<PAGE>
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 (Date of earliest event reported) May 25, 1995
LEHMAN ABS CORPORATION (as depositor under the Pooling and Servicing
Agreement dated as of April 1, 1995, providing for the issuance of
the Lehman FHA Title I Loan Trust 1995-3, FHA Title I Loan Asset
Backed Certificates, Series 1995-3)
LEHMAN ABS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 33-98594 13-3447441
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S.
EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
Three World Financial Center
200 Vesey Street
New York, New York 10285
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (Zip
Code)
Registrant's telephone number, including area code: (212) 298-2000
1
<PAGE>
ITEM 5. OTHER EVENTS
Attached hereto are copies of the monthly Certificateholder Reports
to the Certificateholders which were derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS.
Exhibits
Exhibit 1: Monthly Certificateholder Report to the Certificateholders, dated as
of May 25, 1995.
Exhibit 2: Monthly Certificateholder Report to the Certificateholders, dated as
of June 25, 1995.
Exhibit 3: Monthly Certificateholder Report to the Certificateholders, dated as
of July 25, 1995.
Exhibit 4: Monthly Certificateholder Report to the Certificateholders, dated as
of August 25, 1995.
Exhibit 5: Monthly Certificateholder Report to the Certificateholders, dated as
of September 25, 1995.
Exhibit 6: Monthly Certificateholder Report to the Certificateholders, dated as
of October 25, 1995.
Exhibit 7: Monthly Certificateholder Report to the Certificateholders, dated as
of November 25, 1995.
Exhibit 8: Monthly Certificateholder Report to the Certificateholders, dated as
of December 25, 1995.
Exhibit 9: Monthly Certificateholder Report to the Certificateholders, dated as
of January 25, 1996.
2
<PAGE>
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.
First Bank National Association, not in its
individual capacity but solely as Trustee.
By: /S/ CHRISTINA HATFIELD
--------------------------------------------
CHRISTINA HATFIELD
ASSISTANT VICE PRESIDENT
Date: February 27, 1996
3
<PAGE>
EXHIBIT INDEX
Sequential
Document Page Number
Exhibit 1: Monthly Certificateholder Report to the
Certificateholders, dated as of May 25, 1995 5
Exhibit 2: Monthly Certificateholder Report to the
Certificateholders, dated as of June 25, 1995. 10
Exhibit 3: Monthly Certificateholder Report to the
Certificateholders, dated as of July 25, 1995. 15
Exhibit 4: Monthly Certificateholder Report to the
Certificateholders, dated as of August 25, 1995. 20
Exhibit 5: Monthly Certificateholder Report to the
Certificateholders, dated as of September 25, 1995. 25
Exhibit 6: Monthly Certificateholder Report to the
Certificateholders, dated as of October 25, 1995. 30
Exhibit 7: Monthly Certificateholder Report to the
Certificateholders, dated as of November 25, 1995. 36
Exhibit 8: Monthly Certificateholder Report to the
Certificateholders, dated as of December 25, 1995. 41
Exhibit 9: Monthly Certificateholder Report to the
Certificateholders, dated as of January 25, 1996. 46
4
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 1
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 5/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C>
Class S _________ 59,983,974.01/(a)/ 0.29999996 0.00000000 1,410.46466804
Class A 525177AA9 84,983,974.00 6.66666671 6.48138024 993.51861976
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 17,995.19 17,995.19 17,995.19 0.00
Class A 8.00000% 0.00 0.00 566,559.83 566,559.83 566,559.83 0.00
Total 0.00 0.00 584,555.02 584,555.02 584,555.02 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION> Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 59,983,974.01/(a)/ ____ ____ ____ ____ 84,605,275.99/(a)/ ____
Class A 84,983,974.00 0.00 550,813.45 550,813.45 550,813.45 84,433,160.55 0.00
Total 84,983,974.00 0.00 550,813.45 550,813.45 550,813.45 84,433,160.55 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
DISTRIBUTIONS OTHER INFORMATION
FHA Premium Account Deposit 4,770.19 Defaulted Loans During The Related Due Period 0.00
Master Servicer Fee 14,996.63 Principal Balance Of All Defaulted Mortgage Loan 0.00
Master Servicer Reimbursement 0.00 Cram Down Losses 0.00
Trustee Fee 4,249.20 Excess Interest Paid As Principal 171,732.24
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 584,555.02 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 12,747.60 Distributable Excess Spread 383.20
Class A Principal Distribution 550,813.45 Actual Overcollateralization 172,115.44
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 59,983,974.01
Other Fee 0.00 Ending Collateral Balance 84,605,275.99
Class R Distribution 0.00
Total Distribution Amount 1,172,132.09
/(a)/ The Class S Notional Amount is equal to the Aggregate Principal Balance of the Loans
</TABLE>
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE I HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
*******
In accordance with Section 4.01(c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor and as Contract Insurance Holder, The
First National Bank of Keystone, Lomas Mortgage USA, Inc., as Master
Servicer and Claims Administrator and First Bank National Association as
Trustee for the following data for the May 25, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Apr 1 to Apr 30, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-April-95 $ 59,983,974.01
-----------------
Less: Total Amount of Defaulted
Mortgage Loa 30-April-95 $ 0.00
--------------------
Adjusted Beginning Aggregate Principal Balance: $ 59,983,974.01
----------------------
Interest due on Mortgage Loans during the
preceding Due Period: $ 621,384.21
-----------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 570,441.49
-----------------
Principal:
Regular Installments $ 89,990.01
------------------
Curtailments $ 40,420.02
------------------
Full Prepayments $ 248,671.18
------------------
Foreclosures (Claim Funds Received)/Other:
See Explanation (Adjustments to Beginning Balances) $ 0.00
--------------------
Total Principal Collections: $ 379,081.21
------------------
6
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as April 30, 1995 Monthly Cutoff (2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
-----------------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
-----------------
Mortgage Loans Purchased by Master Servicer as of
the April 30, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
-----------------
(ii) Unpaid Accrued Interest for such Mortgage Loans
with Rejected Claims: $ 0.00
-----------------
Amounts received from Keystone upon
optional termination: (9.01(d)):
