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Previous: SOUTHERN PACIFIC FUNDING CORP, S-8, 1996-08-30 |
Next: BOSTON COMMUNICATIONS GROUP INC, S-8, 1996-08-30 |
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 August 20, 1996
REVOLVING HOME EQUITY LOAN TRUST 1996-1
(Exact name of registrant as specified in Department of the
Treasury, Internal Revenue Service Form SS-4)
HOUSEHOLD FINANCE CORPORATION
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
333-3626
Delaware 333-3626-01 Not Applicable
(State or other juris- (Commission File Number (IRS Employer
diction of incorporation of Registrant) Identification
of Master Servicer) Number of
Registrant)
2700 Sanders Road, Prospect Heights, Illinois 60070
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 847/564-5000
Exhibit Index appears on page 3 <PAGE>
Item 7.
FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99(a) Monthly Servicing Report to Trustee dated
August 20, 1996 pursuant to Section 3.04(b)
of the Pooling and Servicing Agreement dated
as of May 1, 1996 (the "Pooling and Servicing
Agreement") among HFC Revolving Corporation,
as Seller, Household Finance Corporation, as
Servicer, and First National Bank of Chicago,
as Trustee, with respect to the Class A
Certificates, Series 1996-1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Servicer has duly caused this report to be signed on
behalf of the Revolving Home Equity Loan Trust 1996-1 by the
undersigned hereunto duly authorized.
HOUSEHOLD FINANCE CORPORATION,
as Servicer of and on behalf of the
REVOLVING HOME EQUITY LOAN TRUST 1996-1
(Registrant)
By: /s/ J. W. Blenke
J. W. Blenke
Aithorized Representative
Dated: August 22, 1996
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
99(a) Monthly Servicing Report to Trustee dated August
20, 1996 pursuant to Section 3.04(b) of the
Pooling and Servicing Agreement dated as of May 1,
1996 (the "Pooling and Servicing Agreement") among
HFC Revolving Corporation, as Seller, Household
Finance Corporation, as Servicer, and First
National Bank of Chicago, as Trustee, with respect
to the Class A Certificates, Series 1996-1.
- 3 -
HE96-1.8k
Household Finance Corporation
Household Revolving Home Equity Loan
Revolving Home Equity Loan Asset Backed Certificates - Series
1996-1
P & S Agreement Date: May 1, 1996
Original Settlement Date: May 23, 1996
Series Number of Class A-1 Certificates: 441919AJ6
Series Number of Class A-2 Certificates: N/A
Original Sale Balance: $819,278,000
Servicer Certificate (Page 1 of 3)
Distribution Date:
08/20/96
Investor Certificateholder Floating Allocation Percentage
97.50%
Investor Certificateholder Fixed Allocation Percentage
97.50%
Aggregate Amount of Collections
26,480,717.30
Aggregate Amount of Interest Collections
9,009,698.89
Aggregate Amount of Principal Collections
17,471,018.41
Class A Interest Collections
8,784,465.43
Class A Principal Collections
15,343,077.79
Seller Interest Collections
225,233.46
Seller Principal Collections
2,127,940.62
Weighted Average Loan Rate
13.55%
Net Loan Rate
12.55%
Weighted Average Maximum Loan Rate
18.59%
Class A-1 Certificate Rate
5.6570%
Maximum Investor Certificate Rate
12.5500%
Class A-1 Certificate Interest Distributed
3,714,244.74
Class A-1 Investor Certificate Interest Shortfall before Draw
0.00
Unpaid Class A-1 Certificate Interest Shortfall Received
0.00
Unpaid Class A-1 Certificate Interest Shortfall Remaining
0.00
Unpaid Class A-1 Carryover Interest Amount
0.00
Maximum Principal Dist. Amount (MPDA)
17,034,242.95
Alternative Principal Dist. Amount (APDA)
15,343,077.79
Rapid Amortization Period? (Y=1, N=0)
0.00
Scheduled Principal Distribution Amount (SPDA)
15,343,077.79
Principal allocable to Class A-1
0.00
SPDA deposited to Funding Account
15,343,077.79
Subsequent Funding Mortgage Loans Purchased in Period
0.00
Cumulative Subsequent Funding Mortgage Loans Purchased
0.00
Accelerated Principal Distribution Amount
0.00
APDA allocable to Class A-1
0.00
Reimbursement to Credit Enhancer
0.00
Spread Trigger hit?
