FIRSTPLUS INVESTMENT CORP
8-K, 1996-12-18
ASSET-BACKED SECURITIES
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<PAGE>   1
                       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:  December 18, 1996
                       (Date of earliest event reported)


                        FIRSTPLUS INVESTMENT CORPORATION
             (Exact name of Registrant as specified in its charter)


          Nevada                   333-11855                    75-2596063
(State of Incorporation)       (Commission File No.)        (I.R.S. Employer
                                                             Identification No.)



               3773 Howard Hughes Parkway
                        Suite 300N
                   Las Vegas, Nevada                          89109
        (Address of Principal executive offices)            (Zip Code)



       Registrant's Telephone Number, Including Area Code: (702) 892-3772





<PAGE>   2
Item 5.       Other Events.

         Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-11855) filed with the Securities and Exchange Commission
(the "Commission") on September 12, 1996 (the "Registration Statement"),
pursuant to which the Registrant registered $1,240,625,000 aggregate principal
amount of its asset backed securities, issuable in various series, for sale in
accordance with the provisions of the Securities Act of 1933, as amended (the
"Act").  Reference is also hereby made to the Prospectus dated September 16,
1996 and the related Prospectus Supplement, dated September 24, 1996
(collectively, the "Prospectus"), which were previously filed with the
Commission pursuant to Rule 424(b)(5), with respect to the FIRSTPLUS HOME LOAN
OWNER TRUST 1996-3 Asset Backed Notes and Asset Backed Certificates, Series
1996-3, consisting of (A) the following classes of Asset Backed Notes
(collectively, the "Notes"): (i) Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class A-5 Notes, Class A-6 Notes, Class A-7 Notes, and
Class A-8 Notes, and (B) the Asset Backed Certificates (the "Certificates" and,
together with the Notes, the "Offered Securities").

         The Notes were issued pursuant to an Indenture dated as of September
1, 1996 (the "Indenture") between FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (the
"Issuer" or the "Trust") and First Bank National Association, as Indenture
Trustee (the "Indenture Trustee").  The Notes are secured by the assets of the
Trust pursuant to the Indenture.

         The Certificates represent the entire undivided ownership interest in
the Trust and were issued pursuant to the Trust Agreement dated as of September
1, 1996 (the "Trust Agreement") among FIRSTPLUS INVESTMENT CORPORATION, as
Depositor, FIRSTPLUS RESIDUAL HOLDINGS, INC., as the Company, Wilmington Trust
Company, as Owner Trustee, and First Bank National Association, as Co-Owner
Trustee.

         The Registrant is filing this Current Report on Form 8-K for the
purpose of filing the Servicer's Monthly Statement (as such term is defined in
the Sale and Servicing Agreement dated as of September 1, 1996 among FIRSTPLUS
INVESTMENT CORPORATION, as Seller, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, FIRSTPLUS HOME LOAN OWNER TRUST 1996-3, as Issuer,  and First Bank
National Association, as Indenture Trustee and Co-Owner Trustee) for the month
of December 1996.


Item 7.       Financial Statements and Exhibits.

      (c)     Exhibits

              Exhibit No.      Description

                  99.1           Servicer's Monthly Statement (December 1996)





                                     -2-
<PAGE>   3

                                   Signatures

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned hereunto duly authorized.


                               FIRSTPLUS INVESTMENT CORPORATION
                                 
                                 
                                 
December 18, 1996              By: /s/ CHRISTOPHER J. GRAMLICH
                                  -----------------------------------
                                  Christopher J. Gramlich, Senior Vice President
                                 
                                 
                                 


                                     -3-
<PAGE>   4
                                 EXHIBIT INDEX




<TABLE>
<CAPTION>
Exhibit                            Description
<S>                            <C>
99.2                           Servicer's Monthly Statement
</TABLE>






