IMC HOME EQUITY LOAN TRUST 1996-2
8-K, 1996-07-18
ASSET-BACKED SECURITIES
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______________________________________________________________________________


                           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)
                           May 28, 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 May 28, 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 April, 1996 dated May 28,
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 April, 1996 was $83,330.44.


                                                               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 April
  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:  July 11, 1996




                                                           Page 4
<PAGE>


                           EXHIBIT INDEX



EXHIBIT NO. DESCRIPTION

19.  Trustee's Monthly Servicing Report for the
     Month of April, 1996.



                                                           Page 5




<TABLE>
<CAPTION>

                                    IMC HOME EQUITY LOAN TRUST
                                MORTGAGE PASS-THROUGH CERTIFICATES
                                           SERIES 1996-2

DISTRIBUTION:      28-May-96                                                                  PAGE # 1



          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>            <C>           <C>     
  A-1    62,442,000.00     62,442,000.00    1,794,918.23    343,951.35   2,138,869.58    60,647,081.77
  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   599,083.01   183,804,164.78
  A-8    15,000,000.00     15,000,000.00      568,765.94     90,492.02     659,257.96    14,431,234.06    30,144.79    14,461,378.85
  S-I          N/A             N/A                  N/A           0.00           0.00          N/A
   R           N/A             N/A                  N/A           0.00           0.00          N/A

TOTALS   200,000,000.00    200,000,000.00    2,363,684.17 1,174,240.46   3,537,924.63   197,636,315.83   629,227.80   198,265,543.63

</TABLE>
<TABLE>
<CAPTION>




                       FACTOR INFORMATION PER $1,000                                       PASS THRU RATES


             PRINCIPAL        INTEREST       END. CERT.                                  INIT PASS           CURR PASS
CLASS       DISTRIBUTION   DISTRIBUTION       BALANCE                  CLASS             THRU RATE           THRU RATE
<S>          <C>             <C>          <C>                           <C>            <C>                 <C>
  A-1        28.74536735     5.50833333    971.25463265                 A-1             6.61000000%        6.61000000%
  A-2         0.00000000     5.65000000   1000.00000000                 A-2             6.78000000%        6.78000000%
  A-3         0.00000000     5.81666654   1000.00000000                 A-3             6.98000000%        6.98000000%
  A-4         0.00000000     5.91666636   1000.00000000                 A-4             7.10000000%        7.10000000%
  A-5         0.00000000     6.11666667   1000.00000000                 A-5             7.34000000%        7.34000000%
  A-6         0.00000000     6.45833333   1000.00000000                 A-6             7.75000000%        7.75000000%
  A-7         0.00000000     6.62500031   1000.00000000                 A-7             7.95000000%        7.95000000%
  A-8        37.91772948     6.03280133    962.08227052                 A-8             7.23936131%        7.23936131%

TOTALS       11.81842085     2.524571      988.1815791









IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:

</TABLE>



                                  EILEEN ROONEY
                                  CHEMICAL BANK - STRUCTURED FINANCE SERVICES
                                  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
                                   MORTGAGE PASS-THROUGH CERTIFICATES
                                            SERIES 1996-2

DISTRIBUTION:      28-May-96                                           PAGE # 2

<TABLE>
<CAPTION>
         
                                                                                                         GROUP I           GROUP II
<S>                                 <C>                                                        <C>                    <C>         
SECTION 7.08 (1)                    BEGINNING CERTIFICATE ACCOUNT                                   2,913,339.22         662,063.73

SECTION 7.08 (2)                    CLASS A DISTRIBUTION AMOUNT                                     3,537,924.63
                                    CLASS S-I DISTRIBUTION AMOUNT                                           0.00

                                                                                                         GROUP I           GROUP II
SECTION 7.08 (3)                    SUBORDINATION INCREASE AMOUNT                                     598,891.09          30,144.79

SECTION 7.08 (4)                    INSURED PAYMENT                                                         0.00               0.00

SECTION 7.08 (6)                    BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE               185,000,000.00
                                    CLASS A PRINCIPAL DISTRIBUTION                                  1,794,918.23
                                    ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE                  197,636,315.83

SECTION 7.08 (7)                    REALIZED LOSSES                                                         0.00

                                                                                                         GROUP I           GROUP II
SECTION 7.08 (8)                    SUBORDINATION REDUCTION AMOUNT                                          0.00               0.00

SECTION 7.08 (9)         (A)       PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
                                   SUBSEQUENT MORTGAGE LOANS                                       19,461,337.52         272,290.39
                             (B)   PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
                                   DISTRIBUTION AMOUNT                                                      0.00           7,126.48
                             (C)   PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
                                   CAPITALIZED INTEREST ACCOUNT                                        14,959.34          14,959.34
                             (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                                           114,733.03

