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 July 20, 1999
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
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99(a) Monthly Servicing Report to Trustee dated
July 20, 1999 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:
J. W. Blenke
Authorized Representative
Dated: July 23, 1999
- 2 -
<PAGE>
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99(a) Monthly Servicing Report to Trustee dated
July 20, 1999 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: July 23, 1999
- 2 -
<PAGE>
EXHIBIT INDEX
Exhibit
Number Exhibit Page
4
99(a) Monthly Servicing Report to Trustee dated July 20, 1999
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: 07/20/99
Investor Certificateholder Floating Allocation 93.43%
Percentage
Investor Certificateholder Fixed Allocation 97.37%
Percentage
Aggregate Amount of Collections 13,179,148.80
Aggregate Amount of Interest Collections 3,544,340.03
Aggregate Amount of Principal 9,634,808.77
Collections
Class A Interest Collections 3,311,589.54
Class A Principal Collections 9,157,067.72
Seller Interest Collections 232,750.49
Seller Principal Collections 477,741.05
Weighted Average Loan Rate 25.94%
Net Loan Rate 24.94%
Weighted Average Maximum Loan Rate 18.59%
Class A-1 Certificate Rate 0.2000%
Maximum Investor Certificate Rate 24.9400%
Class A-1 Certificate Interest Distributed 45,433.09
Class A-1 Investor Certificate Interest 0.00
Shortfall before Draw
Unpaid Class A-1 Certificate Interest 0.00
Shortfall Received
Unpaid Class A-1 Certificate Interest 0.00
Shortfall Remaining
Unpaid Class A-1 Carryover Interest Amount 0.00
Maximum Principal Dist. Amount (MPDA) 9,380,941.19
Alternative Principal Dist. Amount (APDA) 9,157,067.72
Rapid Amortization Period? (Y=1, N=0) 0.00
Scheduled Principal Distribution Amount 9,157,067.72
(SPDA)
Principal allocable to Class A-1 9,157,067.72
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 458,434.99
Amount
Cumulative Investor Liquidation Loss Amount 458,434.99
Total Principal allocable to A-1 9,615,502.71
Beginning Class A-1 Certificate Principal 281,998,470.81
Balance
Ending Class A-1 Certificate Principal Balance 272,382,968.10
Pool Factor (PF) 0.3324671
Servicer Certificate (Page 2 of 3)
Distribution Date: 07/20/99
Retransfer Deposit Amount (non 2.07 transfers) 0.00
Servicing Fees Distributed 238,499.91
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 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 ($)
Aggregate Investor Liquidation Loss Amount 458,434.99
Investor Loss Reduction Amount 0.00
Beginning Pool Balance 306,315,062.02
Ending Pool Balance 296,666,642.54
Beginning Invested Amount 286,199,897.81
Ending Invested Amount 276,584,395.10
Beginning Seller Principal Balance 20,115,164.21
Ending Seller Principal Balance 20,082,247.44
Additional Balances 477,741.05
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 0.00%
purchase 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 6.57%
Ending Seller's Interest 6.77%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts
Trust Balance 625
60 - 89 days (Del Stat 2) 21,642,725.23
No. of Accounts 157
Trust Balance 5,833,760.08
90+ (Del Stat 3+)
No. of Accounts 386
Trust Balance 13,433,056.06
270+ (Del Stat 9+)
No. of Accounts 204
Trust Balance 7,659,813.11
REO
No. of Accounts 476
Trust Balance 3,318,845.94
Rapid Amortization Event ? No
Failure to make payment within 5 Business No
Days 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 No
Amounts exceed 1% of the Cut-off Balance and
Pre-Funded Amount
Servicer Certificate (Page 3 of 3)
Distribution Date: 07/20/99
Event of Default ? No
Failure by Servicer to make payment within No
5 Bus. Days of Required Date ?
Failure by Servicer to perform covenant No
relating to Trust's Security Interest ?
Failure by Servicer to perform other No
covenants as described in the Agreement?
Bankruptcy, Insolvency or Receivership No
relating to Master Servicer ?
Trigger Event ? No
Policy Fee Distributed to Credit Enhancer N/A
(Paid directly from HFC)
Premium Distributed to Credit Enhancer 0.00
Amount Distributed to Seller 710,491.54
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 10.77%
Total Available Funds
Aggregate Amount of Collections 13,179,148.80
Deposit for principal not used to 0.00
purchase subsequent loans
Interest Earnings on the Pre-Funding 0.00
Account
Deposit from Capitalized Interest Account 0.00
Total 13,179,148.80
Application of Available Funds
Servicing Fee 238,499.91
Prinicpal and Interest to Class A-1 9,660,935.80
Seller's portion of Principal and 710,491.54
Interest
Funds deposited into Funding Account 0.00
(Net)
Funds deposited into Spread Account 0.00
Excess funds released to Seller 2,569,221.55
Total 13,179,148.80
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: 07/20/99
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
(PER $1000)
Class A Certificateholder Floating Allocation 93.4332%
Percentage
Class A Certificateholder Fixed Allocation 97.3651%
Percentage
Beginning Class A-1 Certificate Balance 281,998,470.81
Class A-1 Certificate Rate 0.200000%
Class A-1 Certificate Interest Distributed 0.055455
Class A-1 Certificate Interest Shortfall 0.000000
Distributed
Remaining Unpaid Class A-1 Certificate 0.000000
Interest Shortfall
Rapid Amortization Event ? No
Class A-1 Certificate Principal Distributed 11.736557
Maximum Principal Distribution Amount 11.450254
Scheduled Principal Distribution Amount 11.176997
(SPDA)
Accelerated Principal Distribution Amount 0.000000
Aggregate Investor Liquidation Loss Amount 0.559560
Distributed
Total Amount Distributed to Certificateholders 11.232452
Principal Collections deposited into Funding 0.00
Account
Ending Funding Account Balance 0.00
Ending Class A-1 Certificate Balance 272,382,968.10
Class A-1 Factor 0.3324671
Pool Factor (PF) 0.3324671
Unreimbursed Liquidation Loss Amount $0
Accrued Interest on Unreimbursed Liquidation $0
Loss Amount
Accrued & Unpaid Interest on Unreimbursed $0
Liquidation Loss Amount
Class A Servicing Fee 238,499.91
Beginning Invested Amount 286,199,897.81
Ending Invested Amount 276,584,395.10
Beginning Pool Balance 306,315,062.02
Ending Pool Balance 296,666,642.54
Spread Account Draw Amount 0.00
Credit Enhancement Draw Amount 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 07/20/99
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts 625
Trust Balance 21,642,725.23
60 - 89 days (Del Stat 2)
No. of Accounts 157
Trust Balance 5,833,760.08
90+ (Del Stat 3+)
No. of Accounts 386
Trust Balance 13,433,056.06
REO
No. of Accounts 476
Trust Balance 3,318,845.94
Aggregate Liquidation Loss Amount for 328,283.40
Liquidated Loans
Class A-1 Certificate Rate for Next To be updated
Distribution Date
Amount of any Draws on the Policy 0.00
Subsequent Mortgage Loans
No. of Accounts 0.00
Trust Balance 0.00
Cumulative No. of Accounts 3,249.00
Cumulative Trust Balance 100,781,997.58
Retransferred Mortgage Loans pursuant to 2.07
Number of Mortgage Loans Retransferred 0
pursuant to 2.07
Cumulative Number of Mortgage Loans 0
Retransferred pursuant to 2.07
Mortgage Loans Retransferred pursuant to 0.00
2.07 ($)
Cumulative Mortgage Loans Retransferred 0.00
pursuant to 2.07 ($)
