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Previous: CRAZY WOMAN CREEK BANCORP INC, 10QSB, 1997-07-18 |
Next: MERIT BEHAVIORAL CARE CORP, 8-K, 1997-07-18 |
<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from __________ to _____________
FIRSTPLUS HOME LOAN OWNER TRUSTS
(Issuer with respect to the Securities)
FIRSTPLUS INVESTMENT CORPORATION
(Originator of the Trusts described herein)
(Exact name of Registrant as specified in its charter)
Nevada 33-65373 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
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/ No / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K. / /
Aggregate market value of voting stock held by nonaffiliates of the Registrant
as of the latest practicable date, December 31, 1996: None
As of December 31, 1996, the latest practicable date, there were 1,000 shares
of FIRSTPLUS INVESTMENT CORPORATION common stock outstanding.
The Registrant meets the conditions set forth in General Instruction I(1)(a)
and (b) of Form 10-K and, therefore, is furnishing the abbreviated narrative
disclosure specified in Paragraph (2) of General Instruction I.
================================================================================
-2-
<PAGE> 3
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page No.
--------
<S> <C> <C>
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K
</TABLE>
Signatures
-3-
<PAGE> 4
PART IV
The Registrant is filing this Annual Report on Form 10-K/A solely for the
purpose of filing Exhibits 13.1, 13.2, 13.3, and 28.1 which were omitted from
the initial filing.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
13.1 Annual Report Aggregating Servicer Monthly Remittance
Reports for Series 1996-2 for the fiscal year ended
December 31, 1996.
13.2 Annual Report Aggregating Servicer Monthly Remittance
Reports for Series 1996-3 for the fiscal year ended
December 31, 1996.
13.3 Annual Report Aggregating Servicer Monthly Remittance
Reports for Series 1996-4 for the fiscal year ended
December 31, 1996.
28.1 Quarterly Statements of Compliance of Servicer for
Series 1996-2 and Series 1996-3.
(d) Not applicable.
-6-
<PAGE> 5
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
FIRSTPLUS INVESTMENT CORPORATION
By: /s/ CHRISTOPHER J. GRAMLICH
-------------------------------
Christopher J. Gramlich
Senior Vice President
Dated: July 17, 1997
-7-
<PAGE> 6
INDEX TO EXHIBITS
<TABLE>
EXHIBIT
NUMBER DESCRIPTION
------ -----------
<CAPTION>
<S> <C>
13.1 Annual Report Aggregating Servicer Monthly Remittance
Reports for Series 1996-2 for the fiscal year ended
December 31, 1996.
13.2 Annual Report Aggregating Servicer Monthly Remittance
Reports for Series 1996-3 for the fiscal year ended
December 31, 1996.
13.3 Annual Report Aggregating Servicer Monthly Remittance
Reports for Series 1996-4 for the fiscal year ended
December 31, 1996.
28.1 Quarterly Statements of Compliance of Servicer for
Series 1996-2 and Series 1996-3.
</TABLE>
<PAGE> 1
EXHIBIT 13.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR)
FIRSTPLUS HOME LOAN TRUST 1996-2
THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2
AGREEMENT DATED JUNE 1, 1996
SERVICER'S ANNUAL REMITTANCE
JULY 1996 THROUGH DECEMBER 1996
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 71,160,000.00 71,160,000.00 6.80% 12,312,069.95 0.00 2,268,579.72
A-2 17,200,000.00 17,200,000.00 6.95% 5,098.45 0.00 597,611.43
A-3 39,080,000.00 39,080,000.00 7.15% 11,584.16 0.00 1,396,902.93
A-4 10,630,000.00 10,630,000.00 7.35% 3,150.96 0.00 390,594.60
A-5 25,460,000.00 25,460,000.00 7.47% 7,546.89 0.00 950,790.06
A-6 30,380,000.00 30,380,000.00 7.85% 9,005.29 0.00 1,192,238.25
A-7 27,060,000.00 27,060,000.00 8.00% 8,021.17 0.00 1,082,239.59
A-8 20,655,000.00 20,655,000.00 8.22% 6,122.59 0.00 848,794.68
