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Previous: SLM HOLDING CORP, S-4/A, 1997-03-19 |
Next: ASSET SECURITIZATION CORP COMM MORT PASS THR CER SER 1997-D4, 424B5, 1997-03-19 |
<PAGE> 1
2913
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 REPORTED) FEBRUARY 25, 1997
------------------------------
IMC HOME EQUITY LOAN TRUST 1997-1
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
NEW YORK 333-4911-01 13-3902498
- --------------------------------------------------------------------------------
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
C/O THE CHASE MANHATTAN BANK
STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, NEW YORK, NY 10001-2697
- --------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
-----------------------------
NO CHANGE
- -------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Page 1
<PAGE> 2
Item 5. Other Events.
On February 25, 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 January, 1997 dated
February 25, 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 January, 1997 was $135,477.24.
Page 2
<PAGE> 3
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 January, 1997.
Page 3
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: IMC SECURITIES, INC.,
As Depositor
By: /s/ Thomas G. Middleton
--------------------------------------
Thomas G. Middleton
President, Chief Operating Officer,
Assistant Secretary and
Director
By: /s/ Stuart D. Marvin
---------------------------------------
Stuart D. Marvin
Chief Financial Officer
Dated: February 25, 1997
Page 4
<PAGE> 5
EXHIBIT INDEX
Exhibit No. Description Page No.
19. Trustee's Monthly Servicing Report 6
for the Month of January, 1997.
Page 5
<PAGE> 1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
==================================================================================================================================
DISTRIBUTION: 25-Feb-97
PAGE # 1
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE SUBORDINATE PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 95,086,000.00 95,086,000.00 3,225,827.70 518,218.70 3,744,046.40 91,860,172.30
A-2 31,086,000.00 31,086,000.00 0.00 171,491.10 171,491.10 31,086,000.00
A-3 46,349,000.00 46,349,000.00 0.00 263,416.82 263,416.82 46,349,000.00
A-4 37,517,000.00 37,517,000.00 0.00 222,913.51 222,913.51 37,517,000.00
A-5 10,065,000.00 10,065,000.00 0.00 61,732.00 61,732.00 10,065,000.00
A-6 17,897,000.00 17,897,000.00 0.00 113,049.38 113,049.38 17,897,000.00
A-7 12,000,000.00 12,000,000.00 0.00 71,300.00 71,300.00 12,000,000.00 1,013,425.85 247,787,598.15
A-8 75,000,000.00 75,000,000.00 1,185,134.37 386,203.13 1,571,337.50 73,814,865.63 358,750.72 74,173,616.35
R N/A N/A N/A 0.00 0.00 N/A
- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS 325,000,000.00 325,000,000.00 4,410,962.07 1,808,324.64 6,219,286.71 320,589,037.93 1,372,176.57 321,961,214.50
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
- ----------------------------------------------------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 33.92536967 5.45000000 966.07463033 A-1 6.54000000% 6.54000000%
A-2 0.00000000 5.51666667 1000.00000000 A-2 6.62000000% 6.62000000%
A-3 0.00000000 5.68333341 1000.00000000 A-3 6.82000000% 6.82000000%
A-4 0.00000000 5.94166671 1000.00000000 A-4 7.13000000% 7.13000000%
A-5 0.00000000 6.13333333 1000.00000000 A-5 7.36000000% 7.36000000%
A-6 0.00000000 6.31666648 1000.00000000 A-6 7.58000000% 7.58000000%
A-7 0.00000000 5.94166667 1000.00000000 A-7 7.13000000% 7.13000000%
A-8 15.80179160 5.14937507 984.19820840 A-8 5.61750000% 5.61750000%
