SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED NOVEMBER 14, 1996 RULE 424(B)(5)
(TO PROSPECTUS DATED NOVEMBER 13, 1996)
CWABS, INC.
Depositor
COUNTRYWIDE
HOME LOANS, INC.
Sponsor and Master Servicer
COUNTRYWIDE HOME EQUITY LOAN TRUST 1996-A
REVOLVING HOME EQUITY LOAN ASSET BACKED CERTIFICATES, SERIES 1996-A
____________
The certificates THE CERTIFICATES
represent obligations
of the trust only and o This supplement relates to the
do not represent an offering of the certificates of the
interest in or series referenced above. This
obligation of CWABS, supplement does not contain
Inc., Countrywide Home complete information about the
Loans, Inc. or any of offering of the certificates.
their affiliates. Additional information is contained
in the prospectus supplement dated
This supplement may be November 14, 1996 prepared in
used to offer and sell connection with the offering of the
the offered offered certificates of the series
certificates only if referenced above and in the
accompanied by the prospectus of the depositor dated
prospectus supplement November 13, 1996. You are urged to
and the prospectus. read this supplement, the
prospectus supplement and the
prospectus in full.
o As of August 16, 1999, the class
certificate balance of the
certificates was approximately
$86,858,619.51
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED THESE
SECURITIES OR DETERMINED THAT THIS SUPPLEMENT, THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will
be made at prices related to the prevailing prices at the time of sale.
AUGUST 27, 1999
THE MORTGAGE POOL
As of August 1, 1999 (the "Reference Date"), the Mortgage Pool included
approximately 4,575 Mortgage Loans having an aggregate Principal Balance of
approximately $95,563,075.
The following table summarizes the delinquency and foreclosure experience
of the Mortgage Loans as of the Reference Date.
As of
August 1, 1999
Aggregate Principal Balance of the Mortgage Loans.......... $95,563,075
Delinquent Mortgage Loans and Pending Foreclosures
at Period End (1)
30-59 days.............................................. 0.51%
60-90 days.............................................. 0.20%
91 days or more (excluding pending foreclosures)........ 0.45%
-----
Total Delinquencies..................................... 1.16.%
======
Foreclosures Pending....................................... 0.08%
-----
Total Delinquencies and foreclosures pending........... 1.24.%
======
______________
(1) As a percentage of the aggregate Principal Balance of the Mortgage Loans
as of the Reference Date.
Two (2) Mortgage Loans have been converted and are, as of the Reference
Date, REO loans.
Certain information as to the Mortgage Loans as of the Reference Date is
set forth in Exhibit 1 in tabular format. Other than with respect to rates of
interest, percentages (approximate) are stated in such tables by Principal
Balance of the Mortgage Loans as of the Reference Date and have been rounded
in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
THE MASTER SERVICER
Countrywide Home Loans, Inc. ("Countrywide") will continue to act as
Master Servicer under the Agreement.
At June 30, 1999, Countrywide provided servicing for approximately $230.1
billion aggregate principal amount of mortgage loans, substantially all of
which are being serviced for unaffiliated persons. At Jun 30, 1999,
Countrywide provided servicing for approximately $1.6 billion aggregate
principal amount of first and second lien mortgage loans originated under home
equity lines of credit.
FORECLOSURE AND DELINQUENCY EXPERIENCE
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, of home equity loans
serviced by the Master Servicer. Since Countrywide only began servicing home
equity loans in October 1994, the delinquency and foreclosure percentages may
be affected by the size and relative lack of seasoning of the servicing
portfolio because many of such loans were not outstanding long enough to give
rise to some or all of the periods of delinquency indicated in the chart
below. Accordingly, the information should not be considered as a basis for
assessing the likelihood, amount or severity of delinquency or losses on the
Mortgage Loans and no assurances can be given that the foreclosure and
delinquency experience presented in the table below will be indicative of such
experience on the Mortgage Loans:
<TABLE>
<CAPTION>
DELINQUENCY AND FORECLOSURE EXPERIENCE(1)
AS OF DECEMBER 31, 1997 AS OF DECEMBER 31, 1998 AS OF JUNE 30, 1999
----------------------- ----------------------- -------------------
<S> <C> <C> <C> <C> <C> <C>
Portfolio............. $1,062,794,424.18 100.00% 1,323,711,736.54 100.00% 1,646,684,727.24 100.00%
Delinquency percentage(1)
30-59 days..... $3,789,570.37 0.36% 4,483,412.01 0.34% 3,390,785.97 0.20%
60-89.......... $533,225.80 0.05% 747,337.11 0.06% 828,413.35 0.05%
90+ days....... $1,101,964.19 0.10% 2,439,328.76 0.18% 2,555,071.32 0.15%
Total(2)... $5,424,760.36 0.51% 7,670,077.88 0.58% 6,774,270.64 0.41%
Foreclosure Rate(3)... $1,166,826.32 0.11% 1,835,608.61 0.14% 1,636,691.64 0.10%
Bankruptcy Rate(4).... $3,071,686.84 0.29% 4,801,943.11 0.36% 7,089,622.89 0.43%
</TABLE>
______________
(1) The period of delinquency is based on the number of days payments are
contractually past due.
(2) Certain total percentages and dollar amounts may not equal the sum of the
percentages and dollar amounts indicated in the columns due to
differences in rounding.
(3) "Foreclosure Rate" is the dollar amount of mortgage loans in foreclosure
as a percentage of the total principal balance of mortgage loans
outstanding as of the date indicated.
(4) "Bankruptcy Rate" is the dollar amount of mortgage loans for which the
related borrower has declared bankruptcy as a percentage of the total
principal balance of mortgage loans outstanding as of the date indicated.
YEAR 2000 COMPLIANCE
The Master Servicer has made and will continue to make investments to
identify, modify or replace any computer systems which are not year 2000
compliant and to address other related issues associated with the change of
the millennium. In the event that computer problems arise out of a failure of
such efforts to be completed on time, or in the event that the computer
systems of the Master Servicer or the Trustee are not fully year 2000
compliant, the resulting disruptions in the collection or distribution of
receipts on the Mortgage Loans could materially and adversely affect the
holders of the Certificates.
