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Previous: ICG COMMUNICATIONS INC, 4, 1997-01-07 |
Next: OPTION ONE CTS MORTGAGE LOAN TRUST 1996-1, 8-K, 1997-01-07 |
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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)
December 26, 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 December 26, 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 November, 1996 dated December 26, 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 November, 1996 was $74,646.03.
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
November, 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: January 7, 1997
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of November, 1996.
Page 5
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 26-Dec-96
<TABLE>
<CAPTION>
RANGE SMM CPR
<S> <C> <C>
NOV 1.94% 20.94%
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
<PAGE>
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 26-Dec-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 41,004,764.30 3,721,337.13 225,867.91 3,947,205.04 37,283,427.17
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 4,440,000.00 164281427.17
A-8 15,000,000.00 11,310,523.85 486,859.47 69,321.26 556,180.73 10,823,664.38 220,536.06 11044200.44
S-I N/A N/A N/A 2,508.98 2,508.98 N/A
R N/A N/A N/A 144,929.91 144,929.91 N/A
TOTALS 200,000,000.00 174,873,288.15 4,208,196.60 1,182,425.15 5,390,621.75 170,665,091.55 4,660,536.06 175325627.61
</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 59.59669982 3.61724336 597.08893324 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 32.45729800 4.62141733 721.57762557 A-8 7.23936131% 7.35470000%
TOTALS 21.04098300 2.21206317 853.32545780
</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
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
DISTRIBUTION: 26-Dec-96 PAGE # 2
<TABLE>
GROUP I GROUP II
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 4,864,904.70 558,511.44
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 5,243,182.86
CLASS S-I DISTRIBUTION AMOUNT 144,929.91
GROUP I GROUP II
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 393,742.68 23,449.27
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 174,873,288.15
CLASS A PRINCIPAL DISTRIBUTION 4,208,196.60
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 170,665,091.55
SECTION 7.08 (7) REALIZED LOSSES 33,813.23
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
<CAPTION>
PER $1000
<S> <C> <C> <C>
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 3,947,205.04 63.21
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 556,180.73 37.08
CLASS R DISTRIBUTION 144,929.91
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 113,862.47 0.62
PRINCIPAL PREPAYMENTS 3,201,953.53 17.31
SUBORDINATION INCREASE AMOUNT 393,742.68 2.13
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 11,778.45 0.06
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 4,055.14 0.27
PRINCIPAL PREPAYMENTS 459,355.06 30.62
SUBORDINATION INCREASE AMOUNT 23,449.27 1.56
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: 26-Dec-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 36 1 37
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 3,578,215.38 25,802.88 3,604,018.26
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 0 0 0
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0 0 -
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 37 1 38
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,648,734.97 44,715.23 2,693,450.20
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,153 1 1,154
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 88,799,775.99 30,535.26 88,830,311.25
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES
8 0 8
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
1,233,116.23 0 1,233,116.23
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY
1225800.00 0 1,225,800.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.01827742% 0.00000000% 0.01690662%
CUMULATIVE REALIZED LOSSES 33,813.23 0.00 33,813.23
CURRENT PERIOD REALIZED LOSSES 33,813.23 0.00 33,813.23
ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH) 0.03655484% 0.00000000% 0.03381323%
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.01827742% 0.00000000% 0.01690662%
SECTION 7.09 (b)(vii) 60+DELINQUENCY PERCENTAGE 3.37773200% 0.36235047% 3.18050042%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
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