ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1997-3

                           CERTIFICATE HOLDER'S REPORT
                                ANNUAL STATEMENT
                         Year Ending: December 31, 1997

<TABLE>
<CAPTION>
                           Original         Beginning                                                              Ending
                         Certificate       Certificate        Principal         Interest         Total           Certificate
  CUSIP        Class      Face Value         Balance        Distribution     Distribution     Distribution         Balance
<S>             <C>     <C>               <C>               <C>              <C>              <C>              <C>
21075WFA8       A-1     130,000,000.00    130,000,000.00    89,021,667.79    3,073,420.90     92,095,088.69     40,978,332.21
21075WFB6       A-2     135,000,000.00    135,000,000.00             0.00    4,394,250.00      4,394,250.00    135,000,000.00
21075WFC4       A-3     215,000,000.00    215,000,000.00             0.00    7,180,999.98      7,180,999.98    215,000,000.00
21075WFD2       A-4      73,000,000.00     73,000,000.00             0.00    2,489,299.98      2,489,299.98     73,000,000.00
21075WFE0       A-5      71,000,000.00     71,000,000.00             0.00    2,488,549.98      2,488,549.98     71,000,000.00
21075WFF7       A-6      36,000,000.00     36,000,000.00             0.00    1,283,400.00      1,283,400.00     36,000,000.00
21075WFG5       A-7      65,000,000.00     65,000,000.00             0.00    2,365,999.98      2,365,999.98     65,000,000.00
21075WFH3       A-8      38,600,000.00     38,600,000.00             0.00    1,462,939.98      1,462,939.98     38,600,000.00
21075WFJ9       A-9      68,000,000.00     68,000,000.00             0.00    2,420,800.02      2,420,800.02     68,000,000.00
21075WFK6       M-1F     54,337,000.00     54,337,000.00             0.00    1,986,017.34      1,986,017.34     54,337,000.00
21075WFL4       M-2F     49,613,000.00     49,613,000.00             0.00    1,872,890.76      1,872,890.76     49,613,000.00
21075WFM2       B-1F      9,450,000.00      9,450,000.00             0.00      372,802.50        372,802.50      9,450,000.00
21075X1L7        C                0.00              0.00             0.00    8,965,541.90      8,965,541.90              0.00
                 R                0.00              0.00             0.00      367,685.99        367,685.99              0.00
               Total    945,000,000.00    945,000,000.00    89,021,667.79   40,724,599.31    129,746,267.10    855,978,332.21
</TABLE>

<TABLE>
<CAPTION>
                           Original         Beginning                                                              Ending
                         Certificate       Certificate        Principal         Interest         Total           Certificate
  CUSIP        Class      Face Value         Balance        Distribution     Distribution     Distribution         Balance
<S>             <C>     <C>               <C>               <C>              <C>              <C>              <C>
21075WFN0       A-10    259,200,000.00    259,200,000.00    31,149,872.48    7,569,161.83     38,719,034.31    228,050,127.52
21075WFP5       M-1A     25,600,000.00     25,600,000.00             0.00      794,156.75        794,156.75     25,600,000.00
21075WFQ3       M-2A     20,000,000.00     20,000,000.00             0.00      645,234.95        645,234.95     20,000,000.00
21075WFR1       B-1A     15,200,000.00     15,200,000.00             0.00      523,362.57        523,362.57     15,200,000.00
               Total    320,000,000.00    320,000,000.00    31,149,872.48    9,531,916.10     40,681,788.58    288,850,127.52
</TABLE>

<TABLE>
<CAPTION>
                          Notional           Notional    Principal          Interest           Total           Notional
               Class       Amount             Amount    Distribution      Distribution      Distribution        Amount
<S>             <C>     <C>               <C>               <C>           <C>               <C>             <C>
21075WFS9      A-11IO   68,000,000.00     68,000,000.00     0.00          2,890,000.02      2,890,000.02    68,000,000.00
</TABLE>

<TABLE>
<CAPTION>
                       AMOUNTS PER $1,000 UNIT                                            PASS THROUGH RATES