No
Reduction in Certificate Principal Balance
due to Current Class A-1 Liquidation Loss Amount
12,427.21
Cumulative Investor Liquidation Loss Amount
12,427.21
Total Principal allocable to A-1
12,427.21
Beginning Class A-1 Certificate Principal Balance
815,054,290.05
Ending Class A-1 Certificate Principal Balance
815,041,862.84
Pool Factor (PF)
0.9948294
Servicer Certificate (Page 2 of 3)
Distribution Date:
08/20/96
Retransfer Deposit Amount (non 2.07 transfers)
0.00
Servicing Fees Distributed
658,530.64
Beg. Accrued and Unpaid Inv. Servicing Fees
0.00
Accrued and Unpaid Inv. Servicing Fees Recv'd
0.00
End. Accrued and Unpaid Inv. Servicing Fees
0.00
Number of Mortgage Loans Retransferred pursuant to 2.07
0
Cumulative Number of Mortgage Loans Retransferred pursuant to 2.07
0
Mortgage Loans Retransferred pursuant to 2.07 ($)
0.00
Cumulative Mortgage Loans Retransferred pursuant to 2.07 ($)
0.00
Aggregate Investor Liquidation Loss Amount
12,427.21
Investor Loss Reduction Amount
0.00
Beginning Pool Balance
811,242,094.53
Ending Pool Balance
795,883,606.00
Beginning Invested Amount
819,255,717.05
Ending Invested Amount
819,243,289.84
Beginning Seller Principal Balance
21,005,330.90
Ending Seller Principal Balance
21,002,347.37
Additional Balances
2,127,940.62
Beginning Funding Account Balance
29,018,953.42
Ending Funding Account Balance
44,362,031.21
Ending Funding Account Balance % (before any purchase of Subsequent
Loans or release to Certs.) 5.28%
Ending Funding Account Balance % (after purchase of Subsequent
Loans or release to Certs.) 5.28%
Principal Balance of Subsequent Funding Loans Purchased in Period
$0.00
Principal Collections to purchase Additional Balances and/or paid
to Cert. $0.00
Excess Funding Amount
Beginning Spread Account Balance
2,100,714.00
Ending Spread Account Balance
2,100,714.00
Beginning Seller Interest
2.59%
Ending Seller's Interest
2.64%
Delinquency & REO Status
Delinquent 30-59 days
No. of Accounts
Trust Balance
1,199
Delinquent 60-89 days
44,950,382.64
No. of Accounts
216
Trust Balance
7,475,153.69
Delinquent 90+ days
No. of Accounts
139
Trust Balance
4,866,688.65
REO
No. of Accounts
0
Trust Balance
0.00
Rapid Amortization Event ?
No
Failure to make payment within 5 Business Days of Required Date
? No
Failure to perform covenant relating to Trust's Security
Interest ? No
Failure to perform other covenants as described in the Agreement
? No
Breach of Representation or Warranty ?
No
Bankruptcy, Insolvency or Receivership relating to Seller ?
No
Subject to Investment Company Act of 1940 Regulation ?
No
Servicing Termination ?
No
Aggregate of Credit Enhancement Draw Amounts exceed 1% of the
Cut-off Balance and Pre-Funded Amount No
Servicer Certificate (Page 3 of 3)
Distribution Date:
08/20/96
Event of Default ?
No
Failure by Servicer to make payment within 5 Bus. Days of
Required Date ? No
Failure by Servicer to perform covenant relating to Trust's
Security Interest ? No
Failure by Servicer to perform other covenants as described in
the Agreement? No
Bankruptcy, Insolvency or Receivership relating to Master
Servicer ? No
Trigger Event ?
