--------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1997-1
--------------------------------------------------------------------------------

                           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>
21075WDV4               A-1   50,750,000.00   50,750,000.00   50,750,000.00    1,270,938.63   52,020,938.63            0.00
21075WDW2               A-2   57,500,000.00   57,500,000.00   28,455,703.24    3,009,969.04   31,465,672.28   29,044,296.76
21075WDX0               A-3   84,500,000.00   84,500,000.00            0.00    4,760,730.00    4,760,730.00   84,500,000.00
21075WDY8               A-4   37,250,000.00   37,250,000.00            0.00    2,163,438.58    2,163,438.58   37,250,000.00
21075WDZ5               A-5   28,250,000.00   28,250,000.00            0.00    1,697,220.79    1,697,220.79   28,250,000.00
21075WEA9               A-6   20,000,000.00   20,000,000.00            0.00    1,227,655.59    1,227,655.59   20,000,000.00
21075WEB7               A-7   24,250,000.00   24,250,000.00            0.00    1,543,350.83    1,543,350.83   24,250,000.00
21075WEC5               A-8   21,500,000.00   21,500,000.00            0.00    1,424,410.83    1,424,410.83   21,500,000.00
21075WED3               A-9   30,000,000.00   30,000,000.00            0.00    1,838,875.00    1,838,875.00   30,000,000.00
21075WEF8               M-1   18,000,000.00   18,000,000.00            0.00    1,161,230.00    1,161,230.00   18,000,000.00
21075WEG6               M-2   23,000,000.00   23,000,000.00            0.00    1,533,786.91    1,533,786.91   23,000,000.00
21075WEH4               B      5,000,000.00    5,000,000.00            0.00      344,300.00      344,300.00    5,000,000.00
21075X1A1               C              0.00            0.00            0.00    5,768,845.44    5,768,845.44            0.00
                        R              0.00            0.00            0.00       91,415.84       91,415.84            0.00
                    -------------------------------------------------------------------------------------------------------
                    Total    400,000,000.00  400,000,000.00   79,205,703.24   27,836,167.48  107,041,870.72  320,794,296.76
                    -------------------------------------------------------------------------------------------------------

<CAPTION>
                 ----------------------------------------------------------------------------------------------------------
                                Notional        Notional        Principal        Interest         Total         Notional
                      Class      Amount          Amount        Distribution    Distribution    Distribution      Amount
---------------------------------------------------------------------------------------------------------------------------
<S>                   <C>    <C>             <C>               <C>             <C>             <C>           <C>
21075WEE1              A-10  400,001,834.97  400,001,834.97            0.00    3,567,702.32    3,567,702.32  324,794,296.76
---------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                 -----------------------------------------------------------------------------------------------------------------
                                            AMOUNTS PER $1,000 UNIT                                    PASS THROUGH RATES
----------------------------------------------------------------------------------------------------------------------------------
                                                                                   Ending
                             Principal       Interest           Total          Certificate             Original Pass  Current Pass
                 Class     Distribution    Distribution      Distribution        Balance        Class   Thru Rate       Thru Rate
----------------------------------------------------------------------------------------------------------------------------------
<S>              <C>      <C>              <C>             <C>              <C>                 <C>    <C>            <C>
21075WDV4         A-1     1,000.00000000    25.04312571    1,025.04312571       0.00000000        A-1    6.25000%       6.25000%
21075WDW2         A-2       494.88179548    52.34728765      547.22908313     505.11820452        A-2    6.31000%       6.31000%
21075WDX0         A-3         0.00000000    56.34000000       56.34000000   1,000.00000000        A-3    6.48000%       6.48000%
21075WDY8         A-4         0.00000000    58.07888805       58.07888805   1,000.00000000        A-4    6.68000%       6.68000%
21075WDZ5         A-5         0.00000000    60.07861204       60.07861204   1,000.00000000        A-5    6.91000%       6.91000%
21075WEA9         A-6         0.00000000    61.38277950       61.38277950   1,000.00000000        A-6    7.06000%       7.06000%
21075WEB7         A-7         0.00000000    63.64333320       63.64333320   1,000.00000000        A-7    7.32000%       7.32000%
21075WEC5         A-8         0.00000000    66.25166651       66.25166651   1,000.00000000        A-8    7.62000%       7.62000%
21075WED3         A-9         0.00000000    61.29583333       61.29583333   1,000.00000000        A-9    7.05000%       7.05000%
21075WEF8         M-1         0.00000000    64.51277778       64.51277778   1,000.00000000      A-10IO   1.10000%       1.10000%
21075WEG6         M-2         0.00000000    66.68638739       66.68638739   1,000.00000000        M-1    7.42000%       7.42000%
21075WEH4          B          0.00000000    68.86000000       68.86000000   1,000.00000000        M-2    7.67000%       7.67000%
                                                                                                   B     7.92000%       7.92000%
----------------------------------------------------------------------------------------------------------------------------------
                 Total      198.01425810    54.93976550      252.95402360     801.98574190
               ---------------------------------------------------------------------------

