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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)
June 28, 1996
First Alliance Mortgage Loan Trust 1996-2
-----------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
APPLICATION
California 33-99604 PENDING
- ------------------------------------------ ------------------- ----------------------------------
<S> <C> <C>
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o Bankers Trust Company 92714
of California, N.A. ----------------------------------
3 Park Plaza, 16th Floor (Zip Code)
Irvine, California
- -----------------------------------------
Address of Principal Executive Offices)
</TABLE>
Registrant's telephone number, including area code (714) 550-6800
---------------
No Change
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(Former name or former address, if changed since last report)
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<PAGE>
Item 2. Acquisition or Disposition of Assets
------------------------------------
Description of the Conveyance of Subsequent Mortgage Loans
On June 28, 1996, First Alliance Mortgage Loan Trust 1996-2 (the
"Trust") acquired $15,172,271 of Subsequent Mortgage Loans pursuant to the terms
of the Pooling and Servicing Agreement dated as of June 1, 1996, between First
Alliance Mortgage Company, as Company and Servicer (the "Company") and Bankers
Trust Company of California, N.A., in its capacity as Trustee, and the
Subsequent Transfer Agreement among the Company and the Trust, as purchaser,
dated June 28, 1996. The Subsequent Mortgage Loans possess the characteristics
required by the Prospectus dated June 10, 1996 and the Prospectus supplement
dated June 10, 1996, filed pursuant to Rule 424(b)(5) of the Act on June 18,
1996. The Schedule of Subsequent Mortgage Loans is attached to the Subsequent
Transfer Agreement.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
------------------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits:
10.1 Subsequent Transfer Agreement dated as of June 28, 1996 among
First Alliance Mortgage Company, as the Company and as
Servicer and First Alliance Mortgage Loan Trust 1996-2 as the
Purchaser.
<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: FIRST ALLIANCE MORTGAGE COMPANY, as
Company
By: /s/Brian Chisick
---------------------
Name: Brian Chisick
Title: President
Dated: July 12, 1996
Exhibit 10.1
SUBSEQUENT TRANSFER AGREEMENT
-----------------------------
First Alliance Mortgage Company, the "Company", and in its capacity as
servicer of the Trust, the "Servicer", and First Alliance Mortgage Loan Trust
1996-2, as the "Purchaser", pursuant to the Pooling and Servicing Agreement
dated as of June 1, 1996, (the "Pooling and Servicing Agreement") among the
Company, the Servicer, and Bankers Trust Company of California, N.A., a national
banking association, in its capacity as Trustee (the "Trustee"), hereby confirm
their understanding with respect to the sale by the Company and the purchase by
the Purchaser of those Mortgage Loans (the "Subsequent Mortgage Loans") listed
on the attached Schedule of Mortgage Loans.
Conveyance of Subsequent Mortgage Loans. As of June 28, 1996 (the
"Subsequent CutOff Date"), the Company does hereby irrevocably transfer, assign,
setover and otherwise convey to the Purchaser, without recourse (except as
otherwise explicitly provided for herein) all right, title and interest in and
to any and all benefits accruing from the Subsequent Mortgage Loans which are
delivered to the Trustee herewith (and all substitutions therefor as provided by
Sections 3.3, 3.4 and 3.6 of the Pooling and Servicing Agreement), together with
the related Subsequent Mortgage Loan documents and the interest in any Property
which secured a Subsequent Mortgage Loan but which has been acquired by
foreclosure or deed in lieu of foreclosure, and all payments thereon and
proceeds of the conversion, voluntary or involuntary, of the foregoing; and
proceeds of all the foregoing (including, but not by way of limitation, all
proceeds of any mortgage insurance, hazard insurance and title insurance policy
relating to the Subsequent Mortgage Loans, cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
rights to payment of any and every kind, and other forms of obligations and
receivables which at any time constitute all or part of or are included in the
proceeds of any of the foregoing). The Company shall deliver the original
Mortgage or mortgage assignment with evidence of recording thereon (except as
otherwise provided by the Pooling and Servicing Agreement) and other required
documentation in accordance with the terms set forth in Sections 3.5 and 3.8 of
the Pooling and Servicing Agreement.
