SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File number 33-99340
ContiMortgage Home Equity Loan Trust 1996-3
(Exact name of registrant as specified in its charter)
16-1506692 and
New York 16-1506694
-------- ----------
(State of other jurisdiction of (I.R.S. Employer
incorporation ororganization) Identification No.)
c/o Manufacturers and Traders
Trust Company
Corporate Trust Department
One M&T Plaza
Buffalo, New York 14240-2599
- ----------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716) 842-5589
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on
which registered:
None None
---- ----
None
----
(Title of class)
Indicated by check mark whether the registrant (1) has filed all
reports required to be file by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes X
No .
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K (Subsection 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of registrant's
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to
this Form 10-K. [X ]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be
computed by reference to the price at which the stock was sold, or the
average bid and asked prices of such stock, as of specified date within 60
days prior to the date of filing:
Not Applicable
Documents Incorporated by Reference:
None
<PAGE>
CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-3
INDEX
PART 1.......................................................... 3
ITEM 1 - BUSINESS............................ 3
ITEM 2 - PROPERTIES...................... 3
ITEM 3 - LEGAL PROCEEDINGS............... 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS............................. 3
PART II............................................. 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS........... 3
ITEM 6 - SELECTED FINANCIAL DATA............... 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA......4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE.................................... 4
PART III................................................................. 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT.................................... 4
ITEM 11 - EXECUTIVE COMPENSATION ..................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT......................... 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS.................................. 11
PART IV.............................................................. 11
ITEM 14 - EXHIBITS,FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K..............................11
SIGNATURES ............................................................ 13
INDEX TO EXHIBITS......................................................... 14
-2-
<PAGE>
PART I
ITEM 1 - BUSINESS
Not Applicable.
ITEM 2 - PROPERTIES
Not Applicable.
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the ContiMortgage Home Equity Loan Trust 1996-3 (the
"Trust") established pursuant to the Pooling and Servicing Agreement (the
"Agreement") dated August 1, 1996, among Manufacturers and Traders Trust
Company, as trustee (the "Trustee") ContiSecurities Asset Funding Corp.,
as depositor (the "Depositor") and ContiMortgage Corporation, as servicer
(the "Servicer"), the Trustee, the Depositor or the Servicer which relates
to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
MATTERS
To the best knowledge of the Depositor, there is no established
public trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6
Certificates, Class A-7 Certificates, and Class A-8 Certificates issued by
the Trust are held by the Depository Trust Company ("DTC") which in turn
maintains records of holders of beneficial interests in such
Certificates. Based on information obtained by the Trust from DTC, as of
March 10, 1997, there were 14 holders of the Class A-1 Certificates, 12
holders of the Class A-2 Certificates, 13 holders of the Class A-3
Certificates, 4 holders of the Class A-4 Certificates, 14 holders of the
Class A-5 Certificates, 18 holders of the Class A-6 Certificates, 16
holders of Class A-7 Certificates, 4 holders of Class A-8 Certificates, 2
holders of Class A-9-IO Certificates, and 2 holders of Class A-10-IO
Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not applicable.
<PAGE>
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December
31, 1996 was $1,031,989.40.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting
or financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (i) the name and address of each
entity owning more than 5% of the outstanding principal amount of each
Class of Certificates of the Trust; (ii) the principal amount of the Class
of Certificates owned by each and (iii) the percent that the principal
amount of the Class of Certificates owned by such entity represents of the
outstanding principal amount of such Class of Certificates. The
information set forth in the table for the Certificates is based upon
information obtained by the Trust from DTC and represents ownership of
beneficial interest in the Certificates held by DTC. The Depositor is not
aware of any Schedules 13D or 13G filed with the Securities and Exchange
Commission in respect of the Certificates.