<PAGE>   1
                                                                    EXHIBIT 99.2

              FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
                   FIRSTPLUS INVESTMENT CORPORATION (SELLER)
                   FIRSTPLUS HOME LOAN TRUST 1996-3 (ISSUER)
             THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-3
                      AGREEMENT DATED SEPTEMBER 27, 1996
                                      
                     SERVICER'S MONTHLY REMITTANCE REPORT


<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                     PRINCIPAL       CURRENT       PRINCIPAL        PRINCIPAL                      INTEREST
                    ORIGINAL       BALANCE BEFORE      PASS        REMITTANCE          CARRY         INTEREST         CARRY
   CLASS           FACE VALUE       DISTRIBUTION     THROUGH    (INCLUDING TURBO)     FORWARD       REMITTANCE       FORWARD
- ------------------------------------------------------------------------------------------------------------------------------------
    <S>          <C>                <C>               <C>           <C>                 <C>         <C>                <C>
    A-1           65,000,000.00      61,600,484.12    6.75%         2,228,358.86        0.00          346,502.72       0.00  
    A-2           49,000,000.00      49,000,000.00    6.85%              0.00           0.00          279,708.33       0.00  
    A-3           22,000,000.00      22,000,000.00    7.05%              0.00           0.00          129,250.00       0.00  
    A-4           32,000,000.00      32,000,000.00    7.20%              0.00           0.00          192,000.00       0.00  
    A-5           20,000,000.00      20,000,000.00    7.25%              0.00           0.00          120,833.33       0.00  
    A-6           47,000,000.00      47,000,000.00    7.60%              0.00           0.00          297,666.67       0.00  
    A-7           29,000,000.00      29,000,000.00    7.80%              0.00           0.00          188,500.00       0.00  
    A-8           24,750,000.00      24,750,000.00    8.00%              0.00           0.00          165,000.00       0.00  
CERTIFICATES      11,250,000.00      11,250,000.00    8.30%              0.00           0.00           77,812.50       0.00
     R                0.00            2,277,217.71    0.00%              0.00           0.00                0.00       0.00
- ------------------------------------------------------------------------------------------------------------------------------------
  Totals         300,000,000.00     298,877,701.83                  2,228,358.86                    1,797,273.55
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
                    TOTAL             OVER      ALLOCATED        ENDING            POOL
   CLASS        DISTRIBUTION       COLLATERAL     LOSSES         BALANCE          FACTOR
                                  (FROM TURBO)
- ------------------------------------------------------------------------------------------
    <S>         <C>             <C>                <C>       <C>                <C>
    A-1         2,574,861.58           0.00        0.00       59,372,125.26       91.341731%  
    A-2           279,708.33           0.00        0.00       49,000,000.00      100.000000%  
    A-3           129,250.00           0.00        0.00       22,000,000.00      100.000000%  
    A-4           192,000.00           0.00        0.00       32,000,000.00      100.000000%  
    A-5           120,833.33           0.00        0.00       20,000,000.00      100.000000%  
    A-6           297,666.67           0.00        0.00       47,000,000.00      100.000000%  
    A-7           188,500.00           0.00        0.00       29,000,000.00      100.000000%  
    A-8           165,000.00           0.00        0.00       24,750,000.00      100.000000%  
CERTIFICATES       77,812.50           0.00        0.00       11,250,000.00      100.000000%  
     R                  0.00       1,507,423.85    0.00        3,784,641.56        0.000000%
- ------------------------------------------------------------------------------------------
  Totals        4,025,632.41                                 298,156,766.82
- ------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
AMOUNTS PER 1,000         PRINCIPAL
                        BALANCE BEFORE       PRINCIPAL        INTEREST        TOTAL            END
   CLASS      CUSIP      DISTRIBUTION        REMITTANCE      REMITTANCE   DISTRIBUTION       BALANCE
- --------------------------------------------------------------------------------------------------------------
    <S>     <C>            <C>                <C>              <C>          <C>             <C>
    A-1     337928AA3      947.699756         34.282444        5.330811     39,613255        913.417312     
    A-2     337928AB1     1000.000000          0.000000        5.708333      5.708333       1000.000000
    A-3     337928AC9     1000.000000          0.000000        5.875000      5.875000       1000.000000
    A-4     337928AD7     1000.000000          0.000000        6.000000      6.000000       1000.000000
    A-5     337928AE5     1000.000000          0.000000        6.041667      6.041667       1000.000000
    A-6     337928AF2     1000.000000          0.000000        6.333333      6.333333       1000.000000
    A-7     337928AG0     1000.000000          0.000000        6.500000      6.500000       1000.000000
    A-8     337928AJ4     1000.000000          0.000000        6.666667      6.666667       1000.000000
CERTIFICATES   n/a        1000.000000          0.000000        6.916667      6.916667       1000.000000
</TABLE>