                        Principal       Interest        Total        Ending Certificate          Original Pass    Current Pass
               Class   Distribution   Distribution   Distribution          Balance       Class     Thru Rate        Thru Rate
<S>            <C>     <C>            <C>            <C>               <C>               <C>        <C>             <C>
21075WFA8       A-1    684.78205992   23.64169923    708.42375915        315.21794008      A-1      6.42000%        6.42000%
21075WFB6       A-2      0.00000000   32.55000000     32.55000000      1,000.00000000      A-2      6.51000%        6.51000%
21075WFC4       A-3      0.00000000   33.39999991     33.39999991      1,000.00000000      A-3      6.68000%        6.68000%
21075WFD2       A-4      0.00000000   34.09999973     34.09999973      1,000.00000000      A-4      6.82000%        6.82000%
21075WFE0       A-5      0.00000000   35.04999972     35.04999972      1,000.00000000      A-5      7.01000%        7.01000%
21075WFF7       A-6      0.00000000   35.65000000     35.65000000      1,000.00000000      A-6      7.13000%        7.13000%
21075WFG5       A-7      0.00000000   36.39999969     36.39999969      1,000.00000000      A-7      7.28000%        7.28000%
21075WFH3       A-8      0.00000000   37.89999948     37.89999948      1,000.00000000      A-8      7.58000%        7.58000%
21075WFJ9       A-9      0.00000000   35.60000029     35.60000029      1,000.00000000      A-9      7.12000%        7.12000%
21075WFK6       M-1F     0.00000000   36.54999982     36.54999982      1,000.00000000    A-11IO     8.50000%        8.50000%
21075WFL4       M-2F     0.00000000   37.75000020     37.75000020      1,000.00000000     M-1F      7.31000%        7.31000%
21075WFM2       B-1F     0.00000000   39.45000000     39.45000000      1,000.00000000     M-2F      7.55000%        7.55000%
               Total    94.20282306   33.21838246    127.42120551        905.79717694     B-1F      7.89000%        7.89000%
</TABLE>

<TABLE>
<CAPTION>
                       AMOUNTS PER $1,000 UNIT                                            PASS THROUGH RATES

                         Principal      Interest        Total        Ending Certificate          Original Pass    Current Pass
               Class   Distribution   Distribution   Distribution          Balance       Class     Thru Rate        Thru Rate
<S>            <C>     <C>            <C>            <C>               <C>                <C>       <C>             <C>
21075WFN0       A-10   120.17697716   29.20201323    149.37899039        879.82302284     A-10      5.89750%        5.89750%
21075WFP5       M-1A     0.00000000   31.02174805     31.02174805      1,000.00000000     M-1A      6.02750%        6.02750%
21075WFQ3       M-2A     0.00000000   32.26174750     32.26174750      1,000.00000000     M-2A      6.26750%        6.26750%
21075WFR1       B-1A     0.00000000   34.43174803     34.43174803      1,000.00000000     B-1A      6.68750%        6.68750%
               Total    97.34335150   29.78723781    127.13058931        902.65664850  *Based on a LIBOR of:        5.68750%
</TABLE>

<TABLE>
<CAPTION>
                         Principal      Interest        Total          Ending Notional
               Class   Distribution   Distribution   Distribution          Balance
<S>            <C>     <C>            <C>            <C>               <C>
21075WFS9      A-11IO  0.00000000     42.50000029    42.50000029       1,000.00000000
</TABLE>

    PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
                 Neil Witoff; M & T Corporate Trust Department;
              One M & T Plaza-7th Floor; Buffalo, NY 14240 Page 1
<PAGE>

