MONEY STORE TRUST 1996-B
8-K, 1997-01-28
MORTGAGE BANKERS & LOAN CORRESPONDENTS
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<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 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 report)         JANUARY 15, 1997
                                                    ----------------------

                The Money Store Inc. (as Representative under a 
                Pooling and Servicing Agreement dated as of 
                May 31, 1996 providing for the issuance of 
                TMS Asset Backed Certificates, Series 1996-B) and
                each of the Originators listed on Schedule A 
                attached hereto.


                             The Money Store, Inc.
                     -------------------------------------
            (Exact name of regristrant as specified in its charter)



New Jersey                         33-98734                68-0391373
- ----------                         --------                ----------
State or other          (Commission                     (IRS Employer
jurisdiction of         File Number)                    ID Number)
incorporation)


2840 Morris Avenue, Union, New Jersey 07083
- ------------------------------------------------
(Address of principal executive officer)


Registrant's Telephone Number,
including area code:                                  (908) 686-2000
                                                      --------------

                                      n/a
- ----------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
 



Item 5          Other Events
                ------------
        
        Attached herein as Annex A is a copy of the Monthly Statement sent to
Class A Certificate holders with respect to the January 15, 1997 Remittance
Date.


Item 7          Financial Statements and Exhibits
                ---------------------------------

The quarterly financial statement for the period ended September 30, 1996
for MBIA, Inc. is incorporated  by reference to the Form 10Q filed by MBIA
with the Securities and ExchangeCommission on November  14, 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 thereunto duly authorized.





                                                THE MONEY STORE INC.


                                                By: /s/ Harry Puglisi
                                                -------------------------
                                                Harry Puglisi
                                                Treasurer




Dated: January 24, 1997
<PAGE>

                                  Schedule A

                              List of Originators
                              -------------------

                                    1996-B
                                    ------


                        The Money Store/Minnesota Inc.
                           The Money Store/D.C. Inc.
                        The Money Store/ Kentucky Inc.
                       The Money Store Home Equity Corp.
                               TMS Mortgage Inc.




<PAGE>


                            SERVICER'S CERTIFICATE

     IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING
     AGREEMENT DATED AS OF MAY 31, 1996, THE MONEY STORE INC.
     REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1996-B
     FOR THE JANUARY 10, 1997 DETERMINATION DATE.

<TABLE>
<S>                                                                   <C>              <C>             <C>             <C>
                                                                            POOL I          POOL II        POOL III       POOL IV

1.  AGGREGATE AMOUNT RECEIVED (5.03 b)                                 $22,631,118.34   $6,437,586.51   $2,669,029.39   $211,990.98
     ADJ : RECALCULATION                                                         0.00            0.00            0.00          0.00 
                                                                       ------------------------------------------------------------ 

                                                                        22,631,118.34    6,437,586.51    2,669,029.39    211,990.98


    LESS: SERVICE FEE (7.03 & 5.04)                                        180,356.96       38,707.07       18,601.35      4,279.85
               CONTINGENCY FEE (7.03 & 5.04)                               180,356.96       38,707.07       18,601.35      4,279.85
               OTHER SERVICER FEES (Late Charges / Escrow) (7.03 & 5.0)     66,026.18       21,490.67        4,855.11          0.00
               UNREIMBURSED MONTHLY ADVANCES (5.04 b)                            0.00            0.00            0.00          0.00 
                                                                       ------------------------------------------------------------ 

                                                                           426,740.10       98,904.81       42,057.81      8,559.70

    PLUS: MONTHLY ADVANCE (6.11) - INCLUDING
               COMPENSATING INTEREST (6.12)                                      0.00            0.00            0.00          0.00
               PRE-FUNDING ACCOUNT TRANSFER (6.02)                               0.00            0.00            0.00          0.00 
               CAPITALIZED INTEREST ACCOUNT TRANSFER (6.02)                      0.00            0.00            0.00          0.00 
 
                                                                       ------------------------------------------------------------ 

                                                                                 0.00            0.00            0.00          0.00

    LESS: EXCESS SPREAD (I-19)                                           2,199,068.96      485,034.49      358,202.81     47,266.62
               SUBORDINATION REDUCTION AMOUNT (I-56)                             0.00            0.00            0.00          0.00


                                                                       ------------------------------------------------------------ 
                                                                         2,199,068.96      485,034.49      358,202.81     47,266.62
                                                                       ------------------------------------------------------------ 
     AVAILABLE REMITTANCE AMOUNT                                        20,005,309.29    5,853,647.21    2,268,768.77    156,164.66
                                                                       ============== =============== =============== ============= 

2.  (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
             IN PRIOR SERVICER'S CERTIFICATE                                           130,318,299.05     
                                                                                                          
