UNITED STATES
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: 333-11447
METROPOLITAN ASSET FUNDING, INC.
(Exact name of registrant as specified in its charter)
Delaware 91-1734050
(State of other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
929 West Sprague Avenue
Spokane, WA 99210 99210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (509) 838-
3111
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed 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 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. [ ]
Aggregate market value of voting stock held by non-affiliates of
the Registrant as of December 31, 1996: Not Applicable.
Number of shares of common stock outstanding as of December 31,
1996: Not Applicable.
DOCUMENTS INCORPORATED BY REFERENCE
NONE
PART I
ITEM 2. PROPERTIES
The Registrant owns no properties. The Registrant acted as
the depositor under a Pooling and Security Agreement, (the
"Pooling Agreement") dated as of November 1, 1996, pursuant to
which the certificates (the "Certificates") were issued. The
Certificates, in the aggregate, represent the beneficial interest
in a trust fund (the "Trust") consisting primarily of fixed-rate,
first lien, single family mortgage loans, commercial mortgage
loans and land sale contracts (collectively, the "Mortgage
Loans"). The Trust will acquire title to real estate only upon
the default of mortgagors under the Mortgage Loans.
The Mortgage Loans are serviced by MetWest Mortgage
Services, Inc. (the "Master Servicer") or an entity or individual
with which the Master Servicer has entered into a servicing
agreement. The Master Servicer is required to deliver a
certificate of an authorized officer (an "Annual Statement of
Compliance") stating that (a) a review of the activities of the
Master Servicer during the preceding calendar year and of its
performance under the Pooling Agreement has been made under the
supervision of the authorized officer executing the Annual
Statement of Compliance and (b) to the best of such officer's
knowledge, based on the above review, the Master Servicer has
fulfilled all its obligations under the Pooling Agreement
throughout such year, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default
known to such officer and the nature and the status thereof.
The Annual Statement of Compliance will be filed as an
Exhibit hereto.
ITEM 3. LEGAL PROCEEDINGS
No material legal proceedings to which the Registrant is a
party or to which the Trust is subject, is pending and no such
material proceedings are known by the Registrant to be
contemplated.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF CERTIFICATEHOLDERS
There were no meetings of Certificateholders during the
period covered by this report and no matters were submitted to
Certificateholders for vote.
PART II
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
During the 1996 calendar year, there were no disagreements
or reportable conditions between the Registrant and its
accountants on accounting or financial disclosure.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Executive Officers and Directors
The executive officers, directors and significant employees
of the Registrant are as follows:
<TABLE>
<CAPTION>
Name and Age Position Period of Service
<S> <C> <C>
Tom Turner (46) Director, President August 23, 1996 to
Present
Greg Gordon (43) Director, Secretary and August 23, 1996 to
Treasurer Present
Philip Sandifur Director and Vice August 23, 1996 to
(25) President Present
Maurice J. Director November 22, 1996 to
Nollette (28) Present
</TABLE>
The directors hold office until the next annual meeting of
shareholders and until their successors have been duly elected
and qualified. The officers are elected by the Board of
Directors at its annual meeting immediately following the
shareholders' annual meeting and hold office until they resign or
are removed from office. There are no family relationships that
exist between any director, executive officer, significant
employee or person nominated or chosen by the Registrant to
become a director or executive officer. The Registrant has not
established an executive committee of the Board of Directors or
any committee that would serve similar functions such as an
audit, incentive compensation or nominating committee.
Biographical Information on Officers and Directors and
Significant Employees
Tom Turner. Mr. Turner was elected President of Summit
Securities, Inc. ("Summit"), a company affiliated with the
Registrant, on October 31, 1995. Prior to servicing as
President, Mr. Turner had served as Secretary/Treasurer of Summit
since September 28, 1994. Mr. Turner has been an employee of
Metropolitan Mortgage & Securities Co., Inc. ("Metropolitan"),
also an affiliate of the Registrant, since 1985, as a financial
analyst. From 1983-1985, Mr. Turner was employed by Olsten
Temporary Services. Prior to 1983, Mr. Turner was self-employed,
principally doing business in the real estate industry.