<PAGE>
<TABLE>
<CAPTION>
Amount Owned
Name and Address All Dollar Amounts Are in Thousands
Principal Percent
Class A-1 Certificates
<S> <C> <C>
Bankers Trust Company $25,250 18.57%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Drive
Nashville, TN 37211
Bear Stearns Securities Corp 10,000 7.35
One Metrotech Center North, 4th
Floor
Brooklyn, NY 11201-3862
Boston Safe Deposit & Trust Co. 54,400 40.00
c/o Mellon Bank, N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhattan Bank/Chemical 11,000 8.09
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
SSB- Custodian 16,800 12.35
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-2 Certificates
Bankers Trust Company $6,025 18.26%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Drive
Nashville, TN
37211
Bankers Trust Co./Investment A/C 12,500 37.88
16 Wall Street, 5th Floor
New York, NY 10005
Northern Trust Company 2,050 6.21
801 S. Canal C-In
Chicago, IL 60607
SSB- Custodian 8,675 26.29
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Class A-3 Certificates
Bankers Trust Company $14,000 19.44%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhattan Bank 4,000 5.56
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhattan Bank/Chemical 5,000 6.94
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Citicorp Services, Inc. 5,700 7.92
P.O. Box 30576
Tampa, FL 33630-3576
State Street Bank & Trust Co. - 12,925 17.95
Fiduciary
108 Myrtle Street
Newport Office Bldg.
N. Quincy, MA 02171
Northern Trust Company 18,700 25.97
801 S. Canal C-In
Chicago, IL 60607
UMB Bank, N.A. 8,500 11.81
P.O. Box 419260
Kansas City, MO 64141-6260
Class A-4 Certificates
Bankers Trust Company $15,000 50.00%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Bank of America Personal Trust 5,000 16.67
Proxy Unit #38432
555 S. Flower Street, Level C
Los Angeles, CA 90071
Chase Manhanttan Bank 5,000 16.67
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhattan Bank/Chemical 5,000 16.66
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Class A-5 Certificates
Bankers Trust Company $10,450 24.88%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Chase Manhanttan Bank 5,000 11.90
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhattan Bank/Chemical 7,500 17.86
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004
Northern Trust Company 11,750 27.98
801 S. Canal C-In
Chicago, IL 60607
Class A-6 Certificates
Boston Safe Deposit & Trust Co. $6,500 12.04%
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Chase Manhanttan Bank 20,000 37.04
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhanttan Bank, Trust 5,000 9.26
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Citicorp Services, Inc. 3,000 5.56
P.O. Box 30576
Tampa, FL 33630-3576
Comerica Bank 7,000 12.96
411 W. Lafayette Capital
Change- Proxy
Detroit, MI 48286
Class A-7 Certificates
Bank of New York $4,550 13.79%
925 Patterson Plank Rd.
Secaucus, NJ 07094
Bankers Trust Company 4,800 14.55
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
Boston Safe Deposit & Trust Co. 3,350 10.15
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259
Corestates Bank/Commonwealth of 3,550 10.76
P.A.
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Chase Manhanttan Bank, Trust 2,775 8.41
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Citicorp Services, Inc. 2,325 7.05
P.O. Box 30576
Tampa, FL 33630-3576
SSB- Custodian 3,725 11.29
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631
Fifth Third Bank 3,000 9.09
Dept. 00850 - Proxy
38 Fountain Square Plaza
Cincinnati, OH 45263
Class A-8 Certificates
Bankers Trust Company $70,000 46.67%
c/o BT Services Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211
BNY/ITC - Dealers Clearance Special 20,000 13.33
c/o N.A. Schapiro & Co. Inc.
One Chase Manhattan Plaza, 58th
Floor
New York, NY 10005
Chase Manhanttan Bank 12,000 8.00
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
LBI-Lehman Government 48,000 32.00
Securities, Inc.
200 Vesey Street
New York, NY 10285
Class A-9-IO Certificate
Chase Manhanttan Bank $132,000 (1) 33.00%
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhanttan Bank 268,000 (1) 67.00
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Class A-10-IO Certificate
Chase Manhanttan Bank 49,500 (2) 33.00%
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
Chase Manhanttan Bank 100,500 (2) 67.00
Two Chase Manhattan Plaza, 5th
Floor
New York, NY 10081
<FN>
(1) Represents the "Notional Principal Amount" of the Class A-9-IO
Certificates which is based on the aggregate outstanding Certificate
Pincipal Balance of the fixed rate group.
(2) Represents the "Notional Principal Amount" of the Class A-10-IO
Certificates which is based on the aggregate outstanding Certificate
Pincipal Balance of the fixed rate group
</FN>
</TABLE>
<PAGE>
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent
Accountants with respect to
the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
<PAGE>
(b) Reports on Form 8-K.
