<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: February 20, 1997
(Date of earliest event reported)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-2
(Issuer with respect to the Securities)
FIRSTPLUS INVESTMENT CORPORATION
(Originator of the Trust 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
Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 33-65373) filed with the Securities and Exchange Commission
(the "Commission") on December 22, 1996, as amended by Amendment No. 1 thereto
filed with the Commission on April 23, 1996, as further amended by Amendment
No. 2 thereto filed with the Commission on May 10, 1996 and as further amended
by Amendment No. 3 thereto filed with the Commission on May 22, 1996
(collectively, the "Registration Statement"), pursuant to which the Registrant
registered $1,000,000,000 aggregate principal amount of its asset-backed
certificates, 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 June 14, 1996 and the related
Prospectus Supplement, dated June 14, 1996 (collectively, the "Prospectus"),
which were previously filed with the Commission pursuant to Rule 424(b)(5),
with respect to the Registrant's FIRSTPLUS Asset-Backed Certificates, Series
1996-2, consisting of the following Classes of Certificates (collectively, the
"Certificates"): (i) Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, and Class A-8 Certificates,
(collectively, the "Offered Certificates"), (ii) Class B Certificates, and
(iii) Class R Certificates. Only the Offered Certificates were offered by the
Prospectus.
The Certificates represent the entire undivided interest in the Trust
created pursuant to the Pooling and Servicing Agreement dated as of June 1,
1996 (the "Pooling and Servicing Agreement") between the FIRSTPLUS INVESTMENT
CORPORATION, as depositor, FIRSTPLUS FINANCIAL, INC., as Transferor and
Servicer, and First Trust of California, National Association, as trustee (the
"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 Pooling and Servicing Agreement) for the month of February 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (February 1997)
-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
February 20, 1997 By: /s/ Christopher J. Gramlich
------------------------------
Christopher J. Gramlich,
Senior Vice President
-3-
<PAGE> 4
Exhibit Index
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (February 1997)
</TABLE>
<PAGE> 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 MONTHLY REMITTANCE
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry Total
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward Distribution
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 71,160,000.00 55,581,020.51 6.80% 3,020,506.97 0.00 314,959.12 0.00 3,353,363.66
A-2 17,200,000.00 17,194,901.55 6.95% 0.00 0.00 99,587.14 0.00 99,587.14
A-3 39,080,000.00 39,068,415.84 7.15% 0.00 0.00 232,782.64 0.00 232,782.64
A-4 10,630,000.00 10,626,849.04 7.35% 0.00 0.00 65,089.45 0.00 65,089.45
A-5 25,460,000.00 25,452,453.11 7.47% 0.00 0.00 158,441.52 0.00 158,441.52
A-6 30,380,000.00 30,370,994.71 7.85% 0.00 0.00 198,676.92 0.00 198,676.92
A-7 27,060,000.00 27,051,978.83 8.00% 0.00 0.00 180,346.53 0.00 180,346.53
A-8 20,655,000.00 20,648,877.41 8.22% 0.00 0.00 141,444.81 0.00 141,444.81
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 55,833.33 0.00 55,833.33
R 0.00 6,999,881.11 0.00% 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------
Totals 250,000,000.00 241,370,372.11 3,020,506.97 1,447,161.46 4,485,566.00
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------
Over
Collateral. Allocated Ending Pool
Class (From Turbo) Losses Balance Factor
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 0.00 52,560,513.54 73.862442%
A-2 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 0.00 10,626,849.04 99.970358%
A-5 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 0.00 20,648,877.41 99.970358%
B 0.00 0.00 8,375,000.00 100.000000%
R 1,069,967.49 0.00 8,087,746.17 0.000000%
- ----------------------------------------------------------------
Totals 239,419,832.63
- ----------------------------------------------------------------
</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 337925AA9 781.071115 42.446697 4.426070 46.872767 738.372906