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 334,999.98
R 0.00 0.00 0.00% 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
Totals 250,000,000.00 250,000,000.00 12,362,599.46 9,062,751.24
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Interest Over
Carry Total Collateral. Allocated Ending Pool
Class Forward Distribution (From Turbo) Losses Balance Factor
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 14,580,649.67 0.00 0.00 58,847,930.05 82.698047%
A-2 0.00 602,709.88 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 1,408,487.09 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 393,745.56 0.00 0.00 10,626,849.04 99.970358%
A-5 0.00 958,336.95 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 1,201,243.54 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 1,090,260.76 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 854,917.27 0.00 0.00 20,648,877.41 99.970358%
B 0.00 334,999.98 0.00 0.00 8,375,000.00 100.000000%
R 0.00 0.00 6,03 8,747.10 0.00 6,038,747.10 0.000000%
- -------------------------------------------------------------------------------------------------------------------------------
Totals 21,425,350.70 243,676,147.64
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
AMOUNTS PER 1,000 Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 337925AA9 1000.000000 173.019533 31.879985 204.899518 826.980467
A-2 337925AB7 1000.000000 0.296422 34.744851 35.041272 999.703578
A-3 337925AC5 1000.000000 0.296422 35.744701 36.041123 999.703578
A-4 337925AD3 1000.000000 0.296421 36.744553 37.040975 999.703579
A-5 337925AE1 1000.000000 0.296421 37.344464 37.640886 999.703579
A-6 337925AF8 1000.000000 0.296422 39.244182 39.540604 999.703578
A-7 337925AG6 1000.000000 0.296422 39.994072 40.290494 999.703578
A-8 337925AH4 1000.000000 0.296422 41.093908 41.390330 999.703578
B
</TABLE>
Determination Date December 13, 1996
Distribution Date December 20, 1996
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR)
FIRSTPLUS HOME LOAN TRUST 1996-2
THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2
AGREEMENT DATED JUNE 1, 1996
SERVICER'S ANNUAL REMITTANCE
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Available Remittance 21,612,764.00
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 1,523,577.63 11,594,111.21 13,117,688.84
Recovery of Delinquent Scheduled Payments 280,617.85 2,314,993.36 2,595,611.21
Principal Prepayments 4,223,128.71 2,242,894.89 6,466,023.60
Repurchases 225,832.34 (1,462.77) 224,369.57
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Distribution 70,695.84 0.00 70,695.84
Certificate Account Earnings 9,795.66 0.00 9,795.66
Capitalized Interest Release 386,932.69 0.00 386,932.69
Total 6,720,580.72 16,150,536.69 22,871,117.41
FEES:
Servicing Fee 790,929.22
Excess Servicing Fee 263,643.08
Trustee Fee 9,227.51
Custodian Fee 16,873.15
Certificate Guaranty Insurance 285,806.79
FHA Insurance Premium Acct. Deposit 79,286.95
Total Fees: 1,445,766.70
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 4
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 0.00
Aggregate Balance of Loans with Claims rejected by FHA 0.00
Cumulative FHA Insurance Proceeds Received 0.00
FHA Insurance Proceeds this Due Period 0.00
OVERCOLLATERALIZATION INFORMATION:
Current Class A Overcollateralization
(Including Class B Certificates) 14,413,747.10
Required Class A Overcollateralization Level
(Including Class B Certificates) N/A
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
<S> <C> <C> <C>
Beg. Weighted Avg. Rem. Maturity 209 217 216
End. Weighted Avg. Rem. Maturity 205 210 209
Beg. Weighted Average Coupon 13.609% 14.270% 14.027%
End. Weighted Average Coupon 13.877% 14.380% 14.284%
Beg. Remaining Number of Loans 988 6,832 7,820
End. Remaining Number of Loans 2,306 7,632 9,938
