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Previous: NAVIDEC INC, 8-A12G, 1997-01-28 |
Next: ERGOBILT INC, S-1/A, 1997-01-28 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) January 15, 1997
-------------------------
The Money Store Inc. (as Representative under a
Pooling and Servicing Agreement dated as of
August 31, 1996 providing for the issuance of
TMS Asset Backed Certificates, Series 1996-C) and
each of the Originators listed on Schedule A
attached hereto.
The Money Store, Inc.
----------------------------
(Exact name of regristrant as specified in its charter)
New Jersey 33-98734 68-0394265
- ---------- -------- -----------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
- ---------------------------------------------------
(Address of principal executive officer)
Registrant's Telephone Number,
including area code: (908) 686-2000
--------------
n/a
- ---------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to Class
A Certificate holders with respect to the January 15, 1997 Remittance Date.
Item 7 Financial Statements and Exhibits
---------------------------------
The quarterly financial statement for the period ended September 30, 1996
for MBIA Inc. is incorporated by reference to the Form 10Q filed by MBIA Inc.
with the Securities and Exchange Commission on November 14, 1996.
<PAGE>
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.
THE MONEY STORE INC.
By: /s/ Harry Puglisi
-------------------------
Harry Puglisi
Treasurer
Dated: : January 24, 1997
<PAGE>
Schedule A
List of Originators
-------------------
1996-C
------
The Money Store/Minnesota Inc.
The Money Store/D.C. Inc.
The Money Store/ Kentucky Inc.
The Money Store Home Equity Corp.
TMS Mortgage Inc.
<PAGE>
SERVICER'S CERTIFICATE
IN ACCORDANCE WITH SECTION 6.10 OF THE POOLING AND SERVICING
AGREEMENT DATED AS OF AUGUST 31, 1996, THE MONEY STORE INC.
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1996-C
FOR THE JANUARY 10, 1997 DETERMINATION DATE.
<TABLE>
<CAPTION>
POOL I POOL II POOL III POOL IV
<S> <C> <C> <C> <C>
1. AGGREGATE AMOUNT RECEIVED (5.03 b) $12,346,671.57 $6,442,868.42 $4,346,288.33 $242,215.70
ADJ : RECALCULATION 0.00 0.00 0.00 0.00
--------------------------------------------------------
12,346,671.57 6,442,868.42 4,346,288.33 242,215.70
LESS: SERVICE FEE (7.03 & 5.04) 99,064.06 53,368.63 40,270.47 5,001.97
CONTINGENCY FEE (7.03 & 5.04) 99,064.06 53,368.63 40,270.47 5,001.97
OTHER SERVICER FEES (Late Charges / Escrow)
(7.03 & 5.04) 86,434.34 18,866.97 9,479.61 0.00
UNREIMBURSED MONTHLY ADVANCES (5.04 b) 0.00 0.00 0.00 0.00
--------------------------------------------------------
284,562.46 125,604.23 90,020.55 10,003.94
PLUS: MONTHLY ADVANCE (6.11) - INCLUDING
COMPENSATING INTEREST (6.12) 0.00 0.00 0.00 5,256.44
PRE-FUNDING ACCOUNT TRANSFER (6.02) 0.00 0.00 0.00 0.00
CAPITALIZED INTEREST ACCOUNT TRANSFER (6.02) 0.00 0.00 0.00 0.00
--------------------------------------------------------
0.00 0.00 0.00 5,256.44
LESS: EXCESS SPREAD (I-19) 1,674,309.64 707,680.76 741,145.92 66,193.40
SUBORDINATION REDUCTION AMOUNT (I-56) 0.00 0.00 0.00 0.00
--------------------------------------------------------
1,674,309.64 707,680.76 741,145.92 66,193.40
--------------------------------------------------------
