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Previous: VANDERBILT MORT & FIN INC MAN HS CT SR SB PS TH CT SR 1996C, 8-K, 1997-09-30 |
Next: VANDERBILT MORT & FIN INC MAN HS CT SR SB PS TH CT SR 1996C, 8-K, 1997-09-30 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): April 7, 1997
Vanderbilt Mortgage & Finance, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- -------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033-02 62-0997810
- -------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On April 7, 1997, The Chase Manhattan Bank, as Trustee, made
the monthly distribution to the holders of the Vanderbilt Mortgage & Finance,
Inc. Manufactured Housing Contract Senior/Subordinated Pass Through
Certificates, Series 1996C.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on April 7, 1997.
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.
VANDERBILT MORTGAGE & FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
-------------------
Name: David R. Jordan
Title: Controller
Dated: April 7, 1997
<PAGE> 1
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-APR-97
MANUFACTURED HOUSING REMITTANCE DATE: 07-APR-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C FOR THE PERIOD ENDED: 25-MAR-97
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-1 CLASS A-2 CLASS A-3
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 1,358,132.29 145,600.00 106,641.67
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 322,521.63
(B) PARTIAL PREPAYMENTS RECEIVED 90,633.59
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 835,326.62
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
------------- ------------ -----------
TOTAL PRINCIPAL DISTRIBUTION 1,248,481.84 0.00 0.00
(C) INTEREST DISTRIBUTION 109,650.45 145,600.00 106,641.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------ -----------
TOTAL INTEREST DISTRIBUTION 109,650.45 145,600.00 106,641.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 22,953,764.84 27,300,000.00 19,100,000.00
LESS: PRINCIPAL DISTRIBUTION 1,248,481.84 0.00 0.00
------------- ------------ -----------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 21,705,283.00 27,300,000.00 19,100,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 123,307.99 (H) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS A-1 0.75365566
SECTION 6.02 REIMBURSEMENT AMOUNT 18,010.00 CLASS A-2 1.00000000
REIMBURSEABLE FEES 0.00 CLASS A-3 1.00000000
CLASS A-4 1.00000000
-------------
TOTAL FEES DUE SERVICER 141,317.99 CLASS A-5 1.00000000
CLASS A-6 1.00000000
NO. OF UNPAID PRINCIPAL CLASS B-1 1.00000000
(F) DELINQUENCY CONTRACTS BALANCE CLASS B-2 1.00000000
31-59 DAYS DELINQUENT 132 4,372,322
60-89 DAYS DELINQUENT 19 535,152
90+ DAYS DELINQUENT 22 821,757
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 303,728.74
REPOSESSION PROFITS 0.00
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 0.00
(K) AGGREGATE NET LIQUIDATION LOSSES 0.00
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 33,126.67
(Y) REMAINING AMOUNT AVAILABLE 336,855.41
------------- ------------ -----------
AMOUNT OF (X) OVER (Y) 0.00
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(N) GUARANTEE PAYMENT 0.00
(O) UNADVANCED SHORTFALLS 0.00
(P) NUMBER OF UNITS REPOSSESSED 0
CHEMICAL BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-4 CLASS A-5 CLASS A-6
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 68,587.50 93,337.53 62,319.54
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
------------- ------------ -----------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
(C) INTEREST DISTRIBUTION 68,587.50 93,337.53 62,319.54
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------ -----------
TOTAL INTEREST DISTRIBUTION 68,587.50 93,337.53 62,319.54
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 11,800,000.00 15,481,000.00 9,938,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------ -----------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 11,800,000.00 15,481,000.00 9,938,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 28,800,000.00 5.548%
SECTION 6.02 REIMBURSEMENT AMOUNT 27,300,000.00 6.400%
REIMBURSEABLE FEES 19,100,000.00 6.700%
11,800,000.00 6.975%
TOTAL FEES DUE SERVICER 15,481,000.00 7.235%
9,938,000.00 7.525%
6,833,000.00 7.450%
(F) DELINQUENCY 4,969,000.00 8.000%
31-59 DAYS DELINQUENT
60-89 DAYS DELINQUENT
90+ DAYS DELINQUENT
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
(N) GUARANTEE PAYMENT
(O) UNADVANCED SHORTFALLS
(P) NUMBER OF UNITS REPOSSESSED
CHEMICAL BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C
<S> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS B-1 CLASS B-2
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 42,421.54 33,126.67
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
_ _
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00
(C) INTEREST DISTRIBUTION 42,421.54 33,126.67
UNPAID INTEREST SHORTFALL 0.00 0.00
_ _
TOTAL INTEREST DISTRIBUTION 42,421.54 33,126.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 6,833,000.00 4,969,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00
_ _
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,833,000.00 4,969,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE
SECTION 8.06 REIMBURSEMENT AMOUNT 5.548% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 0.11% SPREAD
REIMBURSEABLE FEES
TOTAL FEES DUE SERVICER
(F) DELINQUENCY
31-59 DAYS DELINQUENT
60-89 DAYS DELINQUENT
90+ DAYS DELINQUENT
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
(N) GUARANTEE PAYMENT
(O) UNADVANCED SHORTFALLS
(P) NUMBER OF UNITS REPOSSESSED
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-APR-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C FOR THE PERIOD ENDED: 25-MAR-97
<S> <C>
(Q) PRINCIPAL PREPAYMENTS PAID 925,960.21
(R) SCHEDULED PRINCIPAL PAYMENTS 322,521.63
(S) WEIGHTED AVERAGE INTEREST RATE 11.58%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,176,801.67
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 259,621.94
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 6,381.34
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 795.72
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 80,910.66
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 7,476.54
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 123,307.99
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 18,010.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 141,317.99
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 1,960,954.36
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 252,941.12
TO CLASS A AND B 1,910,166.74
MONTHLY EXCESS CASHFLOW 303,728.74
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 170.05
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 118,375,671.84
CURRENT BALANCE 117,170,888.10
ADV PRINCIPAL 25,411.47
DEL PRINCIPAL 69,109.57
POOL SCHEDULED BALANCE 117,127,190.00
PRINCIPAL PAYMENTS IN FULL 835,326.62
PARTIAL PREPAYMENTS 90,633.59
SCHEDULED PRINCIPAL 322,521.63
COLLATERAL BALANCE 117,170,888.10
</TABLE>
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