The costs relating to the delivery of the documents specified in this
Subsequent Transfer Agreement and the Pooling and Servicing Agreement shall be
borne by the Company.
Additional terms of the sale are attached hereto as Attachment A.
The Company hereby affirms the representations and warranties set forth
in the Pooling and Servicing Agreement that relate to the Company and the
Subsequent Mortgage Loans as of the date hereof. The Company hereby delivers
notice and confirms that each of the conditions set forth in Section 3.8(b) to
the Pooling and Servicing Agreement are satisfied as of the date hereof.
All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified, confirmed and incorporated herein, provided that in the event
of any conflict the provisions of this Subsequent Transfer Agreement shall
control over the conflicting provisions of the Pooling and Servicing Agreement.
Terms capitalized herein and not defined herein shall have their
respective meanings as set forth in the Pooling and Servicing Agreement.
<PAGE>
FIRST ALLIANCE MORTGAGE BANKERS TRUST COMPANY OF
COMPANY, as the Company CALIFORNIA, N.A.,
as Trustee for First Alliance Mortgage Loan
Trust 1996-2
By: /s/Brian Chisick
-------------------------------
Name: Brian Chisick
Title: President By: /s/Erin Deegan
------------------------------
Name: Erin Deegan
Title: AVP
FIRST ALLIANCE MORTGAGE
COMPANY, as Servicer Dated: June 28, 1996
By: /s/Brian Chisick
------------------------------
Name: Brian Chisick
Title: President
<PAGE>
FIRST ALLIANCE MORTGAGE COMPANY
SECURITIZATION 1996-2
(6/28/96)
<TABLE>
<CAPTION>
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LOAN ORIGINAL BALANCE AMOUNT CURRENT PRINC. PRINC. DUE TO FAMCO WH FUND
F/V NUMBER LOAN AMT AT FUNDING FUNDED BALANCE RED. PAID PRUDENTIAL FUND DATE DATE
- ------------------------------------------------------------------------------------------------------------------------------------
FIXED RATE LOANS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
F 303886 $33,459.00 $33,459.00 $31,671.82 $33,459.00 $- $31,671.82 6/13/96 6/13/96
F 303912 $30,653.00 $30,653.00 $29,015.70 $30,653.00 $- $29,015.70 6/14/96 6/14/96
F 303915 $62,732.00 $62,732.00 $59,539.53 $62,732.00 $- $59,539.53 6/21/96 6/21/96
F 303918 $55,447.00 $55,447.00 $52,625.27 $55,447.00 $- $52,625.27 6/21/96 6/21/96
F 303919 $26,422.00 $26,422.00 $25,077.37 $26,422.00 $- $25,077.37 6/18/96 6/18/96
F 303923 $63,861.00 $63,861.00 $60,611.08 $63,861.00 $- $60,611.08 6/18/96 6/18/96
F 405024 $13,000.00 $13,000.00 $12,305.62 $13,000.00 $- $12,305.62 6/11/96 6/11/96