    (B) CLASS A-2 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                            45,689,397.63     
                                                                                                          
    (C) CLASS A-3 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                            84,673,000.00     
                                                                                                          
    (D) CLASS A-4 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                            95,170,000.00     
                                                                                                          
    (E) CLASS A-5 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                           157,038,000.00     
                                                                                                          
    (F) CLASS A-6 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                            65,967,000.00     
                                                                                                          
    (G) CLASS A-7 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                            98,867,000.00     
                                                                                                          
    (H) CLASS A-8  PRINCIPAL BALANCE AS REPORTED                                                          
             IN PRIOR SERVICER'S CERTIFICATE                                           107,254,000.00     
                                                                                                          
    (I) CLASS A-9 PRINCIPAL BALANCE AS REPORTED                                                           
             IN PRIOR SERVICER'S CERTIFICATE                                            67,839,000.00     
                                                                                                          
    (J) CLASS A-10 PRINCIPAL BALANCE AS REPORTED                                                          
             IN PRIOR SERVICER'S CERTIFICATE                                           113,841,072.36     
                                                                                                          
    (K) CLASS A-11 PRINCIPAL BALANCE  AS REPORTED                                                         
             IN PRIOR SERVICER'S CERTIFICATE                                            68,350,000.00     
</TABLE>
<PAGE>

<TABLE>
<S>                                                             <C>
    (L) CLASS A-12 PRINCIPAL BALANCE  AS REPORTED
             IN PRIOR SERVICER'S CERTIFICATE                        9,023,220.92

    (M) CLASS A-13 PRINCIPAL BALANCE AS REPORTED
             IN PRIOR SERVICER'S CERTIFICATE                       46,341,000.00

    (N) CLASS A-14 PRINCIPAL BALANCE AS REPORTED
             IN PRIOR SERVICER'S CERTIFICATE                       14,337,000.00

    (O) CLASS A-15 PRINCIPAL BALANCE AS REPORTED
             IN PRIOR SERVICER'S CERTIFICATE                       20,364,000.00

    (P) CLASS A-16 PRINCIPAL BALANCE AS REPORTED
             IN PRIOR SERVICER'S CERTIFICATE                       19,552,654.92

3.  PRINCIPAL DISTRIBUTION AMOUNTS :
     CLASS A-1                                                      8,474,024.05
     CLASS A-2                                                      8,474,074.21
     CLASS A-3                                                              0.00
     CLASS A-4                                                              0.00
     CLASS A-5                                                              0.00
     CLASS A-6                                                              0.00
     CLASS A-7                                                              0.00
     CLASS A-8                                                              0.00
     CLASS A-9                                                              0.00

  TOTAL POOL I PRINCIPAL DISTRIBUTION AMOUNT :                     16,948,098.26

    CLASS A-10                                                      3,382,101.68
    CLASS A-11                                                      2,025,000.00

  TOTAL POOL II PRINCIPAL DISTRIBUTION AMOUNT :                     5,407,101.68

    CLASS A-12                                                      2,056,872.83
    CLASS A-13                                                              0.00
    CLASS A-14                                                              0.00
    CLASS A-15                                                              0.00

  TOTAL POOL III PRINCIPAL DISTRIBUTION AMOUNT :                    2,056,872.83

    CLASS A-16                                                         63,140.61

  TOTAL POOL IV PRINCIPAL DISTRIBUTION AMOUNT :                        63,140.61


4.TOTAL  AMOUNT OF POOL I, II , III &  IV
     INSURED PAYMENTS                                                       0.00

5. (A) SUBORDINATED AMOUNT
                  POOL I                                           18,507,397.60
                  POOL II                                           2,152,241.13
                  POOL III                                          8,051,531.81
                  POOL IV                                           1,394,970.00

    (B) SPECIFIED SUBORDINATED AMOUNT
                  POOL I                                           30,690,000.00
                  POOL II                                           5,600,000.00
                  POOL III                                          9,500,000.00
                  POOL IV                                           5,000,000.00

6.  PRINCIPAL PREPAYMENT RECEIVED DURING
    THE DUE PERIOD                                # ACCOUNTS    DOLLARS
                  POOL I                                     303   12,925,374.30
                  POOL II                                     64    3,927,818.06
                  POOL III                                    94    1,332,429.27
                  POOL IV                                      0            0.00



7.  AMOUNT OF CURTAILMENTS RECEIVED DURING
    THE DUE PERIOD
                  POOL I                                              707,899.97
                  POOL II                                             660,816.67
                  POOL III                                            103,777.27
                  POOL IV                                                   0.00

8.  AMOUNT OF EXCESS AND MONTHLY PAYMENTS
    IN RESPECT OF PRINCIPAL RECEIVED DURING
    THE DUE PERIOD
                  POOL I                                            1,106,441.90
                  POOL II                                             276,647.54
                  POOL III                                            292,431.12
                  POOL IV                                              18,274.47

