<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: July 3, 1996
Chemical Mortgage Securities, Inc.
(Issuer in respect of Multi-Class Mortgage
Pass-Through Certificates, Series 1996-1)
(Exact name of registrant as
specified in its charter)
New York 33-18640 13-3436103
------------ ------------ ------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 834-5316
<PAGE> 2
-3-
Item 5. Other Events.
On or about May 28, 1996, interest and principal, in accordance with the Pooling
and Servicing Agreement dated as of January 1, 1996 (the "Agreement"), among
Chemical Mortgage Securities, Inc., Chemical Residential Mortgage Corporation,
as the master servicer, and The First National Bank of Chicago as Trustee (the
"Trustee"), were distributed to holders of the MultiClass Mortgage Pass-Through
Certificates, Series 1996-1 evidencing the entire beneficial ownership interest
in a trust fund consisting of a segregated pool of conventional one- to
four-family fixed rate first-lien mortgage loans. A copy of the Monthly Report,
prepared pursuant to the Agreement, was furnished to the Trustee in accordance
with the Agreement. A copy of the Monthly Report is being filed as Exhibit 20.1
to this Current Report on Form 8-K.
Item 7(c). Exhibits.
---------
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C> <C>
20.1 Monthly Report for the month ended
April 30, 1996.
</TABLE>
<PAGE> 3
-4-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: July 3, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
by: /s/Louis D. Violante
----------------------------------------
Name: Louis D. Violante
Title: Chief Financial Officer
<PAGE> 4
-5-
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C> <C>
20.1 Monthly Report for the month 5
ended April 30, 1996
</TABLE>
<PAGE> 1
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
DISTRIBUTION: 28-May-96 PAGE # 1
<TABLE>
<CAPTION>
ORIGINAL BEGINNING REALIZED REALIZED ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL LOSS LOSS CERTIFICATE
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION PRINCIPAL INTEREST BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
A-1 90,918,000.43 86,442,131.27 363,835.56 522,254.54 886,090.10 0.00 0.00 86,078,295.71
A-2 40,932,000.00 38,916,928.45 163,801.63 227,015.42 390,817.05 0.00 0.00 38,753,126.81
A-3 20,466,000.00 19,458,464.22 81,900.82 125,669.25 207,570.07 0.00 0.00 19,376,563.41
A-4 9,139,000.00 9,139,000.00 (0.00) 53,310.83 53,310.83 0.00 0.00 9,139,000.00
A-5 1,000,000.00 1,000,000.00 (0.00) 6,250.00 6,250.00 0.00 0.00 1,000,000.00
A-6 2,713,000.00 2,713,000.00 (0.00) 18,086.67 18,086.67 0.00 0.00 2,713,000.00
A-7 23,127,000.00 23,127,000.00 (0.00) 139,725.63 139,725.63 0.00 0.00 23,127,000.00
A-8 13,697,000.00 13,697,000.00 0.00 79,899.17 79,899.17 0.00 0.00 13,697,000.00
A-9 24,100,000.00 24,049,992.63 17,033.22 145,302.04 162,335.26 0.00 0.00 24,032,959.41
A-10 N/A N/A N/A 1,940.41 1,940.41 0.00 0.00 N/A
A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-RL 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B-1 6,013,000.00 6,000,523.06 4,249.82 36,253.16 40,502.98 0.00 0.00 5,996,273.24
B-2 3,607,000.00 3,599,515.49 2,549.33 21,747.07 24,296.40 0.00 0.00 3,596,966.16
B-3 2,406,000.00 2,401,007.56 1,700.49 14,506.09 16,206.58 0.00 0.00 2,399,307.07
B-4 962,000.00 960,003.85 679.92 5,800.02 6,479.94 0.00 0.00 959,323.93
B-5 481,000.00 480,001.94 339.96 2,900.01 3,239.97 0.00 0.00 479,661.98
B-6 962,552.00 960,554.70 680.31 5,803.35 6,483.66 0.00 0.00 959,874.39
- --------------------------------------------------------------------------------------------------------------------------------
TOTALS 240,523,752.43 232,945,123.17 636,771.06 1,406,463.66 2,043,234.72 0.00 0.00 232,308,352.11
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1,000 PASS THRU RATES
PRINCIPAL INTEREST END. CERT. CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------- -----------------------
A-1 4.00179895 5.74423698 946.76846505 A-1 7.25%
A-2 4.00179895 5.54615997 946.76846505 A-2 7.00%
A-3 4.00179895 6.14039138 946.76846505 A-3 7.75%
A-4 0.00000000 5.83333297 1000.00000000 A-4 7.00%
A-5 0.00000000 6.25000000 1000.00000000 A-5 7.50%
A-6 0.00000000 6.66666790 1000.00000000 A-6 8.00%
A-7 0.00000000 6.04166688 1000.00000000 A-7 7.25%
A-8 0.00000000 5.83333358 1000.00000000 A-8 7.00%
A-9 0.70677261 6.02913029 997.21823278 A-9 7.25%
A-10 N/A 0.14166679 N/A A-10 0.17%
A-R 0.00000000 0.00000000 0.00000000 A-R 7.25%
A-RL 0.00000000 0.00000000 0.00000000 A-RL 7.25%
B-1 0.70677199 6.02913022 997.21823383 B-1 7.25%
B-2 0.70677294 6.02912947 997.21823122 B-2 7.25%
B-3 0.70677057 6.02913134 997.21823358 B-3 7.25%
B-4 0.70677755 6.02912682 997.21822245 B-4 7.25%
B-5 0.70677755 6.02912682 997.21825364 B-5 7.25%
B-6 0.70677740 6.02912882 997.21821782 B-6 7.25%
- -------------------------------------------------------- -----------------------
</TABLE>