F 405025 $158,414.00 $158,414.00 $151,245.77 $158,414.00 $- $151,245.77 6/6/96 6/6/96
F 405026 $164,332.00 $164,332.00 $156,895.98 $164,332.00 $- $156,895.98 6/4/96 6/4/96
F 405028 $95,009.00 $95,009.00 $89,934.18 $95,009.00 $- $89,934.18 6/14/96 6/14/96
F 405029 $39,680.00 $39,680.00 $37,560.53 $39,680.00 $- $37,560.53 6/14/96 6/14/96
F 405032 $32,986.00 $32,986.00 $31,493.38 $32,986.00 $- $31,493.38 6/7/96 6/7/96
F 405034 $76,489.00 $76,489.00 $72,596.43 $76,489.00 $- $72,596.43 6/21/96 6/21/96
F 405040 $30,948.00 $30,948.00 $29,294.94 $30,948.00 $- $29,294.94 6/14/96 6/14/96
F 405043 $137,546.00 $137,546.00 $130,199.10 $137,546.00 $- $130,199.10 6/11/96 6/11/96
F 405045 $67,577.00 $67,577.00 $63,967.44 $67,577.00 $- $63,967.44 6/14/96 6/14/96
F 405050 $59,818.00 $59,818.00 $56,773.83 $59,818.00 $- $56,773.83 6/20/96 6/20/96
F 405053 $79,566.00 $79,566.00 $75,516.84 $79,566.00 $- $75,516.84 6/18/96 6/18/96
F 405058 $135,698.00 $135,698.00 $128,792.25 $135,698.00 $- $128,792.25 6/25/96 6/25/96
F 405059 $38,956.00 $38,956.00 $36,973.51 $38,956.00 $- $36,973.51 6/24/96 6/24/96
F 405062 $128,581.00 $128,581.00 $122,037.44 $128,581.00 $- $122,037.44 6/25/96 6/25/96
F 505277 $197,256.00 $197,256.00 $186,719.75 $197,256.00 $- $186,719.75 6/12/96 6/12/96
F 505278 $79,628.00 $79,628.00 $75,575.68 $79,628.00 $- $75,575.68 6/20/96 6/20/96
F 706763 $37,988.00 $37,988.00 $35,958.91 $37,988.00 $- $35,958.91 6/12/96 6/12/96
F 706768 $63,418.00 $63,418.00 $60,030.58 $63,418.00 $- $60,030.58 6/14/96 6/14/96
F 706775 $54,569.00 $54,569.00 $52,099.75 $54,569.00 $- $52,099.75 6/6/96 6/6/96
F 706778 $27,517.00 $27,517.00 $26,271.86 $27,517.00 $- $26,271.86 6/7/96 6/7/96
F 706783 $80,479.00 $80,479.00 $76,837.33 $80,479.00 $- $76,837.33 6/4/96 6/4/96
F 706784 $102,520.00 $102,520.00 $97,880.97 $102,520.00 $- $97,880.97 6/5/96 6/5/96
F 706787 $64,383.00 $64,383.00 $61,469.67 $64,383.00 $- $61,469.67 6/6/96 6/6/96
F 706798 $104,156.00 $104,156.00 $98,592.60 $104,156.00 $- $98,592.60 6/14/96 6/14/96
F 706800 $63,480.00 $63,480.00 $60,249.46 $63,480.00 $- $60,249.46 6/21/96 6/21/96
F 706803 $70,000.00 $70,000.00 $66,437.66 $70,000.00 $- $66,437.66 6/25/96 6/25/96
F 805945 $247,920.00 $247,920.00 $236,701.62 $247,920.00 $- $236,701.62 6/3/96 6/3/96
F 805970 $122,954.00 $122,954.00 $116,386.52 $122,954.00 $- $116,386.52 5/30/96 6/12/96
F 805971 $127,211.00 $127,211.00 $120,416.14 $127,211.00 $- $120,416.14 6/13/96 6/13/96
F 805973 $75,445.00 $75,445.00 $71,415.17 $75,445.00 $- $71,415.17 6/12/96 6/12/96
F 805975 $61,801.00 $61,801.00 $59,004.50 $61,801.00 $- $59,004.50 6/6/96 6/6/96
F 805977 $134,942.00 $134,942.00 $128,835.87 $134,942.00 $- $128,835.87 6/4/96 6/4/96
