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) DECEMBER 18, 1996
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 333-16511 13-3526694
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
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>
Item 5. OTHER EVENTS
Prudential Securities Secured Financing Corporation ("PSSFC") registered
issuances of Pass-Through Certificates on a delayed or continuous basis pursuant
to Rule 415 under the Securities Act of 1933, as amended (the "Act"), by a
Registration Statement on Form S-3 (Registration File No. 333-16511) (as
amended, the "Registration Statement"). Pursuant to the Registration Statement,
PSSFC caused the issuance of $55,000,000 principal amount of Life Financial
Services Trust 1996-1 Mortgage Pass-Through Certificates, Series 1996-1 (the
"Certificates") Life Financial Services Trust 1996-1 (the "Trust"), on December
18, 1996 (the "Closing Date"). This Current Report on Form 8-K is being filed to
file a detailed description of the Initial Mortgage Loans contributed to the
Trust.
The Certificates were issued pursuant to a pooling and servicing agreement
(the "Pooling and Servicing Agreement"), dated as of November 30, 1996 (the
"Cut-Off Date"), among Life Savings Bank, Federal Savings Bank, as seller and
servicer, PSSFC, as depositor and Norwest Bank Minnesota, National Association,
as trustee and back-up servicer (the "Trustee"), and consist of one class of
certificates designated Class A. As of the Closing Date, the initial principal
amount of the Class A Certificates was $55,000,000.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement.
<PAGE>
CERTAIN CHARACTERISTICS OF THE MORTGAGE POOL
Set forth below is a description of certain characteristics of the Mortgage
Pool and the Initial Mortgage Loans. Certain of the percentage columns may not
sum to 100.00% due to rounding.
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
State Loans Balance Balance
AL 30 925,411.72 2.06
AR 2 63,120.63 0.14
AZ 5 259,234.26 0.58
CA 280 11,790,445.52 26.27
CO 35 1,197,784.69 2.67
CT 3 148,420.12 0.33
DC 2 49,437.38 0.11
DE 5 170,528.83 0.38
FL 95 3,649,465.66 8.13
GA 34 1,016,678.05 2.27
HI 15 899,402.45 2.00
ID 23 614,773.35 1.37
IL 22 959,962.32 2.14
IN 32 843,058.44 1.88
KS 1 16,970.17 0.04
KY 1 23,250.00 0.05
MA 3 115,522.62 0.26
MD 112 3,941,857.68 8.78
MI 4 105,635.63 0.24
MO 2 115,846.16 0.26
MT 1 122,522.41 0.27
NC 85 2,654,104.60 5.91
NJ 7 303,287.15 0.68
NM 2 55,952.00 0.12
NV 9 301,516.15 0.67
NY 2 72,768.89 0.16
OH 3 65,973.56 0.15
OK 18 462,157.39 1.03
OR 12 469,434.96 1.05
PA 45 1,353,795.33 3.02
SC 22 763,358.65 1.70
SD 2 48,850.00 0.11
TN 8 198,653.38 0.44
TX 3 180,419.49 0.40
UT 154 5,199,712.28 11.58
VA 139 4,803,722.91 10.70
VT 2 73,367.30 0.16
WA 14 749,518.39 1.67
WI 1 38,273.76 0.09
WY 3 62,216.37 0.14
- ----------------------------------------------------------------------
Total....... 1238 $ 44,886,410.65 100.00%
ORIGINAL LOAN-TO-VALUE RATIOS
Page 1
Percentage of
Aggregate Cut-Off Date
Combined Number of Unpaid Aggregate
Loan-To-Value Mortgage Principal Principal
Ratio Loans Balance Balance
0.000 * COMBINED_LTV **= 50.000 28 2,007,760.30 4.47
50.000 * COMBINED_LTV **= 55.000 6 439,470.82 0.98
55.000 * COMBINED_LTV **= 60.000 14 412,219.30 0.92
60.000 * COMBINED_LTV **= 65.000 26 1,566,535.76 3.49
65.000 * COMBINED_LTV **= 70.000 25 1,592,826.38 3.55
70.000 * COMBINED_LTV **= 75.000 32 2,286,980.15 5.10
75.000 * COMBINED_LTV **= 80.000 18 1,155,555.21 2.57
80.000 * COMBINED_LTV **= 85.000 20 983,150.50 2.19
85.000 * COMBINED_LTV **= 90.000 128 5,392,218.61 12.01
90.000 * COMBINED_LTV **= 95.000 62 1,915,991.47 4.27
95.000 * COMBINED_LTV **= 100.000 303 8,352,345.66 18.61
100.000 * COMBINED_LTV **= 105.000 52 1,641,903.52 3.66
105.000 * COMBINED_LTV **= 110.000 88 2,501,894.88 5.57
110.000 * COMBINED_LTV **= 115.000 106 3,375,463.33 7.52