SECTION 7.08 (10)                  THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED                       407.61
                                   DUE TO GROUP I UNDERWATER LOANS
                                                                                                                          PER $1000
SECTION 7.09 (a)(i)                CLASS A-1 DISTRIBUTION                                           2,138,869.58              34.25
                                   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                                             659,257.96              43.95
                                   CLASS R DISTRIBUTION                                                     0.00

SECTION 7.09 (a)(ii)               GROUP I CLASS A PRINCIPAL DISTRIBUTION
                                                       INSTALLMENT PRINCIPAL COLLECTED                 99,129.61               0.54
                                                       PRINCIPAL PREPAYMENTS                        1,096,897.53               5.93
                                                       SUBORDINATION INCREASE AMOUNT                  598,891.09               3.24
                                                       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                 18,242.12               1.22
                                                       PRINCIPAL PREPAYMENTS                          513,252.55              34.22
                                                       SUBORDINATION INCREASE AMOUNT                   30,144.79               2.01
                                                       PRIN PREPAY FROM PRE-FUND ACCT                   7,126.48               0.48
                                                       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

                                                                                                         GROUP I           GROUP II
SECTION 7.09 (a)(vi)               ENDING AGGREGATE LOAN BALANCE                                  183,804,164.78      14,461,378.85

                                   ENDING CERTIFICATE BALANCE:                                                            PER $1000
                                                               CLASS A-1                           60,647,081.77        971.2546327
                                                               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                           14,431,234.06       962.08227.05

</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
<PAGE>
                             IMC HOME EQUITY LOAN TRUST
                         MORTGAGE PASS-THROUGH CERTIFICATES
                                   SERIES 1996-2

DISTRIBUTION:      28-May-96                                           PAGE # 3

<TABLE>
<CAPTION>

                                                                                                  GROUP I                   GROUP II
<S>                              <C>                                                         <C>                       <C>    
SECTION 7.09 (a)(vii)            SUBORDINATED AMOUNT                                                 0.00                       0.00
                                 SUBORDINATION DEFICIT                                               0.00                       0.00


SECTION 7.09 (a)(ix)             SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION                       0.00
                                 LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION                   0.00


SECTION 7.09 (a)(x)              WEIGHTED AVERAGE COUPON RATE                                  11.639300%                 10.380100%


SECTION 7.09 (a)(xii)            WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II     4.551200%


SECTION 7.09 (a)(xiii)           LARGEST MORTGAGE LOAN BALANCE OUTSTANDING                     525,000.00                 357,793.39


SECTION 7.09 (a)(xiv)            REMAINING PRE-FUNDED AMOUNT                                         0.00                       0.00


SECTION 7.09 (b)(i)              NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT 
                                 MORTGAGE LOANS:*

</TABLE>



GROUP I

   CATEGORY       COUNT             AGG. PRIN. BAL.             PERCENTAGE
   30-59 DAYS      48                3,718,216.54                2.01%
   60-89 DAYS       1                   65,000.00                0.04%
   90 + DAYS        1                  284,000.00                0.15%



GROUP II

   CATEGORY       COUNT             AGG. PRIN. BAL.             PERCENTAGE
   30-59 DAYS       2                   65,598.71                0.44%
   60-89 DAYS       0                        0.00                0.00%
   90 + DAYS        0                        0.00                0.00%



AGGREGATE

   CATEGORY       COUNT             AGG. PRIN. BAL.             PERCENTAGE
   30-59 DAYS      50                3,783,815.25                1.89%
   60-89 DAYS       1                   65,000.00                0.03%
   90 + DAYS        1                  284,000.00                0.14%



*The number and aggregate 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:      28-May-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                               1                   0               1

                           AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE       284,000.00           0.00          284,000.00

                           NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED           1                   0               1
                           IN THE PRIOR MONTH

                           AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE       284,000.00           0.00          284,000.00
                           THAT WERE COMMENCED IN THE PRIOR MONTH


SECTION 7.09 (b)(iii)      NUMBER OF LOANS IN BANKRUPTCY                                 4                  0               4

                           AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY        143,285.43           0.00          143,285.43

                           NUMBER OF LOANS THAT ARE "BALLOON" LOANS                    1,301                0              1301

                           AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS"    101,311,573.99           0.00        101,311,573.99


SECTION 7.09 (b)(iv)       NUMBER OF REO PROPERTIES                                      0                  0               0

                           AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES               0.00               0.00            0.00


SECTION 7.09 (b)(v)        BOOK VALUE OF REO PROPERTY                                  0.00               0.00            0.00

SECTION 7.09 (b)(vi)       CUMULATIVE LOSS PERCENTAGE                               0.00000000%        0.00000000%     0.00000000%

                           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)                 0.00000000%        0.00000000%     0.00000000%

                           ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH)                0.00000000%        0.00000000%     0.00000000%


SECTION 7.09 (b)(vii)      60 + DELINQUENCY PERCENTAGE                              0.18987600%        0.00000000%     0.17450605%


</TABLE>



(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION




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