Greg Gordon. Mr. Gordon was elected Secretary/Treasurer of
Summit on October 31, 1995. Mr. Gordon joined Metropolitan in
April of 1989 and started that company's demography department.
From 1985 to 1989, Mr. Gordon was employed as the Northeastern US
division, Market Analyst for Mortgage Guarantee Insurance
Corporation. From 1984 to 1985, he was employed as a limited
partnership underwriter with Reliance Insurance Company.
Philip Sandifur. Mr. Sandifur is the son of C. Paul
Sandifur, Jr. who is the sole shareholder of National Summit
Corp., the parent company of the Registrant and Summit and the
controlling shareholder of Metropolitan. Mr. Sandifur graduated
in 1993 from Santa Clara University receiving a BA in Business.
From 1992 to 1993 Mr. Sandifur was attending college. Mr.
Sandifur joined Summit Trade Services, Inc., a wholly-owned
subsidiary of National Summit Corp. in 1995 and is principally
active as the President.
Maurice J. Nollette. Since March 1994, Mr. Nollette has
owned and operated "Mojo Monroe Espresso Co.", an espresso and
sandwich shop located in downtown Spokane, Washington. Prior to
that time, Mr. Nollette was involve in sales, serving as a
technical sales advisor from July 1993 to February 15, 1994 for
Noble Beauty Supply and as a salesman for Continental Baking from
January 1990 to July 1993.
ITEM 11. EXECUTIVE COMPENSATION
The officers of the Registrant receive no compensation for
acting in such role. The directors of the corporation who also
serve as employees of Metropolitan, Summit or any of their
affiliated companies receive a director's fee of $100 per meeting
attended. Those directors include Messrs. Turner, Gordon and
Sandifur. Mr. Nollette receives compensation in the amount of
$100 per month.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
Under the Pooling Agreement, the Certificateholders
generally do not have the right to vote and are prohibited from
taking part in management of the Trust. For purposes of this
Item 12 and Item 13, however, the Certificateholders are treated
as the owners of "voting securities."
As of December 31, 1996, the following are the only persons
known to the Registrant to be the beneficial owners of more than
5% of any class of voting securities. As reflected in the
following table, the Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates, Class A-4 Certificates,
Class B-1 Certificates and Class B-2 Certificates (collectively,
the "Offered Certificates") are registered in the name of Cede &
Co. as nominee for The Depository Trust Company. The Registrant
is not presently aware of any additional beneficial owners of
more than 5% of any class of voting securities.
<TABLE>
<CAPTION>
Amount and
Nature of Percent
Title of Name and Address of Beneficial age
Class Beneficial Owner Ownership of
Class
<S> <S> <C> <C>
Series 1996-A, Cede & Co. as nominee $ 100.00%
Class A1 for the Depository 42,460,468.00
Trust Company
7 Hanover Square, 22nd
Fl.
New York, NY 10004
Series 1996-A, Cede & Co. as nominee 24,513,122.00 100.00
Class A2 for the Depository
Trust Company
7 Hanover Square, 22nd
Fl.
New York, NY 10004
Series 1996-A, Cede & Co. as nominee 9,241,971.00 100.00
Class A3 for the Depository
Trust Company
7 Hanover Square, 22nd
Fl.
New York, NY 10004
Series 1996-A, Cede & Co. as nominee 25,796,061.00 100.00
Class A4 for the Depository
Trust Company
7 Hanover Square, 22nd
Fl.
New York, NY 10004
Series 1996-A, Cede & Co. as nominee 6,969,738.00 100.00
Class B1 for the Depository
Trust Company
7 Hanover Square, 22nd
Fl.
New York, NY 10004
Series 1996-A, Cede & Co. as nominee 4,401,282.51 100.00
Class B2 for the Depository
Trust Company
7 Hanover Square, 22nd
Fl.
