_________________________________________________________________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 reported)
September 15, 1996
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-3
(Exact name of registrant as specified in its charter)
16-1506692
NEW YORK 33-99340-03 16-1506694
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department
14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
NO CHANGE
(Former name or former address, if changed since last report)
______________________________________________________________________
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On September 15, 1996 a scheduled distribution was made from the Trust to
holders of the Class A Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of August 1996 dated September
15, 1996 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer and Subservicers for the
month of August, 1996 was $201,381.33.
Page 2
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of August,
1996
Page 3
<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 hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /S/ JEROME M. PERELSON
Name: Jerome M. Perelson
Title: Vice President
By: /S/ SUSAN E. O'DONOVAN
Name: Susan E. O'Donovan
Title: Vice President
Dated: September 25, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the
Month of August, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
Distribution Period: 15-Sep-96
<TABLE>
<CAPTION>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C>
21075WCX1 A-1 136,000,000.00 136,000,000.00 4,100,143.35 740,595.56 4,840,738.91 131,899,856.65
21075WCY9 A-2 33,000,000.00 33,000,000.00 0.00 184,754.17 184,754.17 33,000,000.00
21075WCZ6 A-3 72,000,000.00 72,000,000.00 0.00 415,280.00 415,280.00 72,000,000.00
21075WDA0 A-4 30,000,000.00 30,000,000.00 0.00 177,383.33 177,383.33 30,000,000.00
21075WDB8 A-5 42,000,000.00 42,000,000.00 0.00 254,426.67 254,426.67 42,000,000.00
21075WDC6 A-6 54,000,000.00 54,000,000.00 0.00 340,605.00 340,605.00 54,000,000.00
21075WDD4 A-7 33,000,000.00 33,000,000.00 0.00 213,730.00 213,730.00 33,000,000.00
21075WDE2 A-8 150,000,000.00 150,000,000.00 1,382,560.28 647,718.75 2,030,279.03 148,617,439.72
B-IO 0.00 0.00 0.00 94.33 94.33 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class 550,000,000.00 550,000,000.00 5,482,703.63 2,974,493.48 8,457,197.11 544,517,296.37
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 94.33
</TABLE>
<TABLE>
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
<S> <C> <C> <C> <C> <C> <C> <C>
21075WDF9 A-9IO 400,000,000.00 400,000,000.00 0.00 418,888.89 418,888.89 395,899,856.65
21075WDG7 A-10IO 150,000,000.00 150,000,000.00 0.00 108,750.00 108,750.00 148,617,439.72
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WCX1 A-1 30.14811287 5.44555559 35.59366846 969.85188713 A-1 6.76000% 6.76000%
21075WCY9 A-2 0.00000000 5.59861121 5.59861121 1,000.00000000 A-2 6.95000% 6.95000%
21075WCZ6 A-3 0.00000000 5.76777778 5.76777778 1,000.00000000 A-3 7.16000% 7.16000%
21075WDA0 A-4 0.00000000 5.91277767 5.91277767 1,000.00000000 A-4 7.34000% 7.34000%
21075WDB8 A-5 0.00000000 6.05777786 6.05777786 1,000.00000000 A-5 7.52000% 7.52000%
21075WDC6 A-6 0.00000000 6.30750000 6.30750000 1,000.00000000 A-6 7.83000% 7.83000%
21075WDD4 A-7 0.00000000 6.47666667 6.47666667 1,000.00000000 A-7 8.04000% 8.04000%
21075WDE2 A-8 9.21706853 4.31812500 13.53519353 990.78293147 A-8 * 5.75750% 5.75750%
A-9IO 1.30000% 1.30000%
A-10IO 0.90000% 0.90000%
Total 9.96855205 5.40816996 15.37672202 990.03144795
* Based on a LIBOR of: 5.43750%
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distributi on Distribution Amount
<S> <C> <C> <C> <C> <C>
21075WDF9 A-9IO 0.00000000 1.04722223 1.04722223 989.74964163
21075WDG7 A-10IO 0.00000000 0.72500000 0.72500000 990.78293147
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
Distribution Period: 15-Sep-96
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Fixed Group Adj. Group
Total Principal Scheduled Subordination Subordination
SEC. 7.09 (a)(ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