<CAPTION>
                 ------------------------------------------------------------------------------
                                                                                  Ending
                              Principal        Interest          Total            Notional
                 Class       Distribution    Distribution     Distribution         Amount
-----------------------------------------------------------------------------------------------
<S>              <C>         <C>             <C>              <C>             <C>
21075WEE1        A-10IO       0.00000000     8.91921488        8.91921488     811.982016993396
-----------------------------------------------------------------------------------------------
</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>

--------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1997-1
--------------------------------------------------------------------------------

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

                                                                          Page 1

<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         2,212,132.30  43,608,755.64       805,145.34          4,123,966.72        50,750,000.00
                          Per $1000 Unit     43.58881379   859.28582542      15.86493281           81.26042798       1,000.00000000
                    ---------------------------------------------------------------------------------------------------------------
                          Class A-2           495,064.83  27,103,913.47       666,419.57            190,305.37        28,455,703.24
                          Per $1000 Unit      8.60982313   471.37240817      11.58990557            3.30965861         494.88179548
                    ---------------------------------------------------------------------------------------------------------------
                          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 $1000 Unit      0.00000000     0.00000000       0.00000000            0.00000000           0.00000000
                    ---------------------------------------------------------------------------------------------------------------
                          Class M-1                 0.00           0.00             0.00                  0.00                 0.00
                          Per $1000 Unit      0.00000000     0.00000000       0.00000000            0.00000000           0.00000000
                    ---------------------------------------------------------------------------------------------------------------
                          Class M-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 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             2,707,197.13  70,712,669.11     1,471,564.91          4,314,272.09        79,205,703.24
                          Per $1000 Unit      6.76799283   176.78167278       3.67891228           10.78568023         198.01425810
                    ---------------------------------------------------------------------------------------------------------------

<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-8 Interest Carry-Forward Amount                                             0.00
                     Class A-9 Interest Carry-Forward Amount                                             0.00
                     Class A-10IO Interest Carry-Forward Amount                                          0.00
                     Class M-1 Interest Carry-Forward Amount                                             0.00
                     Class M-2 Interest Carry-Forward Amount                                             0.00
                     Class B Interest Carry-Forward Amount                                               0.00
SEC.7.09(a)(vi)      Outstanding Loan Balance:                                                 324,794,296.76
SEC.7.09(a)(vii)     Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
SEC.7.09(a)(viii)    Loan Purchase Prices  \  Substitution Amounts                                 411,026.07                  0.00
SEC.7.09(a)(ix)      Weighted Average Coupon                                                         11.4820%
SEC.7.09(a)(x)       Trigger Event Occurrence                                                      NO
SEC.7.09(a)(xi)      Extra Principal Distribution Amount                                         4,314,272.09
SEC.7.09(a)(xii)     Senior Enhancement Percentage                                                   15.3944%
SEC.7.09(a)(xiii)    Overcollateralization Amount                                                4,000,000.00

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

<CAPTION>
                                        ---------------------------------------------------------------------------
SEC.7.09(b)(i)       Delinquencies(1)    Period          Number    Percentage         Prin. Balance      Percentage
                     ----------------------------------------------------------------------------------------------
                     <S>                 <C>             <C>       <C>                <C>                <C>
                                         30-59 Days        264       4.93827%         15,891,062.18        4.89265%
                        Pool             60-89 Days         91       1.70221%          5,605,155.51        1.72576%
                                           90+ Days        330       6.17284%         20,408,206.68        6.28343%
                     ----------------------------------------------------------------------------------------------
                                         Total            5346     100.00000%        324,794,296.76      100.00000%
                                         --------------------------------------------------------------------------
                     (1) Includes Bankruptcies, Foreclosures and REOs

<CAPTION>
                                                                      Number                    Balance
<S>                  <C>                                              <C>                 <C>
SEC.7.09(b)(ii)      Loans in Foreclosure (LIF):                        176                11,045,273.56
                     Newly Commenced LIF:                                14                   991,701.49
SEC.7.09(b)(iii)(a)  Loans in Bankruptcy                                 83                 4,758,452.12
SEC.7.09(b)(iii)(b)  Balloon Loans                                     3209               227,908,993.78
SEC.7.09(b)(iv&v)    REO Properties                                      13                 1,195,560.59
SEC.7.09(b)(vi)      Cumulative Losses                                                        426,398.48
SEC.7.09(b)(vii)     Loan Balance of 60+ Day Delinquent Loans                              26,013,362.19
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1997-1
--------------------------------------------------------------------------------