- ----------------------------------------------------------------------- ----------------------------------------
TOTALS 13.5721909846153856 2.12218399999999985 986.427809015384583
- -----------------------------------------------------------------------
==================================================================================================================================
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:
--------------------------------------------------------------------------------------
ANN MARIE JOSE
THE CHASE MANHATTAN BANK - ASPG
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-7148
--------------------------------------------------------------------------------------
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
==================================================================================================================================
DISTRIBUTION: 25-Feb-97 PAGE # 2
GROUP I GROUP II
------- --------
<S> <C> <C> <C>
SECTION 7.08 (1) BEGINNING CERTIFICATE ACCOUNT 4,693,764.11 1,585,080.61
SECTION 7.08 (2) CLASS A DISTRIBUTION AMOUNT 6,219,286.71
GROUP I GROUP II
------- --------
SECTION 7.08 (3) SUBORDINATION INCREASE AMOUNT 912,276.23 314,249.75
SECTION 7.08 (4) INSURED PAYMENT 0.00 0.00
SECTION 7.08 (6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 325,000,000.00
CLASS A PRINCIPAL DISTRIBUTION 4,410,962.07
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 320,589,037.93
SECTION 7.08 (7) REALIZED LOSSES 0.00
GROUP I GROUP II
------- --------
SECTION 7.08 (8) SUBORDINATION REDUCTION AMOUNT 0.00 0.00
SECTION 7.08 (9) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A PRINCIPAL
DISTRIBUTION AMOUNT 0.00 265.93
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 0.00 0.00
(D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE CERTIFICATE ACCOUNT 0.00
THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED INTEREST
ACCOUNT TO THE DEPOSITOR 0.00
SECTION 7.08 (10) THE AMOUNT BY WHICH THE SERVICING FEE IS REDUCED 0.00
DUE TO GROUP I UNDERWATER LOANS
PER $1000
---------
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 3,744,046.40 39.38
CLASS A-2 DISTRIBUTION 171,491.10 5.52
CLASS A-3 DISTRIBUTION 263,416.82 5.68
CLASS A-4 DISTRIBUTION 222,913.51 5.94
CLASS A-5 DISTRIBUTION 61,732.00 6.13
CLASS A-6 DISTRIBUTION 113,049.38 6.32
CLASS A-7 DISTRIBUTION 71,300.00 5.94
CLASS A-8 DISTRIBUTION 1,571,337.50 20.95
CLASS R DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) GROUP I CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 327,519.82 1.31
PRINCIPAL PREPAYMENTS 1,986,031.65 7.94
SUBORDINATION INCREASE AMOUNT 912,276.23 3.65
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
GROUP II CLASS A-8 PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 175,596.04 2.34
PRINCIPAL PREPAYMENTS 695,022.65 9.27
SUBORDINATION INCREASE AMOUNT 314,249.75 4.19
PRIN PREPAY FROM PRE-FUND ACCT 265.93 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-4 CARRYFORWARD 0.00
CLASS A-5 CARRYFORWARD 0.00
CLASS A-6 CARRYFORWARD 0.00
CLASS A-7 CARRYFORWARD 0.00
CLASS A-8 CARRYFORWARD 0.00
0.00
SECTION 7.09 (a)(v) INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION 0.00
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
==================================================================================================================================
DISTRIBUTION: 25-Feb-97 PAGE # 3
GROUP I GROUP II
------- --------
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vi) ENDING AGGREGATE LOAN BALANCE 247,787,598.15 74,173,616.35
ENDING NUMBER OF LOANS 4231 669
ENDING CERTIFICATE BALANCE: PER $1000
---------
CLASS A-1 91,860,172.30 966.074630334644326
