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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
Option One/CTS Mortgage Loan Trust 1996-1
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(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)
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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 $82,607.81
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
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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: 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
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OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
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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
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 68,000,000.00 57,257,858.82 2,330,196.54 329,202.51 2,659,399.05 54,927,662.28 1,220,054.21 56,147,716.49
A-2 172,000,000.00 139,013,770.55 5,825,442.40 754,937.32 6,580,379.72 133,188,328.14 2,837,654.83 136,025,982.97
R N/A N/A N/A 0.00 0.00 N/A N/A N/A
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TOTALS 240,000,000.00 196,271,629.36 8,155,638.94 1,084,139.83 9,239,778.77 188,115,990.42 4,057,709.04 192,173,699.46
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</TABLE>
<TABLE>
<CAPTION>
ORIGINAL BEGINNING PLANNED ACTUAL ENDING
NOTIONAL NOTIONAL *INTEREST TOTAL PAC PAC NOTIONAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION REDUCTION REDUCTION BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C>
IO 102,661,238.00 88,907,908.00 221,685.73 221,685.73 2,331,570.00 2,331,570.00 86,576,338.00
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</TABLE>
PLANNED AMORTIZATION INTERESTS
<TABLE>
<CAPTION>
BEGINNING SCHEDULED ACTUAL BEGINNING ENDING
PAC ENDING ENDING COMPANION COMPANION COMPANION
BALANCE PAC BALANCE PAC BALANCE PAC BALANCECE PRINCIPAL BALANCE
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<S> <C> <C> <C> <C> <C> <C>
GROUP I 22,400,504.00 21,814,235.00 21,814,235.00 34,954,880.61 1,610,885.44 33,343,995.17
GROUP II 66,507,404.00 64,762,103.00 64,762,103.00 71,886,216.92 3,798,106.37 68,088,110.55
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</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
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<S> <C> <C> <C> <C> <C> <C>
A-1 34.26759615 4.84121335 807.75973938 A-1 6.90000000% 6.90000000%
A-2 33.86885119 4.38917046 774.35074502 A-2 5.79750000% 6.11000000%
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TOTALS 33.9818289269998 4.51724928094828 783.816626758208
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</TABLE>
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
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EILEEN ROONEY
THE CHASE MANHATTAN BANK -ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
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(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
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<PAGE>
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OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
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DISTRIBUTION: 27-Jan-97 PAGE # 2
<TABLE>
<CAPTION>
PER $1000
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<S> <C> <C> <C>
SECTION 7.08a (i) CLASS A-1 DISTRIBUTION AMOUNT 2,659,399.05 39.11
CLASS A-2 DISTRIBUTION AMOUNT 6,580,379.72 38.26
CLASS IO DISTRIBUTION AMOUNT 221,685.73 N/A
CLASS R DISTRIBUTION AMOUNT 0.00 N/A
SECTION 7.08a (ii) PRINCIPAL DISTRIBUTION
ALLOCABLE TO PLANNED AMORT. INTEREST 2,331,570.00 9.71
ALLOCABLE TO COMPANION INTEREST 3,940,013.65 16.42
INSTALLMENT PRINCIPAL COLLECTED 108,387.83 0.45
PRINCIPAL PREPAYMENTS 7,632,173.98 31.80
SUBORDINATION INCREASE AMOUNT 411,511.97 1.71
OTHER 0.00 0.00
SECTION 7.08a (iii) CLASS A-1 INTEREST DISTRIBUTION 329,202.51 4.84
CLASS A-2 INTEREST DISTRIBUTION 754,937.32 4.39
CLASS IO INTEREST DISTRIBUTION 221,685.73
SECTION 7.08a (iv) CLASS A-1 BEGINNING CERTIFICATE BALANCE 57,257,858.82 842.03
CLASS A-2 BEGINNING CERTIFICATE BALANCE 139,013,770.55 808.22
CLASS IO BEGINNING NOTIONAL BALANCE 88,907,908.00
CLASS A-1 ENDING CERTIFICATE BALANCE 54,927,662.28 807.76
CLASS A-2 ENDING CERTIFICATE BALANCE 133,188,328.14 774.35
CLASS IO ENDING NOTIONAL BALANCE 86,576,338.00
<CAPTION>
GROUP I GROUP II
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<S> <C> <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 0.00 0.00
SECTION 7.08a (x) CLASS A-1 POOL FACTOR 825.7017130882
CLASS A-2 POOL FACTOR 790.8487381977
SECTION 7.08 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:
<CAPTION>
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CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
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<S> <C> <C> <C> <C>
30-59 DAYS 99 7,430,124.09 3.87%
60-89 DAYS 44 3,858,814.39 2.01%
90 + DAYS 122 10,107,554.77 5.26%
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<S> <C> <C>
SECTION 7.08 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 126
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 10,399,022.38
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 31
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,801,605.93
SECTION 7.08(b)(iv) NUMBER OF REO PROPERTIES 19
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 1,548,237.13
SECTION 7.08 (b)(v) BOOK VALUE OF REO PROPERTY 0.00
</TABLE>
(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
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