<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 1996
Vanderbilt Mortgage and Finance, Inc.
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(Exact name of registrant as specified in its charter)
Tennessee
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(State or other jurisdiction of incorporation or organization)
33-88238 62-0997810
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(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On June 7, 1996, Chemical Bank, as Trustee, made the monthly
distribution to the holders of the Vanderbilt Mortgage and Finance, Inc.
Manufactured Housing Contract Senior/Subordinated Pass Through Certificates,
Series 1996A.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
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<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on June 7, 1996.
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SIGNATURES
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.
VANDERBILT MORTGAGE AND FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
Name: David R. Jordan
Title: Controller
Dated: June 7, 1996
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Chemical Bank, Trustee Determination Date: 03-Jun-96
Manufactured Housing Contracts Remittance Date: 07-Jun-96
Senior/Subordinated Pass-Through For the Period Ended: 25-May-96
Certificates Series 1996A
Information for Clauses (a) through (s), Section 7.01
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<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4
<S> <C> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 1,926,474.27 203,715.42 153,479.96 96,252.63
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 749,423.39
(b) Partial Prepayments Received 83,966.73
(c) Principal Payments in Full (Scheduled Balance) 865,536.89
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls
in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 1,718,927.01 0.00 0.00 0.00
(c) Interest Distribution 207,547.28 203,715.42 153,479.96 96,252.63
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
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Total Interest Distribution 207,547.26 203,715.42 153,479.96 96,252.63
(d) Beginning Class A and Class B Principal Balance 40,009,109.84 37,160,000.00 26,887,000.00 16,098,000.00
Less: Principal Distribution 1,718,927.01 0.00 0.00 0.00
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Remaining Class A and Class B Principal Balance 38,290,182.83 37,160,000.00 26,887,000.00 16,098,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 180,127.20
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 16,000.00
Reimburseable Fees 0.00
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Total Fees Due Servicer 196,127.20
<CAPTION>
Class A-5 Class A-6 Class B-1 Class B-2
<S> <C> <C> <C> <C>
(a) Class A and B Distribution Amounts 126,893.25 90,913.46 67,310.50 53,260.25
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls
in (a) through (e)
------------- ------------- ------------- ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 126,893.25 90,913.46 67,310.50 53,260.25
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Total Interest Distribution 126,893.25 90,913.46 67,310.50 53,260.25
(d) Beginning Class A and Class B Principal Balance 20,508,000.00 13,942,000.00 10,456,000.00 7,842,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Remaining Class A and Class B Principal Balance 20,508,000.00 13,942,000.00 10,456,000.00 7,842,000.00
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 87 1,841,669
60-89 Days Delinquent 18 429,132
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 240,487.79
Repossession Profits 0.00
(j) Principal Balance of Contracts
in Repossession 0.00
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 53,260.25
(y) Remaining Amount Available 197,126.03
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Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
(p) Number of units repossessed 0
(q) Principal Prepayments paid 969,503.62
(r) Scheduled Principal Payments 749,423.39
(s) Weighted Average Interest Rate 12.00%
</TABLE>
<TABLE>
<CAPTION>
(h) Pool Factor Original Balance Rate
<S> <C> <C> <C>
Class A-1 0.92593483 41,353,000.00 6.225%
Class A-2 1.00000000 37,180,000.00 6.575%
Class A-3 1.00000000 26,867,000.00 6.850%
Class A-4 1.00000000 16,098,000.00 7.175%
Class A-5 1.00000000 20,508,000.00 7.425%
Class A-6 1.00000000 13,942,000.00 7.825%
Class B-1 1.00000000 10,456,000.00 7.725%
Class B-2 1.00000000 7,842,000.00 8.150%
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Chemical Bank, Trustee Determination Date: 03-Jun-96
Manufactured Housing Contracts Remittance Date: 07-Jun-96
Senior/Subordinated Pass-Through For the Period Ended: 25-May-96
Certificates Series 1996A
Computation of Available Distribution Amount
<TABLE>
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,156,735.90
Certificate Account Balance at Monthly Cutoff-SubServicer 98,295.98
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 9,188.08
(iv) Section 5.05 Certificate Fund Income-SubServicer 312.67
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 107,631.26
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 0.00
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 180,127.20
(iv) Reimburseable Liquidation Expenses 16,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-Sub-Servicer 1,986.64
Total Due Servicer 198,113.84
Available Distribution Amount-Vanderbilt 2,862,165.52
Available Distribution Amount-SubServicer 96,622.01
To Class A and B 2,716,299.74
Monthly Excess Cashflow 240,487.79
Weighted Average Remaining Term (months) 151.70
Scheduled Balance Computation
Prior Month Balance 172,922,109.84
Current Balance 171,266,014.22
Adv Principal 30,923.26
Del Principal 93,754.65
Pool Scheduled Balance 171,203,182.83
Principal Payments in Full 865,536.89
Partial Prepayments 83,966.73
Scheduled Principal 749,423.39
Collateral Balance 171,266,014.22
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