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Previous: HOMESIDE INC, S-4/A, 1996-10-22 |
Next: INFINITY FINANCIAL TECHNOLOGY INC, 8-A12G, 1996-10-22 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 20, 1996
-------------
First alliance Mortgage Company
on behalf of
First Alliance Mortgage Loan Trust 1996-1
------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 33-91148 33-0706910
- ---------------------------- ----------- ---------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
c/o First Alliance Mortgage Company
Attention: Mark K. Mason
Executive Vice President and Chief Financial Officer
17305 Von Karman Avenue
Irvine, CA 92714
Address of Servicer
----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (714)224-8500
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
Information relating to the distributions to Certificateholders for the
June 1996 Monthly Period of the Trust in respect of the First Alliance Mortgage
Loan Asset Backed Certificates, Series 1996-1, Class A (the "Certificates")
issued by the Registrant and the performance of the Trust (including
distributions of principal and interest, delinquent balances of Mortgage Loans,
and the subordinated amount remaining), together with certain other information
relating to the certificates, is contained in the Monthly Report for the Monthly
Period provided to certificateholders pursuant to the Pooling and Servicing
Agreement (the "Agreement") dated as of March 1, 1996 between First Alliance
Mortgage Company as Servicer, and Bankers Trust Company, as trustee.
Item 7. Exhibit.
Monthly Report for the June 1996 Monthly Period relating to the First
Alliance Mortgage Loan Asset Backed Certificates Series 1996-1, Class A issued
by the First Alliance Mortgage Loan Trust 1996-1.
<PAGE>
SIGNATURE
---------
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.
First Alliance Mortgage Loan Trust 1996-1
-----------------------------------------
(Registrant)
By: First Alliance Mortgage Company
-----------------------------------------
(Servicer)
Date: October 16, 1996 By:
---------------- -----------------------------------------
Name: Mark K. Mason
-----------------------------------------
Executive Vice President and
Title: Chief Financial Officer
-----------------------------------------
<PAGE>
EXHIBIT 99
FIRST ALLIANCE
Mortgage Loan Trust
Series 1996-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A- 20,541,000.00 19,920,864.57 121,849.29 811,071.40 932,920.69 0.00 0.00 19,109,793.17
A- 31,878,000.00 30,887,968.91 150,321.45 284,832.45 435,153.90 0.00 0.00 30,603,136.46
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 52,419,000.00 50,808,833.48 272,170.74 1,095,903.85 1,368,074.59 0.00 0.00 49,712,929.63
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 31846LAY2 969.809871 5.932004 39.485488 45.417491 930.324384 7.340000% 7.340000%
A-2 31846LAZ9 968.943124 4.715523 8.935079 13.650602 960.008045 5.840000% 5.840000%
R FA9601103 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SELLER: First Alliance Mortgage Company ADMINISTRATOR: Jason R. Rosiak
SERVICER: First Alliance Mortgage Company Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: June 28, 1996 Irvine, CA 92714
DISTRIBUTION DATE: July 20, 1996 FACTOR INFORMATION: (800) 735-7777
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 4
<PAGE>
FIRST ALLIANCE
Mortgage Loan Trust
Series 1996-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 20, 1996
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
DELINQUENCY ADVANCES MADE: 22,340.70
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 29,611.34
PLUS: ADDITIONAL SERVICING FEES: 0.00
----------------
29,611.34
LESS: PERMITTED REDUCTIONS TO SERVICING FEES: 0.00
----------------
29,611.34
LESS: UNCOLLECTED SERVICING FEES ACCRUED ON DELINQUENT LOANS: (1,550.29)
----------------
ACTUAL COLLECTED SERVICING FEES FOR CURRENT PERIOD: 28,061.05
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DELINQUENT* AND LOANS LOANS
FORECLOSURE LOAN 31-60 61-90 91+ IN IN
INFORMATION DAYS DAYS DAYS TOTAL REO FORECLOSURE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GROUP 1 PRINCIPAL BALANCE 232,883.68 377,627.56 25,217.68 635,728.92 0.00 377,264.86
PERCENTAGE OF POOL BALANCE 1.2111% 1.9639% 0.1311% 3.3062% 0.0000% 1.9620%
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 4 5 1 10 0 6
PERCENTAGE OF LOANS 1.5152% 1.8939% 0.3788% 3.7879% 0.0000% 2.2727%
- ------------------------------------------------------------------------------------------------------------------------------------
GROUP 2 PRINCIPAL BALANCE 274,597.63 202,082.32 65,786.64 542,466.59 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.8909% 0.6557% 0.2134% 1.7601% 0.0000% 0.0000%
- ------------------------------------------------------------------------------------------------------------------------------------
NUMBER OF LOANS 4 3 1 8 0 0
PERCENTAGE OF LOANS 1.1527% 0.8646% 0.2882% 2.3055% 0.0000% 0.0000%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Notes: Loans in foreclosure are included in the respective delinquency
categories.