(i) 100% of Aggregate Balance for
Mortgage Loans: $ 0.00
-----------------
(ii) Unpaid Accrued Interest $ 0.00
-----------------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
----------------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent Appraiser:$ 0.00
-----------------
TOTAL DISTRIBUTION AMOUNT: $ 1,000,465.42
---------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 0.00
----------------
FHA Claims Paid $ 0.00
-----------------
FHA Insurance Reduction/Additions $ 0.00
-----------------
FHA Insurance Coverage Balance - End of Due Period $ 0.00
-----------------
FHA Claims Filed $ 0.00
-----------------
FHA Claim Funds Available from Other Transactions $ 0.00
-----------------
7
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 0.00%
Based on 1 Months -----------------
Cumulative Default Percentage 0.00%
-----------------
30 Day + Delinquency Percentage 1.29%
-----------------
60 Day + Delinquency Percentage 0.39%
-----------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $0.00
---------
Recoveries on Defaulted Loans during the prior
Due Period (Current): $0.00
---------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $0.00
---------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $0.00
---------
Remaining defaulted loan balance reflecting all
collections received (losses) $0.00
---------
Total loans to be foreclosed
(see attached) #0 $0.00
---------------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $4,770.19
-------------
FHA Premiums Collected on Invoiced Loans: $21,216.31
--------------
FHA Premiums and Other Charges Due: $4,770.19
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $4,397.76
-------------
Master Servicer Fee (4.05.a.ii): $14,996.63
-------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $52,184.60
--------------
Foreclosure Advances: $0.00
---------
8
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $52,130.00
--------------
Foreclosure Advances: $0.00
---------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $0.00
---------
Foreclosure Advances: $0.00
---------
Unpaid Principal Balance - Current Loans 30-April-95 $58,835,330.40
------------------
Certificate Provided By: /s/ Date:
------------------------- ------------------
<PAGE>
<TABLE> FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 2
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 6/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S _________ 59,983,974.01 /(a)/ 0.42313935 0.00000000 1,404.24880629
Class A 525177AA9 84,983,974.00 6.62345750 7.32015627 986.19846349
</TABLE>
<TABLE>
INTEREST
<CAPTION> Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 25,381.58 25,381.58 25,381.58 0.00
Class A 8.00000% 0.00 0.00 562,887.74 562,887.74 562,887.74 0.00
Total 0.00 0.00 588,269.32 588,269.32 588,269.32 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION>
Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 84,605,275.99/(a)/ ____ ____ ____ ____ 84,232,423.90/(a)/ ____
Class A 84,433,160.55 0.00 622,095.97 622,095.97 622,095.97 83,811,064.58 0.00
Total 84,433,160.55 0.00 622,095.97 622,095.97 622,095.97 83,811,064.58 0.00
</TABLE>
<TABLE>
DISTRIBUTIONS
<CAPTION>
<S> <C> <C> <C>
DISTRIBUTIONS OTHER INFORMATION
FHA Premium Account Deposit 5,454.96 Defaulted Loans During The Related Due Period 21,076.26
Master Servicer Fee 21,152.00 Principal Balance Of All Defaulted Mortgage Loans 21,076.26
Master Servicer Reimbursement 228.33 Cram Down Losses 0.00
Trustee Fee 4,230.26 Excess Interest Paid As Principal 228,167.63
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 588,269.32 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 12,664.97 Distributable Excess Spread 193,191.69
Class A Principal Distribution 622,095.97 Actual Overcollateralization 421,359.32
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 84,605,275.99
Other Fee 0.00 Ending Collateral Balance 84,232,423.90
Class R Distribution 0.00
Total Distribution Amount 1,254,095.81
/(a)/ The Class S Notional Amount is equal to the Aggregate Principal Balance of the Loans
</TABLE>
10
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE I HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
**************************************************************************
In accordance with Section 4.01 (c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of December 1, 1994 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the June 20, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions, transfers,
deposits, withdrawals and overcollateralization calculations pursuant to
the Agreement. Capitalized terms used in the Certificate are used as
defined in the Agreement.
DUE PERIOD: May 1 to May 31, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date:
22-May-95 $84,605,275.98
------------------
Less: Total Amount of Defaulted
Mortgage Loa 31-May-95 $21,076.26
--------------
Adjusted Beginning Aggregate Principal Balance: $84,584,199.72
------------------
Interest due on Mortgage Loans during the
preceding Due Period: $880,281.03
---------------
Interest collected on Mortgage Loans during
the preceding Due Period: $797,158.18
---------------
Principal:
Regular Installments $122,697.28
---------------
Curtailments $50,648.20
--------------
Full Prepayments $199,506.60
---------------
Foreclosures (Claim Funds Received) Other:
See explanation $0.00
---------
Total Principal Collections: $372,852.08
---------------
11
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as May 31, 1995 Monthly Cutoff
(2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $0.00
---------
(ii) Unpaid accrued interest for such
Defective Mortgages: $0.00
---------
Mortgage Loans Purchased by Master Servicer as of
the May 31, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $0.00
---------
(ii) Unpaid accrued interest for such Mortgage Loans
with Rejected Claims: $0.00
---------
Amounts received from Keystone upon
optional termination: (9.01(d)):
(i) 100% of Aggregate Principal Balance
for Mortgage Loan. $0.00
--------
(ii) Unpaid Accrued Interest $0.00
---------
(iii) Fair Market Value of Pending FHS Claims
as determined by Independent Appraiser: $0.00
---------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent Appraiser: $0.00
---------
TOTAL DISTRIBUTION AMOUNT: $1,253,133.11
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $0.00
---------
FHA Claims Paid $0.00
---------
FHA Insurance Reduction/Additions $1,495.50
-------------
FHA Insurance Coverage Balance - End of Due Period $1,495.50
------------
FHA Claims Filed $0.00
---------
FHA Claims Funds Available from Other Transactions $0.00
---------
12
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 0.18%
-----------------
Based on 2 Months.
