______________________________________________________________________________
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)
July 25, 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 1
<PAGE>
Item 5.OTHER EVENTS.
On July 25, 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 June, 1996 dated July 25,
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 June, 1996 was $68,165.42.
Page 2
<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 June
1996.
Page 3
<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: August 9, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the
Month of June, 1996.
Page 5
<PAGE>
<TABLE>
<CAPTION>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Jul-96 PAGE # 1
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE *PRINCIPAL *INTEREST TOTAL CERTIFICATE SUBORDINATE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 61,079,000.00 47,773,187.05 3,077,726.45 238,865.94 3,316,592.39 44,695,460.60
A-2 29,838,000.00 29,838,000.00 0.00 144,217.00 144,217.00 29,838,000.00
A-3 24,370,000.00 24,370,000.00 0.00 122,459.25 122,459.25 24,370,000.00
A-4 12,154,000.00 12,154,000.00 0.00 62,491.82 62,491.82 12,154,000.00
A-5 21,036,000.00 21,036,000.00 0.00 110,263.70 110,263.70 21,036,000.00 2,364,578.23 160,981,038.83
A-6 15,074,000.00 15,074,000.00 0.00 84,037.55 84,037.55 15,074,000.00
A-7 11,449,000.00 11,449,000.00 0.00 67,453.69 67,453.69 11,449,000.00
S N/A N/A N/A 223,008.64 223,008.64 N/A
R N/A N/A N/A 3,035.97 3,035.97 N/A
TOTALS 175,000,000.00 161,694.187.05 3,077,726.45 1,055,833.56 4,133,560.01 158,616,460.60 2,364,578.23 160,981,038.83
</TABLE>
FACTOR INFORMATION PER $1,000
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
A-1 50.38927375 3.91077031 731.76477349
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 17.58700829 4.194941837 906.3797749
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% 1.65504017%
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS
STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
EILEEN ROONEY
CHEMICAL BANK-STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Jul-96 PAGE # 2
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE AMOUNT 4,160,329.47
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 3,460,809.39
CLASS S DISTRIBUTION AMOUNT 223,008.64
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 461,748.61
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 164,694,187.05
CLASS A PRINCIPAL DISTRIBUTION 3,077,726.45
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 158,616,460.60
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
SUBSEQUENT MORTGAGE LOANS 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 0.00
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00
(D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE CERTIFICATE ACCOUNT 0.00
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE DEPOSITOR 0.00
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 3,316,592.39 54.30
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 3,035.97
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 136,331.91 1.50
PRINCIPAL PREPAYMENTS 2,479,645.93 27.27
SUBORDINATION INCREASE AMOUNT 461,748.61 5.08
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 160,981,038.83
ENDING NUMBER OF LOANS OUTSTANDING 2,701
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 0.00
SUBORDINATION DEFICIT 0.00
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Jul-96 PAGE # 3
<TABLE>
<CAPTION>
<S> <C> <C>
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 .1180570000
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 403,027.09
SECTION 7.09 (a)(xiii) REMAINING PRE-FUNDED AMOUNT 0.00
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 65 3,544,402.50 2.20%
60-89 DAYS 19 1,289,823.57 0.80%
90+ DAYS 36 2,151,759.48 1.34%
*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 19
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 1,347,674.09
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 10
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 816,711.62
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 13
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 726,135.82
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,059
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 81,106,566.50
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 PROPERTY 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 1.43642545%
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Jul-96
RANGE SMM CPR
JUNE 1.52% 16.76%
MAY 1.43% 15.88%
APR 2.15% 22.92%
MAR 1.03% 11.66%
FEB 1.83% 19.84%
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
</TABLE>
