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Previous: CIT RV OWNER TRUST 1996-A, 8-K, 1996-11-26 |
Next: ROTHSCHILD FIVE ARROWS CURRENCY TRUST, N-1A EL/A, 1996-11-26 |
_________________________________________________________________
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)
November 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 November 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 October 1996 dated
November 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 October, 1996 was $210,076.83.
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 October,
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: November 26, 1996
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of October,
1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
Distribution Period: 15-Nov-96
<TABLE>
<CAPTION>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
----- ----- ---------- ------- ------------ ------------ ------------ -------
<C> <C> <C> <C> <C> <C> <C> <C>
21075WCX1 A-1 136,000,000.00 127,057,564.10 5,881,035.60 715,757.61 6,596,793.21 121,176,528.50
21075WCY9 A-2 33,000,000.00 33,000,000.00 0.00 191,125.00 191,125.00 33,000,000.00
21075WCZ6 A-3 72,000,000.00 72,000,000.00 0.00 429,600.00 429,600.00 72,000,000.00
21075WDA0 A-4 30,000,000.00 30,000,000.00 0.00 183,500.00 183,500.00 30,000,000.00
21075WDB8 A-5 42,000,000.00 42,000,000.00 0.00 263,200.00 263,200.00 42,000,000.00
21075WDC6 A-6 54,000,000.00 54,000,000.00 0.00 352,350.00 352,350.00 54,000,000.00
21075WDD4 A-7 33,000,000.00 33,000,000.00 0.00 221,100.00 221,100.00 33,000,000.00
21075WDE2 A-8 150,000,000.00 147,404,813.19 1,582,502.82 724,364.94 2,306,867.76 145,822,310.37
B-IO 0.00 0.00 0.00 6,205.65 6,205.65 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
------------- -------------- -------------- ------------ ---------- ------------ --------------
Total Class A 550,000,000.00 538,462,377.29 7,463,538.42 3,080,997.55 10,544,535.97 530,998,838.87
------------- -------------- -------------- ------------ ---------- ------------ --------------
<S> <C>
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 6,205.65
</TABLE>
<TABLE>
<CAPTION>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
----- ------ ------ ------------ ------------ ------------ ------
<C> <C> <C> <C> <C> <C> <C> <C>
21075WDF9 A-9IO 400,000,000.00 391,057,564.10 0.00 423,645.69 423,645.69 385,176,528.50
21075WDG7 A-10IO 150,000,000.00 147,404,813.19 0.00 110,553.61 110,553.61 145,822,310.37
- --------- ------ -------------- -------------- ---- ---------- ---------- --------------
</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
----- ------------ ------------ ------------ ------- ----- --------- ---------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
21075WCX1 A-1 43.24290882 5.26292360 48.50583243 891.00388603 A-1 6.76000% 6.76000%
21075WCY9 A-2 0.00000000 5.79166667 5.79166667 1,000.00000000 A-2 6.95000% 6.95000%
21075WCZ6 A-3 0.00000000 5.96666667 5.96666667 1,000.00000000 A-3 7.16000% 7.16000%
21075WDA0 A-4 0.00000000 6.11666667 6.11666667 1,000.00000000 A-4 7.34000% 7.34000%
21075WDB8 A-5 0.00000000 6.26666667 6.26666667 1,000.00000000 A-5 7.52000% 7.52000%
21075WDC6 A-6 0.00000000 6.52500000 6.52500000 1,000.00000000 A-6 7.83000% 7.83000%
21075WDD4 A-7 0.00000000 6.70000000 6.70000000 1,000.00000000 A-7 8.04000% 8.04000%
21075WDE2 A-8 10.55001880 4.82909960 15.37911840 972.14873580 A-8 * 5.75750% 5.70672%
A-9IO 1.30000% 1.30000%
A-10IO 0.90000% 0.90000%
- ---------- ----- ----------- ---------- ----------- --------------
Total 13.57006985 5.60181373 19.17188358 965.45243431
----- ----------- ---------- ---------- -------------- ------ ------- -------
<CAPTION>
<S> <C>
* Based on a LIBOR of: 5.38672%
</TABLE>
<TABLE>
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
----- ------------ ------------ ------------ ------------
<C> <C> <C> <C> <C> <C>
21075WDF9 A-9IO 0.00000000 1.05911423 1.05911423 962.94132125
21075WDG7 A-10IO 0.00000000 0.73702407 0.73702407 972.14873580
</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 1
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
Distribution Period: 15-Nov-96
<TABLE>
<CAPTION>
