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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)
December 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
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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 December 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 November 1996 dated December 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 November, 1996 was $208,234.27.
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 November, 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: December 20, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of November, 1996.
Page 5
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CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-1
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-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 98,546,016.52 11,724,533.95 468,093.58 12,192,627.53 86,821,482.57
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 45,363,924.72 3,515,261.49 223,247.21 3,738,508.70 41,848,663.23
B-IO 0.00 0.00 0.00 825,457.21 825,457.21 0.00
- ----------------
R 0.00 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------
Total Class A 630,000,000.00 534,344,973.67 15,239,795.44 2,676,667.92 17,916,463.36 519,105,178.23
----------------------------------------------------------------------------------------------------------------
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 16,102.26
</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 573,000,000.00 488,981,048.95 0.00 550,103.68 550,103.68 477,256,515.00
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
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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
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
21075W-CC7 A-1 64.22220369 2.56402526 66.78622895 475.57258668 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 61.67125421 3.91661772 65.58787193 734.18707421 A-8* 5.65250% 5.71500%
A-9IO 1.35000% 1.35000%
- -------------
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Total 24.19015149 4.24867924 28.43883073 823.97647338
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* Based on a LIBOR of: 5.37500%
-------------
</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 0.96004133 0.96004133 832.90840314
- -----------------------------------------------------------------------------------------------
</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-DEC-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-1 426,248.27 10,610,457.51 254,757.54 433,070.63 0.00 11,724,533.95
Per $1000 Unit 2.33481376 58.11974841 1.39545765 2.37218383 0.00000000 64.22220369
----------------------------------------------------------------------------------------------------------
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 15,543.82 3,147,452.08 0.00 151,509.73 200,755.86 3,515,261.49
Per $1000 Unit 0.27269860 55.21845754 0.00000000 2.65806545 3.52203263 61.67125421
==========================================================================================================
Class A Certs 441,792.09 13,757,909.59 254,757.54 584,580.36 200,755.86 15,239,795.44
Per $1000 Unit 0.70125729 21.83795173 0.40437705 0.92790533 0.31866010 24.19015149
----------------------------------------------------------------------------------------------------------
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
<CAPTION>
Fixed Group Adj. Group Total
----------- ---------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 491,123,009.61 44,053,934.43 535,176,944.04
SEC. 7.09 (a) (viii) Subordinated Amount 13,866,494.61 2,205,271.20
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.
<CAPTION>
Fixed Group Adj. Group
----------- ----------
<S> <C> <C> <C>
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 11.1464% 11.3685%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 417,935.07 322,885.03
<CAPTION>
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SEC. 7.09 (b) (ii)&(iii) Delinquencies PERIOD NUMBER PERCENTAGE * PRIN. BALANCE PERCENTAGE *
--------------------------------------------------------------------------
-----------------
<S> <C> <C> <C> <C> <C>
30-59 Days 295 3.71677% 17,777,203.38 3.61970%
Fixed Group 60-89 Days 79 0.99534% 5,291,299.36 1.07739%
90+ Days 328 4.13254% 19,924,195.93 4.05686%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
30-59 Days 16 2.93040% 1,011,231.31 2.29544%
Adj. Group 60-89 Days 7 1.28205% 506,157.58 1.14895%
90+ Days 29 5.31136% 2,235,075.95 5.07350%
------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Fixed 7937 100.00000% 491,123,009.61 100.00000%
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Total Adjust. 546 100.00000% 44,053,934.43 100.00000%
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* Based upon each respective Group's loan count and balance.
<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): 215 13,214,133.46 22 1,833,668.36
Newly Commenced LIF: 33 2,228,662.17 3 166,425.50
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 81 5,575,432.06 8 519,167.46
SEC. 7.09(b)(v)(b) Balloon Loans 3850 296,514,287.46 1 35,482.83
SEC. 7.09 (b) (vi&vii) REO Properties 7 458,715.82 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 99,856.03 0.00
</TABLE>
Page 2
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-1
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-96
REO STATUS
<TABLE>
<CAPTION>
SEC. 7.09 (b) (vi&vii) LOAN NUMBER BOOK VALUE STATUS
----------- ---------- ------
<S> <C> <C> <C>
1812817 $98,000.00 REO List Pend
1979202 $84,000.00 FC Attorney
1984582 $33,950.00 REO Eviction
1991272 $37,490.82 FC Attorney
2062255 $116,875.00 REO No Offers
2085546 $38,400.00 REO Eviction
2188241 $50,000.00 FC Sale Pending
</TABLE>
Page 3
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-1
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-96
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 19,334,945.04
Class A-1 Allocation 12,192,627.53
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 3,738,508.70
Class A-9IO Allocation 550,103.68
SEC. 7.08(b)(2) Class A Distribution Amount 18,466,567.04
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 785,336.22
Class A-1 Allocation 433,070.63
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 352,265.59
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
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
---------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 98,546,016.52 11,724,533.95 86,821,482.57
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 45,363,924.72 3,515,261.49 41,848,663.23
A-9IO 488,981,048.NA 477,256,515.00
* Denotes Notional Amounts for Class A-9IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 34,030.53
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