DESCRIPTION OF THE CERTIFICATES
The Certificates will be allocated and entitled to receive interest and
principal payments as described in the Prospectus Supplement under
"Description of the Certificates-- Distributions on the Certificates".
As of August 16, 1999 (the "Certificate Date"), the Certificate Principal
Balance of the Certificates was approximately $86,858,619.51. As of the
Certificate Date the Pool Factor was approximately 0.3530363 and the Invested
Amount was approximately $89,916,637.91. For additional information with
respect to the Certificates, see "Description of the Certificates" in the
Prospectus Supplement.
REPORTS TO CERTIFICATEHOLDERS
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
THE CERTIFICATE INSURER
Financial Security Assurance Inc. is the Certificate Insurer as described
in the Prospectus Supplement. See "The Certificate Insurer" in the Prospectus
Supplement.
Financial Security Assurance Inc. is a wholly owned subsidiary of
Financial Security Assurance Holdings Ltd., a New York Stock Exchange listed
company. Financial Security Assurance Holdings Ltd. files annual, quarterly
and special reports and other information with the Securities and Exchange
Commission (the "SEC"). These documents may be reviewed at the SEC's public
reference rooms in Washington, D.C., New York, New York and Chicago, Illinois.
Please call the SEC at 1-800-SEC-0330 for further information on the public
reference rooms. Financial Security Assurance Holdings Ltd.'s SEC filings are
also available to the public at the SEC's Web site at http://www.sec.gov.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Certificates discussed under the sections
titled "Federal Income Tax Consequences" in the Prospectus Supplement and the
Prospectus, which the following discussion supplements. Prospective investors
should consult their tax advisors with respect to those consequences.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Certificates consult their tax advisors
regarding the possible application of the Amortizable Bond Premium
Regulations.
The Taxpayer Relief Act of 1997 and the IRS Restructuring and Reform Act
of 1998 reduced the capital gains tax rates for certain noncorporate
taxpayers. Prospective investors should consult their tax advisors with
respect to these tax law changes.
The Small Business and Job Protection Act of 1996 and Taxpayer Relief Act
of 1997 modified the definition of U.S. person with regard to trusts. A trust
is a "U.S. Person" if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more
United States persons have authority to control all substantial decisions of
the trust. In addition, U.S. Persons include certain trusts that can elect to
be treated as U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Certificates should consider carefully the
ERISA consequences of an investment in the Certificates discussed under "ERISA
Considerations" in the Prospectus, the Prospectus Supplement and herein, and
should consult their own advisors with respect to those consequences. As
described in the Prospectus Supplement and subject to the qualifications and
limitations set forth therein, it is believed that the Exemption will apply to
the acquisition and holding of the Certificates by Plans and that all
conditions of the Exemption other than those within the control of investors
will be met.
RATINGS
The Certificates are currently rated "AAA" by Standard & Poor's and "Aaa"
by Moody's. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the Certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will
be made at prices relating to the prevailing prices at the time of sale.
Exhibit 1
PRINCIPAL BALANCES
- ------------------------------------------------------------------------------
Number of Reference Percent of
Range of Principal Balances Mortgage Loans Date Principal Pool
Balance
$0.00 772 - -
1.00 to 10,000.00 490 $2,986,347 3.13%
10,000.01 to 20,000.00 1,479 22,665,513 23.72
20,000.01 to 30,000.00 912 22,479,469 23.52
30,000.01 to 40,000.00 441 15,403,344 16.12
40,000.01 to 50,000.00 203 9,195,499 9.62
50,000.01 to 60,000.00 101 5,610,962 5.87
60,000.01 to 70,000.00 58 3,793,831 3.97
70,000.01 to 80,000.00 23 1,705,046 1.78
80,000.01 to 90,000.00 32 2,718,065 2.84
90,000.01 to 100,000.00 24 2,285,044 2.39
100,000.01 to 110,000.00 6 632,929 0.66
110,000.01 to 120,000.00 6 684,223 0.72
120,000.01 to 130,000.00 9 1,139,871 1.19
130,000.01 to 140,000.00 5 673,496 0.70
140,000.01 to 150,000.00 6 881,683 0.92
170,000.01 to 180,000.00 1 178,857 0.19
190,000.01 to 200,000.00 1 200,000 0.21
240,000.01 to 250,000.00 2 494,552 0.52
280,000.01 to 290,000.00 1 289,685 0.30
300,000.01 to 310,000.00 1 305,040 0.32
490,000.01 to 500,000.00 1 494,362 0.52
740,000.01 to 750,000.00 1 745,256 0.78
============================================================================
Total 4,575 $95,563,075 100.00%
============================================================================
CREDIT LIMITS
- -----------------------------------------------------------------------------
Range of Number of Reference Date Percent of
Credit Limits Mortgage Loans Principal Balance Pool
$1.00 to 10,000 75 $494,475 0.52%
10,000.01 to 20,000.00 1,629 19,010,391 19.89
20,000.01 to 30,000.00 1,237 22,274,919 23.31
30,000.01 to 40,000.00 645 15,268,829 15.98
40,000.01 to 50,000.00 405 11,439,569 11.97
50,000.01 to 60,000.00 150 5,297,022 5.54
60,000.01 to 70,000.00 110 4,796,983 5.02
70,000.01 to 80,000.00 78 2,699,589 2.82
80,000.01 to 90,000.00 48 2,287,840 2.39
90,000.01 to 100,000.00 104 3,967,370 4.15
100,000.01 to 110,000.00 16 490,492 0.51
110,000.01 to 120,000.00 16 1,178,878 1.23
