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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)
December 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
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(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
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(Former name or former address, if changed since last report)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. OTHER EVENTS.
On December 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 November 1996 dated December
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 November, 1996 was $205,831,97.
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 November, 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: December 20, 1996
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of November, 1996.
Page 5
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CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-3
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-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-1 136,000,000.00 121,176,528.50 6,233,642.31 682,627.78 6,916,270.09 114,942,886.19
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-8 150,000,000.00 145,822,310.37 3,102,416.42 715,116.66 3,817,533.08 142,719,893.95
B-IO 0.00 0.00 0.00 10,021.19 10,021.19 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -------------
---------------------------------------------------------------------------------------------------------------
Total Class A 550,000,000.00 530,998,838.87 9,336,058.73 3,038,619.44 12,374,678.17 521,662,780.14
---------------------------------------------------------------------------------------------------------------
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 10,021.19
</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 400,000,000.00 385,176,528.50 0.00 417,274.57 417,274.57 378,942,886.19
21075WDG7 A-10IO 150,000,000.00 145,822,310.37 0.00 109,366.73 109,366.73 142,719,893.95
- ---------------------------------------------------------------------------------------------------------------------------
</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 45.83560522 5.01932191 50.85492713 845.16828081 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 20.68277613 4.76744440 25.45022053 951.46595967 A-8 * 5.75750% 5.69500%
A-9IO 1.30000% 1.30000%
A-10IO 0.90000% 0.90000%
- -------------
----------------------------------------------------------------------------
Total 16.97465224 5.52476262 22.49941485 948.47778207
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* Based on a LIBOR of: 5.37500%
----------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
ENDING
PRINCIPAL INTEREST TOTAL NOTIONAL
CLASS DISTRIBUTION DISTRIBUTION DISTRIBUTION AMOUNT
-------------------------------------------------------------------------
- -------------
<C> <C> <C> <C> <C> <C>
21075WDF9 A-9IO 0.00000000 1.04318643 1.04318643 947.35721548
21075WDG7 A-10IO 0.00000000 0.72911153 0.72911153 951.46595967
- --------------------------------------------------------------------------------------
</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-DEC-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-1 275,830.61 5,046,694.56 0.00 911,117.14 0.00 6,233,642.31
Per $1000 Unit 2.02816625 37.10804824 0.00000000 6.69939074 0.00000000 45.83560522
----------------------------------------------------------------------------------------------------------
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 60,420.70 2,699,423.77 0.00 0.00 342,571.95 3,102,416.42
Per $1000 Unit 0.40280467 17.99615847 0.00000000 0.00000000 2.28381300 20.68277613
==========================================================================================================
Class A Certs 336,251.31 7,746,118.33 0.00 911,117.14 342,571.95 9,336,058.73
Per $1000 Unit 0.61136602 14.08385151 0.00000000 1.65657662 0.62285809 16.97465224
----------------------------------------------------------------------------------------------------------
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
<CAPTION>
Fixed Group Adj. Group Total
----------- ---------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 382,601,831.34 144,171,402.07 526,773,233.41
SEC. 7.09 (a) (viii) Subordinated Amount 3,658,945.15 1,451,508.12
Subordination Deficit 0.00 0.00
SEC. 7.09 (a) (ix) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
<CAPTION>
Fixed Group Adj. Group
----------- ----------
<S> <C> <C> <C>
SEC. 7.09 (a) (x) Loan Purchase Prices 83,245.89 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.8910% 10.1516%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 428,786.60 351,787.22
<CAPTION>
---------------------------------------------------------------------------------------
SEC. 7.09 (b) (ii)&(iii) Delinquencies PERIOD NUMBER PERCENTAGE * PRIN. BALANCE PERCENTAGE *
---------------------------------------------------------------------------------------
-------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 249 3.82900% 14,633,346.79 3.82469%
Fixed Group 60-89 Days 79 1.21482% 4,342,227.28 1.13492%
90+ Days 111 1.70690% 7,046,485.76 1.84173%
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
30-59 Days 65 3.76375% 4,777,363.99 3.31367%
Adj. Group 60-89 Days 18 1.04227% 1,755,503.43 1.21765%
90+ Days 19 1.10017% 1,367,277.97 0.94837%
----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total Fixed 6503 100.00000% 382,601,831.34 100.00000%
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
Total Adjust. 1727 100.00000% 144,171,402.07 100.00000%
---------------------------------------------------------------------------------------
* Based upon each respective Group's loan count and balance.
<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): 75 4,541,628.68 16 1,356,533.59
Newly Commenced LIF: 35 2,291,293.48 6 561,958.78
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 13 870,239.57 4 325,086.88
SEC. 7.09(b)(v)(b) Balloon Loans 3355 239,408,111.19 1 138,344.37
SEC. 7.09 (b) (vi&vii) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 379.47 5,131.68
</TABLE>
Page 2
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-3
--------------------------------------------------
DISTRIBUTION PERIOD: 15-DEC-96
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 12,953,331.49
Class A-1 Allocation 6,916,270.09
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 3,817,533.08
Class A-9IO Allocation 417,274.57
Class A-10IO Allocation 109,366.73
SEC. 7.08(b)(2) Class A Distribution Amount 12,901,319.47
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,253,689.09
Class A-1 Allocation 911,117.14
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 342,571.95
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
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 121,176,528.50 6,233,642.31 114,942,886.19
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-8 145,822,310.37 3,102,416.42 142,719,893.95
A-9IO 385,176,528.NA 378,942,886.19
A-10IO 145,822,310.NA 142,719,893.95
* Denotes Notional Amounts for Class A-9IO and A-10IO.
<S> <C> <C>
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 5,511.15
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
<PAGE>
--------------------------------------------------
CONTIMORTGAGE CORPORATION
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES
SERIES 1996-3
--------------------------------------------------
INSURER'S REPORT
DISTRIBUTION PERIOD: 15-DEC-96
<TABLE>
<CAPTION>
Fixed Group Adj. Group
----------- ----------
<S> <C> <C>
* Total Monthly Excess Spread $941,576.43 $354,103.49
* Net Monthly Excess Cashflow $911,117.14 $342,571.95
* Premium paid from cash flow (1) $28,888.24 $10,936.76
* Trustee Fee paid from cash flow (1) $1,571.05 $594.78
* Interest Collected on Mortgage
Loans (net of Service Fee) $3,682,353.78 $1,178,586.88
* Current Period Realized Losses:
Principal $367.51 $1,939.84
Interest $11.96 $3,191.84
</TABLE>
(1) Allocated based upon the related Certificate Balances.
