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Previous: MICROLEAGUE MULTIMEDIA INC, 8-K/A, 1997-01-07 |
Next: WAYNE BANCORP INC /DE/, PREC14A, 1997-01-07 |
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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)
December 26, 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)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On December 26, 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 November, 1996 dated December 26, 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 November, 1996 was $61,874.12.
Page 2
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Not applicable
(b) Not applicable
<PAGE>
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of
November, 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: January 7, 1997
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of November, 1996.
Page 5
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 26-Dec-96
<TABLE>
<CAPTION>
RANGE SMM CPR
<S> <C> <C>
NOV 2.45% 25.75%
OCT 2.07% 22.19%
SEPT 1.49% 16.49%
AUG 2.39% 25.23%
JULY 1.74% 18.95%
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%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 26-Dec-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 30,551,889.34 3,756,004.21 152,759.45 3,908,763.66 26,795,885.13
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 4,025,000.00 144,741,885.13
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 191,291.90 191,291.90 N/A
R N/A N/A N/A 417,089.55 417,089.55 N/A
TOTALS 175,000,000.00 144,472,889.34 3,756,004.21 1,352,063.91 5,108,068.12 140,716,885.13 4,025,000.00 144,741,885.13
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
<S> <C> <C> <C> <C> <C> <C>
A-1 61.49419948 2.50101426 438.70864176 A-1 6.00000000% 6.00000000%
A-2 0.00000000 4.83333333 1000.00000000 A-2 5.80000000% 5.80000000%
A-3 0.00000000 5.02500000 1000.00000000 A-3 6.03000000% 6.03000000%
A-4 0.00000000 5.14166694 1000.00000000 A-4 6.17000000% 6.17000000%
A-5 0.00000000 5.24166667 1000.00000000 A-5 6.29000000% 6.29000000%
A-6 0.00000000 5.57500000 1000.00000000 A-6 6.69000000% 6.69000000%
A-7 0.00000000 5.89166652 1000.00000000 A-7 7.07000000% 7.07000000%
TOTALS 21.46288120 4.09897817 804.09648650 S 1.72346059% 1.58888142%
</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
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 26-Dec-96 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,132,000.64
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 4,052,980.66
CLASS S DISTRIBUTION AMOUNT 191,291.90
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 4,594.61
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 144,472,889.34
CLASS A PRINCIPAL DISTRIBUTION 3,756,004.21
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 140,716,885.13
SECTION 7.08 (7) REALIZED LOSSES 4,594.61
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 7.08 (9) PRE-FUNDEDAAMOUNT 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 3,908,763.66 64.00
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 417,089.55
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 119,122.97 1.31
PRINCIPAL PREPAYMENTS 3,574,175.09 39.31
SUBORDINATION INCREASE AMOUNT 4,594.61 0.05
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 58,111.54 0.64
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 144,741,885.13
ENDING NUMBER OF LOANS OUTSTANDING 2,435
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 4,025,000.00
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: 26-Dec-96 PAGE # 3
<TABLE>
<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 0.1175370000
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 399,377.39
SECTION 7.09 (a)(xiii) REMAINING PRE-FUNDED AMOUNT 0.00
<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>
30-59 DAYS 100 5,831,006.57 4.03%
60-89 DAYS 32 1,955,219.89 1.35%
90+DAYS 76 5,180,247.22 3.58%
*The number and aggregate principal balance of delinquent mortgage loans includes loans in foreclosure
and bankruptcy
<S> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 36
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 2,282,972.07
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 6
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 322,122.46
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 29
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,707,494.13
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 945
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 72,276,441.97
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 10
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 672104.82
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 754290.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00943368%
CUMULATIVE REALIZED LOSSES 16,508.94
ANNUAL LOSS PERCENTAGE 0.01132042%
SECTION 7.09 (b)(vii) 60+DELINQUENCY PERCENTAGE 3.40235545%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
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