AVAILABLE REMITTANCE AMOUNT 10,387,799.47 5,609,583.43 3,515,121.86 171,274.81
========================================================
2. (A) CLASS A-1 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 111,429,239.32
(B) CLASS A-2 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 30,516,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 76,680,000.00
(D) CLASS A-4 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 54,763,000.00
(E) CLASS A-5 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 111,189,994.97
(F) CLASS A-6 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 51,521,000.00
(G) CLASS A-7 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 44,182,000.00
(H) CLASS A-8 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 205,225,347.70
(I) CLASS A-9 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 60,000,000.00
(J) CLASS A-10 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 75,463,034.43
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
(K) CLASS A-11 PRINCIPAL BALANCE AS REPORTED
(K) CLASS A-11 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 48,198,000.00
(L) CLASS A-12 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 22,388,000.00
(M) CLASS A-13 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 20,627,000.00
(N) CLASS A-14 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 24,918,000.00
(O) CLASS A-15 PRINCIPAL BALANCE AS REPORTED
IN PRIOR SERVICER'S CERTIFICATE 24,143,555.39
3. PRINCIPAL DISTRIBUTION AMOUNTS :
CLASS A-1 6,289,443.44
CLASS A-2 0.00
CLASS A-3 0.00
CLASS A-4 0.00
CLASS A-5 2,959,738.09
CLASS A-6 0.00
CLASS A-7 0.00
TOTAL POOL I PRINCIPAL DISTRIBUTION AMOUNT 9,249,181.53
CLASS A-8 4,998,457.13
CLASS A-9 0.00
TOTAL POOL II PRINCIPAL DISTRIBUTION AMOUNT 4,998,457.13
CLASS A-10 3,127,814.80
CLASS A-11 0.00
CLASS A-12 0.00
CLASS A-13 0.00
CLASS A-14 0.00
TOTAL POOL III PRINCIPAL DISTRIBUTION AMOUNT 3,127,814.80
CLASS A-15 71,985.05
TOTAL POOL IV PRINCIPAL DISTRIBUTION AMOUNT 71,985.05
4.TOTAL AMOUNT OF POOL I, II , III & IV
INSURED PAYMENTS 0.00
5. (A) SUBORDINATED AMOUNT
POOL I 4,202,902.50
POOL II 1,649,066.36
POOL III 20,086,477.52
POOL IV 1,674,913.63
(B) SPECIFIED SUBORDINATED AMOUNT
POOL I 15,500,000.00
POOL II 7,700,000.00
POOL III 24,000,000.00
POOL IV 6,250,000.00
6. PRINCIPAL PREPAYMENT RECEIVED DURING
THE DUE PERIOD # ACCOUNTS DOLLARS
POOL 173 6,640,415.23
P00L 46 3,944,061.97
P00L 108 1,559,447.09
POOL 0 0.00
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
7. AMOUNT OF CURTAILMENTS RECEIVED DURING
THE DUE PERIOD
POOL I 338,545.95
POOL II 261,385.03
POOL III 250,710.39
POOL IV 0.00
8. AMOUNT OF EXCESS AND MONTHLY PAYMENTS
IN RESPECT OF PRINCIPAL RECEIVED DURING
THE DUE PERIOD
POOL I 687,582.37
POOL II 155,120.91
POOL III 581,186.67
POOL IV 15,795.59
9. AMOUNT OF INTEREST RECEIVED
POOL I 4,593,818.24
POOL II 2,063,433.54
POOL III 1,941,413.34
POOL IV 226,420.11
10. (A) AMOUNT OF MONTHLY ADVANCES INCLUDING COMPENSATING
INTEREST TO BE MADE ON THE DETERMINATION DATE
TO BE DEPOSITED IN THE CERTIFICATE
ACCOUNT PURSUANT TO SECTION 6.01 (a) (ii)
POOL I 0.00
POOL II 0.00
POOL III 0.00
POOL IV 5,256.44
(B) AMOUNT OF COMPENSATING INTEREST
POOL I 1,451.85
POOL II 198.58
POOL III 325.25
POOL IV 0.00
