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Previous: FARMER MAC MORTGAGE SECURITIES CORP, 8-K, 1997-04-02 |
Next: SNYDER COMMUNICATIONS INC, 8-K, 1997-04-02 |
<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) March 17, 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 22-2293022
---------- -------- ----------
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 March 17, 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 Exchange Commission 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: March 31, 1997
<PAGE>
Schedule A
List of Originators
1996-B
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/ Kentucky In
The Money Store Home Equity
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 MARCH 12, 1997 DETERMINATION DATE.
<TABLE>
<CAPTION>
POOL I POOL II POOL III POOL IV
<S> <C> <C> <C> <C>
1. AGGREGATE AMOUNT RECEIVED (5.03 b) $24,055,026.47 $6,439,785.35 $1,993,994.17 $188,668.98
ADJ : RECALCULATION 0.00 0.00 0.00 0.00
----------------------------------------------------------
24,055,026.47 6,439,785.35 1,993,994.17 188,668.98
LESS: SERVICE FEE (7.03 & 5.04) 163,767.34 32,065.53 17,137.62 3,893.36
CONTINGENCY FEE (7.03 & 5.04) 163,767.34 32,065.53 17,137.62 3,893.36
OTHER SERVICER FEES (Late Charges / Escrow) (7.03 57,511.67 42,897.82 3,323.00 0.00
UNREIMBURSED MONTHLY ADVANCES (5.04 b) 0.00 0.00 0.00 0.00
----------------------------------------------------------
385,046.35 107,028.88 37,598.24 7,786.72
PLUS: MONTHLY ADVANCE (6.11) - INCLUDING
COMPENSATING INTEREST (6.12) 144,632.23 96,392.23 35,802.57 11,331.80
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
----------------------------------------------------------
144,632.23 96,392.23 35,802.57 11,331.80
LESS: EXCESS SPREAD (I-19) 2,158,799.29 646,102.38 349,107.50 48,493.85
SUBORDINATION REDUCTION AMOUNT (I-56) 0.00 0.00 0.00 0.00
----------------------------------------------------------
2,158,799.29 646,102.38 349,107.50 48,493.85
------------------------------------------------------------
AVAILABLE REMITTANCE AMOUNT 21,655,813.06 5,783,046.32 1,643,091.00 143,720.21
============================================================
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 114,902,278.06
(B) CLASS A-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 30,273,285.38
(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 106,840,461.33
(K) CLASS A-11 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 64,150,000.00
</TABLE>
<PAGE>
(L) CLASS A-12 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 5,450,172.33
(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 19,424,254.04
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 9,366,683.70
CLASS A-2 9,366,739.14
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 : 18,733,422.84
CLASS A-10 3,539,424.02
CLASS A-11 2,125,000.00
TOTAL POOL II PRINCIPAL DISTRIBUTION AMOUNT : 5,664,424.02
CLASS A-12 1,443,337.12
CLASS A-13 0.00
CLASS A-14 0.00
CLASS A-15 0.00
TOTAL POOL III PRINCIPAL DISTRIBUTION AMOUNT : 1,443,337.12
CLASS A-16 52,844.82
TOTAL POOL IV PRINCIPAL DISTRIBUTION AMOUNT : 52,844.82
4.TOTAL AMOUNT OF POOL I, II , III & IV
INSURED PAYMENTS 0.00
5. (A) SUBORDINATED AMOUNT
POOL I 22,574,622.04
POOL II 3,058,892.56
POOL III 8,656,115.02
POOL IV 1,490,568.49
(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 # ACCOUNT DOLLARS
POOL I 281 15,084,486.98
POOL II 60 4,756,946.38
POOL III 48 783,551.57
POOL IV 0 0.00
<PAGE>
<TABLE>
<S> <C> <C>
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD
POOL I 514,874.31
POOL II 139,001.70
POOL III 115,943.22
POOL IV 0.00