New York, NY 10004
Series 1996-A, Metropolitan Mortgage 162,944.34 6.43
Class R 929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Old Standard Life 209,490.67 8.27
Class R Insurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Western United Life 2,146,536.68 84.69
Class R Assurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Metropolitan Mortgage 244,415.00 6.43
Class B3 929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Old Standard Life 314,234.00 8.27
Class B3 Insurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Western United Life 3,219,803.00 84.69
Class B3 Assurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Metropolitan Mortgage 264,783.00 6.43
Class B4 929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Old Standard Life 340,420.00 8.27
Class B4 Insurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Western United Life 3,488,120.00 84.69
Class B4 Assurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Metropolitan Mortgage 183,311.00 6.43
Class B5 929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Old Standard Life 235,676.00 8.27
Class B5 Insurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
Series 1996-A, Western United Life 2,414,852.00 84.69
Class B5 Assurance Company
929 West Sprague Avenue
P.O. Box 2162
Spokane, WA 99210
</TABLE>
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Registrant knows of no transaction or series of
transactions during the fiscal year ended December 31, 1996, or
proposed transaction or series of transactions, in an amount
exceeding $60,000 involving the Registrant in which any officer
or director identified in Item 10 above had or will have a direct
or indirect interest.
The Registrant knows of no transaction or series of
transactions during the fiscal year ended December 31, 1996, or
proposed transaction or series of transactions, in an amount
exceeding $60,000 involving the Registrant in which the
Certificateholders identified in Item 12 above had or will have a
direct or indirect interest, other than the issuance of the
Certificates.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS
ON FORM 8-K
(a) The following documents are filed as a part of this
Report.
1. Monthly Statement to Certificateholders
as to the Payment Date of 12/20/96.
2. Monthly Statement to Certificateholders
as to the Payment Date of 1/21/97.
3. Monthly Statement to Certificateholders
as to the Payment Date of 2/20/97.
4. Monthly Statement to Certificateholders
as to the Payment Date of 3/20/97.
5. Annual Statement of Compliance by the
Master Servicer is not currently available and
will be filed by amendment.
6. Annual Accountant's report is not
required by the Pooling Agreement to be submitted
for the fiscal year ending December 31, 1996.
(b) No Current Reports of Form 8-K were filed during the
last quarter of the period covered by this Report.
(c) Exhibit No. Description
99.1 Monthly Statement to Certificateholders
as to the Payment Date of 12/20/96.
99.2 Monthly Statement to Certificateholders
as to the Payment Date of 1/21/97.
99.3 Monthly Statement to Certificateholders
as to the Payment Date of 2/20/97.
99.4 Monthly Statement to Certificateholders
as to the Payment Date of 3/20/97.
99.5 Annual Statement of Compliance by the
Master Servicer.*
_______________
*To be filed by amendment.
(d) Financial Statement Schedule: Not Applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
METROPOLITAN ASSET FUNDING, INC.,
(a Delaware corporation)
Date: March 31, 1997 By /s/ Tom Turner
Tom Turner, Director and
President
Pursuant to the requirements of the Securities Exchange Act
of 1934, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on
the dates indicated.
Date: March 31, 1997 By /s/ Tom Turner
Tom Turner, Director and
President
(Principal Executive Officer)
Date: March 31, 1997 By /s/ Greg Gordon
Greg Gordon, Secretary,
Treasurer and Director
(Principal Financial and
Accounting Officer)
Date: March 31, 1997 By /s/ Philip Sandifur
Philip Sandifur, Vice
President and Director
Date: March 31, 1997 By /s/ Maurice J. Nollette
Maurice J. Nollette, Director
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED
PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE
NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other
soliciting material has been sent to Certificateholders, and the
Registrant does not contemplate sending any such materials
subsequent to the filing of this Report.
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Monthly Statement to Certificateholders as to the
Payment Date of 12/20/96.
99.2 Monthly Statement to Certificateholders as to the
Payment Date of 1/21/97.
99.3 Monthly Statement to Certificateholders as to the
Payment Date of 2/20/97.
99.4 Annual Statement of Compliance by the Master
Servicer.*
_______________
*To be filed by amendment.
<TABLE>
<CAPTION>
Payment Date: 12/20/96
Accrual Period: 11/2/96 thru 12/1/96
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
Class Current Payment Information
Information
Class Beginning Pass- Principal Interest Total
Code Name Cert. Bal. Through Dist. Amt. Dist. Amt. Dist.
