_________________________________________________________________
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)
October 15, 1996
ContiMortgage Home Equity Loan Trust 1996-1
(Exact name of registrant as specified in its charter)
16-1496047 and
New York 33-96410 16-1496045
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department
14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
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 October 15, 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 September 1996 dated
October 15, 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 September, 1996 was $220,651.56.
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 September,
1996
Page 3
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: October 18, 1996
Page 4
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of September, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Oct-96
<TABLE>
<CAPTION>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075W-CC7 A-1 182,562,000.00 122,027,927.41 10,776,796.45 579,632.66 11,356,429.11 111,251,130.96
21075W-CD5 A-2 96,901,000.00 96,900,263.49 0.00 450,586.23 450,586.23 96,900,263.49
21075W-CE3 A-3 79,097,000.00 79,096,398.81 0.00 382,958.40 382,958.40 79,096,398.81
21075W-CF0 A-4 49,696,000.00 49,695,622.28 0.00 247,649.85 247,649.85 49,695,622.28
21075W-CG8 A-5 55,320,000.00 55,319,579.53 0.00 283,512.85 283,512.85 55,319,579.53
21075W-CH6 A-6 68,447,000.00 68,446,479.76 0.00 381,589.12 381,589.12 68,446,479.76
21075W-CJ2 A-7 40,977,000.00 40,976,688.56 0.00 239,030.68 239,030.68 40,976,688.56
21075W-CK9 A-8 57,000,000.00 48,846,755.82 1,673,120.99 229,950.70 1,903,071.69 47,173,634.83
B-IO 0.00 0.00 0.00 13,128.52 13,128.52 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 630,000,000.00 561,309,715.66 12,449,917.44 2,794,910.49 15,244,827.93 548,859,798.22
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 13,128.52
</TABLE>
<TABLE>
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
<S> <C> <C> <C> <C> <C> <C> <C>
21075W-CL7 A-9IO 573,000,000.00 512,462,959.84 0.00 576,520.83 576,520.83 501,686,163.39
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
CUSIP Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075W-CC7 A-1 59.03088512 3.17499074 62.20587587 609.38821310 A-1 5.70000% 5.70000%
21075W-CD5 A-2 0.00000000 4.64996471 4.64996471 999.99239936 A-2 5.58000% 5.58000%
21075W-CE3 A-3 0.00000000 4.84162990 4.84162990 999.99239933 A-3 5.81000% 5.81000%
21075W-CF0 A-4 0.00000000 4.98329544 4.98329544 999.99239939 A-4 5.98000% 5.98000%
21075W-CG8 A-5 0.00000000 5.12496114 5.12496114 999.99239931 A-5 6.15000% 6.15000%
21075W-CH6 A-6 0.00000000 5.57495756 5.57495756 999.99239937 A-6 6.69000% 6.69000%
21075W-CJ2 A-7 0.00000000 5.83328892 5.83328892 999.99239964 A-7 7.00000% 7.00000%
21075W-CK9 A-8 29.35299982 4.03422281 33.38722263 827.60762860 A-8 * 5.65250% 5.84391%
A-9IO 1.35000% 1.35000%
Total 19.76177371 4.43636586 24.19813957 871.20602892
* Based on a LIBOR of: 5.50391%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075W-CL7 A-9IO 0.00000000 1.00614455 1.00614455 875.54304257
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Oct-96
<TABLE>
<CAPTION>
Fixed Group Adj. Group
Total Principal Scheduled Subordination Subordination
SEC. 7.09 (a) (ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 439,311.90 8,868,361.71 0.00 1,469,122.84 0.00 10,776,796.45
Per $1000 Unit 2.40637099 48.57725984 0.00000000 8.04725430 0.00000000 59.03088512
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 17,088.59 1,439,396.99 0.00 0.00 216,635.41 1,673,120.99
Per $1000 Unit 0.29979982 25.25257877 0.00000000 0.00000000 3.80062123 29.35299982
Class A Certs 456,400.49 10,307,758.70 0.00 1,469,122.84 216,635.41 12,449,917.44
Per $1000 Unit 0.72444522 16.36152175 0.00000000 2.33194102 0.34386573 19.76177371
</TABLE>
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount 0.00
Class A-1 Carry-Forward Amount 0.00
Class A-2 Carry-Forward Amount 0.00
Class A-3 Carry-Forward Amount 0.00
Class A-4 Carry-Forward Amount 0.00
Class A-5 Carry-Forward Amount 0.00
Class A-6 Carry-Forward Amount 0.00
Class A-7 Carry-Forward Amount 0.00
Class A-8 Carry-Forward Amount 0.00
Class A-9IO Carry-Forward Amount 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Fixed Group Adj. Group Total
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 513,739,852.74 48,824,588.42 562,564,441.16
SEC. 7.09 (a) (viii)Subordinated Amount 12,053,689.35 1,650,953.59
Subordination Deficit 0.00 0.00
</TABLE>
SEC. 7.09 (a) (ix) Code Section 6049(d)(7)(C) Information-Required Market
Discount Information Provided at Calendar Year End.