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD
POOL I 1,302,796.94
POOL II 188,267.02
POOL III 229,010.07
POOL IV 12,137.69
9. AMOUNT OF INTEREST RECEIVED
POOL I 7,095,356.57
POOL II 1,307,672.43
POOL III 858,475.33
POOL IV 176,531.29
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 144,632.23
POOL II 96,392.23
POOL III 35,802.57
POOL IV 11,331.80
(B) AMOUNT OF COMPENSATING INTEREST
POOL I 2,434.16
POOL II 1,168.71
POOL III 97.16
POOL IV 0.00
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. THE AMOUNT OF REALIZED LOSSES DURING
DUE PERIOD
POOL I 0.00
POOL II 0.00
POOL III 60,698.42
POOL IV 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 643,452.76
(B) PRINCIPAL DISTRIBUTION AMOUNT 9,366,683.70
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 10,010,136.45
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 166,755.35
(B) PRINCIPAL DISTRIBUTION AMOUNT 9,366,739.14
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 9,533,494.49
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>
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 4,978,715.20
(B) PRINCIPAL DISTRIBUTION AMOUNT 18,733,422.84
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL I REMITTANCE AMOUNT 23,712,138.04
CLASS A-10 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 460,098.83
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,539,424.02
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-10 REMITTANCE AMOUNT 3,999,522.85
<PAGE>
CLASS A-11 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 260,769.75
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,125,000.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-11 REMITTANCE AMOUNT 2,385,769.75
POOL II REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 720,868.58
(B) PRINCIPAL DISTRIBUTION AMOUNT 5,664,424.02
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL II REMITTANCE AMOUNT 6,385,292.60
CLASS A-12 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 29,703.44
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,443,337.12
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-12 REMITTANCE AMOUNT 1,473,040.56
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 518,041.31
(B) PRINCIPAL DISTRIBUTION AMOUNT 1,443,337.12
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL III REMITTANCE AMOUNT 1,961,378.43
CLASS A-16 (POOL IV) REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 129,656.90
(B) PRINCIPAL DISTRIBUTION AMOUNT 52,844.82
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL IV REMITTANCE AMOUNT 182,501.72
<PAGE>
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 105,535,594.36
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 20,906,546.23
(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 103,301,037.31
(K) CLASS A-11 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 62,025,000.00
(L) CLASS A-12 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 4,006,835.21
<PAGE>
<TABLE>
<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 19,371,409.22
(Q) TOTAL POOL I PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 803,250,140.59
(R) TOTAL POOL II PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 165,326,037.31
(S) TOTAL POOL III PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 85,048,835.21
(T) TOTAL POOL IV PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 19,371,409.22
16. (A) MONTHLY EXCESS SPREAD PERCENTAGE (FOR POOL I, II, III AND IV) 100.00%
(B) EXCESS SPREAD (POOL I) 2,158,799.29
EXCESS SPREAD (POOL II) 646,102.38
EXCESS SPREAD (POOL III) 349,107.50
EXCESS SPREAD (POOL IV) 48,493.85
