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Previous: CHICAGO PIZZA & BREWERY INC, 424B4, 1996-10-10 |
Next: TELETECH HOLDINGS INC, S-1, 1996-10-10 |
______________________________________________________________________
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)
September 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 September 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 August, 1996 dated
September 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 August, 1996 was $79,358.58.
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 August,
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: October 10, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of August, 1996.
Page 5
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Sep-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> <C> <C>
A-1 62,442,000.00 52,612,985.29 3,715,542.34 289,809.86 4,005,352.20 48,897,442.95
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 2,966,703.81 174,422,146.76
A-8 15,000,000.00 12,787,048.44 462,541.53 77,945.58 540,487.11 12,324,506.91 145,439.80 12,469,946.71
S-I N/A N/A N/A 2,026.99 2,026.99 N/A
R N/A N/A N/A 1,719.36 1,719.36 N/A
TOTALS 200,000,000.00 187,958,033.73 4,178,083.87 1,111,298.88 5,289,382.75 183,779,949.86 3,112,143.61 186,892,093.47
</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 59.50389706 4.64126485 783.08579081 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 30.83610200 5.19637200 821.63379424 A-8 7.23936131% 7.31480000%
TOTALS 20.89041935 2.39826253258097 918.89974931616
</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
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Sep-96 PAGE # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 4,781,614.33 542,997.23
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 5,285,636.40
CLASS S-I DISTRIBUTION AMOUNT 1,719.36
GROUP I GROUP II
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 583,265.50 26,308.88
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 187,958,033.73
CLASS A PRINCIPAL DISTRIBUTION 4,178,083.87
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 183,779,949.86
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 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
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 4,005,352.20 64.15
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 540,487.11 36.03
CLASS R DISTRIBUTION 1,719.36
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 130,794.07 0.71
PRINCIPAL PREPAYMENTS 3,001,482.77 16.22
SUBORDINATION INCREASE AMOUNT 583,265.50 3.15
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 5,432.50 0.36
PRINCIPAL PREPAYMENTS 430,800.15 28.72
SUBORDINATION INCREASE AMOUNT 26,308.88 1.75
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>
* Previous reports did not include all the starting class balances.
This figure has been adjusted to reflect all the certificate balances.
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Sep-96 PAGE # 3
<TABLE>
<CAPTION>
<S> <C> <C> <C>
GROUP I GROUP II
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 174,422,146.76 12,469,946.71
ENDING NUMBER OF LOANS 2765 152
ENDING CERTIFICATE BALANCE: PER $1000
CLASS A-1 48,897,442.95 783.0857908
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 12,324,506.91 821.6337942
SECTION 7.09 (a)(vii)
GROUP I GROUP II
SUBORDINATED AMOUNT 2,966,703.81 145,439.80
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 11.636200% 10.416000%
SPREAD SQUEEZE RATE 18.157412%
SECTION 7.09(a)(xiii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 4.565100%
SECTION 7.09 (a)(xiv) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 524,349.25 356,493.02
SECTION 7.09 (b)(i) REMAINING PRE-FUNDED AMOUNT 0.00 0.00
</TABLE>
NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
GROUP I
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 83 4,466,971.49 2.52%
60-89 DAYS 13 1,548,912.85 0.87%
90 + DAYS 40 3,548,264.19 2.00%
GROUP II
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 0 0.00 0.00%
60-89 DAYS 2 66,045.58 0.51%
90 + DAYS 0 0.00 0.00%
AGGREGATE
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 83 4,466,971.49 2.35%
60-89 DAYS 15 1,614,958.43 0.85%
90 + DAYS 40 3,548,264.19 1.86%
*The number and aggrgate principal balance of delinquent loans includes
loans in foreclosure and bankruptcy
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Sep-96 PAGE # 4
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
<S> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 22 0 22
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 2,438,586.76 0.00 2,438,586.76
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 12 0 12
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 1,575,762.23 0.00 1,575,762.23
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 15 0 15
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 986,970.83 0.00 986,970.83
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,232 1 1233
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 95,787,914.66 30,584.34 95,818,499.00
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 1.44690950% 0.10592761% 1.35519333%
</TABLE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Sep-96
RANGE SMM CPR
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%
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