Fixed Group Adj. Group
Total Principal Scheduled Subordination Subordination
SEC. 7.09 (a) (ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
------------ --------- ----------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A-1 273,382.12 4,685,939.64 0.00 921,713.84 0.00 5,881,035.60
Per $1000 2.01016265 34.45543853 0.00000000 6.77730765 0.00000000 43.24290882
Unit
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-8 61,588.35 1,178,098.58 0.00 0.00 342,815.89 1,582,502.82
Per $1000 0.41058900 7.85399053 0.00000000 0.00000000 2.28543927 10.55001880
Unit
========== ============ ========== ========== ========== ============
Class A Certs 334,970.47 5,864,038.22 0.00 921,713.84 342,815.89 7,463,538.42
Per $1000 0.60903722 10.66188767 0.00000000 1.67584335 0.62330162 13.57006985
Unit
---------- ------------ ---------- ---------- ---------- ------------
</TABLE>
<TABLE>
<S> <C>
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount 0.00
Class A-1 Carry-Forward 0.00
Class A-2 Carry-Forward 0.00
Amount
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
<CAPTION>
Fixed Group Adj. Group Total
----------- ---------- -----
<S> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 387,924,724.02 146,933,186.38 534,857,910.40
SEC. 7.09 (a) (viii) Subordinated Amount 2,748,195.52 1,110,876.01
Subordination Deficit 0.00 0.00
<CAPTION>
SEC. 7.09 (a) (ix) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at
Calendar Year End.
Fixed Group Adj. Group
----------- ----------
SEC. 7.09 (a) (x) Loan Purchase Prices 121,551.79 142,553.99
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.9016% 10.1325%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 428,942.48 351,932.27
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
------------- ------ ------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
30-59 Days 218 3.30754% 11,140,433.46 2.87180%
Fixed Group 60-89 Days 75 1.13792% 4,447,229.63 1.14642%
90+ Days 62 0.94068% 4,067,709.70 1.04858%
-------- -- ------- ------------ -------
30-59 Days 43 2.44457% 3,284,323.91 2.23525%
Adj. Group 60-89 Days 15 0.85276% 955,064.99 0.65000%
90+ Days 13 0.73906% 1,030,904.56 0.70161%
-------- -- ------- ------------ -------
Total Fixed 6591 100.00000% 387,924,724.02 100.00000%
------------------ --------- -------------- ---------
Total Adjust. 1759 100.00000% 146,933,186.38 100.00000%
------------------ --------- -------------- ---------
</TABLE>
* Based upon each respective Group's
loan count and balance.
<TABLE>
<CAPTION>
Fixed Grp. No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
-------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 42 2,519,785.18 12 893,574.81
Newly Commenced LIF: 26 1,606,175.21 4 178,437.31
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 6 463,374.01 3 248,701.37
SEC. 7.09(b)(v)(b) Balloon Loans 3407 242,800,088.41 1 138,454.04
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-Nov-96
<TABLE>
<S> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 11,127,516.63
Class A-1 Allocation 6,596,793.21
Class A-2 Allocation 191,125.00
Class A-3 Allocation 429,600.00
Class A-4 Allocation 183,500.00
Class A-5 Allocation 263,200.00
Class A-6 Allocation 352,350.00
Class A-7 Allocation 221,100.00
Class A-8 Allocation 2,306,867.76
Class A-9IO Allocation 423,645.69
Class A-10IO Allocation 110,553.61
SEC. 7.08(b)(2) Class A Distribution Amount 11,078,735.27
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,264,529.73
Class A-1 Allocation 921,713.84
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 342,815.89
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
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
----- --------- ------------ ---------
<S> <C> <C> <C> <C>
A-1 127,057,564.10 5,881,035.60 121,176,528.50
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-8 147,404,813.19 1,582,502.82 145,822,310.37
A-9IO 391,057,564.10 NA 385,176,528.50
A-10IO 147,404,813.19 NA 145,822,310.37
<CAPTION>
* Denotes Notional Amounts for Class A-9IO and A-10IO.
<S> <C>
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 0.00
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
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