______________________________________________________________________________
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)
May 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> Page 2
Item 5. OTHER EVENTS.
On May 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 April 1996 dated May 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 April, 1996 was $238,422.57
Page 2
<PAGE> Page 3
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 April,
1996
Page 3
<PAGE> Page 4
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: May 30, 1996
Page 4
<PAGE> Page 5
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
19. Trustee's Monthly Servicing Report for the ___6___
Month of April, 1996.
Page 5
<TABLE>
<CAPTION>
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
- --------------------------------------------------------------------------------------------------------------------
Distribution Period: 15-May-96
<S> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
- ---------------------------------------------------------------------------------------------------------------------
21075W-CC7 A-1 182,562,000.00 171,807,603.08 9,158,651.82 816,086.11 9,974,737.93 162,648,951.26
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 55,069,429.15 746,008.35 268,004.56 1,014,012.91 54,323,420.80
- ---------- B-IO 0.00 0.00 0.00 7,344.78 7,344.78 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------
Total Class A 630,000,000.00 617,312,064.66 9,904,660.17 3,069,417.80 12,974,077.97 607,407,404.49
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 7,344.78
-----------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- --------- -----------------------------------------------------------------------------------------------------------
21075W-CL7 A-9IO 573,000,000.00 562,242,635.51 0.00 632,522.96 632,522.96 553,083,983.69
- --------- -----------------------------------------------------------------------------------------------------------
</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 50.16735038 4.47018607 54.63753645 890.92445996 / 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 13.08786579 4.70183439 17.78970018 953.04247018 / A-8* 5.65250% 5.84000%
- ---------------------------------------------------------------------------- A-9IO 1.35000% 1.35000%
Total 15.72168281 4.87209175 20.59377456 964.13873729 -------------------------------------
* Based on a LIBOR of: 5.50000%
- -----------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------
21075W-CL7 A-9IO 0.00000000 1.10387951 1.10387951 965.24255443
- ------------------------------------------------------------------------------
</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-May-96
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
Fixed Group Adj. Group
Total Principal Scheduled Subordination Subordination
SEC. 7.09 (a) (ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
-----------------------------------------------------------------------------------------------------------
Class A-1 441,233.54 7,148,543.28 0.00 1,568,875.00 0.00 9,158,651.82
Per $1000 Unit 2.41689694 39.15679758 0.00000000 8.59365585 0.00000000 50.16735038
-----------------------------------------------------------------------------------------------------------
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 22,229.99 540,209.40 0.00 0.00 183,568.96 746,008.35
Per $1000 Unit 0.38999982 9.47735789 0.00000000 0.00000000 3.22050807 13.08786579
------------------------------------------------------------------------------------------------------------
Class A Certs 463,463.53 7,688,752.68 0.00 1,568,875.00 183,568.96 9,904,660.17
Per $1000 Unit 0.73565640 12.20436933 0.00000000 2.49027778 0.29137930 15.72168281
------------------------------------------------------------------------------------------------------------
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
Fixed Group Adj. Group Total
-------------- ------------- -------------
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 557,577,296.03 54,982,429.87 612,559,725.90
SEC. 7.09 (a) (viii) Subordinated Amount 4,493,312.34 659,009.07
Subordination Deficit 0.00 0.00
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 21,918.75 152,834.66
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.2181% 10.3513%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 419,377.33 323,413.74
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
-----------------------------------------------------------------------------------------------
30-59 Days 220 2.44092% 10,907,118.92 1.95616%
Fixed Group 60-89 Days 60 0.66571% 3,004,773.51 0.53890%
90+ Days 46 0.51037% 2,941,889.13 0.52762%
30-59 Days 21 3.09735% 1,218,367.85 2.21592%
Adj. Group 60-89 Days 2 0.29499% 95,336.42 0.17339%
90+ Days 4 0.58997% 189,720.36 0.34506%
-----------------------------------------------------------------------------------------------
Total Fixed 9013 100.00000% 557,577,296.03 100.00000%
Total Adjust. 678 100.00000% 54,982,429.87 100.00000%
-----------------------------------------------------------------------------------------------
* Based upon each respective Group's loan count and balance.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Fixed Grp.No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
------------- --------------- -------------- ---------------
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 49 2,802,698.14 3 123,365.80
Newly Commenced LIF: 35 1,833,625.05 3 123,365.80
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 6 262,963.95 1 55,200.82
SEC. 7.09(b)(v)(b) Balloon Loans 4390 337,849,484.34 1 35,616.64
SEC. 7.09 (b) (vi&vii) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 0.00 0 0.00
Page 2
</TABLE>
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-May-96
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 13,663,469.30
Class A-1 Allocation 9,974,737.93
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 1,014,012.91
Class A-9IO Allocation 632,522.96
SEC. 7.08(b)(2) Class A Distribution Amount 13,606,600.93
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,752,443.96
Class A-1 Allocation 1,568,875.00
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 183,568.96
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
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 171,807,603.08 9,158,651.82 162,648,951.26
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 55,069,429.15 746,008.35 54,323,420.80
A-9IO 562,242,635.51 NA 553,083,983.69
* Denotes Notional Amounts for Classes A-9IO.
</TABLE>
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 0.00
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