120,000.01 to 130,000.00 12 1,069,994 1.12
130,000.01 to 140,000.00 5 534,811 0.56
140,000.01 to 150,000.00 20 1,635,687 1.71
150,000.01 to 160,000.00 2 59,743 0.06
160,000.01 to 170,000.00 2 129,950 0.14
180,000.01 to 190,000.00 1 - -
190,000.01 to 200,000.00 5 481,657 0.50
210,000.01 to 220,000.00 2 - -
220,000.01 to 230,000.00 1 - -
240,000.01 to 250,000.00 3 494,552 0.52
260,000.01 to 270,000.00 1 - -
280,000.01 to 290,000.00 1 289,685 0.30
290,000.01 to 300,000.00 1 115,981 0.12
340,000.01 to 350,000.00 1 - -
350,000.01 and up 5 1,544,658 1.62
===========================================================================
Total 4,575 $95,563,075 100.00%
===========================================================================
GEOGRAPHIC DISTRIBUTION (1)
- ----------------------------------------------------------------
Number of Reference Percent
State Mortgage Loans Principal of Pool
Balance
Alabama 88 $1,480,361 1.55%
Arizona 139 2,569,303 2.69
California 1,200 29,219,611 30.58
Colorado 125 2,501,308 2.62
Connecticut 41 1,175,453 1.23
Delaware 7 162,710 0.17
District of Columbia 1 26,346 0.03
Florida 294 5,699,705 5.96
Georgia 109 2,034,542 2.13
Idaho 117 2,683,055 2.81
Illinois 189 3,290,211 3.44
Indiana 59 1,099,303 1.15
Iowa 15 264,335 0.28
Kansas 29 438,368 0.46
Kentucky 7 136,483 0.14
Louisiana 108 1,732,894 1.81
Maine 7 92,768 0.10
Maryland 87 1,485,556 1.55
Massachusetts 98 1,892,614 1.98
Michigan 108 2,139,195 2.24
Mississippi 15 381,281 0.40
Missouri 75 1,211,073 1.27
Montana 14 461,185 0.48
Nebraska 13 135,245 0.14
Nevada 88 1,694,854 1.77
New Hampshire 12 321,569 0.34
New Jersey 224 4,227,897 4.42
New Mexico 45 999,076 1.05
New York 127 2,910,208 3.05
North Carolina 72 1,130,996 1.18
North Dakota 2 31,856 0.03
Ohio 161 2,805,966 2.94
Oklahoma 23 376,249 0.39
Oregon 125 3,013,507 3.15
Pennsylvania 144 2,544,539 2.66
Rhode Island 9 181,407 0.19
South Carolina 24 553,475 0.58
South Dakota 5 63,956 0.07
Tennessee 65 1,286,842 1.35
Utah 99 2,987,772 3.13
Vermont 5 81,101 0.08
Virginia 68 1,191,817 1.25
Washington 274 5,749,944 6.02
Wisconsin 42 744,395 0.78
Wyoming 16 352,741 0.37
===================================================================
Total 4,575 $95,563,075 100.00%
================================================================
(1) Geographic location is determined by the address of the
Mortgaged Property securing the related Mortgage Loan.
PROPERTY TYPE
- ----------------------------------------------------------------------------
Number of Reference Date Percent of
Property Type Mortgage Loans Principal Balance Pool
Two-to-Four Family 45 $1,141,134 1.19%
Condominium 93 1,562,721 1.64
PUD 343 6,286,336 6.58
Single Family 4,094 86,572,884 90.59
============================================================================
Total 4,575 $95,563,075 100.00%
============================================================================
COMBINED LOAN-TO-VALUE RATIOS(1)
Range of Combined Number of Reference Date Percent of
Loan-to-Value Ratios Mortgage Loans Principal Balance Pool
1: 1000 13 $192,349 0.20%
1001: 2000 40 893,245 0.93
2001: 3000 45 605,628 0.63
3001: 4000 68 2,141,353 2.24
4001: 5000 110 2,271,430 2.38
5001: 6000 211 5,491,075 5.75
6001: 7000 602 12,977,938 13.58
7001: 8000 1342 28,060,896 29.36
8001: 9000 1774 35,934,812 37.60
9001:10000 370 6,994,350 7.32
========================================================================
Total 4,575 $95,563,075 100.00%
========================================================================
(1) The ratio (expressed as a percentage) of (A) the sum of (i) the
Credit Limit of the Mortgage Loans and (ii) any outstanding principal
balances of mortgage loans senior or of equal priority to the
Mortgage Loans (calculated generally at the date of origination of
the Mortgage Loans) to (B) the lesser of (i) the appraised value of
the related Mortgaged Property as set forth in loan files at such
date of origination of (ii) in the case of Mortgaged Property
purchased within one year of the origination of the related Mortgage
Loan, the purchase price of such Mortgaged Property.
LIEN PRIORITY
- ----------------------------------------------------------------------------
Number of Reference Date Percent of
Lien Position Mortgage Loans Principal Balance Pool
First Lien 157 5,164,423 5.40
Second Lien 4,418 90,398,652 94.60
==============================================================================
Total 4,575 95,563,075 100.00
==============================================================================
MARGIN
- -------------------------------------------------------------------------------
Range of Number of Reference Date Percent of
Margins Mortgage Loans Principal Balance Pool
0.000% to 0.250% 39 $864,161 0.90%
0.251% to 0.500% 564 11,824,069 12.37
0.501% to 0.750% 242 5,292,775 5.54
0.751% to 1.000% 374 9,691,466 10.14
1.001% to 1.250% 92 2,539,478 2.66
1.251% to 1.500% 566 11,501,466 12.04
1.501% to 1.750% 195 3,959,198 4.14
1.751% to 2.000% 209 3,987,288 4.17
2.001% to 2.250% 81 1,921,742 2.01
2.251% to 2.500% 407 7,974,145 8.34
2.501% to 2.750% 335 6,122,646 6.41
2.751% to 3.000% 350 7,420,213 7.76
3.001% to 3.250% 358 7,372,343 7.71
3.251% to 3.500% 9 191,131 0.20
3.501% to 3.750% 326 6,836,463 7.15
3.751% to 4.000% 91 1,665,017 1.74
4.001% to 4.250% 110 2,169,582 2.27
4.251% to 4.500% 26 638,393 0.67
4.501% to 4.750% 38 812,340 0.85
4.751% to 5.000% 136 2,310,378 2.42
5.001% to 5.250% 16 240,276 0.25
5.251% to 5.500% 11 228,506 0.24
============================================================================
Total 4,575 $95,563,075 100.00%
============================================================================
LOAN RATES