Cumulative Default Percentage 0.02%
-----------------
30 Day + Delinquency Percentage 6.86%
-----------------
60 Day + Delinquency Percentage 0.49%
-----------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $21,076.26
--------------
Recoveries on Defaulted Loans during the prior
Due Period (Current): $0.00
---------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $0.00
---------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $0.00
---------
Remaining defaulted loan balance reflecting all
collections received (losses) $0.00
---------
Total loans to be foreclosed
(see attached) #0 $0.00
----------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $5,454.96
-------------
FHA Premiums Collected on Invoiced Loans: $29,433.46
--------------
FHA Premiums and Other Charges Due: $7,308.18
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $13,660.32
--------------
Master Servicer Fee (4.05.a.ii): $21,152.00
--------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $85,320.83
--------------
Foreclosure Advances: $0.00
---------
13
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $135,646.65
---------------
Foreclosure Advances: $0.00
---------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $228.33
-----------
Foreclosure Advances: $0.00
---------
Unpaid Principal Balance - Current Loans
31-May-95 $78,429,979.94
------------------
Certificate Provided By: /s/
-------------------------
Date:
----------------
14
<PAGE>
<TABLE> FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 3
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 7/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S _________ 59,983,974.01/(a)/ 0.42127469 0.00000000 1,396.01068239
Class A 525177AA9 84,983,974.00 6.57465642 8.77833755 977.42012594
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 25,269.73 25,269.73 25,269.73 0.00
Class A 8.00000% 0.00 0.00 558,740.43 558,740.43 558,740.43 0.00
Total 0.00 0.00 584,010.16 584,010.16 584,010.16 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION> Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 84,232,423.90 /(a)/ ____ ____ ____ ____ 83,738,268.49/(a)/ ____
Class A 83,811,064.58 0.00 746,018.01 746,018.01 746,018.01 83,065,046.57 0.00
Total 83,811,064.58 0.00 746,018.01 746,018.01 746,018.01 83,065,046.57 0.00
</TABLE>
<TABLE>
DISTRIBUTIONS
<CAPTION>
<S> <C> OTHER INFORMATION
FHA Premium Account Deposit 5,432.51 Defaulted Loans During The Related Due Period 96,019.60
Master Servicer Fee 21,058.47 Principal Balance Of All Defaulted Mortgage Loans 117,095.86
Master Servicer Reimbursement 1,974.50 Cram Down Losses 0.00
Trustee Fee 4,211.62 Excess Interest Paid As Principal 155,843.00
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 584,010.16 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 12,571.66 Distributable Excess Spread 517,378.92
Class A Principal Distribution 746,018.01 Actual Overcollateralization 673,221.92
Class A Guaranteed Principal
Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 84,232,423.90
Other Fee 0.00 Ending Collateral Balance 83,738,268.49
Class R Distribution 0.00
Total Distribution Amount 1,375,276.93
/(a)/ The Class S Notional Amount is equal to the Aggregate Principal Balance of the Loans
</TABLE>
15
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
************************************************************************
In accordance with Section 4.01 (c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the July 20, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Jun 1 to Jun 30, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-Jun-95 $84,232,423.90
------------------
Less: Total Amount of Defaulted Mortgage Loan:
30-Jun-95 $117,095.86
---------------
Adjusted Beginning Aggregate Principal Balance: $84,115,328.04
------------------
Interest due on Mortgage Loans during the
preceding Due Period: $875,464.69
---------------
Interest collected on Mortgage Loans during
the preceding Due Period: $838,800.53
---------------
Principal:
Regular Installments $130,755.94
--------------
Curtailments $27,832.53
--------------
Full Prepayments $335,566.94
---------------
Foreclosures (Claim Funds Received) / Other:
See explanation $0.00
---------
Total Principal Collections: $494,155.41
---------------
16
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as of the June 30, 1995 Monthly Cutoff
(2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $0.00
---------
(ii) Unpaid accrued interest for such
Defective Mortgages: $0.00
---------
Mortgage Loans Purchased by Master Servicer as of
the June 30, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $0.00
---------
(ii) Unpaid accrued interest for such Mortgage Loans
with Rejected Claims: $0.00
---------
Amounts received from Keystone upon
optional termination (9.01(d)):
(i) 100% of Aggregate Principal Balance
for Mortgage Loan. $0.00
---------
(ii) Unpaid Accrued Interest $0.00
---------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $0.00
---------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent Appraiser: $0.00
---------
TOTAL DISTRIBUTION AMOUNT: $ 1,369,620.10
-----------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $1,495.50
-------------
FHA Claims paid $0.00
---------
FHA Insurance Reduction/Additions $3,305,152.77
-----------------
FHA Insurance Coverage Balance - End of Due Period $3,306,648.27
-----------------
FHA Claims Filed $0.00
---------
FHA Claims Funds Available from Other Transactions $0.00
--------
17
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 0.62%
-----------------
Based on 3 Months.
Cumulative Default Percentage 0.14%
-----------------
30 Day + Delinquency Percentage 1.95%
-----------------
60 Day + Delinquency Percentage 0.82%
-----------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $96,019.60
--------------
Recoveries on Defaulted Loans during the prior
Due Period (Current): $0.00
---------
Amounts, if any received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $0.00
---------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $0.00
---------
Remaining defaulted loan balance reflecting all
collections received (losses) $0.00
---------
Total loans to be foreclosed
(see attached) # 0 $0.00
--------------
OTHER
FHA Premium Account Deposit (4.05.a.1): $5,432.51
-------------
FHA Premiums Collected on Invoiced Loans: $31,247.67
--------------
FHA Premiums and Other Charges Due: $2,609.50
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $7,695.46
-------------
Master Servicer Fee (4.05.a.ii): $21,058.47
--------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $36,664.16
--------------
Foreclosure Advances: $0.00
---------
18
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $170,501.40
---------------
Foreclosure Advances: $0.00
---------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $1,974.50
-------------
Foreclosure Advances: $0.00
---------
Unpaid Principal Balance - Current Loans 30-Jun-95 $81,987,544.21
------------------
Certificate Provided By: /s/ Date:
------------------ -----------------
19
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 4
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 8/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S _________ 59,983,974.01 /(a)/ 0.41880320 0.00000000 1,389.95357704
Class A 525177AA9 84,983,974.00 6.51613421 7.23485936 970.18526658
</TABLE>
<TABLE>
INTEREST
<CAPTION> Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 25,121.48 25,121.48 25,121.48 0.00
Class A 8.00000% 0.00 0.00 553,766.98 553,766.98 553,766.98 0.00
Total 0.00 0.00 578,888.46 578,888.46 578,888.46 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION> Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 83,738,268.49/(a)/ ____ ____ ____ ____ 83,374,939.24/(a)/ ____
Class A 83,065,046.57 0.00 614,847.10 614,847.10 614,847.10 82,450,199.47 0.00
Total 83,065,046.57 0.00 614,847.10 614,847.10 614,847.10 82,450.199.47 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
DISTRIBUTIONS OTHER INFORMATION <C>
FHA Premium Account Deposit 5,409.11 Defaulted Loans During The Related Due Period 56,967.24
Master Servicer Fee 20,935.08 Principal Balance of All Defaulted Mortgage Loans 174,063.10
Master Servicer Reimbursement 1,903.58 Cram Down Losses 0.00
Trustee Fee 4,186.91 Excess Interest Paid As Principal 251,517.85
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 578,888.46 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 12,459.76 Distributable Excess Spread 730,189.16
Class A Principal Distribution 614,847.10 Actual Overcollateralization 924,739.77
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 83,738,268.49
Other Fee 0.00 Ending Collateral Balance 83,374,939.24
Class R Distribution 0.00
Total Distribution Amount 1,283,630.00
</TABLE>
/(a)/ The Class S Notional Amount is equal to the Aggregate Principal
Balance of the Loans
20
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
*******
In accordance with Section 4.01 (c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the August 21, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions, transfers,
deposits, withdrawals and overcollateralization calculations pursuant to
the Agreement. Capitalized terms used in the Certificate are used as
defined in the Agreement.
