May 3, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington D.C. 20549
Re: Access Financial Mortgage Loan Trust
1996-1,
` (File 33-96500)
Dear Sirs:
Enclosed herewith for filing on behalf of the trust fund
( the "Trust") created pursuant to a Trust Agreement date as
of February 22, 1996 (the "Trust Agreement") among Access
Financial Mortgage, as issuer (the "Issuer"), EDS & LSI, as
servicer (the "Servicer") and Norwest Bank Minnesota, N.A.,
as trustee ( the "Trustee"), are exhibits, of a current
Report on Form 8-K (the "Report").
The Trust consists of primarily of a pool of fixed-rate,
amortizing mortgage loans and adjustable rate, amortizing
mortgage loans which are secured by first or second liens on
residential properties representing eight classes of
beneficial interests therein. The certificates relating to
eight of such classes as registered under the Securities Act
of 1933, as amended, by a Registration Statement on form s-11
(File No. 33-96500). As a result, the Trust is subject to
the filing requirements in a manner substantially in
accordance with the procedures outlined in numerous no-action
letters already inssued by the staff with respect to
substantially similar trusts (see, for example, Nissan Motor
Acceptance Corp. (August 29,1986) and Security Pacific
National Bank (July 1,1987)), for the same reasons as
discussed in such letters. In particular:
1. The Trust has already filed, within 15 days of its
formation, a Current Report on Form 8-K containing detailed
information about its mortgage pool.
2. The Trust will file, promptly after each
Distribution Date (as defined in the Trust Agreement), a
Current Report on Form 8-K in substantially the form enclosed
herewith ,including as exhibits thereto the applicable
Distribution Date reports. Each such Current Report will
also disclose under Item 5 any matter occurring during the
relevant reporting period which would be reportable under Item
1, 2, 4 , or 5 of Part II of Form 10-Q.
3. The Trust will file a Current Report on Form 8-K
within 15 days after the occurrence of any event described
under Item 2,3,4 of 5 thereof, responding to the requirements
of the applicable Item.
4. Within 90 days after the end of each fiscal year,
the Trust will file an annual report on Form 10-K which
responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of
Part II, Items 12 and 13 of Part III and Item 14 of Part
IV thereof, and include as exhibits thereto certain
information form the Distribution Date reports aggregated for
such year and a copy of the independent accountants' annual
compliance statement required the Trust Agreement, in the
manner described in the applicable no-action letters.
The Trust will follow the above procedures except
for any fiscal year as to which its reporting obligations
under Section 15(d) of the Exchange Act have been suspended
pursuant to such Section. In such event, the Trust will file
a Form 15 as required under rule 15d 6.
We have been advised by representatives of the
Office of the Chief Counsel of the Division of Corporation
Finance that following the above procedures would be
acceptable. We assume that the Staff will promptly inform us
if our understanding is incorrect. Please direct any
questions or comments concerning the foregoing to Michael du
Quesnay, of Dewey Ballantine, counsel to the Depositor at
(212) 259-6340 or , in his absence, Barry Schwartz of
Norwest Bank Minnesota, N.A. at (410) 884-2115.
Kindly acknowledge receipt of this letter and the
enclosed documents by filestamping the enclosed duplicate copy
of this letter and returning it to us in the postpaid envelope
herein provided.
Very truly yours,
Patrick G. Benz
Tax Accountant
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 (Date of earliest event reported) April 18,
1996
Access Financial Mortgage Loan Trust, 1996-1
(Exact name of registrant as specified in its charter)
New York 33-96500
Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
c/o Norwest Bank Minnesta, N.A.
Sixth Street & Marquette Avenue
Minneapolis, Minnesota _______55479-0069
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (612)
984-0979
Access Financial Mortgage Loan Trust, 1996-1
Form 8-K
INDEX
Page Number
Item 5. Other Events 3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Access Financial Mortgage Loan Trust, Series 1996-1 makes
monthly remittances to security holders. The latest
remittance was made April 18, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement.....................................................
....Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of April 18,
1996.
SIGNATURES
Pursuant to the requirements 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.
Access Financial Mortgage Loan Trust,
1996-1
(Registrant)
By: Norwest Bank of Minnesota, N.A.
Name: Kris Solie-Johnson
Title: Corporate Trust Officer
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of April 18, 1996.