11. DELINQUENT AND FORECLOSURE INFORMATION (EXHIBIT O)
12. THE AMOUNT OF REALIZED LOSSES DURING
DUE PERIOD
POOL I 0.00
POOL II 1,116.11
POOL III 82,457.00
POOL IV 0.00
13. CLASS A-1 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 622,146.59
(B) PRINCIPAL DISTRIBUTION AMOUNT 6,289,443.44
(C) CARRY FORWARD AMONT 0.00
(D) MONTHLY ADVANCE FOR BANKRU 0.00
TOTAL CLASS A-1 REMITTANCE AMOUNT 6,911,590.03
CLASS A-2 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 173,941.20
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMONT 0.00
(D) MONTHLY ADVANCE FOR BANKRU 0.00
TOTAL CLASS A-2 REMITTANCE AMOUNT 173,941.20
CLASS A-3 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 451,773.00
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMONT 0.00
(D) MONTHLY ADVANCE FOR BANKRU 0.00
TOTAL CLASS A-3 REMITTANCE AMOUNT 451,773.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
CLASS A-4 REMITTANCE AMOUNT:
CLASS A-4 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 337,705.17
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-4 REMITTANCE AMOUNT 337,705.17
CLASS A-5 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 537,925.15
(B) PRINCIPAL DISTRIBUTION AMOUNT 2,959,738.09
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-5 REMITTANCE AMOUNT 3,497,663.24
CLASS A-6 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 330,163.74
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-6 REMITTANCE AMOUNT 330,163.74
CLASS A-7 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 291,233.02
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-7 REMITTANCE AMOUNT 291,233.02
POOL I REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 2,744,887.86
(B) PRINCIPAL DISTRIBUTION AMOUNT 9,249,181,53
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL I REMITTANCE AMOUNT 11,994,069.39
CLASS A-8 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 992,858.00
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,998,457.13
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-8 REMITTANCE AMOUNT 5,991,315.13
CLASS A-9 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 275,000.00
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-9 REMITTANCE AMOUNT 275,000.00
POOL II REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,267,858.00
(B) PRINCIPAL DISTRIBUTION AMOUNT 4,998,457.13
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL II REMITTANCE AMOUNT 6,266,315.13
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
CLASS A-10 REMITTANCE AMOUNT:
CLASS A-10 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 359,422.26
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,127,814.80
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-10 REMITTANCE AMOUNT 3,487,237.06
CLASS A-11 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 279,548.40
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-11 REMITTANCE AMOUNT 279,548.40
CLASS A-12 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 135,260.83
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-12 REMITTANCE AMOUNT 135,260.83
CLASS A-13 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 129,606.32
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-13 REMITTANCE AMOUNT 129,606.32
CLASS A-14 REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 161,655.53