F 805979 $47,897.00 $47,897.00 $45,459.49 $47,897.00 $- $45,459.49 6/20/96 6/20/96
F 805981 $149,074.00 $149,074.00 $141,111.35 $149,074.00 $- $141,111.35 6/13/96 6/13/96
F 805982 $130,798.00 $130,798.00 $123,811.54 $130,798.00 $- $123,811.54 6/14/96 6/14/96
F 805985 $76,850.00 $76,850.00 $72,939.06 $76,850.00 $- $72,939.06 6/19/96 6/19/96
F 805987 $50,001.00 $50,001.00 $47,330.24 $50,001.00 $- $47,330.24 6/12/96 6/12/96
F 805988 $36,815.00 $36,815.00 $35,149.12 $36,815.00 $- $35,149.12 6/10/96 6/10/96
F 805989 $87,241.00 $87,241.00 $82,581.10 $87,241.00 $- $82,581.10 6/12/96 6/12/96
F 805990 $84,203.00 $84,203.00 $79,705.37 $84,203.00 $- $79,705.37 6/12/96 6/12/96
F 805991 $112,490.00 $112,490.00 $107,399.83 $112,490.00 $- $107,399.83 6/5/96 6/5/96
F 805992 $75,571.00 $75,571.00 $71,725.15 $75,571.00 $- $71,725.15 6/20/96 6/20/96
F 805994 $234,490.00 $234,490.00 $221,964.93 $234,490.00 $- $221,964.93 6/12/96 6/12/96
F 805996 $80,021.00 $80,021.00 $75,948.68 $80,021.00 $- $75,948.68 6/19/96 6/19/96
F 805997 $74,033.00 $74,033.00 $70,265.42 $74,033.00 $- $70,265.42 6/20/96 6/20/96
F 805999 $147,023.00 $147,023.00 $139,540.91 $147,023.00 $- $139,540.91 6/25/96 6/25/96
F 1601893 $83,832.00 $83,832.00 $79,354.19 $83,832.00 $- $79,354.19 6/14/96 6/14/96
F 1601895 $85,525.00 $85,525.00 $81,654.99 $85,525.00 $- $81,654.99 6/4/96 6/4/96
F 1601900 $80,571.00 $80,571.00 $76,267.37 $80,571.00 $- $76,267.37 6/14/96 6/14/96
F 1601904 $68,420.00 $68,420.00 $65,324.00 $68,420.00 $- $65,324.00 6/5/96 6/5/96
Page 1
<PAGE>
F 1601915 $40,025.00 $40,025.00 $37,887.10 $40,025.00 $- $37,887.10 6/14/96 6/14/96
F 1601918 $77,081.00 $77,081.00 $72,963.79 $77,081.00 $- $72,963.79 6/12/96 6/12/96
F 1601922 $40,000.00 $40,000.00 $38,190.00 $40,000.00 $- $38,190.00 6/10/96 6/10/96
F 1702605 $80,001.00 $80,001.00 $76,380.95 $80,001.00 $- $76,380.95 6/7/96 6/7/96
F 1702610 $20,000.00 $20,000.00 $18,931.72 $20,000.00 $- $18,931.72 6/13/96 6/13/96
F 1702621 $69,957.00 $69,957.00 $66,396.85 $69,957.00 $- $66,396.85 6/18/96 6/18/96
F 1702623 $40,561.00 $40,561.00 $38,496.83 $40,561.00 $- $38,496.83 6/21/96 6/21/96
F 1702624 $20,156.00 $20,156.00 $19,130.25 $20,156.00 $- $19,130.25 6/25/96 6/25/96
F 1802651 $85,983.00 $85,983.00 $82,092.27 $85,983.00 $- $82,092.27 6/4/96 6/4/96
F 1802654 $63,713.00 $63,713.00 $60,309.83 $63,713.00 $- $60,309.83 6/14/96 6/14/96
F 1802656 $101,766.00 $101,766.00 $97,161.09 $101,766.00 $- $97,161.09 6/4/96 6/4/96
F 1802657 $54,706.00 $54,706.00 $51,783.93 $54,706.00 $- $51,783.93 6/14/96 6/14/96
F 1802661 $45,541.00 $45,541.00 $43,223.39 $45,541.00 $- $43,223.39 6/19/96 6/19/96
