<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: August 2, 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)
<TABLE>
<S> <C> <C>
New York 33-18640 13-3436103
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
</TABLE>
<TABLE>
<S> <C>
270 Park Avenue, New York, New York 10017
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (212) 834-5316
<PAGE> 2
Item 5. Other Events.
On or about July 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
----------- -----------
20.1 Monthly Report for the month ended
June 30, 1996.
<PAGE> 3
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: August 2, 1996
CHEMICAL MORTGAGE SECURITIES, INC.
By: /s/ Louis D. Violante
--------------------------
Name: Louis D. Violante
Title: Chief Financial Officer
<PAGE> 4
INDEX TO EXHIBITS
Exhibit No. Description Page
- ----------- ----------- ----
20.1 Monthly Report for the month 5
ended June 30, 1996
<PAGE> 1
- --------------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
================================================================================
DISTRIBUTION: 25-Jul-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 85,913,306.18 116,960.31 519,059.56 636,019.87 0.00 0.00 85,796,345.87
A-2 40,932,000.00 38,678,847.22 52,656.46 225,626.61 278,283.07 0.00 0.00 38,626,190.76
A-3 20,466,000.00 19,339,423.62 26,328.23 124,900.44 151,228.67 0.00 0.00 19,313,095.39
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 24,015,790.89 17,389.95 145,095.40 162,485.35 0.00 0.00 23,998,400.94
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 5,991,989.66 4,338.83 36,201.60 40,540.43 0.00 0.00 5,987,650.83
B-2 3,607,000.00 3,594,396.58 2,602.72 21,716.15 24,318.87 0.00 0.00 3,591,793.86
B-3 2,406,000.00 2,397,593.07 1,736.11 14,485.46 16,221.57 0.00 0.00 2,395,856.96
B-4 962,000.00 958,638.61 694.15 5,791.77 6,485.92 0.00 0.00 957,944.46
B-5 481,000.00 479,319.32 347.08 2,895.89 3,242.97 0.00 0.00 478,972.24
B-6 962,552.00 959,188.68 694.55 5,795.10 6,489.65 0.00 0.00 958,494.13
- ---------------------------------------------------------------------------------------------------------------------
TOTALS 240,523,752.43 232,004,493.83 223,748.39 1,400,780.69 1,624,529.08 0.00 0.00 231,780,745.44
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------
- -------------------------------------------------------------
FACTOR INFORMATION PER $1,000
<TABLE>
<CAPTION>
PRINCIPAL INTEREST END. CERT.
CLASS DISTRIBUTION DISTRIBUTION BALANCE
- -------------------------------------------------------------
<S> <C> <C> <C>
A-1 1.28643733 5.70909564 943.66732070
A-2 1.28643751 5.51223028 943.66732052
A-3 1.28643751 6.10282615 943.66732077
A-4 0.00000000 5.83333297 1000.00000000
A-5 0.00000000 6.25000000 1000.00000000
A-6 0.00000000 6.66666790 1000.00000000
A-7 0.00000000 6.04166688 1000.00000000
A-8 0.00000000 5.83333358 1000.00000000
A-9 0.72157469 6.02055602 995.78427137
A-10 N/A 0.14166679 N/A
A-R 0.00000000 0.00000000 0.00000000
A-RL 0.00000000 0.00000000 0.00000000
B-1 0.72157492 6.02055546 995.78427241
B-2 0.72157472 6.02055725 995.78426948
B-3 0.72157523 6.02055694 995.78427265
B-4 0.72156965 6.02055094 995.78426195
B-5 0.72158004 6.02056133 995.78428274
B-6 0.72157141 6.02055785 995.78425893
- -------------------------------------------------------------
</TABLE>
PASS THRU RATES
<TABLE>
<CAPTION>
CURR PASS
CLASS THRU RATE
- -------------------------------
<S> <C>
A-1 7.25%
A-2 7.00%
A-3 7.75%
A-4 7.00%
A-5 7.50%
A-6 8.00%
A-7 7.25%
A-8 7.00%
A-9 7.25%
A-10 0.17%
A-R 7.25%
A-RL 7.25%
B-1 7.25%
B-2 7.25%
B-3 7.25%
B-4 7.25%
B-5 7.25%
B-6 7.25%
- -------------------------------
</TABLE>
===============================================================================-
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT
THE ADMINISTRATOR LISTED BELOW:
-----------------------------------------------------------------
EILEEN ROONEY
CHEMICAL BANK - STRUCTURED FINANCE SERVICES
450 WEST 33RD STREET, 15TH FLOOR
NEW YORK, NEW YORK 10001
(212) 946-3185
-----------------------------------------------------------------
(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
<PAGE> 2
- -------------------------------------------------------------------------------
CHEMICAL MORTGAGE SECURITIES, INC.