(B) PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL CLASS A-14 REMITTANCE AMOUNT 161,655.53
POOL III REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 1,065,493.33
(B) PRINCIPAL DISTRIBUTION AMOUNT 3,127,814.80
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL III REMITTANCE AMOUNT 4,193,308.13
CLASS A-15 (POOL IV) REMITTANCE AMOUNT:
(A) CURRENT INTEREST REQUIREMENT 153,412.17
(B) PRINCIPAL DISTRIBUTION AMOUNT 71,985.05
(C) CARRY FORWARD AMOUNT 0.00
(D) MONTHLY ADVANCE FOR BANKRUPTCY 0.00
TOTAL POOL IV REMITTANCE AMOUNT 225,397.22
</TABLE>
<PAGE>
14.(A) REIMBURSABLE AMOUNTS 0.00
14.(A) REIMBURSABLE AMOUNTS 0.00
(B) CLASS R REMITTANCE AMOUNT PAYABLE PURSUANT
TO SECTION 6.08(d) (iii) AND ( iv)
POOL I 0.00
POOL II 0.00
POOL III 0.00
POOL IV 0.00
15.(A) CLASS A-1 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 105,139,795.88
(B) CLASS A-2 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 30,516,000.00
(C) CLASS A-3 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 76,680,000.00
(D) CLASS A-4 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 54,763,000.00
(E) CLASS A-5 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 108,230,256.88
(F) CLASS A-6 PRINCIPAL BALANCE AFTER
DISTRIBUTIONS TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 51,521,000.00
(G) CLASS A-7 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 44,182,000.00
(H) CLASS A-8 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 200,226,890.57
(I) CLASS A-9 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 60,000,000.00
(J) CLASS A-10 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 72,335,219.63
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
(K) CLASS A-11 PRINCIPAL BALANCE AFTER
(K) CLASS A-11 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 48,198,000.00
(L) CLASS A-12 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 22,388,000.00
(M) CLASS A-13 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 20,627,000.00
(N) CLASS A-14 PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 24,918,000.00
(O) TOTAL POOL I PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 471,032,052.76
(P) TOTAL POOL II PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 260,226,890.57
(Q) TOTAL POOL III PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 188,466,219.63
(R) TOTAL POOL IV PRINCIPAL BALANCE AFTER
DISTRIBUTION TO BE MADE ON THE
REMITTANCE DATE AND AFTER ALLOCATION
OF REALIZED LOSSES 24,071,570.34
16. (A) MONTHLY EXCESS SPREAD PERCENTAGE (FOR POOL I, 100.00%
(B) EXCESS SPREAD (POOL I) 1,674,309.64
EXCESS SPREAD (POOL II) 707,680.76
EXCESS SPREAD (POOL III) 741,145.92
EXCESS SPREAD (POOL IV) 66,193.40
TOTAL EXCESS SPREAD (POOL I, II, III and IV) 3,189,329.71
(C) REMAINDER EXCESS SPREAD AMOUNT POOL I 0.00
REMAINDER EXCESS SPREAD AMOUNT POOL II 0.00
REMAINDER EXCESS SPREAD AMOUNT POOL III 0.00
REMAINDER EXCESS SPREAD AMOUNT POOL IV 0.00
TOTAL REMAINDER EXCESS SPREAD AMOUNT POOL I, II 0.00
17. CUMULATIVE REALIZED LOSSES
POOL I 0.00
POOL II 1,116.11
POOL III 82,457.00
POOL IV 0.00
18. (A) THE WEIGHTED AVERAGE MATURITY
POOL I 268.920
POOL II 354.397
POOL III 206.863
POOL IV 335.485
(B) THE WEIGHTED AVERAGE MORTGAGE
INTEREST RATE
POOL I 11.603%
