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Previous: FIRSTPLUS INVESTMENT CORP, 8-K, 1997-01-16 |
Next: FIFTH THIRD BANK AUTO TRUSTS, 8-K, 1997-01-16 |
<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: January 15, 1997
(Date of earliest event reported)
FIRSTPLUS INVESTMENT CORPORATION
(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 January 1997.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Servicer's Monthly Statement (January 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
January 15, 1997 By: /s/ CHRISTOPHER J. GRAMLICH
----------------------------------------------
Christopher J. Gramlich, Senior Vice President
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
99.1 Servicer's Monthly Statement (January 1997)
</TABLE>
<PAGE> 1
EXHIBIT 99.1
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
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 58,847,930.05 6.80% 3,266,909.54 0.00 333,471.60
A-2 17,200,000.00 17,194,901.55 6.95% 0.00 0.00 99,587.14
A-3 39,080,000.00 39,068,415.84 7.15% 0.00 0.00 232,782.64
A-4 10,630,000.00 10,626,849.04 7.35% 0.00 0.00 65,089.45
A-5 25,460,000.00 25,452,453.11 7.47% 0.00 0.00 158,441.52
A-6 30,380,000.00 30,370,994.71 7.85% 0.00 0.00 198,676.92
A-7 27,060,000.00 27,051,978.83 8.00% 0.00 0.00 180,346.53
A-8 20,655,000.00 20,648,877.41 8.22% 0.00 0.00 141,444.81
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 55,833.33
R 0.00 6,038,747.09 0.00% 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------
Totals 250,000,000.00 243,676,147.63 3,266,909.54 1,465,673.94
- ---------------------------------------------------------------------------------------------------
<CAPTION>
Interest Over
Carry Total Collateral. Allocated Ending Pool
Class Forward Distribution (From Turbo) Losses Balance Factor
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 0.00 3,600,381.14 0.00 0.00 55,581,020.51 78.107111%
A-2 0.00 99,587.14 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 232,782.64 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 65,089.45 0.00 0.00 10,626,849.04 99.970358%
A-5 0.00 158,441.52 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 198,676.92 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 180,346.53 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 141,444.81 0.00 0.00 20,648,877.41 99.970358%
B 0.00 55,833.33 0.00 0.00 8,375,000.00 100.000000%
R 0.00 0.00 1,117,869.09 156,735.07 6,999,881.11 0.000000%
- ------------------------------------------------------------------------------------------------------------
Totals 4,732,583.48 241,370,372.11
- ------------------------------------------------------------------------------------------------------------
</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 826.980467 45.909353 4.686223 50.595575 781.071115
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>
Distribution Date January 20, 1997
Determination Date January 13, 1997
Original weighted average Class A certificat 7.35%
Current weighted average Class A certificate 7.38%
<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>
<S> <C> <C> <C>
Available Remittance 4,848,884.36
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 1,956,130.42 266,402.39 2,222,532.81
Recovery of Delinquent Scheduled Payments 611,691.04 68,968.70 680,659.74
Principal Prepayments 263,633.81 1,353,494.97 1,617,128.78
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Non Performing Loan Sale 0.00 22,390.72 22,390.72
Repurchases 20,686.23 437,783.67 458,469.90
Total 2,852,141.50 2,149,040.45 5,001,181.95
FEES:
Servicing Fee 152,297.59
Excess Servicing Fee 50,765.86
Trustee Fee 1,776.81
Custodian Fee 3,249.02
Certificate Guaranty Insurance 55,481.50
FHA Insurance Premium Acct. Deposit 19,346.29
Total Fees: 282,917.07
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 8
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 159,699.40
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) 15,374,881.11
Required Class A Overcollateralization Level (Including Class B Certificates) 20,012,575.22*
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
Beg. Weighted Avg. Rem. Maturity 205 210 209
End. Weighted Avg. Rem. Maturity 207 204 205
Beg. Weighted Average Coupon 13.877% 14.380% 14.284%
End. Weighted Average Coupon 13.885% 14.381% 14.286%
Beg. Remaining Number of Loans 2,306 7,632 9,938
End. Remaining Number of Loans 2,289 7,565 9,854
Beg. Remaining Dollar Amount of Loans 46,613,220.93 197,062,926.70 243,676,147.63
End. Remaining Dollar Amount of Loans 46,177,855.37 195,192,516.74 241,370,372.11
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
- - - - - - - -
Conventionals 1,840,007.74 0.943% 759,796.26 0.389% 759,507.53 0.389% 3,359,311.53 1.721%
Title 1's 759,070.95 1.644% 620,915.03 1.345% 628,718.71 1.362% 2,008,704.69 4.350%
Combined 2,599,078.69 1.077% 1,380,711.29 0.572% 1,388,226.24 0.575% 5,368,016.22 2.224%
LIQUIDATED LOANS: Liquid Proceeds Written Off Net Losses/Gains
--------------- ----------- ----------------
Principle Interest
--------- --------
Title 1 0.00 0.00 0.00 0.00
Conventional 22,390.72 156,735.07 13,948.21 170,683.28
</TABLE>
* assumes all insurance is delivered to Trustee's contract of insurance.
<PAGE> 3
FHA INSURANCE PREMIUM ACCOUNT:
- ------------------------------
<TABLE>
<S> <C>
Beginning Balance 89,940.91
FHA Insurance Premium Acc. Dep 19,346.29
Earnings Current Due Period 313.19
Less Payment for FHA Premiums 0.00
----------
Ending Balance 109,600.39
</TABLE>
<PAGE> 4
BACKUP CALCULATIONS:
<TABLE>
<S> <C> <C>
Amount Available 4,863,202.96
----------------
FHA Insurance Prem 19,346.29 4,843,856.67
Cert. Ins. Prem 55,481.50 4,788,375.17
Trustee Fee 1,776.81 4,786,598.36
Cust. Fee 3,249.02 4,783,349.34
A1-A8 INT 1,409,840.61 3,373,508.73
A-1 Prin 2,305,775.52 1,067,733.21
A-2 Prin 0.00 1,067,733.21
A-3 Prin 0.00 1,067,733.21
A-4 Prin 0.00 1,067,733.21
A-5 Prin 0.00 1,067,733.21
A-6 Prin 0.00 1,067,733.21
A-7 Prin 0.00 1,067,733.21
A-8 Prin 0.00 1,067,733.21
Cert Ins. Reimb 0.00 1,067,733.21
B-Int 55,833.33 1,011,899.88
B-Prin 0.00 1,011,899.88
Excess Servicing 50,765.86 961,134.02
O.C to Class A-1 961,134.02 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
</TABLE>
<TABLE>
<S> <C>
Principal Collections 2,149,040.45
Interest Collections 2,852,141.50
Less Servicing Fee 152,297.59
------------
WIRE FROM FFI TO FIRST TRUST 4,848,884.36
Certificate Acct Earning 14,318.60
------------
Amount Available 4,863,202.96
</TABLE>
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