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Previous: SOURCE ONE MORTGAGE SERVICES CORP, 8-K, 1996-07-03 |
Next: VICTORY PORTFOLIOS, 497, 1996-07-03 |
<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 Exchange Act of 1934
Date of Report: June 26, 1996
Source One Mortgage Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-2011419
-------- ------- ----------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
27555 Farmington Road 48334-3357
Farmington Hills, Michigan ----------
- -------------------------- (Zip Code)
(Address of principal
executive offices)
Registrant's telephone number, including area code: (810) 488-7000
Total Pages: 8
<PAGE> 2
Item 5. Other Events
None applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
See attached Distribution Reports as of June 25, 1996 for Series
1987-1 and
1987-2, Distribution Reports as of July 1, 1996 for Series 1988-1 and
1988-2, and Distribution Reports as of June 20, 1996 for Series 1990-1.
Signature
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.
SOURCE ONE MORTGAGE SERVICES CORPORATION
(Registrant)
Date: June 26, 1996 By: /s/ Larry N. Ciofu
-------------------------------
Larry N. Ciofu
Vice President
<PAGE> 3
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-1
Distribution Date Statement for June 25, 1996
<TABLE>
<CAPTION>
COUPON Principal Number of Interest
Class RATE Outstanding Certificates Payable
- --------- ------------ -------------- ------------- ---------------
<S> <C> <C> <C> <C>
A 6.2375% $11,389,493.27 62,500 $177,604.91
B 6.0000% $0.00 13,700 $0.00
C 6.0000% $0.00 26,900 $0.00
D 6.0000% $11,389,493.28 21,900 $170,842.40
--------------- ------------- --------------
$22,778,986.55 125,000 $348,447.31
*Aggregate Cash Flow Value Decline: $1,308,941.67
Ending Aggregate Agency MBS Balance: $21,472,902.10
Agency MBS Collections :
Interest $529,639.11
Principal $1,308,941.67
Investment Income $9,478.42
------------------
TOTAL AVAILABLE $1,848,059.20
Due to Certificateholders ($1,657,388.99)
Expenses Payable ($5,881.74)
------------------
Due to Residual Holders $184,788.47
==================
Amount Payable Per Individual
Residual Certificate (5% Denomination): $9,239.4235
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF June 25, 1996 June 25, 1996
- --------- ------------------ ---------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
A $2.841679 $654,470.84 $10.471533 $10,735,022.43 $171.760359
B $0.000000 $0.00 $0.000000 $0.00 $0.000000
C $0.000000 $0.00 $0.000000 $0.00 $0.000000
D $7.801023 $654,470.84 $29.884513 $10,735,022.44 $490.183673
---------------- ----------------
$1,308,941.68 $21,470,044.87
Principal Allocation: 50.00000%
Class A: 50.00000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
<PAGE> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-2
<TABLE>
<CAPTION>
Distribution Date Statement for
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ----- -------- ---------------- ----------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
2-A 0.0000% $0.00 45,100 $0.00 $0.00
2-B 7.0000% $0.00 18,000 $0.00 $0.00
2-C 7.0000% $0.00 19,700 $0.00 $0.00
2-D 9.5500% $3,255,000.00* 3,255 $25,904.38 $25,904.38
2-E 9.9500% $11,874,658.50 5,200 $98,460.71 $0.00
---------------- ----------- -------------- ----------------
$15,129,658.50 91,255 $124,365.09 $25,904.38
Agency MBS Collections :
Interest $126,237.81
Principal $378,057.01
Investment Income $1,111.23
Excess from previous month 911.57
----------------
TOTAL AVAILABLE $506,317.62
Due to Class 2-D INTEREST ($25,904.38)
Due to Class 2-D REDEMPTION ($477,429.29)
Due to Class 2-D (rounded down to even $1,000) ($477,000.00)
Excess in Collection Account ($429.29)
----------------
Available for Expenses and Residual Payments $2,983.95
Expenses Payable ($348.91)
----------------
Net Balance $2,635.04
================
Due to Residual Holders $2,635.04
Amount Payable Per Individual
Residual Certificate (5% Denomination): $131.7520
<CAPTION>
June 25, 1996
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable $1,000 CTF June 25, 1996 June 25, 1996
- ----- ------------- -------------- ---------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C>
2-A $0.000000 $0.000000 $0.000000
2-B $0.000000 $0.000000 $0.000000
2-C $0.000000 $0.000000 $0.000000
2-D $7.958335 $477,000.00 ** - $2,778,000.00 $1,000.000000
2-E $0.000000 - - $11,973,119.21 $2,302.522925
-------------- -----------------
$0.00 $14,751,119.21
Ending Aggregate Agency MBS Balance: $14,770,481.04
Excess in collection Act as of May 25 $911.57
Accrual Distribution Amount: $98,460.71
Aggregate Cash Flow Value Decline: $378,057.01
Principal to Class 2-D Redemption ($477,000.00)
