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) : March 17, 1997
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION, (as depositor under the
Pooling and Servicing Agreement, dated September 27, 1996, which forms ABFS
Mortgage Loan Trust 1996-2, which will issue the ABFS Mortgage Loan Trust
1996-2, Mortgage Pass-through Certificates, Series 1996-2).
Prudential Securities Secured Financing Corporation
(Exact name of registrant as specified in its charter)
Delaware 333-91148 13-3526694
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification No.)
One New York Plaza
New York, New York 10292
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code : (212) 214-7435
No Change
(Former name or former address, if changed since last report.)
Page 1 of 4 This report
consists of consecutively
numbered pages.
<PAGE>
Item 5. Other Events.
On March 17, 1997, April 15, 1997, and May 15, 1997 distributions were
made to the Certificateholders. Specific information with respect to
the distributions is filed as Exhibits 99.1, 99.2 and 99.3 hereto.
No other reportable transactions or matters have occurred during the
current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on March 17, 1997 filed as Exhibit
99.1 hereto.
Statement to Certificateholders on April 15, 1997 filed as Exhibit
99.2 hereto.
Statement to Certificateholders on May 15, 1997 filed as Exhibit
99.3 hereto.
<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 hereunto duly authorized.
CHASE MANHATTAN BANK
(SUCCESSOR BY MERGER OF THE
CHASE MANHATTAN BANK, N.A.),
AS TRUSTEE, FOR
ABFS MORTGAGE LOAN TRUST 1996-2
Date: June 11, 1997 By:/s/ Ronald Feldman
Ronald Feldman
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
Page
99.1 Monthly Certificateholder Statement on 5
March 17, 1997.
99.2 Monthly Certificateholder Statement on 9
April 15, 1997.
99.3 Monthly Certificateholder Statement on 13
May 15, 1997.
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on March 17, 1997
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES,CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
BEGINNING DATE: 02/01/97 END DATE: 02/28/97
DISTRIBUTION DATE: 03/17/97
BEGINNING POOL BALANCE: $38,413,093.57
BEGINNING CLASS A CERTIFICATE BALANCE: $36,570,126.37
1.TOTAL INTEREST PAYMENTS RECEIVED $382,667.70
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $450,492.62
A) TOTAL REGULAR PRINCIPAL $63,938.92
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $384,553.70
C) PARTIAL PREPAYMENTS CLASS A (100%) $2,000.00
3. MISCELLANEOUS FEES $1,495.88
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** $11,411.32
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED INTEREST ACCOUNT $174,835.85
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $58,278.61
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $0.00
9. SERVICING FEE $16,005.46
10.TRUSTEE FEE $1,280.44
11. SURETY FEE $8,533..03
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL ACCOUNTANTS
($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $2,619.24
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $1,495.88
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $846,067.52
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $229,325.17
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $63,938.92
D) PREPAYMENTS (100%) $386,553.70
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $679,817.79
16. REMAINING AVAILABLE FUNDS $166,249.73
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $229,325.17
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $450,492.62
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $679,817.79
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $136,315.69
G) TOTAL $816,133.48
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST (LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $38,413,093.57
MINUS
B) CLASS A CERTIFICATE BALANCE $36,570,126.37
C) DIFFERENCE $1,842,967.20
DIVIDED BY
D) ADJUSTED POOL BALANCE $38,413,093.57
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 4.80%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION (1) $37,962,600.95
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $35,983,318.06
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.9274290074
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 94.79
24. DELINQUENCIES
PERIOD NUMBER PRINCIPAL
(DAYS) OF LOANS BALANCE
30 8 $ 798,061.53
60 0 $ 0.00
90 OR GREATER 0 $ 0.00
FORECLOSURES 1 $ 127,441.33
REAL ESTATE ACQUIRED 0 $ 0.00
TOTAL 9 $ 925,502.86
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS
WASTE, IF APPLICABLE SEE ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $174,835.85
B.REMAINING BALANCE $0.00
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE 13.30
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN MADE 178
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE SERVICERS
DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY,
SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL MATURE NO
LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN, SAME OR HIGHER
QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN IF LOAN REPLACED WAS
FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS THAN REPLACED LOAN,HAS A
WEIGHTED AVERAGE LIFE OF NO GREATER OR LESS THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION DATE TO
DISTRIBUTION DATE.
