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Previous: AMERICAN CRAFT BREWING INTERNATIONAL LTD, SC 13G, 1997-02-14 |
Next: LAMINATING TECHNOLOGIES INC, 10QSB, 1997-02-14 |
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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)
January 27, 1997
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 January 27, 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 December, 1996 dated January 27, 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 December, 1996 was $73,048.72.
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 December,
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 13, 1997
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of December, 1996.
Page 5
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
================================================================================
DISTRIBUTION: 27-Jan-97
- --------------------------------------------------------------------------------
RANGE SMM CPR
- --------------------------------------------------------------------------------
DEC 2.85% 29.31%
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%
- --------------------------------------------------------------------------------
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-2
================================================================================
DISTRIBUTION: 27-Jan-97 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 37,283,427.17 4,802,447.55 205,369.54 5,007,817.09 32,480,979.62
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 4,440,000.00 159,478,979.62
A-8 15,000,000.00 10,823,664.38 446,042.68 65,486.78 511,529.46 10,377,621.70 245,948.24 10,623,569.94
S-I N/A N/A N/A 2,294.20 2,294.20 N/A
R N/A N/A N/A 368,136.25 368,136.25 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 200,000,000.00 170,665,091.55 5,248,490.23 1,381,083.86 6,629,574.09 165,416,601.32 4,685,948.24 170,102,549.56
- ------------------------------------------------------------------------------------------------------------------------------------
</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 76.91053378 3.28896480 520.17839947 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 29.73617867 4.36578533 691.84144691 A-8 7.23936131% 7.26040000%
-----------------------------------------------
- ---------------------------------------------------------------
TOTALS 26.24245115 2.14649865807934 827.08300661616
- ---------------------------------------------------------------
</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: 27-Jan-97 PAGE # 2
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 6,147,837.83 513,728.94
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 6,259,143.64
CLASS S-I DISTRIBUTION AMOUNT 368,136.25
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 161,447.15 25,412.18
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) *BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 170,665,091.55
CLASS A PRINCIPAL DISTRIBUTION 5,248,490.23
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 165,416,601.32
SECTION 7.08 (7) REALIZED LOSSES 152,746.45
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
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 5,007,817.09 80.20
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 511,529.46 34.10
CLASS R DISTRIBUTION 368,136.25
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 116,524.78 0.63
PRINCIPAL PREPAYMENTS 4,064,043.09 21.97
SUBORDINATION INCREASE AMOUNT 161,447.15 0.87
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 460,432.53 2.49
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 6,291.39 0.42
PRINCIPAL PREPAYMENTS 414,339.11 27.62
SUBORDINATION INCREASE AMOUNT 25,412.18 1.69
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: 27-Jan-97 PAGE # 3
<TABLE>
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 159,478,979.62 10,623,569.94
ENDING NUMBER OF LOANS 2548 131
<CAPTION>
ENDING CERTIFICATE BALANCE: PER $1000
---------
<S> <C> <C> <C>
CLASS A-1 32,480,979.62 520.178399468804
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 10,377,621.70 691.841446906729
SECTION 7.09 (a)(vii)
<CAPTION>
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SUBORDINATED AMOUNT 4,440,000.00 245,948.24
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 11.609500% 10.596800%
SPREAD SQUEEZE RATE 4.699571%
SECTION 7.09 (a)(xiii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOANS IN GROUP II 4.579400%
SECTION 7.09 (a)(xiv) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 523,804.94 355,163.41
SECTION 7.09 (b)(i) REMAINING PRE-FUNDED AMOUNT 0.00 0.00
NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
GROUP I
<CAPTION>
----------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30-59 DAYS 69 3,661,557.11 2.30%
60-89 DAYS 27 1,655,722.27 1.04%
90 + DAYS 81 6,387,180.73 4.01%
----------------------------------------------------------------------------------------
GROUP II
<CAPTION>
----------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30-59 DAYS 0 0.00 0.00%
60-89 DAYS 1 40,520.45 0.03%
90 + DAYS 2 40,246.70 0.03%
----------------------------------------------------------------------------------------
AGGREGATE
<CAPTION>
----------------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
30-59 DAYS 69 3,661,557.11 2.30%
60-89 DAYS 28 1,696,242.72 1.06%
90 + DAYS 83 6,427,427.43 4.03%
----------------------------------------------------------------------------------------
</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: 27-Jan-97 PAGE # 4
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 35 0 35
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 3,375,230.33 0.00 3,375,230.33
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 3 0 3
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 187,430.22 0.00 187,430.22
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 42 1 43
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,944,932.73 44,692.69 2,989,625.42
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,117 1 1118
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 86,162,907.46 30,521.53 86,193,428.99
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES
11 0 11
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
1,043,615.41 0.00 1,043,615.41
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY
1196280.00 0.00 1,196,280.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.10084307% 0.00000000% 0.09327984%
CUMULATIVE REALIZED LOSSES 186,559.68 0.00 186,559.68
CURRENT PERIOD REALIZED LOSSES 152,746.45 0.00 152,746.45
ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH) 0.20168614% 0.00000000% 0.18655968%
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.10084307% 0.00000000% 0.09327984%
SECTION 7.09 (b)(vii) 60 + DELINQUENCY PERCENTAGE 4.12051181% 0.48906109% 3.88238213%
</TABLE>
(C) COPYRIGHT 1995, CHEMICAL BANKING CORPORATION
- --------------------------------------------------------------------------------
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