8-K 1 dfc01001.txt JULY 8K UNITED STATES 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): July 16, 2001 DELTA FUNDING CORPORATION Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-03418 Pooling and Servicing Agreement) (Commission (State or other File Number) Pending jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, MD 21044 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 Former name or former address, if changed since last report) ITEM 5. Other Events On July 16, 2001 a distribution was made to holders of DELTA FUNDING CORPORATION, Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust, relating to the July 16, 2001 distribution. 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 hereunto duly authorized. DELTA FUNDING CORPORATION Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust By: Wells Fargo Bank Minnesota, NA, as Trustee By: /s/ Sherri Sharps, Vice President By: Sherri Sharps, Vice President Date: 7/16/01 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Home Equity Loan Asset-Backed Certs., Series 2001-1 Trust, relating to the July 16, 2001 distribution. EX-99.1

Delta Funding Corporatoin Mortgage Pass-Through Certificates Record Date: 56/3130/01 Distribution Date: 67/1516/01 DFC Series: 2001-1 Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 X4763LGB0 SEN 6.33200% 105,~~497~~144,~~000~~694.0075 ~~556~~554,~~672~~813.5051 ~~352~~925,~~305~~570.2569 A-2 X4763LGC8 SEN 6.12200% 35,~~166~~021,~~000~~748.0005 ~~179~~178,~~405~~669.2128 ~~144~~27,~~251~~408.9526 IO X4763LGH7 IO 7.00000% 0.00 325,500.00 0.00 M-1 X4763LGK0 MEZ 5.~~22250~~08000% 9,900,000.00 443,~~215~~307.7500 0.00 M-2 X4763LGL8 MEZ 5.~~87250~~73000% 7,837,000.00 338,~~761~~669.7606 0.00 B X4763LGM6 SUB 7.~~62250~~48000% 6,600,000.00 442,~~130~~511.5033 0.00 BIO DFH011BIO SUB 0.00000% 0.00 0.00 0.00 OC DFH0102OC SUB 0.00000% 015,399.0087 0.00 0.00 R-1 DFH0102R1 RES 0.00000% 0.00 0.00 0.00 R-2 DFH0102R2 RES 0.00000% 0.00 0.00 0.00 R-3 DFH0102R3 RES 0.00000% 0.00 0.00 0.00 Totals ~~165~~164,~~000~~518,~~000~~842.0067 1,~~073~~183,~~685~~470.7218 ~~496~~952,~~557~~978.2095

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~105~~104,~~144~~219,~~694~~124.7506 ~~908~~1,~~977~~480,384.7520 0.00 A-2 0.00 3534,~~021~~994,~~748~~339.0579 ~~323~~206,~~657~~077.1654 0.00 IO 0.00 0.00 325,500.00 0.00 M-1 0.00 9,900,000.00 443,~~215~~307.7500 0.00 M-2 0.00 7,837,000.00 338,~~761~~669.7606 0.00 B 0.00 6,600,000.00 442,~~130~~511.5033 0.00 BIO 0.00 0.00 0.00 0.00 OC 0.00 15232,~~399~~483.8712 0.00 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 Totals 0.00 ~~164~~163,~~518~~782,~~842~~946.6797 12,~~570~~136,~~242~~449.9213 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 105,497,000.00 105,~~497~~144,~~000~~694.0075 55115,~~839~~017.4814 ~~296~~810,~~465~~553.7755 0.00 0.00 A-2 35,166,000.00 35,~~166~~021,~~000~~748.0005 223,~~863~~405.5692 ~~121~~24,~~388~~002.3934 0.00 0.00 IO 0.00 0.00 0.00 0.00 0.00 0.00 M-1 9,900,000.00 9,900,000.00 0.00 0.00 0.00 0.00 M-2 7,837,000.00 7,837,000.00 0.00 0.00 0.00 0.00 B 6,600,000.00 6,600,000.00 0.00 0.00 0.00 0.00 BIO 0.00 0.00 0.00 0.00 0.00 0.00 OC 0.00 015,399.0087 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 0.00 Totals 165,000,000.00 ~~165~~164,~~000~~518,~~000~~842.0067 78118,~~703~~423.0406 ~~417~~834,~~854~~555.1689 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 ~~352~~925,~~305~~570.2569 ~~105~~104,~~144~~219,~~694~~124.7506 0.~~99666052~~98788709 ~~352~~925,~~305~~570.2569 A-2 ~~144~~27,~~251~~408.9526 3534,~~021~~994,~~748~~339.0579 0.~~99589797~~99511857 ~~144~~27,~~251~~408.9526 IO 0.00 0.00 0.00000000 0.00 M-1 0.00 9,900,000.00 1.00000000 0.00 M-2 0.00 7,837,000.00 1.00000000 0.00 B 0.00 6,600,000.00 1.00000000 0.00 BIO 0.00 0.00 0.00000000 0.00 OC 0.00 15232,~~399~~483.8712 0.00000000 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 R-3 0.00 0.00 0.00000000 0.00 Totals ~~496~~952,~~557~~978.2095 ~~164~~163,~~518~~782,~~842~~946.6797 0.~~99708389~~99262392 ~~496~~952,~~557~~978.2095

