SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(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
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 333-96500-03
Access Financial Mortgage Loan Trust, Series 1996-1
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-6825868, 52-6825869
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
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
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 26, 1997, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Access Financial Mortgage
Loan Trust, Series 1996-1 (the "Trust"), established pursuant to a Pooling
Agreement (the "Pooling Agreement") among Cargill Financial Services
Corporation, as Sponsor, (the "Sponsor"), Access Financial Lending Corp., as
Seller, (the ("Seller"), and Norwest Bank Minnesota, N.A., as Trustee, ( the
"Trustee"), pursuant to which the Access Financial Mortgage Loan Trust, Series
1996-1, certificates registered under the Securities Act of 1933 (the
"Certificates") were issued. Item 14 of the Original Form 10-K is amended to
read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
99.2 Management Assertion Letter:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F2>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
(b) On October 1, 1996, November 1, 1996, and December 5, 1996 a report on
Form 8-K was filed in order to provide the statements for the monthly
distributions to holders of the Certificates. No other reports on Form
8-K have been filed during the last quarter of the period covered by
this report.
(c) Omitted.
(d) Omitted.
<F1> Filed herewith.
<F2> Such document (i) is not filed herewith since such document was not
received by the Reporting Person at least three business days prior to the due
date of this report; and (ii) will be included in a further amendment to the
Original Form 10-K to be filed within 30 days of the Reporting Person's receipt
of such document.
SIGNATURE
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:
Access Financial Mortgage Loan Trust, Series 1996-1
By: Norwest Bank Minnesota, N.A.,
as Trustee
By: /s/ Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President
Dated: June 24, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
99.2 Management Assertion Letter:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F2>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) Electronic Data Systems Corp., as Servicer<F1>
(b) LSI Financial Group, as Servicer<F1>
<F1> Filed herewith.
<F2> Such document (i) is not filed herewith since such document was not
received by the Reporting Person at least three business days prior to the due
date of this report; and (ii) will be included in a further amendment to the
Original Form 10-K to be filed within 30 days of the Reporting Person's receipt
of such document.
(logo) KPMG Peat Marwick LLP
1600 Market Street
Philadelphia, PA 19103-7212
Independent Accountant's Report
We have examined management's assertion about the Electronic Data Systems
Corporation - Consumer Asset Management Division's (the Division's) compliance
with the minimum servicing standards identified in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) as of, and for the nine months ending, September 30, 1996 included in the
accompanying management assertion. Management is responsible for the Division's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the Division's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Division's compliance with the
minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Division's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Division complied with the
aforementioned minimum servicing standards as of and for the nine months ending
September 30, 1996 is fairly stated in all material respects.
/s/ KPMG Peat Marwick LLP
Philadelphia, PA
December 23, 1996
(logo) Member Firm of KPMG
Deloitte &
Touche LLP
(logo) Suite 1800 Telephone: (501) 370-3600
111 Center Street Facsimile: (501) 374-4809
Little Rock, Arkansas 72201 Facsimile: (501) 375-7817
INDEPENDENT ACCOUNTANTS' REPORT
To LSI Financial Group:
We have examined management's assertion about LSI Financial Group's compliance
with the minimum servicing standards identified in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
("USAP") as of and for the year ended December 31, 1996, included in the
accompanying management assertion. Management is responsible for LSI Financial
Group's compliance with those minimum servicing standards. Our responsibility is
to express an opinion on management's assertion about the entity's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about LSI Financial Group's compliance with
the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on LSI Financial Group's compliance with the minimum
servicing standards.
In our opinion, management's assertion that LSI Financial Group complied with
the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996, is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
March 21, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
December 23, 1996
(logo) EDS
Consumer Asset Management Division
of Electronic Data Systems Corporation
Management Report
The management of the Consumer Asset Management Division of Electronic Data
Systems Corporation (the Division) has the responsibility for the Division's
compliance with the minimum servicing standards in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(the USAP) for the nine months ended September 30, 1996 and for establishing and
maintaining an effective internal control structure over compliance. In
addition, as of and for the same period noted above, the Division had in effect
a fidelity bond and errors and omissions policy in the amount of $ 10,000,000.
Management has performed an evaluation of the Division's compliance with the
requirements and for the period referred to above. Based on this assessment,
management asserts that the division has complied with the minimum servicing
requirements in the USAP for the nine months ended September, 1996.
Sincerely,
/s/ Samuel C. Brenize
Samuel C. Brenize
Executive Vice President
Consumer Asset Management Division
April 25,1997
(logo) EDS
Consumer Asset Management Division
of Electronic Data Systems Corporation
Annual Statement as to Compliance
The management of the Consumer Asset Management Division of Electronic Data
Systems Corporation has reviewed the activities of the Division during the year
ended December 31, 1996 and of the performance under the Servicing Agreement
relating to Access Financial Mortgage Loan Trust 1996-1, dated February 1, 1996
has been made under my supervision, and to the best of my knowledge, based on
such review, the Consumer Asset Management Division of Electronic Data Systems
Corporation has fulfilled all its obligations under the Servicing Agreement
relating to Access Financial Mortgage Loan Trust 1996-1, dated February 1, 1996
for the year ended December 31, 1996.
/s/ Mark S. O'Bryan
Mark S. O'Bryan
Chief Operating Officer
Consumer Asset Management Division
Consumer Asset Management Division
190 South Warner Road
Wayne, Pennsylvania 19087-2127
(610) 989-1000
Fax: (610) 975-3665
(logo)LSI
FINANCIAL GROUP
April 25, 1997
Frances Okougbo
Norwest Corporate Trust
11000 Brokenland Parkway
Columbia MD 21044
RE: Servicing Agreement dated February 1, 1996, between Norwest Bank Minnesota,
National Association ("Trustee") and LSI Financial Group ("Servicer") for
Access Financial Mortgage Loan Trust 1996-1
Dear Ms. Okougbo,
A review of the activities of the Servicer during the preceding calendar year
and of its performance under the above referenced agreement has been made under
my supervision and pursuant to Section 3.16 of the Servicing Agreement. To the
best of my knowledge, based on such review, the Servicer has fulfilled all its
obligations.
Sincerely,
/s/ Timothy S. Sambrano
Timothy S. Sambrano
President
c: Ms. Sylvia Borchert
17500 Chenal Parkway
Suite 200
Little Rock, Arkansas 72211-9131
