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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)
January 15, 1997
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
---------------------------------------------------------------
(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 January 15, 1997 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 December, 1996 dated January 15, 1997
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 December, 1996 was $204,204.00.
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 December, 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: January 29, 1997
Page 4
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
19. Trustee's Monthly Servicing Report for the Month of December, 1996.
Page 5
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Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
----------------------------------------------
Distribution Period: 15-Jan-97
<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-1 136,000,000.00 114,942,886.19 7,626,551.54 647,511.59 8,274,063.13 107,316,334.65
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-8 150,000,000.00 142,719,893.95 4,382,265.80 704,735.38 5,087,001.18 138,337,628.15
B-IO 0.00 0.00 0.00 9,992.71 9,992.71 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
------------- -------------- -------------- ------------- ------------ ------------- --------------
Total Class A 550,000,000.00 521,662,780.14 12,008,817.34 2,993,121.97 15,001,939.31 509,653,962.80
------------- -------------- -------------- ------------- ------------ ------------- --------------
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 9,992.71
<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 400,000,000.00 378,942,886.19 0.00 410,521.46 410,521.46 371,316,334.65
21075WDG7 A-10IO 150,000,000.00 142,719,893.95 0.00 107,039.92 107,039.92 138,337,628.15
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
--------------------------------------------------------------- ---------------------------------
Ending
Principal Interest Total Certificate Original Pass Current Pass
CUSIP Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
- ---------- ----- ------------ ------------ ------------ ------------ ----- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WCX1 A-1 56.07758485 4.76111463 60.83869949 789.09069596 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 29.21510533 4.69823587 33.91334120 922.25085433 A-8* 5.75750% 5.92547%
A-9IO 1.30000% 1.30000%
A-10IO 0.90000% 0.90000%
- ---------- ----- ------------ ------------ ------------ ------------
Total 21.83421335 5.44203995 27.27625329 926.64356873
- ---------- ----- ------------ ------------ ------------ ------------ ----- ------------ ------------
*Based on a LIBOR of: 5.60547%
------------
<CAPTION>
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ---------- ----- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
21075WDF9 A-9IO 0.00000000 1.02630365 1.02630365 928.29083663
21075WDG7 A-10IO 0.00000000 0.71359947 0.71359947 922.25085433
</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-Jan-97
<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-1 272,221.52 6,452,997.21 0.00 901,332.81 0.00 7,626,551.54
Per $1000 Unit 2.00162882 47.44850890 0.00000000 6.62744713 0.00000000 56.07758485
---------------- --------- ------------ ------------ ------------ ------------ -------------
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 60,790.05 3,968,362.63 0.00 0.00 353,113.12 4,382,265.80
Per $1000 Unit 0.40526700 26.45575087 0.00000000 0.00000000 2.35408747 29.21510533
---------------- --------- ------------ ------------ ------------ ------------ -------------
Class A Certs 333,011.57 10,421,359.84 0.00 901,332.81 353,113.12 12,008,817.34
Per $1000 Unit 0.60547558 18.94792698 0.00000000 1.63878693 0.64202385 21.83421335
---------------- --------- ------------ ------------ ------------ ------------ -------------
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: 375,876,612.61 140,142,249.39 516,018,862.00
SEC. 7.09 (a) (viii) Subordinated Amount 4,560,277.96 1,804,621.24
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 151,873.43 0.00
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.8859% 10.2898%
SEC. 7.09 (a) (xiii) Largest Loan Balance Outstanding 428,629.29 351,640.90
<CAPTION>
SEC. 7.09(b)(ii)&(iii) Delinquencies Period Number Percentage * Prin. Balance Percentage *
------------- ------ ------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 294 4.53074% 15,240,239.03 4.05459%
Fixed Group 60-89 Days 85 1.30991% 5,299,607.42 1.40993%
90+ Days 153 2.35784% 9,574,803.31 2.54733%
30-59 Days 83 4.89387% 6,346,256.39 4.52844%
Adj. Group 60-89 Days 20 1.17925% 1,596,310.00 1.13906%
90+ Days 30 1.76887% 2,404,982.74 1.71610%
Total Fixed 6489 100.00000% 375,876,612.61 100.00000%
Total Adjust. 1696 100.00000% 140,142,249.39 100.00000%
* 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): 113 7,037,044.94 24 1,997,887.91
Newly Commenced LIF: 44 2,938,162.60 8 641,611.90
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 18 1,075,955.02 6 416,171.51
SEC. 7.09(b)(v)(b) Balloon Loans 3293 235,003,056.18 1 138,233.90
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-Jan-97
<TABLE>
<S> <C> <C>
SEC. 7.08(b)(1)&(5) Amount on Deposit in the Certificate Account 15,570,753.11
Class A-1 Allocation 8,274,063.13
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 5,087,001.18
Class A-9IO Allocation 410,521.46
Class A-10IO Allocation 107,039.92
SEC. 7.08(b)(2) Class A Distribution Amount 15,519,500.69
SEC. 7.08(b)(3)&(5) Subordination Increase/(Reduction) Amount 1,254,445.93
Class A-1 Allocation 901,332.81
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 353,113.12
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-1 114,942,886.19 7,626,551.54 107,316,334.65
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-8 142,719,893.95 4,382,265.80 138,337,628.15
A-9IO 378,942,886.19 NA 371,316,334.65
A-10IO 142,719,893.95 NA 138,337,628.15
* 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
</TABLE>
