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 27, 1997
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
October 27, 1997. 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 October 27, 1997.
Principal Interest Ending Balance
Cede & Co $1,126,578.73 $403,569.89 $59,898,691.47
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 October 27, 1997.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 27-Oct-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 22682270.20 1126578.73 123807.39 1250386.12 21555691.47
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 61090498.08 NA 50908.75 50908.75 59589419.60
R NA NA 0.00 0.00 NA
Total 61025270.20 1126578.73 403569.89 1530148.62 59898691.47
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 24.79812305 2.72523421 27.52335725 474.48143231 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 0.60466193 0.60466193 707.76543581 1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated March 21, 1996
i) Interest from Mortgagors / Master Servicer 720664.61
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 6309.73
726974.34
Principal Collections (Regular Installments) 124453.56
Principal Collections (Curtailments and Paid in Fulls) 584767.62
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 231258.81
940479.99
Collected Amount 1667454.33
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits 0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions 1595.96
Distribution Amount 1669050.29
Insured Payments 0.00
Amount Available 1669050.29
ii) Pool Balance Information:
Beginning Pool Balance 61090498.08
less: Principal Collections 709221.18
less: Principal Losses 0.00
Ending Pool Balance 60381276.90
Before After
iii) Class A Factors: Distributions Distributions
Class A-1 0.49927956 0.47448143
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 352661.14 352661.14 0.00
Class A Principal Distribution Amount 3020546.38 1126578.73 1893967.65
(limited to the Overcolleralization Amount)
Class A Distribution of
Distributable Excess Spread 0.00 0.00 0.00
Class A Guaranteed Distribution 0.00 0.00 0.00
v) Excess Spread 0.00
Distributable Excess Spread 0.00
vi) FHA Premium Account Deposit 13010.66
Servicer Fee 63635.94
Master Servicer Fee 4072.70
Master Servicer Reimbursement 37350.02
Trustee Fee 2036.35
Premium 18796.00
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) 12.0930%
60+ Delinquency Percentage (Rolling Three Month) 6.8587%
Annual Default Percentage (Three Month Average) 14.3518%
Cumulative Default Percentage 10.7717%
viii) Overcollateralization Information:
OC Multiple 2.50
Required OC Amount 7366952.31
Overcollateralization Amount (before distributions) 65227.88
Overcollateralization Amount (after distributions) 482585.43
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 791857.30 8592885.95
Principal Balance of Credit Support Multiple 791857.30 8592885.95
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 8419374.00
Number Number Balance Balance
Current Peri Cumulative Current Period Cumulative
Claims Filed 50 400 755505.10 7203394.36
Claims Pending 91 NA 1567517.83 NA
Claims Paid 12 178 229536.41 3156596.78
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
/s/ Mark LeMay
Mark LeMay
Vice President
Dated: October 31, 1997