No
Policy Fee Distributed to Credit Enhancer (Paid directly from HFC)
N/A
Premium Distributed to Credit Enhancer
0.00
Amount Distributed to Seller
2,353,174.08
Master Servicer Credit Facility Amount
0.00
Guaranteed Principal Distribution Amount
0.00
Credit Enhancement Draw Amount
0.00
Spread Account Draw Amount
0.00
Capitalized Interest Account Draw
0.00
Amount re-imbursed to Credit Enhancer (5.01(a)(vi))
0.00
Amount paid to Trustee
0.00
Cumulative Draw under Policy
0.00
Net Yield
6.44%
Total Available Funds
Aggregate Amount of Collections
26,480,717.30
Deposit for principal not used to purchase subsequent loans
0.00
Interest Earnings on the Pre-Funding Account
0.00
Deposit from Capitalized Interest Account
0.00
Total
26,480,717.30
Application of Available Funds
Servicing Fee
658,530.64
Prinicpal and Interest to Class A-1
3,726,671.95
Seller's portion of Principal and Interest
2,353,174.08
Funds deposited into Funding Account (Net)
15,343,077.79
Funds deposited into Spread Account
0.00
Excess funds released to Seller
4,399,262.84
Total
26,480,717.30
OFFICERS'S CERTIFICATE
All computations reflected in this Servicer Certificate were
made in conformity with the Pooling and Servicing Agreement.
The attached Servicing Certificate is true and correct in all
material respects.
Attached as Exhibit A hereto is a list of all Mortgage Loans with
respect to which the Trust Balances have been paid in full and
all amounts received in connections with the payment of such
Trust Balances which are required to be deposited in the
Certificate Account or credited to the Mortgage Loan Payment
Record pursuant to Section 3.02 of the Agreement have been
so deposited.
A Servicing Officer
Statement to Certificateholders (Page 1 of 2)
Distribution Date:
08/20/96
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000)
Class A Certificateholder Floating Allocation Percentage
97.5001%
Class A Certificateholder Fixed Allocation Percentage
97.5000%
Beginning Class A-1 Certificate Balance
815,054,290.05
Class A-1 Certificate Rate
5.657030%
Class A-1 Certificate Interest Distributed
4.533558
Class A-1 Certificate Interest Shortfall Distributed
0.000000
Remaining Unpaid Class A-1 Certificate Interest Shortfall
0.000000
Rapid Amortization Event ?
No
Class A-1 Certificate Principal Distributed
0.015168
Maximum Principal Distribution Amount
20.791774
Scheduled Principal Distribution Amount (SPDA)
18.727560
Accelerated Principal Distribution Amount
0.000000
Aggregate Investor Liquidation Loss Amount Distributed
0.015168
Total Amount Distributed to Certificateholders
4.533558
Principal Collections deposited into Funding Account
15,343,077.79
Ending Funding Account Balance
44,362,031.21
Ending Class A-1 Certificate Balance
815,041,862.84
Class A-1 Factor
0.9948294
Pool Factor (PF)
0.9948294
Unreimbursed Liquidation Loss Amount
$0
Accrued Interest on Unreimbursed Liquidation Loss Amount
$0
Accrued & Unpaid Interest on Unreimbursed Liquidation Loss Amount
$0
Class A Servicing Fee
658,530.64
Beginning Invested Amount
819,255,717.05
Ending Invested Amount
819,243,289.84
Beginning Pool Balance
811,242,094.53
Ending Pool Balance
795,883,606.00
Spread Account Draw Amount
0.00
Credit Enhancement Draw Amount
0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date:
08/20/96
DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts
1,199
Trust Balance
44,950,382.64
Delinquent 60-89 days
No. of Accounts
216
Trust Balance
7,475,153.69
Delinquent 90+ days
No. of Accounts
139
Trust Balance
4,866,688.65
REO
No. of Accounts
0
Trust Balance
0.00
Aggregate Liquidation Loss Amount for Liquidated Loans
12,745.84
Class A-1 Certificate Rate for Next Distribution Date
To be updated
Amount of any Draws on the Policy
0.00
Subsequent Mortgage Loans
No. of Accounts
0.00
Trust Balance
0.00
Cumulative No. of Accounts
0.00
Cumulative Trust Balance
0.00
Retransferred Mortgage Loans pursuant to 2.07
Number of Mortgage Loans Retransferred pursuant to 2.07
0
Cumulative Number of Mortgage Loans Retransferred pursuant to
2.07 0
Mortgage Loans Retransferred pursuant to 2.07 ($)
0.00
Cumulative Mortgage Loans Retransferred pursuant to 2.07 ($)
0.00
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