POOL II 9.643%
POOL III 12.061%
POOL IV 11.338%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD
19. (A) SERVICING FEE FOR THE RELATED DUE PERIOD
POOL I 99,064.06
POOL II 53,368.63
POOL III 40,270.47
POOL IV 5,001.97
(B) CONTINGENCY FEE FOR THE RELATED DUE PERIOD
POOL I 99,064.06
POOL II 53,368.63
POOL III 40,270.47
POOL IV 5,001.97
(C) AMOUNT TO BE DEPOSITED TO THE EXPENSE ACCOUNT - TRUSTEE
POOL I 20,011.72
POOL II 11,051.06
POOL III 7,983.08
POOL IV 1,005.98
(D) AMOUNT TO BE DEPOSITED TO THE INSURANCE ACCOUNT - MBIA
POOL I 48,028.00
POOL II 26,523.00
POOL III 47,899.00
POOL IV 11,065.00
(E) FHA PREMIUM ACCOUNT 7,077.57
(F) CLASS A-9 AUCTION AGENT FEE 13,375.00
20. AMOUNT OF PAYMENTS AND REIMBURSEMENTS TO THE
SERVICERS PURSUANT TO: POOL I POOL II
(A) SECTION 5.04 (b) 0.00 0.00
(B) SECTION 5.04 (c) 0.00 0.00
(C) SECTION 5.04 (d)(ii) 0.00 0.00
(D) SECTION 5.04 (e) 0.00 0.00
(E) SECTION 5.04 (f)(i) 198,128.12 106,737.26
POOL III POOL IV
(A) SECTION 5.04 (b) 0.00 0.00
(B) SECTION 5.04 (c) 0.00 0.00
(C) SECTION 5.04 (d)(ii) 0.00 0.00
(D) SECTION 5.04 (e) 0.00 0.00
(E) SECTION 5.04 (f)(i) 80,540.94 10,003.94
21. CLASS A-1 POOL FA
CURRENT CLASS A-1 PRINCIPAL BALANC 105,139,795.88 0.84220987
ORIGINAL CLASS A-1 PRINCIPAL BALANCE 124,838,000.00
CLASS A-2 POOL FACTOR (I-5):
CURRENT CLASS A-2 PRINCIPAL BALANC 30,516,000.00 1.00000000
ORIGINAL CLASS A-2 PRINCIPAL BALANCE 30,516,000.00
CLASS A-3 POOL FACTOR (I-5):
CURRENT CLASS A-3 PRINCIPAL BALANC 76,680,000.00 1.00000000
ORIGINAL CLASS A-3 PRINCIPAL BALANCE 76,680,000.00
CLASS A-4 POOL FACTOR (I-5):
CURRENT CLASS A-4 PRINCIPAL BALANC 54,763,000.00 1.00000000
ORIGINAL CLASS A-4 PRINCIPAL BALANCE 54,763,000.00
CLASS A-5 POOL FACTOR (I-5):
CURRENT CLASS A-5 PRINCIPAL BALANC 108,230,256.88 0.92110857
ORIGINAL CLASS A-5 PRINCIPAL BALANCE 117,500,000.00
CLASS A-6 POOL FACTOR (I-5):
CURRENT CLASS A-6 PRINCIPAL BALANC 51,521,000.00 1.00000000
ORIGINAL CLASS A-6 PRINCIPAL BALANCE 51,521,000.00
CLASS A-7 POOL FACTOR (I-5):
CURRENT CLASS A-7 PRINCIPAL BALANC 44,182,000.00 1.00000000
ORIGINAL CLASS A-7 PRINCIPAL BALANCE 44,182,000.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
POOL I FACTOR:
POOL I FACTOR:
CURRENT POOL I PRINCIPAL BALANCE 471,032,052.76 0.94206411
ORIGINAL POOL I PRINCIPAL BALANCE 500,000,000.00
CLASS A-8 POOL FACTOR:
CURRENT CLASS A-8 PRINCIPAL BALANCE 200,226,890.57 0.93128786
ORIGINAL CLASS A-8 PRINCIPAL BALANCE 215,000,000.00
CLASS A-9 POOL FACTOR (I-5):
CURRENT CLASS A-9 PRINCIPAL BALANCE 60,000,000.00 1.00000000
ORIGINAL CLASS A-9 PRINCIPAL BALANCE 60,000,000.00
POOL II FACTOR:
CURRENT POOL II PRINCIPAL BALANCE 260,226,890.57 0.94627960
ORIGINAL POOL II PRINCIPAL BALANCE 275,000,000.00
CLASS A-10 POOL FACTOR (I-5):
CURRENT CLASS A-10 PRINCIPAL BALANCE 72,335,219.63 0.86247862
ORIGINAL CLASS A-10 PRINCIPAL BALANCE 83,869,000.00
CLASS A-11 POOL FACTOR (I-5):
CURRENT CLASS A-11 PRINCIPAL BALANCE 48,198,000.00 1.00000000
ORIGINAL CLASS A-11 PRINCIPAL BALANCE 48,198,000.00
CLASS A-12 POOL FACTOR (I-5):
CURRENT CLASS A-12 PRINCIPAL BALANCE 22,388,000.00 1.00000000
ORIGINAL CLASS A-12 PRINCIPAL BALANCE 22,388,000.00
CLASS A-13 POOL FACTOR (I-5):
CURRENT CLASS A-13 PRINCIPAL BALANCE 20,627,000.00 1.00000000
ORIGINAL CLASS A-13 PRINCIPAL BALANCE 20,627,000.00