<TABLE>
<CAPTION>
<S> <C>
Delinquencies are based on scheduled balances.
---------------------------------
BOOK VALUE OF REO PROPERTY: GROUP 1 0.00
GROUP 2 0.00
---------------------------------
---------------------------------
SUBSTITUTION PRINCIPAL AMOUNT: GROUP 1 0.00
GROUP 2 0.00
---------------------------------
---------------------------------
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS GROUP 1 20,011,331.68
AS OF THE BEGINNING OF THE REMITTANCE PERIOD: GROUP 2 31,061,434.86
---------------------------------
---------------------------------
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS GROUP 1 19,228,352.92
AS OF THE END OF THE REMITTANCE PERIOD: GROUP 2 30,821,013.40
---------------------------------
---------------------------------
CARRY-FORWARD AMOUNT: GROUP 1 0.00
GROUP 2 0.00
---------------------------------
---------------------------------
PROJECTED NET MONTHLY EXCESS CASH FLOW: GROUP 1 28,100.01
GROUP 2 41,123.50
---------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(C) COPYRIGHT 1996 Bankers Trust Company
</TABLE>
Page 2 of 4
<PAGE>
FIRST ALLIANCE
Mortgage Loan Trust
Series 1996-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 20, 1996
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
---------------------------------
NUMBER OF LOANS AS OF THE BEGINNING OF THE REMITTANCE PERIOD: GROUP 1 274
GROUP 2 350
---------------------------------
---------------------------------
NUMBER OF LOANS AS OF THE END OF THE REMITTANCE PERIOD: GROUP 1 264
GROUP 2 347
---------------------------------
---------------------------------
WEIGHTED AVERAGE COUPON AS OF THE CURRENT DISTRIBUTION DATE: GROUP 1 10.167824%
GROUP 2 8.049678%
---------------------------------
---------------------------------
WEIGHTED AVERAGE COUPON AS OF THE NEXT DISTRIBUTION DATE: GROUP 1 10.127845%
GROUP 2 8.072558%
---------------------------------
---------------------------------
CURTAILMENTS INCLUDED IN CURRENT DISTRIBUTION: GROUP 1 4,726.90
GROUP 2 7,426.02
---------------------------------
---------------------------------
PREPAYMENTS IN FULL / UNSCHEDULED RECOVERIES OF PRINCIPAL GROUP 1 763,265.26
INCLUDED IN CURRENT DISTRIBUTION: GROUP 2 205,249.37
---------------------------------
---------------------------------
AMOUNT OF EXCESS SPREAD SUPPORT TO THIS GROUP: GROUP 1 0.00
(FROM OTHER GROUP) GROUP 2 0.00
---------------------------------
---------------------------------
TRUST TERMINATION PROCEEDS: GROUP 1 0.00
GROUP 2 0.00
---------------------------------
---------------------------------
INSURED PAYMENTS: GROUP 1 0.00
GROUP 2 0.00
---------------------------------
---------------------------------
CERTIFICATE INSURER PREMIUM PAYMENT: GROUP 1 2,490.11
GROUP 2 0.00
---------------------------------
TOTAL: 2,490.11
=================================
- ------------------------------------------------------------------------------------------------------------------------------------
/(c)/ COPYRIGHT 1996 Bankers Trust Company
</TABLE>
Page 3 of 4
<PAGE>
FIRST ALLIANCE
Mortgage Loan Trust
Series 1996-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 20, 1996
- ------------------------------------------------------------------------------------------------------------------------------------
SUBORDINATION TRACKING:
PRIOR SUBORDINATION SUBORDINATION REALIZED CURRENT SPECIFIED
SUBORDINATED INCREASE REDUCTION LOSSES SUBORDINATED SUBORDINATED
AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GROUP 1 90,467.11 28,092.64 0.00 0.00 118,559.75 462,189.69
GROUP 2 173,465.95 44,410.99 0.00 0.00 217,876.94 701,319.20
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL 263,933.06 72,503.63 0.00 0.00 336,436.69 1,163,508.89
====================================================================================================================================
</TABLE>
INTEREST ALLOCATION TRACKING:
<TABLE>
<CAPTION>
GROUP I GROUP II TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Mortgage Loan Scheduled Interest (GRP I adjusted for curtailments) 169,521.11 208,318.72 377,839.83
