1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1997-3
AGREEMENT DATED SEPTEMBER 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 Turbo) Forward Remittance
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A-1 166,090,000.00 166,090,000.00 5.76% 6,309,228.58 0.00 796,712.97
A-2 91,430,000.00 91,430,000.00 6.48% 0.00 0.00 493,722.00
A-3 83,220,000.00 83,220,000.00 6.57% 0.00 0.00 455,629.50
A-4 70,500,000.00 70,500,000.00 6.80% 0.00 0.00 399,500.00
A-5 47,090,000.00 47,090,000.00 6.86% 0.00 0.00 269,197.83
A-6 57,740,000.00 57,740,000.00 7.08% 0.00 0.00 340,666.00
A-7 50,430,000.00 50,430,000.00 7.22% 0.00 0.00 303,420.50
A-8 47,580,000.00 47,580,000.00 7.55% 0.00 0.00 299,357.50
M-1 88,880,000.00 88,880,000.00 7.32% 0.00 0.00 542,168.00
M-2 44,440,000.00 44,440,000.00 7.52% 0.00 0.00 278,490.67
B-1 36,360,000.00 36,360,000.00 7.79% 0.00 0.00 236,037.00
B-2 (Certificates) 24,240,000.00 24,240,000.00 8.50% 0.00 0.00 171,700.00
R 0.00 0.00 0.00 0.00
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Totals 808,000,000.00 808,000,000.00 6,309,228.58 4,586,601.97
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Interest
Carry Total Allocated Ending Pool
Class Forward Distribution Turbo Losses Balance Factor
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A-1 0.00 7,105,941.55 0.00 0.00 159,780,771.42 96.201319%
A-2 0.00 493,722.00 0.00 0.00 91,430,000.00 100.000000%
A-3 0.00 455,629.50 0.00 0.00 83,220,000.00 100.000000%
A-4 0.00 399,500.00 0.00 0.00 70,500,000.00 100.000000%
A-5 0.00 269,197.83 0.00 0.00 47,090,000.00 100.000000%
A-6 0.00 340,666.00 0.00 0.00 57,740,000.00 100.000000%
A-7 0.00 303,420.50 0.00 0.00 50,430,000.00 100.000000%
A-8 0.00 299,357.50 0.00 0.00 47,580,000.00 100.000000%
M-1 0.00 542,168.00 0.00 0.00 88,880,000.00 100.000000%
M-2 0.00 278,490.67 0.00 0.00 44,440,000.00 100.000000%
B-1 0.00 236,037.00 0.00 0.00 36,360,000.00 100.000000%
B-2 (Certificates) 0.00 171,700.00 0.00 0.00 24,240,000.00 100.000000%
R 0.00 0.00 3,195,350.52 0.00 0.00 0.000000%
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Totals 10,895,830.55 801,690,771.42
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Determination Date October 7, 1997
Distribution Date October 10, 1997
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 1000.000000 37.986806 4.796875 42.783681 962.013194
A-2 000000XX0 1000.000000 0.000000 5.400000 5.400000 1000.000000
A-3 000000XX0 1000.000000 0.000000 5.475000 5.475000 1000.000000
A-4 000000XX0 1000.000000 0.000000 5.666667 5.666667 1000.000000
A-5 000000XX0 1000.000000 0.000000 5.716667 5.716667 1000.000000
A-6 000000XX0 1000.000000 0.000000 5.900000 5.900000 1000.000000
A-7 000000XX0 1000.000000 0.000000 6.016667 6.016667 1000.000000
A-8 000000XX0 1000.000000 0.000000 6.291667 6.291667 1000.000000
M-1 000000XX0 1000.000000 0.000000 6.100000 6.100000 1000.000000
M-2 000000XX0 1000.000000 0.000000 6.266667 6.266667 1000.000000
B-1 Certificates 000000XX0 1000.000000 0.000000 6.491667 6.491667 1000.000000
B-2 Certificates 000000XX0 1000.000000 0.000000 7.083333 7.083333 1000.000000
Original weighted average securities rate = 6.81%
Current weighted average securities rate = 6.82%
2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1997-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED SECURITIES SERIES 1997-3
AGREEMENT DATED SEPTEMBER 1, 1997
SERVICER'S MONTHLY REMITTANCE REPORT
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COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 6,182,109.53 1,194,902.72 7,377,012.25
Recovery of Delinquent Scheduled Payments 566,073.56 140,787.94 706,861.50
Principal Prepayments 590,859.75 1,778,187.40 2,369,047.15
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Deposit 0.00 0.00 0.00
Collection Account Earnings 8.94 0.00 8.94
Available Collection Amount 7,339,051.78 3,113,878.06 10,452,929.84
FEES:
Servicing Fee 405,987.70
Indenture Trustee Fee 469.68
Owner Trustee Fee 0.00
Total Fees: 406,457.38
UNDERCOLLATERALIZATION INFORMATION:
Original Undercollateralization Amount 8,000,000.00
Current Undercollateralization Amount 4,804,649.48
OVERCOLLATERALIZATION INFORMATION*:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 0.00
Required Overcollateralization Amount 24,000,000.00
AMOUNT IN PREFUNDING ACCOUNT: 149,668,198.14
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 860,093.25
Amount to be Disbursed from Capitalized Interest
Account to Note Distribution Account 849,367.02
COLLATERAL INFORMATION:
Beginning Weighted Average Remaining Maturity 226
Ending Weighted Average Remaining Maturity 225
Beginning Weighted Average Coupon 13.780%
Ending Weighted Average Coupon 13.780%
Beginning Number of Loans 20,759
Ending Number of Loans 20,695
Beginning Unpaid Principle Balance of Home Loans 650,331,801.86
Ending Unpaid Principle Balance of Home Loans 647,217,923.80
Loans Paid in Full 64
DELINQUENCIES:
# $ % of $
- - ------
30-59 Days 38 1,048,375.00 0.1612%
60-89 Days 0 0.00 0.0000%
Over 90 0 0.00 0.0000%
Total 38 1,048,375.00 0.1612%
LIQUIDATED LOANS:
Principal Interest
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
3
WITHDRAWS FROM NOTE PAYMENT ACCOUNT:
Uses of Cash: To retain in the note payment account or deposit into the
Principal Distributed certificate distribution account for payment on the
payment Interest Distributed date as applicable pursuant to section 5.01 (c)
Remaining Balance
-----------------
Servicing Compensation 405,996.64 10,896,300.23
Indenture Trustee Fee 469.68 10,895,830.55
Owner Trustee Fee 0.00 10,895,830.55
Senior Noteholders Interest Payment Amount 3,900,374.30 6,995,456.25
Class M-1 Noteholders Interest Payment Amount 278,490.67 6,716,965.58
Class M-2 Noteholders Interest Payment Amount 236,037.00 6,480,928.58
Class B-1 Certificateholders Interest Distributable Amount 171,700.00 6,309,228.58
Class B-2 Certificateholders Interest Distributable Amount 0.00 6,309,228.58
Senior Note Regular Principal Payment Amount 3,113,878.06 3,195,350.52
Class M-1 Regular Principal Payment Amount 0.00 3,195,350.52
Class M-2 Regular Principal Payment Amount 0.00 3,195,350.52
Class B-1 Regular Principal Payment Amount 0.00 3,195,350.52
Class B-2 Certificateholders Regular Principal Distributable Amount 0.00 3,195,350.52
Class M-1 Deffered Amount 0.00 3,195,350.52
Class M-2 Deffered Amount 0.00 3,195,350.52
Class B-1 Deffered Amount 0.00 3,195,350.52
Class B-2 Certificateholders Loss Reimbursement Deficiency Amount 0.00 3,195,350.52
Servicing Advance Reimbursement Amount 0.00 3,195,350.52
Overcollateralization Deficiency amount to Senior Note Holder 3,195,350.52 0.00
Overcollateralization Deficiency amount to Class M-1 Notes 0.00 0.00
Overcollateralization Deficiency amount to Class M-2 Notes 0.00 0.00
Overcollateralization Deficiency amount to Class B-1 Notes 0.00 0.00
Overcollateralization Deficiency 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 11,302,296.86
Guaranteed Payments 0.00
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11,302,296.86
Uses of Cash:
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Principal Distributed 6,309,228.58
Interest Distributed 4,586,601.97
Fees Paid 406,457.38
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11,302,287.93
Cert. Principal 6,309,228.58
Cert. Int 4,586,601.97
-------------
Fees 406,457.38
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Total 11,302,287.93
4
CAPITALIZED INTEREST:
---------------------
Beginning balance: 1,574,922.02
Capitalized interest acct requirement (projected interest shortfall) 860,093.25
Less amount to be released to Transferor 126,984.52
on October 10 pursuant to section 5.03(d)
Less amount to be distributed to note payment account 849,367.02
Account on October 8 required by section 5.03(a)
Plus Account earnings posted in due period 2,723.28
Prefunding account earnings posted in due period 258,799.49
Ending balance on distribution date 860,093.25
09/01/97
Projected Shortfall
Amount Days S. Rate
0.00 x 78 x 4.31% = 0.00
Interest Shortfall
Wtd Pref. Bal
ERR x 30 x 6.81% = ERR
859,272.75
ERR