-----------------
$429.29
Principal Distributable to Class 2-D $477,000.00
-----------------
Aggregate Amount of Principal Distributable: $477,429.29
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
** THIS IS A REDEMPTION PAYMENT TO SPECIFIC HOLDERS ELECTING A PUT OPTION.
</TABLE>
<PAGE> 5
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
Distribution Date Statement for July 1, 1996
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ----- -------- ---------------- ----------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
A 0.0000% $0.00 38,510 $0.00 $0.00
B 8.0000% $0.00 51,050 $0.00 $0.00
Z 9.9000% $15,507,771.04 10,440 $127,939.11 $127,939.11
---------------- ----------- -------------- ----------------
$15,507,771.04 100,000 $127,939.11 $127,939.11
Agency MBS Collections :
Interest $129,236.06
Principal $374,952.77
Investment Income $1,017.27
----------------
TOTAL AVAILABLE $505,206.10
Due to Certificateholders ($502,891.88)
----------------
Available for Expenses and Residual Payments $2,314.22
Expenses Payable ($362.16)
----------------
Net Balance $1,952.06
================
Due to Residual Holders $1,952.06
Amount Payable Per Individual
Residual Certificate (5% Denomination): $97.6030
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF July 1, 1996 July 1, 1996
- ----- ------------ -------------- ------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C>
A $0.000000 $0.00 $0.000000 $0.00 $0.000000
B $0.000000 $0.00 $0.000000 $0.00 $0.000000
Z $12.254704 $374,952.77 $35.915016 $15,132,818.27 $1,449.503666
-------------- ----------------
$374,952.77 $15,132,818.27
Ending Aggregate Agency MBS Balance: $15,133,085.80
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $374,952.77
----------------
*Aggregate Amount of Principal Distributable: $374,952.77
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
*
</TABLE>
<PAGE> 6
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-2
Distribution Date Statement for July 1, 1996
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ------ ---------- ----------------- ------------- ------------------- ----------------
<S> <C> <C> <C> <C> <C>
2-A 0.0000% $0.00 39,750 $0.00 $0.00
2-B 7.0000% $0.00 24,540 $0.00 $0.00
2-C 7.0000% $0.00 10,930 $0.00 $0.00
2-D 7.0000% $0.00 14,580 $0.00 $0.00
2-Z 9.4000% $18,709,846.12 10,200 $146,560.46 $146,560.46
----------------- ------------- ------------------- ----------------
$18,709,846.12 100,000 $146,560.46 $146,560.46
Agency MBS Collections :
Interest $148,119.75
Principal $462,903.81
Investment Income $1,099.00
----------------
TOTAL AVAILABLE $612,122.56
Due to Certificateholders ($609,464.27)
----------------
Available for Expenses and Residual Payments $2,658.29
Expenses Payable ($417.22)
Net Balance $2,241.07
===============
Due to Residual Holders $2,241.07
Amount Payable Per Individual
Residual Certificate (5% Denomination): $112.0535
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF July 1, 1996 July 1, 1996
- ------ ------------- --------------- ------------ ------------------- ----------------
<S> <C> <C> <C> <C> <C>
2-A $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-B $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-C $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-D $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-Z $14.368673 $462,903.81 $45.382726 $18,246,942.31 $1,788.915913
--------------- -------------------
$462,903.81 $18,246,942.31
Ending Aggregate Agency MBS Balance: $18,246,957.06
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $462,903.81
----------------
*Aggregate Amount of Principal Distributable: $462,903.81
Principal Allocation: Class 2-A: 0.0000%
Class 2-D: 0.0000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
<PAGE> 7
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for June 20, 1996
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per
Class RATE Outstanding Cert. Accrued Payable $1,000 CTF