MULTI-CLASS MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
===============================================================================
DISTRIBUTION: 25-Jul-96 PAGE # 2
<TABLE>
<S> <C> <C>
SEC. 4.02 (i) (b) PRINCIPAL PREPAYMENTS 55,752.80
SEC. 4.02 (ii) SERVICING FEE 144,515.24
SEC. 4.02 (iv) CURRENT ADVANCES 1,787.72
OUTSTANDING ADVANCES 3,575.44
SEC. 4.02 (v) ENDING NUMBER OF LOANS 756
ENDING STATED PRINCIPAL BALANCE 231,780,745.44
SEC. 4.02 (vi) SENIOR PERCENTAGE 83.445944%
CLASS B PERCENTAGE 6.200132%
CLASS B1 PERCENTAGE 2.583325%
CLASS B2 PERCENTAGE 1.549652%
CLASS B3 PERCENTAGE 1.033674%
CLASS B4 PERCENTAGE 0.413298%
CLASS B5 PERCENTAGE 0.206649%
CLASS B6 PERCENTAGE 0.413535%
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
SEC. 4.02 (ix) DELINQ. & FORECLOSURES
<CAPTION>
- -------------------------------------------------------------
CATEGORY NUMBER STAT PRIN BAL
- -------------------------------------------------------------
<S> <C> <C>
30-59 DAYS 1 231,344.90
60-89 DAYS 0 0.00
90+ DAYS 0 0.00
FORECLOSURE 0 0.00
- -------------------------------------------------------------
SEC. 4.02 (x) RECENT REO PROPERTY
<CAPTION>
- -------------------------------------------------------------
LOAN # STAT PRIN BAL DATE OF ACQ.
- -------------------------------------------------------------
<S> <C> <C>
N/A 0.00 N/A
- -------------------------------------------------------------
<CAPTION>
<S> <C>
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
<CAPTION>
CLASS UNPAID INTEREST CLASS UNPAID INTEREST
--------------------------- ------------------- -------------------------- -------------------
<S> <C> <C> <C> <C>
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
<CAPTION>
<S> <C> <C>
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 351
SEC. 4.02 (xviii) ENDING WEIGHTED AVERAGE MORTGAGE RATE 7.997469%
SEC. 4.02 (xix) GROUP I SENIOR OPTIMAL PRINCIPAL AMOUNT 195,945.00
GROUP II SENIOR OPTIMAL PRINCIPAL AMOUNT 17,389.95
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT 10,413.44
POOL BALANCE 231,780,745.44
</TABLE>
(C) COPYRIGHT 1996, CHEMICAL BANKING CORPORATION
<PAGE> 3
CHEMICAL MORTGAGE SECURITIES - SERIES 1996-1
WATERFALL
DEPOSITS
<TABLE>
<S> <C>
AVAILABLE DISTRIBUTION AMOUNT 1,625,442.21
</TABLE>
<TABLE>
<CAPTION>
REMAINING
DISTRIBUTIONS BY PRIORITY DUE PAID UNPAID BALANCE DIST. TO
- ------------------------- --- ---- ------ ------- --------
<S> <C> <C> <C> <C> <C>
ACI-A1 519,059.56 519,059.56 0.00 1,106,382.65 CLASS A1
ACI-A2 225,626.61 225,626.61 0.00 880,756.04 CLASS A2
ACI-A3 124,900.44 124,900.44 0.00 755,855.60 CLASS A3
ACI-A4 53,310.83 53,310.83 0.00 702,544.77 CLASS A4
ACI-A5 6,250.00 6,250.00 0.00 696,294.77 CLASS A5
ACI-A6 18,086.67 18,086.67 0.00 678,208.10 CLASS A6
ACI-A7 139,725.63 139,725.63 0.00 538,482.47 CLASS A7