5 reports on Form 8-K have been filed by the Issuer during the
period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
September 15, 1996 Trustee's Monthly Report for
the August Monthly Period.
October 15, 1996 Trustee's Monthly Report for
the September, Monthly Period.
November 15, 1996 Trustee's Monthly Report for
the October Monthly Period.
December 15, 1996 Trustee's Monthly Report for
the November Monthly Period.
January 15, 1997 Trustee's Monthly Report for
the December Monthly Period.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Depositor has duly caused this Report
to be signed on its behalf by the undersigned, thereunto 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 & Chief Financial Officer
Date: March 28, 1997
<PAGE>
INDEX TO EXHIBITS
Item 14(C)
Exhibit No. Description
99.1 Statement of Compliance of the
Servicer.
99.2 Annual Report of Independent
Accountants with respect to
the Servicer's overall
servicing operations.
99.3 Annual compilation of Monthly
Trustee's Statement.
ContiMortgage
500 Enterprise Road
Horsham, Pa. 19044
(215) 957-3700
March 24, 1997
ContiSecurities Asset Funding Corporation
277 Park Avenue
New York, NY 10172
RE: CMC Home Equity Loan Trust 1996-3
Dear Sirs:
In accordance with Section 8.16 of the Pooling and Servicing Agreement,
ContiMortgage Corporation, as Servicer, confirms that as of December 31,
1996:
(i) we have completed a review of the activities of the
Servicer during the year ended December 31, 1996, and of
performance under the Pooling and Servicing Agreement has
been made under my supervision;
(ii) to the best of my knowledge, based on such review, the
Servicer has fulfilled all its obligations under the
Pooling and Servicing Agreement for the year ended
December 31, 1996.
Sincerely yours,
/s/ Margaret M. Curry
Margaret M. Curry
Sr. Vice President - Servicing
Arthur Andersen LLP
Independent Accountant's Report
To the Board of Directors of
ContiMortgage Corporation:
We have examined management's assertion about ContiMortgage Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) and that ContiMortgage Corporation had in effect a fidelity bond
and errors and omissions policy in the amount of $11,200,000 as of and for the
year ended December 31, 1996, included in the accompanying management assertion.
Management is responsible for ContiMortgage Corporation's compliance with those
minimum servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on management's
assertion about the entity's compliance with the minimum servicing standards and
maintenance of a fidelity bond and errors and omissions policy based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about ContiMortgage Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on ContiMortgage Corporation's compliance with
the minimum servicing standards.
In our opinion, management's assertion that ContiMortgage Corporation complied
with the aforementioned minimum servicing standards and that ContiMortgage
Corporation had in effect a fidelity bond and errors and omissions policy in the
amount of $11,200,000 as of and for the year ended December 31, 1996 is fairly
stated, in all material respects.
/s/ Arthur Andersen LLP
New York, New York
March 7, 1997
<PAGE>
ContiMortgage
500 Enterprise Road
Horsham, PA 19044
(215) 957-3700
As of and for the year ended December 31, 1996, ContiMortgage Corporation has
complied with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and for this same period, ContiMortgage Corporation had in effect
a fidelity bond and errors omissions policy in the amount of $11,200,000.
