October 1, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington D.C. 20549
Re: Cargill Financial Services
Corporation,
(File 33-10743) as Sponsor and
on behalf of
Access Financial Mortgage Loan
Trust 1996-3
Dear Sirs:
Enclosed herewith for filing on behalf of the trust
fund ( the "Trust") created pursuant to a Trust Agreement
date as of August 27, 1996 (the "Trust Agreement") among
Access Financial Lending Corp., as issuer (the "Issuer"),
LSI, as servicer (the "Servicer") and Norwest Bank
Minnesota, N.A., as trustee ( the "Trustee"), are exhibits,
of a current Report on Form 8-K (the "Report").
The Trust consists of primarily of a pool of fixed and
adjustable rate, amortizing mortgage loans, amortizing
mortgage loans which are secured by first or second liens on
residential properties representing six classes of
beneficial interests therein. The certificates relating to
six of such classes as registered under the Securities Act
of 1933, as amended, by a Registration Statement on form s-
11 (File No. 33-10743). As a result, the Trust is subject
to the filing requirements in a manner substantially in
accordance with the procedures outlined in numerous no-
action letters already inssued by the staff with respect to
substantially similar trusts (see, for example, Nissan
Motor Acceptance Corp. (August 29,1986) and Security Pacific
National Bank (July 1,1987)), for the same reasons as
discussed in such letters. In particular:
1. The Trust has already filed, within 15 days of its
formation, a Current Report on Form 8-K containing detailed
information about its mortgage pool.
2. The Trust will file, promptly after each
Distribution Date (as defined in the Trust Agreement), a
Current Report on Form 8-K in substantially the form
enclosed herewith ,including as exhibits thereto the
applicable Distribution Date reports. Each such Current
Report will also disclose under Item 5 any matter occurring
during the relevant reporting period which would be
reportable under Item 1, 2, 4 , or 5 of Part II of Form 10-
Q.
3. The Trust will file a Current Report on Form 8-K
within 15 days after the occurrence of any event described
under Item 2,3,4 of 5 thereof, responding to the
requirements of the applicable Item.
4. Within 90 days after the end of each fiscal year,
the Trust will file an annual report on Form 10-K which
responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of
Part II, Items 12 and 13 of Part III and Item 14 of
Part IV thereof, and include as exhibits thereto certain
information form the Distribution Date reports aggregated
for such year and a copy of the independent accountants'
annual compliance statement required the Trust Agreement, in
the manner described in the applicable no-action letters.
The Trust will follow the above procedures except
for any fiscal year as to which its reporting obligations
under Section 15(d) of the Exchange Act have been suspended
pursuant to such Section. In such event, the Trust will
file a Form 15 as required under rule 15d 6.
We have been advised by representatives of the
Office of the Chief Counsel of the Division of Corporation
Finance that following the above procedures would be
acceptable. We assume that the Staff will promptly inform
us if our understanding is incorrect. Please direct any
questions or comments concerning the foregoing to Michael du
Quesnay, of Dewey Ballantine, counsel to the Depositor at
(212) 259-8009 or , in his absence, Barry Schwartz of
Norwest Bank Minnesota, N.A. at (410) 884-2115.
Kindly acknowledge receipt of this letter and
the enclosed documents by filestamping the enclosed
duplicate copy of this letter and returning it to us in the
postpaid envelope herein provided.
Very truly yours,
Patrick G. Benz
Tax Accountant
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) September
18, 1996
Cargill Financial Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 33-
10743
Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
6000 Clearwater Avenue
Minnetonka, Minnesota ___
55343
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (612)
984-3058
Cargill Financial Services Corporation
Form 8-K
INDEX
Page
Number
Item 5. Other Events
3
Item 7. Financial Statements and
Exhibits
3
SIGNATURES
4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Cargill Financial Services Corporation makes monthly
remittances to security holders. The latest remittance was
made September 18, 1996. We have furnished a monthly
remittance statement delivered to the trustee with security
holder payment instructions.
Monthly Remittance
Statement...................................................
......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of
September 18, 1996.
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.
Cargill Financial Services Corporation
as Sponsor and on behalf of Access
Financial Mortgage Loan Trust
1996-3
(Registrant)
Name: Kenneth M. Duncan Title: Senior Vice President
INDEX OF EXHIBITS
Page of Sequentially Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of September 18, 1996.