- ----- ---------- --------------- ------------ ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
1-A 8.5000% $0.00 15,250 $0.00 $0.00 $0.000000
1-B 9.0000% $0.00 10,500 $0.00 $0.00 $0.000000
1-C 9.0000% $0.00 6,500 $0.00 $0.00 $0.000000
1-D 9.0000% $3,317,066.39 16,500 $24,878.00 $24,878.00 $1.507758
1-E 9.0000% $12,000,000.00 12,000 $90,000.00 $90,000.00 $7.500000
1-F 0.0000% $0.00 18,500 $0.00 $0.00 $0.000000
1-G 0.0000% $0.00 12,450 $0.00 $0.00 $0.000000
1-H 0.0000% $0.00 4,850 $0.00 $0.00 $0.000000
1-I 259.5000% $30,634.13 152 $6,624.63 $6,624.63 $43.583092
-------------- ------------ ------------ ---------------
$15,347,700.52 96,702 $121,502.63 $121,502.63
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Class Payable* $1,000 CTF June 20, 1996 June 20, 1996
- ----- --------------- ------------ -------------- --------------
<S> <C> <C> <C> <C>
1-A $0.00 $0.000000 $0.00 $0.000000
1-B $0.00 $0.000000 $0.00 $0.000000
1-C $0.00 $0.000000 $0.00 $0.000000
1-D $689,415.70 $41.782770 $2,627,650.69 $159.251557
1-E - - $12,000,000.00 $1,000.000000
1-F $0.00 $0.000000 $0.00 $0.000000
1-G $0.00 $0.000000 $0.00 $0.000000
1-H $0.00 $0.000000 $0.00 $0.000000
1-I $ 1,378.83 $9.071250 $29,255.30 $192.469079
------------------ --------------
$690,794.53 $14,656,905.99
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Interest
COUPON Principal Number of Interest Interest Payable Per
RATE Outstanding Cert. Accrued Payable $1,000 CTF
---------- --------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
1-R 0.0000% $0.00 3,298 $7.96 $7.96 $0.002414
<CAPTION>
Principal Principal Principal Balance
Principal Payable Per Balance After CTF After
Payable* $1,000 CTF June 20, 1996 June 20, 1996
------------ ------------ ------------- --------------
<S> <C> <C> <C> <C>
1-R $0.00 $0.000000 $0.00 $0.000000
<CAPTION>
LOWER TIER REMIC REGULAR INTERESTS
Principal
COUPON Principal Number of Interest Principal Balance After
Class RATE Outstanding Certificates Accrued Payable* June 20, 1996
- ----- ------------ ----------- ------------ --------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
1-AS 9.5000% $0.00 15,311 $0.00 $0.00 $0.00
1-BS 9.5000% $0.00 10,521 $0.00 $0.00 $0.00
1-CS 9.5000% $0.00 6,513 $0.00 $0.00 $0.00
1-DS 9.5000% $3,341,118.49 16,533 $26,450.52 $690,794.53 $2,650,323.96
1-ES 9.5000% $12,024,000.00 12,024 $95,190.00 - $12,024,000.00
1-FS 9.5000% $0.00 30,950 $0.00 $0.00 $0.00
1-HS 9.5000% $0.00 8,148 $0.00 $0.00 $0.00
--------------- ------------ ------------ ------------------ ---------------
$15,365,118.49 100,000 $121,640.52 $690,794.53 $14,674,323.96
</TABLE>
<PAGE> 8
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
DISTRIBUTION DATE STATEMENT FOR June 20, 1996
<TABLE>
<CAPTION>
<S> <C>
Agency MBS Collections :
Interest $121,510.59
Principal $690,794.53
Investment Income $196.16
-------------------
Lower Tier REMIC Collection Account $812,501.28
-------------------
Upper Tier REMIC Collection Account $812,501.28
Aggregate Prin Payable to Holders of
Upper Tier REMIC Regular Certificate ($690,794.53)
Aggregate Interest Payable to Holders of
Upper Tier REMIC Regular Certificates ($121,502.63)
Expenses Payable $0.00
REMIC Taxes Payable $0.00
Interest Payable to Class 1-R Certificate ($7.96)
Principal Payable to Class 1-R Certificate $0.00
Due to Class 1-RS Certificate ($196.16)
-------------------
Net Balance $0.00
==================
Beginning Aggregate Agency MBS Balance : $100,001,006.61
Ending Aggregate Agency MBS Balance : $14,657,912.42
------------------
Aggregate Cash Flow Value Decline: $690,794.53
------------------
*Aggregate Amount of Principal Distributable: $690,794.53
</TABLE>
Principal Allocation:
Aggregate Amount of Principal
Distributable to Classes 1-D and 1-I:
Class 1-D: 4.17827697%
Class 1-I: 0.90712500%
Aggregate Amount of Principal
Distributable to Classes 1-G,1-H and 1-R :
Class 1-R: 0.00000000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
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