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 105,497,000.00 ~~1000~~996.~~00000000~~66051878 01.~~52929922~~09024086 27.~~81018200~~68319052 0.00000000 A-2 35,166,000.00 ~~1000~~995.~~00000000~~89797105 0.~~65016095~~09685264 30.~~45186800~~68254393 0.00000000 IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 9,900,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,837,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B 6,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 BIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 38.~~33948122~~77343138 ~~996~~987.~~66051878~~88708741 0.~~99666052~~98788709 38.~~33948122~~77343138 A-2 0.00000000 40.~~10202895~~77939658 995.~~89797105~~11857448 0.~~99589797~~99511857 40.~~10202895~~77939658 IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 105,497,000.00 6.33200% 105,~~497~~144,~~000~~694.0075 ~~556~~554,~~672~~813.5051 0.00 0.00 A-2 35,166,000.00 6.12200% 35,~~166~~021,~~000~~748.0005 ~~179~~178,~~405~~669.2128 0.00 0.00 IO 0.00 7.00000% 55,800,000.00 325,500.00 0.00 0.00 M-1 9,900,000.00 5.~~22250~~08000% 9,900,000.00 443,~~215~~307.7500 0.00 0.00 M-2 7,837,000.00 5.~~87250~~73000% 7,837,000.00 338,~~761~~669.7606 0.00 0.00 B 6,600,000.00 7.~~62250~~48000% 6,600,000.00 442,~~130~~511.5033 0.00 0.00 BIO 0.00 0.00000% 0.00 0.00 0.00 0.00 OC 0.00 0.00000% 015,399.0087 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R-3 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 165,000,000.00 1,~~073~~183,~~685~~470.7218 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 ~~556~~554,~~672~~813.5051 0.00 ~~105~~104,~~144~~219,~~694~~124.7506 A-2 0.00 0.00 ~~179~~178,~~405~~669.2128 0.00 3534,~~021~~994,~~748~~339.0579 IO 0.00 0.00 325,500.00 0.00 55,800,000.00 M-1 0.00 0.00 443,~~215~~307.7500 0.00 9,900,000.00 M-2 0.00 0.00 338,~~761~~669.7606 0.00 7,837,000.00 B 0.00 0.00 442,~~130~~511.5033 0.00 6,600,000.00 BIO 0.00 0.00 0.00 0.00 0.00 OC 0.00 0.00 0.00 0.00 15232,~~399~~483.8712 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 R-3 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 1,~~073~~183,~~685~~470.7218 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 105,497,000.00 6.33200% ~~1000~~996.~~00000000~~66051878 5.~~27666664~~25904538 0.00000000 0.00000000 A-2 35,166,000.00 6.12200% ~~1000~~995.~~00000000~~89797105 5.~~10166667~~08073935 0.00000000 0.00000000 IO 0.00 7.00000% 1000.00000000 5.83333333 0.00000000 0.00000000 M-1 9,900,000.00 5.~~22250~~08000% 1000.00000000 04.~~42583333~~37444444 0.00000000 0.00000000 M-2 7,837,000.00 5.~~87250~~73000% 1000.00000000 04.~~48000000~~93416614 0.00000000 0.00000000 B 6,600,000.00 7.~~62250~~48000% 1000.00000000 06.~~62583333~~44111061 0.00000000 0.00000000 BIO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 5.~~27666664~~25904538 0.00000000 ~~996~~987.~~66051878~~88708741 A-2 0.00000000 0.00000000 5.~~10166667~~08073935 0.00000000 995.~~89797105~~11857448 IO 0.00000000 0.00000000 5.83333333 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 04.~~42583333~~37444444 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 04.~~48000000~~93416614 0.00000000 1000.00000000 B 0.00000000 0.00000000 06.~~62583333~~44111061 0.00000000 1000.00000000 BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 OC 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 12,~~646~~236,~~366~~801.4974 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Total Deposits 12,~~646~~236,~~366~~801.4974 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 76100,~~123~~352.5761 Payment of Interest and Principal 12,~~570~~136,~~242~~449.9213 Total Withdrawals (Pool Distribution Amount) 12,~~646~~236,~~366~~801.4974 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 6185,~~651~~930.6535 Trustee Fee - Wells Fargo Bank, N.A. 2,~~750~~741.0072 FSA Premium 11,~~721~~680.9254 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 76100,~~123~~352.5761