F 1802671 $91,101.00 $91,101.00 $86,234.92 $91,101.00 $- $86,234.92 6/12/96 6/12/96
F 1802674 $82,196.00 $82,196.00 $78,013.00 $82,196.00 $- $78,013.00 6/21/96 6/21/96
F 1802678 $154,598.00 $154,598.00 $147,602.44 $154,598.00 $- $147,602.44 6/4/96 6/4/96
F 1802680 $76,784.00 $76,784.00 $73,309.52 $76,784.00 $- $73,309.52 6/10/96 6/10/96
F 1802682 $146,061.00 $146,061.00 $138,627.87 $146,061.00 $- $138,627.87 6/25/96 6/25/96
F 1802685 $69,540.00 $69,540.00 $66,001.07 $69,540.00 $- $66,001.07 6/25/96 6/25/96
F 1802693 $91,050.00 $91,050.00 $86,416.41 $91,050.00 $- $86,416.41 6/20/96 6/20/96
F 1901675 $27,864.00 $27,864.00 $26,445.98 $27,864.00 $- $26,445.98 6/21/96 6/21/96
F 1901679 $64,285.00 $64,285.00 $60,851.27 $64,285.00 $- $60,851.27 6/12/96 6/12/96
F 1901680 $63,296.00 $63,296.00 $59,915.10 $63,296.00 $- $59,915.10 6/11/96 6/11/96
F 1901683 $23,638.00 $23,638.00 $22,435.05 $23,638.00 $- $22,435.05 6/19/96 6/19/96
F 1901685 $61,027.00 $61,027.00 $57,921.30 $61,027.00 $- $57,921.30 6/21/96 6/21/96
F 1901690 $68,216.00 $68,216.00 $64,744.45 $68,216.00 $- $64,744.45 6/19/96 6/19/96
F 1901694 $66,535.00 $66,535.00 $63,148.99 $66,535.00 $- $63,148.99 6/24/96 6/24/96
F 1901695 $69,695.00 $69,695.00 $66,148.18 $69,695.00 $- $66,148.18 6/20/96 6/20/96
F 2101289 $95,300.00 $95,300.00 $91,327.18 $95,264.89 $35.11 $91,292.07 2/23/96 4/15/96
F 2101327 $65,545.00 $65,545.00 $62,209.38 $65,545.00 $- $62,209.38 6/24/96 6/24/96
F 2101403 $111,233.00 $111,233.00 $105,291.59 $111,233.00 $- $105,291.59 6/14/96 6/14/96
F 2101406 $159,630.00 $159,630.00 $151,103.51 $159,630.00 $- $151,103.51 6/14/96 6/14/96
F 2101409 $94,243.00 $94,243.00 $89,978.50 $94,243.00 $- $89,978.50 6/4/96 6/6/96
F 2101414 $86,380.00 $86,380.00 $81,766.09 $86,380.00 $- $81,766.09 6/14/96 6/14/96
F 2101438 $68,156.00 $68,156.00 $64,687.50 $68,156.00 $- $64,687.50 6/20/96 6/20/96
F 2101447 $88,745.00 $88,745.00 $84,228.71 $88,745.00 $- $84,228.71 6/25/96 6/25/96
F 2101451 $79,954.00 $79,954.00 $75,885.09 $79,954.00 $- $75,885.09 6/21/96 6/21/96
F 2201270 $53,185.00 $53,185.00 $50,778.38 $53,185.00 $- $50,778.38 6/7/96 6/7/96
F 2201292 $96,418.00 $96,418.00 $92,055.09 $96,418.00 $- $92,055.09 6/3/96 6/3/96
F 2201302 $42,865.00 $42,865.00 $40,925.36 $42,865.00 $- $40,925.36 6/5/96 6/5/96
F 2201303 $52,837.00 $52,837.00 $50,446.13 $52,837.00 $- $50,446.13 6/6/96 6/6/96
F 2201311 $81,136.00 $81,136.00 $76,802.19 $81,136.00 $- $76,802.19 6/14/96 6/14/96
F 2401284 $98,349.00 $98,349.00 $94,161.49 $98,349.00 $- $94,161.49 5/30/96 5/30/96
F 2401285 $58,916.00 $58,916.00 $56,250.05 $58,916.00 $- $56,250.05 6/4/96 6/4/96
