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Previous: ELMWOOD FUNDING LTD, S-3/A, 1997-02-04 |
Next: VAN KAMPEN AMERICAN CAPITAL EQUITY OPPORTUNITY TRUST SER 51, S-6EL24, 1997-02-04 |
_________________________________________________________________
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 15, 1997
ContiMortgage Home Equity Loan Trust 1996-4
(Exact name of registrant as specified in its charter)
16-1512507 and
New York 33-96410 16-1512506
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
__________________________________________________________________
Note: Please see page 5 for Exhibit Index
Page 1
<PAGE>
Item 5. Other Events.
On January 15, 1997 a scheduled distribution was made from the Trust
to holders of the Class A Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of December, 1996 dated
January 15, 1997 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer and Subservicers
for the month of December, 1996 was $415,739.64.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of December, 1996
Page 4
<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 hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Jerome M. Perelson
Name: Jerome M. Perelson
Title: Vice President
By: /s/ Susan E. O'Donovan
Name: Susan E. O'Donovan
Title: Vice President
Dated: January 31, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December, 1996.
Page 5
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-4
Distribution Period: 15-Jan-97
<TABLE>
<CAPTION>
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
<S> <C> <C> <C> <C> <C> <C> <C>
21075WDH5 A-1 96,650,000.00 96,650,000.00 8,434,315.06 514,608.74 8,948,923.80 88,215,684.94
21075WDJ1 A-2 113,600,000.00 113,600,000.00 0.00 747,046.22 747,046.22 113,600,000.00
21075WDK8 A-3 136,100,000.00 136,100,000.00 0.00 889,262.28 889,262.28 136,100,000.00
21075WDL6 A-4 66,800,000.00 66,800,000.00 0.00 449,155.78 449,155.78 66,800,000.00
21075WDM4 A-5 69,000,000.00 69,000,000.00 0.00 480,700.00 480,700.00 69,000,000.00
21075WDN2 A-6 40,750,000.00 40,750,000.00 0.00 288,623.19 288,623.19 40,750,000.00
21075WDP7 A-7 57,700,000.00 57,700,000.00 0.00 425,729.83 425,729.83 57,700,000.00
21075WDQ5 A-8 44,400,000.00 44,400,000.00 0.00 338,377.33 338,377.33 44,400,000.00
21075WDR3 A-9 50,000,000.00 50,000,000.00 0.00 363,111.11 363,111.11 50,000,000.00
21075WDS1 A-10 225,000,000.00 225,000,000.00 1,821,371.99 1,240,502.75 3,061,874.74 223,178,628.01
B-IO 0.00 0.00 0.00 2,610,754.97 2,610,754.97 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Total Class A 900,000,000.00 900,000,000.00 10,255,687.05 5,737,117.23 15,992,804.28 889,744,312.95
* Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
21075WDT9 A-11IO 675,000,000.00 675,000,000.00 0.00 783,750.00 783,750.00 666,565,684.94
21075WDU6 A-12IO 225,000,000.00 225,000,000.00 0.00 249,375.00 249,375.00 223,178,628.01
</TABLE>
<TABLE>
<CAPTION>
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
<S> <C> <C> <C> <C> <C> <C> <C> <C>
21075WDH5 A-1 87.26658107 5.32445670 92.59103777 912.73341893 A-1 * 5.63766% 5.63766%
21075WDJ1 A-2 0.00000000 6.57611109 6.57611109 1,000.00000000 A-2 6.23000% 6.23000%
21075WDK8 A-3 0.00000000 6.53388891 6.53388891 1,000.00000000 A-3 6.19000% 6.19000%
21075WDL6 A-4 0.00000000 6.72388892 6.72388892 1,000.00000000 A-4 6.37000% 6.37000%
21075WDM4 A-5 0.00000000 6.96666667 6.96666667 1,000.00000000 A-5 6.60000% 6.60000%
21075WDN2 A-6 0.00000000 7.08277767 7.08277767 1,000.00000000 A-6 6.71000% 6.71000%
21075WDP7 A-7 0.00000000 7.37833328 7.37833328 1,000.00000000 A-7 6.99000% 6.99000%
21075WDQ5 A-8 0.00000000 7.62111104 7.62111104 1,000.00000000 A-8 7.22000% 7.22000%
21075WDR3 A-9 0.00000000 7.26222220 7.26222220 1,000.00000000 A-9 6.88000% 6.88000%