Determination Date         December 13, 1996
Distribution Date          December 20, 1996
<PAGE>   2
              FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
                   FIRSTPLUS INVESTMENT CORPORATION (SELLER)
                FIRSTPLUS HOME LOAN OWNER TRUST 1996-3(ISSUER)
        THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
                      AGREEMENT DATED SEPTEMBER 27, 1996

                     SERVICER'S MONTHLY REMITTANCE REPORT
                                       
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
<S>                                                        <C>                     <C>                     <C>
Available Collection Amount                                                                                4,257,751.00

COLLECTIONS ON THE MORTGAGE LOANS:


                                                              Interest               Principal                    Total
                                                              ---------              ----------                   -----
Scheduled Monthly Payments                                 2,687,278.85              263,176.52            2,950,455.37
Recovery of Delinquent Scheduled Payments                    501,103.72               56,026.24              557,129.96
Principal Prepayments                                        276,989.43              401,732.25              678,721.68
Repurchases                                                        0.00                    0.00                    0.00
FHA Claims                                                         0.00                    0.00                    0.00
Foreclosure Collections                                            0.00                    0.00                    0.00
Total Collections on Mortgage Loans                        3,465,372.00              720,935.01            4,186,307.01

Collection Account Earnings                                   15,290.56                                       15,290.56
Note Distribution Account Earnings                                 5.83                                            5.83
Capitalized Interest Release                                  56,147.60                                       56,147.60

Available Collection Amount                                3,536,815.99              720,935.01            4,257,751.00

FEES:

Servicing Fee                                                                                                158,931.55
Trustee Fee                                                                                                    1,589.32
Custodian Fee                                                                                                  2,542.90
Certificate Guaranty Insurance                                                                                69,054.82
Owner Trustee Fee                                                                                                  0.00

Total Fees:                                                                                                  232,118.59

OVERCOLLATERALIZATION INFORMATION:

Current Overcollateralization Amount                                                                       3,784,641.56
Interim Required Overcollaterlization Amount                                                              15,000,000.00
Required Overcollaterlization Amount for Due Period                                                       26,250,000.00
Current Credit Support Multiple                                                                                    1.00
Is Due Period a Step Down Date                                                                                       No

RESERVE ACCOUNT INFORMATION

Original Reserve Account Deposit                                                                          11,250,000.00
Current Reserve Account Balance                                                                           11,250,000.00
Reserve Account Requirement                                                                               11,250,000.00

AMOUNT IN PREFUNDING ACCOUNT:                                                                                185,602.86

CAPITALIZED INTEREST ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account                                                                 663.37
Amount to be Disbursed from Capitalized Interest Account to Note Distrubution Account                         56,147.60

COLLATERAL INFORMATION:
Beg. Weighted Avg. Rem. Maturity                                                                                    229
End. Weighted Avg. Rem. Maturity                                                                                    228
Beg. Weighted Average Coupon                                                                                    14.608%
End. Weighted Average Coupon                                                                                    14.610%
Beg. Number of Loans                                                                                              8,708
End. Number of Loans                                                                                             10,229
Beginning Unpaid Principle Balance of Home Loans                                                         254,290,477.22
Loans Funded in Current Period                                                                            44,401,621.75
Remaining Unpaid Principle Balance of Home Loans                                                         297,971,163.96
Loans Paid in Full                                                                                                   13