<TABLE>
<CAPTION>
                   Total Principal    Scheduled                                  Overcollateralization     Grp II
                   Distribution       Principal      Prepayments   Liquidations     Grp I Inc/(Red)       Inc/(Red)       Total
<S>                <C>               <C>            <C>             <C>              <C>                 <C>           <C>
SEC. 7.09(a)(ii)   Class A-1         3,891,617.94   75,290,587.21   315,468.74       9,523,993.90              0.00    89,021,667.79
                   Per $1000 Unit     29.93552262    579.15836315   2.42668262        73.26149154        0.00000000     684.78205992
                   Class A-2                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-3                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-4                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-5                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-6                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-7                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-8                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-9                 0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class M-1F                0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class M-2F                0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class B-1F                0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class A-10          651,508.42   26,891,022.03   306,414.99               0.00      3,300,927.04    31,149,872.48
                   Per $1000 Unit      2.51353557    103.74622697   1.18215660         0.00000000       12.73505802     120.17697716
                   Class M-1A                0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class M-2A                0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Class B-1A                0.00            0.00         0.00               0.00              0.00             0.00
                   Per $1000 Unit      0.00000000      0.00000000   0.00000000         0.00000000        0.00000000       0.00000000
                   Total             4,543,126.36  102,181,609.24   621,883.73       9,523,993.90      3,300,927.04   120,171,540.27
                   Per $1000 Unit      3.59140424     80.77597568   0.49160769         7.52884893        2.60942849      94.99726504

SEC. 7.09(a)(iv)   Total Certificate Interest Carry-Forward Amount                           0.00
                   Class A-1 Interest Carry-Forward Amount                                   0.00
                   Class A-2 Interest Carry-Forward Amount                                   0.00
                   Class A-3 Interest Carry-Forward Amount                                   0.00
                   Class A-4 Interest Carry-Forward Amount                                   0.00
                   Class A-5 Interest Carry-Forward Amount                                   0.00
                   Class A-6 Interest Carry-Forward Amount                                   0.00
                   Class A-7 Interest Carry-Forward Amount                                   0.00
                   Class A-8 Interest Carry-Forward Amount                                   0.00
                   Class A-9 Interest Carry-Forward Amount                                   0.00
                   Class A-10 Interest Carry-Forward Amount                                  0.00
                   Class A-11IO Interest Carry-Forward Amount                                0.00
                   Class M-1F Interest Carry-Forward Amount                                  0.00
                   Class M-1A Interest Carry-Forward Amount                                  0.00
                   Class M-2F Interest Carry-Forward Amount                                  0.00
                   Class M-2A Interest Carry-Forward Amount                                  0.00
                   Class B-1F Interest Carry-Forward Amount                                  0.00
                   Class B-1A Interest Carry-Forward Amount                                  0.00
</TABLE>

<TABLE>
<CAPTION>
                                                                                Group I           Group II               Total
<S>                   <C>                                                   <C>                <C>                 <C>
SEC. 7.09(a)(vi)      Outstanding Group Balance:                            865,428,332.21     292,050,127.52      1,157,478,459.73
SEC. 7.09(a)(vii)     Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.

<CAPTION>
                                                                                Group I           Group II

SEC. 7.09(a)(viii)    Loan Purchase Prices                                    1,768,584.86          77,264.45
                      Substitution Amounts                                            0.00               0.00
SEC. 7.09(a)(ix)      Weighted Average Coupon                                     11.5374%           10.4617%
SEC. 7.09(a)(x)       Trigger Event Occurrence                                NO                 NO
                      Cumulative Realized Loss Trigger Event Occurrence       NO
SEC. 7.09(a)(xi)      Extra Principal Distribution Amount                     9,523,993.90       3,300,927.04
SEC. 7.09(a)(xii)     Senior Enhancement Percentage                               14.1953%           21.9140%
SEC. 7.09(a)(xiii)    Overcollateralization Amount                            9,450,000.00       3,200,000.00
</TABLE>

                                                                          Page 2
<PAGE>

<TABLE>
<CAPTION>
SEC. 7.09(a)(xiv)                    Applied Realized            Realized Loss      Unpaid Realized
                                          Loss Amount      Amortization Amount          Loss Amount
<S>                   <C>                        <C>                      <C>                  <C>
                      Class M-1F                 0.00                     0.00                 0.00
                      Class M-1A                 0.00                     0.00                 0.00
                      Class M-2F                 0.00                     0.00                 0.00
                      Class M-2A                 0.00                     0.00                 0.00
                      Class B-1F                 0.00                     0.00                 0.00
                      Class B-1A                 0.00                     0.00                 0.00
</TABLE>

