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Previous: VANDERBILT MORT & FINANCE INC SR SB PS TH CT SR 1996-B, 8-K, 1997-05-07 |
Next: MARKWEST HYDROCARBON INC, 424B1, 1997-05-07 |
<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): March 7, 1997
Vanderbilt Mortgage & Finance, Inc.
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(Exact name of registrant as specified in its charter)
Tennessee
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(State or other jurisdiction of incorporation or organization)
33-88238 62-0997810
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(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
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(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On March 7, 1997, 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 March 7, 1997
</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: March 7, 1997
<PAGE> 1
EXHIBIT 99
<TABLE>
<S> <C> <C>
Chemical Bank, Trustee Determination Date: 05-Mar-97
Manufactured Housing Contracts Remittance Date: 07-Mar-97
Senior/Subordinated Pass-Through Certificates Series 1996B Period Ended: 25-Feb-97
</TABLE>
<TABLE>
Information for Clauses (a) through (s), Section 7.01
Class A-1 Class A-2 Class A-3
<S> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 1,246,362.43 165,939.37 120,818.63
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 341,380.22
(b) Partial Prepayments Received 50,462.30
(c) Principal Payments in Full (Scheduled Balance) 723,311.26
(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 1,115,153.78 0.00 0.00
(c) Interest Distribution 131,208.65 165,939.37 120,818.63
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 131,208.65 165,939.37 120,818.63
(d) Beginning Class A and Class B Principal Balance 24,601,621.34 29,610,000.00 20,786,000.00
Less: Principal Distribution 1,115,153.78 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 23,486,467.56 29,610,000.00 20,786,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 135,961.06 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class A-1 0.73523878
Section 6.02 Reimbursement Amount 24,000.00 Class A-2 1.00000000
Reimburseable Fees 0.00 Class A-3 1.00000000
-------------- Class A-4 1.00000000
Total Fees Due Servicer 159,961.06 Class A-5 1.00000000
Class A-6 1.00000000
Class B-1 1.00000000
Class B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
Information for Clauses (a) through (s), Section 7.01
Class A-4 Class A-5 Class A-6 Class B-1 Class B-2
<S> <C> <C> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 76,366.67 108,980.81 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 0.00 0.00
(c) Interest Distribution 76,366.67 108,980.81 72,154.58 53,251.00 42,652.50
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ ------------
Total Interest Distribution 76,366.67 108,980.81 72,154.58 53,251.00 42,652.50
(d) Beginning Class A and Class B Principal Balance 12,640,000.00 17,379,000.00 11,030,000.00 8,272,000.00 6,204,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 12,640,000.00 17,379,000.00 11,030,000.00 8,272,000.00 6,204,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 31,944,000.00 6.400%
Section 6.02 Reimbursement Amount 29,610,000.00 6.725%
Reimburseable Fees 20,786,000.00 6.975%
12,640,000.00 7.250%
Total Fees Due Servicer 17,379,000.00 7.525%
11,030,000.00 7.850%
8,272,000.00 7.725%
6,204,000.00 8.250%
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 106 3,118,781
60-89 Days Delinquent 23 880,897
90+ Days Delinquent 34 785,292
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 338,219.89
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 380,872.39
----------
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
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C>
Chemical Bank, Trustee Determination Date: 05-Mar-97
Manufactured Housing Contracts Remittance Date: 07-Mar-97
Senior/Subordinated Pass-Through Certificates Series 1996B Period Ended: 25-Feb-97
</TABLE>
<TABLE>
<S> <C> <C>
(q) Principal Prepayments paid 773,773.56
(r) Scheduled Principal Payments 341,380.22
(s) Weighted Average Interest Rate 10.99%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,370,494.43
Certificate Account Balance at Monthly Cutoff-SubServicer 98,910.55
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 8,818.85
(iii)Section 5.05 Certificate Fund Income-SubServicer 503.07
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 90,788.79
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 3,231.17
(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 135,961.06
(iv) Reimburseable Liquidation Expenses 24,000.00
(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 159,961.06
Available Distrubution Amount-Vanderbilt 2,128,563.43
Available Distrubution Amount-SubServicer 96,182.45
To Class A and B 1,886,525.99
Monthly Excess Cashflow 338,219.89
Weighted Average Remaining Term (months) 175.42
Scheduled Balance Computation
Prior Month Balance 130,522,621.34
Current Balance 129,474,485.73
Adv Principal 21,687.33
Del Principal 88,705.50
Pool Scheduled Balance 129,407,467.56
Principal Payments in Full 723,311.26
Partial Prepayments 50,462.30
Scheduled Principal 341,380.22
Collateral Balance 129,474,485.73
</TABLE>
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