<S> <C> <C> <C> <C> <C> <C>
A-1 $ 6.050000% $1,533,854.6 $214,071.53 $1,747,926.2
42,460,468.00 9 2
A-2 24,513,122.00 6.850000 0.00 139,929.07 139,929.07
A-3 9,241,971.00 7.150000 0.00 55,066.74 55,066.74
A-4 25,796,061.00 6.950000 197,779.18 149,402.19 347,181.37
B-1 6,969,738.00 7.200000 53,437.19 41,818.43 95,255.62
B-2 4,435,288.00 7.500000 34,005.49 27,720.55 61,726.04
B-3 3,801,675.00 8.250000 0.00 26,136.52 26,136.52
B-4 4,118,481.00 8.250000 0.00 28,314.56 28,314.56
B-5 2,851,256.00 8.250000 0.00 19,602.39 19,602.39
R/PO 2,534,454.68 2.296781 0.00 0.00 0.00
R/ZI 0.00 2.296781 0.00 0.00 0.00
O
R 2,534,454.68 2.296781 0.00 0.00 0.00
Tot $126,722,514.68 $1,819,076.5 $702,061.98 $2,521,138.5
als 5 3
Payment Date: 12/20/96
Accrual Period: 11/2/96 thru 12/1/96
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Class Current Payment Information
Information
Clas Losses Interest Ending Carry Aggregate
s Name to Shortfal Cert. Bal. Forward Unpaid
Code Principa ls
l
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 $ 0.00 $17,254.6
40,926,613.31 4
A-2 0.00 0.00 24,513,122.00 0.00 0.00
A-3 0.00 0.00 9,241,971.00 0.00 0.00
A-4 0.00 0.00 25,598,281.82 0.00 0.00
B-1 0.00 0.00 6,916,300.81 0.00 0.00
B-2 0.00 0.00 4,401,282.51 0.00 0.00
B-3 0.00 0.00 3,801,675.00 0.00 0.00
B-4 0.00 0.00 4,118,481.00 0.00 0.00
B-5 0.00 0.00 2,851,256.00 0.00 0.00
R/PO 0.00 0.00 2,759,744.94 0.00 0.00
R/ZI 0.00 0.00 0.00 0.00 0.00
O
R 0.00 0.00 2,759,744.94 0.00 0.00
Totals $125,128,728.3 $17,254.6
9 4
Payment Date: 12/20/96
Accrual Period: 11/2/96 thru 12/1/96
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Class Factors Per $1,000
Information
Class Principal Interest Ending
Code Name Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C>
A-1 36.12430021 5.04166676 963.87569979
A-2 0.00000000 5.70833328 1,000.00000000
A-3 0.00000000 5.95833291 1,000.00000000
A-4 7.66703025 5.79166680 992.33296975
B-1 7.66703031 6.00000029 992.33296969
B-2 7.66703031 6.25000000 992.33296969
B-3 0.00000000 6.87500115 1,000.00000000
B-4 0.00000000 6.87500076 1,000.00000000
B-5 0.00000000 6.87500175 1,124.99782399
R/PO 0.00000000 0.00000000 1,088.89102063
R/ZIO 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 1,086.89102063
Totals 14.35480157 5.54015190 987.42302192
Class In Original Certificate
formation Information
Type Name Cert. Bal. Pass- Cusips
Through
<S> <C> <C> <C> <C>
Senior A-1 $ 6.050000% 591738AA7
42,460,468.00
A-2 24,513,122.00 6.850000 591738AB5
A-3 9,241,971.00 7.150000 591738AC3
A-4 25,796,061.00 6.950000 591738AD1
Subordinat B-1 6,969,738.00 7.200000 591738AE9
e
B-2 4,435,288.00 7.500000 591738AF6
B-3 3,801,675.00 8.250000 N/A
B-4 4,118,481.00 8.250000 N/A
B-5 2,851,256.00 8.250000 N/A
Residual R/PO 2,534,454.68 2.268959 N/A
R/ZIO 0.00 2.268959 N/A
R 2,534,454.68 2.268959 N/A
Totals $126,722,514.68
Payment Date: 12/20/96
Accrual Period: 11/2/96 thru 12/1/96
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Aggregate Certificate
Information
Class Aggregate Aggregate Aggregate
Type Pct. Prepay. End. Cert. Bal.
