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Previous: REPUBLIC ADVISOR FUNDS TRUST, 485APOS, 1996-11-26 |
Next: SUSA PARTNERSHIP LP, 8-A12B/A, 1996-11-26 |
_________________________________________________________________
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)
November 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 November 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 October 1996 dated
November 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 October, 1996 was $222,038.41.
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 October,
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: November 26, 1996
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of October,
1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Nov-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-1 182,562,000.00 111,251,130.96 12,705,114.44 528,442.87 13,233,557.31 98,546,016.52
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 47,173,634.83 1,809,710.11 232,629.34 2,042,339.45 45,363,924.72
B-IO 0.00 0.00 0.00 10,133.21 10,133.21 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
---------- ----- -------------- -------------- -------------- ------------ ------------- --------------
Total Class A 630,000,000.00 548,859,798.22 14,514,824.55 2,746,399.34 17,261,223.89 534,344,973.67
<CAPTION>
<S> <C>
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 10,133.21
</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 573,000,000.00 501,686,163.39 0.00 564,396.93 564,396.93 488,981,048.95
</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 69.59342273 2.89459400 72.48801673 539.79479037 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 31.74930018 4.08121649 35.83051667 795.85832842 A-8 * 5.65250% 5.72672%
A-9IO 1.35000% 1.35000%
---------- ----- ------------ ------------ ------------ ------------
Total 23.03940405 4.35936403 27.39876808 848.16662487
----- ------------ ------------ ------------ ------------
<CAPTION>
<S> <C>
* Based on a LIBOR of: 5.38672%
------------
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
----- ------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
21075W-CL7 A-9IO 0.00000000 0.98498592 0.98498592 853.37006798
</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 1
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Nov-96
<TABLE>
<CAPTION>
Total Fixed Group Adj. Group
Principal Scheduled Subordination Subordination
SEC. 7.09 (a) (ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
------------ ---------- ------------- ------------ ------------ ------------ -------------
Class A-1 456,663.22 10,810,496.26 0.00 1,437,954.96 0.00 12,705,114.44
Per $1000 2.50141442 59.21547891 0.00000000 7.87652940 0.00000000 69.59342273
Unit
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-8 17,660.62 1,589,997.47 0.00 0.00 202,052.02 1,809,710.11
Per $1000 0.30983544 27.89469246 0.00000000 0.00000000 3.54477228 31.74930018
Unit
============ ========== ============= ============ ============ ============ =============
Class A Certs 474,323.84 12,400,493.73 0.00 1,437,954.96 202,052.02 14,514,824.55
Per $1000 0.75289498 19.68332338 0.00000000 2.28246819 0.32071749 23.03940405
Unit
------------ ---------- ------------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
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: 502,427,693.26 47,216,930.33 549,644,623.59
SEC. 7.09 (a) (viii) Subordinated Amount 13,446,644.31 1,853,005.61
Subordination Deficit 0.00 0.00
<CAPTION>
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
-------------- -------------
<S> <C> <C> <C>
SEC. 7.09 (a) (x) Loan Purchase Prices 89,708.44 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.1607% 11.2766%
SEC. 7.09 (a) (xiii) Largest Loan Balance 418,131.74 322,885.03
Outstanding
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
------------- ------------ ------ ------------ --------------- ------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 295 3.63211% 17,209,384.93 3.42525%
Fixed Group 60-89 Days 102 1.25585% 5,956,445.56 1.18553%
90+ Days 282 3.47205% 17,204,260.61 3.42423%
30-59 Days 20 3.41880% 1,348,331.85 2.85561%
Adj. Group 60-89 Days 4 0.68376% 371,064.55 0.78587%
90+ Days 30 5.12821% 2,193,764.99 4.64614%
------------- ------ ------------ --------------- ------------
Total Fixed 8122 100.00000% 502,427,693.26 100.00000%
------------- ------ ------------ --------------- ------------
Total Adjust. 585 100.00000% 47,216,930.33 100.00000%
------------- ------ ------------ --------------- ------------
<CAPTION>
* 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): 200 12,044,867.19 20 1,692,193.00
Newly Commenced LIF: 39 2,582,232.80 4 465,903.45
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 67 4,415,221.82 6 442,417.87
SEC. 7.09(b)(v)(b) Balloon Loans 3947 303,989,331.86 1 35,498.62
SEC. 7.09 (b) (vi&vii) REO Properties 7 515,515.82 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 65,825.50 0.00
</TABLE>
Page 2
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Nov-96
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the 17,879,829.96
Certificate Account
Class A-1 Allocation 13,233,557.31
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 2,042,339.45
Class A-9IO Allocation 564,396.93
SEC. 7.08(b)(2) Class A Distribution Amount 17,825,620.82
SEC. 7.08(b)(3)&(5) Subordination 1,640,006.98
Increase/(Reduction) Amount
Class A-1 Allocation 1,437,954.96
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 202,052.02
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>
<TABLE>
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
----- -------------- ------------- --------------
<S> <C> <C> <C> <C>
A-1 111,251,130.96 12,705,114.44 98,546,016.52
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 47,173,634.83 1,809,710.11 45,363,924.72
A-9IO 501,686,163.39 NA 488,981,048.95
</TABLE>
* Denotes Notional Amounts for Class A-9IO.
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(7) Current Period Realized 52,625.32
Losses (Recoveries)
SEC. 7.08(b)(8) Subordination Reduction 0.00
Amount
</TABLE>
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-1
Distribution Period: 15-Nov-96
<TABLE>
<CAPTION>
REO Status
SEC. 7.09 (b) (vi&vii) Loan Number Book Value Status
----------- ---------- ------
<S> <C> <C> <C>
1812817 $98,000.00 REO List Pend
1781939 $95,200.00 FC Attorney
2062255 $116,875.00 Not Provided
1991272 $37,490.82 FC Attorney
2188241 $50,000.00 FC Sale Pending
1979202 $84,000.00 FC Attorney
1984582 $33,950.00 Not Provided
</TABLE>
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