Range of Number of Reference Date Percent of
Loan Rates Mortgage Loans Principal Balance Pool
8.001% to 8.250% 39 $864,161 0.90%
8.251% to 8.500% 564 11,824,069 12.37
8.501% to 8.750% 242 5,292,775 5.54
8.751% to 9.000% 374 9,691,466 10.14
9.001% to 9.250% 92 2,539,478 2.66
9.251% to 9.500% 566 11,501,466 12.04
9.501% to 9.750% 195 3,959,198 4.14
9.751% to 10.000% 209 3,987,288 4.17
10.001% to 10.250% 81 1,921,742 2.01
10.251% to 10.500% 407 7,974,145 8.34
10.501% to 10.750% 335 6,122,646 6.41
10.751% to 11.000% 350 7,420,213 7.76
11.001% to 11.250% 358 7,372,343 7.71
11.251% to 11.500% 9 191,131 0.20
11.501% to 11.750% 326 6,836,463 7.15
11.751% to 12.000% 91 1,665,017 1.74
12.001% to 12.250% 110 2,169,582 2.27
12.251% to 12.500% 26 638,393 0.67
12.501% to 12.750% 38 812,340 0.85
12.751% to 13.000% 136 2,310,378 2.42
13.001% to 13.250% 16 240,276 0.25
13.251% to 13.500% 11 228,506 0.24
==============================================================================
Total 4,575 $95,563,075 100.00%
==============================================================================
CREDIT LIMIT UTILIZATION RATES
- ----------------------------------------------------------------------------
Statistic
Range of Credit Limit Number of Calculation Date Percent of
Utilization Rates Mortgage Loans Principal Balance Pool
0.00% 772 $0 0.00%
1.00% to 10.00% 81 162,101 0.17
10.01% to 20.00% 90 482,810 0.51
20.01% to 30.00% 122 1,163,351 1.22
30.01% to 40.00% 116 1,683,579 1.76
40.01% to 50.00% 144 2,156,244 2.26
50.01% to 60.00% 151 3,062,719 3.20
60.01% to 70.00% 183 4,040,196 4.23
70.01% to 80.00% 260 6,742,750 7.06
80.01% to 90.00% 435 11,104,769 11.62
90.01% to 100.00% 2,219 64,964,549 67.98
============================================================================
Total 4,575 $95,563,075 100.00%
============================================================================
MAXIMUM RATES
- ----------------------------------------------------------------------------
Number of Reference Date Percent of
Maximum Rates Mortgage Loans Principal Balance Pool
12.25% 21 $246,079 0.26%
15.00% 7 338,457 0.35
15.90% 3 40,159 0.04
16.00% 74 1,219,996 1.28
17.00% 419 8,201,013 8.58
18.00% 4,051 85,517,371 89.49
==============================================================================
Total 4,575 $95,563,075 100.00%
==============================================================================
MONTHS REMAINING TO MATURITY
- ----------------------------------------------------------------------------
Range of Months
Remaining to Scheduled Number of Reference Date Percent of
Maturity Mortgage Loans Principal Balance Pool
240 to 244 2 $39,696 0.04%
245 to 249 1 463 0.00
250 to 254 3 41,199 0.04
255 to 259 914 18,026,801 18.86
260 to 264 2,456 52,764,994 55.21
265 to 269 1,199 24,689,922 25.84
============================================================================
Total 4,575 $95,563,075 100.00%
============================================================================
ORIGINATION YEAR
- ----------------------------------------------------------------------------
Number of Reference Date Percent of
Origination Year Mortgage Loans Principal Balance Pool
1994 2 $39,696 0.04%
1995 9 147,816 0.15
1996 4,564 95,375,563 99.80
============================================================================
4,575 $95,563,075 100.00%
============================================================================
Exhibit 2
<TABLE>
<CAPTION>
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
==================================================================================================================================
CERTIFICATES INFORMATION
BALANCE MARGIN
<S> <C> <C>
Investors $246,033,118.00 0.18%
Transferor $5,021,084.11
OTHER INFORMATION
Original Pool Balance @ Cut-Off Date $251,054,202.11
Servicing Fee 0.500%
Original Settlement Date 11/21/96
First Payment Date 12/16/96
Short Interest Period Days 25
Managed Amortization Period (Months) 60
Required Overcollateralization (OC) Amount Percentage 1.60%
Required Overcollateralization (OC) Amount $4,016,867.23
OC Lockout (Months) 30
Spread Account Maximum (% of Original Bal.) 0.00%
Spread Account Floor (% of Original Bal.) 0.00%
Spread Carveout 0.50%
Spread Carveout Begins (Month) 6
Cumulative/Rolling Loss Test Step-Up (% of Original Bal.) 1.20%
Excess Spread Trigger Step-Up (% of Original Bal.) 1.20%
Spread Account Step-Up 9+ Mths Delinquent Percentage 50.00%
Initial Insured Amount $246,033,118.00
Fixed Allocation Percentage 98.00%
Minimum Transferor Interest Percentage 5.00%
Credit Enhancement Fee 0.110%
Rapid Amortization Event Trigger (% of Original Pool Balance) 1.000%
Tail Adjustment $0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
INPUT SECTION (PAGE 1 of 1)
<S> <C> <C>
MONTH: 32 33
DISTRIBUTION DATE: 7/15/99 8/16/99
DETERMINATION DATE: 7/12/99 8/11/99
MORTGAGE LOANS PAYMENT SUMMARY
COLLECTION PERIOD:
MTGE LOANS INTEREST RECEIVED $877,488.44 $847,487.31
MTGE LOANS PRINCIPAL RECEIVED $5,571,365.44 $5,615,838.12
MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL) $6,515.67 ($9,123.12)
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS REMOVED FROM THE TRUST BY THE SERVICER (Section 2.06) $0.00 $0.00
MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)(Sections 2.02(a)) $0.00 $0.00
MTGE LOANS DRAWS (ADDITIONAL BALANCES) $2,286,236.40 $1,764,714.09
MTGE LOANS LIQUIDATION LOSS AMOUNT (NET LOSSES) $97,023.52 $90,636.98
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE (NET OF SERVICER REMOVALS) $99,495,712.85 $95,563,074.96
AVERAGE MTGE LOANS RATE 9.859% 9.854%
AVERAGE MTGE LOANS DAILY BALANCE $102,933,420.21 $98,945,052.36
DELINQUENCY & REO SUMMARY