Pct.
<S> <C> <C>> <C>
Senior 67.199624% 100.00000 $100,279,988.13
0%
Class A-4 22.744510 0.000000 N/A
Subordinat 10.055866 0.000000 24,848,740.26
e
P&S Ref.
Sec. Ending Collateral Information
5.04
Aggregate stated $125,128,728.39
principal
balance
Aggregate loan 2,351
count
Aggregate $724,091.03
prepayment
amount
Weighted average 182
remaining term
Weighted average 9.540447%
coupon rate
P&S Ref.
Sec. Fees & Advances
5.04
Master Trustee
Servicer
<S> <C> <C> <C>
Monthly fees $ 79,190.99 $844.22
Aggregate 0.00
advances
Aggregate 695,845.22
recoveries
Outstanding $(695,845.22
advances )
P&S Ref.
Sec. Losses &
5.04 Insurance
Coverages
Net realized 0.00
losses (this
period)
Cumulative 0.00
losses (from Cut-
Off)
Special Bankruptcy Fraud
Hazard
<S> <C> <C> <C> <C>
Net principal 0.00 0.00 0.00
losses
Net interest 0.00 0.00 0.00
losses
Excess losses 0.00 0.00 0.00
Loss coverage $1,644,100.0 $129,193.00 $3,801,676.
amount 0 00
Payment Date: 12/20/96
Accrual Period: 11/2/96 thru 12/1/96
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
P&S Ref.
Sec. Delinquency Information (as of the
5.04 Due Date)
Ending
Period Loan Stated
Count Balance
<S> <C> <C> <C>
30-59 days 251 $11,758,083.
62
60-89 days 43 2,392,295.23
90+ days 1 41,478.03
In 1 85,405.39
foreclosure
Bankruptcy 0 0.00
Totals 296 14,277,262.2
7
P&S Ref.
Sec. Reo
5.04 Information
Ending Book
Reo Date Loan Stated Value
Number Balance
<S> <C> <C> <C> <C>
-- 0.00 0.00
-- 0.00 0.00
-- 0.00 0.00
-- 0.00 0.00
Totals 0 0.00 0.00
P&S Ref.
Sec. Other
5.04 Information
Available $2,521,138.53
funds
Accretion 242,544.91
amount
Net 0.00
prepayment
interest
shortfalls
Recoveries 0.00
on
foreclosed
loans
Repurchase 401,498.71
price
Deleted 5,686.23
mortgage
loan
shortfall
</TABLE>
<TABLE>
<CAPTION>
Payment Date: 1/21/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
Class Current Payment Information
Information
Beginning Pass- Principal Interest Total
Class Name Cert. Bal. Through Dist. Amt. Dist. Amt. Dist.
Code
<S> <C> <C> <C> <C> <C> <C>
A-1 $ 6.05000 $1,462,727.7 $206,338.3 $1,669,066.
40,926,613.3 0% 2 4 06
1
A-2 24,513,122.0 6.85000 0.00 139,929.07 139,929.07
0 0
A-3 9,241,971.00 7.15000 0.00 55,066.74 55,066.74
0
A-4 25,598,281.8 6.95000 105,959.33 148,256.72 254,216.05
2 0
B-1 6,916,300.81 7.20000 28,628.74 41,497.80 70,126.54
0
B-2 4,401,282.51 7.50000 18,218.29 27,508.02 45,726.31
0
B-3 3,801,675.00 8.25000 0.00 26,136.52 26,136.52
0
B-4 4,118,481.00 8.25000 0.00 28,314.56 28,314.56
0
B-5 2,851,256.00 8.25000 0.00 19,602.39 19,602.38
0
R/PO 2,759,744.94 2.28095 0.00 0.00 0.00
1
R/ZI 0.00 2.28095 0.00 0.00 0.00
O 1
R 2,759,744.94 2.28095 0.00 0.00 0.00
1
Total $125,128,728.39 $1,815,534.0 $692,650.1 $2,308,184.
s 8 6 24
Payment Date: 1/21/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Class Information Current Payment Information
Losses Interest Ending Carry Aggregat
Class Name to Shortfal Cert. Bal. Forwar e
Code Principa ls d Unpaid
l
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 $ 0.00 $32,549.
