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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 September 21, 1998
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)
Delaware 0-20909 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
September 21, 1998 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
Authorized Representative
Dated: September 22, 1998
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
4
99(a) Monthly Servicing Report to Trustee dated September 21, 1998
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: 09/21/98
Investor Certificateholder Floating Allocation 95.39%
Percentage
Investor Certificateholder Fixed Allocation 97.37%
Percentage
Aggregate Amount of Collections 22,445,870.07
Aggregate Amount of Interest Collections 5,129,834.34
Aggregate Amount of Principal Collections 17,316,035.73
Class A Interest Collections 4,893,336.71
Class A Principal Collections 16,513,522.24
Seller Interest Collections 236,497.63
Seller Principal Collections 802,513.49
Weighted Average Loan Rate 13.46%
Net Loan Rate 12.46%
Weighted Average Maximum Loan Rate 18.64%
Class A-1 Certificate Rate 5.8484%
Maximum Investor Certificate Rate 12.4600%
Class A-1 Certificate Interest Distributed 2,181,619.96
Class A-1 Investor Certificate Interest Shortfall 0.00
before Draw
Unpaid Class A-1 Certificate Interest Shortfall 0.00
Received
Unpaid Class A-1 Certificate Interest Shortfall 0.00
Remaining
Unpaid Class A-1 Carryover Interest Amount 0.00
Maximum Principal Dist. Amount (MPDA) 16,859,775.50
Alternative Principal Dist. Amount (APDA) 16,513,522.24
Rapid Amortization Period? (Y=1, N=0) 0.00
Scheduled Principal Distribution Amount (SPDA) 16,513,522.24
Principal allocable to Class A-1 16,513,522.24
SPDA deposited to Funding Account 0.00
Subsequent Funding Mortgage Loans Purchased in 0.00
Period
Cumulative Subsequent Funding Mortgage Loans 100,781,997.58
Purchased
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 858,385.81
Amount
Cumulative Investor Liquidation Loss Amount 858,385.81
Total Principal allocable to A-1 17,371,908.05
Beginning Class A-1 Certificate Principal Balance 419,654,208.27
Ending Class A-1 Certificate Principal Balance 402,282,300.22
Pool Factor (PF) 0.4910205
Servicer Certificate (Page 2 of 3)
Distribution Date: 09/21/98
Retransfer Deposit Amount (non 2.07 transfers) 0.00
Servicing Fees Distributed 353,213.03
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 0
to 2.07
Cumulative Number of Mortgage Loans Retransferred 0
pursuant to 2.07
Mortgage Loans Retransferred pursuant to 2.07 ($) 0.00
Cumulative Mortgage Loans Retransferred pursuant 0.00
to 2.07 ($)
Aggregate Investor Liquidation Loss Amount 858,385.81
Investor Loss Reduction Amount 0.00
Beginning Pool Balance 444,340,809.27
Ending Pool Balance 426,925,890.01
Beginning Invested Amount 423,855,635.27
Ending Invested Amount 406,483,727.22
Beginning Seller Principal Balance 20,485,174.00
Ending Seller Principal Balance 20,442,162.79
Additional Balances 802,513.49
Beginning Funding Account Balance 0.00
Ending Funding Account Balance 0.00
Ending Funding Account Balance % (before any 0.00%
purchase of Subsequent Loans or release to
Certs.)
Ending Funding Account Balance % (after purchase 0.00%
of Subsequent Loans or release to Certs.)
Principal Balance of Subsequent Funding Loans $0.00
Purchased in Period
Principal Collections to purchase Additional $0.00
Balances and/or paid to Cert.
Excess Funding Amount $0.00
Beginning Spread Account Balance 2,100,714.00
Ending Spread Account Balance 2,100,714.00
Beginning Seller Interest 4.61%
Ending Seller's Interest 4.79%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts
Trust Balance 981
60 - 89 days (Del Stat 2) 34,486,794.40
No. of Accounts 261
Trust Balance 9,067,425.98
90+ (Del Stat 3+)
No. of Accounts 535
Trust Balance 17,519,364.48
270+ (Del Stat 9+)
No. of Accounts 232
Trust Balance 8,667,250.37
REO
No. of Accounts 60
Trust Balance 2,896,913.10
Rapid Amortization Event ? No
Failure to make payment within 5 Business Days No
of Required Date ?
Failure to perform covenant relating to No
Trust's Security Interest ?
Failure to perform other covenants as No
described in the Agreement ?