Beg. Remaining Dollar Amount of Loans 19,935,965.86 188,940,815.63 208,876,781.49
End. Remaining Dollar Amount of Loans 46,613,220.93 197,062,926.70 243,676,147.63
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
------------ ------ ---------- ------ ------------ ------ ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Conventionals 1,618,239.46 0.821% 336,120.00 0.171% 802,739.53 0.407% 2,757,098.99 1.399%
Title 1's 1,279,015.56 2.744% 322,142.43 0.691% 604,211.36 1.296% 2,205,369.35 4.731%
Combined 2,897,255.02 1.189% 658,262.43 0.270% 1,406,950.89 0.577% 4,962,468.34 2.037%
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATED LOANS: Liquidation Proceeds Written Off Net Losses/Gains
-------------------- ----------- ----------------
Principle Interest
--------- --------
<S> <C> <C> <C> <C>
Title 1 0.00 0.00 0.00 0.00
Conventional 0.00 0.00 0.00 0.00
</TABLE>
<PAGE> 3
BACKUP CALCULATIONS:
<TABLE>
<S> <C> <C>
Amount Available 22,009,492.35
FHA Insurance Prem. 79,286.95 21,930,205.40
Cert. Ins. Prem. 285,806.79 21,644,398.61
Trustee Fee 9,227.51 21,635,171.10
Cust. Fee 16,873.15 21,618,297.95
A1-A8 INT 8,727,751.26 12,890,546.69
A-1 Prin 6,253,156.53 6,637,390.16
A-2 Prin 0.00 6,637,390.16
A-3 Prin 0.00 6,637,390.16
A-4 Prin 0.00 6,637,390.16
A-5 Prin 0.00 6,637,390.16
A-6 Prin 0.00 6,637,390.16
A-7 Prin 0.00 6,637,390.16
A-8 Prin 0.00 6,637,390.16
Cert Ins. Reimb 0.00 6,637,390.16
B-Int 334,999.98 6,302,390.18
B-Prin 0.00 6,302,390.18
Excess Servicing 263,643.08 6,038,747.10
O.C to Class A-1 6,038,747.10 0.00
O.C to Class A-2 0.00 0.00
O.C to Class A-3 0.00 0.00
O.C to Class A-4 0.00 0.00
O.C to Class A-5 0.00 0.00
O.C to Class A-6 0.00 0.00
O.C to Class A-7 0.00 0.00
O.C to Class A-8 0.00 0.00
Principal Collections 6,253,156.53
Interest Collections 16,150,536.69
Less Servicing Fee 790,929.22
-------------
WIRE FROM FFI TO FIRST TRUST 21,612,764.00
Capital interest Release 386,932.69
Prefunding Account Distribution 0.00
Certificate Acct Earning 9,795.66
-------------
Amount Available 22,009,492.35
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
FHA INSURANCE PREMIUM ACCOUNT:
Beginning Balance 10,000.00
FHA Insurance Premium Acc. Dep. 79,286.95
Earnings Current Due Period 653.96
Less Payment for FHA Premiums 0.00
-------------
Ending Balance 89,940.91
CAPITALIZED INTEREST:
Beginning Balance 1,117,421.00
Less amount to be released to depositor 865,661.38
pursuant to section 5.16(d)
Less amount to be released to certificate 461,431.06
account required by section 5.16(a)
Plus Prefunding Account Earnings 201,300.78
Capitalized Interest Earnings 8,370.66
Ending Balance 0.00
PREFUNDING ACCOUNT:
Beginning Balance 80,891,144.24
Less subsequent funding 80,820,448.40
Less certificate account distribution 70,695.84
Ending Balance (0.00)
</TABLE>
<PAGE> 1
EXHIBIT 13.2
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 ANNUAL REMITTANCE REPORT
OCTOBER 1996 THROUGH DECEMBER 1996
<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 65,000,000.00 6.75% 5,627,874.74 0.00 1,069,377.13 0.00
A-2 49,000,000.00 49,000,000.00 6.85% 0.00 0.00 839,124.99 0.00
A-3 22,000,000.00 22,000,000.00 7.05% 0.00 0.00 387,750.00 0.00
A-4 32,000,000.00 32,000,000.00 7.20% 0.00 0.00 576,000.00 0.00
A-5 20,000,000.00 20,000,000.00 7.25% 0.00 0.00 362,499.99 0.00
A-6 47,000,000.00 47,000,000.00 7.60% 0.00 0.00 893,000.01 0.00
A-7 29,000,000.00 29,000,000.00 7.80% 0.00 0.00 565,500.00 0.00
A-8 24,750,000.00 24,750,000.00 8.00% 0.00 0.00 495,000.00 0.00
CERTIFICATES 11,250,000.00 11,250,000.00 8.30% 0.00 0.00 233,437.50 0.00
R 0.00 0.00 0.00% 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
Totals 300,000,000.00 300,000,000.00 5,627,874.74 5,421,689.62
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Over