39,463,885.5 36
9
A-2 0.00 0.00 24,513,122.0 0.00 0.00
0
A-3 0.00 0.00 9,241,971.00 0.00 0.00
A-4 0.00 0.00 25,492,322.4 0.00 0.00
9
B-1 0.00 0.00 6,887,672.07 0.00 0.00
B-2 0.00 0.00 4,383,064.22 0.00 0.00
B-3 0.00 0.00 3,801,675.00 0.00 0.00
B-4 0.00 0.00 4,118,481.00 0.00 0.00
B-5 0.00 0.00 2,851,258.00 0.00 0.00
R/PO 0.00 0.00 2,982,293.05 0.00 0.00
R/ZIO 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 2,982,293.95 0.00 0.00
Totals $123,735,743 $32,549.
.32 36
Payment Date: 1/21/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Class Factors Per $1,000
Information
Class Principal Interest Ending
Code Name Dist. Dist. Cert. Bal.
<S> <C> <C> <C> <C>
A-1 34.449166 4.85953994 929.42853360
19
A-2 0.0000000 5.70833326 1,000.00000000
0
A-3 0.0000000 5.95833291 1,000.00000000
0
A-4 4.1075779 5.74726196 988.22539185
0
B-1 4.1075776 5.95399712 988.22539203
6
B-2 4.1075776 6.20208203 988.22539203
6
B-3 0.0000000 6.87500115 1,000.00000000
0
B-4 0.0000000 6.87500076 1,000.00000000
0
B-5 0.0000000 6.87500175 1,124.99782399
0
R/PO 0.0000000 0.00000000 1,176.70044576
0
R/ZIO 0.0000000 0.00000000 0.00000000
0
R 0.0000000 0.00000000 1,176.70044578
0
Totals 12.748595 5.46588080 976.43061797
48
Class Original Certificate Information
Information
Type Name Cert. Bal. Pass- Cusips
Through
<S> <C> <C> <C> <C>
Senior A-1 $ 6.05000 591738AA7
42,460,468.0 0%
0
A-2 24,513,122.0 6.85000 591738AB5
0 0
A-3 9,241,971.00 7.15000 591738AC3
0
A-4 25,796,061.0 6.95000 591738AD1
0 0
Subordina B-1 6,969,738.00 7.20000 591738AE9
te 0
B-2 4,435,288.00 7.50000 591738AF6
0
B-3 3,801,675.00 8.25000 N/A
0
B-4 4,118,481.00 8.25000 N/A
0
B-5 2,851,256.00 8.25000 N/A
0
Residual R/PO 2,534,454.68 2.28095 N/A
1
R/ZIO 0.00 2.28095 N/A
1
R 2,534,454.68 2.28095 N/A
1
Totals $126,722,514
.68
Payment Date: 1/21/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Aggregate Certificate
Informatio
n
Class Aggregate Aggregate Aggregate
Type Pct. Prepay. Pct. End. Cert. Bal.
<S> <C> <C> <C>
Senior 66.920548% 100.000000% $96,711,301.08
Class A-4 22.938028 0.000000 N/A
Subordinate 10.141424 0.000000 25,024,442.24
P&S
Ref. Ending Collateral
Sec. Information
5.04
Aggregate stated $125,735,743.33
principal balance
Aggregate loan 2,335
count
Aggregate $930,552.46
prepayment amount
Weighted average 181
remaining term
Weighted average 9.528904%
coupon rate
P&S
Ref. Fees & Advances
Sec.
5.04
Master Trustee
Servicer
<S> <C> <C> <C>
Monthly fees $ 78,205.38 $834.19
Aggregate 1,392,001.33
advances
Aggregate 786,190.64
recoveries
Outstanding $
advances (90,034.53)
Payment Date: 1/21/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
P&S
Ref. Losses & Insurance Coverages
Sec.