F 2401287 $121,017.00 $121,017.00 $114,858.37 $121,017.00 $- $114,858.37 6/18/96 6/18/96
F 2401295 $64,985.00 $64,985.00 $61,513.88 $64,985.00 $- $61,513.88 6/13/96 6/13/96
F 2401298 $81,351.00 $81,351.00 $77,005.71 $81,351.00 $- $77,005.71 6/14/96 6/14/96
F 2401302 $59,348.00 $59,348.00 $56,327.74 $59,348.00 $- $56,327.74 6/19/96 6/19/96
F 2401304 $65,409.00 $65,409.00 $61,915.24 $65,409.00 $- $61,915.24 6/14/96 6/14/96
F 2600188 $21,287.00 $21,287.00 $20,149.97 $21,287.00 $- $20,149.97 6/13/96 6/13/96
F 2600189 $50,905.00 $50,905.00 $48,185.96 $50,905.00 $- $48,185.96 6/13/96 6/13/96
F 2600190 $50,719.00 $50,719.00 $48,423.97 $50,719.00 $- $48,423.97 6/6/96 6/6/96
F 2600194 $22,371.00 $22,371.00 $21,176.07 $22,371.00 $- $21,176.07 6/17/96 6/17/96
F 2700143 $92,800.00 $92,800.00 $87,843.17 $92,800.00 $- $87,843.17 6/14/96 6/14/96
F 2800240 $115,000.00 $115,000.00 $109,147.58 $115,000.00 $- $109,147.58 6/24/96 6/24/96
F 2800310 $136,703.00 $136,703.00 $129,746.10 $136,703.00 $- $129,746.10 6/20/96 6/20/96
F 2800313 $74,283.00 $74,283.00 $70,921.69 $74,283.00 $- $70,921.69 6/6/96 6/6/96
F 2800341 $62,087.00 $62,087.00 $59,277.56 $62,087.00 $- $59,277.56 6/4/96 6/4/96
Page 2
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F 2800343 $79,677.00 $79,677.00 $75,421.12 $79,677.00 $- $75,421.12 6/14/96 6/14/96
F 2800352 $83,829.00 $83,829.00 $80,035.74 $83,829.00 $- $80,035.74 6/4/96 6/4/96
F 2800355 $89,245.00 $89,245.00 $84,703.27 $89,245.00 $- $84,703.27 6/24/96 6/24/96
F 2800356 $93,814.00 $93,814.00 $89,039.75 $93,814.00 $- $89,039.75 6/20/96 6/20/96
F 2800374 $93,155.00 $93,155.00 $88,939.74 $93,155.00 $- $88,939.74 6/7/96 6/7/96
F 2800377 $123,655.00 $123,655.00 $118,059.61 $123,655.00 $- $118,059.61 6/4/96 6/4/96
F 2800386 $90,680.00 $90,680.00 $86,065.24 $90,680.00 $- $86,065.24 6/19/96 6/19/96
F 2800387 $90,680.00 $90,680.00 $86,065.24 $90,680.00 $- $86,065.24 6/19/96 6/19/96
F 2800403 $76,864.00 $76,864.00 $72,758.38 $76,864.00 $- $72,758.38 6/12/96 6/12/96
F 2900037 $62,951.00 $62,951.00 $60,102.47 $62,951.00 $- $60,102.47 6/5/96 6/5/96
F 2900054 $82,000.00 $82,000.00 $77,620.04 $82,000.00 $- $77,620.04 6/12/96 6/12/96
F 2900067 $33,578.00 $33,578.00 $31,869.20 $33,578.00 $- $31,869.20 6/21/96 6/21/96
F 7500007 $38,225.00 $38,225.00 $36,495.32 $38,225.00 $- $36,495.32 6/6/96 6/6/96
F 7500009 $39,999.00 $39,999.00 $38,189.05 $39,999.00 $- $38,189.05 6/7/96 6/7/96
F 7500015 $71,950.00 $71,950.00 $68,288.42 $71,950.00 $- $68,288.42 6/18/96 6/18/96
F 7600013 $28,329.00 $28,329.00 $26,887.32 $28,329.00 $- $26,887.32 6/24/96 6/24/96