Total Collateral. Allocated Ending Pool
Class Distribution (From Turbo) Losses Balance Factor
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 6,697,251.87 0.00 0.00 59,372,125.26 91.341731%
A-2 839,124.99 0.00 0.00 49,000,000.00 100.000000%
A-3 387,750.00 0.00 0.00 22,000,000.00 100.000000%
A-4 576,000.00 0.00 0.00 32,000,000.00 100.000000%
A-5 362,499.99 0.00 0.00 20,000,000.00 100.000000%
A-6 893,000.01 0.00 0.00 47,000,000.00 100.000000%
A-7 565,500.00 0.00 0.00 29,000,000.00 100.000000%
A-8 495,000.00 0.00 0.00 24,750,000.00 100.000000%
CERTIFICATES 233,437.50 0.00 0.00 11,250,000.00 100.000000%
R 0.00 3,784,641.56 0.00 3,784,641.56 0.000000%
- ------------------------------------------------------------------------------------------------------------------
Totals 11,049,564.36 298,156,766.82
- ------------------------------------------------------------------------------------------------------------------
</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 337928 AA 3 1000.000000 86.582688 16.451956 103.034644 913.417312
A-2 337928 AB 1 1000.000000 0.000000 17.125000 17.125000 1000.000000
A-3 337928 AC 9 1000.000000 0.000000 17.625000 17.625000 1000.000000
A-4 337928 AD 7 1000.000000 0.000000 18.000000 18.000000 1000.000000
A-5 337928 AE 5 1000.000000 0.000000 18.125000 18.125000 1000.000000
A-6 337928 AF 2 1000.000000 0.000000 19.000000 19.000000 1000.000000
A-7 337928 AG 0 1000.000000 0.000000 19.500000 19.500000 1000.000000
A-8 337928 AJ 4 1000.000000 0.000000 20.000000 20.000000 1000.000000
Certificates 337928 AH 8 1000.000000 0.000000 20.750000 20.750000 1000.000000
</TABLE>
Original weighted average securities rate = 7.27%
Current weighted average securities rate = 7.27%
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 ANNUAL REMITTANCE REPORT
<TABLE>
<CAPTION>
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
COLLECTIONS ON THE MORTGAGE LOANS:
Scheduled Monthly Payments 707,585.32 7,416,703.14 8,124,288.46
Recovery of Delinquent Scheduled Payments 102,952.36 1,080,130.10 1,183,082.46
Principal Prepayments 1,032,695.50 720,934.25 1,753,629.75
FHA Claims Paid 0.00 0.00 0.00
Non Performing Loan Sale 0.00 0.00 0.00
Collection Account Earnings 0.00 0.00 0.00
Note Distribution Account Earnings 17,685.34 0.00 17,685.34
Capitalized Interest Release 596,163.48 0.00 596,163.48
Available Collection Amount 2,457,082.00 9,217,767.49 11,674,849.49
FEES:
Servicing Fee 477,885.20
Trustee Fee 3,395.37
Custodian Fee 5,432.58
Guaranty Insurance 138,571.98
Total Fees: 625,285.13
OVERCOLLATERALIZATION INFORMATION:
Current Overcollateralization Amount 3,784,641.56
Interim Required Overcollateralization Amount 14,999,719.86
Required Overcollateralization Amount for Due Period 26,249,509.75
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 Distribution Account 56,147.60
COLLATERAL INFORMATION:
Beg. Weighted Avg. Rem. Maturity 229
End. Weighted Avg. Rem. Maturity 228
Beg. Weighted Average Coupon 14.622%
End. Weighted Average Coupon 14.610%
Beg. Number of Loans 8,721
End. Number of Loans 10,229
Beginning Unpaid Principle Balance of Home Loans 300,000,000.00
Remaining Unpaid Principle Balance of Home Loans 297,971,163.96
Loans Paid in Full 33
DELINQUENCIES:
# $ % of $
-------- ------------ --------------
30-59 Days 42 1,168,640.00 0.392%
60-89 Days 6 172,834.00 0.058%
Over 90 1 25,000.00 0.008%
Total 49 1,366,474.00 0.459%
LIQUIDATED LOANS:
Principal Interest Total
--------- -------- -----
Liquidation Proceeds 0.00 0.00 0.00
Write-Offs/Net Losses 0.00 0.00 0.00
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
RESERVE ACCOUNT:
Beginning Balance 11,250,000.00
Current Deposits 0.00
Current Earnings 70,202.15
Withdraw of Excess Reserve Account Amount to Residual Holder 70,202.15
