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 : September 25, 1996
(Date of earliest event reported)
Commission File No.: 333-03574-01
First Union Residential Securitization Transactions, Inc.,
Home Equity Loan Asset-Backed Certificates, Series 1996-1 Trust
North Carolina (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
Applied For
(I.R.S. Employer Identification No.)
5325 Spectrum Drive
Frederick, Maryland 21703
(Address of principal executive offices) (Zip Code)
(301) 696-7800
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. Other Events
On September 25, 1996 a distribution was made to holders of
First Union Residential Securitization Transactions, Inc.,
Home Equity Loan Asset-Backed Certificates, Series 1996-1 Trust
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certificates, Series 1996-1 Trust, relating to
the September 25, 1996 distribution
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.
First Union Residential Securitization Transactions, Inc.
Home Equity Loan Asset-Backed Certificates, Series 1996-1 Trust
September 27, 1996 by Norwest Bank Minnesota, N.A.
as Trustee
/s/ Sherri J. Sharps
Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certificates, Series 1996-1 Trust, relating to
the September 25, 1996 distribution
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First Union Residential Securitization Transactions, Inc.
Home Equity Loan Asset-Backed Certificates
Statements to Certificateholders
Record Date: 30-Aug-1996
Distribution Date: 25-Sep-1996
FURST Series 1996-1
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
5325 Spectrum Drive
Frederick, MD 21703
Telephone:(301) 846-8130
Fax:(301) 846-8152
CERTIFICATE INFORMATION
Certificate Original Ending Ending
Pass-Through Face Certificate Certificate
Class CUSIP Rate Amount Balance Percentage
<S> <C> <C> <C> <C> <C>
A-1 302668AA6 6.69000 68,008,000.00 66,742,593.25 0.98139327
A-2 302668AB4 6.97000 34,126,000.00 34,126,000.00 1.00000000
A-3 302668AC2 7.29000 26,157,000.00 26,157,000.00 1.00000000
A-4 302668AD0 7.60000 11,433,000.00 11,433,000.00 1.00000000
A-5 302668AE8 7.77000 17,535,000.00 17,535,000.00 1.00000000
B-IO FUR96000B 0.00000 0.00 0.00 0.00000000
R FUR96000R 0.00000 0.00 0.00 0.00000000
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PRINCIPAL DISTRIBUTION
Scheduled Unscheduled
Principal Principal Deferred Realized Principal
Class Distribution(2)(3) Distribution Accretion Interest Loss (1) Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 203,112.57 1,062,294.17 0.00 0.00 0.00 1,265,406.75
A-2 0.00 0.00 0.00 0.00 0.00 0.00
A-3 0.00 0.00 0.00 0.00 0.00 0.00
A-4 0.00 0.00 0.00 0.00 0.00 0.00
A-5 0.00 0.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
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(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed.
Please Refer To The Prospectus Supplement For A Full Description.
(2) To determine the dollar amount per certificate, divide by the beginning
certificate balance and multiply by the denomination.
(3) Denomination is $1000 except B-IO which is 10% percentage interest and
Class R which represents an undivided interest.
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INTEREST DISTRIBUTION
Payment
Current Of Previously Current Non-Supported
Accrued Deferred Unpaid Interest Interest Interest
Class Interest(1)(2) Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C>
A-1 379,144.60 0.00 0.00 0.00 0.00
A-2 198,215.18 0.00 0.00 0.00 0.00
A-3 158,903.77 0.00 0.00 0.00 0.00
A-4 72,409.00 0.00 0.00 0.00 0.00
A-5 113,539.12 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00
<FN>
(1) To determine the dollar amount per certificate, divide by the beginning
certificate balance and multiply by the denomination.
(2) Denomination is $1000 except B-IO which is 10% percentage interest and
Class R which represents an undivided interest.
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INTEREST DISTRIBUTION
Remaining Ending
Cumulative Unpaid Certificate/Notional Realized Interest
Class Interest Shortfall(2)(3) Balance Losses (1) Distribution
<S> <C> <C> <C> <C>
A-1 0.00 66,742,593.25 0.00 379,144.60
A-2 0.00 34,126,000.00 0.00 198,215.18
A-3 0.00 26,157,000.00 0.00 158,903.77
A-4 0.00 11,433,000.00 0.00 72,409.00
A-5 0.00 17,535,000.00 0.00 113,539.12
B-IO 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed.
Please Refer To The Prospectus Supplement For A Full Description.
(2) To determine the dollar amount per certificate, divide by the beginning
certificate balance and multiply by the denomination.
(3) Denomination is $1000 except B-IO which is 10% percentage interest and
Class R which represents an undivided interest.
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PREPAYMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment Interest Shortfall 0.00
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SERVICING FEES
<S> <C>
Gross Servicing Fee 65,524.62
Trustee Fee 2,129.55
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fees 67,654.17
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SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
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DELINQUENCY STATUS
Current Unpaid
Number of Number Of Principal
Days Loans Balance
<S> <C> <C>
30 Days 186 8,565,851.28
60 Days 3 172,180.61
90+ Days 0 0.00
Foreclosure 0 0.00
REO 0 0.00
Totals 189 8,738,031.89
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ADDITIONAL DELINQUENCY STATUS INFORMATION
<S> <C>
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,407,768.15
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
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COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 10.523873%
Weighted Average Net Coupon 10.007623%
Weighted Average Maturity (Stepdown Calculation) 195 Months
Beginning Scheduled Collateral Loan Count 2,893
Number of Loans Paid in Full 18
Ending Scheduled Collateral Loan Count 2,875
Distributable Excess Spread 372,243.45
Aggregate Loan Balance 156,365,934.97
O/C Reduction Amount 0.00
O/C Amount 372,341.72
Specified O/C Amount 750,000.00
Excess O/C Amount 0.00
Excess Spread 372,341.72
Monthly P&I Constant 1,522,508.85
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OTHER ACCOUNTS
Account Beginning Current Period Current Period Ending
Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 17,036.39 0.00
Excess Spread Account 0.00 0.00 0.00 0.00
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