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Previous: BILLING INFORMATION CONCEPTS INC, S-8, 1996-07-17 |
Next: PEGASYSTEMS INC, S-1/A, 1996-07-17 |
______________________________________________________________________________
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)
June 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 June 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 May, 1996 dated June 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 May, 1996 was $82,610.64.
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 May
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
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the
Month of May, 1996.
Page 5
<PAGE>
PAGE #1
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 25-Jun-96
<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 60,647,081.77 2,740,951.40 334,064.34 3,075,015.74 57,906,130.37
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 1,077,557.15 181,541,687.52
A-8 15,000,000.00 14,431,234.06 743,399.14 87,005.91 830,405.05 13,687,834.92 59,903.41 13,747,738.33
S-I N/A N/A N/A 567.77 567.77 N/A
R N/A N/A N/A 1363.69 1,363.69 N/A
TOTALS 200,000,000.00 197,636,315.83 3,484,350.54 1,162,798.80 4,647,149.3 194,151,965.29 1,137,460.56 195,289,425.85
</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 43.89595784 5.34999423 927.35867481 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 49.55994249 5.80039400 912.52232804 A-8 7.23936131% 7.23480000%
TOTALS 17.42175268 2.504737998 970.7598265
</TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
THE ADMINISTRATOR LISTED BELOW:
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> PAGE # 2
DISTRIBUTION 25-JUN-96
<TABLE>
<CAPTION>
<S> <C> <C> <C>
GROUP I GROUP II
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 3,850,974.98 833,201.83
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 4,645,217.88
CLASS S-I DISTRIBUTION AMOUNT 1,363.69
GROUP I GROUP II
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 478,474.14 29,758.62
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 183,205,081.77
CLASS A PRINICIPAL DISTRIBUTION 2,740,951.40
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 194,151,965.29
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 DISTRUBUTED 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 407.59
DUE TO GROUP I UNDERWATER LOANS
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRUBUTION 3,075,015.74 49.25
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 830,405.05 55.36
CLASS R DISTRIBUTION 1,363.69
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 122,321.47 .66
PRINCIPAL PREPAYMENTS 2,140,155.79 11.57
SUBORDINATION INCREASE AMOUNT 478,474.14 2.59
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 4,942.88 0.33
PRINCIPAL PREPAYMENTS 708,697.64 47.25
SUBORDINATION INCREASE AMOUNT 29,758.62 1.98
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
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE GROUP I GROUP II
181,541,687.52 13,747,738.33
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 57,906,130.37 927.3586748
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 13,687,834.92 912.522328
</TABLE>
<PAGE> 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 11.643300% 10.412900%
SECTION 7.09 (a)(xii)WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 4.590300%
SECTION 7.09(a)(xiii)LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 524,872.99 357,471.03
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 55 3,170,213.99 1.72%
60-89 DAYS 10 661,487.70 0.36%
90 + DAYS 4 498,500.00 0.27%
GROUP II
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
30-59 DAYS 0 0.00 0.00%
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 55 3,170,213.99 1.60%
60-89 DAYS 10 661,487.70 0.33%
90 + DAYS 4 498,500.00 0.25%
* THE NUMBER AND AGGREGATE PRINCIPAL BALANCE OF DELINQUENT LOANS INCLUDES LOANS
IN FORECLOSURE AND BANKRUPTCY
<PAGE>
DISTRIBUTION: 25-Jun-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 COMMENCE
IN THE PRIOR MONTH 0 0 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0.00 0.00 0.00
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 7 0 7
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 310,865.09 0.00 310,865.09
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,266 1 1,267
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 99,980,340.84 30,595.98 100,010,936.82
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 0.41442046% 0.00000000% 0.17450605%
</TABLE>
<PAGE>
DISTRIBUTION: 25-JUN-96
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-2
DISTRIBUTION 25-JUN-96
RANGE SMM CPR
MAY 1.17% 13.12%
APRIL 0.59% 6.89%
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