9.  AMOUNT OF INTEREST RECEIVED
                  POOL I                                            7,825,117.74
                  POOL II                                           1,550,813.57
                  POOL III                                            931,208.35
                  POOL IV                                             193,716.51

10.  (A)  AMOUNT OF MONTHLY ADVANCES INCLUDING COMPENSATING
             INTEREST TO BE MADE ON THE DETERMINATION DATE
            TO BE DEPOSITED IN THE CERTIFICATE
              ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii)
                  POOL I                                                    0.00
                  POOL II                                                   0.00
                  POOL III                                                  0.00
                  POOL IV                                                   0.00
       (B)  AMOUNT OF COMPENSATING INTEREST
                  POOL I                                                2,482.92
                  POOL II                                               1,474.38
                  POOL III                                                196.08
                  POOL IV                                                   0.00

11.  DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)

12.  THE AMOUNT OF REALIZED LOSSES DURING
       DUE PERIOD
                  POOL I                                               12,855.73
                  POOL II                                                   0.00
                  POOL III                                            126,037.13
                  POOL IV                                                   0.00

13. CLASS A-1 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT             729,782.47
         (B) PRINCIPAL DISTRIBUTION AMOUNT          8,474,024.05
         (C) CARRY FORWARD AMOUNT                           0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                 0.00

         TOTAL CLASS A-1 REMITTANCE AMOUNT                          9,203,806.52

      CLASS A-2 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT             251,672.43
         (B) PRINCIPAL DISTRIBUTION AMOUNT          8,474,074.21
         (C) CARRY FORWARD AMOUNT                           0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                 0.00

         TOTAL CLASS A-2 REMITTANCE AMOUNT                          8,725,746.64

      CLASS A-3 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT             481,224.88
         (B) PRINCIPAL DISTRIBUTION AMOUNT                  0.00
         (C) CARRY FORWARD AMOUNT                           0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                 0.00

         TOTAL CLASS A-3 REMITTANCE AMOUNT                            481,224.88
</TABLE>
<PAGE>

<TABLE>
<S>                                                                    <C>
      CLASS A-4 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 552,779.08
         (B) PRINCIPAL DISTRIBUTION AMOUNT                      0.00 
         (C) CARRY FORWARD AMOUNT                               0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00 

         TOTAL CLASS A-4 REMITTANCE AMOUNT                                552,779.08

      CLASS A-5 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 939,610.70
         (B) PRINCIPAL DISTRIBUTION AMOUNT                      0.00
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00 

         TOTAL CLASS A-5 REMITTANCE AMOUNT                                939,610.70

      CLASS A-6 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 405,697.05
         (B) PRINCIPAL DISTRIBUTION AMOUNT                      0.00
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00 

         TOTAL CLASS A-6 REMITTANCE AMOUNT                                405,697.05

      CLASS A-7 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 622,038.21
         (B) PRINCIPAL DISTRIBUTION AMOUNT                      0.00
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00 

         TOTAL CLASS A-7 REMITTANCE AMOUNT                                622,038.21

      CLASS A-8 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 706,982.62
         (B) PRINCIPAL DISTRIBUTION AMOUNT                      0.00
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00 

         TOTAL CLASS A-8 REMITTANCE AMOUNT                                706,982.62

      CLASS A-9 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 460,174.55
         (B) PRINCIPAL DISTRIBUTION AMOUNT                      0.00
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00 

         TOTAL CLASS A-9 REMITTANCE AMOUNT
                                                                          460,174.55
    POOL I REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT               5,149,962.00
         (B) PRINCIPAL DISTRIBUTION AMOUNT             16,948,098.26
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00
                                                                
         TOTAL POOL I REMITTANCE AMOUNT                                22,098,060.26

      CLASS A-10 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 562,134.88
         (B) PRINCIPAL DISTRIBUTION AMOUNT              3,382,101.68
         (C) CARRY FORWARD AMOUNT                               0.00
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                     0.00
                                                                        
         TOTAL CLASS A-10 REMITTANCE AMOUNT                             3,944,236.56
</TABLE>
<PAGE>

<TABLE>
<S>                                                 <C>            <C>
      CLASS A-11 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                319,536.25
         (B) PRINCIPAL DISTRIBUTION AMOUNT             2,025,000.00
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL CLASS A-11 REMITTANCE AMOUNT                           2,344,536.25

     POOL II REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                881,671.13
         (B) PRINCIPAL DISTRIBUTION AMOUNT             5,407,101.68
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL POOL II REMITTANCE AMOUNT                              6,288,772.81

