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Previous: IMC HOME EQUITY LOAN TRUST 1996-2, 8-K, 1997-01-07 |
Next: AMPLIDYNE INC, 8-A12G, 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
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 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 $79,888.01.
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
OPTION ONE/CTS
ARM TRUST
SERIES 1996-1
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 68,000,000.00 59,245,645.41 1,987,786.59 340,662.46 2,328,449.05 57,257,858.82 1,087,012.11 58,344,870.93
A-2 172,000,000.00 144,004,683.82 4,990,913.27 718,913.38 5,709,826.66 139,013,770.55 2,555,619.79 141,569,390.34
R N/A N/A N/A 0.00 0.00 N/A N/A N/A
TOTALS 240,000,000.00 203,250,329.23 6,978,699.87 1,059,575.84 8,038,275.71 196,271,629.36 3,642,631.91 199,914,261.27
</TABLE>
<TABLE>
<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 102661238 91,085,026.00 230,669.64 230,669.64 2,177,118.00 2,177,118.00 88,907,908.00
</TABLE>
<TABLE>
<CAPTION>
PLANNED AMORTIZATION INTERESTS
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 22,948,325.00 22,400,504.00 22,400,504.00 36,284,162.00 1,329,281.39 34,954,880.61
GROUP II 68,136,701.00 66,507,404.00 66,507,404.00 74,962,301.85 3,076,084.93 71,886,216.92
</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 29.23215576 5.00974207 842.02733553 A-1 6.90000000% 6.90000000%
A-2 29.01693764 4.17972897 808.21959621 A-2 5.79750000% 5.79750000%
TOTALS 29.07791611 4.41489935 817.7984557
</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: 26-Dec-96 PAGE # 2
<TABLE>
<CAPTION>
PER $1000
<S> <C> <C> <C>
SECTION 7.08a (i) CLASS A-1 DISTRIBUTION AMOUNT 2,328,449.05 34.24
CLASS A-2 DISTRIBUTION AMOUNT 5,709,826.66 33.20
CLASS IO DISTRIBUTION AMOUNT 230,669.64 N/A
CLASS R DISTRIBUTION AMOUNT 0.00 N/A
SECTION 7.08a (ii) PRINCIPAL DISTRIBUTION
ALLOCABLE TO PLANNED AMORT. INTEREST 2,177,118.00 9.07
ALLOCABLE TO COMPANION INTEREST 3,317,067.98 13.82
INSTALLMENT PRINCIPAL COLLECTED 108,709.09 0.45
PRINCIPAL PREPAYMENTS 6,324,632.41 26.35
SUBORDINATION INCREASE AMOUNT 446,457.64 1.86
OTHER 98,900.73 0.41
SECTION 7.08a (iii) CLASS A-1 INTEREST DISTRIBUTION 340,662.46 5.01
CLASS A-2 INTEREST DISTRIBUTION 718,913.38 4.18
CLASS IO INTEREST DISTRIBUTION 230,669.64
SECTION 7.08a (iv) CLASS A-1 BEGINNING CERTIFICATE BALANCE 59,245,645.41 871.26
CLASS A-2 BEGINNING CERTIFICATE BALANCE 144,004,683.82 837.24
CLASS IO BEGINNING NOTIONAL BALANCE 91,085,026.00
CLASS A-1 ENDING CERTIFICATE BALANCE 57,257,858.82 842.03
CLASS A-2 ENDING CERTIFICATE BALANCE 139,013,770.55 808.22
CLASS IO ENDING NOTIONAL BALANCE 88,907,908.00
<CAPTION>
GROUP I GROUP II
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 25,807.95 54,647.22
SECTION 7.08a (x) CLASS A-1 POOL FACTOR 858.0128077941
CLASS A-2 POOL FACTOR 823.077850814
<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 111 8,732,945.78 4.37%
60-89 DAYS 37 3,008,121.05 1.50%
90+DAYS 117 9,799,032.51 4.90%
<S> <C> <C>
SECTION 7.08 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 125
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORCLOSURE 10,699,599.76
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED
IN THE PRIOR MONTH 9
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE
THAT WERE COMMENCED IN THE PRIOR MONTH 974,820.06
SECTION 7.08 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 24
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 2,150,054.24
SECTION 7.08(b)(iv) NUMBER OF REO PROPERTIES 10
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 1,033,167.45
SECTION 7.08 (b)(v) BOOK VALUE OF REO PROPERTY 0.00
</TABLE>
(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
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