21075WDS1 A-10 8.09498662 5.51334556 13.60833218 991.90501338 A-10 * 5.83766% 5.83766%
Total 11.39520783 6.37457470 17.76978253 988.60479217 A-11IO 1.10000% 1.10000%
A-12IO 1.05000% 1.05000%
* Based on a LIBOR of: 5.59766%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
21075WDT9 A-11IO 0.00000000 1.16111111 1.16111111 987.50471843
21075WDU6 A-12IO 0.00000000 1.10833333 1.10833333 991.90501338
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR
COMMENTS TO THE FOLLOWING
ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust
Department
One M & T
Plaza-7th
Floor
Page 1
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-4
Distribution Period: 15-Jan-97
<TABLE>
<CAPTION>
Total Fixed Group Adj. Group
Principal Scheduled Subordination Subordination
SEC. 7.09 (a) (ii) Distribution Principal Prepayments Liquidations Incr./(Red.) Incr./(Red.) Total
<S> <C> <C> <C> <C> <C> <C>
Class A-1 540,261.03 7,395,339.01 0.00 498,715.02 0.00 8,434,315.06
Per $1000 5.58987098 76.51669953 0.00000000 5.16001055 0.00000000 87.26658107
Unit
Class A-2 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-3 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-4 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-5 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-6 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-7 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-8 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-9 0.00 0.00 0.00 0.00 0.00 0.00
Per $1000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Unit
Class A-10 102,008.72 1,218,865.99 0.00 0.00 500,497.28 1,821,371.99
Per $1000 0.45337209 5.41718218 0.00000000 0.00000000 2.22443236 8.09498662
Unit
</TABLE>
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount 0.00
Class A-1 Carry-Forward 0.00
Amount
Class A-2 Carry-Forward 0.00
Amount
Class A-3 Carry-Forward Amount 0.00
Class A-4 Carry-Forward Amount 0.00
Class A-5 Carry-Forward Amount 0.00
Class A-6 Carry-Forward Amount 0.00
Class A-7 Carry-Forward Amount 0.00
Class A-8 Carry-Forward Amount 0.00
Class A-9 Carry-Forward Amount 0.00
Class A-10 Carry-Forward Amount 0.00
Class A-11IO Carry-Forward Amount 0.00
Class A-12IO Carry-Forward Amount 0.00
SEC. 7.09 (a) (v) Class A Insured Payment 0.00
<TABLE>
<CAPTION>
Fixed Group Adj. Group Total
<S> <C> <C> <C>
SEC. 7.09 (a) (vii) Outstanding Group Loan Balance: 667,065,684.94 223,678,628.01 890,744,312.95
SEC. 7.09 (a) (viii) Subordinated Amount 500,000.00 500,000.00
Subordination Deficit 0.00 0.00
</TABLE>
SEC. 7.09 (a) (ix) Code Section 6049(d)(7)(C) Information-Required Market
Discount Information Provided at Calendar Year End.
<TABLE>
<CAPTION>
Fixed Group Adj. Group
<S> <C> <C> <C>
SEC. 7.09 (a) (x) Loan Purchase Prices 143,936.12 55,778.18
Substitution Amounts 0.00 0.00
SEC. 7.09 (a) (xi) Weighted Average Coupon 11.8691% 10.4230%
</TABLE>
SEC. 7.09 (a) (xii) Amount on deposit in the Supplemental Interest 0.00
Account
Amount distributed from Supplemental Interest 0.00
Account
SEC. 7.09 (a) (xiv) Largest Loan Balance Outstanding
Fixed Group: 449,650.91 Adj. Group: 444,275.56
<TABLE>
<CAPTION>
SEC. 7.09 (b) (ii) & Delinquencies Period Number Percentage * Prin. Percentage *
(iii)
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 306 2.71036% 16,275,935.76 2.43993%
Fixed Group 60-89 Days 74 0.65545% 4,346,554.76 0.65159%
90+ Days 19 0.16829% 1,099,583.30 0.16484%
30-59 Days 58 2.08109% 3,455,275.90 1.54475%
Adj. Group 60-89 Days 16 0.57409% 910,258.20 0.40695%
90+ Days 0 0.00000% 0.00 0.00000%
Total Fixed 11290 100.00000% 667,065,684.94 100.00000%
Total Fixed 2787 100.00000% 223,678,628.01 100.00000%
</TABLE>
*Based upon each respective Group's loan count and balance.