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

                                                                          Page 2

<TABLE>
<CAPTION>
<S>                 <C>                                                        <C>                           <C>
SEC.7.08(a)(1)      Amount on Deposit in the Certificate Account               110,630,430.27

SEC.7.08(a)(2)(3)                                                                Amount Due                   Amount Paid
                                                                               --------------                -------------
                     Class A-1 Allocation                                       52,020,938.63                52,020,938.63
                     Class A-2 Allocation                                       31,465,672.28                31,465,672.28
                     Class A-3 Allocation                                        4,760,730.00                 4,760,730.00
                     Class A-4 Allocation                                        2,163,438.58                 2,163,438.58
                     Class A-5 Allocation                                        1,697,220.79                 1,697,220.79
                     Class A-6 Allocation                                        1,227,655.59                 1,227,655.59
                     Class A-7 Allocation                                        1,543,350.83                 1,543,350.83
                     Class A-8 Allocation                                        1,424,410.83                 1,424,410.83
                     Class A-9 Allocation                                        1,838,875.00                 1,838,875.00
                     Class A-10IO Allocation                                     3,567,702.32                 3,567,702.32
                                                                               -------------------------------------------
                     Class A Distribution Amount                               101,709,994.85               101,709,994.85
                                                                               ===========================================

                     Class M-1 Allocation                                        1,161,230.00                 1,161,230.00
                     Class M-2 Allocation                                        1,533,786.91                 1,533,786.91
                     Class B Allocation                                            344,300.00                   344,300.00

<CAPTION>
SEC.7.08(a)(4)                       Beginning            Principal           Ending
                        Class        Balance *          Distribution         Balance *
                     -----------------------------------------------------------------
                      <S>          <C>                  <C>               <C>
                         A-1        50,750,000.00       50,750,000.00               0.00
                         A-2        57,500,000.00       28,455,703.24      29,044,296.76
                         A-3        84,500,000.00                0.00      84,500,000.00
                         A-4        37,250,000.00                0.00      37,250,000.00
                         A-5        28,250,000.00                0.00      28,250,000.00
                         A-6        20,000,000.00                0.00      20,000,000.00
                         A-7        24,250,000.00                0.00      24,250,000.00
                         A-8        21,500,000.00                0.00      21,500,000.00
                         A-9        30,000,000.00                0.00      30,000,000.00
                       A-10IO      400,001,834.97                  NA     324,794,296.76
                         M-1        18,000,000.00                0.00      18,000,000.00
                         M-2        23,000,000.00                0.00      23,000,000.00
                          B          5,000,000.00                0.00       5,000,000.00

                     * Denotes Notional Amounts for Class A-10IO.

<CAPTION>

<S>                  <C>                                                   <C>
SEC.7.08(a)(5)       Current Period Realized Losses (Recoveries)              426,398.48

SEC.7.08(a)(6)       Loan Balance of 60+ Day Delinquent Loans              26,013,362.19
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                            ContiMortgage Corporation
                   Home Equity Loan Pass-Through Certificates
                                  Series 1997-1
--------------------------------------------------------------------------------

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

                                                                          Page 3

                                      REO Status

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

                           13412945                   618,955.72
                           11024390                   444,304.72
                           11281360                   460,922.61
                           11612482                   224,961.44
                           11955029                   227,927.73
                            8865879                   179,467.40
                            8877416                   145,059.48
                            8991329                   144,728.03
                            9267426                   186,379.40
                            9282817                   214,124.34
                            9326373                   754,500.00
                            9528374                   317,314.13
                            9602935                   122,110.45
                            2920999                   $76,359.98
                            2933596                   $32,379.22
                            2937944                   $43,500.00
                            2939676                   $80,500.00
                            3088739                   $35,959.76
                            3088929                   $57,013.73
                            3094448                   $46,383.83
                            3095643                   $45,960.02
                            3103082                   $64,738.90
                            3107281                  $116,744.92
                            3146487                   $41,000.00
                            3216785                  $132,227.21
                            3273349                   $55,984.67
                            3274768                   $73,724.79
                            3274990                   $19,250.00
                            3277431                   $35,250.00
                            3277480                   $85,495.80
                            3279148                   $43,976.52
                            3280237                  $206,250.00
                            3284841                   $77,922.25
                            3324639                  $118,671.75
                            3327228                   $57,716.48
                            3337060                   $25,944.05
                            3785755                   $26,619.57
                            3789864                   $59,930.15