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): May 7, 1996
Vanderbilt Mortgage & Finance, Inc.
(Exact name of registrant as specified in its charter)
Tennessee
(State or other jurisdiction of incorporation or organization)
33-88238 62-0997810
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS
On May 7, 1996, Chemical Bank, as Trustee, made the monthly
distribution to the holders of the Vanderbilt Mortgage & 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.
EXHIBIT NO. DESCRIPTION PAGE
28 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on May 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 & FINANCE, INC.
as Servicer
By:/S/ David R. Jordan
Name: David R. Jordan
Title: Controller
Dated: May 7, 1996
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Chemical Bank, Trustee
Determination Date: 03-May-96
Manufactured Housing Contracts Remittance Date: 08-May-96
Senior/Subordinated Pass-Through Certificates Series 1996A For the Period Ended: 25-Apr-96
Information for Clauses (a) through (s), Section 7.01
<S> <C> <C> <C> <C>
Class A-1 Class A-2 Class A-3 Class A-4
(a) Class A and Class B Distribution Amounts 1,558,408.85 203,715.42 153,479.96 96,252.63
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 598,898.04
(b) Partial Prepayments Received 109,368.22
(c) Principal Payments in Full (Scheduled Balance)
635,623.90
(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 ,343,890.16 0.00 0.00 0.00
(c) Interest Distribution 214,518.69 203,715.42 153,479.96 96,252.63
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
____________ ____________ __________ ____________
Total Interest Distribution 214,518.69 203,715.42 153,479.96 96,252.63
(d) Beg Class A and Class B Principal Bal 41,353,000.00 37,180,000.00 26,887,000.00 16,098,000.00
Less: Principal Distribution 1,343,890.16 0.00 0.00 0.00
_____________ ____________ __________ ____________
Rem Class A and Class B Principal Bal 40,009,109.84 37,180,000.00 26,887,000.00 16,098,000.00
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Chemical Bank, Trustee Determination Date: 03-May-96
Manufactured Housing Contracts Remittance Date: 08-May-96
Senior/Subordinated Pass-Through Certificates Series 1996A For the Period Ended: 25-Apr-96
Information for Clauses (a) through (s), Section 7.01
<S> <C> <C> <C> <C>
Class A-5 Class A-6 Class B-1 Class B-2
(a) Class A and Class 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) Beg Class A and Class B Principal Bal 20,508,000.00 13,942,000.00 14,456,000.00 7,842,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
_____________ _____________ _____________ _____________
Rem Class A and Class B Principal Bal 20,508,000.00 13,942,000.00 10,456,000.00 7,842,000.00
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(e) Fees Due Servicer
Monthly Servicing Fee 181,527.08
Section 8.06 Reimbursement Amount 0.00
Section 6.02 Reimbursement Amount 6,000.00
Reimburseable Fees 0.00
______________
Total Fees Due Servicer 187,527.08
No. of Unpaid Principal
(f) Delinquency Contracts Balance
31-59 Days Delinquent 71 1,504,801
60-89 Days Delinquent 11 294,942
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(h) Pool Factor Original Balance Rate
Class A-1 0.96750199 41,535,000.00 6.225%
Class A-2 1.00000000 37,180,000.00 6.575%
Class A-3 1.00000000 26,887,000.00 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%
(i) Class R Distribution Amount 203,085.88
Reposession 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 256,346.13
______________
Amount of (x) over (y) 0.00
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(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 744,992.12
(r) Scheduled Principal Payments 598,898.04
(s) Weighted Average Interest Rate 12.00%
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Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,762,164.72
Certificate Account Balance at Monthly Cutoff-SubServicer 108,386.33
(ii)Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income 737.22
(iv)
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period 130,440.99
(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 181,527.08
(iv) Reimburseable Liquidation Expenses 6,000.00
(v) Section 6.04(c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii)Amounts not required to be deposited 0.00
Total Due Servicer 187,527.08
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Available Distribution Amount 2,553,320.20
To Class A and B 2,350,234.32
Monthly Excess Cashflow 203,085.88
Weighted Average Remaining Term (months) 151.70
Scheduled Balance Computation
Prior Month Balance 174,266,000.00
Current Balance 172,956,700.16
Adv Principal 36,895.02
Del Principal 71,485.34
Pool Scheduled Balance 172,922,109.84
Principal Payments in Full 635,623.90
Partial Prepayments 109,368.22
Scheduled Principal 598,898.04
Collateral Balance 172,956,700.16
J $ AMT IN INVENTORY FOR 600
P # UNITS REPOED FOR THE MONTH(NOT TOTAL INVENTORY)
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Capitalized Interest Requirement
(i)(1) Wt. Avg. Remittance Rate 6.930%
(2) Trustee Fee 0.0015%
(3) Rate Used 6.9312%
(a)Principal Balance of Subsequent
Contracts Transferred 0.00
Interest Computed @ (i),(3), above 0.00
(b)Pre-Funded Amount Outstanding 0.00
Interest Computed @ (i),(3), above 0.00
(ii)Pre-Funded Account Earnings 18,001.36
Capitalized Interest Requirement (18,001.36)
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