/s/ Daniel J. Egan /s/ Margaret M. Curry
Daniel J. Egan Margaret M. Curry
Sr. Vice President and CFO Sr. Vice President
March 7, 1997 March 7, 1997
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-3
CERTIFICATE HOLDER'S REPORT
ANNUAL STATEMENT
Year Ending: December 31, 1996
<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-1 136,000,000.00 136,000,000.00 21,057,113.81 2,882,016.81 23,939,130.62 114,942,886.19
21075WCY9 A-2 33,000,000.00 33,000,000.00 0.00 758,129.17 758,129.17 33,000,000.00
21075WCZ6 A-3 72,000,000.00 72,000,000.00 0.00 1,704,080.00 1,704,080.00 72,000,000.00
21075WDA0 A-4 30,000,000.00 30,000,000.00 0.00 727,883.33 727,883.33 30,000,000.00
21075WDB8 A-5 42,000,000.00 42,000,000.00 0.00 1,044,026.67 1,044,026.67 42,000,000.00
21075WDC6 A-6 54,000,000.00 54,000,000.00 0.00 1,397,655.00 1,397,655.00 54,000,000.00
21075WDD4 A-7 33,000,000.00 33,000,000.00 0.00 877,030.00 877,030.00 33,000,000.00
21075WDE2 A-8 150,000,000.00 150,000,000.00 7,280,106.05 2,784,436.55 10,064,542.60 142,719,893.95
B-IO 0.00 0.00 0.00 23,299.76 23,299.76 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 550,000,000.00 550,000,000.00 28,337,219.86 12,175,257.53 40,512,477.39 521,662,780.14
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 23,299.76
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WDF9 A-9IO 400,000,000.00 400,000,000.00 0.00 1,688,700.66 1,688,700.66 378,942,886.19
21075WDG7 A-10IO 150,000,000.00 150,000,000.00 0.00 440,133.42 440,133.42 142,719,893.95
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
21075WCX1 A-1 154.83171919 21.19130007 176.02301926 845.16828081 A-1 6.76000% 6.76000%
21075WCY9 A-2 0.00000000 22.97361121 22.97361121 1,000.00000000 A-2 6.95000% 6.95000%
21075WCZ6 A-3 0.00000000 23.66777778 23.66777778 1,000.00000000 A-3 7.16000% 7.16000%
21075WDA0 A-4 0.00000000 24.26277767 24.26277767 1,000.00000000 A-4 7.34000% 7.34000%
21075WDB8 A-5 0.00000000 24.85777786 24.85777786 1,000.00000000 A-5 7.52000% 7.52000%
21075WDC6 A-6 0.00000000 25.88250000 25.88250000 1,000.00000000 A-6 7.83000% 7.83000%
21075WDD4 A-7 0.00000000 26.57666667 26.57666667 1,000.00000000 A-7 8.04000% 8.04000%
21075WDE2 A-8 48.53404033 18.56291033 67.09695067 951.46595967 A-8 * 5.75750% 5.69500%
A-9IO 1.30000% 1.30000%
A-10IO 0.90000% 0.90000%
Total 51.52221793 22.13683187 73.65904980 948.47778207
* Based on a LIBOR of: 5.37500%
** As of December 15, 1996 Distribution Dat
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WDF9 A-9IO 0.00000000 4.22175165 4.22175165 947.35721548
21075WDG7 A-10IO 0.00000000 2.93422280 2.93422280 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
Page 1
<PAGE>
<TABLE>
<CAPTION>
Year Ended: 31-Dec-96
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 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A-8 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
Class A Certs 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 Unit 0.00 0.00 0.00 0.00 0.00 0.00
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
Fixed Group Adj. Group Total
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 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.
Fixed Group Adj. Group
SEC. 7.09 (a) (x) Loan Purchase Prices 356,671.11 320,387.06
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
SEC. 7.09 (b) (ii) & (iii)
Delinquencies Period Number Percentage * Prin. Balance Percentage *
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.
Fixed Grp. No. Fixed Grp. Bal. Adj. Group No. Adj. Group Bal.
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 Page 2
</TABLE>
<PAGE>
Year Ended: 31-Dec-96
<TABLE>
<CAPTION>
SEC. 7.08(b)(1)&(5)Amount on Deposit in
the Certificate Account 0.00
<S> <C> <C>
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)(2) Class A Distribution Amount 0.00
SEC. 7.08(b)(3)&(5)Subordination Increase/(Reduction) Amount 5,112,760.62
Class A-1 Allocation 3,659,312.66
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 1,453,447.96
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 21,057,113.81 114,942,886.19
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-8 150,000,000.00 7,280,106.05 142,719,893.95
A-9IO 400,000,000.00 NA 378,942,886.19
A-10IO 150,000,000.00 NA 142,719,893.95
* Denotes Notional Amounts for Class A-9IO and A-10IO.
SEC. 7.08(b)(7) Current Period Realized Losses (Recoveries) 5,511.15
SEC. 7.08(b)(8) Subordination Reduction Amount 0.00
</TABLE>