DEL STAT 1 - NO. OF ACCTS 28 22
DEL STAT 1 - CURRENT BALANCE $818,755.76 $485,392.31
DEL STAT 2 - NO. OF ACCTS 6 6
DEL STAT 2 - CURRENT BALANCE $98,055.58 $195,171.09
DEL STAT 1+ - NO. OF ACCTS 58 49
DEL STAT 1+ - CURRENT BALANCE $1,417,703.39 $1,110,325.53
DEL STAT 3+ - NO. OF ACCTS 24 21
DEL STAT 3+ - CURRENT BALANCE $500,892.05 $429,762.13
DEL STAT 9+ - NO. OF ACCTS 25 25
DEL STAT 9+ - CURRENT BALANCE $779,966.54 $766,065.30
REO - NO. OF ACCTS 3 2
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE) $112,348.11 $76,996.50
LOAN MODIFICATION SUMMARY
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV<80%) $5,543.51 $0.00
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV>80%) $0.00 $27,992.39
MTGE LOANS W/ CREDIT LIMIT MODIFICATION $0.00 $0.00
MTGE LOANS W/ GROSS MARGIN MODIFICATION $0.00 $0.00
OTHER INFORMATION
LIBOR RATE FOR CURRENT INTEREST PERIOD 4.98750% 5.18000%
INTEREST DEPOSIT INTO SPREAD ACCOUNT (REINVESTEMNT) $0 $0
AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL $0 $0
FSA'S SURETY BOND IN FORCE ? (YES=1; NO=0) 1 1
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
<S> <C> <C>
Detailed Information (Page 1 of 5)
Distribution Date: 7/15/99 8/16/99
LIBOR Rate (Adjusted two business days prior to previous Distribution Date) 4.98750% 5.18000%
Average Mtge Loans Net Loan Rate (Effective Rate;Multiply by 360/365) 8.61395% 8.60901%
Maximum Rate 8.61395% 8.60901%
Investor Certificate Rate (LIBOR + 18 bps) 5.16750% 5.36000%
Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0) 0 0
Interest Period (Days) 30 32
Beginning Pool Balance 102,884,381.08 99,495,712.85
Beginning Investor Certificate Principal Balance 93,935,160.77 90,660,264.60
Beginning Transferor Principal Balance 5,656,920.11 5,651,585.44
Beginning Invested Amount 97,227,460.97 93,844,127.41
Investor Floating Allocation Percentage 94.5017% 94.3198%
Liquidation Loss Amount 97,023.52 90,636.98
Servicing Fee 42,868.49 41,456.55
Mtge Loans Interest (Net of Cut-Off Date Overdue Interest) 877,488.44 847,487.31
Mtge Loans Principal 5,571,365.44 5,615,838.12
Mtge Loans Net Liquidation Proceeds 6,515.67 (9,123.12)
Mtge Loans Insurance Proceeds 0.00 0.00
Mtge Loans Optional Servicer Advances 0.00 0.00
Mtge Loans Purchase Price (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Available Funds 6,455,369.55 6,454,202.31
Mtge Loans Interest 877,488.44 847,487.31
Mtge Loans Net Liquidations Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Optional Servicer Advances (Alloc. to Int.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Int.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price (Alloc. to Int.) 0.00 0.00
Mtge Loans Interest Collections 877,488.44 847,487.31
Mtge Loans Principal 5,571,365.44 5,615,838.12
Mtge Loans Net Liquidaton Proceeds (Alloc. to Princ.& Net
of Forecl. Profits) 6,515.67 (9,123.12)
Mtge Loans Insurance Proceeds (Alloc. to Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price (Alloc. to Princ. 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Mtge Loans Principal Collections 5,577,881.11 5,606,715.00
Interest Collections 877,488.44 847,487.31
Principal Collections 5,577,881.11 5,606,715.00
Investor & Transferor Interest & Principal Allocation
Investor Interest Collections 829,241.25 799,348.08
Investor Principal Collections 5,466,323.49 5,494,580.70
Transferor Interest Collections 48,247.19 48,139.23
Transferor Principal Collections 111,557.62 112,134.30
(Check) 0.00 0.00
Investor Loss Amout 91,688.85 85,488.59
Transferor Loss Amount 5,334.67 5,148.39
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Detailed Information (Page 2 of 5)
Distribution Date: 7/15/99 8/16/99
Investor Interest Collections 829,241.25 799,348.08
less Investor Servicing Fee 40,511.44 39,101.72
less Unpaid Servicing Fee 0.00 0.00
less Investor Certificate Interest 404,508.29 431,945.79
less Unpaid Investor Certificate Interest Shortfall 0.00 0.00
less Credit Enhancement Premium 8,610.72 8,864.56
less Investor Loss Amount 91,688.85 85,488.59
less Unpaid Investor Loss Amount 0.00 0.00
less Unreimbursed Draw Amounts 0.00 0.00
Excess Interest 283,921.95 233,947.42
less Accelerated Principal Distribution Amount 0.00 0.00
Remaining Excess Interest 283,921.95 233,947.42
Investor Distributions
Investor Certificate Interest 404,508.29 431,945.79
Managed Amortization Period? (Y=1; N=0) 1 1
Rapid Amortization Event? (Y=1; N=0) 0 0
Rapid Amortization Period? (Y=1; N=0) 0 0
Principal Collections less Additional Balances 3,291,644.71 3,842,000.91
Alternative Principal Payment 3,291,644.71 3,842,000.91
Maximum Principal Collections 5,466,323.49 5,494,580.70
Principal Distribution Amount 3,291,644.71 3,842,000.91
Investor Loss Amount Distributed to Investors 91,688.85 85,488.59
Excess Interest Paid as Principal 0.00 0.00
Transferor Distributions
Transferor Interest Collections (net of Transferor
Servicing Fee) 45,890.14 45,784.40
Funds Released from Spread Account 315,456.20 240,898.04
OC Step-Down Amount 108,437.38 125,844.41
Principal Distributions (including Transferor
Principal Collections) 2,286,236.40 1,764,714.09
Principal Balance of Loans Removed from the
Trust by the Servicer (Section 2.06) 0.00 0.00
Excess Int. (Shortfall) a/ Interest 384,221.52 328,300.57
Excess Int. (Shortfall) a/ Premium b/ Losses 375,610.80 319,436.01
Excess Int. (Shortfall) a/ Losses 283,921.95 233,947.42
Required Amount 0.00 0.00
Required Amount Applied to Overcollateralization Amount 0.00 0.00
Required Amount Applied to Spread Account 0.00 0.00
Draw on Policy 0.00 0.00
Investor Certificate Distribution Amount (Excluding Credit Enhancement
Draw Amount) 3,679,404.46 4,233,590.88