DUE PERIOD: Jul 1 to Jul 31, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-Jul-95 $83,738,268.49
------------------
Less: Total Amount of Defaulted Mortgage Loa
31-Jul-95 $174,063.10
---------------
Adjusted Beginning Aggregate Principal Balance:
$83,564,205.39
------------------
Interest due on Mortgage Loans during the
preceding Due Period: $ 869,460.31
----------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 840,080.30
---------------
Principal:
Regular Installments $ 131,681.74
---------------
Curtailments $ 25,210.93
--------------
Full Prepayments $ 206,436.58
---------------
Foreclosures (Claim Funds Received) / Other:
See explanation $ 0.00
---------
Total Principal Collections: $ 363,329.25
---------------
21
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as of the July 31, 1995 Monthly Cutoff
(2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
---------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
---------
Mortgage Loans Purchased by Master Servicer as of
the July 31, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
---------
(ii) Unpaid accrued interest for such Mortgage Loans
with Rejected Claims: $ 0.00
---------
Amounts received from Keystone upon
optional termination (9.01(d)):
(i) 100% of Aggregate Principal Balance
for Mortgage Loan. $ 0.00
---------
(ii) Unpaid Accrued Interest $ 0.00
---------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser. $ 0.00
---------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent Appraiser: $ 0.00
---------
TOTAL DISTRIBUTION AMOUNT: $ 1,232,789.56
-----------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 3,306,648.27
-----------------
FHA Claims paid $ 0.00
---------
FHA Insurance Reductions/Additions $ 1,018,617.74
-----------------
FHA Insurance Coverage Balance - End of Due Period $ 4,325,266.01
-----------------
FHA Claims Filed $ 0.00
---------
FHA Claims Funds Available from Other Transactions $ 0.00
---------
22
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 0.67%
Based on 4 Months -----------------
Cumulative Default Percentage 0.20%
----------------
30 Day + Delinquency Percentage 2.55%
-----------------
60 Day + Delinquency Percentage 0.65%
-----------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $ 56,967.24
--------------
Recoveries on Defaulted Loans during the
prior Due Period (Current): $ 0.00
---------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $ 0.00
---------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $ 0.00
---------
Remaining defaulted loan balance reflecting all
collections received (losses) $ 0.00
---------
Total loans to be foreclosed
(see attached) #0 $ 0.00
------------------
OTHER
FHA Premium Account Deposit (4.05.a.1): $ 5,409.11
-------------
FHA Premiums Collected on Invoiced Loans: $ 31,070.99
--------------
FHA Premiums and Other Charges Due: $ 5,630.56
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $ 8,154.19
-------------
Master Servicer Fee (4.05.a.ii): $ 20,935.08
--------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $ 31,683.74
--------------
Foreclosure Advances: $ 0.00
---------
23
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $ 197,906.91
---------------
Foreclosure Advances: $ 0.00
---------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $ 1,903.58
-------------
Foreclosure Advances: $ 0.00
---------
Unpaid Principal Balance - Current Loans 31-Jul-95 $ 81,077,727.98
------------------
Certificate Provided By: /s/
---------------------- Date: -------------------
24
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 5
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 9/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S -- 59,983,974.01 /(a)/ 0.41698604 0.00000000 1,372.86092259
Class A 525177AA9 84,983,974.00 6.46790182 15.15298025 955.03228632
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 25,012.48 25,012.48 25,012.48 0.00
Class A 8.00000% 0.00 0.00 549,668.00 549,668.00 549,668.00 0.00
Total 0.00 0.00 574,680.48 574,680.48 574,680.48 0.00
</TABLE>
<TABLE>
PRINCIPAL
Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 83,374,939.24/(a)/ ____ ____ ____ ____ 82,349,653.90/(a)/ ____
Class A 82,450,199.47 0.00 974,085.41 974,085.41 1,287,760.48 81,162,438.99 0.00
Total 82,450,199.47 0.00 974,085.41 974,085.41 1,287,760.48 81,162,438.99 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
DISTRIBUTIONS OTHER INFORMATION <C>
FHA Premium Account Deposit 5,193.97 Defaulted Loans During The Related Due Period 122,863.17
Master Servicer Fee 20,844.28 Principal Balance of All Defaulted Mortgage Loans 122,863.17
Master Servicer Reimbursement 5,213.04 Cram Down Losses 0.00
Trustee Fee 4,168.75 Excess Interest Paid As Principal 436,538.24
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 574,680.48 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 13,617.53 Distributable Excess Spread 873,539.84
Class A Principal Distribution 1,287,760.48 Actual Overcollateralization 1,187,214.91
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 83,374,939.24
Other Fee 0.00 Ending Collateral Balance 82,349,653.90
Class R Distribution 0.00
Total Distribution Amount 1,911,478.53
</TABLE>
/(a)/ The Class S Notional Amount is equal to the Aggregate Principal
Balance of the Loans
25
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
*******
In accordance with Section 4.01(c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the September 20, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Aug 1 to Aug 31, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 21-Aug-95 $ 83,374,939.24
----------------
Less: Total Amount of Defaulted Mortgage Loan
31-Aug-95 $ 296,926.27
---------------
Adjusted Beginning Aggregate Principal Balance: $ 83,078,012.97
----------------
Interest due on Mortgage Loans during the
preceding Due Period: $ 864,334.84
----------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 835,669.71
----------------
Principal:
Regular Installments $ 132,896.27
----------------
Curtailments $ 39,054.94
----------------
Full Prepayments $ 853,334.13
----------------
Foreclosures (Claim Funds Received)/Other:
See Explanation $ (174,063.10)
----------------
Total Principal Collections: $ 851,222.24
----------------
26
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as August 31, 1995 Monthly Cutoff (2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
--------------------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
--------------------
Mortgage Loans Purchased by Master Servicer as of
the August 31, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
--------------------
(ii) Unpaid accrued interest for such
Mortgage Loans with Rejected Claims: $ 0.00
--------------------
Amounts received from Keystone upon
optional termination: (9.01(d)):
* FUNDS ARE INCLUDED IN REGULAR COLLECTIONS OR IN DEFAULT MORTGAGE
COLLECTIONS SECTION
(i) 100% of Aggregate Principal Balance for
Mortgage Loan. $ 0.00
-------------------
(ii) Unpaid Accrued Interest $ 0.00
--------------------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
--------------------
(iv) Fair Market Value of Foreclosed Properties
as determined by Independent Appraiser: $ 0.00
--------------------
TOTAL DISTRIBUTION AMOUNT: $ 1,715,557.08
--------------------
--------------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 4,325,266.01
-----------------
FHA Claims Paid $ 0.00
--------------------
FHA Insurance Reduction/Additions $ (1,012,137.74)
-----------------
FHA Insurance Coverage Balance - End of Due Period $ 3,313,128.27
-----------------
FHA Claims Filed $ 0.00
--------------------
FHA Claim Funds Available from Other Transactions $ 1,015,629.91
-----------------
27
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 0.91%
-----------------
Based on 5 Months.