<TABLE>
<CAPTION>
Fixed Grp. No. Fixed Group Bal. Adj. Group No. Adj. Group Bal.
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (iv) Loans in Foreclosure (LIF): 9 648,990.00 0 0.00
Newly Commenced LIF: 9 648,990.00 0 0.00
SEC. 7.09(b)(v)(a) Loans in Bankruptcy 2 86,728.38 0 0.00
SEC. 7.09(b)(v)(b) Balloon Loans 6437 451,306,976.25 2 134,037.04
SEC. 7.09 (b) (vi&vii) REO Properties 0 0.00 0 0.00
SEC. 7.09 (b) (viii) Cumulative Losses 0.00 0.00
</TABLE>
Page 2
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-4
Distribution Period: 15-Jan-97
SEC. 7.08(b)(1)&(5) Amount on Deposit in the 19,713,655.09
Certificate Account
Class A-1 Allocation 8,948,923.80
Class A-2 Allocation 747,046.22
Class A-3 Allocation 889,262.28
Class A-4 Allocation 449,155.78
Class A-5 Allocation 480,700.00
Class A-6 Allocation 288,623.19
Class A-7 Allocation 425,729.83
Class A-8 Allocation 338,377.33
Class A-9 Allocation 363,111.11
Class A-10 Allocation 3,061,874.74
Class A-11IO Allocation 783,750.00
Class A-12IO Allocation 249,375.00
SEC. 7.08(b)(2) Class A Distribution 17,025,929.28
Amount
SEC. 7.08(b)(3)&(5) Subordination 999,212.30
Increase/(Reduction)
Amount
Class A-1 Allocation 498,715.02
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 0.00
Class A-9 Allocation 0.00
Class A-10 Allocation 500,497.28
SEC. 7.08(b)(4)&(5) Insured Payment 0.00
Class A-1 Allocation 0.00
Class A-2 Allocation 0.00
Class A-3 Allocation 0.00
Class A-4 Allocation 0.00
Class A-5 Allocation 0.00
Class A-6 Allocation 0.00
Class A-7 Allocation 0.00
Class A-8 Allocation 0.00
Class A-9 Allocation 0.00
Class A-10 Allocation 0.00
Class A-11IO Allocation 0.00
Class A-12IO Allocation 0.00
<TABLE>
<CAPTION>
SEC. 7.08(b)(6) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 96,650,000.00 8,434,315.06 88,215,684.94
A-2 113,600,000.00 0.00 113,600,000.00
A-3 136,100,000.00 0.00 136,100,000.00
A-4 66,800,000.00 0.00 66,800,000.00
A-5 69,000,000.00 0.00 69,000,000.00
A-6 40,750,000.00 0.00 40,750,000.00
A-7 57,700,000.00 0.00 57,700,000.00
A-8 44,400,000.00 0.00 44,400,000.00
A-9 50,000,000.00 0.00 50,000,000.00
A-10 225,000,000.00 1,821,371.99 223,178,628.01
A-11IO 675,000,000.00 0.00 666,565,684.94
A-12IO 225,000,000.00 0.00 223,178,628.00
</TABLE>
* Denotes Notional Amounts for Class A-11IO and A-12IO.
SEC. 7.08(b)(7) Current Period Realized 0.00
Losses (Recoveries)
SEC. 7.08(b)(8) Subordination Reduction 0.00
Amount
SEC. 7.08(b)(9) Amount Distributed to the Class A-1 Certificates from the
Supplemental Interest Account 0.00
SEC. 7.08(b)(10) Amount of Cap Payment 0.00
SEC. 7.08(b)(11) Amount on deposit in the Supplemental Interest
Account 0.00
Supplemental Interest Account Earnings 0.00
Page 3
<PAGE>
Contimortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1996-4
Insurer's Report
Fixed Group Adj. Group
*Total Monthly Excess Spread $2,820,099.07 $866,839.04
*Net Monthly Excess Cashflow $2,762,370.94 $847,596.33
*Premium paid from cash flow (1) $56,025.00 $18,675.00
*Trustee Fee paid from cash flow (1) $1,703.13 $567.71
*Interest Collected on Mortgage
Loans (net of Service Fee) $8,100,463.55 $2,356,716.79
*Current Period Realized Losses:
Principal $0.00 $0.00
Interest $0.00 $0.00
(1) Allocated based upon the related Certificate Balances.
Page 4
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