Credit Enhancement Draw Amount (Excluding writedowns of OC) 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
=================================================================================================================================
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Detailed Information (Page 3 of 5)
Distribution Date: 7/15/99 8/16/99
Beginnining Pool Balance 102,884,381.08 99,495,712.85
Interest Distribution 877,488.44 847,487.31
Principal Distribution 5,577,881.11 5,606,715.00
Servicer Account Removals (Section 2.06) 0.00 0.00
Additional Balances 2,286,236.40 1,764,714.09
Liquidation Loss Amount 97,023.52 90,636.98
Ending Pool Balance 99,495,712.85 95,563,074.96
Beginning Investor Certificate Principal Balance 93,935,160.77 90,660,264.60
Investor Certificate Interest 404,508.29 431,945.79
Unpaid Investor Certificate Interest Shortfall distributed 0.00 0.00
Investor Certificate Principal 3,274,896.18 3,801,645.09
Ending Investor Certificate Principal Balance 90,660,264.60 86,858,619.51
Pool Factor 0.3684881 0.3530363
Beginnining Transferor Balance 5,656,920.11 5,651,585.44
Interest Distribution (including funds released from Spread Account) 363,703.38 289,037.27
Principal Distribution (including Unallocated Transferor Principal Collections) 2,286,236.40 1,764,714.09
Additional Balances 2,286,236.40 1,764,714.09
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Losses allocated to Transferor 5,334.67 5,148.39
Ending Transferor Balance 5,651,585.44 5,646,437.05
Minimum Transferor Interest 4,974,785.64 4,778,153.75
Transferor Principal Collections Unallocated due to Minimum Transferor Interest
(held in Coll. Acct.) 0.00 0.00
Total Unallocated Transferor Principal Collections held in Collection Account 0.00 0.00
Beginning Invested Amount 97,227,460.97 93,844,127.41
Principal Distribution Amount 3,291,644.71 3,842,000.91
Investor Loss Reduction Amount 91,688.85 85,488.59
Ending Invested Amount 93,844,127.41 89,916,637.91
Required OC Amount 3,183,862.81 3,058,018.40
Beginning OC Amount 3,292,300.19 3,183,862.81
Ending OC Amount 3,183,862.81 3,058,018.40
Ending OC Amount (% of Original Pool Balance) 1.27% 1.22%
OC Step-Down Amount 108,437.38 125,844.41
Current Month Excess Spread 3.446% 3.249%
Rolling Three-Month Excess Spread 3.498% 3.409%
Excess Spread Trigger Step-Up Percentage 0.000% 0.000%
Annualized Six-Month Rolling Losses After a Rapid Amortization Event Trigger (Y=1; N=0) 0 0
Step-Up Cumulative Loss Trigger (Y=1; N=0) 0 0
Step-Up Rolling/Cumulative Loss Test Percentage 0.000% 0.000%
Six-Month Rolling Loss and Rapid Amortization Event Trigger Violated? (Y=1; N=0) 0 0
Step-Up Rolling Loss Test (Y=1; N=0) 0 0
Step-Down Cumulative Loss Test Violated? (Y=1; N=0) 0 0
Step-Down Rolling Twelve-Month Delinquency Rate Test Violated? (Y=1; N=0) 0 0
Current 60+ Day Delinquency Rate 1.39% 1.46%
Rolling Twelve-Month Delinquency Rate 1.69% 1.73%
Rolling Six-Month Loss Rate 0.07% 0.06%
Spread Account Cap Amount 389,983.27 383,032.65
Beginning Spread Account Balance 421,517.52 389,983.27
Deposit (Including Reinvestment Earnings) (31,534.25) (6,950.62)
Draw from Account to Pay Credit Enhancer 0.00 0.00
Amount released from Spread Account $315,456.20 $240,898.04
Ending Spread Account Balance 389,983.27 383,032.65
Ending Spread Account Balance (% of Orig. Pool Bal.) 0.16% 0.15%
Ending Unreimbursed Draw on Surety Bond 0.00 0.00
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Detailed Information (Page 4 of 5)
Distribution Date: 7/15/99 8/16/99
Beginning Insured Principal Amount $93,935,160.77 $90,660,264.60
Ending Insured Principal Amount $90,660,264.60 $86,858,619.51
Available Credit Enhancement 1.42% 1.37%
Investor Distribution Amount 3,679,404.46 4,233,590.88
Transferor Distribution Amount (incl. Excess Cash Rel. From SA & Step-Down OC Release) 2,756,020.12 2,177,240.94
Investor Loss Amount Reimbursed from Excess Interest 91,688.85 85,488.59
Investor Loss Amount Allocated to OC 0.00 0.00
Investor Loss Amount Allocated to Spread Account 0.00 0.00
Investor Loss Amount Reimbursed from Policy Draw 0.00 0.00
Investor Loss Amount Unreimbursed 0.00 0.00
Unreimbursed Loss Amount Distributed 0.00 0.00
Cum. Accelerated Principal Distribution Amount 4,016,867.23 4,016,867.23
Cum. Principal Payments (Including ECPB & APDA) 155,372,853.40 59,174,498.49
Cum. Principal Payments (Excluding ECPB & APDA) 151,355,986.17 155,157,631.26
Cum. OC Amount 3,183,862.81 3,058,018.40
Cum. SA Deposits 389,983.27 383,032.65
Cum. Liquidation Losses 1,953,704.05 2,044,341.03
Cum. Investor Loss Reduction Amount 0.00 0.00
Cum. Purchase Price of Repurchased Loans (Alloc. to Principal) 0.00 0.00
Cum. Guaranteed Principal Distribution Amount 0.00 0.00
Cum. Credit Enhancement Draw Amount Amount 0.00 0.00
Cum. Servicer Removals from Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV<80%) 1,617,693.11 1,617,693.11
Cum. Modifications to Sr. Lien Balance (CLTV<80%) (% of Initial Pool) 0.64% 0.64%
Cum. Modifications to Sr. Lien Balance (CLTV>80%) 2,443,637.60 2,471,629.99
Cum. Modifications to Sr. Lien Balance (CLTV>80%) (% of Initial Pool) 0.97% 0.98%
Cum. Modifications to Credit Limit 2,673,926.98 2,673,926.98
Cum. Modifications to Credit Limit (% of Initial Pool) 1.07% 1.07%
Cum. Modifications to Gross Margin 1,995,947.72 1,995,947.72
Cum. Modifications to Gross Margin (% of Initial Pool) 0.80% 0.80%
Accrued but Unpaid a/ Distribution
Servicing Fee 0.00 0.00
Investor Certificate Interest 0.00 0.00
Credit Enhancement Premium 0.00 0.00
Unreimbursed Draw Amounts 0.00 0.00
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Detailed Information (Page 5 of 5)
Distribution Date: 7/15/99 8/16/99
SOURCES OF FUNDS:
Mtge Loans Interest 877,488.44 847,487.31
Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Int.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) Purchase Price (Alloc. to Int.) 0.00 0.00
Mtge Loan Principal 5,571,365.44 5,615,838.12
Mtge Loans Net Liq. Proceeds (Alloc. to Princ.) 6,515.67 (9,123.12)
Mtge Loans Insurance Proceeds (Alloc. to Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) Purchase Price (Alloc. to Princ.) 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Reinvestment Earnings on Spread Account 0.00 0.00
Draw on Policy 0.00 0.00
Total 6,455,369.55 6,454,202.31
USES OF FUNDS
Servicing Fee 42,868.49 41,456.55
Investor Interest Distribution 404,508.29 431,945.79
Accrued and Unpaid Investor Interest Distributed 0.00 0.00
Investor Principal Distribution 3,274,896.18 3,801,645.09
Transferor Distribution (not including Cash Released to Transferor) 2,332,126.54 1,810,498.49
Unallocated Transferor Principal Collections 0.00 0.00
Accrued and Unpaid Servicing Fee Distributed 0.00 0.00
Payment of Unreimbursed Surety Bond Draw Amounts $0 $0
Credit Enhancement Premium Distributed 8,610.72 8,864.56
Cash Deposited to Spread Account (31,534.25) (6,950.62)
Cash Released to Transferor (Including Spread Account and OC Step-down releases) 423,893.58 366,742.45
Total 6,455,369.55 6,454,202.31
=================================================================================================================================
ERROR CHECK
Sources & Uses OK OK
Pool Balance OK OK
Transferor Balance (Will indicate "VIOLATION" if Servicer has viloated Min. Transferor Int.) OK OK
Loss Allocation OK OK
Overcollateralization OK OK
Balance Reduction OK OK
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Distribution List:
Lupe Montero - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago Jose Baltasar - Countrywide Home Loans
Frank Skibo - FSA Richard Pohl - Countrywide Home Loans
Paul Marsilio - Lehman Brothers Richard Marron - Countrywide Home Loans
Margarette Carrette - Moody's Investors Service Dave Walker - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp. Dianne Barrella - Countrywide Home Loans
=================================================================================================================================
Servicer Certificate (Page 1 of 3)
Distribution Date: 7/15/99 8/16/99
A. POOL INFORMATION
Aggregate Amount of Collections 6,455,369.55 6,454,202.31
Aggregate Amount of Interest Collections 877,488.44 847,487.31
Aggregate Amount of Principal Collections 5,577,881.11 5,606,715.00
Transfer Deposit Amount (Sections 2.02(a) & 2.06) 0.00 0.00
Beginning Pool Balance 102,884,381.08 99,495,712.85
Ending Pool Balance 99,495,712.85 95,563,074.96
Additional Balances 2,286,236.40 1,764,714.09
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV<80%) 1,617,693.11 1,617,693.11
Cum. Modifications to Sr. Lien Balance (CLTV<80%) (% of Initial Pool) 0.64% 0.64%
Cum. Modifications to Sr. Lien Balance (CLTV>80%) 2,443,637.60 2,471,629.99
Cum. Modifications to Sr. Lien Balance (CLTV>80%) (% of Initial Pool) 0.97% 0.98%
Cum. Modifications to Credit Limit 2,673,926.98 2,673,926.98
Cum. Modifications to Credit Limit (% of Initial Pool) 1.07% 1.07%
Cum. Modifications to Gross Margin 1,995,947.72 1,995,947.72
Cum. Modifications to Gross Margin (% of Initial Pool) 0.80% 0.80%
Servicing Fee 42,868.49 41,456.55
Unpaid Servicing Fee Received 0.00 0.00
Remaining Accrued and Unpaid Servicing Fee 0.00 0.00
B. INTEREST, PRINCIPAL & LOSS ALLOCATION
Investor Certificateholder Floating Allocation Percentage 94.50% 94.32%
Investor Certificateholder Fixed Allocation Percentage 98.00% 98.00%
Investor Interest Collections 829,241.25 799,348.08
Investor Principal Collections 5,466,323.49 5,494,580.70
Transferor Interest Collections 48,247.19 48,139.23
Transferor Principal Collections 111,557.62 112,134.30
Investor Loss Amount 91,688.85 85,488.59
Beginning Invested Amount 97,227,460.97 93,844,127.41
Ending Invested Amount 93,844,127.41 89,916,637.91
C. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 404,508.29 431,945.79
Investor Certificate Interest Shortfall b/ any Draw on Policy 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Received 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Remaining 0.00 0.00
Principal Distribution Amount 3,274,896.18 3,801,645.09
Managed Amortization Period? (Yes=1; No=0) 1 1
Rapid Amortization Period? (Yes=1; No=0) 0 0
Maximum Principal Collections Payment 5,466,323.49 5,494,580.70
Alternative Principal Payment 3,291,644.71 3,842,000.91
Principal Collections less Additional Balances 3,291,644.71 3,842,000.91
Investor Loss Amount Distributed to Investors 91,688.85 85,488.59
Accelerated Principal Distribution Amount 0.00 0.00
D. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Certificate Principal Balance 93,935,160.77 90,660,264.60
Ending Certificate Principal Balance 90,660,264.60 86,858,619.51
Pool Factor 0.3684881 0.3530363
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Servicer Certificate (Page 2 of 3)
Distribution Date: 7/15/99 8/16/99
E. DISTRIBUTIONS TO TRANSFEROR
Interest Distribution 363,703.38 289,037.27
Principal Distribution 2,286,236.40 1,764,714.09
Amount Distributed to Transferor pursuant to Section 5.01(a)(x) 315,456.20 240,898.04
F. TRANSFEROR BALANCE
Beginning Transferor Principal Balance 5,656,920.11 5,651,585.44
Ending Transferor Principal Balance 5,651,585.44 5,646,437.05
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Minimum Transferor Balance 4,974,785.64 4,778,153.75
G. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.16750% 5.36000%
LIBOR Rate 4.98750% 5.18000%
Maximum Rate 8.61395% 8.60901%