      CLASS A-12 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 49,176.55
         (B) PRINCIPAL DISTRIBUTION AMOUNT             2,056,872.83
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL CLASS A-12 REMITTANCE AMOUNT                           2,106,049.38

      CLASS A-13 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                266,460.75
         (B) PRINCIPAL DISTRIBUTION AMOUNT                     0.00 
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL CLASS A-13 REMITTANCE AMOUNT                             266,460.75

      CLASS A-14 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                 87,814.13
         (B) PRINCIPAL DISTRIBUTION AMOUNT                     0.00 
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL CLASS A-14 REMITTANCE AMOUNT                              87,814.13

      CLASS A-15 REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                134,063.00
         (B) PRINCIPAL DISTRIBUTION AMOUNT                     0.00 
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL CLASS A-15 REMITTANCE AMOUNT                             134,063.00

     POOL III REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                537,514.43
         (B) PRINCIPAL DISTRIBUTION AMOUNT             2,056,872.83
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL POOL III REMITTANCE AMOUNT                             2,594,387.26

    CLASS A-16 (POOL IV) REMITTANCE AMOUNT:
         (A) CURRENT INTEREST REQUIREMENT                130,513.97
         (B) PRINCIPAL DISTRIBUTION AMOUNT                63,140.61
         (C) CARRY FORWARD AMOUNT                              0.00 
         (D) MONTHLY ADVANCE FOR BANKRUPTCY                    0.00 

         TOTAL POOL IV REMITTANCE AMOUNT                                193,654.58
</TABLE>
                                                               
<PAGE>

<TABLE>
<S>                                                             <C>
    14.(A) REIMBURSABLE AMOUNTS                                              0.00 
       (B) CLASS R REMITTANCE AMOUNT PAYABLE PURSUANT
               TO SECTION 6.08(d) (iii) AND ( iv)
                  POOL I                                                    (0.00)
                  POOL II                                                   (0.00)
                  POOL III                                                   0.00 
                  POOL IV                                                    0.00 

    15.(A) CLASS A-1 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                     121,844,275.00

      (B) CLASS A-2 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      37,215,323.42

      (C) CLASS A-3 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      84,673,000.00

      (D) CLASS A-4 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      95,170,000.00

      (E) CLASS A-5 PRINCIPAL BALANCE AFTER
            DISTRIBUTIONS TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                     157,038,000.00

      (F) CLASS A-6 PRINCIPAL BALANCE AFTER
            DISTRIBUTIONS TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      65,967,000.00

     (G) CLASS A-7 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      98,867,000.00

      (H) CLASS A-8 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                     107,254,000.00

      (I) CLASS A-9 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      67,839,000.00

      (J) CLASS A-10 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                     110,458,970.69

      (K) CLASS A-11 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                      66,325,000.00

      (L) CLASS A-12 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                       6,966,348.09
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                         <C>
      (M) CLASS A-13 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                  46,341,000.00

      (N) CLASS A-14 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                  14,337,000.00

      (O) CLASS A-15 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                  20,364,000.00

      (P) CLASS A-16 PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                  19,489,514.31

    (Q) TOTAL POOL I PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                 835,867,598.42

    (R) TOTAL POOL II PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                 176,783,970.69

    (S) TOTAL POOL III PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                  88,008,348.09

    (T) TOTAL POOL IV PRINCIPAL BALANCE AFTER
            DISTRIBUTION TO BE MADE ON THE
            REMITTANCE DATE AND AFTER ALLOCATION
            OF REALIZED LOSSES                                                  19,489,514.31

16. (A) MONTHLY EXCESS SPREAD PERCENTAGE (FOR POOL  I, II, III AND IV)                100.00%
      (B) EXCESS SPREAD (POOL I)                                                 2,199,068.96
            EXCESS SPREAD (POOL II)                                                485,034.49
            EXCESS SPREAD (POOL III)                                               358,202.81
            EXCESS SPREAD (POOL IV)                                                 47,266.62
            TOTAL EXCESS SPREAD (POOL I, II, III and IV)                         3,089,572.88
      (C) REMAINDER EXCESS SPREAD AMOUNT POOL I                                          0.00 
            REMAINDER EXCESS SPREAD AMOUNT POOL II                                       0.00 
            REMAINDER EXCESS SPREAD AMOUNT POOL III                                      0.00 
            REMAINDER EXCESS SPREAD AMOUNT POOL IV                                       0.00 
            TOTAL REMAINDER EXCESS SPREAD AMOUNT POOL I, II, III and IV                  0.00 

17. CUMULATIVE REALIZED LOSSES
                  POOL I                                                            26,984.88
                  POOL II                                                           22,697.64
                  POOL III                                                         126,037.13
                  POOL IV                                                                0.00 

