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): January 27, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of November 1, 1996, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage FHA Title I Loan Trust 1996-3,
FHA Title I Loan Asset-Backed Certificates,
Series 1996-3).
(Exact name of registrant as specified in its charter)
Delaware 33-99018 41-1857856
(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 1996-3, FHA Title I Loan Asset-Backed
Certificates, Series 1996-3, a Trust created pursuant
to the Pooling and Servicing Agreement, dated
November 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 January 27, 1996. The
Monthly Report is filed pursuant to and in
accordance with (1) numerous no-action letters (2)
current Commission policy in the area. The filing
of the Monthly Report will occur subsequent to
each monthly distribution to the holders of the
Certificates, Due November 25, 2022.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date January 27, 1996.
Principal Interest Ending Balance
Cede & Co $731,415.61 $404,892.68 $65,580,583.00
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 January 27, 1997.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-3
CERTIFICATE HOLDERS' REPORT
Distribution Date: 27-Jan-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 19630000.00 518564.01 104402.69 622966.70 18755779.61
A-2 10790000.00 0.00 61503.00 61503.00 10790000.00
A-3 9101458.00 0.00 54836.28 54836.28 9101458.00
S 40062299.05 NA 14937.67 14937.67 39483756.35
R NA NA 0.00 0.00 NA
Total 39521458.00 518564.01 235679.64 754243.65 38647237.61
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 26.41691340 5.31852725 31.73544065 955.46508456 6.5000%
A-2 0.00000000 5.70000000 5.70000000 1000.00000000 6.8400%
A-3 0.00000000 6.02499951 6.02499951 1000.00000000 7.2300%
S (a) 0.00000000 0.37286103 0.37286103 985.55892413 0.4500%
Trustee's Certificate
Pooling and Servicing Agreement Dated November 1, 1996
GROUP I
i) Interest from Mortgagors / Master Servicer 464,490.62
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 0.00
Total Interest 464,490.62
Principal Collections (Regular Installments) 65,663.21
Principal Collections (Curtailments and Paid in Fulls) 284,360.21
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 0.00
Total Principal 350,023.42
Amount on Deposit in the Distribution Account 814,514.04
Deposits Pursuant to Sec 4.03 (d)-FHA Reserve Account 0.00
Distribution Account Income 348.08
Substitution Adjustment Amount 0.00
Collected Amount 814,862.12
Insured Payments 0.00
Withdrawals from the Reserve Fund 0.00
Amount Available 814,862.12
ii) Pool Balance Information:
Beginning Aggregate Principal Balance 39833779.77
less: Principal Collections (non-Defaulted Loans) 350023.42
less: Balance of Defaulted Loans 0.00
Ending Aggregate Principal Balance 39483756.35
Before After
iii) Class IA Factors: Distributions Distributions
Class IA-1 0.98188200 0.95546508
Class IA-2 1.00000000 1.00000000
Class IA-3 1.00000000 1.00000000
Computed Distributed
Amount Amount
iv) Class IA Monthly Interest Amount 220,741.97 220,741.97
Class IA Principal Distribution Amount 350,023.42 350,023.42
(limited to the Overcolleralization Amount)
Class IA Distribution of Distributable Excess Spread 168,540.59 168,540.59
Class IA Guaranteed Principal Distribution 0.00 0.00
Beginning Ending
Shortfall Shortfall
Class IA Monthly Interest Amount 0.00 0.00
Class IA Principal Distribution Amount 0.00 0.00
(limited to the Overcolleralization Amount)
v) Excess Spread 168,540.59
Distributable Excess Spread 168,540.59
vi) FHA Premium Account Deposit 11,211.29
Servicer Fee 33,194.82
Master Servicer Fee 2,655.59
Master Servicer Reimbursement 0.00
Trustee Fee and any Additional Trustee Fee 1,493.77
Premium 12,063.00
Reimbursement Amount distributed to the Certificate Insurer 0.00
Successor Master Servicer Fees 0.00
Other Fees 0.00
Excess Claim Amount 0.00
vii) Group Performance Percentages:
30+ Delinquency Percentage (Rolling Three Month) 1.150%
60+ Delinquency Percentage (Rolling Three Month) 0.163%
Cumulative Default Percentage 0.000%
Annual Default Percentage (Three Month Average) 0.000%
viii) Overcollateralization Information:
OC Multiple 1
Required OC Amount 1502336.21
Overcollateralization Amount (before distributions) 667978.15
Overcollateralization Amount (after distributions) 836518.74
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 0.00 0.00