115.000 * COMBINED_LTV **= 120.000 121 4,147,323.81 9.24
120.000 * COMBINED_LTV **= 125.000 209 7,114,770.95 15.85
- --------------------------------------------------------------------------
Total................... 1238 $ 44,886,410.65 100.00%
===========================================================================
* = Less Than
** = More Than
<PAGE>
GROSS MORTGAGE INTEREST RATE RANGE
Percentage of
Aggregate Cut-Off Date
Gross Mortgage Number of Unpaid Aggregate
Interest Rate Mortgage Principal Principal
Range Loans Balance Balance
8.00% * Gross Coupon **= 8.25% 1 110,000.00 0.25
8.25% * Gross Coupon **= 8.50% 1 56,290.80 0.13
9.00% * Gross Coupon **= 9.25% 1 93,123.50 0.21
9.25% * Gross Coupon **= 9.50% 7 713,531.96 1.59
9.50% * Gross Coupon **= 9.75% 5 635,854.80 1.42
9.75% * Gross Coupon **= 10.00% 5 632,105.95 1.41
10.00% * Gross Coupon **=10.25% 5 509,450.28 1.13
10.25% * Gross Coupon **=10.50% 11 939,482.83 2.09
10.50% * Gross Coupon **=10.75% 18 1,265,485.40 2.82
10.75% * Gross Coupon **= 11.00% 14 926,185.19 2.06
11.00% * Gross Coupon **= 11.25% 12 889,839.67 1.98
11.25% * Gross Coupon **= 11.50% 19 917,932.18 2.05
11.50% * Gross Coupon **= 11.75% 19 1,221,125.88 2.72
11.75% * Gross Coupon **= 12.00% 25 999,295.62 2.23
12.00% * Gross Coupon **= 12.25% 41 1,332,199.90 2.97
12.25% * Gross Coupon **= 12.50% 39 1,617,795.28 3.60
12.50% * Gross Coupon **= 12.75% 43 1,367,699.83 3.05
12.75% * Gross Coupon **= 13.00% 54 1,885,757.28 4.20
13.00% * Gross Coupon **= 13.25% 44 1,591,206.10 3.54
13.25% * Gross Coupon **= 13.50% 75 2,407,130.99 5.36
13.50% * Gross Coupon **= 13.75% 125 3,873,072.91 8.63
13.75% * Gross Coupon **= 14.00% 118 3,835,264.72 8.54
14.00% * Gross Coupon **= 14.25% 80 2,471,954.03 5.51
14.25% * Gross Coupon **= 14.50% 80 2,301,927.64 5.13
14.50% * Gross Coupon **= 14.75% 95 2,959,100.87 6.59
14.75% * Gross Coupon **= 15.00% 108 3,418,735.05 7.62
15.00% * Gross Coupon **= 15.25% 55 1,623,702.44 3.62
15.25% * Gross Coupon **= 15.50% 63 1,919,433.71 4.28
15.50% * Gross Coupon **= 15.75% 43 1,311,999.86 2.92
15.75% * Gross Coupon **= 16.00% 19 608,659.36 1.36
16.00% * Gross Coupon **= 16.25% 6 177,758.42 0.40
16.25% * Gross Coupon **= 16.50% 4 103,457.79 0.23
16.50% * Gross Coupon **= 16.75% 1 119,936.00 0.27
16.75% * Gross Coupon **= 17.00% 1 24,938.32 0.06
17.25% * Gross Coupon **= 17.50% 1 24,976.09 0.06
- ----------------------------------------------------------------------------
Total.......... 1238 $ 44,886,410.65 100.00%
=============================================================================
* = Less Than
**= More Than
<PAGE>
CURRENT MORTGAGE LOAN AMOUNTS
Page 1
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Mortgage Loan Mortgage Principal Principal
Principal Balance Loans Balance Balance
5,000 * Balance **= 10,000 6 55,289.78 0.12
10,000 * Balance **= 15,000 54 703,039.40 1.57
15,000 * Balance **= 20,000 124 2,282,332.44 5.08
20,000 * Balance **= 25,000 349 8,395,760.06 18.70
25,000 * Balance **= 30,000 135 3,876,448.40 8.64
30,000 * Balance **= 35,000 110 3,588,092.27 7.99
35,000 * Balance **= 40,000 135 5,145,969.43 11.46
40,000 * Balance **= 45,000 67 2,871,858.89 6.40
45,000 * Balance **= 50,000 138 6,754,685.77 15.05
50,000 * Balance **= 55,000 16 843,792.34 1.88
55,000 * Balance **= 60,000 22 1,284,354.86 2.86
60,000 * Balance **= 65,000 7 439,112.10 0.98
65,000 * Balance **= 70,000 8 547,428.70 1.22
70,000 * Balance **= 75,000 10 723,929.29 1.61
75,000 * Balance **= 80,000 7 549,395.98 1.22
80,000 * Balance **= 85,000 2 164,187.62 0.37
85,000 * Balance **= 90,000 3 265,561.77 0.59
90,000 * Balance **= 95,000 5 464,486.48 1.03
95,000 * Balance **= 100,000 6 589,479.59 1.31
100,000 * Balance **= 150,000 22 2,684,964.81 5.98
150,000 * Balance **= 200,000 7 1,269,040.29 2.83
200,000 * Balance **= 250,000 2 429,838.09 0.96
250,000 * Balance **= 300,000 1 251,612.29 0.56
300,000 * Balance **= 350,000 1 312,000.00 0.70
