SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-96410
IMC Home Equity Loan Trust 1996-1
(Exact name of registrant as specified in its charter)
13-3875231
New York 13-3875233
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(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/oChemical Bank
Structured Finance Services
450 West 33rd St
New York, N.Y.10001 14240-2599
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (212) 946-3185
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on
which registered:
None None
---- ----
None
----
(Title of class)
Indicated by check mark whether the registrant (1) has filed all
reports required to be file by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes X
No .
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (e 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. [X ]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be
computed by reference to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of specified date within 60
days prior to the date of filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
IMC HOME EQUITY LOAN TRUST 1996-1
INDEX
PART 1.......................................................... 3
ITEM 1 - BUSINESS............................ 3
ITEM 2 - PROPERTIES...................... 3
ITEM 3 - LEGAL PROCEEDINGS............... 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS............................. 3
PART II............................................. 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS........... 3
ITEM 6 - SELECTED FINANCIAL DATA............... 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA......4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.................................... 4
PART III................................................................. 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT.................................... 4
ITEM 11 - EXECUTIVE COMPENSATION ..................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT......................... 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS.................................. 8
PART IV.............................................................. 8
ITEM 14 - EXHIBITS,FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K..............................8
SIGNATURES ............................................................ 10
INDEX TO EXHIBITS......................................................... 11
-2-
<PAGE>
PART I
ITEM 1 - BUSINESS
Not Applicable.
ITEM 2 - PROPERTIES
Not Applicable.
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the IMC Home Equity Loan Trust 1996-1 (the "Trust")
established pursuant to the Pooling and Servicing Agreement (the
"Agreement") dated February 1, 1996, among Chemical Bank Structured
Finance Services, as trustee (the "Trustee") ContiSecurities Asset Funding
Corp., as depositor (the "Depositor") and Industry Mortgage Company, as
servicer (the "Servicer"), the Trustee, the Depositor or the Servicer
which relates to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
MATTERS
To the best knowledge of the Depositor, there is no established
public trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, and Class A-7 Certificates issued by the Trust are held by
the Depository Trust Company ("DTC") which in turn maintains records of
holders of beneficial interests in such Certificates. Based on
information obtained by the Trust from DTC, as of March 10, 1997, there
were 4 holders of the Class A-1 Certificates, 3 holders of the Class A-2
Certificates, 7 holders of the Class A-3 Certificates, 1 holder of the
Class A-4 Certificates, 5 holders of the Class A-5 Certificates, 11
holders of the Class A-6 Certificates, and 2 holders of the Class A-7
Certificates .
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not applicable.
<PAGE>
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December
31, 1996 was $735,186.16
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting
or financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (i) the name and address of each
entity owning more than 5% of the outstanding principal amount of each
Class of Certificates of the Trust; (ii) the principal amount of the Class
of Certificates owned by each and (iii) the percent that the principal
amount of the Class of Certificates owned by such entity represents of the
outstanding principal amount of such Class of Certificates. The
information set forth in the table for the Certificates is based upon
information obtained by the Trust from DTC and represents ownership of
beneficial interest in the Certificates held by DTC. The Depositor is not
aware of any Schedules 13D or 13G filed with the Securities and Exchange
Commission in respect of the Certificates.
<PAGE>
Amount Owned
Name and Address All Dollar Amounts Are in Thousands
Principal Percent
Class A-1 Certificates
Bankers Trust Company $20,000 32.74%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank/Chemical 33,079 54.16
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
SSB-Custodian 5,575 9.13
c/o Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-2 Certificates
Bank of New York $28,938 96.98%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Class A-3 Certificates
Bankers Trust Company $5,570 22.86%
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust 4,800 19.70
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan 2,400 9.85
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhattan Bank/Chemical 6,000 24.62
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Citicorp Services, Inc. 2,000 8.21
P.O. Box 30576
Tampa, FL 33630-3576
First National Bank of Boston 1,500 6.16
c/o Proxy Services
51 Mercedes Way
Edgewood, NY 11717
SSB-Custodian 2,100 8.62
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-4 Certificates
Bankers Trust Company $12,154 100.00%
c/o BT Services Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Class A-5 Certificates
Chase Manhattan Bank, Trust $1,200 5.70%
Two Chase Manhattan Plaza, 5th Floor
New York, NY 10081
First National Bank of Boston 10,000 47.54
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717
Investors Bank & Trust/M.F. 8,616 40.96
Custody
89 South Street, 6th Floor
Corp. Action Dept.