(1) 224.60 POSTED TO PRINCIPAL IN ERROR TO LOAN NUMBER H633.
NO CASH TRANSACTED. THIS WILL BE CORRECTED NEXT MONTH.
<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on April 15, 1997
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES,CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
BEGINNING DATE: 03/01/97 END DATE: 03/31/97
DISTRIBUTION DATE: 04/15/97
BEGINNING POOL BALANCE: $37,962,600.95
BEGINNING CLASS A CERTIFICATE BALANCE: $35,983,318.06
1.TOTAL INTEREST PAYMENTS RECEIVED $438,991.52
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $373,426.89
A) TOTAL REGULAR PRINCIPAL $95,234.91
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $277,091.83
C) PARTIAL PREPAYMENTS CLASS A (100%) $1,100.15
3. MISCELLANEOUS FEES $4,225.17
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT ++ NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** $12,861.00
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED INTEREST
ACCOUNT $174,835.85
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $58,278.61
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $0.00
9. SERVICING FEE $15,817.75
10.TRUSTEE FEE $1,265.42
11. SURETY FEE $8,396.11
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL ACCOUNTANTS
($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $9,859.79
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $4,225.17
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $829,504.58
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $225,645.39
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $95,234.91
D) PREPAYMENTS (100%) $278,191.98
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $599,072.28
16. REMAINING AVAILABLE FUNDS $230,432.30
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $225,645.39
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $373,426.89
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $599,072.28
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $190,868.06
G) TOTAL $789,940.34
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST (LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $37,962,600.95
MINUS
B) CLASS A CERTIFICATE BALANCE $35,983,318.06
C) DIFFERENCE $1,979,282.89
DIVIDED BY
D) ADJUSTED POOL BALANCE $37,962,600.95
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 5.21%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION (1) $37,589,174.06
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $35,419,023.11
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.9128849483
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 94.23
24. DELINQUENCIES
PERIOD NUMBER PRINCIPAL
(DAYS) OF LOANS BALANCE
30 3 $275,331.20
60 2 $304,573.52
90 OR GREATER 0 $ 0.00
FORECLOSURES 1 $127,441.33
REAL ESTATE ACQUIRED 0 $ 0.00
TOTAL 6 $707,346.05
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS
WASTE, IF APPLICABLE SEE ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $174,835.85
B.REMAINING BALANCE $ 0.00
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE 13.32
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN MADE 176
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME OVERCOLLATERALIZATION
IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE SERVICERS
DISTRIBUTION DATE.(10TH DAY)
+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE BEING REPLACED BY, SAME OR
BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY STATUS, SHALL MATURE NO LATER
HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED LOAN, SAME OR HIGHER QUALITY
OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE LOAN IF LOAN REPLACED WAS FIRST
MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS THAN REPLACED LOAN,HAS A WEIGHTED
AVERAGE LIFE OF NO GREATER OR LESS THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION DATE TO
DISTRIBUTION DATE.
(1) 224.60 POSTED TO PRINCIPAL IN ERROR TO LOAN NUMBER H633.
NO CASH TRANSACTED. THIS WILL BE CORRECTED NEXT MONTH.