Cumulative Default Percentage 0.35%
-----------------
30 Day + Delinquency Percentage 3.31%
-----------------
60 Day + Delinquency Percentage 0.83%
-----------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $ 122,863.17
-----------------
Recoveries on Defaulted Loans during the
prior Due Period (Current): $ 189,612.24
-----------------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $ 189,612.24
-----------------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $ 0.00
-------------------
Remaining defaulted loan balance reflecting all
collections received (losses): $ 0.00
-------------------
Total loans to be foreclosed:
(see attached) # 0 $0.00
---------------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $ 5,193.97
-----------------
FHA Premiums Collected on Invoiced Loans: $ 31,187.94
-----------------
FHA Premiums and Other Charges Due: $ 4,599.64
-----------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $ 8,465.60
-----------------
Master Servicer Fee (4.05.a.ii): $ 20,844.28
-----------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $ 31,942.94
-----------------
Foreclosure Advances: $ 0.00
-----------------
28
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $ 224,668.46
-----------------
Foreclosure Advances: $ 0.00
-------------------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $ 5,213.04
-----------------
Foreclosure Advances: $ 0.00
-------------------
Unpaid Principal Balance - Current Loans
31-August-95 $ 79,501,649.08
-----------------
Certificate Provided By: /s/ Date:
--------------------------------- -------------
29
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 6
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 10/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S -- 59,983,974.01/a/ 0.41185834 0.00000000 1,364.50279080
Class A 525177AA9 84,983,974.00 6.36688195 8.76121467 946.27107165
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly Current
Interest Interest On Principal Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 24,704.90 24,704.90 24,704.90 0.00
Class A 8.00000% 0.00 0.00 541,082.93 541,082.93 541,082.93 0.00
Total 0.00 0.00 565,787.83 565,787.83 565,787.83 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION>
Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 82,349,653.90/(a)/ ____ ____ ____ ____ 81,848,299.94/(a)/ ____
Class A 81,162,438.99 0.00 689,621.64 689,621.64 744,562.84 80,417,876.15 0.00
Total 81,162,438.99 0.00 689,621.64 689,621.64 744,562.84 80,417,876.15 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <S> <C>
DISTRIBUTIONS OTHER INFORMATION
FHA Premium Account Deposit 5,143.37 Defaulted Loans During The Related Due Period 188,267.68
Master Servicer Fee 20,588.38 Principal Balance Of All Defaulted Mortgage Loans 311,130.85
Master Servicer Reimbursement 9,305.40 Cram Down Losses 0.00
Trustee Fee 4,117.48 Excess Interest Paid As Principal 243,208.88
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 565,787.83 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 12,174.37 Distributable Excess Spread 1,375,482.59
Class A Principal Distribution 744,562.84 Actual Overcollateralization 1,430,423.79
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 82,349,653.90
Other Fee 0.00 Ending Collateral Balance 81,848,299.94
Class R Distribution 0.00
Total Distribution Amount 1,361,679.67
</TABLE>
/(a)/ The Class S Notional Amount is equal to the Aggregate Principal
Balance of the Loans
30
<PAGE>
REVISED 10/19/95
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
*******
In accordance with Section 4.01 (c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the October 20, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Sep 1 to Sep 30, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-Sept-95 $ 82,349,653.90
--------------
Less: Total Amount of Defaulted Mortgage Loan
30-Sept-95 $ 311,130.85
---------------
Adjusted Beginning Aggregate Principal Balance: $ 82,038,523.05
------------------
Interest due on Mortgage Loans during the preceding
Due Period: $ 853,386.03
---------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 794,539.48
---------------
Principal:
Regular Installments $ 128,917.86
---------------
Curtailments $ 20,414.89
--------------
Full Prepayments $ 352,021.21
---------------
Foreclosures (Claim Funds Received)/Other: See Explanation $ 0.00
---------
Total Principal Collections: $ 501,353.96
---------------
31
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as September 30, 1995 Monthly Cutoff
(2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
---------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
---------
* FUNDS INCLUDED IN REGULAR COLLECTIONS OR DEFAULT MORTGAGE
COLLECTIONS SECTION
(SEE ATTACHED SCHEDULE)
Mortgage Loans Purchased by Master Servicer as of
the September 30, 1995 Monthly Cutoff: (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
---------
(ii) Unpaid accrued interest for such
Mortgage Loans with Rejected Claims: $ 0.00
---------
Amounts received from Keystone upon
optional termination: (9.01(d)):
(i) 100% of Aggregate Principal Balance
for Mortgage Loan. $ 0.00
---------
(ii) Unpaid Accrued Interest $ 0.00
--------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
---------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent Appraiser: $ 0.00
---------
TOTAL DISTRIBUTION AMOUNT: $ 1,203,694.01
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 3,432,288.25
-----------------
FHA Claims Paid $ 33,309.55
--------------
FHA Insurance Reductions/Additions $ 2,978.05
-------------
FHA Insurance Coverage Balance - End of Due Period $ 3,401,956.75
-----------------
FHA Claims Filed $ 28,948.40
--------------
FHA Claim Funds Available from Other Transactions $ 0.00
---------
32
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Six Month 3.55%
-----------------
Annual Default Percentage - Rolling Twelve Month 2.37%
-----------------
Based on 10 Months.