Boston, MA 02111
SSB- Custodian 1,090 5.18
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-6 Certificate
Bank of New York $1,400 9.29%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Chase Manhattan Bank, Trust 5,000 33.17
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
First National Bank of Maryland 1,160 7.70
Trust Division-Operations Dept 101-623
25 S. Charles Street
Baltimore, MD 21201
Mercantile, Safe Deposit and Trust Co. 3,074 20.39
766 Old Hammonds Ferry Road
Proxy Unit #230-20
Linthicum, MD 21090
Wilmington Trust Co. 2,500 16.58
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
Class A-7 Certificates
Bank of New York $10,000 87.34%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Norwest Bank Minnesota National 1,449 12.66
Assoc.
733 Marquette Avenue
Minneapolis, MN 55479-0056
<PAGE>
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent
Accountants with respect to
the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
<PAGE>
(b) Reports on Form 8-K.
11 reports on Form 8-K have been filed by the Issuer during the
period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
March 25, 1996 Trustee's Monthly Report for
the February Monthly Period.
April 25, 1996 Trustee's Monthly Report for
the March Monthly Period.
May 25, 1996 Trustee's Monthly Report for
the April Monthly Period.
June 25, 1996 Trustee's Monthly Report for
the May Monthly Period.
July 25, 1996 Trustee's Monthly Report for
the June Monthly Period.
August 25, 1996 Trustee's Monthly Report for
the July Monthly Period.
September 25, 1996 Trustee's Monthly Report for
the August Monthly Period.
October 25, 1996 Trustee's Monthly Report for
the September Monthly Period.
November 25, 1996 Trustee's Monthly Report for
the October
Monthly Period.
December 27, 1996 Trustee's Monthly Report for
the November
Monthly Period.
January 25, 1997 Trustee's Monthly Report for
the December
Monthly Period.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Depositor has duly caused this Report
to be signed on its behalf by the undersigned, thereunto 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 & Chief Financial Officer
Date: March 27, 1997
<PAGE>
INDEX TO EXHIBITS
Item 14(C)
Exhibit No. Description
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent
Accountants with respect to
the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
IMC Mortgage Company phone 813-932-2211
3450 Buschwood Park Drive fax 813-932-8257
Suite 250 800-776-2211
Tampa, FL 33618
As of and for the year ended December 31, 1996, IMC Mortgage Company and
Subsidiaries has complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers. As of
and for this same period, IMC Mortgage Company and Subsidiaries had in
effect a fidelity bond and errors and omissions policy in the amount of
$7,000,000.
/s/ Thomas G. Middleton
Thomas G. Middleton, President and
Chief Operating Officer
/s/ Stuart D. Marvin
Stuart D.Marvin, Chief Financial Officer
Coopers & Lybrand L.L.P.
Report of Independent Accountants-Uniform Single Attestation Program
To the Board of Directors of
IMC Mortgage Company and Subsidiaries
We have examined the assertion by IMC Mortgage Company and Subsidiaries'
management about compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP) as of and for the year ended December 31, 1996
included in the accompanying management assertion. Management is responsible for
IMC Mortgage Company and Subsidiaries' compliance with those minimum servicing
standards. Our responsibility is to express an opinion on management's assertion
about the entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on IMC Mortgage Company and
Subsidiaries' compliance with the minimum servicing standards.
In our opinion, management's assertion that IMC Mortgage Company and
Subsidiaries' complied with the aforementioned minimum servicing standards as of
and for the year ended December 31, 1996 is fairly stated, in all material
respects.
/s/ Coopers & Lybrand L.L.P.
Tampa, Florida
February 21, 1997
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
1996 TOTAL
<TABLE>
<CAPTION>
CLASS ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE SUBORDINATE PRINCIPAL
BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 61,079,000.00 61,079,000.00 34,283,114.87 2,297,569.07 36,580,683.94 26,795,885.13
A-2 29,838,000.00 29,838,000.00 0.00 1,442,170.00 1,442,170.00 29,838,000.00
A-3 24,370,000.00 24,370,000.00 0.00 1,224,592.50 1,224,592.50 24,370,000.00
A-4 12,154,000.00 12,154,000.00 0.00 624,918.20 624,918.20 12,154,000.00
A-5 21,036,000.00 21,036,000.00 0.00 1,102,637.00 1,102,637.00 21,036,000.00
A-6 15,074,000.00 15,074,000.00 0.00 840,375.50 840,375.50 15,074,000.00
A-7 11,449,000.00 11,449,000.00 0.00 674,536.90 674,536.90 11,449,000.00 4,025,000.00 144,741,885.13
S N/A N/A N/A 2,190,678.47 2,190,678.47 N/A
R N/A N/A N/A 536,333.63 536,333.63 N/A
TOTALS 175,000,000.00 175,000,000.00 34,283,114.87 10,933,811.27 45,216,926.14 140,716,885.13 4,025,000.00 144,741,885.13
</TABLE>
IF THERE ARE ANY QUESTIONS PLEASE CONTACT:
ANN MARIE JOSE
THE CHASE MANHATTAN BANK
STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7148