Balance of Credit Support Multiple Defaulted Loans 0.00 0.00
Accrued and Unpaid Interest on Credit 0.00 0.00
Support Multiple Defaulted Loans
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 3674309.00
Number Number Balance Balance
Current Period Cumulative Current Period Cumulative
Claims Filed 0 0 0.00 0.00
Claims Pending 0 NA 0.00 NA
Claims Paid 0 0 0.00 0.00
xi) Reserve Fund:
Beginning Balance 0.00
Investment Income on the Reserve Fund 0.00
Deposits to the Reserve Fund 0.00
Withdrawals from the Reserve Fund for Deficiency Amounts 0.00
Release of Amounts in Excess of the Reserve Requirement 0.00
Ending Balance 0.00
xii) Collateral Performance Percentages:
Pool Annual Default Percentage (Rolling Three Month) 0.000%
Pool 60+ Delinquency Percentage (Rolling Three Month) 0.127%
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-3
CERTIFICATE HOLDERS' REPORT
Distribution Date: 27-Jan-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A 27146476.99 212851.60 157902.01 370753.61 26933625.39
S 27146477.47 NA 11311.03 11311.03 26933625.87
R NA 0.00 0.00 0.00 0.00
Total 27146476.99 212851.60 169213.04 382064.64 26933625.39
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A 7.82544805 5.80523696 13.63068501 990.20954617 6.9800%
S (a) 0.00000000 0.41584783 0.41584783 990.20954634 0.5000%
Trustee's Certificate
Pooling and Servicing Agreement Dated November 1, 1996
GROUP 2
i) Interest from Mortgagors / Master Servicer 323065.65
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 0.00
Total 323065.65
Principal Collections (Regular Installments) 56961.90
Principal Collections (Curtailments and Paid in Fulls) 155889.70
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 0.00
Total 212851.60
Amount on Deposit in the Distribution Account 535,917.25
Deposits Pursuant to Section 4.03 (d)-FHA Reserve Account Deposits 0.00
Distribution Account Income 175.36
Collected Amount 536,092.61
Insured Payments 0.00
Reserve Fund Withdrawals 0.00
Amount Available 536,092.61
ii) Pool Balance Information:
Beginning Aggregate Principal Balance 27146477.47
less: Principal Collections (non-Defaulted Loans) 212851.60
less: Balance of Defaulted Loans 0.00
Ending Aggregate Principal Balance 26933625.87
Before After
Distributions Distributions
iii) Class IIA Factor: 0.99803499 0.99020955
Computed Distributed
Amount Amount
iv) Class IIA Monthly Interest Amount 157,902.01 157,902.01
Class IIA Principal Distribution Amount 212,851.60 212,851.60
Class IIA Guaranteed Principal Distribution 0.00 0.00
Beginning Ending
Shortfall Shortfall
Class IIA Monthly Interest Amount 0.00 0.00
v) Insurance Default Amount 0.00
Loss Carryforward Amount (Computed) 0.00
Loss Carryforward Amount (Distributed) 0.00
vi) FHA Premium Account Deposit 1,817.05
Servicer Fee 22,622.06
Master Servicer Fee 1,809.77
Master Servicer Reimbursement 0.00
Trustee Fee and any Additional Trustee Fee 1,017.99
Premium 8,361.00
Reimbursement Amount distributed to the Certificate Insurer 0.00
Successor Master Servicer Fees 0.00
Other Fees 0.00
Excess Claim Amount 0.00
vii) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 0.00 0.00
Principal Balance of Credit 0.00 0.00
Support Multiple Defaulted Loans
viii) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 3674309.00
Number Number Balance Balance
Current Period Cumulative Current Period Cumulative
Claims Filed 0.00 0.00 0.00 0.00
Claims Pending 0.00 NA 0.00 NA
Claims Paid 0.00 0.00 0.00 0.00
ix) Reserve Fund:
Beginning Balance 1,991,449.46
Investment Income on the Reserve Fund 3,621.40
Deposits to the Reserve Fund 118,400.10
Withdrawals from the Reserve Fund for Deficiency Amounts 0.00
Release of Amounts in Excess of the Reserve Requirement 0.00
Ending Balance 2,113,470.96
x) Collateral Performance Percentages:
Pool Annual Default Percentage (Three Month Average) 0.000%
Pool 60+ Delinquency Percentage (Rolling Three Month) 0.127%
xi) Reserve Requirement Information
30+ Delinquency Rate (Rolling Three Month) 0.604%
60+ Delinquency Rate (Rolling Three Month) 0.074%
Cumulative Default Percentage 0.000%
Annual Default Rate (Three Month Average) 0.000%
Credit Support Multiple 1
Reserve Requirement 3,019,191.73
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FINANCIAL ASSET SECURITIES CORPORATION
By
Name: Lynn Steiner
Title: Assistant Vice President, First Trust
of New York, National Association
Dated: January 31, 1997