Cumulative Default Percentage 1.76%
-----------------
30 Day + Delinquency Percentage 4.88%
-----------------
60 Day + Delinquency Percentage 1.55%
-----------------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $ 247,553.33
---------------
Recoveries on Defaulted Loans during the
prior Due Period (Current): $ 33,309.55
--------------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $ 274,119.68
---------------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $ 0.00
---------
Remaining defaulted loan balance reflecting all
collections received (losses): $ 1,562.56
-------------
Total loans to be foreclosed:
(see attached) # 0 $0.00
-------------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $ 3,386.24
-------------
FHA Premiums Collected on Invoiced Loans: $ 25,114.09
--------------
FHA Premiums and Other Charges Due: $ 74,489.71
--------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $ 8,866.13
-----------
Master Servicer Fee (4.05.a.ii): $ 16,657.17
--------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $ 28,437.09
-------------
Foreclosure Advances: $ 0.00
---------
33
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as September 30, 1995 Monthly Cutoff
(2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
---------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
---------
Mortgage Loans Purchased by Master Servicer as of
the September 30, 1995 Monthly Cutoff: (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
---------
(ii) Unpaid accrued interest for such
Mortgage Loans with Rejected Claims: $ 0.00
--------
Amounts received from Keystone upon
optional termination: (9.01(d)):
* FUNDS ARE INCLUDED IN REGULAR COLLECTIONS OR IN DEFAULT MORTGAGE
COLLECTIONS SECTION
(i) 100% of Aggregate Principal Balance
for Mortgage Loan. $ 0.00
---------
(ii) Unpaid Accrued Interest $ 0.00
---------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
---------
(iv) Fair Market Value of Foreclosed Properties
as determined by Independent Appraiser: $ 0.00
---------
TOTAL DISTRIBUTION AMOUNT: $ 1,354,739.99
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 3,313,128.27
-----------------
FHA Claims Paid $ 0.00
---------
FHA Insurance Reductions/Additions $ 0.00
---------
FHA Insurance Coverage Balance - End of Due Period $ 3,313,128.27
-----------------
FHA Claims Filed $ 0.00
-------
FHA Claims Funds Available from Other Transactions $ 1,255,377.02
-----------------
34
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $ 173,674.11
---------------
Foreclosure Advances: $ 0.00
---------
Advances made by Master Servicer
entitled to reimbursement: (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $ 13,119.63
--------------
Foreclosure Advances: $ 323.18
-----------
Unpaid Principal Balance - Current Loans 30-Sept-95 $ 61,868,689.83
------------------
Certificate Provided By: /s/ Date:
-------------------------------- --------------
35
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 7
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 11/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S -- 81,848,299.94 /(a)/ 0.30000000 0.00000000 992.25075145
Class A 525177AA9 84,983,974.00 6.30847376 10.50112166 935.76994999
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly/(b)/ Current
Interest Interest On Principal Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 24,554.49 24,554.49 24,554.49 0.00
Class A 8.00000% 0.00 0.00 536,119.17 536,119.17 536,119.17 0.00
Total 0.00 0.00 560,673.66 560,673.66 560,673.66 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION>
Outstanding Monthly Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 81,848,299.94 ____ ____ ____ ____ 81,214,037.12 ____
Class A 80,417,876.15 0.00 1,152,888.26 1,152,888.26 892,427.05 79,525,449.10 260,461.21
Total 80,417,876.15 0.00 1,152,888.26 1,152,888.26 892,427.05 79,525,449.10 260,461.21
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
DISTRIBUTIONS OTHER INFORMATION
FHA Premium Account Deposit 5,113.19 Defaulted Loans During The Related Due Period 518,625.44
Master Servicer Fee 20,463.61 Principal Balance of All Defaulted Mortgage Loans 829,756.29
Master Servicer Reimbursement 0.00 Cram Down Losses 0.00
Trustee Fee 4,092.41 Excess Interest Paid As Principal 258,164.23
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 560,673.66 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 0.00 Distributable Excess Spread 1,688,588.02
Class A Principal Distribution 892,427.05 Actual Overcollateralization 1,688,588.02
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 81,848,299.94
Other Fee 0.00 Ending Collateral Balance 81,214,037.12
Class R Distribution 0.00
Total Distribution Amount 1,482,769.92
</TABLE>
/(a)/ The Class S Notional Amount as of the Reference Date of September
30, 1995
36
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
*******
In accordance with Section 4.01(c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the November 20, 1995 Distribution Date is
being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Oct 1 to Oct 31, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b))-
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-Oct-95 $ 81,848,299.94
------------------
Less: Total Amount of Defaulted
Mortgage Loa 31-Oct-95 $ 829,756.29
---------------
Adjusted Beginning Aggregate Principal Balance: $ 81,018,543.65
------------------
Interest due on Mortgage Loans during the
preceding Due Period: 842,618.76
--------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 807,248.97
---------------
Principal:
Regular Installments $ 132,267.78
---------------
Curtailments $ 48,343.51
--------------
Full Prepayments $ 453,651.53
---------------
Foreclosures (Claim Funds Received)/Other: See Explanation $ 0.00
---------
Total Principal Collections: $ 634,262.82
---------------
37
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as October 31, 1995 Monthly Cutoff (2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
---------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
--------
Mortgage Loans Purchased by Master Servicer as of
the October 31, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
---------
(ii) Unpaid accrued interest for such
Mortgage Loans with Rejected Claims: $ 0.00
---------
Amounts received from Keystone upon
optional termination: (9.01(d)):
(i) 100% of Aggregate Principal Balance for
Mortgage Loan. $ 0.00*
---------
(ii) Unpaid Accrued Interest $ 0.00*
---------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
--------
(iv) Fair Market Value of Foreclosed Properties
as determined by Independent Appraiser: $ 0.00
---------
TOTAL DISTRIBUTION AMOUNT: $ 1,476,881.58
-----------------
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 3,313,128.27
-----------------
FHA Claims Paid $ 0.00
---------
FHA Insurance Reductions/Additions $ 3,147,149.27
-----------------
FHA Insurance Coverage Balance - End of Due Period $ 6,460,277.54
-----------------
FHA Claims Filed $ 0.00
---------
FHA Claim Funds Available from Other Transactions $ 4,734,248.84
-----------------
38
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 2.17%
Based on 7 Months. ----------
Cumulative Default Percentage 1.18%
---------
30 Day + Delinquency Percentage 4.49%
----------
60 Day + Delinquency Percentage 1.25%
----------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $ 518,625.44
---------------
Recoveries on Defaulted Loans during the prior Due Period
(Current): $ 0.00
---------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $ 0.00
---------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $ 0.00
---------
Remaining defaulted loan balance reflecting all
collections received (losses): $ 0.00
---------
Total loans to be foreclosed:
(see attached) # 0 $0.00
-------------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $ 5,113.19
-------------
FHA Premiums Collected on Invoiced Loans: $ 30,360.43
--------------
FHA Premiums and Other Charges Due: $ 3,145.00
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $ 9,976.61
-------------
Master Servicer Fee (4.05.a.ii): $ 20,463.61
--------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $ 35,569.74
--------------
Foreclosure Advances: $ 0.00
---------
39
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $ 314,051.34
---------------
Foreclosure Advances: $ 0.00
---------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $ 0.00
--------
Foreclosure Advances: $ 0.00
---------
Unpaid Principal Balance - Current Loans 31-Oct-95 $ 76,740,635.46
------------------
Certificate Provided By: /s/ Date:
------------------ -------------
40
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 8
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 12/25/95
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S None 81,848,299.94 /(a)/ 0.29767521 0.00000000 985.81869396
Class A 525177AA9 84,983,974.00 6.23846633 8.96252581 926.80742419
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly/(b)/ Current