CLASS A-14 POOL FACTOR (I-5):
CURRENT CLASS A-14 PRINCIPAL BALANCE 24,918,000.00 1.00000000
ORIGINAL CLASS A-14 PRINCIPAL BALANCE 24,918,000.00
POOL III FACTOR:
CURRENT POOL III PRINCIPAL BALANCE 188,466,219.63 0.94233110
ORIGINAL POOL III PRINCIPAL BALANCE 200,000,000.00
CLASS A-15 (POOL IV) FACTOR (I-5):
CURRENT CLASS A-15 PRINCIPAL BALANCE 24,071,570.34 0.96286281
ORIGINAL CLASS A-15 PRINCIPAL BALANCE 25,000,000.00
22. (A) WEIGHTED AVERAGE MORTGAGE INTEREST RATE
POOL I 11.603%
POOL II 9.643%
POOL III 12.061%
POOL IV 11.338%
(B) ADJUSTED MORTGAGE INTEREST RATE OF THE MORTGAGE LOANS
POOL I 10.933%
POOL II 8.706%
POOL III 10.211%
POOL IV 10.238%
(C) WEIGHTED AVERAGE CLASS A-1, CLASS A-2, CLASS A-3, CLASS A-4, CLASS A-5,
CLASS A-6 AND CLASS A-7 ADJUST MORTGAGE LOAN REMITTANCE RATE 7.037%
CLASS A-8 AND CLASS A-9 ADJUSTED MORTGAGE LOAN REMITTANCE RATE 5.967%
CLASS A-10, CLASS A-11, CLASS A-12, CLASS A-13 AND CLASS A-14
ADJUSTED MORTGAGE LOAN REMITTANCE RATE 7.039%
CLASS A-16 ADJUSTED MORTGAGE LOAN REMITTANCE RATE 8.225%
(D) WEIGHTED AVERAGE MORTGAGE INTEREST RATE FOR 10/31/96 11/30/96 12/31/96
POOL I 11.55% 11.605% 11.603%
POOL II 9.566% 9.592% 9.643%
POOL III 12.069% 12.065% 12.061%
POOL IV 11.241% 11.338% 11.338%
</TABLE>
<PAGE>
23. CLASS A-5 REMITTANCE RATE 5.5828%
23. CLASS A-5 REMITTANCE RATE 5.8055%
CLASS A-8 REMITTANCE RATE 5.8055%
CLASS A-9 REMITTANCE RATE (BASED ON AUCTION RATE) 5.5000%
CLASS A-10 REMITTANCE RATE 5.7155%
IF REMITTANCE RATES BASED ON THE NET FUNDS CAP
LIBOR PLUS MARGIN FOR CLASS A-5 N/A
LIBOR PLUS MARGIN FOR CLASS A-8 N/A
AUCTION RATE FOR CLASS A-9 N/A
LIBOR PLUS MARGIN FOR CLASS A-10 N/A
24. LIBOR RATE 5.60547%
25. NET FUNDS CAP (RATE)
CLASS A-5 NET FUNDS CAP 10.915%
CLASS A-8 NET FUNDS CAP 9.169%
CLASS A-9 NET FUNDS CAP 9.169%
CLASS A-10 NET FUNDS CAP 11.375%
26. CLASS A-5 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER 0.00
CLASS A-8 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER 0.00
CLASS A-9 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER 0.00
CLASS A-10 CERTIFICATEHOLDERS' LIBOR INTEREST CARRYOVER 0.00
27. (A) AMOUNT OF DISTRIBUTION ALLOCABLE TO LIBOR
INTEREST CARRYOVER 0.00
(B) LIBOR INTEREST CARRYOVER BALANCE 0.00
28. (A) AMOUNT TO BE DEPOSITED INTO THE FHA PREMIUM ACCOUNT
FOR THE DUE PERIOD 7,077.57
(B) AMOUNT REIMBURURSABLE TO THE SERVICER AND/OR THE
CERTIFICATE INSURER FROM THE FHA ACCOUNT PUSUANT TO 6.06(b)(i) 3,791.05
29. AMOUNT OF FHA PAYMENTS AND RELATED PAYMENTS
RECEIVED DURING THE MONTH 0.00
30. THE RESERVE AMOUNT FOR THE DUE PERIOD 20,000,000.00
31. CLAIMS FILED DURING THE DUE PERIOD 0.00
32. CLAIMS PAID DURING THE PERIOD 0.00
33. CLAIMS DENIED BY FHA DURING THE DUE PERIOD 0.00
34. CLAIMS PENDING PAYMENT BY FHA DURING THE DUE PERIOD 0.00
35. OTHER INFORMATION
(A) SPREAD ACCOUNT BALANCES
POOL I 0.00
POOL II 0.00
POOL III 18,202,560.20
POOL IV 1,516,880.02
(B) AMOUNT TO BE DEPOSITED INTO POOL III
SPREAD ACCOUNT DUE TO TRIGGER ACTIVATION 0
<PAGE>
EXHIBIT O ( POOL I )
REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1996-C-I $476,817,593.24 10963 1 TO 29 DAYS 69,063,249.20 1632 14.48%
30 TO 59 DAYS 5,858,903.01 136 1.23%
60 TO 89 DAYS 2,915,976.67 63 0.61%
90 AND OVER 3,508,909.58 75 0.74%
FORECLOSURE 102,600.00 1 0.02%
