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.
Equivantage Home Equity Loan Trust
1996-1
(Registrant)
By: Norwest Bank of Minnesota,
N.A.
Name: Kris Solie - Johnson
Title: Corporate Trust Officer
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Cover Page
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
Credit Enhancement Summary
9
Notes:
**Contact InvestorDirect (SM) at (800) 605-4167 to obtain
additional collateral and security information.
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
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 Senior Pass Through Variable
75,005,000.00 6.55000000% 0.00
0.00 0.00 0.9766390271
R Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
SUB. Subordinate Support Accretion
4,579.76 62207.66197355% 0.00
0.00 0.00 52.8397186752
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
75,009,579.76 0.00
0.00 0.00 0.9798055621
Report 1
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage
Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance Distribution
____________________________________________________________
____________________________________________________________
____________________________________
A 02/29/1996 6.55000000%
75,005,000.00 409,402.29 1,752,189.77
0.00 73,252,810.23 2,161,592.06
R 02/29/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
SUB. 02/29/1996 62207.66197355%
4,579.76 0.00 0.00
0.00 241,993.23 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
75,009,579.76 409,402.29 1,752,189.77
0.00 73,494,803.46 2,161,592.06
Report 2
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage
Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services Reporting
Month: February 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway Distribution
Date: March 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Distribution
Per 1,000 of Original Balance
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 29476YAF6 75,005,000.00
5.45833331 0.84060476 19.35506620 23.36097287
0.00000000 0.9766390271
R N/A 0.00
N/A N/A N/A N/A
N/A N/A
SUB. N/A 4,579.76
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 52.8397186752
____________________________________________________________
____________________________________________________________
_____________________________
Totals 75,009,579.76
0.9798055621
Report 3
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other Total
Principal Balance Principal Undistributed
Class Balance Principal
Principal Accretion Principal Distribution
Reduction* Balance Principal
____________________________________________________________
____________________________________________________________
____________________________________________
A 75,005,000.00 63,049.56
1,451,726.74 237,413.47 0.00
1,752,189.77 0.00 73,252,810.23
0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 4,579.76 0.00
0.00 (237,413.47) 0.00 0.00
0.00 241,993.23 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 75,009,579.76 63,049.56
1,451,726.74 0.00 0.00
1,752,189.77 0.00 73,494,803.46
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Notes:
Accretion Amount represents the Subordination Increase
Amount.
Report 4
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
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 6.55000000% 75,005,000.00
409,402.29 0.00 0.00
0.00 0.00 409,402.29 73,252,810.23
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
SUB. 62207.66197355% 4,579.76
237,413.47 0.00 237,413.47
0.00 0.00 0.00 241,993.23
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
646,815.76 0.00 237,413.47
0.00 0.00 409,402.29
Report 5
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary
____________________________________________________________
____________________________________________________________
______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee 659,322.96
Interest Payments 409,402.29
Scheduled Principal 63,049.56
Scheduled Principal Payment 63,049.56
Other Principal 1,451,726.74
Other Principal Payments 1,689,140.21
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 12,507.20
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
2,174,099.26 Total Withdrawals
2,174,099.26
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Loss/Delinquency Detail
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
____________________________________________________________
____________________________________________________________
_________________________________________________
X 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
X 7 297,938.01 0 0.00
0 0.00 1 85,090.00 0
0.00 8 383,028.01
____________________________________________________________
____________________________________________________________
________________________________________
Totals 7 297,938.01 0 0.00
0 0.00 1 85,090.00 0
0.00 8 383,028.01
Report 7
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage
Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services Reporting
Month: February 1996 Phone:
(410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool X
____________________________________________________________
_____________________________________________
Monthly P&I Constant
728,406.34| 728,406.34
|
Positive Amortization
63,049.56| 63,049.56
Negative Amortization
0.00| 0.00
Regular Curtailments
3,068.74| 3,068.74
Regular Curtailment Interest
0.00| 0.00
Prepaid Curtailments
1,448,658.00| 1,448,658.00
Prepaid Curtailment Interest
0.00| 0.00
Liquidations
0.00| 0.00
Principal Adjustments
0.00| 0.00
Total Principal Trust Distribution
1,514,776.30| 1,514,776.30
|
Scheduled Interest
665,356.78| 665,356.78
Servicing Fee
6,033.82| 6,033.82
Master Servicing Fee
2,708.50| 2,708.50
Spread
0.00| 0.00
Total Pass-Through Interest
646,815.76| 646,815.76
|
Beginning Balance
75,009,579.76| 75,009,579.76
Ending Balance
73,494,803.46| 73,494,803.46
Gross P&I Distribution
2,174,099.26| 2,174,099.26
Realized Losses/(Gains)
0.00| 0.00
Net P&I Trust Distribution
2,174,099.26| 2,174,099.26
|
Beginning Loan Count
1291| 1291
Number of Loan Payoffs
20| 20
Ending Loan Count
1271| 1271
|
Weighted Average Maturity
249.0000000000| 249.0000000000
Weighted Average Gross Rate
10.644348860%| 10.644348864%
Weighted Average Net Rate
10.547820080%| 10.547820084%
Weighted Average Pass-Through Rate
10.347730440%| 10.347730440%
Weighted Average Margin
0.000000000%| 0.000000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00
Current Period Interest
530,513.71| 530,513.71
|
|
Report 8
03/21/96 -- 2:38pm
Page 1 of 1
EquiVantage Home Equity Loan Trust 1996-01
Norwest Bank Minnesota, N.A.
Contact: Reid Denny
Securities Administration Services
Reporting Month: February 1996
Phone: (410) 884-2085
11000 Broken Land Parkway
Distribution Date: March 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Subordination
4,579.76 0.00 0.00 0.00
0.32926577% 241,993.23 73,494,803.46
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 1,514,776.30 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
03/21/96 -- 2:38pm
Page 1 of 1