Interest Interest On Principal Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 24,364.21 24,364.21 24,364.21 0.00
Class A 8.00000% 0.00 0.00 530,169.66 530,169.66 530,169.66 0.00
Total 0.00 0.00 554,533.87 554,533.87 554,533.87 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION>
Outstanding Monthly(b) Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 81,214,037.12 ____ ____ ____ ____ 80,687,584.15 ____
Class A 79,525,449.10 260,461.21 902,470.05 1,162,931.26 761,671.06 78,763,778.04 401,260.20
Total 79,525,449.10 260,461.21 902,470.05 1,162,931.26 761,671.06 78,763,778.04 401,260.20
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
DISTRIBUTIONS OTHER INFORMATION
FHA Premium Account Deposit 5,082.57 Defaulted Loans During The Related Due Period 376,115.59
Master Servicer Fee 20,304.37 Principal Balance Of All Defaulted Mortgage Loans 1,205,773.37
Master Servicer Reimbursement 19,711.24 Cram Down Losses 0.00
Trustee Fee 4,060.70 Excess Interest Paid As Principal 235,316.60
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 554,533.87 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 0.00 Distributable Excess Spread 1,923,806.11
Class A Principal Distribution 761,671.06 Actual Overcollateralization 1,923,806.11
Class A Guaranteed Principal Distribution Amount 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 81,214,037.12
Other Fee 0.00 Ending Collateral Balance 80,687,584.15
Class R Distribution 0.00
Total Distribution Amount 1,365,363.81
</TABLE>
/(a)/ The Class S Notional Amount as of the Reference Date of September
30, 1995; /(b)/ Includes Guaranteed Principal, if any
41
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
***************************************
In accordance with Section 4.01(c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the December 20, 1995 Distribution
Date is being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Nov 1 to Nov 30, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b)) -
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-Nov-95 $ 81,214,037.12
-----------------
Less: Total Amount of Defaulted
Mortgage Loan 30-Nov-95 $ 1,205,871.88
----------------
Adjusted Beginning Aggregate Principal Balance: $ 80,008,165.24
-----------------
Interest due on Mortgage Loans during the
preceding Due Period: $ 831,921.03
--------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 810,128.15
--------------
Principal:
Regular Installments $ 135,132.51
--------------
Curtailments $ 27,238.44
-------------
Full Prepayments $ 364,082.02
--------------
Foreclosures (Claim Funds Received)/Other: See explanation$ (98.51)
----------
Total Principal Collections: $ 526,354.46
--------------
42
<PAGE>
Defective Mortgage Loans Purchased by Keystone
as November 30, 1995 Monthly Cutoff (2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
--------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
--------
Mortgage Loans Purchased by Master Servicer as of
the November 30, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
--------
(ii) Unpaid accrued interest for such
Mortgage Loans with Rejected Claims: $ 0.00
--------
Amounts received from Keystone upon
optional termination (9.01(d)):
(i) 100% of Aggregate Principal Balance for
Mortgage Loan. $ 0.00*
--------
(ii) Unpaid Accrued Interest $ 0.00*
--------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
--------
(iv) Fair Market Value of Foreclosed
Properties as determined by Independent Appraiser: $ 0.00
--------
TOTAL DISTRIBUTION AMOUNT: $ 1,358,275.49
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ N/A
-------
FHA Claims Paid $ N/A
-------
FHA Insurance Reductions/Additions $ N/A
-------
FHA Insurance Coverage Balance - End of Due Period $ N/A
-------
FHA Claims Filed $ N/A
-------
FHA Claim Funds Available from Other Transactions $ N/A
-------
43
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 2.60%
Based on 8 Months. ---------
Cumulative Default Percentage 1.62%
----------
30 Day + Delinquency Percentage 4.78%
----------
60 Day + Delinquency Percentage 1.58%
----------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $ 376,115.59
--------------
Recoveries on Defaulted Loans during the prior
Due Period (Current): $ 362.04
----------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $ 362.04
----------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $ 0.00
--------
Remaining defaulted loan balance reflecting all
collections received (losses) $ 0.00
--------
Total loans to be foreclosed
(see attached) # 0 $ 0.00
---------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $ 5,082.57
------------
FHA Premiums Collected on Invoiced Loans: $ 30,145.23
-------------
FHA Premiums and Other Charges Due: $ 32,310.88
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $ 10,042.96
-------------
Master Servicer Fee (4.05.a.ii): $ 20,304.37
-------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $ 21,977.81
-------------
Foreclosure Advances: $ 0.00
--------
44
<PAGE>
Cumulative Advances made by Master Servicer:
Interest Advances: $ 310,232.05
--------------
Foreclosure Advances: $ 0.00
--------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $ 19,711.24
-------------
Foreclosure Advances: $ 0.00
--------
Unpaid Principal Balance - Current Loans 30-Nov-95 $ 75,622,091.91
-----------------
Certificate Provided By: /s/ Date: __________
----------------------------
45
<PAGE>
<TABLE>
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES Page 1 of 1
SERIES 1995-3 EXHIBIT 9
CERTIFICATEHOLDER REPORT
DISTRIBUTION DATE: 1/25/96
FACTORS (Per $1000 Of Original Certificate Balance)
<CAPTION>
Ending
Original Interest Principal Certificate
CUSIP Certificate Distribution Distribution Balance
Number Balance Factor Factor Factor
<S> <C> <C> <C> <C> <C>
Class S None 81,848,299.94 /(a)/ 0.29574567 0.00000000 978.45486722
Class A 525177AA9 84,983,974.00 6.17871612 9.74400362 917.06342057
</TABLE>
<TABLE>
INTEREST
<CAPTION>
Monthly Current
Interest Interest On Interest Interest Interest
Certificate Carryover Carryover Distributable Interest Distribution Carryover
Rate Shortfall Shortfall Amount Distribution Payment Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 0.36000% 0.00 0.00 24,206.28 24,206.28 24,206.28 0.00
Class A 8.00000% 0.00 0.00 525,091.85 525,091.85 525,091.85 0.00
Total 0.00 0.00 549,298.13 549,298.13 549,298.13 0.00
</TABLE>
<TABLE>
PRINCIPAL
<CAPTION>
Outstanding Monthly(b) Current
Beginning Principal Principal Principal Ending Principal
Certificate Carryover Distributable Principal Distribution Certificate Carryover
Balance Shortfall Amount Distribution Payment Balance Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
Class S 80,687,584.15 ____ ____ ____ ____ 80,084,867.45 ____
Class A 78,763,778.04 401,260.20 1,051,863.85 1,453,124.05 828,084.15 77,935,693.89 625,039.90
Total 78,763,778.04 401,260.20 1,051,863.85 1,453,124.05 828,084.15 77,935,693.89 625,039.90
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
DISTRIBUTIONS OTHER INFORMATION
FHA Premium Account Deposit 5,046.90 Defaulted Loans During The Related Due Period 449,438.22
Master Servicer Fee 20,172.28 Principal Balance Of All Defaulted Mortgage Loan 1,654,920.52
Master Servicer Reimbursement 24,104.37 Cram Down Losses 0.00
Trustee Fee 4,034.38 Excess Interest Paid As Principal 225,658.52
Priority Expenses 0.00 Required OC Amount 2.00%
Class Interest Distribution 549,298.13 Overcollateralization Prior to Allocation of
Amounts Owing to Certificate Insurer 0.00 Distributable Excess Spread 2,149,173.56
Class A Principal Distribution 828,084.15 Actual Overcollateralization 2,149,173.56
Class A Guaranteed Principal Distribution Amt 0.00 Required Overcollateralization 1,699,679.48
Successor Master Servicer Fee 0.00 Beginning Collateral Balance 80,687,584.15
Other Fee 0.00 Ending Collateral Balance 80,084,867.45
Class R Distribution 0.00
Total Distribution Amount 1,430,740.21
</TABLE>
/(a)/ The Class S Notional Amount as of the Reference Date of September
30, 1995; /(b)/ Includes Guaranteed Principal, if any
46
<PAGE>
MASTER SERVICER CERTIFICATE
FHA TITLE 1 HOME IMPROVEMENT LOAN
PASS-THROUGH CERTIFICATES, SERIES 1995-3
*****************************************************************************
***************************************
In accordance with Section 4.01(c) of the Pooling and Servicing Agreement
(FHA Title 1 Loans) (the Agreement") dated as of April 1, 1995 among
Lehman ABS Corporation, as Depositor, the First National Bank of Keystone,
Lomas Mortgage USA, Inc., as Master Servicer and Claims Administrator, and
First Bank National Association as Trustee and as Contract of Insurance
Holder, the following data for the January 22, 1996 Distribution
Date is being presented to the Trustee, for use in making distributions,
transfers, deposits, withdrawals and overcollateralization calculations
pursuant to the Agreement. Capitalized terms used in the Certificate are
used as defined in the Agreement.