Fixed Group Adj. Group
SEC. 7.09 (a) (x) Loan Purchase Prices 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.1723% 11.2518%
SEC. 7.09 (a) (xiii)Largest Loan Balance Outstanding 418,326.77 322,975.47
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
30-59 Days 301 3.62258% 16,731,616.19 3.25683%
Fixed Group 60-89 Days 96 1.15537% 5,361,550.35 1.04363%
90+ Days 245 2.94861% 14,729,947.98 2.86720%
30-59 Days 23 3.76432% 1,801,827.29 3.69041%
Adj. Group 60-89 Days 12 1.96399% 906,265.98 1.85617%
90+ Days 22 3.60065% 1,499,376.85 3.07095%
Total Fixed 8309 100.00000% 513,739,852.74 100.00000%
Total Adjust. 611 100.00000% 48,824,588.42 100.00000%
* Based upon each respective Group's loan count and balance.
</TABLE>
<TABLE>
<CAPTION>
Fixed Grp. No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 180 10,943,668.74 16 1,226,289.55
Newly Commenced LIF: 54 3,738,769.36 7 671,429.77
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 61 4,058,898.67 6 426,186.73
SEC. 7.09(b)(v)(b) Balloon Loans 4046 311,562,348.68 1 35,514.27
SEC. 7.09 (b) (vi&vii) REO Properties 5 397,565.82 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 13,200.18 0.00
Page 2
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Oct-96
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 15,879,544.02
Class A-1 Allocation 11,356,429.11
Class A-2 Allocation 450,586.23
Class A-3 Allocation 382,958.40
Class A-4 Allocation 247,649.85
Class A-5 Allocation 283,512.85
Class A-6 Allocation 381,589.12
Class A-7 Allocation 239,030.68
Class A-8 Allocation 1,903,071.69
Class A-9IO Allocation 576,520.83
SEC. 7.08(b)(2) Class A Distribution Amount 15,821,348.76
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,685,758.25
Class A-1 Allocation 1,469,122.84
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 216,635.41
SEC. 7.08(b)(4)&(5) Insured Payment 0.00
Class A-1 Allocation 0.00
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 0.00
Class A-9IO Allocation 0.00
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 122,027,927.41 10,776,796.45 111,251,130.96
A-2 96,900,263.49 0.00 96,900,263.49
A-3 79,096,398.81 0.00 79,096,398.81
A-4 49,695,622.28 0.00 49,695,622.28
A-5 55,319,579.53 0.00 55,319,579.53
A-6 68,446,479.76 0.00 68,446,479.76
A-7 40,976,688.56 0.00 40,976,688.56
A-8 48,846,755.82 1,673,120.99 47,173,634.83
A-9IO 512,462,959.84 NA 501,686,163.39
* Denotes Notional Amounts for Class A-9IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 10,803.18
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Oct-96
REO Status
SEC. 7.09 (b) (vi&vii) Loan Number Book Value Status
1812817 $98,000.00 REO List Pend
1781939 $95,200.00 FC Attorney
2062255 $116,875.00
1991272 $37,490.82 FC Attorney
2188241 $50,000.00 FC Sale Pending
</TABLE>
