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: December 10, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
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(Exact name of registrant as
specified in its charter)
New York 33-18640 13-3436103
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 834-5316
<PAGE>
Item 5. Other Events.
On or about November 25, 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., Chase Manhattan Mortgage Corporation,
as the master servicer, and The First National Bank of Chicago as Trustee (the
"Trustee"), were distributed to holders of the Multi-Class 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.
Exhibit No. Description
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20.1 Monthly Report for the month ended
October 31, 1996.
<PAGE>
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: December 10, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
By: /s/Louis D. Violante
--------------------
Name: Louis D. Violante
Title: Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
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20.1 Monthly Report for the month
ended October 31, 1996
Exhibit 20.1
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CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
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DISTRIBUTION: 25-Nov-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 85,305,298.33 507,613.53 515,386.18 1,022,999.71 0.00 0.00 84,797,684.80
A-2 40,932,000.00 38,405,117.28 228,531.61 224,029.85 452,561.46 0.00 0.00 38,176,585.67
A-3 20,466,000.00 19,202,558.64 114,265.81 124,016.52 238,282.33 0.00 0.00 19,088,292.83
A-4 9,139,000.00 9,138,999.97 0.01 53,310.83 53,310.84 0.00 0.00 9,138,999.96
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 2,712,999.99 0.00 18,086.67 18,086.67 0.00 0.00 2,712,999.99
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 23,945,230.57 18,025.67 144,669.10 162,694.77 0.00 0.00 23,927,204.90
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 5,974,384.71 4,497.44 36,095.24 40,592.68 0.00 0.00 5,969,887.27
B-2 3,607,000.00 3,583,835.95 2,697.87 21,652.34 24,350.21 0.00 0.00 3,581,138.08
B-3 2,406,000.00 2,390,548.75 1,799.58 14,442.90 16,242.48 0.00 0.00 2,388,749.17
B-4 962,000.00 955,822.06 719.53 5,774.76 6,494.29 0.00 0.00 955,102.53
B-5 481,000.00 477,911.03 359.77 2,887.38 3,247.15 0.00 0.00 477,551.26
B-6 962,552.00 956,370.52 719.94 5,778.07 6,498.01 0.00 0.00 955,650.58
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TOTALS 240,523,752.43 230,873,077.80 879,230.76 1,393,945.05 2,273,175.81 0.00 0.00 229,993,847.04
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</TABLE>
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FACTOR INFORMATION PER $1,000 PASS THRU RATES
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT. CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE
- ------------------------------------------------- ----------------------
<S> <C> <C> <C> <C> <C>
A-1 5.58320165 5.66869242 932.68312544 A-1 7.25%
A-2 5.58320165 5.47322022 932.68312503 A-2 7.00%
A-3 5.58320190 6.05963647 932.68312454 A-3 7.75%
A-4 0.00000109 5.83333297 999.99999562 A-4 7.00%
A-5 0.00000078 6.25000000 999.99999689 A-5 7.50%
A-6 0.00000078 6.66666790 999.99999689 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 0.74795311 6.00286722 992.83007884 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 0.74795277 6.00286712 992.83007983 B-1 7.25%
B-2 0.74795398 6.00286665 992.83007485 B-2 7.25%
B-3 0.74795511 6.00286783 992.83007897 B-3 7.25%
B-4 0.74795218 6.00286902 992.83007277 B-4 7.25%
B-5 0.74796258 6.00286902 992.83006237 B-5 7.25%
B-6 0.74794620 6.00286530 992.83008249 B-6 7.25%
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IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE
ADMINISTRATOR LISTED BELOW:
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DIANE WALLACE
CHASE MANHATTAN BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-8583
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
<PAGE>
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CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
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DISTRIBUTION: 25-Nov-96 Page 2
SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS 705,432.40
SEC. 4.02 (ii) SERVICING FEE 143,712.70
SEC. 4.02 (iv) CURRENT ADVANCES 0.00
OUTSTANDING ADVANCES 0.00
SEC. 4.02 (v) ENDING NUMBER OF LOANS 753
ENDING STATED PRINCIPAL BALANCE 229,993,847.04
SEC. 4.02 (vi) SENIOR PERCENTAGE 83.366823%
CLASS B PERCENTAGE 6.229766%
CLASS B1 PERCENTAGE 2.595673%
CLASS B2 PERCENTAGE 1.557058%
CLASS B3 PERCENTAGE 1.038614%
CLASS B4 PERCENTAGE 0.415273%
CLASS B5 PERCENTAGE 0.207637%
CLASS B6 PERCENTAGE 0.415511%
SEC. 4.02 (vii) ENDING RESERVE FUND BALANCE 3,000.00
SEC. 4.02 (viii) CLASS A-8 DISTRIBUTION DEFICIENCY 0.00
PAYMENTS UNDER POLICY 0.00
CLASS A-8 DISTRIBUTION 79,899.17
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SEC. 4.02 (ix) DELINQ. & FORECLOSURES CATEGORY NUMBER STAT PRIN BAL
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30-59 DAYS 0 0.00
60-89 DAYS 0 0.00
90+ DAYS 0 0.00
FORECLOSURE 1 230,742.42
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SEC. 4.02 (x) RECENT REO PROPERTY LOAN # STAT PRIN BAL DATE OF ACQ.
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N/A 0.00 N/A
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SEC. 4.02 (xi) BOOK VALUE OF REO PROPERTY 0.00
SEC. 4.02 (xii) REMAINING SPECIAL HAZARD AMOUNT 3,714,454.00
REMAINING FRAUD LOSS AMOUNT 4,810,475.00
REMAINING BANKRUPTCY AMOUNT 100,000.00
UNPAID
CLASS INTEREST CLASS UNPAID INTEREST
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SEC. 4.02 (xiii) CLASS A-1 0.00 CLASS A-10 0.00
CLASS A-2 0.00 CLASS A-R 0.00
CLASS A-3 0.00 CLASS A-RL 0.00
CLASS A-4 0.00 CLASS B-1 0.00
CLASS A-5 0.00 CLASS B-2 0.00
CLASS A-6 0.00 CLASS B-3 0.00
CLASS A-7 0.00 CLASS B-4 0.00
CLASS A-8 0.00 CLASS B-5 0.00
CLASS A-9 0.00 CLASS B-6 0.00
<PAGE>
SEC. 4.02 (xiv) SENIOR PREPAYMENT PERCENTAGE 100.000000%
B1 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B2 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B3 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B4 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B5 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
B6 PREPAYMENT DISTRIBUTION PERCENTAGE 0.000000%
SEC. 4.02 (xvi) RECOVERIES ON FORECLOSURES 0.00
SEC. 4.02 (xvii) WEIGHTED AVERAGE REMAINING TERM 347
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE 7.996970%
SEC. 4.02 (xix) GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT 850,410.96
GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT 18,025.67
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 10,794.13
POOL BALANCE 229,993,847.04
</TABLE>
(C) COPYRIGHT 1996, CHASE BANKING CORPORATION