<TABLE>
<CAPTION>
SEC. 7.09(b)(i)       Delinquencies(1)        Period           Number      Percentage (2)       Prin. Balance   Percentage (2)
<S>                   <C>                   <C>                <C>         <C>                  <C>             <C>
                                             30-59 Days           667            4.53433%       36,524,335.02         4.22038%
                          Group I            60-89 Days           201            1.36642%       11,558,792.18         1.33562%
                                              90+ Days            454            3.08634%       26,818,356.81         3.09885%
                                             30-59 Days           121            3.42388%        8,623,240.49         2.95266%
                          Group II           60-89 Days            47            1.32994%        4,066,731.09         1.39248%
                                              90+ Days             90            2.54669%        8,729,973.25         2.98920%
                                            Total Fixed         14710          100.00000%      865,428,332.21       100.00000%
                                            Total Adjust.        3534          100.00000%      292,050,127.52       100.00000%
</TABLE>

(1) Includes Bankruptcies, Foreclosures and REOs; Based upon each respective
Group's loan count and balance.

<TABLE>
<CAPTION>
                                                          Group I No.       Grp. I Bal.  Group II No.   Grp. II Bal.   Total Balance

<S>                    <C>                                       <C>     <C>                       <C> <C>             <C>
SEC. 7.09(b)(ii)       Loans in Foreclosure (LIF):                223     13,026,663.50            41   3,880,733.19   16,907,396.69
                       Newly Commenced LIF:                        44      2,686,752.80            10     925,207.74    3,611,960.54
SEC. 7.09(b)(iii)(a)   Loans in Bankruptcy                         86      4,814,452.58            31   2,999,757.29
SEC. 7.09(b)(iii)(b)   Balloon Loans                             8752    601,182,934.00             7     422,723.56
SEC. 7.09(b)(iv&v)     REO Properties                               6        483,183.42             0           0.00
SEC. 7.09(b)(vi)       Cumulative Realized Losses                            163,139.36                    55,951.24      219,090.60
SEC. 7.09(b)(vii)      Loan Balance of 60+ Day Delinquent Loans           38,377,148.99                12,796,704.34   51,173,853.33
SEC. 7.09(b)(viii)     Three-Month Rolling Average of 60+ Day Delinquent       3.54396%                     3.34644%
                       Trigger Event                                    NO                             NO
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                    <C>                                                <C>                     <C>
SEC. 7.08(a)(1)        Amount on Deposit in the Certificate Account       173,331,416.95

SEC. 7.08(a)(2)(3)                                                        Amount Due              Amount Paid
                       Class A-1 Allocation                                92,095,088.69           92,095,088.69
                       Class A-2 Allocation                                 4,394,250.00            4,394,250.00
                       Class A-3 Allocation                                 7,180,999.98            7,180,999.98
                       Class A-4 Allocation                                 2,489,299.98            2,489,299.98
                       Class A-5 Allocation                                 2,488,549.98            2,488,549.98
                       Class A-6 Allocation                                 1,283,400.00            1,283,400.00
                       Class A-7 Allocation                                 2,365,999.98            2,365,999.98
                       Class A-8 Allocation                                 1,462,939.98            1,462,939.98
                       Class A-9 Allocation                                 2,420,800.02            2,420,800.02
                       Class A-10 Allocation                               38,719,034.31           38,719,034.31
                       Class A-11IO Allocation                              2,890,000.02            2,890,000.02
                       Class A Distribution Amount                        157,790,362.94          157,790,362.94