5.04
Net realized 0.00
losses (this
period)
Cumulative losses 0.00
(from Cut-Off)
Special Hazard Bankruptcy Fraud
<S> <C> <C> <C> <C>
Net principal 0.00 0.00 0.00
losses
Net interest 0.00 0.00 0.00
losses
Excess losses 0.00 0.00 0.00
Loss coverage $1,644,100.00 $129,193.00 $3,801,676.
amount 00
P&S Ref.
Sec. 5.04 Delinquency Information (as of
the Due Date)
Ending
Period Loan Count Stated
Balance
<S> <C> <C> <C>
30-59 days 214 $10,757,452.0
8
60-89 days 40 1,721,625.00
90+ days 14 676,717.37
In foreclosure 3 130,157.16
Bankruptcy 0
0.00
Totals 271 $13,285,951.6
1
Payment Date: 1/21/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
P&S Ref.
Sec. 5.04 Reo Information
Ending Book
Reo Date Loan Number Stated Valu
Balance e
<S> <C> <C> <C> <C>
-- 0.00 0.00
-- 0.00 0.00
-- 0.00 0.00
-- 0.00 0.00
Totals 0 0.00 0.00
P&S Ref.
Sec. 5.04 Other Information
Available $2,308,184.24
funds
Accretion 237,843.72
amount
Net prepayment 0.00
interest
shortfalls
Recoveries on 0.00
foreclosed
loans
Repurchase 0.00
price
Deleted 0.00
mortgage loan
shortfall
</TABLE>
<TABLE>
<CAPTION>
Payment Date: 2/20/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
Class Current Payment Information
Information
Beginning Pass- Principal Interest Total
Class Name Cert. Bal. Through Dist. Amt. Dist. Amt. Dist.
Code
<S> <C> <C> <C> <C> <C> <C>
A-1 $ 6.050000 $1,814,876. $198,963.7 $2,013,839.9
39,463,885.5 % 17 6 3
9
A-2 24,513,122.0 6.850000 0.00 139,929.07 139,929.07
0
A-3 9,241,971.00 7.150000 0.00 55,066.74 55,066.74
A-4 25,492,322.4 6.950000 107,432.58 147,643.03 255,075.61
9
B-1 6,887,672.07 7.200000 29,026.79 41,326.03 70,352.82
B-2 4,383,064.22 7.500000 18,471.60 27,394.15 45,865.75
B-3 3,801,675.00 8.250000 0.00 26,136.52 26,136.52
B-4 4,118,481.00 8.250000 0.00 28,314.56 28,314.56
B-5 2,851,256.00 8.250000 0.00 19,602.39 19,602.39
R/PO 2,982,293.95 2.268959 0.00 0.00 0.00
R/ZI 0.00 2.268959 0.00 0.00 0.00
O
R 2,982,293.95 2.268959 0.00 0.00 0.00
Total $123,735,743.32 $1,969,807. $684,376.2 $2,654,183.3
s 14 5 9
Payment Date: 2/20/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Class Current Payment Information
Information
Losses Interest Ending Carry Aggregate
Class Name to Shortfal Cert. Bal. Forward Unpaid
Code Princip ls
al
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 $ 0.00 $46,033.98
37,649,0090.4
2
A-2 0.00 0.00 24,513,122.00 0.00 0.00
A-3 0.00 0.00 9,241,971.00 0.00 0.00
A-4 0.00 0.00 25,384,889.91 0.00 0.00
B-1 0.00 0.00 6,858,645.27 0.00 0.00
B-2 0.00 0.00 4,364,592.63 0.00 0.00
B-3 0.00 0.00 3,801,675.00 0.00 0.00
B-4 0.00 0.00 4,118,481.00 0.00 0.00
B-5 0.00 0.00 2,851,256.00 0.00 0.00
R/PO 0.00 0.00 3,202,768.75 0.00 0.00
R/ZIO 0.00 0.00 0.00 0.00 0.00
R 0.00 0.00 3,202,768.75 0.00 0.00
Totals $121,986,410. $46,033.98
98
Payment Date: 2/20/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Class Factors Per $1,000
Information
Principal Interest Ending
Class Name Dist. Dist. Cert. Bal.