18. (A) THE WEIGHTED AVERAGE MATURITY
                  POOL I                                                              263.716
                  POOL II                                                             350.984
                  POOL III                                                            191.132
                  POOL IV                                                             327.979
      (B) THE WEIGHTED AVERAGE MORTGAGE
        INTEREST RATE
                  POOL I                                                              10.851%
                  POOL II                                                              9.976%
                  POOL III                                                            12.525%
                  POOL IV                                                             11.341%
</TABLE>
<PAGE>

<TABLE>
<S>                                                                              <C>            <C>                    <C> 
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD
                  POOL I                                                                                180,356.96
                  POOL II                                                                                38,707.07
                  POOL III                                                                               18,601.35
                  POOL IV                                                                                 4,279.85
      (B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD
                  POOL I                                                                                180,356.96
                  POOL II                                                                                38,707.07
                  POOL III                                                                               18,601.35
                  POOL IV                                                                                 4,279.85
      (C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE
                  POOL I                                                                                 35,533.99
                  POOL II                                                                                 7,591.29
                  POOL III                                                                                3,752.72
                  POOL IV                                                                                   814.69
      (D) AMOUNT TO BE DEPOSITED TO THE INSURANCE ACCOUNT- MBIA
                  POOL I                                                                                 70,784.00
                  POOL II                                                                                18,219.00
                  POOL III                                                                               22,516.00
                  POOL IV                                                                                 8,962.00
      (E) FHA PREMIUM ACCOUNT                                                                             6,315.61
      (F) CLASS A-11 AUCTION AGENT FEE                                                                   15,236.35

20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE
      SERVICERS PURSUANT TO:                                                     POOL I                    POOL II
           (A) SECTION 5.04 (b)                                                             0.00              0.00 
           (B) SECTION 5.04 (c)                                                             0.00              0.00 
           (C) SECTION 5.04 (d)(ii)                                                         0.00              0.00 
           (D) SECTION 5.04 (e)                                                             0.00              0.00 
           (E) SECTION 5.04 (f)(i)                                                    360,713.92         77,414.14

                                                                                 POOL III                  POOL IV
           (A) SECTION 5.04 (b)                                                             0.00              0.00
           (B) SECTION 5.04 (c)                                                             0.00              0.00 
           (C) SECTION 5.04 (d)(ii)                                                         0.00              0.00 
           (D) SECTION 5.04 (e)                                                             0.00              0.00 
           (E) SECTION 5.04 (f)(i)                                                     37,202.70          8,559.70

21. CLASS A-1 POOL FACTOR (I-5):                                                                                           CUSIP #
    CURRENT CLASS A-1 PRINCIPAL BALANCE                                           121,844,275.00        0.72126225     60935B AA7
    ORIGINAL CLASS A-1 PRINCIPAL BALANCE                                          168,932,000.00                                 
                                                                                                                                 
    CLASS A-2 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-2 PRINCIPAL BALANCE                                            37,215,323.42        0.44167248     60935B AB5
    ORIGINAL CLASS A-2 PRINCIPAL BALANCE                                           84,260,000.00                                 
                                                                                                                                 
    CLASS A-3 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-3 PRINCIPAL BALANCE                                            84,673,000.00        1.00000000     60935B AC3
    ORIGINAL CLASS A-3 PRINCIPAL BALANCE                                           84,673,000.00                                 
                                                                                                                                 
    CLASS A-4 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-4 PRINCIPAL BALANCE                                            95,170,000.00        1.00000000     60935B AD1
    ORIGINAL CLASS A-4 PRINCIPAL BALANCE                                           95,170,000.00                                 
                                                                                                                                 
    CLASS A-5 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-5 PRINCIPAL BALANCE                                           157,038,000.00        1.00000000     60935B AE9
    ORIGINAL CLASS A-5 PRINCIPAL BALANCE                                          157,038,000.00                                 
                                                                                                                                 
    CLASS A-6 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-6 PRINCIPAL BALANCE                                            65,967,000.00        1.00000000     60935B AF6
    ORIGINAL CLASS A-6 PRINCIPAL BALANCE                                           65,967,000.00                                 
                                                                                                                                 
    CLASS A-7 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-7 PRINCIPAL BALANCE                                            98,867,000.00        1.00000000     60935B AG4
    ORIGINAL CLASS A-7 PRINCIPAL BALANCE                                           98,867,000.00                                 
                                                                                                                                 
    CLASS A-8 POOL FACTOR (I-5):                                                                                                 
    CURRENT CLASS A-8 PRINCIPAL BALANCE                                           107,254,000.00        1.00000000     60935B AH2 
    ORIGINAL CLASS A-8 PRINCIPAL BALANCE                                          107,254,000.00
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                <C>             <C>            <C>          
    CLASS A-9 POOL FACTOR (I-5):                                                                                 CUSIP #       
    CURRENT CLASS A-8 PRINCIPAL BALANCE                                             67,839,000.00   1.00000000    60935B AJ8   
    ORIGINAL CLASS A-8 PRINCIPAL BALANCE                                            67,839,000.00                              
                                                                                                                               
