______________________________________________________________________________
UNITED STATES
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)
May 28, 1996
IMC HOME EQUITY LOAN TRUST 1996-1
(Exact name of registrant as specified in its charter)
13-3875231 and
NEW YORK 33-96410 13-3875233
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation File Number) Identification No.)
c/o Chemical Bank
Structured Finance Services
450 West 33rd Street
New York, New York
10001-2697
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (212) 946-3185
NO CHANGE
(Former name or former address, if changed since last report)
______________________________________________________________________
Note: Please see page 5 for Exhibit Index
<PAGE>
Item 5. OTHER EVENTS.
On May 28, 1996 a scheduled distribution was made from the Trust to
holders of the Class A Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of April, 1996 dated May 28,
1996 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer and Subservicers for the
month of April, 1996 was $69,191.00.
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of April
1996.
<PAGE>
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 hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ JEROME M. PERELSON
--------------------------
Name: Jerome M. Perelson
Title: Vice President
By: /s/ SUSAN E. O'DONOVAN
--------------------------
Name: Susan E. O'Donovan
Title: Vice President
Dated: June 10, 1996
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
19. Trustee's Monthly Servicing Report for the ____6____
Month of April, 1996.
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 28-May-96
RANGE SMM CPR
APR 2.15% 22.92%
MAR 1.03% 11.66%
FEB 1.83% 19.84%
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 28-MAY-96
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE SUBORDINATE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
A-1 61,079,000.00 54,899,520.29 4,27,1969.44 274,497.60 4,546,467.04 50,627,550.86
A-2 29,838,000.00 29,838,000.00 0.00 144,217.00 144,217.00 29,838,000
A-3 24,370,000.00 24,370,000.00 0.00 122,459.25 122,459.25 24,370,000
A-4 12,154,000.00 12,154,000.00 0.00 62,491.82 62,491.82 12,154,000
A-5 21,036,000.00 21,036,000.00 0.00 110,263.70 110,263.70 21,036,000 1,509,995.01 166,058,545.87
A-6 15,074,000.00 15,074,000.00 0.00 84,037.55 84,037.55 15,074,000
A-7 11,449,000.00 11,449,000.00 0.00 67,453.69 67,453.69 11,449,000
S N/A N/A N/A 211,429.22 211,429.22 N/A
R N/A N/A N/A 2,551.46 2,551.46 N/A
TOTALS 175,000,000.00 168,820,520.29 4,271,969.44 1,079,401.29 5,351,370.73 164,548,550.86 1,509,995.01 166,058,545.87
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000
<S> <C> <C> <C>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
A-1 69.94170558 4.49414038 828.88637435
A-2 0.00000000 4.83333333 1000.00000000
A-3 0.00000000 5.02500000 1000.00000000
A-4 0.00000000 5.14166694 1000.00000000
A-5 0.00000000 5.24166667 1000.00000000
A-6 0.00000000 5.57500000 1000.00000000
A-7 0.00000000 5.89166652 1000.00000000
TOTALS 24.41125392 4.228925303 940.2774335
PASS THRU RATES
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
A-1 6.00000000% 6.00000000%
A-2 5.80000000% 5.80000000%
A-3 6.03000000% 6.03000000%
A-4 6.17000000% 6.17000000%
A-5 6.29000000% 6.29000000%
A-6 6.69000000% 6.69000000%
A-7 7.07000000% 7.07000000%
S 1.72346059% 1.50286860%
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT,
PLEASE CONTACT
EILEEN ROONEY
CHEMICAL BANK - STRUCTURED FINANCE
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 28-MAY-96 PAGE #2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,379,288.47
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 4,690,684.04
CLASS S DISTRIBUTION AMOUNT 211,429.22
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 496,736.66
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 168,820,520.29
CLASS A PRINCIPAL DISTRIBUTION 4,271,969.44
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 164,548,550.86
SECTION 7.08 (7) REALIZED LOSSES 0.00
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 7.08 (9) (A)PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE 0.00
SUBSEQUENT MORTGAGE LOANS
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL 0.00
DISTRIBUTION AMOUNT
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE 0.00
CAPITALIZED INTEREST ACCOUNT
(D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST 0.00
ACCOUNT TO THE CERTIFICATE ACCOUNT
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST 0.00
ACCOUNT TO THE DEPOSITOR
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 4,546,467.04 74.44
CLASS A-2 DISTRIBUTION 144,217.00 4.83
CLASS A-3 DISTRIBUTION 122,459.25 5.03
CLASS A-4 DISTRIBUTION 62,491.82 5.14
CLASS A-5 DISTRIBUTION 110,263.70 5.24
CLASS A-6 DISTRIBUTION 84,037.55 5.58
CLASS A-7 DISTRIBUTION 67,453.69 5.89
CLASS R DISTRIBUTION 2,551.46
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 133,174.89 1.46
PRINCIPAL PREPAYMENTS 3,642,057.89 40.06
SUBORDINATION INCREASE AMOUNT 496,736.66 5.46
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-4 CARRYFORWARD 0.00
CLASS A-5 CARRYFORWARD 0.00
CLASS A-6 CARRYFORWARD 0.00
CLASS A-7 CARRYFORWARD 0.00
CLASS S CARRYFORWARD 0.00
SECTION 7.09 (a)(v) INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION 0.00
INSURED PAYMENT INCLUDED IN CLASS S DISTRIBUTION 0.00
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 166,058,545.87
ENDING NUMBER OF LOANS OUTSTANDING 2,776.00
SECTION 7.09 (a)(vii) ENDING AGGREGATE LOAN BALANCE 0.00
ENDING NUMBER OF LOANS OUTSTANDING 0.00
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
SECTION 7.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 0.1181580000
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 404,977.40
SECTION 7.09 (a)(xiii) REMAINING PRE-FUNDED AMOUNT 0.00
</TABLE>
<TABLE>
<CAPTION>
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
<S> <C> <C> <C>
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 49 2,177,681.27 1.31%
60-89 DAYS 17 1,093,848.76 0.66%
90 + DAYS 21 1,317,799.06 0.79%
*The number and aggregate principal balance of delinquent mortgage loans includes loans in foreclosure and bankruptcy
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 9
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 574,047.67
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 2
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 154,051.94
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 10.
AGGREGATE PRINCIPAL BALANCE IF LOANS IN BANKRUPTCY 499,300.28
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,093
AGG PRIN BALANCE OF LOANS THAT ARE "BALLON LOANS" 83,857,334.60
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTIES 0.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00
ANNUAL LOSS PERCENTAGE 0.00000000%
SECTION 7.09 (b)(vii) 60+ DELINQUENCY PERCENTAGE 1.09695115%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