CLASS A-2 31,086,000.00 1000
CLASS A-3 46,349,000.00 1000
CLASS A-4 37,517,000.00 1000
CLASS A-5 10,065,000.00 1000
CLASS A-6 17,897,000.00 1000
CLASS A-7 12,000,000.00 1000
CLASS A-8 73,814,865.63 984.198208399999885
GROUP I GROUP II
------- --------
SECTION 7.09 (a)(vii) SUBORDINATED AMOUNT 1,013,425.85 358,750.72
SUBORDINATION DEFICIT 0.00 0.00
0.00
SECTION 7.09 (a)(ix) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION
SECTION 7.09 (a)(x) WEIGHTED AVERAGE COUPON RATE 11.920400% 11.920400%
SECTION 7.09 (a)(xii) WEIGHTED GROSS MARGIN OF THE HOME EQUITY LOAN 0.000000%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 374,892.47 614,024.42
SECTION 7.09 (a)(xiv) REMAINING PRE-FUNDED AMOUNT 0.00 0.00
SECTION 7.09 (b)(i) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF DELINQUENT MORTGAGE LOANS:*
</TABLE>
<TABLE>
<CAPTION>
GROUP I
------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 140 8,334,871.92 3.36%
60-89 DAYS 60 3,629,865.71 1.46%
90 + DAYS 8 423,241.59 0.17%
------------------------------------------------------------------------------
<CAPTION>
GROUP II
------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 15 1,515,005.20 0.61%
60-89 DAYS 6 798,967.17 0.32%
90 + DAYS 0 0.00 0.00%
------------------------------------------------------------------------------
<CAPTION>
AGGREGATE
------------------------------------------------------------------------------
CATEGORY COUNT AGG. PRIN. BAL. PERCENTAGE
------------------------------------------------------------------------------
<S> <C> <C> <C>
30-59 DAYS 155 9,849,877.12 3.98%
60-89 DAYS 66 4,428,832.88 1.79%
90 + DAYS 8 423,241.59 0.17%
*The number and aggrgate principal balance of delinquent loans includes loans in foreclosure and
bankruptcy
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IMC HOME EQUITY LOAN TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1997-1
==================================================================================================================================
DISTRIBUTION: 25-Feb-97 PAGE # 4
GROUP I GROUP II TOTAL
------- -------- -----
<S> <C> <C> <C> <C>
SECTION 7.09 (b)(ii) NUMBER OF LOANS IN FORECLOSURE 0 0 0
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0.00 0.00 0.00
NUMBER OF LOANS IN FORECLOSURE THAT WERE COMMENCED 0 0 0
IN THE PRIOR MONTH
AGGREGATE PRINCIPAL BALANCE OF LOANS IN FORECLOSURE 0.00 0.00 0.00
THAT WERE COMMENCED IN THE PRIOR MONTH
SECTION 7.09 (b)(iii) NUMBER OF LOANS IN BANKRUPTCY 7 1 8
AGGREGATE PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 483,386.67 87,594.10 570,980.77
NUMBER OF LOANS THAT ARE "BALLOON" LOANS 1,504 2 1506
AGG PRIN BALANCE OF LOANS THAT ARE "BALLOON LOANS" 109,526,391.01 378,993.65 109,905,384.66
SECTION 7.09 (b)(iv) NUMBER OF REO PROPERTIES
0 0 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES
0.00 0.00 0.00
SECTION 7.09 (b)(v) BOOK VALUE OF REO PROPERTY
0.00 0.00 0.00
SECTION 7.09 (b)(vi) CUMULATIVE LOSS PERCENTAGE 0.00000000% 0.00000000% 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00 0.00 0.00
CURRENT PERIOD REALIZED LOSSES 0.00 0.00 0.00
ANNUAL LOSS PERCENTAGE (ROLLING 6 MONTH) 0.00000000% 0.00000000% 0.00000000%
ANNUAL LOSS PERCENTAGE (ROLLING 12 MONTH) 0.00000000% 0.00000000% 0.00000000%
SECTION 7.09 (b)(vii) 60 + DELINQUENCY PERCENTAGE 1.63571839% 1.07715817% 1.50703695%
(C) COPYRIGHT 1997, CHASE BANKING CORPORATION
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
DEPOSIT GROUP I GROUP II
- ---------------------------------------------
<S> <C> <C>
CERTIFICATE ACCOUNT BALANCE 0.00 0.00
INSURED PAYMENT 0.00 0.00