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
Beginning Balance:
Less Amount to be released to Residual Interest 1,146,957.20
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be Distributed to Note Distribution 596,163.48
Account on Oct. 16 Required by Section 5.04(a)
Plus Account Earnings Posted in Due Period 7,271.71
Prefunding Account Earnings posted in Due Period 257,533.68
Ending Balance on Distribution Date 663.37
Cap Interest Acct Requirement (Projected Interest Shortfall) 0.00
PREFUNDING ACCOUNT:
Beginning Balance 85,179,187.64
Less Draw for subsequent funding 84,993,584.78
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
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Available Collection Amount 11,132,444.66
Capital Interest Release 540,015.88
Note Distribution Account Earnings 2,388.95
Reserve Account Withdrawal 0.00
-------------
Note Distribution Account balance 11,674,849.49
</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>
Remaining Balance
<S> <C> <C>
Servicing Fee 477,885.20 11,196,964.29
Guaranty Insurance Premium 138,571.98 11,058,392.31
Indenture Trustee Fee 3,395.37 11,054,996.94
Custodial Fee 5,432.58 11,049,564.36
Noteholders Interest Distributable Amount 5,188,252.12 5,861,312.24
Regular Principal Distributable Amount 1,843,233.18 4,018,079.06
Excess Spread to Class A-1 note as a part of the 3,784,641.56 233,437.50
Noteholders Monthly Principal Distributable Amount
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date.
Certificateholder Interest Distributable Amount 233,437.50 0.00
Certificateholder Principal Distributable Amount 0.00 0.00
Securities Insurer Reimbursement Amount 0.00 0.00
Over Collateralization Reduction Amount 0.00 0.00
Reimbursed Servicing Advances 0.00 0.00
</TABLE>
<PAGE> 1
EXHIBIT 13.3
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-4
AGREEMENT DATED NOVEMBER 1, 1996
SERVICER'S ANNUAL REMITTANCE REPORT
DECEMBER 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 100,750,000.00 100,750,000.00 6.12% 2,654,152.99 0.00 513,825.00
A-2 37,740,000.00 37,740,000.00 6.14% 0.00 0.00 193,103.00
A-3 50,270,000.00 50,270,000.00 6.28% 0.00 0.00 263,079.67
A-4 27,520,000.00 27,520,000.00 6.45% 0.00 0.00 147,920.00
A-5 37,100,000.00 37,100,000.00 6.53% 0.00 0.00 201,885.83
A-6 56,620,000.00 56,620,000.00 6.87% 0.00 0.00 324,149.50
A-7 44,340,000.00 44,340,000.00 7.09% 0.00 0.00 261,975.50
A-8 21,950,000.00 21,950,000.00 7.31% 0.00 0.00 133,712.08
Certificates 23,710,000.00 23,710,000.00 7.60% 0.00 0.00 150,163.33
R 0.00 0.00 0.00% 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------
Totals 400,000,000.00 400,000,000.00 2,654,152.99 2,189,813.91
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Interest
Carry Total Over Allocated Ending Pool
Class Forward Distribution Collateral. Losses Balance Factor
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 3,167,977.99 0.00 0.00 98,095,847.01 97.365605%
A-2 0.00 193,103.00 0.00 0.00 37,740,000.00 100.000000%
A-3 0.00 263,079.67 0.00 0.00 50,270,000.00 100.000000%
A-4 0.00 147,920.00 0.00 0.00 27,520,000.00 100.000000%
A-5 0.00 201,885.83 0.00 0.00 37,100,000.00 100.000000%
A-6 0.00 324,149.50 0.00 0.00 56,620,000.00 100.000000%
A-7 0.00 261,975.50 0.00 0.00 44,340,000.00 100.000000%
A-8 0.00 133,712.08 0.00 0.00 21,950,000.00 100.000000%
Certificates 0.00 150,163.33 0.00 0.00 23,710,000.00 100.000000%
R 0.00 0.00 1,859,588.11 0.00 1,859,588.11 0.000000%
- -----------------------------------------------------------------------------------------------------------------
Totals 4,843,966.90 399,205,435.12
- -----------------------------------------------------------------------------------------------------------------
</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 337925 AK7 1000.000000 26.343950 5.100000 31.443950 973.656050