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Cover Page - Issuing
Report Name
Report Number
______________________________________________________________
________________
Series Structure Summary
1
Class Distribution Summary
2
Class Distribution Per 1,000 of
Original Balance 3
Class Principal Distribution
4
Class Interest Distribution
5
Fund Account Summary
6
Loss/Delinquency Detail
7
Collateral Summary
8
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary - Issuing
Aggregate Realized Aggregate
Ending
Class
Original Principal Losses Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
______________________________________________________________
______________________________________________________________
___________________________________________
A-1 Senior Sequential Pay Fixed
44,000,000.00 5.70000000% 0.00
0.00 0.00 0.9247767132
A-2 Senior Sequential Pay Fixed
16,000,000.00 5.65000000% 0.00
0.00 0.00 1.0000000000
A-3 Senior Sequential Pay Fixed
20,000,000.00 5.80000000% 0.00
0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed
26,000,000.00 6.20000000% 0.00
0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed
13,588,000.00 7.05000000% 0.00
0.00 0.00 1.0000000000
A-6 Senior Sequential Pay Variable
55,452,000.00 6.00625000% 0.00
0.00 0.00 0.9725786350
B-Fixed Subordinate Sequential Pay Variable
153.58 932.75711600% 0.00 0.00
0.00
B-Vari Subordinate Sequential Pay Variable
737.64 1402.91240000% 0.00 0.00
0.00 663.6482701589
RU Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
______________________________________________________________
______________________________________________________________
___________________________________________
Totals
175,040,891.22 0.00
0.00 0.00 0.9794804983
Report 1
04/16/96 -- 4:34pm
Page 1 of 1
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Summary - Issuing
Beginning
Principal Ending
Pass Through Principal
Total Interest Total Principal Balance
Principal Total
Class Record Date Rate Balance
Distribution Distribution Reduction
Balance Distribution
______________________________________________________________
______________________________________________________________
________________________________
A-1 03/29/1996 5.70000000% 42,340,482.84
201,117.29 1,650,307.46 0.00
40,690,175.38 1,851,424.75
A-2 03/29/1996 5.65000000% 16,000,000.00
75,333.33 0.00 0.00
16,000,000.00 75,333.33
A-3 03/29/1996 5.80000000% 20,000,000.00
96,666.67 0.00 0.00
20,000,000.00 96,666.67
A-4 03/29/1996 6.20000000% 26,000,000.00
134,333.33 0.00 0.00
26,000,000.00 134,333.33
A-5 03/29/1996 7.05000000% 13,588,000.00
79,829.50 0.00 0.00
13,588,000.00 79,829.50
A-6 03/29/1996 6.00625000% 54,760,713.47
274,088.79 829,283.00 0.00
53,931,430.47 1,103,371.79
B-Fixed 03/29/1996 932.75711600% 421,988.98
0.00 0.00 0.00 750,000.00
0.00
B-Vari 03/29/1996 1402.91240000% 225,685.74
0.00 0.00 0.00 489,533.51
0.00
RU 03/29/1996 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00
______________________________________________________________
______________________________________________________________
________________________________
Totals 173,336,871.03
861,368.91 2,479,590.46 0.00
171,449,139.36 3,340,959.37
Report 2
04/16/96 -- 4:34pm
Page 1 of 1
Access Financial
Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway Distribution
Date: April 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Distribution Per
1,000 of Original Balance - Issuing
Total Other
Total
Interest Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
______________________________________________________________
______________________________________________________________
_________________________
A-1 003916AA1 44,000,000.00
4.57084750 7.39938455 22.65280727 37.50698773
0.00000000 0.9247767132
A-2 003916AB9 16,000,000.00
4.70833313 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-3 003916AC7 20,000,000.00
4.83333350 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-4 003916AD5 26,000,000.00
5.16666654 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-5 003916AE3 13,588,000.00
5.87500000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-6 003916AF0 55,452,000.00
4.94281162 0.60635631 9.59048474 14.95497006
0.00000000 0.9725786350
B-Fixed N/A 153.58
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 4883.4483656726
B-Vari N/A 737.64
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 663.6482701589
RU N/A 0.00
N/A N/A N/A N/A
N/A N/A
______________________________________________________________
______________________________________________________________
_________________________
Totals 175,040,891.22
0.9794804983
Report 3
04/16/96 -- 4:34pm
Page 1 of 1
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Principal Distribution - Issuing
Beginning
Principal Ending Current
Principal Scheduled Unscheduled
Other Total Principal Balance Principal
Undistributed
Class Balance Principal Principal
Accretion Principal Distribution Reduction*
Balance Principal
______________________________________________________________
______________________________________________________________
________________________________________
A-1 42,340,482.84 325,572.92 996,723.52
328,011.02 0.00 1,650,307.46 0.00
40,690,175.38 0.00
A-2 16,000,000.00 0.00 0.00
0.00 0.00 0.00 0.00
16,000,000.00 0.00
A-3 20,000,000.00 0.00 0.00
0.00 0.00 0.00 0.00
20,000,000.00 0.00
A-4 26,000,000.00 0.00 0.00
0.00 0.00 0.00 0.00
26,000,000.00 0.00
A-5 13,588,000.00 0.00 0.00
0.00 0.00 0.00 0.00
13,588,000.00 0.00
A-6 54,760,713.47 33,623.67 531,811.56
263,847.77 0.00 829,283.00 0.00
53,931,430.47 0.00
B-Fixed 421,988.98 0.00 0.00
(328,011.02) 0.00 0.00
0.00 750,000.00 0.00
B-Vari 225,685.74 0.00 0.00
(263,847.77) 0.00 0.00
0.00 489,533.51 0.00
RU 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00
______________________________________________________________
______________________________________________________________
________________________________________
Totals 173,336,871.03 359,196.59 1,528,535.08
