|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: WELLPOINT HEALTH NETWORKS INC /CA/, SC 13G/A, 1996-12-09 |
Next: AUTOBOND ACCEPTANCE CORP, 4, 1996-12-09 |
-----------------------------------------------------------------
UNITED STATES
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 (Date of earliest event reported)
November 25, 1996
IMC Home Equity Loan Trust 1996-2
(Exact name of registrant as specified in its charter)
New York 33-96410 13-3888491
- - - ---------------------------- ------------ ----------------
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Chemical Bank
Structured Finance Services
450 West 33rd Street
New York, New York 10001-2697
- - - ---------------------- ----------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (212) 946-3185
No Change
(Former name or former address, if changed since last report)
----------------------------------------------------------------------
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On November 25, 1996 a scheduled distribution was made from the Trust
to holders of the Class A Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of October, 1996 dated November
25, 1996 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer and Subservicers
for the month of October, 1996 was $76,668.89.
Page 2
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of
October, 1996.
Page 3
<PAGE>
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Jerome M. Perelson
---------------------------
Name: Jerome M. Perelson
Title: Vice President
By: /s/ Susan E. O'Donovan
---------------------------
Name: Susan E. O'Donovan
Title: Vice President
Dated: December 6, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of October, 1996.
Page 5
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Nov-96 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE SUBORDINATE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
<S> <C> <C> <C> <C> <C> <C>
A-1 62,442,000.00 45,722,184.03 4,717,419.73 251,853.03 4,969,272.76 41,004,764.30
A-2 28,489,000.00 28,489,000.00 0.00 160,962.85 160,962.85 28,489,000.00
A-3 26,630,000.00 26,630,000.00 0.00 154,897.83 154,897.83 26,630,000.00
A-4 10,730,000.00 10,730,000.00 0.00 63,485.83 63,485.83 10,730,000.00
A-5 24,786,000.00 24,786,000.00 0.00 151,607.70 151,607.70 24,786,000.00
A-6 15,882,000.00 15,882,000.00 0.00 102,571.25 102,571.25 15,882,000.00
A-7 16,041,000.00 16,041,000.00 0.00 106,271.63 106,271.63 16,041,000.00 4,080,070.55 167,642,834.85
A-8 15,000,000.00 12,024,763.64 714,239.79 73,465.29 787,705.08 11,310,523.85 197,086.79 11,507,610.64
S-I N/A N/A N/A 2,162.15 2,162.15 N/A
R N/A N/A N/A 3,538.95 3,538.95 N/A
TOTALS 200,000,000.00 180,304,947.67 5,431,659.52 1,070,816.51 6,502,476.03 174,873,288.15 4,277,157.34 179,150,445.49
</TABLE>
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
<S> <C> <C> <C>
A-1 75.54882499 4.03339147 656.68563306
A-2 0.00000000 5.65000000 1000.00000000
A-3 0.00000000 5.81666654 1000.00000000
A-4 0.00000000 5.91666636 1000.00000000
A-5 0.00000000 6.11666667 1000.00000000
A-6 0.00000000 6.45833333 1000.00000000
A-7 0.00000000 6.62500031 1000.00000000
A-8 47.615986 4.89768600 754.03492357
TOTALS 27.1582976 2.289542718 874.3664408
</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
<S> <C> <C>
A-1 6.61000000% 6.61000000%
A-2 6.78000000% 6.78000000%
A-3 6.98000000% 6.98000000%
A-4 7.10000000% 7.10000000%
A-5 7.34000000% 7.34000000%
A-6 7.75000000% 7.75000000%
A-7 7.95000000% 7.95000000%
A-8 7.23936131% 7.33140000%
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
EILEEN ROONEY
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Nov-96 PAGE # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 5,746,080.95 790,187.83
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 6,496,774.93
CLASS S-I DISTRIBUTION AMOUNT 3,538.95
<CAPTION>
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 551,171.81 25,608.84
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 180,304,947.67
CLASS A PRINCIPAL DISTRIBUTION 5,431,659.52
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 174,873,288.15
SECTION 7.08 (7) REALIZED LOSSES 0.00
<CAPTION>
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00 0.00
SECTION 7.08 (9) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 0.00 0.00
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00 0.00
(D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE CERTIFICATE ACCOUNT 0.00
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE DEPOSITOR 0.00
SECTION 7.08 (10) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