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 20 0 0 20 ~~47,980~~0.4900 0.00 0.00 ~~47,980~~0.4900 30 Days 340 0 0 0 340 ~~2,244,249~~0.3000 0.00 0.00 0.00 ~~2,244,249~~0.3000 60 Days 20 0 0 0 20 ~~95,383~~0.7300 0.00 0.00 0.00 ~~95,383~~0.7300 90 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 120 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 360 20 0 0 380 ~~2,339,633~~0.0300 ~~47,980~~0.4900 0.00 0.00 ~~2,387,613~~0.5200 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~102407~~000000% 0.000000% 0.000000% 0.~~102407~~000000% 0.~~032514~~000000% 0.000000% 0.000000% 0.~~032514~~000000% 30 Days 10.~~740911~~000000% 0.000000% 0.000000% 0.000000% 10.~~740911~~000000% 10.~~520798~~000000% 0.000000% 0.000000% 0.000000% 10.~~520798~~000000% 60 Days 0.~~102407~~000000% 0.000000% 0.000000% 0.000000% 0.~~102407~~000000% 0.~~064636~~000000% 0.000000% 0.000000% 0.000000% 0.~~064636~~000000% 90 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 10.~~843318~~000000% 0.~~102407~~000000% 0.000000% 0.000000% 10.~~945725~~000000% 10.~~585434~~000000% 0.~~032514~~000000% 0.000000% 0.000000% 10.~~617947~~000000% (7) The 90 day category for delinquent, bankruptcy, foreclosure & REO contains loans that are 90 or more days delinquent.

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 810.~~827134~~870210% Weighted Average Net Coupon 810.~~327437~~243431% Weighted Average Pass-Through Rate 810.~~305148~~223430% Weighted Average Maturity(Stepdown Calculation ) ~~326~~0 Beginning Scheduled Collateral Loan Count 1,~~960~~953 Number Of Loans Paid In Full 7 Ending Scheduled Collateral Loan Count 12,~~953~~123 Beginning Scheduled Collateral Balance ~~165~~147,~~000~~572,~~100~~624.0112 Ending Scheduled Collateral Balance ~~147~~163,~~572~~782,~~624~~946.1297 Ending Actual Collateral Balance at 3130-~~May~~Jun-2001 ~~147~~163,~~570~~904,~~541~~093.8971 Monthly P &I Constant 1,~~167~~608,~~777~~709.8264 ~~Ending~~ Scheduled ~~Balance for Premium Loans 147,572,624.12 Scheduled~~ Principal 78118,~~703~~423.0406 Unscheduled Principal ~~402~~616,~~354~~507.2875 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 15216,~~599~~983.8825 Overcollateralized reduction Amount 0.00 Specified O/C Amount 4,537,500.00 Overcollateralized Amount 15232,~~399~~483.8713 Overcollateralized Deficiency Amount 4,~~537~~522,~~600~~000.0112 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 15216,~~599~~983.8825 Excess Cash Amount 15216,~~499~~983.8825

Curtailments $2515,~~056~~164.8579

Group Level Collateral Statement Group 1 2 Total Collateral Description Mixed Fixed Mixed ARM Mixed Fixed & AArm Weighted Average Coupon Rate 80.~~955874~~000000 80.~~423288~~000000 810.~~827134~~870210 Weighted Average Net Rate 80.~~432190~~000000 70.~~906627~~000000 810.~~327437~~243431 Weighted Average Maturity ~~317~~0 ~~352~~0 ~~326~~0 Beginning Loan Count 1,~~499~~495 ~~461~~458 1,~~960~~953 Loans Paid In Full 40 30 70 Ending Loan Count ~~1,495~~0 ~~458~~0 ~~1,953~~0 Beginning Scheduled Balance ~~112~~111,~~265~~924,~~397~~158.8037 35,~~788~~648,~~283~~465.6475 ~~148~~147,~~053~~572,~~681~~624.4412 Ending scheduled Balance ~~111,924,158~~0.3700 ~~35,648,465~~0.7500 ~~147,572,624~~0.1200 Record Date 0506/3130/2001 0506/3130/2001 0506/3130/2001 Principal And Interest Constant ~~994,768~~0.9100 ~~267,787~~0.3900 ~~1,262,556~~0.3000 Scheduled Principal ~~66,792~~0.3900 ~~11,910~~0.6500 ~~78,703~~0.0400 Unscheduled Principal ~~274,447~~0.0400 ~~127,907~~0.2400 ~~402,354~~0.2800 Scheduled Interest ~~837,862~~0.2600 ~~251,212~~0.5200 ~~1,089,074~~0.7800 Servicing Fees ~~46,930~~0.4600 ~~14,721~~0.1900 ~~61,651~~0.6500 Master Servicing Fees 0.00 0.00 0.00 Trustee Fee ~~2,062~~0.5000 ~~687~~0.5000 ~~2,750~~0.00 FRY Amount 0.00 0.00 0.00 Special Hazard Fee 0.00 0.00 0.00 Other Fee 0.00 0.00 0.00 Pool Insurance Fee 0.00 0.00 0.00 Spread Fee 1 0.00 0.00 0.00 Spread Fee 2 0.00 0.00 0.00 Spread Fee 3 0.00 0.00 0.00 Net Interest ~~788,869~~0.3000 ~~235,803~~0.9200 ~~1,024,673~~0.2200 Realized Loss Amount 0.00 0.00 0.00 Cumulative Realized Loss 0.00 0.00 0.00 Percentage of Cumulative Losses 0.00 0.00 0.00

Filing Compare · DELTA FUNDING CORP HOME EQUITY LOAN ASSET BK CERT SER 2001-1