ACI-A8 79,899.17 79,899.17 0.00 458,583.30 CLASS A8
ACI-A9 145,095.40 145,095.40 0.00 313,487.90 CLASS A9
ACI-A10 1,940.41 1,940.41 0.00 311,547.49 CLASS A10
ACI-AR 0.00 0.00 0.00 311,547.49 CLASS AR
ACI-ARL 0.00 0.00 0.00 311,547.49 CLASS ARL
PREMIUM 913.13 913.13 0.00 310,634.36 FINANCIAL SECURITY
UNPAID ACI-A1 0.00 0.00 0.00 310,634.36 CLASS A1
UNPAID ACI-A2 0.00 0.00 0.00 310,634.36 CLASS A2
UNPAID ACI-A3 0.00 0.00 0.00 310,634.36 CLASS A3
UNPAID ACI-A4 0.00 0.00 0.00 310,634.36 CLASS A4
UNPAID ACI-A5 0.00 0.00 0.00 310,634.36 CLASS A5
UNPAID ACI-A6 0.00 0.00 0.00 310,634.36 CLASS A6
UNPAID ACI-A7 0.00 0.00 0.00 310,634.36 CLASS A7
UNPAID ACI-A8 0.00 0.00 0.00 310,634.36 CLASS A8
UNPAID ACI-A9 0.00 0.00 0.00 310,634.36 CLASS A9
UNPAID ACI-A10 0.00 0.00 0.00 310,634.36 CLASS A10
UNPAID ACI-AR 0.00 0.00 0.00 310,634.36 CLASS AR
UNPAID ACI-ARL 0.00 0.00 0.00 310,634.36 CLASS ARL
UNPAID PREMIUM 0.00 0.00 0.00 310,634.36 FINANCIAL SECURITY
CLASS A9 PRINCIPAL AMOUNT 17,389.95 17,389.95 0.00 293,244.41 CLASS A9
CLASS AR PRINCIPAL AMOUNT 0.00 0.00 0.00 293,244.41 CLASS AR
CLASS ARL PRINCIPAL AMOUNT 0.00 0.00 0.00 293,244.41 CLASS ARL
CLASS A1 PRINCIPAL AMOUNT 116,960.31 116,960.31 0.00 176,284.10 CLASS A1
CLASS A2 PRINCIPAL AMOUNT 52,656.46 52,656.46 0.00 123,627.64 CLASS A2
CLASS A3 PRINCIPAL AMOUNT 26,328.23 26,328.23 0.00 97,299.41 CLASS A3
CLASS A4 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,299.41 CLASS A4
CLASS A5 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,299.41 CLASS A5
CLASS A6 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,299.41 CLASS A6
CLASS A7 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,299.41 CLASS A7
CLASS A8 PRINCIPAL AMOUNT 0.00 0.00 0.00 97,299.41 CLASS A8
UNREIMBURSED ADVANCES 0.00 0.00 0.00 97,299.41 SERVICER
ACI-B1 36,201.60 36,201.60 0.00 61,097.81 CLASS B1
UNPAID ACI-B1 0.00 0.00 0.00 61,097.81 CLASS B1
CLASS B1 PRINCIPAL AMOUNT 4,338.83 4,338.83 0.00 56,758.98 CLASS B1
ACI-B2 21,716.15 21,716.15 0.00 35,042.83 CLASS B2
UNPAID ACI-B2 0.00 0.00 0.00 35,042.83 CLASS B2
CLASS B2 PRINCIPAL AMOUNT 2,602.72 2,602.72 0.00 32,440.11 CLASS B2
ACI-B3 14,485.46 14,485.46 0.00 17,954.65 CLASS B3
UNPAID ACI-B3 0.00 0.00 0.00 17,954.65 CLASS B3
CLASS B3 PRINCIPAL AMOUNT 1,736.11 1,736.11 0.00 16,218.54 CLASS B3
ACI-B4 5,791.77 5,791.77 0.00 10,426.77 CLASS B4
UNPAID ACI-B4 0.00 0.00 0.00 10,426.77 CLASS B4
CLASS B4 PRINCIPAL AMOUNT 694.15 694.15 0.00 9,732.62 CLASS B4
ACI-B5 2,895.89 2,895.89 0.00 6,836.73 CLASS B5
UNPAID ACI-B5 0.00 0.00 0.00 6,836.73 CLASS B5
CLASS B5 PRINCIPAL AMOUNT 347.08 347.08 0.00 6,489.65 CLASS B5
ACI-B6 5,795.10 5,795.10 0.00 694.55 CLASS B6
UNPAID ACI-B6 0.00 0.00 0.00 694.55 CLASS B6
CLASS B6 PRINCIPAL AMOUNT 694.55 694.55 0.00 0.00 CLASS B6
REMAINING BALANCE 0.00 0.00 0.00 0.00 CLASS AR
</TABLE>