MONTHLY REMITTANCE AMOUNT 4,693,764.11 1,584,814.68
INVESTMENT INCOME EARNED IN CERTIFICATE ACCT 0.00 0.00
CAPITALIZED INTEREST REQUIREMENT TRANSFERRED
FROM THE CAPTIALIZED INTEREST ACCOUNT 0.00 0.00
AMOUNTS TRNAS FROM THE PRE-FUNDING ACCT 0.00 265.93
TOT AVAILABLE CERTIFICATE ACCT BAL 4,693,764.11 1,585,080.61
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS BY PRIORITY:
PAID FROM CERT ALLOCATED FROM TOT AVAIL CERT ACCT
DIST CATEGORY DUE ACCT BALANCE MONTH EXC CASHFLOW UNPAID BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
TRUSTEE FEE 2,683.01 2,683.01 0.00 0.00 5,049,635.73
TRUSTEE REIMBURSABLE EXP 0.00 0.00 0.00 0.00 5,049,635.73
PREMIUM AMOUNT 56,875.00 56,875.00 0.00 0.00 4,992,760.73
AVAILABLE FUND SHORTFALL - I 0.00 0.00 0.00 0.00 4,992,760.73
AVAILABLE FUND SHORTFALL - II 0.00 0.00 0.00 0.00 4,992,760.73
REIM OF CERT INSURER - I 0.00 0.00 0.00 0.00 4,992,760.73
REIM OF CERT INSURER - II 0.00 0.00 0.00 0.00 4,992,760.73
SUBORDINATION INC AMOUNT - I 912,276.23 0.00 912,276.23 0.00 4,992,760.73
SUBORDINATION INC AMOUNT - II 314,249.75 0.00 314,249.75 0.00 4,992,760.73
UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - I 0.00 0.00 0.00 0.00 4,992,760.73
UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - II 0.00 0.00 0.00 0.00 4,992,760.73
CLASS A-1 CURRENT INTERST 518,218.70 518,218.70 0.00 0.00 4,474,542.03
CLASS A-2 CURRENT INTEREST 171,491.10 171,491.10 0.00 0.00 4,303,050.93
CLASS A-3 CURRENT INTEREST 263,416.62 263,416.62 0.00 0.00 4,039,634.11
CLASS A-4 CURRENT INTEREST 222,913.51 222,913.51 0.00 0.00 3,616,720,60
CLASS A-5 CURRENT INTEREST 61,732.00 61,732.00 0.00 0.00 3,754,988.60
CLASS A-6 CURRENT INTEREST 113,049.38 113,049.38 0.00 0.00 3,641,939.22
CLASS A-7 CURRENT INTEREST 71,300.00 71,300.00 0.00 0.00 3,570,639.22
CLASS A-8 CURRENT INTEREST 366,203.13 366,203.13 0.00 0.00 3,184,436.09
GROUP I PRINCIPAL
(LESS SUBORDINATION INC.)
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A7 LOCKOUT DISTRIBUTION AMOUNT 0.00 0.00 0.00 0.00 3,184,436.09
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-1 CPB = 0 2,313,551.47 2,313,551.47 0.00 0.00 870,884.62
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-2 CPB = 0 0.00 0.00 0.00 0.00 870,884.62
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-3 CPB = 0 0.00 0.00 0.00 0.00 870,884.62
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTIONS BY PRIORITY:
AVAIL TOTAL MONTHLY
DIST CATEGORY EXC CASHFLOW DISTRIBUTE TO
- --------------------------------------------------------------------------------------------
<S> <C> <C>
TRUSTEE FEE 1,226,525.98 TRUSTEE
TRUSTEE REIMBURSABLE EXP 1,226,525.98 TRUSTEE
PREMIUM AMOUNT 1,226,525.98 INSURER
AVAILABLE FUND SHORTFALL - I 1,226,525.98
AVAILABLE FUND SHORTFALL - II 1,226,525.98
REIM OF CERT INSURER - I 1,226,525.98 INSURER
REIM OF CERT INSURER - II 1,226,525.98 INSURER
SUBORDINATION INC AMOUNT - I 314,249.75 CLASS A - FIXED
SUBORDINATION INC AMOUNT - II 0.00 CLASS A6
UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - I 0.00 SERVICER
UNREIM DELINQUENCY ADV AND
UNREIMBURSED SERVICING ADV - II 0.00 SERVICER
CLASS A-1 CURRENT INTERST 0.00 CLASS A-1
CLASS A-2 CURRENT INTEREST 0.00 CLASS A-2
CLASS A-3 CURRENT INTEREST 0.00 CLASS A-3
CLASS A-4 CURRENT INTEREST 0.00 CLASS A-4
CLASS A-5 CURRENT INTEREST 0.00 CLASS A-5
CLASS A-6 CURRENT INTEREST 0.00 CLASS A-6
CLASS A-7 CURRENT INTEREST 0.00 CLASS A-7
CLASS A-8 CURRENT INTEREST 0.00 CLASS A-8
GROUP I PRINCIPAL
(LESS SUBORDINATION INC)
CLASS A7 LOCKOUT DISTRIBUTION AMOUNT 0.00 CLASS A-7
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-1 CPB = 0 0.00 CLASS A-1
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-2 CPB = 0 0.00 CLASS A-2
