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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)
November 25, 1996
Option One/CTS Mortgage Loan Trust 1996-1
(Exact name of registrant as specified in its charter)
13-3881133 and
New York 33-96410 13-3881130
- ---------------------------- ------------ ----------------
(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)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On November 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 October, 1996 dated November
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 October, 1996 was $84,651.05.
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
October, 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: December 6, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of October, 1996.
Page 5
OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
DISTRIBUTION: 25-Nov-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 68,000,000.00 60,811,441.51 1,565,796.11 349,665.79 1,915,461.89 59,245,645.41 976,327.91 60,221,973.32
A-2 172,000,000.00 147,949,013.50 3,944,329.68 738,604.63 4,682,934.31 144,004,683.82 2,219,846.36 146,224,530.18
R N/A N/A N/A 0.00 0.00 N/A N/A N/A
TOTALS 240,000,000.00 208,760,455.02 5,510,125.79 1,088,270.42 6,598,396.20 203,250,329.23 3,196,174.27 206,446,503.50
<CAPTION>
ORIGINAL BEGINNING PLANNED ACTUAL ENDING
NOTIONAL NOTIONAL INTEREST TOTAL PAC PAC NOTIONAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION REDUCTION REDUCTION BALANCE
<S> <C> <C> <C> <C> <C> <C> <C>
IO 102,661,238.00 93,103,522.00 235,781.41 235,781.41 2,018,496.00 2,018,496.00 91,085,026.00
</TABLE>
PLANNED AMORTIZATION INTERESTS
<TABLE>
<CAPTION>
BEGINNING SCHEDULED ACTUAL BEGINNING ENDING
PAC ENDING ENDING COMPANION COMPANION COMPANION
BALANCE PAC BALANCE PAC BALANCE BALANCE PRINCIPAL BALANCE
<S> <C> <C> <C> <C> <C> <C>
GROUP I 23,456,873.00 22,948,325.00 22,948,325.00 37,245,057.17 960,895.17 36,284,162.00
GROUP II 69,646,649.00 68,136,701.00 68,136,701.00 77,054,818.85 2,092,517.00 74,962,301.85
</TABLE>
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
<S> <C> <C> <C>
A-1 23.02641331 5.14214395 871.25949130
A-2 22.93214930 4.29421295 837.23653385
TOTALS 22.95885744 4.53446007 846.87637180
</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
INIT PASS CURR PASS
CLASS THRU RATE THRU RATE
<S> <C> <C>
A-1 6.90000000% 6.90000000%
A-2 5.79750000% 5.79750000%
</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 1996, CHEMICAL BANKING CORPORATION
<PAGE>
OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
DISTRIBUTION: 25-Nov-96 PAGE # 2
<TABLE>
<CAPTION>
PER $1000
<S> <C> <C> <C> <C>
SECTION 7.08a (i) CLASS A-1 DISTRIBUTION AMOUNT 1,915,461.89 28.17
CLASS A-2 DISTRIBUTION AMOUNT 4,682,934.31 27.23
CLASS IO DISTRIBUTION AMOUNT 235,781.41 N/A
CLASS R DISTRIBUTION AMOUNT 0.00 N/A
SECTION 7.08a (ii) PRINCIPAL DISTRIBUTION
ALLOCABLE TO PLANNED AMORT. INTEREST 2,018,496.00 8.41
ALLOCABLE TO COMPANION INTEREST 2,526,691.28 10.53
INSTALLMENT PRINCIPAL COLLECTED 114,175.56 0.48
PRINCIPAL PREPAYMENTS 4,649,178.89 19.37
SUBORDINATION INCREASE AMOUNT 438,217.62 1.83
OTHER 266,205.01 1.11
SECTION 7.08a (iii) CLASS A-1 INTEREST DISTRIBUTION 349,665.79 5.14
CLASS A-2 INTEREST DISTRIBUTION 738,604.63 4.29
CLASS IO INTEREST DISTRIBUTION 235,781.41
SECTION 7.08a (iv) CLASS A-1 BEGINNING CERTIFICATE BALANCE 60,811,441.51 894.29
CLASS A-2 BEGINNING CERTIFICATE BALANCE 147,949,013.50 860.17
CLASS IO BEGINNING NOTIONAL BALANCE 93,103,522.00
CLASS A-1 ENDING CERTIFICATE BALANCE 59,245,645.41 871.26
CLASS A-2 ENDING CERTIFICATE BALANCE 144,004,683.82 837.24
CLASS IO ENDING NOTIONAL BALANCE 91,085,026.00
<CAPTION>
GROUP I GROUP II
<S> <C> <C>
SECTION 7.08a (v) INSURED PAYMENT 0.00
SECTION 7.08a (vii) SUBSTITUTION AMOUNT 0.00 0.00
LOAN PURCHASE PRICE AMOUNT 0.00 0.00
SECTION 7.08a (viii) SUBORDINATION REDUCTION AMOUNT 0.00 0.00
SECTION 7.08a (ix) REALIZED LOSSES 42,348.71 0.00
SECTION 7.08a (x) CLASS A-1 POOL FACTOR 885.62
CLASS A-2 POOL FACTOR 850.14
</TABLE>
<TABLE>
<CAPTION>
SECTION 7.08 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
<S> <C> <C> <C> <C>
30-59 DAYS 96 7,814,967.52 3.79%
60-89 DAYS 40 3,929,626.86 1.90%
90+DAYS 100 7,830,308.72 3.79%
</TABLE>
<TABLE>
<S> <C> <C>
SECTION 7.08 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 116
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 9,724,779.70
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 44
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 5,858,097.91
SECTION 7.08 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 22
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,051,537.74
SECTION 7.08(b)(iv) NUMBER OF REO PROPERTIES 10
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 938,872.95
SECTION 7.08 (b)(v) BOOK VALUE OF REO PROPERTY 0.00
</TABLE>
(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
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