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) : December 26, 1996
Saxon Asset Securities Trust 1996-1
Mortgage Loan Asset Backed Certificates, Series 1996-1
(Exact name of registrant as specified in its charter)
Virginia 34-020552 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4 This report consists of 8 consecutively
numbered pages.
<PAGE>
Item 5. Other Events.
On December 26, 1996 distributions were made to the Certificateholders. Speci-
fic information with respect to the distributions is filed as Exhibit
99.1.
No other reportable transactions or matters have occurred during the
current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 26, 1996 filed
as Exhibit 99.1 hereto.
<PAGE>
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 hereunto duly authorized.
SAXON ASSET SECURITIES TRUST 1996-1,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1996-1
Date: January 7, 1997 By: /s/ Brad Adams
---------------
Brad Adams
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
December 26, 1996. 10
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on December 26, 1996
<PAGE>
<TABLE>
<CAPTION>
SAXON ASSET SECURITIES TRUST
SERIES 1996-1
DIST DATE: December 26, 1996 PAGE #1
RECORD DATE: November 30, 1996
<CAPTION>
Original . Beginning Ending Aggregate
Certificate Certificate Principal Interest Total Certificate Scheduled Principal
Class ....Cusip # Balance Balance Distribution Distribution Distribution Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 ......805559Aa9 43,000,000.00 41,707,990.73 370,547.05 256,504.14 627,051.19 41,337,443.68 51,317,806.58
A-2 ......805559Ab7 9,600,000.00 9,600,000.00 0.00 64,480.00 64,480.00 9,600,000.00
A-3 ..... 805559Ac5 181,489,000.00 159,901,759.21 11,975,134.16 795,522.36 12,770,656.52 147,926,625.05 148,993,356.42
R ....... N/a N/a N/a N/a N/a N/a
Totals 234,089,000.00 211,209,749.94 12,345,681.21 1,116,506.50 13,462,187.71 198,864,068.73 200,311,163.00
</TABLE>
LIBOR RATE 5.71875%
Factor Information Per $1,000 of the Original Balance
<TABLE>
<CAPTION>
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
<S> <C> <C> <C> <C> <C> <C>
A-1 805559AA9 8.61737326 5.96521256 961.33589953 7.380000%
A-2 805559AB7 0.00000000 6.71666667 1,000.00000000 8.060000%
A-3 805559AC5 65.98269956 4.38330896 815.07212586 5.777500%
</TABLE>
If there are any questions or comments, please contact the Relationship
Manager listed below
Mary Jo Davis
The Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-4756
Texas Commerce Bank, N.A.
MASTER SERVICER
<PAGE>
SAXON ASSET SECURITIES TRUST
SERIES 1996-1
DIST DATE: December 26, 1996 PAGE #2
RECORD DATE: November 30, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Group I Group II
Sec. 3.04 (a) (ii) Prepayment Amount 252,929.72 11,639,603.25
Principal Recovery Amount 0.00 0.00
Subordination Increase Amount 79,980.26 225,163.05
Sec. 3.04 (a) (v) Insured Payment Amount
Group I Group II
Sec. 3.04 (a) (vii) Subordinated Amount or Subordination Deficit Amount 380,362.90 1,066,731.37
Sec. 3.04 (a) (ix) Total Substitution Shortfall Amount 0.00 0.00
Total Repurchase Amount 0.00 0.00
Group I Group II
Sec. 3.04 (a) (x) Weighted Average Net Rate of Mortgage Loans 9.31266% 7.65079%
Sec. 3.04 (a) (xii) The largest Mortgage Loan Balance 679,561.40 1,168,017.63
Sec. 3.04 (a) (xiii) Servicing Fees 15,518.94 66,948.42
Master Servicing Fees 2,236.36 6,965.54
Premium Amount 5,130.80 15,990.18
Sec. 3.04 (b) (ii) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans
as of such Remittance Date
Group I Group II
Category Number Percentage Principal Balance Number Percentage Principal Balance
30-59 Days 3 0.28770% 147,630.46 7 0.43670% 650,595.53
60-89 Days 2 0.33070% 169,696.26 2 0.17490% 260,556.63
90+ Days 0 0.00000% 0.00 2 0.51480% 760,065.74
Group I Group II
Sec. 3.04 (b) (iii) Number of Mortgage Loans in Foreclosure Proceedings 0 0
Dollar Amounts of all Mortgage Loans in Foreclosure Proceedings 0.00 0.00
Number of Mortgage Loans in Foreclosure in Prior Month 0 0
Dollar Amounts of all Mortgage Loans in Foreclosure in Prior Month 0.00 0.00
Group I Group II
Sec. 3.04 (b) (iv) Number of Mortgagors in Bankruptcy Proceedings 0 1
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings 0.00 150,129.12
</TABLE>
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
<PAGE>
SAXON
ASSET SECURITIES TRUST SERIES
1996-1
DIST DATE: December 26, 1996 PAGE # 3
RECORD DATE: November 30, 1996
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Group I Group II
Sec. 3.04 (b) (v) Status of any REO Properties
Sec. 3.04 (b) (vi) Book Value Of any REO Properties 0.00 0.00
Group I Group II
Sec. 3.04 (b) (vii) Cumulative Loss Percentage 0.00 0.00
Amount of Cumulative Realized
Losses 0.00 0.00
Current Period Realized Losses 0.00 0.00
Annual Loss Percentage 0.00 0.00
Sec. 3.04 (b) (viii) 90+ Delinquency Percentage per Servicer Termination Test:
Group I Group II
Period Number Principal Balance Number Principal Balance
1st Preceeding Period 0 0.00 3 799,760.46
2nd Preceeding Period 0 0.00 3 800,159.40
3rd Preceeding Period 0 0.00 0 0.00
Percentage 0.00% 0.30774%
</TABLE>
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