    POOL I FACTOR:                                                                                                             
    CURRENT POOL I PRINCIPAL BALANCE                                               835,867,598.42   0.89878236                 
    ORIGINAL POOL I PRINCIPAL BALANCE                                              930,000,000.00                              
                                                                                                                               
    CLASS A-10 FACTOR:                                                                                                         
    CURRENT CLASS A-10 PRINCIPAL BALANCE                                           110,458,970.69   0.88367177    60935B AK5   
    ORIGINAL CLASS A-10 PRINCIPAL BALANCE                                          125,000,000.00                              
                                                                                                                               
    CLASS A-11 POOL FACTOR (I-5):                                                                                              
    CURRENT CLASS A-11 PRINCIPAL BALANCE                                            66,325,000.00   0.88433333    60935B AL3   
    ORIGINAL CLASS A-11 PRINCIPAL BALANCE                                           75,000,000.00                              
                                                                                                                               
    POOL II FACTOR:                                                                                                            
    CURRENT POOL II PRINCIPAL BALANCE                                              176,783,970.69   0.88391985                 
    ORIGINAL POOL II PRINCIPAL BALANCE                                             200,000,000.00                              
                                                                                                                               
    CLASS A-12 POOL FACTOR (I-5):                                                                                              
    CURRENT CLASS A-10 PRINCIPAL BALANCE                                             6,966,348.09   0.36746218    60935B AM1   
    ORIGINAL CLASS A-10 PRINCIPAL BALANCE                                           18,958,000.00                              
                                                                                                                               
    CLASS A-13 POOL FACTOR (I-5):                                                                                              
    CURRENT CLASS A-11 PRINCIPAL BALANCE                                            46,341,000.00   1.00000000    60935B AN9   
    ORIGINAL CLASS A-11 PRINCIPAL BALANCE                                           46,341,000.00                              
                                                                                                                               
    CLASS A-14 POOL FACTOR (I-5):                                                                                              
    CURRENT CLASS A-12 PRINCIPAL BALANCE                                            14,337,000.00   1.00000000    60935B AP4   
    ORIGINAL CLASS A-12 PRINCIPAL BALANCE                                           14,337,000.00                              
                                                                                                                               
    CLASS A-15 POOL FACTOR (I-5):                                                                                              
    CURRENT CLASS A-12 PRINCIPAL BALANCE                                            20,364,000.00   1.00000000    60935B AQ2   
    ORIGINAL CLASS A-12 PRINCIPAL BALANCE                                           20,364,000.00                              
                                                                                                                               
    POOL III FACTOR:                                                                                                           
    CURRENT POOLI III PRINCIPAL BALANCE                                             88,008,348.09   0.88008348                 
    ORIGINAL POOL III PRINCIPAL BALANCE                                            100,000,000.00                              
                                                                                                                               
    CLASS A-16 (POOL IV) FACTOR (I-5):                                                                                         
    CURRENT CLASS A-14 PRINCIPAL BALANCE                                            19,489,514.31   0.97447572    60935B AR0   
    ORIGINAL CLASS A-14 PRINCIPAL BALANCE                                           20,000,000.00                             
                                                                                                                              
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE                                                                               
           POOL I                                                                                      10.851%                
           POOL II                                                                                      9.976%                
           POOL III                                                                                    12.525%                
           POOL IV                                                                                     11.341%                
     (B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS                                                                
           POOL I                                                                                      10.201%                
           POOL II                                                                                      9.059%                
           POOL III                                                                                    10.675%                
           POOL IV                                                                                     10.241%                
     (C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5, CLASS A-6,                                   
           CLASS A-7, CLASS A-8 AND CLASS A-9 ADJUST MORTGAGE LOAN REMITTANCE RATE                      6.735%                
           CLASS A-10 AND CLASS A-11  ADJUSTED MORTGAGE LOAN REMITTANCE RATE                            6.077%                
            CLASS A-12, CLASS A-13, CLASS A-14  AND CLASS A-15                                                                
            ADJUSTED MORTGAGE LOAN REMITTANCE RATE                                                      7.526%                
            CLASS A-16 ADJUSTED MORTGAGE LOAN REMITTANCE RATE                                           8.010%                 

     (D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR                  10/31/96               11/30/96                 12/31/96
                                                                      --------------------------------------------------------
           POOL I                                                      10.856%                10.853%                  10.851%
           POOL II                                                      9.476%                 9.668%                   9.976%
           POOL III                                                    12.529%                12.525%                  12.525%
           POOL IV                                                     11.344%                11.341%                  11.341%
</TABLE>
<PAGE>