DUE PERIOD: Dec 1 to Dec 31, 1995
DISTRIBUTION AMOUNT:
Mortgage Payments Received (4.03(b)) -
Interest:
Ending Aggregate Principal Balance
of Mortgage Loans as of the preceding
Distribution Date: 20-Dec-95 $ 80,687,584.15
-----------------
Less: Total Amount of Defaulted Mortgage Loan
31-Dec-95 $ 1,655,211.59
----------------
Adjusted Beginning Aggregate Principal Balance: $ 79,032,372.56
----------------
Interest due on Mortgage Loans during the preceding
Due Period: $ 821,700.80
--------------
Interest collected on Mortgage Loans during
the preceding Due Period: $ 752,209.13
--------------
Principal:
Regular Installments $ 125,164.30
--------------
Curtailments $ 8,493.20
------------
Full Prepayments $ 469,059.20
--------------
Foreclosures (Claim Funds Received)/Other:
See explanation $ (291.07)
-----------
Total Principal Collections: $ 602,425.63
--------------
47
<PAGE>
Defective Mortgage Loans Purchased by Keystone as
December 31, 1995 Monthly Cutoff (2.04(c) and 3.12(b)):
(i) 100% of the Principal Balance of
such Defective Loans: $ 0.00
--------
(ii) Unpaid accrued interest for such
Defective Mortgages: $ 0.00
--------
Mortgage Loans Purchased by Master Servicer as of
the December 31, 1995 Monthly Cutoff (3.12(b)):
(i) 100% of the Principal Balance of
Mortgage Loans with Rejected Claims: $ 0.00
--------
(ii) Unpaid accrued interest for such
Mortgage Loans with Rejected Claims: $ 0.00
--------
Amounts received from Keystone upon
optional termination (9.01(d)):
(i) 100% of Aggregate Prinicpal Balance for
Mortgage Loan. $ 0.00*
--------
(ii) Unpaid Accrued Interest $ 0.00*
--------
(iii) Fair Market Value of Pending FHA Claims
as determined by Independent Appraiser: $ 0.00
--------
(iv) Fair Market Value of Foreclosed Properties
as determined by Independent Appraiser: $ 0.00
--------
TOTAL DISTRIBUTION AMOUNT: $ 1,424,126.43
FHA INSURANCE INFORMATION:
FHA Insurance Coverage Balance - Beg Due Period $ 6,460,277.54
----------------
FHA Claims Paid $ 0.00
--------
FHA Insurance Reductions/Additions $ (518.09)
-----------
FHA Insurance Coverage Balance - End of Due Period $ 6,459,759.45
----------------
FHA Claims Filed $ 24,953.63
-------------
FHA Claim Funds Available from Other Transactions $ 7,508,599.17
----------------
48
<PAGE>
DELINQUENCY INFORMATION:
Annual Default Percentage - Rolling Twelve Month 3.06%
Based on 9 Months. ----------
Cumulative Default Percentage 2.15%
----------
30 Day + Delinquency Percentage 5.78%
----------
60 Day + Delinquency Percentage 1.92%
----------
DEFAULTED MORTGAGE LOANS:
Total amount of Mortgage Loans which
became Defaulted Mortgage Loans during
the prior Due Period: $ 449,438.22
--------------
Recoveries on Defaulted Loans during the prior
Due Period (Current): $ 981.40
----------
Amounts, if any, received with respect
to a Mortgage Loan or any related
Foreclosed Property subsequent to the
date of repurchase of such Mortgage Loan
or Foreclosed Property from the Trust (Cumulative): $ 1,343.44
------------
The aggregate amount, if any, of any
Cram Down Losses that shall have occurred
during the preceding Due Period: $ 0.00
--------
Remaining defaulted loan balance reflecting all
collections received (losses) $ 0.00
--------
Total loans to be foreclosed
(see attached) # 0 $ 0.00
----------------
OTHER:
FHA Premium Account Deposit (4.05.a.1): $ 5,046.90
------------
FHA Premiums Collected on Invoiced Loans: $ 28,197.01
------------
FHA Premiums and Other Charges Due: $ 57,830.65
-------------
Shortfall in FHA Premium Account Deposits
in respect of Invoiced Mortgage Loans: $ 11,097.35
-------------
Master Servicer Fee (4.05.a.ii): $ 20,172.28
-------------
Total Advances made by Master Servicer with
respect to Distribution Date (3.08(a)):
Interest Advances: $ 69,491.67
------------
Foreclosure Advances: $ 0.00
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Cumulative Advances made by Master Servicer:
Interest Advances: $ 360,012.48
--------------
Foreclosure Advances: $ 0.00
--------
Advances made by Master Servicer
entitled to reimbursement (4.05.a.iii):
Amount of Interest Advances
to be reimbursed from unrelated
Mortgage Loans: $ 24,104.37
-------------
Foreclosure Advances: $ 0.00
--------
Unpaid Principal Balance - Current Loans 31-Dec-95 $ 73,798,219.14
-----------------
Certificate Provided By: /s/ Date: ______________
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