DUE TO GROUP I UNDERWATER LOANS
<CAPTION>
PER $1000
<S> <C> <C> <C>
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 4,969,272.76 79.58
CLASS A-2 DISTRIBUTION 160,962.85 5.65
CLASS A-3 DISTRIBUTION 154,897.83 5.82
CLASS A-4 DISTRIBUTION 63,485.83 5.92
CLASS A-5 DISTRIBUTION 151,607.70 6.12
CLASS A-6 DISTRIBUTION 102,571.25 6.46
CLASS A-7 DISTRIBUTION 106,271.63 6.63
CLASS A-8 DISTRIBUTION 787,705.08 52.51
CLASS R DISTRIBUTION 3,538.95
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 130,506.33 0.71
PRINCIPAL PREPAYMENTS 4,035,741.59 21.81
SUBORDINATION INCREASE AMOUNT 551,171.81 2.98
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 6,292.20 0.42
PRINCIPAL PREPAYMENTS 682,338.75 45.49
SUBORDINATION INCREASE AMOUNT 25,608.84 1.71
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-4 CARRYFORWARD 0.00
CLASS A-5 CARRYFORWARD 0.00
CLASS A-6 CARRYFORWARD 0.00
CLASS A-7 CARRYFORWARD 0.00
CLASS A-8 CARRYFORWARD 0.00
CLASS S-I CARRYFORWARD 0.00
SECTION 7.09 (a)(v) INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION 0.00
INSURED PAYMENT INCLUDED IN CLASS S-I DISTRIBUTION 0.00
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Nov-96 PAGE # 3
<TABLE>
<CAPTION>
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 167642834.85 11507610.64
ENDING NUMBER OF LOANS 2673 142
<CAPTION>
ENDING CERTIFICATE BALANCE: PER $1000
<S> <C> <C> <C>
CLASS A-1 41,004,764.30 656.6856331
CLASS A-2 28,489,000.00 1000
CLASS A-3 26,630,000.00 1000
CLASS A-4 10,730,000.00 1000
CLASS A-5 24,786,000.00 1000
CLASS A-6 15,882,000.00 1000
CLASS A-7 16,041,000.00 1000
CLASS A-8 11,310,523.85 754.0349236
SECTION 7.09 (a)(vii)
<CAPTION>
GROUP I GROUP II
<S> <C> <C> <C>
SUBORDINATED AMOUNT 4,080,070.55 197,086.79
SECTION 7.09 (a)(ix) SUBORDINATION DEFICIT 0.00 0.00
0.00
SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
SECTION 7.09 (a)(x) LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION
SECTION 7.09 (a)(xii) WEIGHTED AVERAGE COUPON RATE 11.617600% 10.469200%
SPREAD SQUEEZE RATE 4.761014%
SECTION 7.09 (a)(xiii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 4.545000%
SECTION 7.09 (a)(xiv) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 524,079.97 355,831.81
SECTION 7.09 (b)(i) REMAINING PRE-FUNDED AMOUNT 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
GROUP I
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
<S> <C> <C> <C> <C>
30-59 DAYS 63 3,680,152.60 2.20%
60-89 DAYS 20 1,296,793.15 0.77%
90+DAYS 62 5,218,443.34 3.11%
<CAPTION>
GROUP II
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
<S> <C> <C> <C> <C>
30-59 DAYS 1 84,793.41 0.05%
60-89 DAYS 2 44,779.97 0.03%
90+DAYS 1 40,206.72 0.02%
<CAPTION>
AGGREGATE
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
<S> <C> <C> <C> <C>
30-59 DAYS 64 3,764,946.01 2.25%
60-89 DAYS 22 1,341,573.12 0.80%
90+DAYS 63 5,258,650.06 3.14%
</TABLE>
*The number and aggrgate principal balance of
delinquent loans includes loans in foreclosure
and bankruptcy
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Nov-96 PAGE # 4
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 39 1 40
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 3,935,933.75 25,802.88 3,961,736.63
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 10 1 11
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 1,359,904.76 25,802.88 1,385,707.64
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 23 1 24
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 1,432,554.12 44,739.99 1,477,294.11
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1178 1 1179
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 90,562,676.90 30,547.32 90,593,224.22
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES
6 0 6
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
921,088.79 0.00 921,088.79
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY
1,020,600.00 0 1,020,600.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.0000000% 0.0000000% 0.0000000%
CUMULATIVE REALIZED LOSSES 0.00 0.00 0.00
CURRENT PERIOD REALIZED LOSSES 0.00 0.00 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH) 0.0000000% 0.0000000% 0.0000000%
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.0000000% 0.0000000% 0.0000000%
SECTION 7.09 (b)(vii) 60+DELINQUENCY PERCENTAGE 2.56291591% 0.30161467% 2.41239722%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Nov-96
<TABLE>
<CAPTION>
RANGE SMM CPR
<S> <C> <C>
OCT 2.35% 24.83%
SEPT 1.42% 15.81%
AUG 1.69% 18.51%
JULY 1.15% 12.93%
JUNE 0.92% 10.47%
MAY 1.17% 13.12%
APRIL 0.59% 6.89%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
|
|