350,000 * Balance **= 400,000 1 393,750.00 0.88
- -----------------------------------------------------------------------------
Total.................... 1238 $ 44,886,410.65 100.00%
=============================================================================
* =Less Than
**= More Than
LOAN SUMMARY STRATIFIED BY OWNER OCCUPANCY
Page 1
Percentage of
Aggregate Cut-Off Date
No. of Unpaid Aggregate
LIENS Mort. Principal Principal
STAT Loans Balance Balance
1 Owner Occ. 89 7,964,235.09 17.74
1 Non Owner Occ. 17 934,076.16 2.08
2 Owner Occ. 1126 35,657,526.66 79.44
2 Non Owner Occ. 6 330,572.74 0.74
- --------------------------------------------------------------------------
Total................. 1238 $44,886,410.65 100.00%
==========================================================================
<PAGE>
MORTGAGED PROPERTIES
Page 1
Percentage of
Aggregate Cut-Off Date
Number of % Pool Unpaid Aggregate
Mortgage by # Principal Principal
Loans Loans Balance Balance
Single-family 1130 91.28% 40,263,771.56 89.70
PUD 28 2.26% 1,470,350.56 3.28
Condo/Co-op 64 5.17% 2,156,945.43 4.81
Apartment 2-4 Units 16 1.29% 995,343.10 2.22
- --------------------------------------------------------------------------
Total....... 1238 100.00% $ 44,886,410.65 100.00%
==========================================================================
AGE OF LOAN
Page 1
PercentAge of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
MortgAge Principal Principal
Age Loans Balance Balance
Age = 0 414 14,678,908.73 32.70%
0 * Age **= 12 784 27,399,251.07 61.04%
12 * Age **= 24 37 2,574,978.98 5.74%
24 * Age **= 36 1 109,934.85 0.24%
36 * Age **= 48 1 56,290.80 0.13%
108 * Age **= 120 1 67,046.22 0.15%
- ------------------------------------------------------------------
Total.......... 1,238 44,886,410.65 100.00%
===================================================================
LOAN SUMMARY STRATIFIED BY
Amortization
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
AMORTIZATION Loans Balance Balance
Fully Amortizing 1086 36,969,913.18 82.36
Partially Amortizing 152 7,916,497.47 17.64
- --------------------------------------------------------------------------
Total.................. 1238 $ 44,886,410.65 100.00%
===========================================================================
<PAGE>
REMAINING MONTHS TO STATED MATURITY
Page 1
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Number of Mortgage Principal Principal
Months Loans Balance Balance
54 1 27,930.28 0.06
63 1 67,046.22 0.15
109 1 14,289.18 0.03
144 1 24,750.00 0.06
163 2 76,528.10 0.17
164 3 188,059.35 0.42
165 6 322,158.75 0.72
166 8 489,899.02 1.09
167 10 649,449.75 1.45
168 11 733,949.21 1.64
169 3 124,505.62 0.28
170 2 70,415.33 0.16
171 5 142,474.60 0.32
172 10 299,061.58 0.67
173 17 591,630.55 1.32
174 11 310,958.78 0.69
175 11 376,843.00 0.84
176 24 722,335.16 1.61
177 77 2,601,735.41 5.80
178 139 4,228,142.60 9.42
179 160 5,637,636.15 12.56
180 218 7,526,693.73 16.77
227 1 93,123.50 0.21
234 1 24,610.74 0.05
236 11 372,479.73 0.83
237 60 2,057,399.33 4.58
238 86 2,989,290.16 6.66
239 135 4,473,273.23 9.97
240 182 5,989,725.00 13.34
249 1 57,371.10 0.13
314 1 56,290.80 0.13
335 1 109,934.85 0.24
345 2 194,224.47 0.43
346 3 276,209.94 0.62
347 2 285,326.10 0.64
348 1 251,612.29 0.56
349 1 80,907.26 0.18
352 1 70,926.50 0.16
355 1 132,684.42 0.30
358 3 300,308.90 0.67
359 12 727,479.96 1.62
360 12 1,116,740.00 2.49
- ------------------------------------------------------------------------
Total.......... 1238 $ 44,886,410.65 100.00%
=========================================================================
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS. None
<PAGE>
SIGNATURES
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.
PRUDENTIAL SECURITIES SECURED
FINANCING CORPORATION
By: /S/ LEN BLUM
Name: Len Blum
Title: Vice President
Dated: January 2, 1997