LESS: Accrued Servicing Fees (GRP I adjusted for curtailments) (16,672.17) (12,939.17) (29,611.34)
LESS: Insurance Premium Due Certificate Insurer (2,490.11) 0.00 (2,490.11)
LESS: Current Accrued Interest Due Certificateholders (121,849.29) (150,321.45) (272,170.74)
LESS: Trustee Fees (416.90) (647.11) (1,064.02)
- ------------------------------------------------------------------------------------------------------------------------------------
Monthly Excess Spread Amounts 28,092.64 44,410.99 72,503.63
====================================================================================================================================
</TABLE>
REALIZED LOSS TRACKING:
<TABLE>
<CAPTION>
GROUP 1 GROUP 2
------------------------------------------------------- ----------------------------------------------------------
REALIZED RECOVERED RECOVERED TOTAL REALIZED RECOVERED RECOVERED TOTAL
LOSSES DELINQUENCY SERVICING LOSSES DELINQUENCY SERVICING
ADVANCES ADVANCES ADVANCES ADVANCES
------------------------------------------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Prior: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------- ----------------------------------------------------------
Cumulative: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
======================================================= ==========================================================
</TABLE>
SPECIAL LOAN TRACKING:
<TABLE>
<CAPTION>
BANKRUPTCY PROCEEDINGS MODIFIED LOANS
--------------------------------------------------- ---------------------------------------------------------
NUMBER PRINCIPAL NUMBER PRINCIPAL
OF LOANS BALANCE OF LOANS BALANCE
--------------------------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GROUP I GROUP II GROUP I GROUP II GROUP I GROUP II GROUP I GROUP II
Current: 0 0 0.00 0.00 0 0 0.00 0.00
Delinquent: 0 0 0.00 0.00 0 0 0.00 0.00
Foreclosure: 0 0 0.00 0.00 0 0 0.00 0.00
TOTAL: 0 0 0.00 0.00 0 0 0.00 0.00
====================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
(C) COPYRIGHT 1996 Bankers Trust Company
</TABLE>
Page 4 of 4
<PAGE>
FIRST ALLIANCE
Mortgage Loan Trust
Series 1996-1
Statement To Certificateholders
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution Date: July 20, 1996
- -----------------------------------------------------------------------------------------------------------------------------------
THE SUM OF: GROUP 1 GROUP 2 TOTAL
------- ------- -------
<S> <C> <C> <C>
INTEREST COLLECTED: 169,521.08 208,586.81 378,107.89
INTEREST ADVANCED (By Servicer, to cover loans with first payment
date post the current accrual period): 0.03 (268.09) (268.06)
LIQUIDATION INTEREST: 0.00 0.00 0.00
INSURANCE INTEREST: 0.00 0.00 0.00
REPURCHASE INTEREST: 0.00 0.00 0.00
LESS: DELINQUENT INTEREST: (9,944.29) (12,413.75) (22,358.04)
PLUS: DELINQUENCY ADVANCES ON MORTGAGE INTEREST: 9,094.26 11,713.49 20,807.75
PRINCIPAL COLLECTED: 782,978.76 240,421.46 1,023,400.22
INSURANCE PRINCIPAL PROCEEDS RECEIVED: 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS: 0.00 0.00 0.00
LOAN PURCHASE PRICE AMOUNTS (Per P&S, Section 7.8 (vii)): 0.00 0.00 0.00
SUBSTITUTION AMOUNTS (Per P&S, Section 7.8 (vii)): 0.00 0.00 0.00
TRUST TERMINATION PROCEEDS: 0.00 0.00 0.00
INVESTMENT EARNINGS ON CERTIFICATE ACCOUNT: 0.00 0.00 0.00
---------------------------------------------
951,649.84 448,039.92 1,399,689.76
LESS:
SERVICING FEES (INCLUDING PPIS): 15,822.14 12,238.91 28,061.05
TRUSTEE FEES: 416.90 647.11 1,064.02
INSURANCE PREMIUMS: 2,490.11 0.00 2,490.11
REIMBURSEMENT OF DELINQUENCY ADVANCES: 0.00 0.00 0.00
REIMBURSEMENTS OF SERVICING ADVANCES: 0.00 0.00 0.00
---------------------------------------------
18,729.15 12,886.02 31,615.17
---------------------------------------------
AVAILABLE FUNDS: 932,920.69 435,153.90 1,368,074.59
=============================================
- -----------------------------------------------------------------------------------------------------------------------------------
(C) COPYRIGHT 1996 Bankers Trust Company
</TABLE>
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