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) December
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 December 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 December
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 December 18, 1996.
.
Exhibit 21.1 Page 6
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 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 0.5898687166
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 5.81250000% 0.00
0.00 0.00 0.7866169812
B-Fixed Subordinate Sequential Pay Variable
153.58 17.20920482% 35,912.73
0.00 0.00
B-Vari Subordinate Sequential Pay Variable
737.64 15.38817564% 21,332.91
0.00 0.00
RU Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
175,040,891.22 57,245.64
0.00 0.00 0.8430732347
Exhibit 21.1 Page 7
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 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 12/01/1996 5.70000000%
28,196,696.15 133,934.31 2,242,472.62
0.00 25,954,223.53 2,376,406.93
A-2 12/01/1996 5.65000000%
16,000,000.00 75,333.33 0.00
0.00 16,000,000.00 75,333.33
A-3 12/01/1996 5.80000000%
20,000,000.00 96,666.67 0.00
0.00 20,000,000.00 96,666.67
A-4 12/01/1996 6.20000000%
26,000,000.00 134,333.33 0.00
0.00 26,000,000.00 134,333.33
A-5 12/01/1996 7.05000000%
13,588,000.00 79,829.50 0.00
0.00 13,588,000.00 79,829.50
A-6 12/18/1996 5.81250000%
45,862,886.05 222,148.35 2,243,401.21
0.00 43,619,484.84 2,465,549.56
B-Fixed 12/01/1996 17.20920482%
747,000.00 374,399.00 0.00
10,712.73 747,000.00 374,399.00
B-Vari 12/18/1996 15.38817564%
1,663,582.00 159,769.13 0.00
21,332.91 1,663,582.00 159,769.13
RU 11/29/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
152,058,164.20 1,276,413.62 4,485,873.83
32,045.64 147,572,290.37 5,762,287.45
Exhibit 21.1 Page 8
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway Distribution
Date: December 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
3.04396159 1.64908182 49.07273386 50.96528682
0.00000000 0.5898687166
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
4.00613774 4.53765978 35.53426369 40.45663294
0.00000000 0.7866169812
B-Fixed N/A 153.58
0.00000000 0.00000000 0.00000000 69753.41841386
4863.9145722099
B-Vari N/A 737.64
216594.99213709 0.00000000 0.00000000
0.00000000 28920.48966976 2255.2762865354
RU N/A 0.00
N/A N/A N/A N/A
N/A N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 175,040,891.22
0.8430732347
Exhibit 21.1 Page 9
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 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 28,196,696.15 72,559.60
2,159,200.29 10,712.73 0.00
2,242,472.62 0.00 25,954,223.53
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 45,862,886.05 251,622.31
1,970,445.99 21,332.91 0.00
2,243,401.21 0.00 43,619,484.84
0.00
B-Fixed 747,000.00 0.00
0.00 (10,712.73) 0.00 0.00
10,712.73 747,000.00 0.00
B-Vari 1,663,582.00 0.00
0.00 (21,332.91) 0.00 0.00
21,332.91 1,663,582.00 0.00
RU 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 152,058,164.20 324,181.91
4,129,646.28 0.00 0.00
4,485,873.83 32,045.64 147,572,290.37
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
32,045.64
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Exhibit 21.1 Page 10
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 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% 28,196,696.15
133,934.31 0.00 0.00
0.00 0.00 133,934.31 25,954,223.53
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 5.81250000% 45,862,886.05
222,148.35 0.00 0.00
0.00 0.00 222,148.35 43,619,484.84
B-Fixed 17.20920482% 747,000.00
10,712.73 159,769.13 10,712.73 534,168.13
0.00 374,399.00 747,000.00
B-Vari 15.38817564% 1,663,582.00
21,332.91 (159,769.13) 21,332.91 0.00
0.00 159,769.13 1,663,582.00
RU 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
774,291.13 0.00 32,045.64
534,168.13 0.00 1,276,413.62
1
Exhibit 21.1 Page 11
Access Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 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 1,308,459.26
Interest Payments 1,276,413.62
Scheduled Principal 324,181.91
Scheduled Principal Payment 324,181.91
Other Principal 4,129,646.28
Other Principal Payments 4,161,691.92
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
5,762,287.45 Total Withdrawals
5,762,287.45
Ending Balance
0.00
Exhibit 21.1 Page 12
Access Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 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
10,712.73 10,712.73 0.00 0.00
0.00 35,912.73 35,912.73
2 0.00 0.00 0.00
21,332.91 21,332.91 0.00 0.00
0.00 21,332.91 21,332.91
____________________________________________________________
____________________________________________________________
_________________________________________________
Totals 0.00 0.00 0.00
32,045.64 32,045.64 0.00 0.00
0.00 57,245.64 57,245.64
____________________________________________________________
____________________________________________________________
________________________________________
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
1 109 7,012,033.10 21 1,135,988.16
23 1,452,523.97 39 2,189,454.73 2
51,000.00 194 11,840,999.96
2 22 2,305,359.76 5 525,629.62
1 19,000.00 11 1,009,909.15 2
277,050.00 41 4,136,948.53
____________________________________________________________
____________________________________________________________
________________________________________
Totals 131 9,317,392.86 26 1,661,617.78
24 1,471,523.97 50 3,199,363.88 4
328,050.00 235 15,977,948.49
Exhibit 21.1 Page 13
Access Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary - Issuing
Total| Pool 1 Pool 2
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,709,173.55| 1,030,464.91 678,708.64
|
Positive Amortization
324,181.91| 72,559.60 251,622.31
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
4,129,646.28| 2,159,200.29 1,970,445.99
Principal Adjustments
0.00| 0.00 0.00
Total Principal Trust Distribution
4,453,828.19| 2,231,759.89 2,222,068.30
|
Scheduled Interest
1,384,991.64| 957,905.31 427,086.33
Servicing Fee
53,501.91| 37,004.44 16,497.47
Master Servicing Fee
3,484.74| 2,395.59 1,089.15
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
1,308,459.26| 905,208.87 403,250.39
|
Beginning Balance
152,061,164.20| 104,534,696.15 47,526,468.05
Ending Balance
147,575,290.37| 102,292,223.53 45,283,066.84
Gross P&I Distribution
5,785,317.92| 3,152,660.76 2,632,657.16
Realized Losses/(Gains)
32,045.64| 10,712.73 21,332.91
Net P&I Trust Distribution
5,753,272.28| 3,141,948.03 2,611,324.25
|
Beginning Loan Count
2119| 1658 461
Number of Loan Payoffs
61| 41 20
Ending Loan Count
2058| 1617 441
|
Weighted Average Maturity
0.0000000000| 225.9400000000 338.1700000000
Weighted Average Gross Rate
0.000000000%| 11.065900000% 11.100700000%
Weighted Average Net Rate
0.000000000%| 10.641200000% 10.684100000%
Weighted Average Pass-Through Rate
0.000000000%| 10.458400000% 10.493200000%
Weighted Average Margin
0.000000000%| 0.000000000% 5.958700000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00 0.00
Current Period Interest
0.00| 0.00 0.
Exhibit 21.1 Page 14
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: December 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement Summary - Issuing
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Subordination
891.22 32,045.64 0.00 57,245.64
1.63345909% 2,410,582.00 147,575,290.37
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 4,453,828.19 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