                       Class M-1F Allocation                                1,986,017.34            1,986,017.34
                       Class M-1A Allocation                                  794,156.75              794,156.75
                       Class M-2F Allocation                                1,872,890.76            1,872,890.76
                       Class M-2A Allocation                                  645,234.95              645,234.95
                       Class B-1F Allocation                                  372,802.50              372,802.50
                       Class B-1A Allocation                                  523,362.57              523,362.57
</TABLE>

<TABLE>
<CAPTION>
SEC. 7.08(a)(4)                                               Beginning             Principal              Ending
<S>                                              <C>          <C>                   <C>                    <C>
                                                  Class       Balance *             Distribution           Balance *
                                                   A-1        130,000,000.00        89,021,667.79           40,978,332.21
                                                   A-2        135,000,000.00                 0.00          135,000,000.00
                                                   A-3        215,000,000.00                 0.00          215,000,000.00
                                                   A-4         73,000,000.00                 0.00           73,000,000.00
                                                   A-5         71,000,000.00                 0.00           71,000,000.00
                                                   A-6         36,000,000.00                 0.00           36,000,000.00
                                                   A-7         65,000,000.00                 0.00           65,000,000.00
                                                   A-8         38,600,000.00                 0.00           38,600,000.00
                                                   A-9         68,000,000.00                 0.00           68,000,000.00
                                                  A-10        259,200,000.00        31,149,872.48          228,050,127.52
                                                 A-11IO        68,000,000.00                   NA           68,000,000.00
                                                  M-1F         54,337,000.00                 0.00           54,337,000.00
                                                  M-1A         25,600,000.00                 0.00           25,600,000.00
                                                  M-2F         49,613,000.00                 0.00           49,613,000.00
                                                  M-2A         20,000,000.00                 0.00           20,000,000.00
                                                  B-1F          9,450,000.00                 0.00            9,450,000.00
                                                  B-1A         15,200,000.00                 0.00           15,200,000.00
                                                * Denotes Notional Amounts for Class A-11IO.
</TABLE>

<TABLE>
<CAPTION>
                                                                                           Group I                Group II

<S>                   <C>                                                               <C>                     <C>
SEC. 7.08(a)(5)       Current Period Realized Losses (Recoveries)                          163,139.36               55,951.24
SEC. 7.08(a)(6)       Loan Balance of 60+ Day Delinquent Loans                          38,377,148.99           12,796,704.34
                      Three-Month Rolling Average of 60+ Day Delinquent                      3.54396%                3.34644%
</TABLE>
<PAGE>

Distribution Period:

                                                        REO Status

SEC. 7.09(b)(iv&v)                  Loan Number           Book Value     Status

                                       10794728         $175,792.24
                                       11044440         $203,851.83
                                       12011306         $263,281.59
                                       12245417         $184,691.27
                                        8078488         $ 92,968.12
                                        8252671         $ 84,456.65
                                        3939212         $183,850.00
                                        3981354         $ 36,000.00
                                        3984523         $ 84,396.24
                                        4023347         $ 36,876.61
                                        4024147         $ 38,983.20
                                        4027736         $ 17,712.75
                                        4077269           67,999.60
                                        4077947           44,967.72
                                        4082087         $ 50,221.52
                                        4260899         $ 18,995.87
                                        4261087         $ 66,265.88
                                        4318036         $ 54,400.00
                                        4318143         $ 41,031.59
                                        4321287         $ 38,400.00
                                        4332045         $ 67,808.06
                                        4344248         $215,678.06
                                        4345500         $ 44,000.00
                                        4348058         $ 37,821.28
                                        4356424         $ 39,919.31
                                        4362398         $198,687.60
                                        4362968         $ 15,800.00
                                        4363784         $ 48,750.00
                                        4364014         $ 47,937.67
                                        4370276         $ 24,000.00
                                        4401204         $ 94,477.33
                                        4412623         $ 54,450.00
                                        4432811         $ 20,954.14
                                        4433488         $ 30,037.54
                                        4442224         $ 88,000.00
                                        4476651         $ 75,178.48
                                        3718962         $ 88,311.24
                                        3814597         $ 45,420.24