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Previous: DONNA KARAN INTERNATIONAL INC, 10-K405, 1998-03-27 |
Next: MELLON BANK NA MELLON BANK HOME EQUITY LOAN TRUST 1996-1, 10-K405, 1998-03-27 |
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 March 20, 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
March 20, 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: March 23, 1998
- 2 -<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
4
99(a) Monthly Servicing Report to Trustee dated March 20, 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:
03/20/98
Investor Certificateholder Floating Allocation Percentage
96.34%
Investor Certificateholder Fixed Allocation Percentage
97.37%
Aggregate Amount of Collections
26,076,839.91
Aggregate Amount of Interest Collections
6,600,907.59
Aggregate Amount of Principal Collections
19,475,932.32
Class A Interest Collections
6,359,228.56
Class A Principal Collections
18,456,573.69
Seller Interest Collections
241,679.03
Seller Principal Collections
1,019,358.63
Weighted Average Loan Rate
13.55%
Net Loan Rate
12.55%
Weighted Average Maximum Loan Rate
18.58%
Class A-1 Certificate Rate
5.8250%
Maximum Investor Certificate Rate
12.5500%
Class A-1 Certificate Interest Distributed
2,442,355.26
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)
18,962,760.98
Alternative Principal Dist. Amount (APDA)
18,456,573.69
Rapid Amortization Period? (Y=1, N=0)
0.00
Scheduled Principal Distribution Amount (SPDA)
18,456,573.69
Principal allocable to Class A-1
18,456,573.69
SPDA deposited to Funding Account
0.00
Subsequent Funding Mortgage Loans Purchased in Period
0.00
Cumulative Subsequent Funding Mortgage Loans Purchased
100,871,997.58 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 671,796.80
Cumulative Investor Liquidation Loss Amount
671,796.80
Total Principal allocable to A-1
19,128,370.49
Beginning Class A-1 Certificate Principal Balance
539,085,159.02 Ending Class A-1
Certificate Principal Balance
519,956,788.53 Pool Factor (PF)
0.6346524
Retransfer Deposit Amount (non 2.07 transfers)
0.00
Servicing Fees Distributed
452,738.82
Beg. Accrued and Unpaid Inv. Servicing Fees
0.00
Accrued and Unpaid Inv. Servicing Fees Recv'd
0.00
Servicer Certificate (Page 2 of 3)
Distribution Date:
03/20/98
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
671,796.80
Investor Loss Reduction Amount
0.00
Beginning Pool Balance
563,934,012.67
Ending Pool Balance
544,777,295.6
Beginning Invested Amount
543,286,586.02 Ending Invested Amount
524,158,215.53
Beginning Seller Principal Balance
20,647,426.65
Ending Seller Principal Balance
20,619,080.07
Additional Balances
1,019,358.63
Beginning Funding Account Balance
0.00
Ending Funding Account Balance
0.00
Ending Funding Account Balance % (before any purchase of
Subsequent Loans or release to Cert 0.00%
Ending Funding Account Balance % (after purchase of Subsequent
Loans or release to Certs.) 0.00%
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
$0.00
Beginning Spread Account Balance
2,100,714.00
Ending Spread Account Balance
2,100,714.00
Beginning Seller Interest
3.66%
Ending Seller's Interest
3.78%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts
1,138
Trust Balance
39,363,577.05
60 - 89 days (Del Stat 2)
No. of Accounts
324
Trust Balance
11,006,374.41
90+ (Del Stat 3+)
No. of Accounts
630
Trust Balance
21,119,056.52
270+ (Del Stat 9+)
No. of Accounts
256
Trust Balance
8,862,788.15
REO
No. of Accounts
60
Trust Balance
2,619,234.01
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-FunNo
Event of Default ?
No
Servicer Certificate (Page 3 of 3)
Distribution Date:
03/20/98
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
1,261,037.66
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
6.17%
Total Available Funds
Aggregate Amount of Collections
26,076,839.91
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
26,076,839.91
Application of Available Funds
Servicing Fee
452,738.82
Prinicpal and Interest to Class A-1
21,570,725.75
Seller's portion of Principal and Interest
1,261,037.66
Funds deposited into Funding Account (Net)
0.00
Funds deposited into Spread Account
0.00
Excess funds released to Seller
2,792,337.68
Total
26,076,839.91
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
<PAGE>
Statement to Certificateholders (Page 1 of 2)
Distribution Date:
03/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000)
Class A Certificateholder Floating Allocation Percentage
96.3387%
Class A Certificateholder Fixed Allocation Percentage
97.3651%
Beginning Class A-1 Certificate Balance
539,085,159.02 Class A-1
Certificate Rate
5.825000%
Class A-1 Certificate Interest Distributed
2.981107
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
23.347839
Maximum Principal Distribution Amount
23.145698
Scheduled Principal Distribution Amount (SPDA)
22.527852
Accelerated Principal Distribution Amount
0.000000
Aggregate Investor Liquidation Loss Amount Distributed
0.819986
Total Amount Distributed to Certificateholders
25.508959
Principal Collections deposited into Funding Account
0.00
Ending Funding Account Balance
0.00
Ending Class A-1 Certificate Balance
519,956,788.53 Class A-1 Factor
0.6346524
Pool Factor (PF)
0.6346524
Unreimbursed Liquidation Loss Amount
$0
Accrued Interest on Unreimbursed Liquidation Loss Amount
$0
Accrued & Unpaid Interest on Unreimbursed Liquidation Loss Amount
$0
Class A Servicing Fee
452,738.82
Beginning Invested Amount
543,286,586.02 Ending Invested Amount
524,158,215.53
Beginning Pool Balance
563,934,012.67
Ending Pool Balance
544,777,295.60
Spread Account Draw Amount
0.00
Credit Enhancement Draw Amount
0.00
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts
1,138
Trust Balance
39,363,577.05
60 - 89 days (Del Stat 2)
No. of Accounts
324
Trust Balance
11,006,374.41
90+ (Del Stat 3+)
No. of Accounts
630
Trust Balance
21,119,056.52
REO
No. of Accounts
60
Trust Balance
2,619,234.01
Aggregate Liquidation Loss Amount for Liquidated Loans
482,637.21
Class A-1 Certificate Rate for Next Distribution Date
To be updated
Amount of any Draws on the Policy
0.00
Subsequent Mortgage Loans
No. of Accounts
0.00
Trust Balance
0.00
Cumulative No. of Accounts
3,249
Cumulative Trust Balance
100,781,997.58
Statement to Certificateholders (Page 2 of 2)
Distribution Date:
03/20/98
Retransferred Mortgage Loans pursuant to 2.07
Number of Mortgage Loans Retransferred pursuant to 2.07
0
Cumulative Number of Mortgage Loans Retransferred pursuant to
2.07 0
Mortgage Loans Retransferred pursuant to 2.07 ($)
0.00
Cumulative Mortgage Loans Retransferred pursuant to 2.07 ($)
0.00
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