______________________________________________________________________________
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)
April 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
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(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
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(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (212) 946-3185
NO CHANGE
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(Former name or former address, if changed since last report)
_______________________________________________________________________________
Note: Please see page 5 for Exhibit Index
<PAGE>
Item 5. OTHER EVENTS.
On April 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 March, 1996 dated April 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 March, 1996 was $16,707.64.
<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 March
1996.
<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
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Name: Jerome M. Perelson
Title: Vice President
By: /s/ SUSAN E. O'DONOVAN
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Name: Susan E. O'Donovan
Title: Vice President
Dated: June 10, 1996
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE NO.
19. Trustee's Monthly Servicing Report for the ____6____
Month of March, 1996.
<TABLE>
<CAPTION>
OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
DISTRIBUTION: 25-Apr-96 PAGE # 1
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE SUBORDINATE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTIONN DISTRIBUTION BALANCE AMOUNT BALANCE
A-1 68,000,000.00 68,000,000.00 601,317.75 391,000.00 992,317.75 67,398,682.25 20,167.54 67,418,849.79
A-2 172,000,000.00 172,000,000.00 1,515,863.90 1,163,365.00 2,679,228.90 170,484,136.10 1,806.48 170,485,942.58
R N/A N/A N/A 0.00 0.00 N/A N/A N/A
TOTALS 240,000,000.00 240,000,000.00 2,117,181.65 1,554,365.00 3,671,546.65 237,882,818.35 21,974.02 237,904,792.37
ORIGINAL BEGINNING PLANNED ACTUAL ENDING
NOTIONAL NOTIONAL INTEREST TOTAL PAC PAC NOTIONAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION REDUCTION REDUCTION BALANCE
IO 102,661,238.00 102,661,238.00 355,321.21 355,321.21 861,529.00 861,529.00 101,799,709.00
</TABLE>
<TABLE>
<CAPTION>
PLANNED AMORTIZATION INTERESTS
<S> <C> <C> <C> <C> <C> <C>
BEGINNING SCHEDULED ACTUAL BEGINNING ENDING
PAC ENDING ENDING COMPANION COMPANION COMPANION
BALANCE PAC BALANCE PAC BALANCE BALANCE PRINCIPAL BALANCE
GROUP I 25,873,099.00 25,653,021.00 25,653,021.00 42,130,819.64 364,990.85 41,765,828.79
GROUP II 76,788,139.00 76,146,688.00 76,146,688.00 95,213,667.48 874,412.90 94,339,254.58
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000 PASS THRU RATES
<S> <C> <C> <C> <C> <C> <C>
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
A-1 8.84290815 5.75000000 991.15709185 A-1 6.90000000% 6.90000000%
A-2 8.81316221 6.76375000 991.18683779 A-2 5.79750000% 5.79750000%
TOTAL 8.821590226 6.476520833 991.1784098
</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
<PAGE>
OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
revised
DISTRIBUTION: 25-Apr-96 page #2
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SECTION 7.08a (i) CLASS A-1 DISTRIBUTION AMOUNT 992,317.75 14.59
CLASS A-2 DISTRIBUTION AMOUNT 2,679,228.90 15.58
CLASS IO DISTRIBUTION AMOUNT 355,321.21 N/A
CLASS R DISTRIBUTION AMOUNT 0.00 N/A
SECTION 7.08a (ii) PRINCIPAL DISTRIBUTION ALLOCABLE TO PLANNED AMORT, INTEREST 861,529.00 3.59
ALLOCABLE TO COMPANION INTEREST 1,069,735.65 4.46
INSTALLMENT PRINCIPAL COLLECTED 172,980.13 0.72
PRINCIPAL PREPAYMENTS 1,927,952.62 8.03
SUBORDINATION INCREASE AMOUNT 16,248.90 0.07
OTHER 0.00 0.00
SECTION 7.08a (iii) CLASS A-1 INTEREST DISTRIBUTION 391,000.00 5.75
CLASS A-2 INTEREST DISTRIBUTION 1,163,365.00 6.76
CLASS IO INTEREST DISTRIBUTION 355,321.21
SECTION 7.08a (iv) CLASS A-1 BEGINNING CERTIFICATE BALANCE 68,000,000.00 1,000.00
CLASS A-2 BEGINNING CERTIFICATE BALANCE 172,000,000.00 1,000.00
CLASS IO BEGINNING NOTIONAL BALANCE 102,661,238.00
CLASS A-1 ENDING CERTIFICATE BALANCE 67,398,682.25 991.16
CLASS A-2 ENDING CERTIFICATE BALANCE 170,484,136.10 991.19
CLASS IO ENDING NOTIONAL BALANCE 101,799,709.00
GROUP I GROUP II
SECTION 7.08a (v) INSURED PAYMENT 0.00 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 0.00 0.00
SECTION 7.08a (x) CLASS A-1 POOL FACTOR 991.4536733824
CLASS A-2 POOL FACTOR 991.1973405814
</TABLE>
<TABLE>
<CAPTION>
SECTION 7.08a (b) (i) NUMBER AND AGGREGATE PRINCIPAL BALANACES OF DELINQUENT MORTGAGE LOANS:
<S> <C> <C> <C>
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%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SECTION 7.08(b) (ii) NUMBER OF LOANS IN FORECLOSURE 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0.00
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED IN THE PRIOR MONTH 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE THAT WERE COMMENCED IN THE PRIOR MONTH 0.00
SECTION 7.08 (b) (iii) NUMBER OF LOANS IN BANKRUPTCY 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 0.00
SECTION 7.08 (b) (iv) NUMBER OF REO PROPERTIES 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00
SECTION 7.08 (b) (v) BOOK VALUE OF REO PROPERTY 0.00
(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
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