<PAGE>
- --------------------------------------------------------------------------------
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): April 15, 1997
COUNTRYWIDE HOME EQUITY LOAN TRUST 1996-A
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
CALIFORNIA 333-11095 13-2631719
- ---------------------------- ---------------- ------------------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
c/o The First National Bank of Chicago.
---------------------------------------
Corporate Trust Services Division - 9th floor
---------------------------------------------
1 N. State Street, Chicago IL 60670-0126
----------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 312/407-1902
------------
<PAGE>
Item 5. Other Events
On behalf of Countrywide Home Equity Loan Trust 1996-A, a Trust
created pursuant to the Pooling Agreement, dated October 31, 1996, by
The First National Bank of Chicago, as trustee for the Trust, the
Trustee has caused to be filed with the Commission, the Monthly Report
dated April 15, 1997. 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 Trust's
Investor Certificates, Due January 15, 2028.
A. Monthly Report Information:
Aggregate distribution information for the current distribution
date April 15, 1997.
Principal Interest Ending Balance
--------- -------- --------------
Cede & Co. $2,865,954.92 $1,083,741.73 $236,623,954.46
B. No delinquency in payment under the Transferor Certificate, or the
Financial 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
Financial Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Financial Guaranty
Insurance 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 Security Holders: NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if applicable: NOT
APPLICABLE
<PAGE>
Item 7. Monthly Statements and Exhibits
-------------------------------
Exhibit No.
-----------
1. Monthly Statement to Certificateholders dated April 15, 1997
<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.
COUNTRYWIDE HOME EQUITY LOAN TRUST 1996-A
By ___________________________________
Name: Barbara Grosse
Title: Assistant Vice President
Dated: April 30, 1997
<PAGE>
<TABLE>
<CAPTION>
=================================================================================================================================
<S> <C> <C> <C> <C>
Page 11
Countrywide Loans, Inc. Date of Report: 4/10/97
Countrywide Home Equity Loan Trust - Series 1996-A Time of Report: 1:10 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8
Original Sale Balance: 246,033,118 Inv #8001002
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================================================
Distribution Date: 3/17/97 4/15/97
------- -------
<S> <C> <C>
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 4.134545 4.404861
Investor Certificate Interest Shortfall Distributed 0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 0.000000
Managed Amortization Period? (Yes=1; No=0) 1 1
Investors Certificate Principal Distributed 10.679998 11.648655
Principal Distribution Amount 6.757654 8.318869
Maximum Principal Payment 24.774625 25.805316
Alternaive Principal Payment 6.757654 8.318869
Principal Collections less Additional Balances 6.757654 8.318869
Investor Loss Amount Distributed to Investors 0.000000 0.000000
Accelerated Principal Distribution Amount 3.922344 3.329786
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 14.814543 16.053516
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 242,117,542.56 239,489,909.38
Ending Investor Certificate Balance 239,489,909.38 236,623,954.46
Beginning Invested Amount 244,209,492.13 242,546,885.36
Ending Invested Amount 242,546,885.36 240,500,168.14
Investor Certificateholder Floating Allocation Percentage 97.7098% 97.6945%
Pool Factor 0.9734052 0.9617565
Liquidation Loss Amount for Liquidated Loans 0.00 0.00
Unreimbursed Liquidation Loss Amount 0.00 0.00
C. POOL INFORMATION
Beginning Pool Balance 249,933,344.98 248,270,738.21
Ending Pool Balance 248,270,738.21 246,224,020.99
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 104,138.89 103,446.14
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.601880% 5.617500%
LIBOR Rate 5.421880% 5.437500%
Maximum Rate 9.697836% 9.695863%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 28 16
Trust Balances 894,230.45 611,772.42
Delinquent 60-89 days
No. of Accounts 5 6
Trust Balances 160,448.35 302,126.45
Delinquent 90+ days
No. of Accounts 10 12
Trust Balances 465,194.75 498,908.00
Delinquent 9+ Months
No. of Accounts 0 0
Trust Balances 0 0
REO
No. of Accounts 0 0
Trust Balances 0.00 0.00
=================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
=================================================================================================================================
Page 12
<S> <C> <C> <C> <C> <C>
Countrywide Home Loans, Inc. Date of Report: 4/10/97
Countrywide Home Equity Loan Trust - 1996-A Time of Report: 1:10 PM
P & S Agreement Date: October 31, 1996
Original Settlement Date: November 21, 1996
CUSIP Number of Certificates: 222374AA8 Inv #8001002
Original Sale Balance: 246,033,118
=================================================================================================================================
</TABLE>
Statement to Certificateholders (Page 2 of 2)
- ---------------------------------------------
<TABLE>
Distribution Date: 3/17/97 4/15/97
------- -------
<S> <C> <C>
</TABLE>
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 12th day of April, 1997
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
/s/ Sam Ilagan
----------------------------------------------------------
Sam Ilagan
Vice-President
<TABLE>
<CAPTION>
Distribution List:
- ------------------
<S> <C>
Frank Skibo - FSA Lupe Montero - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago Richard Marron - Countrywide Home Loans
Brad Andres - Lehman Brothers Dave Walker - Countrywide Home Loans
Paul Marsilio - Lehman Brothers
Julie Uhlig - Moody's Investors Service
Gail Brennan - Standard & Poor's Corp.
=================================================================================================================================
</TABLE>