0.00 0.00 2,479,590.46 0.00
171,449,139.36 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4
04/16/96 -- 4:34pm
Page 1 of 1
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Interest Distribution - Issuing
Beginning
Negative Ending
Principal/
Interest Amortization
Principal/
Notional
Interest Shortfall/ Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
______________________________________________________________
______________________________________________________________
_________________________________________
A-1 5.70000000% 42,340,482.84
201,117.29 0.00 0.00 0.00
0.00 201,117.29 40,690,175.38
A-2 5.65000000% 16,000,000.00
75,333.33 0.00 0.00 0.00
0.00 75,333.33 16,000,000.00
A-3 5.80000000% 20,000,000.00
96,666.67 0.00 0.00 0.00
0.00 96,666.67 20,000,000.00
A-4 6.20000000% 26,000,000.00
134,333.33 0.00 0.00 0.00
0.00 134,333.33 26,000,000.00
A-5 7.05000000% 13,588,000.00
79,829.50 0.00 0.00 0.00
0.00 79,829.50 13,588,000.00
A-6 6.00625000% 54,760,713.47
274,088.78 0.00 0.00 0.01
0.00 274,088.79 53,931,430.47
B-Fixed 932.75711600% 421,988.98
328,011.02 0.00 328,011.02 0.00
0.00 0.00 750,000.00
B-Vari 1402.91240000% 225,685.74
263,847.77 0.00 263,847.77 0.00
0.00 0.00 489,533.51
RU 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
______________________________________________________________
______________________________________________________________
_________________________________________
Totals
1,453,227.69 0.00 591,858.79
0.01 0.00 861,368.91
Notes:
Class A-6 Interest is accrued @ LIBOR = 5.375% over the
applicable accrual period.
Report 5
04/16/96 -- 4:34pm
Page 1 of 1
Access Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary - Issuing
______________________________________________________________
______________________________________________________________
__________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee 1,453,227.70
Interest Payments 861,368.91
Scheduled Principal 359,196.59
Scheduled Principal Payment 359,196.59
Other Principal 1,528,535.08
Other Principal Payments 2,120,393.87
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 0.00
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
3,340,959.37 Total Withdrawals
3,340,959.37
Ending Balance
0.00
______________________________________________________________
______________________________________________________________
__________________________________________________
Report 6
04/16/96 -- 4:34pm
Page 1 of 1
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: April 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Loss/Delinquency Detail - Issuing
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
______________________________________________________________
______________________________________________________________
_____________________________________________
1 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
2 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
______________________________________________________________
______________________________________________________________
_____________________________________________
Totals 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
______________________________________________________________
______________________________________________________________
____________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures REO's
Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
1 105 6,459,576.04 20 1,461,474.13
9 605,670.10 0 0.00 0
0.00 134 8,526,720.27
2 23 2,764,366.40 4 226,500.00
4 390,950.00 0 0.00 0
0.00 31 3,381,816.40
______________________________________________________________
______________________________________________________________
____________________________________
Totals 128 9,223,942.44 24 1,687,974.13
13 996,620.10 0 0.00 0
0.00 165 11,908,536.67
Report 7
04/16/96 -- 4:35pm
Page 1 of 1
Access Financial
Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway Distribution
Date: April 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary - Issuing
Total| Pool 1 Pool 2
______________________________________________________________
___________________________________________
Monthly P&I Constant
1,899,987.31| 1,392,511.09 507,476.22
|
Positive Amortization
359,196.59| 325,572.92 33,623.67
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
0.00| 0.00 0.00
Regular Curtailment Interest
0.00| 0.00 0.00
Prepaid Curtailments
0.00| 0.00 0.00
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
1,528,535.08| 996,723.52 531,811.56
Principal Adjustments
0.00| 0.00 0.00
Total Principal Trust Distribution
1,887,731.67| 1,322,296.44 565,435.23
|
Scheduled Interest
1,540,790.72| 1,066,938.17 473,852.55
Servicing Fee
60,986.28| 41,903.11 19,083.17
Master Servicing Fee
3,972.30| 2,712.20 1,260.10
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
1,453,227.70| 1,007,155.47 446,072.23
|
Beginning Balance
173,336,871.03| 118,350,471.82 54,986,399.21
Ending Balance
171,449,139.36| 117,028,175.38 54,420,963.98
Gross P&I Distribution
3,367,536.11| 2,347,331.50 1,020,204.61
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
3,367,536.11| 2,347,331.50 1,020,204.61
|
Beginning Loan Count
2430| 1891 539
Number of Loan Payoffs
19| 15 4
Ending Loan Count
2411| 1876 535
|
Weighted Average Maturity
0.0000000000| 233.4200000000 346.6200000000
Weighted Average Gross Rate
0.000000000%| 11.122200000% 9.750800000%
Weighted Average Net Rate
0.000000000%| 10.697300000% 9.334300000%
Weighted Average Pass-Through Rate
0.000000000%| 10.514700000% 9.143300000%
Weighted Average Margin
0.000000000%| 0.000000000% 5.957800000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00 0.00
Current Period Interest
0.00| 0.00 0.00
|
|
Report 8
04/16/96 -- 4:35pm
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