<PAGE>
Exhibit 99.3
Monthly Certificateholder Statement on May 15, 1997
<PAGE>
ABFS MORTGAGE LOAN TRUST REMIC SERIES 1996-2
MORTGAGE PASS-THROUGH CERTIFICATES,CLASS A AND CLASS R
THE CHASE MANHATTAN BANK AS TRUSTEE
MONTHLY SERVICING CERTIFICATE
DUE PERIOD
BEGINNING DATE: 04/01/97 END DATE: 04/30/97
DISTRIBUTION DATE: 05/15/97
BEGINNING POOL BALANCE: $37,589,174.06
BEGINNING CLASS A CERTIFICATE BALANCE: $35,419,023.11
1.TOTAL INTEREST PAYMENTS RECEIVED $416,983.80
2.TOTAL PRINCIPAL PAYMENTS/PREPAYMENTS RECEIVED $732,374.57
A) TOTAL REGULAR PRINCIPAL $73,417.53
B) TOTAL PRINCIPAL PREPAYMENTS RECEIVED CLASS A (100%) $621,338.90
C) PARTIAL PREPAYMENTS CLASS A (100%) $37,618.14
D) TOTAL PRINCIPAL $732,374.57
3. MISCELLANEOUS FEES $5,788.69
4. TOTAL INSURANCE PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION EXPENSES (TO SERVICER) NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
BALANCE OF PROCEEDS NONE
5. TOTAL LIQUIDATION PROCEEDS NONE
A) LIQUIDATION EXPENSES (TO SERVICER) NONE
B) PROPERTY PROTECTION XPENSES (TO SERVICER) NONE
BALANCE OF PROCEEDS (100% CLASS A) NONE
6. SUBSTITUTION/PURCHASE DEFECTIVE-DELINQUENT LOANS + NONE
A) SUBSTITUTION AMOUNT + NONE
B) PURCHASE PRICE AMOUNT NONE
C) AMOUNT ALLOCATED TO CLASS A NONE
7. AMOUNT OF ADVANCES ** $5,712.90
8.BALANCE OF CAPITALIZED INTEREST ACCOUNT AT CLOSING $174,835.85
AGGREGATE AMOUNT OF WITHDRAWALS FROM CAPITALIZED
INTEREST ACCOUNT $174,835.85
A) WITHDRAWALS FROM OCT96 $58,278.62
B) WITHDRAWALS FROM NOV96 $58,278.62
C) WITHDRAWALS FROM DEC96 $58,278.61
BALANCE REMAINING IN CAPITALIZED INTEREST ACCOUNT $0.00
9. SERVICING FEE $15,662.16
10.TRUSTEE FEE $1,252.97
11. SURETY FEE $8,264.44
<PAGE>
12. AMOUNT DELETED FROM SERVICING FEE FOR EXTERNAL ACCOUNTANTS
($2,000.00 QUARTERLY OR $666.66 MONTHLY) $666.66
13. AGGREGATE WITHDRAWALS (LIST BELOW)
A) LIQUIDATION EXPENSES NONE
B) PROPERTY PROTECTION EXPENSES NONE
C) EXCESS OF SUBSTITUTED/REPURCVHASED DEFECTIVE MORTGAGE LOAN NONE
D) LEGAL EXPENSES NONE
E) UNREIMBURSED ADVANCES (WITHOUT INTEREST) $11,249.94
F) NON-RECOVERABLE ADVANCES NONE
G) MISCELLANEOUS FEES $5,788.69
14. TOTAL AVAILABLE FUNDS FOR DISTRIBUTION $1,160,859.96
15. CLASS A FORMULA AMOUNT
A) INTEREST (7.525%) $222,106.79
B) UNPAID CLASS A INTEREST SHORTFALL NONE
C) PRINCIPAL PAYMENTS $73,417.53
D) PREPAYMENTS (100%) $658,957.04
E) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
F) OTHER NONE
G) TOTAL $954,481.36
16. REMAINING AVAILABLE FUNDS $206,378.60
17. CLASS A DISTRIBUTION AMOUNT
A) AMOUNT ALLOCABLE TO CURRENT INTEREST $222,106.79
B) AMOUNT OF INTEREST UNPAID TO CLASS A HOLDERS PLUS
ACCRUED INTEREST AT 7.525% FROM DISTRIBUTION DATE
TO DISTRIBUTION DATE NONE