A-2 337925 AL5 1000.000000 0.000000 5.116667 5.116667 1000.000000
A-3 337925 AM3 1000.000000 0.000000 5.233333 5.233333 1000.000000
A-4 337925 AT8 1000.000000 0.000000 5.375000 5.375000 1000.000000
A-5 337925 AN1 1000.000000 0.000000 5.441667 5.441667 1000.000000
A-6 337925 AP6 1000.000000 0.000000 5.725000 5.725000 1000.000000
A-7 337925 AQ4 1000.000000 0.000000 5.908333 5.908333 1000.000000
A-8 337925 AR2 1000.000000 0.000000 6.091667 6.091667 1000.000000
Certificates 1000.000000 0.000000 6.333333 6.333333 1000.000000
</TABLE>
Determination Date December 3, 1996
Distribution Date December 10, 1996
Original weighted average securities rate = 7.27%
Current weighted average securities rate = 7.27%
<PAGE> 2
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-4 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-4
AGREEMENT DATED NOVEMBER 1, 1996
SERVICER'S ANNUAL REMITTANCE REPORT
<TABLE>
<S> <C> <C> <C>
Available Collection Amount 5,064,428.91
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
------------ ---------- ------------
Scheduled Monthly Payments 3,307,160.94 336,979.27 3,644,140.21
Recovery of Delinquent Scheduled Payments 400,064.31 35,832.74 435,897.05
Principal Prepayments 291,292.84 421,752.87 713,045.71
Repurchases 0.00 0.00 0.00
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 3,998,518.09 794,564.88 4,793,082.97
FEES:
Servicing Fee 219,060.02
Trustee Fee 350.50
Custodian Fee 1,051.49
Certificate Guaranty Insurance 0.00
Owner Trustee Fee 0.00
Total Fees: 220,462.01
OVERCOLLATERALIZATION INFORMATION:
Original Overcollateralization Amount 0.00
Current Overcollateralization Amount 1,859,588.11
Interim Required Overcollateralization Amount 16,000,000.00
Required Overcollateralization Amount 29,000,000.00
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date? No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 13,000,000.00
Current Reserve Fund Balance 13,000,000.00
Reserve Fund Requirement 13,000,000.00
AMOUNT IN PREFUNDING ACCOUNT: 49,560,902.82
Capital Account Information:
Amount Remaining in Capitalized Interest Account 280,156.77
Amount to be Disbursed from Capitalized Interest Account
to Note Distribution Account 271,345.94
COLLATERAL INFORMATION:
Beginning Unpaid Principle Balance of Home Loans 350,439,097.18
Weighted Average Remaining Maturity 226
Weighted Average Coupon 14.510%
Remaining Number of Loans 12,192
Remaining Unpaid Principle Balance of Home Loans 349,701,467.59
Loans Paid in Full 17
DELINQUENCIES:
# $ % of $
-- --- --------
30-59 Days 54 1,382,035.78 0.3952%
60-89 Days 0 0.00 0.0000%
Over 90 0 0.00 0.0000%
Total 54 1,382,035.78 0.3952%
LIQUIDATED LOANS:
Principal Interest
--------- --------
Liquidation Proceeds 0.00 0.00
Write-Offs 0.00 0.00
Net Losses 0.00 0.00
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
<S> <C> <C>
BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Available Collection Amount: P & I 4,793,082.97
Cap Interest Release 271,345.94
Guaranteed Payment 0.00
Reserve Account Withdraws 0.00
------------
Total Deposits 5,064,428.91
Note Distribution Account earnings 0.00
------------
Note Distribution Account balance 5,064,428.91
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)
Remaining Balance
-----------------
Servicing Fee 219,060.02 4,845,368.89
Guaranty Insurance Premium 0.00 4,845,368.89
Indenture Trustee Fee 350.50 4,845,018.39
Owner Trustee Fee 0.00 4,845,018.39
Custodian Fee 1,051.49 4,843,966.90
Noteholders Interest Distributable Amount 2,039,650.58 2,804,316.32
Regular Principal Distributable Amount 794,564.88 2,009,751.44
Excess Spread to Class A-1 note as a part of the 1,859,588.11 150,163.33
Noteholders Monthly Principal Distributable Amount
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date.
