ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1997-4

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

<TABLE>
<CAPTION>
                       Original         Beginning                                                        Ending          Planned
                     Certificate       Certificate     Principal       Interest         Total          Certificate      Principal
 CUSIP     Class      Face Value         Balance      Distribution   Distribution    Distribution        Balance         Balance
<S>         <C>   <C>               <C>               <C>            <C>             <C>            <C>               <C>
21075WFT7   A-1     235,000,000.00    235,000,000.00  43,683,203.28   3,083,378.96   46,766,582.24    191,316,796.72  188,491,295.50
21075WFU4   A-2     166,000,000.00    166,000,000.00           0.00   2,255,110.00    2,255,110.00    166,000,000.00  166,000,000.00
21075WFV2   A-3     307,000,000.00    307,000,000.00           0.00   4,163,943.34    4,163,943.34    307,000,000.00  307,000,000.00
21075WFW0   A-4     100,000,000.00    100,000,000.00           0.00   1,365,000.00    1,365,000.00    100,000,000.00  100,000,000.00
21075WFX8   A-5     132,000,000.00    132,000,000.00           0.00   1,841,840.00    1,841,840.00    132,000,000.00  132,000,000.00
21075WFY6   A-6      39,000,000.00     39,000,000.00           0.00     550,095.00      550,095.00     39,000,000.00   39,000,000.00
21075WFZ3   A-7      95,250,000.00     95,250,000.00           0.00   1,368,266.25    1,368,266.25     95,250,000.00   95,250,000.00
21075WGA7   A-8     137,500,000.00    137,500,000.00           0.00   1,804,993.06    1,804,993.06    137,500,000.00
21075WGC3   A-9     267,500,000.00    267,500,000.00           0.00   3,396,135.42    3,396,135.42    267,500,000.00
21075WGB5    B       45,750,000.00     45,750,000.00           0.00     726,586.25      726,586.25     45,750,000.00
             C                0.00              0.00           0.00  11,983,733.88   11,983,733.88              0.00
             R                0.00              0.00           0.00           0.00            0.00              0.00
           Total  1,525,000,000.00  1,525,000,000.00  43,683,203.28  32,539,082.16   76,222,285.44  1,481,316,796.72
</TABLE>

<TABLE>
<CAPTION>
                        Notional          Notional     Principal       Interest         Total             Notional
           Class         Amount            Amount     Distribution   Distribution    Distribution          Amount
<S>        <C>       <C>               <C>                     <C>    <C>             <C>              <C>
21075WGD1  A-7IO     95,250,000.00     95,250,000.00           0.00   1,754,187.50    1,754,187.50     95,250,000.00
</TABLE>

<TABLE>
<CAPTION>
                        AMOUNTS PER $1,000 UNIT                                                PASS THROUGH RATES
                                                                             Ending
                      Principal            Interest      Total             Certificate            Original Pass  Current Pass
 CUSIP     Class     Distribution       Distribution  Distribution           Balance       Class    Thru Rate      Thru Rate
<S>         <C>       <C>               <C>           <C>              <C>                  <C>     <C>             <C>
21075WFT7   A-1       185.88597140       13.12076153  199.00673294        814.11402860      A-1     6.37000%        6.37000%
21075WFU4   A-2         0.00000000       13.58500000   13.58500000      1,000.00000000      A-2     6.27000%        6.27000%
21075WFV2   A-3         0.00000000       13.56333336   13.56333336      1,000.00000000      A-3     6.26000%        6.26000%
21075WFW0   A-4         0.00000000       13.65000000   13.65000000      1,000.00000000      A-4     6.30000%        6.30000%
21075WFX8   A-5         0.00000000       13.95333333   13.95333333      1,000.00000000      A-5     6.44000%        6.44000%
21075WFY6   A-6         0.00000000       14.10500000   14.10500000      1,000.00000000      A-6     6.51000%        6.51000%
21075WFZ3   A-7         0.00000000       14.36500000   14.36500000      1,000.00000000      A-7     6.63000%        6.63000%
21075WGA7   A-8         0.00000000       13.12722225   13.12722225      1,000.00000000      A-7IO   8.50000%        8.50000%
21075WGC3   A-9 *       0.00000000      317.39583364  317.39583364     25,000.00000000      A-8     5.83625%        5.86750%
21075WGB5    B          0.00000000       15.88166667   15.88166667      1,000.00000000      A-9     5.63000%        5.69000%
                                                                                            B       7.33000%        7.33000%
           Total       28.64472346       13.47891690   42.12364037        971.35527654

* Class A-9 Amounts Per $25,000 Unit.                                                                 LIBOR:        5.68750%
                                                                                      AUCTION RATE:                 5.69000%
</TABLE>

<TABLE>
<CAPTION>
                                                                          Ending
                      Principal            Interest      Total           Notional
 CUSIP     Class     Distribution       Distribution  Distribution         Amount
<S>         <C>       <C>               <C>           <C>              <C>
21075WGD1  A-7IO      0.00000000        18.41666667   18.41666667      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

