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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)
January 27, 1997
IMC Home Equity Loan Trust 1996-1
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(Exact name of registrant as specified in its charter)
13-3875231 and
New York 33-96410 13-3875233
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(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
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(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (212) 946-3185
No Change
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(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 January 26, 1997 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 December, 1996 dated January 27, 1997
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 December, 1996 was $60,309.81.
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 December,
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
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Name: Jerome M. Perelson
Title: Vice President
By: /s/ Susan E. O'Donovan
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Name: Susan E. O'Donovan
Title: Vice President
Dated: February 13, 1997
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of December, 1996.
Page 5
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
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DISTRIBUTION: 27-Jan-97
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RANGE SMM CPR
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DEC 4.29% 40.91%
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%
JAN 1.68% 18.39%
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(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
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<PAGE>
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
================================================================================
DISTRIBUTION: 27-Jan-97 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
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<S> <C> <C> <C> <C> <C> <C>
A-1 61,079,000.00 26,795,885.13 6,318,035.99 133,979.43 6,452,015.42 20,477,849.14
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 4,025,000.00 138,423,849.14
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 184,474.57 184,474.57 N/A
R N/A N/A N/A 366,971.54 366,971.54 N/A
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TOTALS 175,000,000.00 140,716,885.13 6,318,035.99 1,276,348.55 7,594,384.54 134,398,849.14 4,025,000.00 138,423,849.14
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</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
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<S> <C> <C> <C> <C> <C> <C>
A-1 103.44039670 2.19354328 335.26824506 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%
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TOTALS 36.1030628000001 4.07492817560778 767.993423657143 S 1.72346059% 1.57315511%
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</TABLE>
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
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EILEEN ROONEY
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
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(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
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<PAGE>
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
================================================================================
DISTRIBUTION: 27-Jan-97 PAGE # 2
<TABLE>
<S> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 7,617,654.94
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 6,596,232.42
CLASS S DISTRIBUTION AMOUNT 184,474.57
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 39,884.58
SECTION 7.08 (4) INSURED PAYMENT 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 140,716,885.13
CLASS A PRINCIPAL DISTRIBUTION 6,318,035.99
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 134,398,849.14
SECTION 7.08 (7) REALIZED LOSSES 39,884.58
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
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<S> <C> <C> <C>
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 6,452,015.42 105.63
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 366,971.54
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 113,425.89 1.25
PRINCIPAL PREPAYMENTS 6,064,394.03 66.70
SUBORDINATION INCREASE AMOUNT 39,884.58 0.44
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 100,331.49 1.10
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 138,423,849.14
ENDING NUMBER OF LOANS OUTSTANDING 2,346
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 4,025,000.00
SUBORDINATION DEFICIT 0.00
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
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<PAGE>
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IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
================================================================================
DISTRIBUTION: 27-Jan-97 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 0.1173750000
SECTION 7.09 (a)(xii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 399,042.13
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:*
<CAPTION>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C> <C>
30-59 DAYS 149 8,607,700.21 6.22%
60-89 DAYS 38 2,545,520.34 1.84%
90 + DAYS 84 5,239,712.37 3.79%
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*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 33
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 1,886,730.55
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 1
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 63,893.91
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 33
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,746,999.13
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 901
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 68,096,541.63
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES 12
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 1,031,579.34
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY 1361790.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.03222487%
CUMULATIVE REALIZED LOSSES 56,393.52
ANNUAL LOSS PERCENTAGE 0.03515440%
SECTION 7.09 (b)(vii) 60 + DELINQUENCY PERCENTAGE 4.10761384%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
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