Certificateholder Interest Distributable Amount 150,163.33 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
<TABLE>
<CAPTION>
<S> <C>
RESERVE ACCOUNT:
Beginning balance 13,000,000.00
Current deposits 0.00
Current earnings 16,081.11
Withdraw of excess reserve account amount to residual holder 0.00
Ending balance 13,016,081.11
CAPITALIZED INTEREST:
Beginning balance: 526,018.77
Capitalized interest acct requirement (projected interest shortfall) 280,156.77
Less amount to be released to residual interest 36,474.02
Holder on Dec. 10 pursuant to section 5.04(d)
Less amount to be distributed to note distribution 271,345.94
Account on Dec. 5 required by section 5.04(a)
Plus Account earnings posted in due period 650.68
Prefunding account earnings posted in due period 61,307.28
Ending balance on distribution date 280,156.77
PREFUNDING ACCOUNT:
Beginning balance 49,560,902.82
Less draw for first funding 0.00
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 49,560,902.82
</TABLE>
<PAGE> 1
OFFICER'S CERTIFICATE REGARDING SERVICING COMPLIANCE
FIRSTPLUS ASSET-BACKED CERTIFICATES, SERIES 1996-2
August 30, 1996
Reference is hereby made to the Pooling and Servicing Agreement dated
as of June 1, 1996 (the "Pooling and Servicing Agreement") between FIRSTPLUS
INVESTMENT CORPORATION, as Depositor, FIRSTPLUS FINANCIAL, INC., as Transferor
and Servicer, and First Trust of California, National Association, as Trustee.
Capitalized terms used and not otherwise defined herein have the meanings
assigned to them in the Pooling and Servicing Agreement.
Pursuant to Section 7.04 of the Pooling and Servicing Agreement, the
undersigned officer of the Servicer hereby certifies that:
(a) the Servicer has fully complied with the provisions contained
in Article V (Administration and Servicing of the Mortgage
Loans) and Article VII (General Servicing Procedures) of the
Pooling and Servicing Agreement;
(b) a review of the servicing activities and performance of the
Servicer under the Pooling and Servicing Agreement has been
made; and
(c) to the best of my knowledge, the Servicer has complied with
all of its servicing obligations under the Pooling and
Servicing Agreement throughout the quarter ending June 30,
1996.
IN WITNESS WHEREOF, the Servicer has caused its name to be signed by
an officer duly authorized to execute, as of the date first above written, this
OFFICER'S CERTIFICATE REGARDING SERVICING COMPLIANCE.
FIRSTPLUS FINANCIAL, INC.,
as Servicer
By: /s/ Christopher J. Gramlich
-----------------------------------
Christopher J. Gramlich,
Senior Vice President
<PAGE> 2
OFFICER'S CERTIFICATE REGARDING SERVICING COMPLIANCE
FIRSTPLUS ASSET-BACKED CERTIFICATES, SERIES 1996-2
November 30, 1996
Reference is hereby made to the Pooling and Servicing Agreement dated
as of June 1, 1996 (the "Pooling and Servicing Agreement") between FIRSTPLUS
INVESTMENT CORPORATION, as Depositor, FIRSTPLUS FINANCIAL, INC., as Transferor
and Servicer, and First Trust of California, National Association, as Trustee.
Capitalized terms used and not otherwise defined herein have the meanings
assigned to them in the Pooling and Servicing Agreement.
Pursuant to Section 7.04 of the Pooling and Servicing Agreement, the
undersigned officer of the Servicer hereby certifies that:
(d) the Servicer has fully complied with the provisions contained
in Article V (Administration and Servicing of the Mortgage
Loans) and Article VII (General Servicing Procedures) of the
Pooling and Servicing Agreement;
(e) a review of the servicing activities and performance of the
Servicer under the Pooling and Servicing Agreement has been
made; and
(f) to the best of my knowledge, the Servicer has complied with
all of its servicing obligations under the Pooling and
Servicing Agreement throughout the quarter ending September
30, 1996.
IN WITNESS WHEREOF, the Servicer has caused its name to be signed by
an officer duly authorized to execute, as of the date first above written, this
OFFICER'S CERTIFICATE REGARDING SERVICING COMPLIANCE.
FIRSTPLUS FINANCIAL, INC.,
as Servicer
By: /s/ Christopher J. Gramlich
-----------------------------------
Christopher J. Gramlich,
Senior Vice President
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