<TABLE>
<S>                                                                                     <C>

    23. CLASS A-10  REMITTANCE RATE                                                            5.92547%
        CLASS A-11  REMITTANCE RATE (BASED ON AUCTION RATE)                                      5.610%

        IF REMITTANCE RATES BASED ON THE NET FUNDS CAP
        LIBOR PLUS MARGIN FOR  CLASS A-10                                                           N/A

    24. LIBOR RATE                                                                             5.60547%

    25. POOL II  NET FUNDS CAP (RATE)                                                            9.245%
           CLASS A-10 NET FUNDS CAP                                                                0.00 
           CLASS A-11 NET FUNDS CAP                                                                0.00
                                                                                                     
    26. CLASS A-10 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER                                    0.00 
           CLASS A-11 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER                                    0
           MAXIMUM POOL II RATE FOR THE DUE PERIOD                                                 0.00 

    27. (A) AMOUNT OF DISTRIBUTION ALLOCABLE TO LIBOR
            INTEREST CARRYOVER                                                                     0.00 
        (B) LIBOR INTEREST CARRYOVER BALANCE                                                       0.00 

    28. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
            FOR THE DUE PERIOD                                                                 6,315.61
        (B) AMOUNT REIMBURURSABLE TO THE SERVICER AND/OR THE
            CERTIFICATE INSURER FROM THE FHA ACCOUNT PUSUANT TO 6.06(b)(i)                     1,648.29

    29. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS                                                    
            RECEIVED DURING THE MONTH                                                              0.00 

    30. THE RESERVE AMOUNT FOR THE DUE PERIOD                                             10,000,000.00

    31. CLAIMS FILED DURING THE DUE PERIOD                                                    55,677.01

    32. CLAIMS PAID DURING THE PERIOD                                                              0.00 

    33. CLAIMS DENIED BY FHA DURING THE DUE PERIOD                                                 0.00 

    34. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD                                        0.00 

    35. OTHER INFORMATION
           (A) SPREAD ACCOUNT BALANCES
              POOL I                                                                        7,154,108.14
              POOL II                                                                               0.00 
              POOL III                                                                      6,154,071.52
              POOL IV                                                                       1,230,814.30
            (B) AMOUNT TO BE DEPOSITED INTO POOL III
               SPREAD ACCOUNT DUE TO TRIGGER ACTIVATION                                         
</TABLE>
<PAGE>

<TABLE>
<S>           <C>                     <C>     <C>               <C>                         <C>              <C>    <C> 
                                                                      EXHIBIT O (POOL I)
                   REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996

REMIC         OUTSTANDING             #                                                                                 
SERIES        DOLLARS                 ACCOUNTS                         RANGES                   AMOUNT       NO      PCT 

   1996-B-I         $849,429,269.97                   16168            1 TO 29 DAYS         158,116,073.40    3073  18.61%
                                                                      30 TO 59 DAYS          12,643,345.72     245   1.49%
                                                                      60 TO 89 DAYS           6,471,577.42     127   0.76%
                                                                      90 AND OVER            14,661,610.11     260   1.73%

                                                                      FORECLOSURE             5,430,167.94      86   0.64%
                                                                      REO PROPERTY              193,391.38       4   0.02%



                                                                      TOTALS              $197,516,165.97    3,795  23.25%
                                                                                          ================================



                                                                      EXHIBIT O ( POOL II )

                   REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996
REMIC         OUTSTANDING             #                                                                                  
SERIES        DOLLARS                 ACCOUNTS                         RANGES                   AMOUNT       NO      PCT  

   1996-B-II        $179,474,777.48                    2196            1 TO 29 DAYS          37,026,600.39     467  20.63%
                                                                      30 TO 59 DAYS           3,726,249.60      50   2.08%
                                                                      60 TO 89 DAYS           1,689,480.33      23   0.94%
                                                                      90 AND OVER             3,056,633.76      45   1.70%

                                                                      FORECLOSURE               984,338.67      14   0.55%
                                                                      REO PROPERTY              201,452.65       1   0.11%



                                                                      TOTALS               $46,684,755.40      600  26.01%
                                                                                           ===============================
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
<S>       <C>                                                  <C>       <C>                <C>             <C>     <C>

                                                                         EXHIBIT O ( POOL III )
                    REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996

REMIC         OUTSTANDING             #                                                                                  
SERIES        DOLLARS                 ACCOUNTS                         RANGES                   AMOUNT       NO      PCT 

  1996-B-III         $90,234,043.55                     5821              1 TO 29 DAYS         17,532,707.68    1108  19.43%
                                                                         30 TO 59 DAYS          1,564,010.71      98   1.73%
                                                                         60 TO 89 DAYS            969,869.73      61   1.07%
                                                                         90 AND OVER            2,556,202.02     172   2.83%
                                                                         CLAIMS PENDING                 0.00       0   0.00%