<TABLE>
<CAPTION>
                        Total Principal       Scheduled                                       Overcollateralization
                        Distribution          Principal       Prepayments     Liquidations          Inc/(Red)              Total
<S>                     <C>                 <C>             <C>                <C>                  <C>               <C>
SEC. 7.09(a)(ii)        Class A-1           2,292,681.67    40,681,116.28      677,685.00            31,720.33        43,683,203.28
                        Per $1000 Unit        9.75609221     173.11113311      2.88376596           0.13498013         185.88597140
                        Class A-2                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-3                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-4                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-5                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-6                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-7                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-8                   0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class A-9 *                 0.00             0.00            0.00                 0.00                 0.00
                        Per $25,000 Unit      0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Class B                     0.00             0.00            0.00                 0.00                 0.00
                        Per $1000 Unit        0.00000000       0.00000000      0.00000000           0.00000000           0.00000000
                        Total               2,292,681.67    40,681,116.28      677,685.00            31,720.33        43,683,203.28
                        Per $1000 Unit        1.50339782      26.67614182      0.44438361           0.02080022          28.64472346
                      * Class A-9 Amounts Per $25,000 Unit.
</TABLE>

<TABLE>
<CAPTION>
<S>                     <C>                                                                               <C>
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-7IO 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 B 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 Loan Balance:                                    1,085,798,074.20  395,518,722.52  1,481,316,796.72
                     Prepayments (including Curtailments and Purchased Principal)    28,054,558.09    6,627,498.70     34,682,056.79
                     Liquidation Proceeds applied to principal                        4,544,246.00    2,581,009.72      7,125,255.72
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             Total

<S>                  <C>                                                             <C>                <C>               <C>
SEC. 7.09(a)(viii)   Loan Purchase Prices                                               277,219.74      20,756.40
                     Substitution Amounts                                                     0.00           0.00
SEC. 7.09(a)(ix)     Weighted Average Coupon                                              11.3481%        10.3438%        11.0812%
SEC. 7.09(a)(x)      Delinquency Trigger Event Occurrence                             NO
                     Cumulative Realized Loss Trigger Event Occurrence                NO
SEC. 7.09(a)(xi)     Senior Enhancement Percentage                                         3.0885%
SEC. 7.09(a)(xii)    Overcollateralization Amount                                             0.00

<CAPTION>
SEC. 7.09(a)(xiii)                       Applied Realized                Realized Loss          Unpaid Realized
                                              Loss Amount          Amortization Amount              Loss Amount
                      Class B                        0.00                         0.00                     0.00

SEC. 7.09(a)(xv)      Available Funds Cap                                               9.43690%
SEC. 7.09(a)(xvi)     Insured Payment                                                       0.00
SEC. 7.09(a)(xvii)    Reimbursement Amount Paid                                             0.00
                      Remaining Reimbursement Amount Unpaid                                 0.00
SEC. 7.09(a)(xix)     Largest Home Equity Loan Balance Outstanding                    449,720.37
SEC. 7.09(a)(xx)      Amount Remaining in the Auction Remainder Account                     0.00
</TABLE>

<PAGE>

                                                                          Page 2

<TABLE>
<CAPTION>
<S>                   <C>                 <C>                <C>        <C>          <C>                   <C>
SEC. 7.09(b)(ii)      Delinquencies(1)      Period          Number      Percentage      Prin. Balance      Percentage
                                          30-59 Days           624        3.45840%      35,357,354.05        3.25635%
                      Group I             60-89 Days           202        1.11955%      11,999,493.00        1.10513%
                                           90+ Days            175        0.96991%      10,084,210.70        0.92874%
                                          30-59 Days           110        2.59924%       8,732,888.23        2.20796%
                      Group II            60-89 Days            32        0.75614%       2,983,837.85        0.75441%
                                           90+ Days             25        0.59074%       2,553,818.37        0.64569%
                                          30-59 Days           734        3.29517%      44,090,242.28        2.97642%
                       TOTAL              60-89 Days           234        1.05051%      14,983,330.85        1.01149%
                                           90+ Days            200        0.89787%      12,638,029.07        0.85316%
                                          Total Fixed        18043      100.00000%   1,085,798,074.20      100.00000%
                                          Total Adjust.       4232      100.00000%     395,518,722.52      100.00000%
                                          Total              22275      100.00000%   1,481,316,796.72      100.00000%
</TABLE>