F 7600036 $40,566.00 $40,566.00 $38,399.20 $40,566.00 $- $38,399.20 6/13/96 6/13/96
F 8410065 $98,000.00 $98,000.00 $93,012.72 $98,000.00 $- $93,012.72 6/25/96 6/25/96
F 8410078 $102,700.00 $102,700.00 $98,052.83 $102,700.00 $- $98,052.83 6/7/96 6/7/96
F 8410081 $55,500.00 $55,500.00 $52,988.63 $55,500.00 $- $52,988.63 6/4/96 6/4/96
F 8410083 $74,400.00 $74,400.00 $70,425.99 $74,400.00 $- $70,425.99 6/14/96 6/14/96
F 8410086 $123,800.00 $123,800.00 $117,187.33 $123,800.00 $- $117,187.33 6/17/96 6/17/96
F 8410088 $89,000.00 $89,000.00 $84,470.74 $89,000.00 $- $84,470.74 6/24/96 6/24/96
F 8410089 $210,000.00 $210,000.00 $199,312.97 $210,000.00 $- $199,312.97 6/21/96 6/21/96
F 8410090 $89,500.00 $89,500.00 $84,945.29 $89,500.00 $- $84,945.29 6/24/96 6/24/96
- ------------------------------------------------------------------------------------------------------------------------------------
140 $11,260,326.00 $11,260,326.00 $10,697,033.20 $11,260,290.89 $35.1 $10,696,998.09
VARIABLE RATE LOANS
V 405011 $157,785.00 $157,785.00 $157,109.49 $157,785.00 $- $157,109.49 6/14/96 6/14/96
V 405027 $97,860.00 $97,860.00 $97,441.04 $97,860.00 $- $97,441.04 6/14/96 6/14/96
V 405035 $50,042.00 $50,042.00 $49,827.76 $50,042.00 $- $49,827.76 6/28/96 6/28/96
V 405048 $68,006.00 $68,006.00 $67,714.85 $68,006.00 $- $67,714.85 6/26/96 6/26/96
V 1601855 $202,990.00 $202,990.00 $202,120.96 $202,990.00 $- $202,120.96 6/28/96 6/28/96
V 1601888 $110,582.00 $110,582.00 $110,108.58 $110,582.00 $- $110,108.58 6/28/96 6/28/96
V 1601896 $53,940.00 $53,940.00 $53,709.07 $53,940.00 $- $53,709.07 6/28/96 6/28/96
V 1601897 $76,582.00 $76,582.00 $76,254.14 $76,582.00 $- $76,254.14 6/18/96 6/18/96
V 1601937 $65,052.00 $65,052.00 $64,773.50 $65,052.00 $- $64,773.50 6/28/96 6/28/96
V 1802620 $28,794.00 $28,794.00 $28,670.73 $28,794.00 $- $28,670.73 6/14/96 6/14/96
V 1802659 $50,641.00 $50,641.00 $50,424.20 $50,641.00 $- $50,424.20 6/11/96 6/11/96
V 1802687 $80,592.00 $80,592.00 $80,246.97 $80,592.00 $- $80,246.97 6/24/96 6/24/96
V 1802688 $54,057.00 $54,057.00 $53,825.57 $54,057.00 $- $53,825.57 6/28/96 6/28/96
V 1802715 $89,893.00 $89,893.00 $89,508.15 $89,893.00 $- $89,508.15 6/28/96 6/28/96
V 1901678 $82,761.00 $82,761.00 $82,406.68 $82,761.00 $- $82,406.68 6/28/96 6/28/96
V 2101378 $94,306.00 $94,306.00 $93,902.26 $94,306.00 $- $93,902.26 6/28/96 6/28/96
V 2101433 $122,639.00 $122,639.00 $122,113.96 $122,639.00 $- $122,113.96 6/17/96 6/17/96
V 2101435 $88,830.00 $88,830.00 $88,449.70 $88,830.00 $- $88,449.70 6/27/96 6/27/96
V 2201283 $72,952.00 $72,952.00 $72,639.68 $72,952.00 $- $72,639.68 6/28/96 6/28/96