REO PROPERTY 0.00 0 0.00%
TOTALS $81,449,638.46 1,907 17.08%
==========================================
</TABLE>
EXHIBIT O ( POOL II )
<TABLE>
<CAPTION>
REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1996-C-II $262,513,846.15 3187 1 TO 29 DAYS 39,348,165.16 499 14.99%
30 TO 59 DAYS 4,584,728.05 50 1.75%
60 TO 89 DAYS 1,778,324.22 21 0.68%
90 AND OVER 1,814,627.96 20 0.69%
FORECLOSURE 155,701.80 2 0.06%
REO PROPERTY 0.00 0 0.00%
TOTALS $47,681,547.19 592 18.16%
==========================================
</TABLE>
<PAGE>
EXHIBIT O ( POOL III )
REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996
<TABLE>
<CAPTION>
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1996-C-II $191,086,607.60 11731 1 TO 29 DAYS 30,368,111.31 1872 15.89%
30 TO 59 DAYS 2,372,949.73 139 1.24%
60 TO 89 DAYS 1,114,191.02 72 0.58%
90 AND OVER 2,030,600.12 126 1.06%
CLAIMS PENDING 0.00 0 0.00%
FORECLOSURE 50,326.30 5 0.03%
REO PROPERTY 0.00 0 0.00%
TOTALS $35,936,178.48 2,214 18.81%
==========================================
</TABLE>
EXHIBIT O ( POOL IV )
<TABLE>
<CAPTION>
REMIC DELINQUENCIES AS OF -DECEMBER 31, 1996
REMIC OUTSTANDING #
SERIES DOLLARS ACCOUNTS RANGES AMOUNT NO PCT
<S> <C> <C> <C> <C> <C> <C>
1996-C-IV 24,285,793.41 111 1 TO 29 DAYS 1,368,655.99 8 5.64%
30 TO 59 DAYS 54,392.89 1 0.22%
60 TO 89 DAYS 0.00 0 0.00%
90 AND OVER 174,783.79 1 0.72%
FORECLOSURE 0.00 0 0.00%
REO PROPERTY 0.00 0 0.00%
TOTALS $1,597,832.67 10 6.58%
==========================================
</TABLE>
<PAGE>
1996-C
The following additional information, presented in dollars, pursuant to
Secton 6.10 subclauses (ii), (vi), (vii), (viii), (xiii), (xv), (xxxvi)
is provided for each Class per $1,000 (or per $25,000 for Class A-9)
original dollar amount as of the Cut-Off Date.
POOL I
<TABLE>
<CAPTION>
SUBCLAUSE CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
(ii) 892.59 1,000.00 1,000.00 1,000.00 946.30
(vi) 36.17 0.00 0.00 0.00 18.08
(vii) 1.84 0.00 0.00 0.00 0.92
(viii) 5.51 0.00 0.00 0.00 1.87
(xiii) (a) 4.98 5.70 5.89 6.17 4.58
(b) 50.38 0.00 0.00 0.00 25.19
(c) 0.00 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00 0.00
(xv) 842.21 1,000.00 1,000.00 1,000.00 921.11
(xxxvi) 0.00 0.00 0.00 0.00 0.00
<CAPTION>
POOL II POOL III
SUBCLAUSE CLASS A-6 CLASS A-7 CLASS A-8 CLASS A-9 CLASS A-10
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
(ii) 1,000.00 1,000.00 954.54 25,000.00 899.77
(vi) 0.00 0 18.34 0.00 18.59
(vii) 0.00 0 1.22 0.00 2.99
(viii) 0.00 0 0.72 0.00 6.93
(xiii) (a) 6.41 6.59 4.62 114.58 4.29
(b) 0.00 0 23.25 0.00 37.29
(c) 0.00 0 0.00 0.00 0.00
(d) 0.00 0 0.00 0.00 0.00
(xv) 1,000.00 1,000.00 931.29 25,000.00 862.48
(xxxvi) 0.00 0 0.00 0.00 0.00
<CAPTION>
POOL III POOL IV
SUBCLAUSE CLASS A-11 CLASS A-12 CLASS A-13 CLASS A-14 CLASS A-15
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
(ii) 1,000.00 1,000.00 1,000.00 1,000.00 965.74
(vi) 0.00 0.00 0.00 0.00 0.00
(vii) 0.00 0.00 0.00 0.00 0.00
(viii) 0.00 0.00 0.00 0.00 0.63
(xiii) (a) 5.80 6.04 6.28 6.49 6.14
(b) 0.00 0.00 0.00 0.00 2.88
(c) 0.00 0.00 0.00 0.00 0.00
(d) 0.00 0.00 0.00 0.00 0.00
(xv) 1,000.00 1,000.00 1,000.00 1,000.00 962.86
(xxxvi) 0.00 0.00 0.00 0.00 0.00
</TABLE>
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