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Previous: CS FIRST BOSTON MOR SEC CORP COMM MOR PA TH CER SE 1995-AEW1, 8-K, 1996-12-09 |
Next: WFS FINANCIAL 1996-A OWNER TRUST, 8-K, 1996-12-09 |
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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)
November 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 November 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 October, 1996 dated November
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 October, 1996 was $63,235.35.
Page 2
<PAGE>
0Item 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
October, 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: December 6, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of October, 1996.
Page 5
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Nov-96 PAGE # 1
<TABLE>
<CAPTION>
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>
A-1 61,079,000.00 34,143,283.45 3,591,394.11 170,716.42 3,762,110.53 30,551,889.34
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 4,025,000.00 148,497,889.34
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 199,291.60 199,291.60 N/A
R N/A N/A N/A 101,119.18 101,119.18 N/A
TOTALS 175,000,000.00 148,064,283.45 3,591,394.11 1,062,050.21 4,653,444.32 144,472,889.34 4,025,000.00 148,497,889.34
</TABLE>
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
<S> <C> <C> <C>
A-1 58.79916353 2.79501007 500.20284124
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 20.52225205 4.120833031 825.55936770
</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
<S> <C> <C>
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 0.0172346059 0.0161517633
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
EILEEN ROONEY
THE CHASE MANHATTAN BANK - ASPG
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: 25-Nov-96 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 4,677,974.24
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 3,906,327.53
CLASS S DISTRIBUTION AMOUNT 199,291.60
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 327,827.90
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 148,064,283.45
CLASS A PRINCIPAL DISTRIBUTION 3,591,394.11
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 144,472,889.34
SECTION 7.08 (7) REALIZED LOSSES 3,378.54
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
<CAPTION>
PER $1000
<S> <C> <C> <C>
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 3,762,110.53 61.59
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 101,119.18
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 129,765.86 1.43
PRINCIPAL PREPAYMENTS 3,070,878.89 33.78
SUBORDINATION INCREASE AMOUNT 327,827.90 3.61
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0
OTHER 62,921.46 0.69
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 148,497,889.34
ENDING NUMBER OF LOANS OUTSTANDING 2,500.00
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 4,025,000.00
SUBORDINATION DEFICIT 0
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Nov-96 PAGE # 3
<TABLE>
<S> <C> <C>
SECTION 7.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 0.117647
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 399,710.49
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:*
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
<S> <C> <C> <C> <C>
30-59 DAYS 60 2,983,665.15 2.01%
60-89 DAYS 30 2,287,606.79 1.54%
90+DAYS 64 4,067,490.23 2.74%
</TABLE>
*The number and aggregate principal balance of
delinquent mortgage loans includes loans in
foreclosure and bankruptcy
<TABLE>
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 36
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 2,262,007.95
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 11
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 619,382.91
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 26
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,550,793.01
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 974.00
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 74,348,818.99
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 6
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 478,121.25
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 612900.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00680819%
CUMULATIVE REALIZED LOSSES 11,914.33
ANNUAL LOSS PERCENTAGE 0.00907758%
SECTION 7.09 (b)(vii) 60+DELINQUENCY PERCENTAGE 2.79556516%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 25-Nov-96
<TABLE>
<CAPTION>
RANGE SMM CPR
<S> <C> <C>
OCT 0.0207 0.2219
SEPT 0.0149 0.1649
AUG 0.0239 0.2523
JULY 0.0174 0.1895
JUNE 0.0152 0.1676
MAY 0.0143 0.1588
APR 0.0215 0.2292
MAR 0.0103 0.1166
FEB 0.0183 0.1984
</TABLE>
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