Breach of Representation or Warranty ? No
Bankruptcy, Insolvency or Receivership No
relating to Seller ?
Subject to Investment Company Act of 1940 No
Regulation ?
Servicing Termination ? No
Aggregate of Credit Enhancement Draw Amounts No
exceed 1% of the Cut-off Balance and Pre-Funded
Amount
Servicer Certificate (Page 3 of 3)
Distribution Date: 09/21/98
Event of Default ? No
Failure by Servicer to make payment within 5 No
Bus. Days of Required Date ?
Failure by Servicer to perform covenant No
relating to Trust's Security Interest ?
Failure by Servicer to perform other covenants No
as described in the Agreement?
Bankruptcy, Insolvency or Receivership No
relating to Master Servicer ?
Trigger Event ? No
Policy Fee Distributed to Credit Enhancer (Paid N/A
directly from HFC)
Premium Distributed to Credit Enhancer 0.00
Amount Distributed to Seller 1,039,011.12
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 0.00
(5.01(a)(vi))
Amount paid to Trustee 0.00
Cumulative Draw under Policy 0.00
Net Yield 4.25%
Total Available Funds
Aggregate Amount of Collections 22,445,870.07
Deposit for principal not used to purchase 0.00
subsequent loans
Interest Earnings on the Pre-Funding Account 0.00
Deposit from Capitalized Interest Account 0.00
Total 22,445,870.07
Application of Available Funds
Servicing Fee 353,213.03
Prinicpal and Interest to Class A-1 19,553,528.01
Seller's portion of Principal and Interest 1,039,011.12
Funds deposited into Funding Account (Net) 0.00
Funds deposited into Spread Account 0.00
Excess funds released to Seller 1,500,117.91
Total 22,445,870.07
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.
A Servicing Officer
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 09/21/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000)
Class A Certificateholder Floating Allocation 95.3898%
Percentage
Class A Certificateholder Fixed Allocation 97.3651%
Percentage
Beginning Class A-1 Certificate Balance 419,654,208.27
Class A-1 Certificate Rate 5.848440%
Class A-1 Certificate Interest Distributed 2.662857
Class A-1 Certificate Interest Shortfall 0.000000
Distributed
Remaining Unpaid Class A-1 Certificate Interest 0.000000
Shortfall
Rapid Amortization Event ? No
Class A-1 Certificate Principal Distributed 21.203924
Maximum Principal Distribution Amount 20.578821
Scheduled Principal Distribution Amount 20.156189
(SPDA)
Accelerated Principal Distribution Amount 0.000000
Aggregate Investor Liquidation Loss Amount 1.047734
Distributed
Total Amount Distributed to Certificateholders 22.819046
Principal Collections deposited into Funding 0.00
Account
Ending Funding Account Balance 0.00
Ending Class A-1 Certificate Balance 402,282,300.22
Class A-1 Factor 0.4910205
Pool Factor (PF) 0.4910205
Unreimbursed Liquidation Loss Amount $0
Accrued Interest on Unreimbursed Liquidation Loss $0
Amount
Accrued & Unpaid Interest on Unreimbursed $0
Liquidation Loss Amount
Class A Servicing Fee 353,213.03
Beginning Invested Amount 423,855,635.27
Ending Invested Amount 406,483,727.22
Beginning Pool Balance 444,340,809.27
Ending Pool Balance 426,925,890.01
Spread Account Draw Amount 0.00
Credit Enhancement Draw Amount 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 09/21/98
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts 981
Trust Balance 34,486,794.40
60 - 89 days (Del Stat 2)
No. of Accounts 261
Trust Balance 9,067,425.98
90+ (Del Stat 3+)
No. of Accounts 535
Trust Balance 17,519,364.48
REO
No. of Accounts 60
Trust Balance 2,896,913.10
Aggregate Liquidation Loss Amount for Liquidated 899,251.51
Loans
Class A-1 Certificate Rate for Next Distribution To be updated
Date
Amount of any Draws on the Policy 0.00
Subsequent Mortgage Loans
No. of Accounts 0.00
Trust Balance 0.00
Cumulative No. of Accounts 3,249.00
Cumulative Trust Balance 100,781,997.58
Retransferred Mortgage Loans pursuant to 2.07
Number of Mortgage Loans Retransferred 0
pursuant to 2.07
Cumulative Number of Mortgage Loans 0
Retransferred pursuant to 2.07
Mortgage Loans Retransferred pursuant to 2.07 0.00
($)
Cumulative Mortgage Loans Retransferred 0.00
pursuant to 2.07 ($)
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