C) AMOUNT ALLOCABLE TO CURRENT PRINCIPAL $732,374.57
D) AMOUNT OF ANY UNPAID CLASS A PRINCIPAL SHORTFALL NONE
E) SUB-TOTAL $954,481.36
F) EXCESS INTEREST PAYABLE TO CLASS A AS PRINCIPAL $164,160.40
G) TOTAL $1,118,641.76
18. UNPAID PRINCIPAL AND INTEREST FROM PRIOR AND CURRENT PERIOD
A) UNPAID CLASS A INTEREST SHORTFALL NONE
B) UNPAID CLASS A PRINCIPAL SHORTFALL NONE
19. REALIZED LOSSES (UNALLOCATED)
A) PRINCIPAL BALANCE OF DEFAULTED LOAN NONE
B) UNPAID ACCRUED INTEREST (LESS SERVICING AND TRUSTEE FEES) NONE
C) LIQUIDATION PROCEEDS NONE
D) REALIZED LOSSES (IF ANY) NONE
E) AMOUNT OF LOSS ALLOCATED TO CLASS A NONE
20. OVER-COLLATERALIZATION AMOUNT (POOL BALANCE-DELINQUENT
LOAN LOSS RESERVES-DEFECTIVE MORTGAGE BALANCE NOT
SUBSTITUTED OR REPURCHASED=ADJUSTED POOL BALANCE
A) ADJUSTED POOL BALANCE $37,589,174.06
MINUS
B) CLASS A CERTIFICATE BALANCE $35,419,023.11
C) DIFFERENCE $2,170,150.95
DIVIDED BY
D) ADJUSTED POOL BALANCE $37,589,174.06
E) OVERCOLLATERALIZATION AMOUNT AS A PERCENTAGE 5.77%
<PAGE>
21. CLASS R DISTRIBUTION AMOUNT * NONE
22. TOTAL POOL BALANCE AFTER DISTRIBUTION $36,856,799.52
23. CLASS A PRINCIPAL FACTOR AFTER DISTRIBUTION IS MADE
A) PRINCIPAL AFTER DISTRIBUTION $34,522,488.14
B) ORIGINAL PRINCIPAL $38,799,000.00
C) CLASS A PRINCIPAL FACTOR 0.8897777813
D) CLASS A PERCENTAGE AFTER DISTRIBUTION IS MADE 93.67
24. DELINQUENCIES
PERIOD NUMBER PRINCIPAL
(DAYS) OF LOANS BALANCE
30 5 $348,457.32
60 0 $ 0.00
90 OR GREATER 0 $ 0.00
FORECLOSURES 1 $127,441.33
REAL ESTATE ACQUIRED 0 $ 0.00
TOTAL 6 $475,898.65
25. LISTING OF PROPERTY DAMAGED BY HAZERDOUS WASTE,
IF APPLICABLE SEE ATTACHED
APPLICABLE_______ NOT APPLICABLE__X___
26. CAPITALIZED INTEREST ACCOUNT RECAP
A. AGGREGATE WITHDRAWALS $174,835.85
B.REMAINING BALANCE $0.00
27. WEIGHTED AVERAGE COUPON OF LOANS AFTER DISTRIBUTION HAS BEEN MADE 13.31
28. WEIGHTED AVERAGE MATURITY OF LOANS AFTER DISTRIBUTION HAS BEEN MADE 175
PREPARED BY:
ANNE BUCCERONI
VERIFIED BY:
DAVID LEVIN
* CLASS R WILL NOT RECEIVE ANY PAYMENTS UNTIL SUCH TIME
OVERCOLLATERALIZATION IS MET.
** DETERMINED AS OF THE CLOSE OF BUSINESS ON THE4 DAY PRECEDING THE SERVICERS
DISTRIBUTION DATE.(10TH DAY) "+ LOAN RATE MUST BE AT LEAST EQUAL TO LOAN RATE
BEING REPLACED BY," " SAME OR BETTER PROPERTY TYPE, SAME OR BETTER OCCUPANCY
STATUS, SHALL" " MATURE NO LATER HAN REPLACED LOAN, CLTV NO HIGHER THAN REPLACED
LOAN," " SAME OR HIGHER QUALITY OF REPLACED LOAN, SHALL BE A FIRST MORTGAGE
LOAN" " IF LOAN REPLACED WAS FIRST MORTGAGE, PRINCIPAL BALANCE EQUAL TO OR LESS
" " THAN REPLACED LOAN,HAS A WEIGHTED AVERAGE LIFE OF NO GREATER"
OR LESS THAN 12 MONTHS OF REPLACED LOAN.
++ PRINCIPAL PLUS ACCRUED AT THE NET LOAN RATE FROM DISTRIBUTION
DATE TO DISTRIBUTION DATE.