Code
<S> <C> <C> <C> <C>
A-1 42.7427263 4.68585886 886.68380724
6
A-2 0.00000000 5.70833328 1000.00000000
A-3 0.00000000 5.95833291 1000.00000000
A-4 4.16468933 5.72347189 984.06070252
B-1 4.16468932 5.92935201 984.06070271
B-2 4.16468932 6.17640839 984.06070271
B-3 0.00000000 6.87500115 1000.00000000
B-4 0.00000000 6.87500076 1000.00000000
B-5 0.00000000 6.87500175 1124.99782399
R/PO 0.00000000 0.00000000 1263.68146469
R/ZIO 0.00000000 0.00000000 0.00000000
R 0.00000000 0.00000000 1263.69146469
Totals 15.5442554 5.40058925 962.62618595
2
Class In Original Certificate
formation Information
Type Name Cert. Bal. Pass- Cusips
Through
<S> <C> <C> <C> <C>
Senior A-1 $ 6.050000 591738AA7
42,460,468.00 %
A-2 24,513,122.00 6.850000 591738AB5
A-3 9,241,971.00 7.150000 591738AC3
A-4 25,796,061.00 6.950000 591738AD1
Subordina B-1 6,969,738.00 7.200000 591738AE9
te
B-2 4,435,288.00 7.500000 591738AF6
B-3 3,801,675.00 8.250000 N/A
B-4 4,118,481.00 8.250000 N/A
B-5 2,851,256.00 8.250000 N/A
Residual R/PO 2,534,454.68 2.268959 N/A
R/ZIO 0.00 2.268959 N/A
R 2,534,454.68 2.268959 N/A
Totals $126,722,514.68
Payment Date: 2/20/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
Aggregate Certificat
e
Informatio
n
Class Aggregate Aggregate Aggregate
Type Pct. Prepay. End. Cert. Bal.
Pct.
<S> <C> <C> <C>
Senior 66.573579% 100.000000 $96,788,992.33
%
Class A-4 23.178624 0.000000 N/A
Subordina 10.247797 0.000000 25,197,418.65
te
P&S
Ref. Ending Collateral Information
Sec.
5.04
Aggregate stated $121,409,098.52
principal balance
Aggregate loan 2,311
count
Aggregate $1,285,738.68
prepayment amount
Weighted average 180
remaining term
Weighted average 9.527331%
coupon rate
P&S
Ref. Fees & Advances
Sec.
5.04
Master Trustee
Servicer
<S> <C> <C> <C>
Monthly fees $ 77,334.69 $824.90
Aggregate 1,392,001.33
advances
Aggregate 809,079.42
recoveries
Outstanding $(492,887.38
advances )
P&S
Ref. Losses & Insurance Coverages
Sec.
5.04
Net realized 0.00
losses (this
period)
Cumulative losses 0.00
(from Cut-Off)
Special Bankruptc Fraud
Hazard y
<S> <C> <C> <C> <C>
Net principal 0.00 0.00 0.00
losses
Net interest 0.00 0.00 0.00
losses
Excess losses 0.00 0.00 0.00
Loss coverage $1,644,100.0 $129,193. $3,801,676.00
amount 0 00
Payment Date: 2/20/97
Metropolitan Asset Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-A
(Continued)
P&
S Delinquency Information (as of the Due
Re Date)
f.
Se
c
5.
04
Ending
Period Loan Stated
Count Balance
<S <C> <C> <C>
>
30-59 days 189 $
9,264,525.1
7
60-89 days 26 1,192,025.5
9
90+ days 21 1,123,085.5
4
In 6 247,014.62
foreclosure
Bankruptcy 0 0.00
Totals 242 11,826,650.
92
P&
S Reo Information
Re
f.
Se
c.
5.
04
Ending Book
Reo Date Loan Stated Value
Number Balance
<S <C> <C> <C> <C>
>
-- 0.00 0.00
-- 0.00 0.00
-- 0.00 0.00
-- 0.00 0.00
Totals 0 0.00 0.00
P&
S Other Information
Re
f.
Se
c.
5.
04
Available $2,654,183.38
funds
Accretion 233,959.42
amount
Net 0.00
prepayment
interest
shortfalls
Recoveries 0.00
on
foreclosed
loans
Repurchase 0.00
price
Deleted 0.00
mortgage
loan
shortfall
</TABLE>