DELINQUENCIES:
                                                                                #                $               % of $
30-59 Days                                                                      42         1,168,640.00         0.3922%  
60-89 Days                                                                       6           172,834.00         0.0580%
Over 90                                                                          1            25,000.00         0.0084%
Total                                                                           49         1,366,474.00         0.4586%

LIQUIDATED LOANS:
                                                                           Principle           Interest           Total
Liquidation Proceeds                                                           0.00               0.00             0.00
Write-Offs/Net Losses                                                          0.00               0.00             0.00
                                                                                                                   0.00
</TABLE>
<PAGE>   3


BACKUP CALCULATIONS:

<TABLE>
<CAPTION>
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
<S>                                     <C>
Available Collection Amount             4,257,751.00
Guaranteed Payment                              0.00
Reserve Account Withdraws                       0.00
                                        ------------
Note Distribution Account balance       4,257,751.00
</TABLE>



WITHDRAWS FROM NOTE DISTRIBUTION ACCOUNT:

To The Note Distribution Account for Disbursement
on Distribution Date Pursuant to Sections
5.01(c) paragraphs (i) to (iv)


<TABLE>
<CAPTION>
<S>                                               <C>             <C>
                                                             Remaining Balance
                                  Servicing Fee     158,931.55    4,098,819.45
                     Guaranty Insurance Premium      69,054.82    4,029,764.63
                          Indenture Trustee Fee       1,589.32    4,028,175.31
                              Owner Trustee Fee           0.00    4,028,175.31
                                  Custodial Fee       2,542.90    4,025,632,41
      Noteholders Interest Distributable Amount   1,719,461.05    2,306,171.36
         Regular Principal Distributable Amount     720,935.01    1,585,236.35
   Excess Spread to Class A-1 note as a part of   1,507,423.85       77,812.50
the Noteholders Monthly Principal distributable
                                         Amount


</TABLE>


To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date.


<TABLE>
<CAPTION>
<S>                                                 <C>           <C>

 Certificateholder Interest Distributable Amount     77,812.50            0.00
Certificateholder Principal Distributable Amount          0.00            0.00
         Securities Insurer Reimbursement Amount          0.00            0.00
          OverCollateralization Reduction Amount          0.00            0.00
                   Reimbursed Servicing Advances          0.00            0.00



</TABLE>

<PAGE>   4
RESERVE ACCOUNT:


Beginning Balance                                      11,250,000.00
Current Deposits                                                0.00 
Current Earnings                                           16,081.11 
Withdraw of Excess Reserve Account Amount to               16,081.11 
  Residual Holder                                      
Ending Balance                                         11,250,000.00


CAPITALIZED INTEREST:

Beginning Balance:                                        101,527.19
Cap Interest Acct Required (Projected Interest Shortfall)     663.37


Less Amount to be released to Residual Interest            90,033.42
Holder on Oct. 21 pursuant to Section 5.04(d)

Less Amount to be Distributed to Note Distribution         56,147.60
Account on Oct. 16 Required by Section 5.04(a)


Plus           Account Earnings Posted in Due Period        2,282.05 
               Prefunding Account Earnings posted in       43,035.15
                  Due Period

Ending Balance on Distribution Date                           663.37


PREFUNDING ACCOUNT:

Beginning Balance                                      44,587,224.61

Less Draw for First funding                            44,401,621.75

Less Amount to be Distributed to Note Distribution              0.00
Account Required by Section 5.03(c)

Less Amount to be Distributed to Certificate Distribution       0.00
Account Required by Section 5.03(c)

Ending Balance                                            185,602.86



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