                                                                         FORECLOSURE              104,492.41       9   0.12%
                                                                         REO PROPERTY                   0.00       0   0.00%


                                                                         TOTALS              $22,727,282.55    1,448  25.19%
                                                                                             ===============================


                                                                         EXHIBIT O ( POOL IV )

                    REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996
REMIC         OUTSTANDING             #                                                                                  
SERIES        DOLLARS                 ACCOUNTS                         RANGES                   AMOUNT       NO      PCT  

  1996-B-IV          19,698,536.15                        101             1 TO 29 DAYS          1,674,556.89       8   8.50%
                                                                         30 TO 59 DAYS            305,000.00       1   1.55%
                                                                         60 TO 89 DAYS                  0.00       0   0.00%
                                                                         90 AND OVER                    0.00       0   0.00%

                                                                         FORECLOSURE                    0.00       0   0.00%
                                                                         REO PROPERTY                   0.00       0   0.00%



                                                                         TOTALS               $1,979,556.89        9  10.05%
                                                                                              ==============================
</TABLE>
<PAGE>

1996-B

The following additional information, presented in dollars, pursuant to
Secton 6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxxvi)
is provided for each Class per $1,000 (or per $25,000 for Class A-9)
original dollar amount as of the Cut-Off Date.

<TABLE>
<CAPTION>                                                                                                          
                                                                                POOL I

SUBCLAUSE                                                CLASS A-1   CLASS A-2  CLASS A-3 CLASS A-4  CLASS A-5
- ----------------------------------------------------------------------------------------------------------------
<S>                                                      <C>         <C>        <C>       <C>        <C>  
(ii)                                                           771.42     542.24  1,000.00   1,000.00   1,000.00

(vi)                                                            38.26      76.70      0.00       0.00       0.00 

(vii)                                                            2.10       4.20      0.00       0.00       0.00 

(viii)                                                           6.55       6.39      0.00       0.00       0.00 

(xiii)    (a)                                                    4.32       2.99      5.68       5.81       5.98
           (b)                                                  50.16     100.57      0.00       0.00       0.00 
           (c)                                                   0.00       0.00      0.00       0.00       0.00 
           (d)                                                   0.00       0.00      0.00       0.00       0.00 

(xv)                                                           721.26     441.67  1,000.00   1,000.00   1,000.00

(xxxvi)                                                          0.00       0.00      0.00       0.00       0.00 

<CAPTION> 
                                                                                                     POOL II

SUBCLAUSE                                                CLASS A-6   CLASS A-7  CLASS A-8 CLASS A-9  CLASS A-10
- ----------------------------------------------------------------------------------------------------------------
<S>                                                      <C>         <C>        <C>       <C>        <C>  
(ii)                                                         1,000.00   1,000.00  1,000.00   1,000.00     910.73

(vi)                                                             0.00          0      0.00       0.00       0.00 

(vii)                                                            0.00          0      0.00       0.00       0.56

(viii)                                                           0.00          0      0.00       0.00       0.82

(xiii)    (a)                                                    6.15       6.29      6.59       6.78        4.5
           (b)                                                   0.00          0      0.00       0.00      27.06
           (c)                                                   0.00          0      0.00       0.00       0.00 
           (d)                                                   0.00          0      0.00       0.00       0.00 

(xv)                                                         1,000.00   1,000.00  1,000.00   1,000.00     883.67

(xxxvi)                                                          0.00          0         0       0.00       0.00 

<CAPTION> 
                                                                     POOL III                                        POOL IV

SUBCLAUSE                                                CLASS A-11  CLASS A-12 CLASS A-13  CLASS A-14  CLASS A-15  CLASS A-16
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                                      <C>         <C>        <C>       <C>        <C>  
(ii)                                                        22,783.33     475.96  1,000.00   1,000.00   1,000.00        977.63

(vi)                                                             0.00      70.28      0.00       0.00       0.00          0.00 

(vii)                                                           14.11       5.47      0.00       0.00       0.00          0.00 

(viii)                                                          20.49      19.38      0.00       0.00       0.00          0.91

(xiii)     (a)                                                 106.51       2.59      5.75       6.13       6.58          6.53
           (b)                                                 675.00     108.50      0.00       0.00       0.00          3.16
           (c)                                                   0.00       0.00      0.00       0.00       0.00          0.00 
           (d)                                                   0.00       0.00      0.00       0.00       0.00          0.00 

(xv)                                                        15,447.00     367.46  1,000.00   1,000.00   1,000.00        974.48

(xxxvi)                                                          0.00       0.00      0.00       0.00       0.00          0.00 
</TABLE>


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