-----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, FOCBNifXQwwEsjsOYT6Gc0Z/uiFkIO/l6UBAPFe+decJ/lmxABQXH6dRCNHnjgQk kTYzAIlCWGYyJo3/lSKFkQ== 0001051170-98-000099.txt : 19981214 0001051170-98-000099.hdr.sgml : 19981214 ACCESSION NUMBER: 0001051170-98-000099 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19981211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IRWIN HOME EQUITY CORP TRUST 1997-2 CENTRAL INDEX KEY: 0001059068 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133526694 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 333-27355-02 FILM NUMBER: 98768303 BUSINESS ADDRESS: STREET 1: ONE NEW YORK PLAZA CITY: NEW YORK STATE: NY ZIP: 10292 BUSINESS PHONE: 2127781000 MAIL ADDRESS: STREET 1: ONE NEW YORK PLAZA CITY: NEW YORK STATE: NY ZIP: 10292 10-K/A 1 FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the period from November 18, 1997 (Commencement of Operations) to December 31, 1997. [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number - 333-27355 PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION,(as depositor under the Pooling and Servicing Agreement, dated as of November 18, 1997, which forms Irwin Home Equity Corporation Trust 1997-2, which will issue the Irwin Home Equity Corporation Trust 1997-2, Mortgage Pass-Through Certificates, Series 1997-2). PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-3526694 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One New York Plaza New York, New York 10292 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (212) 778-1000 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K/A or any amendment to this Form 10-K/A. [X] Page 1 of 4 This report consists of 10 consecutively numbered pages. Documents incorporated by reference: none AMENDMENT NUMBER 1 OF 1 -2- PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION Irwin Home Equity Corporation Trust 1997-2 - --------------------------------------------------- (a) The following documents are filed as part of this report: (1) Financial Statements: Omitted. (2) Financial Statement Schedules: Omitted. (3) Exhibits: Annual Statement of Compliance, filed as Exhibit 99.1 hereto. Annual Servicing Reports, filed as Exhibit 99.2 hereto. (b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant. A Current Report on Form 8-K, dated January 30, 1998, was filed for the purpose of filing the Monthly Certificateholder Statements for payments made on December 15, 1997 and January 15, 1998, respectively. The items reported in such Current Report were Item 5 (Other Events). (c) Exhibits to this report are listed in Item (14)(a)(3) above. -3- SIGNATURE Pursuant to the requirements of Section 13 or 15(d) 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. CHASE MANHATTAN BANK not in its individual capacity but solely as Trustee for Irwin Home Equity Corporation Trust 1997-2 Date: December 11, 1998 By: /s/ Regina Bergeland ---------------- Regina Bergeland Chase Manhattan Bank Vice President -4- INDEX TO EXHIBITS Exhibit Number Description of Exhibits Page 99.1 Annual Statement of Compliance 6 99.2 Annual Servicing Reports 8 -5- EXHIBIT 99.1 ANNUAL STATEMENT OF COMPLIANCE -6- OFFICER'S CERTIFICATE OFFICER'S CERTIFICATE OF THE SERVICER RE: ANNUAL STATEMENT AS TO COMPLIANCE The undersigned, each a duly authorized representative of Irwin Home Equity Corporation, an Indiana corporation (the "Servicer"), as Servicer pursuant to the Pooling and Servicing Agreement dated as of November 1, 1997, by and among Prudential Securities Secured Financing Corporation, as Depositor of the Trust, Irwin Home Equity Corporation, an Indiana corporation, as Servicer, and The Chase Manhattan Bank, as Trustee and Custodial Agent (as such agreement may be amended, supplemented or otherwise modified from time to time, the "Pooling and Servicing Agreement"), do hereby certify as follows: A. Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement. References herein to certain Sections and subsections are references to the respective Sections and subsections of the Pooling and Servicing Agreement. B. This Certificate is being delivered pursuant to Section 5.16 of the Pooling and Servicing Agreement. C. The Servicer is the Servicer under the Pooling and Servicing Agreement. D. The undersigned are duly authorized Servicing Officers of the Servicer. E. A review of the activities of the Servicer during the 1997 fiscal year and of its performance under the Pooling and Servicing Agreement has been made under our supervision. F. To the best of our knowledge, based on the above-mentioned review, the Servicer has fulfilled all of its obligations under the Pooling and Servicing Agreement and any applicable Supplements throughout the 1997 fiscal year, except for the following item of noncompliance: Certain reconciling items for the payment clearing account were not resolved within ninety (90) calendar days of their original identification. Such reconciling items are currently being resolved within ninety (90) calendar days of their original identification. IN WITNESS WHEREOF, the Servicer has caused this Certificate to be executed and delivered on its behalf by its duly authorized officers on this 28th day of May, 1998. IRWIN HOME EQUITY CORPORATION By: /s/ Elena Delgado Elena Delgado President By: /s/ Edwin K. Corbin Edwin K. Corbin Vice President - Finance -7- EXHIBIT 99.2 ANNUAL SERVICING REPORTS -8- Irwin Home Equity 12677 Alcosta Blvd. Suite 500 San Ramor, CA 94583 An Irwin Fnancial Company I. Assertion of Irwin Home Equity's Management As of and for the year ended December 31, 1997, Irwin Home Equity, a majority owned subsidiary of Irwin Financial Corporation, except for the Items of Noncompliance below, has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for this same period, the parent corporation, Irwin Financial Corporation, had in effect a fldelity bond and errors and omissions policy in the amount of $15,000,000. Item of Noncompliance During the year ended December 31, 1997, certain reconciling items for the payment clearing account were not resolved within ninety (90) calendar days of their original identification. By: /s/ Edwin K. Corbin Mr. Edwin Corbin Vice President - Finance By: /s/ Elena Delgado Ms. Elena Delgado President - 9 - Cooper Coopers & Lybrand L.L.P. &Lybrand a professional services firm Report of Independent Accountants To the Board of Directors Irwin Home Equity We have examined management's assertion about the compliance of Irwin Home Equity, a majority owned subsidiary of Irwin Financial Corporation, with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers as of and for the year ended December 31, 1997, included in the accompanying management assertion. Management is responsible for Irwin Home Equity's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Irwin Home Equity's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Irwin Home Equity's compliance with the minimum servicing standards. As discussed in management's assertion, during the year ended December 31, 1997, the Company was not in compliance with one of the minimum servicing standards regarding custodial bank accounts in that certain reconciling items for one account were not resolved within ninety (90) calendar days of their original identification. In our opinion, management's assertion that, except for noncompliance with one of the custodial bank account reconciliation standards, Irwin Home Equity complied with the aforementioned minimum servicing standards for the year ended December 31, 1997, described in management's report, is fairly stated, in all material respects. /s/ Coopers & Lybrand L.L.P. Coopers & Lybrand L.L.P. Indianapolis, Indiana May 18, 1998 Coopers & Lybrand L.L.P is a member of Coopers & Lybrand International a limited liability association incorporated in Switzerland - 10 - -----END PRIVACY-ENHANCED MESSAGE-----