A-2 337925AB7 999.703578 0.000000 5.789950 5.789950 999.703578
A-3 337925AC5 999.703578 0.000000 5.956567 5.956567 999.703578
A-4 337925AD3 999.703579 0.000000 6.123184 6.123184 999.703579
A-5 337925AE1 999.703579 0.000000 6.223155 6.223155 999.703579
A-6 337925AF8 999.703578 0.000000 6.539727 6.539727 999.703578
A-7 337925AG6 999.703578 0.000000 6.664691 6.664691 999.703578
A-8 337925AH4 999.703578 0.000000 6.847969 6.847969 999.703578
B N/A
</TABLE>
Determination Date February 13, 1996
Distribution Date February 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 MONTHLY REMITTANCE
- --------------------------------------------------------------------------------
<TABLE>
Available Remittance 4,514,835.78
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
<S> <C> <C> <C>
Scheduled Monthly Payments 1,930,565.26 339,762.18 2,270,327.44
Recovery of Delinquent Scheduled Payments 611,980.58 128,558.79 740,539.37
Principal Prepayments 263,362.53 1,391,462.92 1,654,825.45
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Non Performing Loan Sale 0.00 0.00 0.00
Total Funds Collected 2,805,908.37
Repurchases 7,558.32
Total Cash Receipts 2,813,466.69 1,950,539.48 4,764,006.17
FEES:
Servicing Fee 150,856.48
Excess Servicing Fee 50,285.49
Trustee Fee 1,759.99
Custodian Fee 3,218.27
Certificate Guaranty Insurance 54,690.91
FHA Insurance Premium Acct. Deposit 19,179.37
Total Fees: 279,990.51
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 10
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 338,889.53
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) 16,444,848.60
Required Class A Overcollateralization Level (Including Class B Certificates) * 20,012,575.22
<CAPTION>
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
<S> <C> <C> <C>
Beg. Weighted Avg. Rem. Maturity 207 204 205
End. Weighted Avg. Rem. Maturity 206 203 203
Beg. Weighted Average Coupon 13.885% 14.381% 14.286%
End. Weighted Average Coupon 13.886% 14.381% 14.286%
Beg. Remaining Number of Loans 2,289 7,565 9,854
End. Remaining Number of Loans 2,269 7,514 9,783
Beg. Remaining Dollar Amount of Loans 46,177,855.37 195,192,516.74 241,370,372.11
End. Remaining Dollar Amount of Loans 45,716,478.11 193,658,453.23 239,374,931.34
<CAPTION>
DELINQUENCIES:
30 Days 60 Days 90 Days Totals
------- ------- ------- ------
$ % $ % $ % $ %
- - - - - - - -
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Conventionals 2,362,489.94 1.220% 1,110,171.00 0.573% 975,988.67 0.504% 4,448,649.61 2.297%
Title 1's 632,474.69 1.383% 484,007.10 1.059% 926,360.86 2.026% 2,042,842.65 4.469%
Combined 2,994,964.63 1.251% 1,594,178.10 0.666% 1,902,349.53 0.795% 6,491,492.26 2.712%
LIQUIDATED LOANS: Liquidation Proceeds Written Off Net Losses/Gains
-------------------- ----------- ----------------
Principle Interest
Title 1 0.00 0.00 0.00 0.00
Conventional 0.00 0.00 0.00 0.00
</TABLE>
* assumes all insurance is delivered to Trustee's contract of insurance.
<PAGE> 3
FHA INSURANCE PREMIUM ACCOUNT:
<TABLE>
<S> <C>
Beginning Balance 109,600.39
FHA Insurance Premium Acc. Dep. 19,179.37
Earnings Current Due Period 393.06
Less Payment for FHA Premiums 0.00
----------
Ending Balance 129,172.82
</TABLE>
<PAGE> 4
BACKUP CALCULATIONS:
<TABLE>
<S> <C> <C>
Amount Available 4,596,802.46
----------------
FHA Insurance Prem. 19,179.37 4,577,623.09
Cert. Ins. Prem. 54,690.91 4,522,932.18
Trustee Fee 1,759.99 4,521,172.19
Cust. Fee 3,218.27 4,517,953.92
A1-A8 INT 1,391,328.13 3,126,625.79
A-1 Prin 1,950,539.48 1,176,086.31
A-2 Prin 0.00 1,176,086.31
A-3 Prin 0.00 1,176,086.31
A-4 Prin 0.00 1,176,086.31
A-5 Prin 0.00 1,176,086.31
A-6 Prin 0.00 1,176,086.31
A-7 Prin 0.00 1,176,086.31
A-8 Prin 0.00 1,176,086.31
Cert Ins. Reimb 0.00 1,176,086.31
B-Int 55,833.33 1,120,252.98
B-Prin 0.00 1,120,252.98
Excess Servicing 50,285.49 1,069,967.49
O.C to Class A-1 1,069,967.49 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 1,859,783.89
Interest Collections 2,805,908.37
Less Servicing Fee 150,856.48
------------
WIRE FROM FFI TO FIRST TRUST 4,514,835.78
Repurchases 98,313.91
Certificate Acct Earning (16,347.23)
------------
Amount Available 4,596,802.46
</TABLE>