TOTAL EXCESS SPREAD (POOL I, II, III and IV) 3,202,503.03
(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 71,792.05
POOL II 64,592.08
POOL III 235,063.10
POOL IV 0.00
18. (A) THE WEIGHTED AVERAGE MATURITY
POOL I 261.958
POOL II 349.146
POOL III 189.561
POOL IV 326.052
(B) THE WEIGHTED AVERAGE MORTGAGE
INTEREST RATE
POOL I 10.844%
POOL II 10.165%
POOL III 12.519%
POOL IV 11.341%
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD
POOL I 163,767.34
POOL II 32,065.53
POOL III 17,137.62
POOL IV 3,893.36
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD
POOL I 163,767.34
POOL II 32,065.53
POOL III 17,137.62
POOL IV 3,893.36
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE
POOL I 34,249.32
POOL II 7,124.60
POOL III 3,603.84
POOL IV 809.34
(D) AMOUNT TO BE DEPOSITED TO THE INSURANCE ACCOUNT- MBIA
POOL I 68,225.00
POOL II 17,099.00
POOL III 21,623.00
POOL IV 8,903.00
(E) FHA PREMIUM ACCOUNT 5,593.22
(F) CLASS A-11 AUCTION AGENT FEE 12,870.09
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) 327,534.68 64,131.06
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) 34,275.24 7,786.72
21. CLASS A-1 POOL FACTOR (I-5): CUSIP#
CURRENT CLASS A-1 PRINCIPAL BALANCE 105,535,594.36 0.62472234 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 20,906,546.23 0.24811947 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>
<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 803,250,140.59 0.86370983
ORIGINAL POOL I PRINCIPAL BALANCE 930,000,000.00
CLASS A-10 FACTOR:
CURRENT CLASS A-10 PRINCIPAL BALANCE 103,301,037.31 0.82640830 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 62,025,000.00 0.82700000 60935B AL3
ORIGINAL CLASS A-11 PRINCIPAL BALANCE 75,000,000.00
POOL II FACTOR:
CURRENT POOL II PRINCIPAL BALANCE 165,326,037.31 0.82663019
ORIGINAL POOL II PRINCIPAL BALANCE 200,000,000.00
CLASS A-12 POOL FACTOR (I-5):
CURRENT CLASS A-12 PRINCIPAL BALANCE 4,006,835.21 0.21135327 60935B AM1
ORIGINAL CLASS A-12 PRINCIPAL BALANCE 18,958,000.00
CLASS A-13 POOL FACTOR (I-5):
CURRENT CLASS A-13 PRINCIPAL BALANCE 46,341,000.00 1.00000000 60935B AN9
ORIGINAL CLASS A-13 PRINCIPAL BALANCE 46,341,000.00
CLASS A-14 POOL FACTOR (I-5):
CURRENT CLASS A-14 PRINCIPAL BALANCE 14,337,000.00 1.00000000 60935B AP4
ORIGINAL CLASS A-14 PRINCIPAL BALANCE 14,337,000.00
CLASS A-15 POOL FACTOR (I-5):
CURRENT CLASS A-15 PRINCIPAL BALANCE 20,364,000.00 1.00000000 60935B AQ2
ORIGINAL CLASS A-15 PRINCIPAL BALANCE 20,364,000.00
POOL III FACTOR:
CURRENT POOL III PRINCIPAL BALANCE 85,048,835.21 0.85048835
ORIGINAL POOL III PRINCIPAL BALANCE 100,000,000.00
CLASS A-16 (POOL IV) FACTOR (I-5):
CURRENT CLASS A-16 PRINCIPAL BALANCE 19,371,409.22 0.96857046 60935B AR0
ORIGINAL CLASS A-16 PRINCIPAL BALANCE 20,000,000.00
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE
POOL I 10.844%
POOL II 10.165%
POOL III 12.519%
POOL IV 11.341%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS
POOL I 10.194%
POOL II 9.248%
POOL III 10.669%
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 6.732%
CLASS A-10 AND CLASS A-11 ADJUSTED MORTGAGE LOAN REMITTANCE RATE 5.891%
CLASS A-12, CLASS A-13, CLASS A-14 AND CLASS A-15
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 7.548%
CLASS A-16 ADJUSTED MORTGAGE LOAN REMITTANCE RATE 8.010%
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 12/31/96 01/31/97 02/28/97
POOL I 10.851% 10.845% 10.844%
POOL II 9.976% 10.123% 10.165%
POOL III 12.525% 12.519% 12.519%
POOL IV 11.341% 11.341% 11.341%
</TABLE>
<PAGE>
<TABLE>
<S> <C>
23. CLASS A-10 REMITTANCE RATE 5.74188%
CLASS A-11 REMITTANCE RATE (BASED ON AUCTION RATE) 5.420%