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

<TABLE>
<CAPTION>
                                                                             Group I               Group II              Total
<S>                       <C>                                             <C>                      <C>              <C>
SEC. 7.09(b)(iii)         Loans in Foreclosure (LIF): Count                           59                    7                   66
                          Loans in Foreclosure (LIF): Balance               3,638,779.41           838,000.77         4,476,780.18
                          Newly Commenced LIF: Count                                  29                    5                   34
                          Newly Commenced LIF: Balance                      1,884,634.36           584,374.14         2,469,008.50
SEC. 7.09(b)(iv)(a)       Loans in Bankruptcy:  Count                                 25                    6                   31
                          Loans in Bankruptcy:  Balance                     1,511,857.70           445,445.27         1,957,302.97
SEC. 7.09(b)(iv)(b)       Balloon Loans:  Count                                    10718                    4                10722
                          Balloon Loans:  Balance                         754,094,475.04           398,661.31       754,493,136.35
SEC. 7.09(b)(v&vi)        REO Properties:  Count                                       1                    0                    1
                          REO Properties:  Balance                            106,780.77                 0.00           106,780.77
SEC. 7.09(b)(vii)         Cumulative Realized Losses                           39,243.95            10,300.00            49,543.95

SEC. 7.09(b)(viii)        Loan Balance of 60+ Day Delinquent Loans                                                   27,621,359.92
SEC. 7.09(b)(ix)          Three-Month Rolling Average of 60+ Day Delinquency Rate                                         1.03633%

SEC. 7.08(a)(1)           Amount on Deposit in the Certificate Account                                                78,372,421.60
</TABLE>

<TABLE>
<CAPTION>
SEC. 7.08(a)(2)(4)                                                                                Amount Due          Amount Paid
<S>                       <C>                                                                   <C>                  <C>
                          Class A-1 Allocation                                                  46,766,582.24        46,766,582.24
                          Class A-2 Allocation                                                   2,255,110.00         2,255,110.00
                          Class A-3 Allocation                                                   4,163,943.34         4,163,943.34
                          Class A-4 Allocation                                                   1,365,000.00         1,365,000.00
                          Class A-5 Allocation                                                   1,841,840.00         1,841,840.00
                          Class A-6 Allocation                                                     550,095.00           550,095.00
                          Class A-7 Allocation                                                   1,368,266.25         1,368,266.25
                          Class A-7IO Allocation                                                 1,754,187.50         1,754,187.50
                          Class A-8 Allocation                                                   1,804,993.06         1,804,993.06
                          Class A-9 Allocation                                                   3,396,135.42         3,396,135.42
                          Class A Distribution Amount                                           65,266,152.81        65,266,152.81

                          Class B Allocation                                                       726,586.25           726,586.25

SEC. 7.08(a)(3)           Insured Payment made by the Certificate Insurer                                0.00
</TABLE>

<TABLE>
<CAPTION>
SEC. 7.08(a)(5)                          Beginning            Principal                Ending
                          Class          Balance *          Distribution              Balance *
<S>                       <C>          <C>                  <C>                    <C>
                           A-1         235,000,000.00       43,683,203.28          191,316,796.72
                           A-2         166,000,000.00                0.00          166,000,000.00
                           A-3         307,000,000.00                0.00          307,000,000.00
                           A-4         100,000,000.00                0.00          100,000,000.00
                           A-5         132,000,000.00                0.00          132,000,000.00
                           A-6          39,000,000.00                0.00           39,000,000.00
                           A-7          95,250,000.00                0.00           95,250,000.00
                          A-7IO         95,250,000.00                  NA           95,250,000.00
                           A-8         137,500,000.00                0.00          137,500,000.00
                           A-9         267,500,000.00                0.00          267,500,000.00
                            B           45,750,000.00                0.00           45,750,000.00
                          * Denotes Notional Amounts for Class A-7IO.

SEC. 7.08(a)(6)           Current Period Realized Losses (Recoveries)                   18,231.32
                          Cumulative Realized Losses                                    49,543.95

SEC. 7.08(a)(7)           Loan Balance of 60+ Day Delinquent Loans                  27,621,359.92
                          Three-Month Rolling Average of 60+ Day Delinquency Rate        1.03633%
</TABLE>
<PAGE>

                                   REO Status

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

                            8195764           $324,080.77             Listed
                            3821188           $ 36,940.28             Listed
                            4272340           $ 33,673.67           Eviction
                            4431532           $ 62,218.98   New File (Setup)
                            4435384           $ 23,831.90   New File (Setup)
                            4463048           $106,780.77       List Pending
                            4526018           $ 26,232.00             Listed
                            4912549           $103,275.00       Not Provided
                            4532933           $197,124.95   New File (Setup)


<PAGE>

                                Insurer's Report

                              Distribution Period:

              * Monthly Excess Cashflow Amount                  11,977,355.80

              * Premium paid from cash flow (1)                    218,196.00

              * Trustee Fee paid from cash flow (1)                  4,974.88

              * Auction Agent Fee
                  (Incl. Broker Dealer Fee)                        172,777.78

              * Interest Collected on Mortgage
                  Loans (net of Service Fee)                    34,682,840.24

              * Current Period Realized Losses:
                          Principal                                 30,688.69
                          Interest                                  18,855.26


(1)   Allocated based upon the related Certificate Balances.