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Previous: FIRST TRUST SPECIAL SITUATIONS TRUST SERIES 157, 497, 1997-01-03 |
Next: THERMEDICS DETECTION INC, S-1, 1997-01-03 |
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 : December 26, 1996
(Date of earliest event reported)
Commission File No.: 333-03574-01
First Union Residential Securitization Transactions, Inc.,
Home Equity Loan Asset-Backed Certs., Series 1996-1 Trust
North Carolina (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
52-1996088
(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)
<PAGE>
ITEM 5. Other Events
On December 26, 1996 a distribution was made to holders of
First Union Securitization Transactions, Inc.,
Home Equity Loan Asset-Backed Certs., 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 Certs., Series 1996-1 Trust, relating to the
December 26,1996 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 Certs., Series 1996-1 Trust
December 30, 1996 by Norwest Bank Minnesota, N.A., as Trustee
/s/ Sherri J. Sharps
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 Certs., Series 1996-1 Trust, relating to the
December 26,1996 distribution
<TABLE>
<CAPTION>
First Union Securitization Transactions, Inc.
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 29-Nov-1996
Distribution Date: 26-Dec-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
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 302668AA6 SEQ 6.69000% 63,156,177.79 352,095.69 1,776,329.41 0.00
A-2 302668AB4 SEQ 6.97000% 34,126,000.00 198,215.18 0.00 0.00
A-3 302668AC2 SEQ 7.29000% 26,157,000.00 158,903.77 0.00 0.00
A-4 302668AD0 SEQ 7.60000% 11,433,000.00 72,409.00 0.00 0.00
A-5 302668AE8 SEQ 7.77000% 17,535,000.00 113,539.12 0.00 0.00
B-IO FUR96000B IO 0.00000% 0.00 359,484.90 0.00 0.00
R FUR96000R R 0.00000% 0.00 0.00 0.00 0.00
Totals 152,407,177.79 1,254,647.66 1,776,329.41 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 61,379,848.38 2,128,425.10 0.00
A-2 34,126,000.00 198,215.18 0.00
A-3 26,157,000.00 158,903.77 0.00
A-4 11,433,000.00 72,409.00 0.00
A-5 17,535,000.00 113,539.12 0.00
B-IO 0.00 359,484.90 0.00
R 0.00 0.00 0.00
Totals 150,630,848.38 3,030,977.07 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Senior Certificates
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 68,008,000.00 63,156,177.79 225,006.92 1,551,322.49 0.00 0.00 1,776,329.41
A-2 34,126,000.00 34,126,000.00 0.00 0.00 0.00 0.00 0.00
A-3 26,157,000.00 26,157,000.00 0.00 0.00 0.00 0.00 0.00
A-4 11,433,000.00 11,433,000.00 0.00 0.00 0.00 0.00 0.00
A-5 17,535,000.00 17,535,000.00 0.00 0.00 0.00 0.00 0.00
B-IO 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Class A 157,259,000.00 152,407,177.79 225,006.92 1,551,322.49 0.00 0.00 1,776,329.41
<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.
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Senior Certificates
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 61,379,848.38 0.90253865 1,776,329.41
A-2 34,126,000.00 1.00000000 0.00
A-3 26,157,000.00 1.00000000 0.00
A-4 11,433,000.00 1.00000000 0.00
A-5 17,535,000.00 1.00000000 0.00
B-IO 0.00 0.00000000 0.00
R 0.00 0.00000000 0.00
Class A 150,630,848.38 0.95785200 1,776,329.41
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Senior Certificate Factors
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (3) Amount Balance Distribution Distribution Accretion Loss (4) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 68,008,000.00 928.65806655 3.30853605 22.81088240 0.00000000 0.00000000 26.11941845
A-2 34,126,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 26,157,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 11,433,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 17,535,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Per $1000 Denomination, Except B-IO Which Is Per 10% Percentage Interest and Class R Which Represents an Entire Interest.
