BALANCE
                     92,647.57  
   
 
                    
 		  
PERFORMANCE TEST
H. DELINQUENCY RATIO (30+)
   
 
   DELINQUENT
                
   
 
   MONTH
   POOL
   DELINQUENCY
   
MONTH
   BALANCE   BALANCE     %  
(A)  
CURRENT
     726,445.85       187,866,519.73       0.3867 %
(B)  
1ST PREVIOUS
     1,019,654.72       197,561,852.05       0.5161 %
(C)  
2ND PREVIOUS
     844,926.17       209,187,583.34       0.4039 %
   
 
    
 		      
 		      
 		  
(D)  
THREE MONTH ROLLING AVERAGE
     863,675.58       198,205,318.37       0.4356 %
   
 
    
 		      
 		      
 		  
I. CUMULATIVE DEFAULT RATE
 		   MONTH
BALANCE		   ORIGINAL POOL
BALANCE
   Default Rate %
(A)  
Defaulted Receivables (Current Period)
     607,421.39                  
(B)  
Cumulative Defaulted Receivables (Prior Month)
     9,957,690.62                  
(C)  
Cumulative Defaulted Receivables (Current Month)
     10,565,112.01       453,210,907.00       2.33 %
   
 
   MONTH
   ORIGINAL POOL
        
J. CUMULATIVE NET LOSS RATE   BALANCE
   BALANCE
   Net Loss Rate %
(A)  
Collection Period Charge-Off receivables
     477,306.33                  
(B)  
50% of Purchase Receivables with scheduled payment delinquent more than 30 days
     —                  
(C)  
Aggregate Cram Down Losses during period
     —                  
(D)  
Less: Recoveries (current month)
     217,648.72                  
(E)  
Prior Period Adjustment
     —                  
(F)  
Net Losses current period
     259,657.61                  
(G)  
Prior Period cumulative net losses
     6,625,764.76                  
(H)  
Cumulative Net Losses (current period)
     6,885,422.37       453,210,907.00       1.52 %
(I)  
Total Defaults
     607,421.39                  
(J)  
50% of defaulted Receivables ( not included in Collection Period Charge-Off Receivables)
     303,710.70                  
(K)  
Cumulative net losses including 50% of defaults
     7,189,133.07       453,210,907.00       1.59 %
K. EXTENSION RATE   MONTH BALANCE
   POOL BALANCE
   Extension Rate %
(A)  
Principal Balance of Receivables extended during current period (not to exceed 1% of Original Pool Balance)
     526,666.61       187,866,519.73       0.28 %
L. LOCKBOX TEST           AMOUNT
   NUMBER
(A)  
Total Payments to Lockbox (Current Month)
             5,463,399.20       10,378  
(B)  
Total Payments (Current Month)
             11,117,621.11       11,664  
(C)  
Lockbox Payment Percentage
                     88.97 %
M. FINANCIAL COVENANTS
(A)  
Monthly BVAC capital (at least $50MM)
                     50,000  
(B)  
Monthly BVAC cash and working capital borrowing capacity (at least $5MM)
                     34,465  
(C)  
Monthly BVAC net worth (at least $20MM)
                     62,193  
N. WAC-Weighted Average Coupon                     10.3759 %
O. WAM-Weighted Average Maturity                     51.36  
       
/s/ Angelica Velisano
APPROVED BY:   /s/ Lisa Staab  
 
 
 		  
Prepared by: Angelica Velisano
Senior Accounting Analyst
Bay View Securitization Corp
  Lisa Staab
VP, Controller
Bay View Acceptance Corp		  

 

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