V 2201314 $63,044.00 $63,044.00 $62,774.10 $63,044.00 $- $62,774.10 6/27/96 6/27/96
V 2201315 $127,171.00 $127,171.00 $126,626.56 $127,171.00 $- $126,626.56 6/27/96 6/27/96
V 2900024 $49,373.00 $49,373.00 $48,106.28 $49,373.00 $- $48,106.28 6/5/96 6/5/96
V 2900038 $72,790.00 $72,790.00 $72,478.37 $72,790.00 $- $72,478.37 6/28/96 6/28/96
V 2900042 $59,957.00 $59,957.00 $58,418.73 $59,957.00 $- $58,418.73 6/7/96 6/7/96
V 2900051 $45,811.00 $45,811.00 $45,614.87 $45,811.00 $- $45,614.87 6/14/96 6/14/96
V 2900064 $86,398.00 $86,398.00 $86,028.11 $86,398.00 $- $86,028.11 6/27/96 6/27/96
V 8300521 $88,400.00 $88,400.00 $88,021.54 $88,400.00 $- $88,021.54 6/14/96 6/14/96
V 8300538 $85,000.00 $85,000.00 $84,636.10 $85,000.00 $- $84,636.10 6/14/96 6/14/96
V 8300549 $349,900.00 $349,900.00 $ - $349,900.00 $- $ - 5/30/96 6/3/96
V 8300559 $124,600.00 $124,600.00 $121,403.24 $124,600.00 $- $121,403.24 5/30/96 6/3/96
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<PAGE>
V 8300573 $82,000.00 $82,000.00 $81,648.94 $82,000.00 $- $81,648.94 6/17/96 6/17/96
V 8300576 $104,500.00 $104,500.00 $104,052.61 $104,500.00 $- $104,052.61 6/17/96 6/17/96
V 8300582 $70,000.00 $70,000.00 $69,700.32 $70,000.00 $- $69,700.32 6/26/96 6/26/96
V 8300584 $111,800.00 $111,800.00 $111,321.36 $111,800.00 $- $111,321.36 6/19/96 6/19/96
V 8300591 $90,000.00 $90,000.00 $89,614.69 $90,000.00 $- $89,614.69 6/27/96 6/27/96
V 8300593 $45,590.00 $45,590.00 $45,394.82 $45,590.00 $- $45,394.82 6/27/96 6/27/96
V 8300594 $76,000.00 $76,000.00 $75,674.63 $76,000.00 $- $75,674.63 6/28/96 6/28/96
V 8300603 $124,500.00 $124,500.00 $123,966.99 $124,500.00 $- $123,966.99 6/27/96 6/27/96
V 8300606 $140,000.00 $140,000.00 $139,400.63 $140,000.00 $- $139,400.63 6/28/96 6/28/96
V 8300858 $60,000.00 $60,000.00 $59,743.13 $60,000.00 $- $59,743.13 6/25/96 6/25/96
V 8410072 $58,500.00 $58,500.00 $58,249.55 $58,500.00 $- $58,249.55 6/24/96 6/24/96
V 8410087 $51,000.00 $51,000.00 $50,781.66 $51,000.00 $- $50,781.66 6/24/96 6/24/96
V 8410094 $72,000.00 $72,000.00 $71,691.75 $72,000.00 $- $71,691.75 6/28/96 6/28/96
- ------------------------------------------------------------------------------------------------------------------------------------
43 3,886,638.00 $3,886,638.00 $3,516,596.27 $3,886,638.00 $- $3,516,596.27
-------------------------------------------------------------------------------------===============
183 $15,146,964.00 $15,146,964.00 $14,213,629.47 $15,146,928.89 $35.11 $14,213,594.36
-------------------------------------------------------------------------------------===============
</TABLE>
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