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Senior Certificate Factors
Ending Ending Total
Certificate Certificate Principal
Class (3) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 902.53864810 0.90253865 26.11941845
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
A-5 1000.00000000 1.00000000 0.00000000
B-IO 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000
<FN>
(3) Per $1000 Denomination, Except B-IO Which Is Per 10% Percentage Interest and Class R Which Represents an Entire Interest.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Senior Certificates
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 68,008,000.00 6.69000% 63,156,177.79 352,095.69 0.00 0.00 0.00
A-2 34,126,000.00 6.97000% 34,126,000.00 198,215.18 0.00 0.00 0.00
A-3 26,157,000.00 7.29000% 26,157,000.00 158,903.77 0.00 0.00 0.00
A-4 11,433,000.00 7.60000% 11,433,000.00 72,409.00 0.00 0.00 0.00
A-5 17,535,000.00 7.77000% 17,535,000.00 113,539.12 0.00 0.00 0.00
B-IO 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
Total Class A Interest Distribution 895,162.76 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Senior Certificates
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 352,095.69 0.00 61,379,848.38
A-2 0.00 198,215.18 0.00 34,126,000.00
A-3 0.00 158,903.77 0.00 26,157,000.00
A-4 0.00 72,409.00 0.00 11,433,000.00
A-5 0.00 113,539.12 0.00 17,535,000.00
B-IO 0.00 359,484.90 0.00 0.00
R 0.00 0.00 0.00 0.00
Total Class A Interest Distribution 0.00 1,254,647.66 0.00
<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Senior Certificate Factors
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 68,008,000.00 6.69000% 928.65806655 5.17726870 0.00000000 0.00000000 0.00000000
A-2 34,126,000.00 6.97000% 1000.00000000 5.80833324 0.00000000 0.00000000 0.00000000
A-3 26,157,000.00 7.29000% 1000.00000000 6.07499981 0.00000000 0.00000000 0.00000000
A-4 11,433,000.00 7.60000% 1000.00000000 6.33333333 0.00000000 0.00000000 0.00000000
A-5 17,535,000.00 7.77000% 1000.00000000 6.47499971 0.00000000 0.00000000 0.00000000
B-IO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(9) Per $1000 Denomination, Except B-10 Which is Per 10% Percentage Interest and Class R Which Represents
An Entire Interest.
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Senior Certificate Factors
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (10) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.17726870 0.00000000 902.53864810
A-2 0.00000000 5.80833324 0.00000000 1000.00000000
A-3 0.00000000 6.07499981 0.00000000 1000.00000000
A-4 0.00000000 6.33333333 0.00000000 1000.00000000
A-5 0.00000000 6.47499971 0.00000000 1000.00000000
B-IO 0.00000000 8987122.50000000 0.00000000 0.00000000
R 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(10) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,113,367.20
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
__________________
Total Deposits 3,113,367.20
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 65,879.34
Payment of Interest and Principal 3,047,487.86
__________________
Total Withdrawals (Pool Distribution Amount) 3,113,367.20
Ending Balance 0.00
__________________
__________________
</TABLE
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
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
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
__________________
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
__________________
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 63,815.49
Trustee Fee 2,063.85
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
Net Servicing Fee 65,879.34
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 16,510.78 0.00
Excess Spread Account 0.00 0.00 0.00 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 36 1,912,956.83 1.29% 1.26%
60 Days 13 774,320.40 0.47% 0.51%
90+ Days 18 593,589.21 0.64% 0.39%
Foreclosure 5 181,334.02 0.18% 0.12%
REO 0 0.00 0.00% 0.00%
Totals 72 3,462,200.46 2.58% 2.29%
</TABLE>
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 1,477,176.96
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 10.475809%
Weighted Average Net Coupon 9.959639%
Weighted Average Maturity (Stepdown Calculation) 192 Months
Beginning Scheduled Collateral Loan Count 2,823
Number of Loans Paid in Full 29
Ending Scheduled Collateral Loan Count 2,794
Distributable Excess Spread 0.00
Aggregate Loan Balance 151,380,848.38
O/C Reduction Amount 0.00
O/C Amount 750,000.00
Specified O/C Amount 750,000.00
Excess O/C Amount 0.00
Excess Spread 0.00
Monthly P&I Constant 1,562,044.70
Unpaid Principal Balance of Outstanding Mortgage Loans with Original LTV:
Less than or equal to 80% 107,933,616.30
Greater than 80%, less than or equal to 85% 36,753,412.59
Greater than 85%, less than or equal to 95% 6,693,819.49
Greater than 95% 0.00
</TABLE>
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