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): May 28, 1996
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1996, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage FHA Title I Loan Trust 1996-1,
FHA Title I Loan Asset-Backed Certificates,
Series 1996-1).
(Exact name of registrant as specified in its charter)
Delaware 33-99018-03 41-1836604
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Mego Mortgage FHA Title I Loan
Trust 1996-1, FHA Title I Loan Asset-Backed
Certificates, Series 1996-1, a Trust created pursuant
to the Pooling and Servicing Agreement, dated
March 1, 1996, by First Trust of New York,
National Association, as trustee for the Trust, the
Trustee has caused to be filed with the Commission,
the Monthly Report dated May 28, 1996. The
Monthly Report is filed pursuant to and in
accordance with (1) numerous no-action letters (2)
current Commission policy in the area. The filing
of the Monthly Report will occur subsequent to
each monthly distribution to the holders of the
Certificates, Due September 25, 2017.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date May 28, 1996.
Principal Interest Ending Balance
Cede & Co. $1,021,778.10 $545,348.73 $82,479,957.98
B. No delinquency in payment under the Certificate Guaranty
Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Certificate
Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated May 28, 1996.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 28-May-96
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 45430000.00 1021778.10 246491.43 1268269.53 44136957.98
A-2 21580000.00 0.00 124085.00 124085.00 21580000.00
A-3 16763000.00 0.00 104768.75 104768.75 16763000.00
S 84193740.73 NA 70003.55 70003.55 83314024.98
R NA NA 0.00 NA NA
Total 83773000.00 1021778.10 545348.73 1567126.83 82479957.98
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 22.49126351 5.42574136 27.91700487 971.53770590 6.5500%
A-2 0.00000000 5.75000000 5.75000000 1000.00000000 6.9000%
A-3 0.00000000 6.25000000 6.25000000 1000.00000000 7.5000%
S (a) 0.00000000 0.83145789 0.83145789 989.55129274 1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated March 21, 1996
i) Interest from Mortgagors / Master Servicer 1014656.46
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 0.00
1014656.46
Principal Collections (Regular Installments) 146253.16
Principal Collections (Curtailments and Paid in Fulls) 543984.00
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 0.00
690237.16
Collected Amount 1704893.62
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits 0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions 0.00
Distribution Amount 1704893.62
Insured Payments 0.00
Amount Available 1704893.62
ii) Pool Balance Information:
Beginning Pool Balance 84004262.14
less: Principal Collections 690237.16
less: Principal Losses 0.00
Ending Pool Balance 83314024.98
Before After
iii) Class A Factors: Distributions Distributions
Class A-1 0.99402897 0.97153771
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Computed Distributed
Amount Amount Shortfall
iv) Class A Monthly Interest Amount 475345.18 475345.18 0.00
Class A Principal Distribution Amount 690237.16 690237.16 0.00
(limited to the Overcolleralization Amount)
Class A Distribution of 331540.94 331540.94 0.00
Distributable Excess Spread
Class A Guaranteed Distribution 0.00 0.00 0.00
v) Excess Spread 331540.94
Distributable Excess Spread 331540.94
vi) FHA Premium Account Deposit 16142.93
Servicer Fee 87504.44
Master Servicer Fee 5600.28
Master Servicer Reimbursement 0.00
Trustee Fee 2800.14
Premium 25719.00
Reimbursement Amount distributed to the Certificate Insurer 0.00
Successor Master Servicer Fees 0.00
Priority Expenses 0.00
Excess Claim Amount 0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month) 1.4332%
60+ Delinquency Percentage (Rolling Three Month) 0.1774%
Annual Default Percentage (Three Month Average) 0.0000%
Cumulative Default Percentage 0.0000%
viii) Overcollateralization Information:
OC Multiple 1.00
Required OC Amount 2946780.90
Overcollateralization Amount (before distributions) 502526.06
Overcollateralization Amount (after distributions) 834067.00
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 0.00 0.00
Principal Balance of Credit Support Multiple 0.00 0.00
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 8419374.00
Number Number Balance Balance
Current Period Cumulative Current Period Cumulative
Claims Filed 0 0 0.00 0.00
Claims Pending 0 NA 0.00 NA
Claims Paid 0 0 0.00 0.00
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 thereunto duly authorized.
FINANCIAL ASSET SECURITIES CORPORATION
By
Name: Lynn Steiner
Title: Assistant Vice President, First Trust
of New York, National Association
Dated: May 31, 1996