Weighted Average Mortgage Net Loan Rate 8.61395% 8.60901%
H. CREDIT ENHANCEMENT
Credit Enhancement Fee 8,610.72 8,864.56
Beginning OC Amount 3,292,300.19 3,183,862.81
Ending OC Amount 3,183,862.81 3,058,018.40
Guaranteed Amount 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Credit Enhancement Draw Amount 0.00 0.00
I. SPREAD ACCOUNT
Beginning Spread Account Balance 421,517.52 389,983.27
Ending Spread Account Balance 389,983.27 383,032.65
Amount to be distributed to the Spread Account pursuant to Section 5.01(a)(viii) 0.00 0.00
Amount Released from Spread Account 315,456.20 240,898.04
Spread Account Maximum 389,983.27 383,032.65
J. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 28 22
Trust Balances 818,755.76 485,392.31
Delinquent 60-89 days
No. of Accounts 6 6
Trust Balances 98,055.58 195,171.09
Delinquent 90+ days
No. of Accounts 24 21
Trust Balances 500,892.05 429,762.13
Delinquent 9+ months
No. of Accounts 25 25
Trust Balances 779,966.54 766,065.30
REO
No. of Accounts 3 2
Trust Balances 112,348.11 76,996.50
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Servicer Certificate (Page 3 of 3)
Distribution Date: 7/15/99 8/16/99
K. EVENT OF DEFAULT TRIGGERS 0 0
Failure by Seller to make payment within 5 Business Days of Required Date? 0 0
Failure by Seller to perform any covenants described in the Agreement? 0 0
Bankruptcy or Insolvency relating to Servicer? 0 0
L. RAPID AMORTIZATION EVENT TRIGGERS 0 0
Failure by Seller to make payment within 3 Business Days of Required Date? 0 0
Breach of Representation or Warranty by Seller or Depositor? 0 0
Bankruptcy or Insolvency relating to Transferor? 0 0
Subject to Investment Company Act of 1940 Regulation? 0 0
Any Event of Default ? 0 0
Draws Under Policy are Greater than 1% of Initial Pool Principal Balance? 0 0
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed
this 10th day of August, 1999
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
_______________________________________
Lupe Montero
Vice-President
=================================================================================================================================
Countrywide Home Loans, Inc. Date of Report: 8/9/99
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 6:46 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
Distribution List:
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Frank Skibo - FSA Mar Luciano - Countrywide Home Loans
Paul Marsilio - Lehman Brothers Richard Pohl - Countrywide Home Loans
Margarette Carrette - Moody's Investors Service Richard Marron - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp. Dave Walker - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
================================================================================================================================
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 7/15/99 8/16/99
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 1.644121 1.755641
Investor Certificate Interest Shortfall Distributed 0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 0.000000
Managed Amortization Period? (Yes=1; No=0) 1 1
Investors Certificate Principal Distributed 13.310794 15.451762
Principal Distribution Amount 13.378868 15.615788
Maximum Principal Payment 22.217836 22.332687
Alternative Principal Payment 13.378868 15.615788
Principal Collections less Additional Balances 13.378868 15.615788
Investor Loss Amount Distributed to Investors 0.372669 0.347468
Accelerated Principal Distribution Amount 0.000000 0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 14.954915 17.207402
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 93,935,160.77 90,660,264.60
Ending Investor Certificate Balance 90,660,264.60 86,858,619.51
Beginning Invested Amount 97,227,460.97 93,844,127.41
Ending Invested Amount 93,844,127.41 89,916,637.91
Investor Certificateholder Floating Allocation Percentage 94.5017% 94.3198%
Pool Factor 0.3684881 0.3530363
Liquidation Loss Amount for Liquidated Loans 97,023.52 90,636.98
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 102,884,381.08 99,495,712.85
Ending Pool Balance 99,495,712.85 95,563,074.96
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 42,868.49 41,456.55
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.167500% 5.360000%
LIBOR Rate 4.987500% 5.180000%
Maximum Rate 8.613945% 8.609014%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 28 22
Trust Balances 818,755.76 485,392.31
Delinquent 60-89 days
No. of Accounts 6 6
Trust Balances 98,055.58 195,171.09
Delinquent 90+ days
No. of Accounts 24 21
Trust Balances 500,892.05 429,762.13
Delinquent 9+ Months
No. of Accounts 25 25
Trust Balances 779,967 766,065
REO
No. of Accounts 3 2
Trust Balances 112,348.11 76,996.50
=============================================================================================================================
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 7/15/99 8/16/99
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed
this 10th day of August, 1999
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
_______________________________________
Lupe Montero
Vice-President
Distribution List:
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Frank Skibo - FSA Jose Baltasar - Countrywide Home Loans
Paul Marsilio - Lehman Brothers Richard Pohl - Countrywide Home Loans
Margarette Carrette - Moody's Investors Service Richard Marron - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp. Dave Walker - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
============================================================================================================================-----
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