IF REMITTANCE RATES BASED ON THE NET FUNDS CAP
LIBOR PLUS MARGIN FOR CLASS A-10 N/A
24. LIBOR RATE 5.42188%
25. POOL II NET FUNDS CAP (RATE) 9.700%
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 5,593.22
(B) AMOUNT REIMBURURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PUSUANT TO 6.06(b)(i) 75.00
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 178,530.55
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 254,710.01
35. OTHER INFORMATION
(A) SPREAD ACCOUNT BALANCES
POOL I 7,211,189.22
POOL II 0.00
POOL III 6,203,173.52
POOL IV 1,240,634.70
(B) AMOUNT TO BE DEPOSITED INTO POOL III
SPREAD ACCOUNT DUE TO TRIGGER ACTIVATION 0.00
</TABLE>
<PAGE>
<TABLE>
EXHIBIT O (POOL 1)
REMIC DELINQUENCIES AS OF -FEBRUARY 28, 1997
<S> <C> <C> <C> <C> <C> <C> <C>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
1996-B-I $820,444,838.02 15666 1 TO 29 DAYS 160,474,579.87 3092 19.56%
30 TO 59 DAYS 25,635,468.43 465 3.12%
60 TO 89 DAYS 9,574,669.48 196 1.17%
90 AND OVER 13,593,103.16 260 1.66%
FORECLOSURE 12,010,314.57 198 1.46%
REO PROPERTY 459,064.27 6 0.06%
TOTALS $221,747,199.78 4,217 27.03%
====================================
EXHIBIT O ( POOL II )
REMIC DELINQUENCIES AS OF -FEBRUARY 28, 1997
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
1996-B-II $168,958,545.52 2075 1 TO 29 DAYS 37,477,684.91 461 22.18%
30 TO 59 DAYS 7,296,975.83 88 4.32%
60 TO 89 DAYS 3,204,881.43 43 1.90%
90 AND OVER 3,723,368.37 48 2.20%
FORECLOSURE 2,750,813.23 40 1.63%
REO PROPERTY 427,685.07 4 0.25%
TOTALS $54,881,408.84 684 32.48%
====================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT O (POOL III)
REMIC DELINQUENCIES AS OF -FEBRUARY 28, 1997
<S> <C> <C> <C> <C> <C> <C> <C>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
1996-B-I $87,816,608.97 5686 1 TO 29 DAYS 17,972,928.00 1092 20.47%
30 TO 59 DAYS 2,642,996.96 174 3.01%
60 TO 89 DAYS 1,131,757.90 64 1.29%
90 AND OVER 2,921,493.16 191 3.33%
CLAIMS PENDING 254,710.01 17 0.29%
FORECLOSURE 235,121.73 17 0.27%
REO PROPERTY 44,300.00 2 0.05%
TOTALS $25,203,307.76 1,557 28.70%
================================
EXHIBIT O ( POOL IV )
REMIC DELINQUENCIES AS OF -FEBRUARY 28, 1997
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
1996-B-I 19,662,050.14 101 1 TO 29 DAYS 2,242,861.70 8 11.41%
30 TO 59 DAYS 68,404.52 1 0.35%
60 TO 89 DAYS 195,000.00 1 0.99%
90 AND OVER 344,127.43 1 1.75%
FORECLOSURE 305,000.00 1 1.55%
REO PROPERTY 0.00 0 0.00%
TOTALS $3,155,393.65 12 16.05%
================================
</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) 680.17 359.28 1,000.00 1,000.00 1,000.00
(vi) 44.65 89.51 0.00 0.00 0.00
(vii) 1.52 3.06 0.00 0.00 0.00
(viii) 7.71 7.73 0.00 0.00 0.00
(xiii) (a) 3.81 1.98 5.68 5.81 5.98
(b) 55.45 111.16 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) 624.72 248.12 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 1,000.00 854.72
(vi) 0.00 0 0.00 0.00 0.00
(vii) 0.00 0 0.00 0.00 0.37
(viii) 0.00 0 0.00 0.00 0.00
(xiii) (a) 6.15 6.29 6.59 6.78 3.68
(b) 0.00 0 0.00 0.00 28.32
(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 1,000.00 826.41
(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> <C>
(ii) 21,383.33 287.49 1,000.00 1,000.00 1,000.00 971.21
(vi) 0.00 41.33 0.00 0.00 0.00 0.00
(vii) 9.35 6.12 0.00 0.00 0.00 0.00
(viii) 0.00 17.59 0.00 0.00 0.00 0.61
(xiii) (a) 86.92 1.57 5.75 6.13 6.58 6.48
(b) 708.33 76.13 0.00 0.00 0.00 2.64
(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) 15,447.00 211.35 1,000.00 1,000.00 1,000.00 968.57
(xxxvi) 0.00 0.00 0.00 0.00 0.00 0.00
</TABLE>
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