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Previous: VANDERBILT MORT & FINANCE INC SR SB PS TH CT SR 1996-B, 8-K, 1997-04-09 |
Next: VANDERBILT MORT & FINANCE INC SR SB PS TH CT SR 1996-B, 8-K, 1997-04-09 |
<PAGE> 1
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): November 7, 1996
Vanderbilt Mortgage & Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
33-88238 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On November 7, 1996, The Chase Manhattan Bank, as Trustee,
made the monthly distribution to the holders of the Vanderbilt Mortgage &
Finance, Inc. Manufactured Housing Contract Senior/Subordinated Pass Through
Certificates, Series 1996B.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on November 7, 1996.
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE & FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
Name: David R. Jordan
Title: Controller
Dated: November 7, 1996
<PAGE> 1
Exhibit 99
<TABLE>
<CAPTION>
Chemical Bank, Trustee Determination Date:
Manufactured Housing Contracts Remittance Date:
Senior/Subordinated Pass-Through Certificates Series 1996B For the Period Ended:
Information for Clauses (a) through (e), Section 7.01
Class A-1 Class A-2
<S> <C> <C>
(a) Class A and Class B Distribution Amounts 1,299,031.79 165,939.37
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 401,395.86
(b) Partial Prepayments Received 71,855.90
(c) Principal Payments in Full (Scheduled Balance) 670,986.97
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
---------------- ----------------
Total Principal Distribution 1,144,238.73 0.00
(c) Interest Distribution 154,793.06 165,939.37
Unpaid Interest Shortfall 0.00 0.00
---------------- ----------------
Total Interest Distribution 154,793.06 165,939.37
(d) Beginning Class A and Class B Principal Balance 29,023,699.31 29,610,000.00
Less: Principal Distribution 1,144,238.73 0.00
---------------- ----------------
Remaining Class A and Class B Principal Balance 27,879,460.56 29,610,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 140,567.40 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class A-1
Section 6.02 Reimbursement Amount 12,000.00 Class A-2
Reimburseable Fees 0.00 Class A-3
---------------- Class A-4
Total Fees Due Servicer 152,567.40 Class A-5
Class A-6
No. of Unpaid Principal Class B-1
(f) Delinquency Contracts Balance Class B-2
31-59 Days Delinquent 52 1,444,977
60-89 Days Delinquent 16 399,204
90+ Days Delinquent 12 237,582
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 156,388.97
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 0.00
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 42,652.50
(y) Remaining Amount Available 199,041.47
----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
(p) Number of units repossessed 0
(q) Principal Prepayments paid 742,842.67
(r) Scheduled Principal Payments 401,395.86
(s) Weighted Average Interest Rate 11.01%
</TABLE>
<TABLE>
<CAPTION>
Chemical Bank, Trustee 05-Nov-96
Manufactured Housing Contracts 07-Nov-96
Senior/Subordinated Pass-Through Certificates Series 1996B 25-Oct-96
Information for Clauses (a) through (s), Section 7.01
Class A-3 Class A-4 Class A-5
<S> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 120,818.63 76,366.67 108,980.81
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
----------------- ----------------- ----------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 120,818.63 76,366.67 108,980.81
Unpaid Interest Shortfall 0.00 0.00 0.00
----------------- ----------------- ----------------
Total Interest Distribution 120,818.63 76,366.67 108,980.81
(d) Beginning Class A and Class B Principal Balance 20,786,000.00 12,640,000.00 17,379,000.00
Less: Principal Distribution 0.00 0.00 0.00
----------------- ----------------- ----------------
Remaining Class A and Class B Principal Balance 20,786,000.00 12,640,000.00 17,379,000.00
(e) Fees Due Servicer
Monthly Servicing Fee (h) Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.87276047 31,944,000.00
Section 6.02 Reimbursement Amount 1.00000000 29,610,000.00
Reimburseable Fees 1.00000000 20,786,000.00
1.00000000 12,640,000.00
Total Fees Due Servicer 1.00000000 17,379,000.00
1.00000000 11,030,000.00
1.00000000 8,272,000.00
(f) Delinquency 1.00000000 6,204,000.00
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Number of units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<TABLE>
<CAPTION>
Chemical Bank, Trustee
Manufactured Housing Contracts
Senior/Subordinated Pass-Through Certificates Series 1996B
Information for Clauses (a) through (e), Section 7.01
Class A-6 Class B-1 Class B-2
<S> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 72,154.58 53,251.00 42,652.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
----------------- ----------------- ----------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 72,154.58 53,251.00 42,652.50
Unpaid Interest Shortfall 0.00 0.00 0.00
----------------- ----------------- ----------------
Total Interest Distribution 72,154.58 53,251.00 42,652.50
(d) Beginning Class A and Class B Principal Balance 11,030,000.00 8,272,000.00 6,204,000.00
Less: Principal Distribution 0.00 0.00 0.00
----------------- ----------------- ----------------
Remaining Class A and Class B Principal Balance 11,030,000.00 8,272,000.00 6,204,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 6.400%
Section 6.02 Reimbursement Amount 6.725%
Reimburseable Fees 6.975%
7.250%
Total Fees Due Servicer 7.525%
7.850%
7.725%
(f) Delinquency 8.250%
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Number of units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<TABLE>
<CAPTION>
Chemical Bank, Trustee
Manufactured Housing Contracts
Senior/Subordinated Pass-Through Certificates Series 1996B
Information for Clauses (a) through (e), Section 7.01
<S> <C>
(a) Class A and Class B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class A and Class B Principal Balance
Less: Principal Distribution
Remaining Class A and Class B Principal Balance
(e) Fees Due Servicer Rate
Monthly Servicing Fee Class A-1 6.40% 31,944,000.00 2,044,418
Section 8.06 Reimbursement Amount Class A-2 6.73% 29,610,000.00 1,991,273
Section 6.02 Reimbursement Amount Class A-3 6.99% 20,788,000.00 1,449,824
Reimburseable Fees Class A-4 7.25% 12,040,000.00 918,400
Class A-5 7.59% 17,379,000.00 1,307,770
Total Fees Due Servicer Class A-6 7.85% 11,030,000.00 865,855
Class B-1 7.73% 8,272,000.00 839,012
Class B-2 8.25% 8,204,000.00 511,830
(f) Delinquency
137,865,000.00 9,726,379 7.08%
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Number of units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Computation of Available Distribution Amount
<S> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,266,171.67
Certificate Account Balance at Monthly Cutoff-SubServicer 126,161.23
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 9,267.08
(iii)Section 5.05 Certificate Fund Income-SubServicer 401.16
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 87,044.00
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 66,814.42
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 140,567.00
(iv) Reimburseable Liquidation Expenses 12,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 152,567.40
Available Distrubution Amount-Vanderbilt 2,035,027.35
Available Distrubution Amount-SubServicer 59,756.97
To Class A and B 1,939,195.35
Monthly Excess Cashflow 156,388.97
Weighted Average Remaining Term (months) 178.44
Scheduled Balance Computation
Prior Month Balance 134,944,699.31
Current Balance 133,859,359.30
Adv Principal 36,118.45
Del Principal 95,017.17
Pool Scheduled Balance 133,800,450.58
Principal Payments in Full 670,986.97
Partial Prepayments 71,855.90
Scheduled Principal 401,395.86
Collateral Balance 133,859.30
</TABLE>
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