_________________________________________________________________
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)
October 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 October 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 September 1996
dated October 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 September, 1996 was $210,495.27.
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 September, 1996
<PAGE>
Page 3
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: October 18, 1996
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the
Month of September, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
Distribution Period: 15-Oct-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> <C>
21075WCX1 A-1 136,000,000.00 131,899,856.65 4,842,292.55 743,035.86 5,585,328.41 127,057,564.10
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-8 150,000,000.00 148,617,439.72 1,212,626.53 697,236.20 1,909,862.73 147,404,813.19
B-IO 0.00 0.00 0.00 6,978.59 6,978.59 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 550,000,000.00 544,517,296.37 6,054,919.08 3,081,147.06 9,136,066.14 538,462,377.29
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 6,978.59
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WDF9 A-9IO 400,000,000.00 395,899,856.65 0.00 428,891.51 428,891.51 391,057,564.10
21075WDG7 A-10IO 150,000,000.00 148,617,439.72 0.00 111,463.08 111,463.08 147,404,813.19
</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 35.60509228 5.46349897 41.06859125 934.24679485 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 8.08417687 4.64824133 12.73241820 982.69875460 A-8 * 5.75750% 5.82391%
A-9IO 1.30000% 1.30000%
A-10IO 0.90000% 0.90000%
Total 11.00894378 5.60208556 16.61102935 979.02250416
* Based on a LIBOR of: 5.50391%
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WDF9 A-9IO 0.00000000 1.07222878 1.07222878 977.64391025
21075WDG7 A-10IO 0.00000000 0.74308720 0.74308720 982.69875460
</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-Oct-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>
Class A-1 273,268.70 3,642,178.56 0.00 926,845.29 0.00 4,842,292.55
Per $1000 Unit 2.00932868 26.78072471 0.00000000 6.81503890 0.00000000 35.60509228
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 62,692.40 775,191.66 0.00 0.00 374,742.47 1,212,626.53
Per $1000 Unit 0.41794933 5.16794440 0.00000000 0.00000000 2.49828313 8.08417687
Class A Certs 335,961.10 4,417,370.22 0.00 926,845.29 374,742.47 6,054,919.08
Per $1000 Unit 0.61083836 8.03158222 0.00000000 1.68517325 0.68134995 11.00894378
</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: 392,884,045.78 148,172,873.31 541,056,919.09
SEC. 7.09 (a) (viii) Subordinated Amount 1,826,481.68 768,060.12
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>
Fixed Group Adj. Group
<S> <C> <C> <C>
SEC. 7.09 (a) (x) Loan Purchase Prices 0.00 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.9041% 10.1250%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 429,096.94 352,076.06
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) & (iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 186 2.78193% 9,854,621.90 2.50828%
Fixed Group 60-89 Days 57 0.85253% 3,825,096.09 0.97359%
90+ Days 21 0.31409% 1,140,750.32 0.29035%
30-59 Days 32 1.80282% 2,069,879.58 1.39694%
Adj. Group 60-89 Days 12 0.67606% 1,051,557.06 0.70968%
90+ Days 6 0.33803% 369,937.50 0.24967%
Total Fixed 6686 100.00000% 392,884,045.78 100.00000%
Total Adjust. 1775 100.00000% 148,172,873.31 100.00000%
* 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): 17 958,009.97 9 796,337.50
Newly Commenced LIF: 16 925,959.97 8 779,400.00
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 2 211,438.79 1 47,972.38
SEC. 7.09(b)(v)(b) Balloon Loans 3446 245,483,072.56 1 138,562.91
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-Oct-96
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 9,726,449.21
Class A-1 Allocation 5,585,328.41
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 1,909,862.73
Class A-9IO Allocation 428,891.51
Class A-10IO Allocation 111,463.08
SEC. 7.08(b)(2) Class A Distribution Amount 9,676,420.73
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,301,587.76
Class A-1 Allocation 926,845.29
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 374,742.47
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-1 131,899,856.65 4,842,292.55 127,057,564.10
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-8 148,617,439.72 1,212,626.53 147,404,813.19
A-9IO 395,899,856.65 NA 391,057,564.10
A-10IO 148,617,439.72 NA 147,404,813.19
* 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