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-3 CPB = 0 0.00 CLASS A-3
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C> <C> <C> <C>
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-5 CPB = 0 0.00 0.00 0.00 0.00 870,884.62
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0 0.00 0.00 0.00 0.00 870,884.62
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-7 CPB = 0 0.00 0.00 0.00 0.00 870,884.62
GROUP II PRINCIPAL
(LESS SUBORDINATION INC)
- ------------------------------------------
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0 870,884.62 870,884.62 0.00 0.00 0.00
RESIDUAL NET MONTHLY EXCESS CASHFLOW 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------
PRE-FUNDING ACCOUNT
- ------------------------------------------
DEPOSITS:
- ------------------------------------------
PRE-FUNDING ACOUNT BALANCE 98,101.67 125,243.67
INVESTMENT INCOME IN PRE-FUNDING ACCOUNT 0.00 0.00
AVAILABLE PRE-FUNDING ACCOUNT BALANCE 98,101.67 125,243.67
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION BY PRIORITY:
DIST CATEGORY DUE PAID UNPAID REM BALANCE DISTRIBUTE TO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME IN PRE-FUNDING
ACCOUNT 0.00 0.00 0.00 223,345.34 CAP INT ACCT
AGREGATE LOAN BALANCES OF THE SUBSEQUENT
MORTGAGE LOANS SOLD TO THE TRUST 223,345.34 223,079.41 265.93 265.93 DEPOSITOR
REM PRE-FUNDING ACCT BAL 265.93 265.93 0.00 0.00 CERT ACCOUNT
- ------------------------------------------
CAPTIALIZED INT ACCOUNT
- ------------------------------------------
DEPOSITS
- ------------------------------------------
CAPTIALIZED INTEREST ACCOUNT BALANCE 0.00
INVESTMENT INCOME FROM PRE-FUNDING ACCOUNT 0.00
INVESTMENT INCOME IN CAPITALIZED INTEREST ACCOUNT 0.00
AVAILABLE CAPITALIZED INTEREST ACCOUNT BALANCE 0.00
<CAPTION>
DISTRIBUTION BY PRIORITY:
DIST CATEGORY DUE PAID UNPAID REM BALANCE DISTRIBUTE TO
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CAPITALIZED INTEREST REQ 0.00 0.00 0.00 0.00 CERT ACCT
OVERFUNDED INTEREST AMT 0.00 0.00 0.00 0.00 SELLER
REMAINING BALANCE 0.00 0.00 0.00 0.00 SELLER
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-5 CPB = 0 0.00 CLASS A-5
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0 0.00 CLASS A-6
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-7 CPB = 0 0.00 CLASS A-7
GROUP II PRINCIPAL
(LESS SUBORDINATION INC)
- ------------------------------------------ -------------------
CLASS A PRINCIPAL DISTRIBUTION AMOUNT
UNTIL CLASS A-6 CPB = 0 0.00 CLASS A-8
RESIDUAL NET MONTHLY EXCESS CASHFLOW 0.00 CLASS R
- ------------------------------------------
PRE-FUNDING ACCOUNT
- ------------------------------------------
DEPOSITS:
- ------------------------------------------
PRE-FUNDING ACOUNT BALANCE
INVESTMENT INCOME IN PRE-FUNDING ACCOUNT
AVAILABLE PRE-FUNDING ACCOUNT BALANCE
DISTRIBUTION BY PRIORITY:
DIST CATEGORY
- ------------------------------------------
INVESTMENT INCOME IN PRE-FUNDING
ACCOUNT
AGREGATE LOAN BALANCES OF THE SUBSEQUENT
MORTGAGE LOANS SOLD TO THE TRUST
REM PRE-FUNDING ACCT BAL
- ------------------------------------------
CAPTIALIZED INT ACCOUNT
- ------------------------------------------
DEPOSITS
- ------------------------------------------
CAPTIALIZED INTEREST ACCOUNT BALANCE
INVESTMENT INCOME FROM PRE-FUNDING ACCOUNT
INVESTMENT INCOME IN CAPITALIZED INTEREST ACCOUNT
AVAILABLE CAPITALIZED INTEREST ACCOUNT BALANCE
DISTRIBUTION BY PRIORITY:
DIST CATEGORY
- ------------------------------------------
CAPITALIZED INTEREST REQ
OVERFUNDED INTEREST AMT
REMAINING BALANCE
</TABLE>
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