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FIRSTPLUS FINANCIAL, INC. (TANSFEROR 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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Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
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A-1 139,980,000.00 127,292,737.24 6.05% 6,040,758.87 0.00 641,767.55
A-2 64,680,000.00 64,680.000.00 6.28% 0.00 0.00 338,492.00
A-3 65,160.000.00 65,160.000.00 6.45% 0.00 0.00 350,235.00
A-4 49,750.000.00 49,750.000.00 6.60% 0.00 0.00 273,625.00
A-5 49,170,000.00 49,170,000.00 6.70% 0.00 0.00 274,532.50
A-6 93,110,000.00 93,110,000.00 6.95% 0.00 0.00 539,262,08
A-7 61,330,000.00 61,330,000.00 7.16% 0.00 0.00 365,935,67
A-8 37,570,000.00 37,570,000.00 7.33% 0.00 0.00 229,490.08
Certificates 39,250,000.00 39,250,000.00 7.64% 0.00 0.00 249,891.67
R 0.00 8,129,180.22 0.00 0.00 0.00
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Totals 600,000,000.00 595,441,917.46 6,040,758.87 3,263,990.42
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Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral Losses Balance Factor
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A-1 0.00 6,682,526.42 0.00 0.00 121,251,978.37 86.620930%
A-2 0.00 338,492.00 0.00 0.00 64,680,000.00 100.000000%
A-3 0.00 350,235.00 0.00 0.00 65,160,000.00 100.000000%
A-4 0.00 273,625.00 0.00 0.00 49,750,000.00 100.000000%
A-5 0.00 274,532.50 0.00 0.00 49,170,000.00 100.000000%
A-6 0.00 539,262.08 0.00 0.00 93,110,000.00 100.000000%
A-7 0.00 365,935.67 0.00 0.00 61,330,000.00 100.000000%
A-8 0.00 229,490.08 0.00 0.00 37,570,000.00 100.000000%
Certificates 0.00 249,891.67 0.00 0.00 39,250,000.00 100.000000%
R 0.00 0.00 3,318,086.51 24.43 11,447,242.30 0.000000%
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Total 9,303,990.42 592,719,220.67
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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 000000XX0 909,363747 43.154443 4.584709 47.739151 866.209304
Determination Date June 5, 1997
Distribution Date June 10, 1997
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FIRSTPLUS FINANCIAL, INC. (TANSFEROR 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 5,333,541.46 753,359.63 6,086.901.09
Recovery of Delinquent Scheduled Payments 1,077,683.28 152,796.18 1,230,479.46
Principal Prepayments 663,856.79 1,816,516.55 2,480,373.34
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 7,075,081.53 2,722,672.36 9,797,753.89
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 22,468.72 0.00 22,468.72
Note Distrbution Account Earnings 5,987.92 0.00 5,987.92
Capitalized Interest Release 0.00 0.00 0.00
Available Collection Amounts 7,103,538.17 2,722,672.36 9,826,210.53
FEES:
Servicing Fee 372,151.20
Trustee Fee 1,984.81
Custodian Fee 5,954.42
Guaranty Insurance 142,129.68
Owner Trustee Fee 0.00
Total Fees: 522,220.11
OVERCOLLATERALIZATION INFORMATION:*
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 11,447,242.30
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
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 231
Ending Weighted Average Remaining Maturity 230
Beginning Weighted Average Coupon 14.110%
Ending Weighted Average Coupon 14.110%
Beginning Number of Loans 19,562
Ending Number of Loans 19,491
Beginning Unpaid Principle Balance of Home Loans 595,441,917.46
Ending Unpaid Principle Balance of Home Loans 592,719,220.67
Loans paid in Full 71
DELINQUENCIES:
# $ % of $
- - ------
30-59 Days 105 2,995,555.00 0.5031%
60-89 Days 45 1,342,364.00 0.2254%
Over 90 41 1,445,912.00 0.2445%
Total 191 5,793,831.00 0.9730%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 24.43 0.00
Net Losses 24.43 0.00
*Assumes entire prefunded account is used to purchase home loans
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Principal and Interest 9,797,753.89
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 22,468.72
Total Deposits 9,820,222.61
Note Distribution Account earnings 5,987.92
Note Distribution Account balance 9,826,210.53
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 372,151.20 9,454,059.33
Guaranty Insurance Premium 142,129.68 9,311,929.65
Indenture Trustee Fee 1,984.81 9,309,944.84
Owner Trustee Fee 0.00 9,309,944.84
Custodian Fee 5,954.42 9,303,990.42
Noteholders Interest Distributable Amount 3,013,339.88 6,290,650.54
Regular Principal Distributable Amount 2,722,672.36 3,567,978.18
Excess Spread to Class A-1 note as a part of the 3,318,086.51 249,891.67
Noteholders Monthly Principal distributable Amount
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
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RESERVE ACCOUNT:
Beginning balance 20,999,951.52
Current deposits 0.00
Current earnings 92,532.43
Withdraw of excess reserve account amount to residual interest holders 92,532.43
Ending balance 20,999,951.52
CAPITALIZED INTEREST:
Beginning balance: 0.00
Capitalized interest acct requirement (projected interest shortfall) 0.00
Less amount to be released to residual interest 2,669.14
Holder on March 10 pursuant to section 5.04(d)
Less amount to be distributed to note distribution 0.00
Account on March 6 required by section 5.04(a)
Plus Account earnings posted in due period 1,975.97
Prefunding account earnings posted in due period 693.17
Ending balance on distribution date 0.00
PREFUNDING ACCOUNT:
Beginning balance 0.00
Less draw for first funding 0.00
Less amount to be distributed to note distribution 0.00
Account required by section 5.03 (c)
Less amount to be distributed to certificate distribution 0.00
Account required by section 5.03 (c)
Ending balance 0.00
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