Class A-1 263,098.41 2,937,408.55 0.00 899,636.39 0.00 4,100,143.35
Per $1000 Unit 1.93454713 21.59859228 0.00000000 6.61497346 0.00000000 30.14811287
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Class A-8 58,058.25 931,184.38 0.00 0.00 393,317.65 1,382,560.28
Per $1000 Unit 0.38705500 6.20789587 0.00000000 0.00000000 2.62211767 9.21706853
Class A Certs 321,156.66 3,868,592.93 0.00 899,636.39 393,317.65 5,482,703.63
Per $1000 Unit 0.58392120 7.03380533 0.00000000 1.63570253 0.71512300 9.96855205
</TABLE>
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount 0.00
Class A-1 Carry-Forward Amount 0.00
Class A-2 Carry-Forward Amount 0.00
Class A-3 Carry-Forward Amount 0.00
Class A-4 Carry-Forward Amount 0.00
Class A-5 Carry-Forward Amount 0.00
Class A-6 Carry-Forward Amount 0.00
Class A-7 Carry-Forward Amount 0.00
Class A-8 Carry-Forward Amount 0.00
Class A-9IO Carry-Forward Amount 0.00
Class A-10IO Carry-Forward Amount 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
<TABLE>
<CAPTION>
Fixed Group Adj. Group Total
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 396,799,493.04 149,010,757.37 545,810,250.41
SEC. 7.09 (a) (viii) Subordinated Amount 899,636.39 393,317.65
Subordination Deficit 0.00 0.00
</TABLE>
SEC. 7.09 (a) (ix) Code Section 6049(d)(7)(C) Information-Required Market
Discount Information Provided at Calendar Year End.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Fixed Group Adj. Group
SEC. 7.09 (a) (x) Loan Purchase Prices 0.00 177,833.07
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.9112% 10.1177%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 429,250.00 352,218.61
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
30-59 Days 125 1.85432% 6,555,008.10 1.65197%
Fixed Group 60-89 Days 28 0.41537% 1,608,230.14 0.40530%
90+ Days 1 0.01483% 44,400.00 0.01119%
30-59 Days 27 1.51091% 2,005,316.38 1.34575%
Adj. Group 60-89 Days 4 0.22384% 203,000.00 0.13623%
90+ Days 2 0.11192% 166,937.50 0.11203%
Total Fixed 6741 100.00000% 396,799,493.04 100.00000%
Total Adjust. 1787 100.00000% 149,010,757.37 100.00000%
* Based upon each respective Group's loan count and balance.
</TABLE>
<TABLE>
<CAPTION>
Fixed Grp. No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 2 181,337.92 1 16,937.50
Newly Commenced LIF: 2 181,337.92 1 16,937.50
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 1 68,420.00 0 0.00
SEC. 7.09(b)(v)(b) Balloon Loans 3474 247,901,046.50 1 138,670.99
SEC.7.09(b)(vi&vii) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 0.00 0.00
</TABLE>
Page 2
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
Distribution Period: 15-Sep-96
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Accoun9,028,409.49
Class A-1 Allocation 4,840,738.91
Class A-2 Allocation 184,754.17
Class A-3 Allocation 415,280.00
Class A-4 Allocation 177,383.33
Class A-5 Allocation 254,426.67
Class A-6 Allocation 340,605.00
Class A-7 Allocation 213,730.00
Class A-8 Allocation 2,030,279.03
Class A-9IO Allocation 418,888.89
Class A-10IO Allocation 108,750.00
SEC. 7.08(b)(2) Class A Distribution Amount 8,984,836.00
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,292,954.04
Class A-1 Allocation 899,636.39
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 393,317.65
SEC. 7.08(b)(4)&(5) Insured Payment 0.00
Class A-1 Allocation 0.00
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 0.00
Class A-9IO Allocation 0.00
Class A-10IO Allocation 0.00
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
A-1 136,000,000.00 4,100,143.35 131,899,856.65
A-2 33,000,000.00 0.00 33,000,000.00
A-3 72,000,000.00 0.00 72,000,000.00
A-4 30,000,000.00 0.00 30,000,000.00
A-5 42,000,000.00 0.00 42,000,000.00
A-6 54,000,000.00 0.00 54,000,000.00
A-7 33,000,000.00 0.00 33,000,000.00
A-8 150,000,000.00 1,382,560.28 148,617,439.72
A-9IO 400,000,000.00 NA 395,899,856.65
A-10IO 150,000,000.00 NA 148,617,439.72
* Denotes Notional Amounts for Class A-9IO and A-10IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 0.00
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