EXHIBIT 21.1 PAGE 6
ACCESS FINANCIAL MORTGAGE LOAN
TRUST 1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary - Issuing
Aggregate Realized Aggregate
Ending
Class
Original Principal Losses Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
____________________________________________________________
____________________________________________________________
_______________________________________________
A-1 Senior Sequential Pay Variable
44,843,000.00 4.07550000% 0.00
0.00 0.00 0.9769678309
A-2 Senior Sequential Pay Fixed
28,572,000.00 6.90000000% 0.00
0.00 0.00 1.0000000000
A-3 Senior Sequential Pay Fixed
13,552,000.00 7.25000000% 0.00
0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed
10,000,000.00 7.50000000% 0.00
0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed
10,744,000.00 7.60000000% 0.00
0.00 0.00 1.0000000000
A-6 Senior Sequential Pay Variable
98,886,000.00 4.21483000% 0.00
0.00 0.00 0.9929177742
B-Fixed Subordinate Sequential Pay Variable
655.82 793499.91994755% 0.00
0.00 0.00 662.2499313836
B-Varia Subordinate Sequential Pay Variable
999,343.08 522.55923623% 0.00
0.00 0.00 1.4354660263
RU Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
207,596,998.90 0.00
0.00 0.00 0.9958365311
Report 1
09/18/96 -- 9:37am
Page 1 of 1
EXHIBIT 21.1 PAGE 7
ACCESS FINANCIAL
MORTGAGE LOAN TRUST 1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: August 1996 Phone:
(410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Summary - Issuing
Beginning
Principal Ending
Pass Through
Principal Total Interest Total Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance Distribution
____________________________________________________________
____________________________________________________________
____________________________________
A-1 08/30/1996 4.07550000%
44,843,000.00 152,298.04 1,032,831.56
0.00 43,810,168.44 1,185,129.60
A-2 09/01/1996 6.90000000%
28,572,000.00 164,289.00 0.00
0.00 28,572,000.00 164,289.00
A-3 09/01/1996 7.25000000%
13,552,000.00 81,876.67 0.00
0.00 13,552,000.00 81,876.67
A-4 09/01/1996 7.50000000%
10,000,000.00 62,500.00 0.00
0.00 10,000,000.00 62,500.00
A-5 09/01/1996 7.60000000%
10,744,000.00 68,045.33 0.00
0.00 10,744,000.00 68,045.33
A-6 08/30/1996 4.21483000%
98,886,000.00 347,323.07 700,332.98
0.00 98,185,667.02 1,047,656.05
B-Fixed 09/01/1996
655.82 0.00 0.00
0.00 434,316.75 0.00
B-Varia 08/00/1996 522.55923623%
999,343.08 0.00 0.00
0.00 1,434,523.04 0.00
RU 09/01/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
207,596,998.90 876,332.11 1,733,164.54
0.00 206,732,675.25 2,609,496.65
Report 2
09/18/96 -- 9:37am
Page 1 of 1
EXHIBIT 21.1 PAGE 8
ACCESS FINANCIAL
MORTGAGE LOAN TRUST 1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services Reporting
Month: August 1996 Phone:
(410) 884-2169
11000 Broken Land Parkway Distribution
Date: September 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Distribution Per 1,000 of
Original Balance - Issuing
Total Other
Total Interest
Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution
Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
____________________________________________________________
____________________________________________________________
_____________________________
A-1 003916AN3 44,843,000.00
3.39625003 1.23709676 12.12442299
23.03216912
0.00000000 0.9769678309
A-2 003916AP8 28,572,000.00
5.75000000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-3 003916AQ6 13,552,000.00
6.04166691 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-4 003916AR4 10,000,000.00
6.25000000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-5 003916AS2 10,744,000.00
6.33333302 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-6 003916AT0 98,886,000.00
3.51235837 0.40324333 2.27815768 7.08222580
0.00000000 0.9929177742
B-Fixed N/A 655.82
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 662.2499313836
B-Varia N/A 999,343.08
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1.4354660263
RU N/A 0.00
N/A N/A N/A N/A
N/A N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 207,596,998.90
0.9958365311
Report 3
09/18/96 -- 9:37am
Page 1 of 1
EXHIBIT 21.1 PAGE 10
ACCESS FINANCIAL MORTGAGE
LOAN TRUST 1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Principal
Distribution - Issuing
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other Total
Principal Balance Principal Undistributed
Class Balance Principal
Principal Accretion Principal Distribution
Reduction* Balance Principal
____________________________________________________________
____________________________________________________________
____________________________________________
A-1 44,843,000.00 55,475.13
543,695.50 433,660.93 0.00
1,032,831.56 0.00 43,810,168.44
0.00
A-2 28,572,000.00 0.00
0.00 0.00 0.00 0.00
0.00 28,572,000.00 0.00
A-3 13,552,000.00 0.00
0.00 0.00 0.00 0.00
0.00 13,552,000.00 0.00
A-4 10,000,000.00 0.00
0.00 0.00 0.00 0.00
0.00 10,000,000.00 0.00
A-5 10,744,000.00 0.00
0.00 0.00 0.00 0.00
0.00 10,744,000.00 0.00
A-6 98,886,000.00 39,875.12
225,277.90 435,179.96 0.00
700,332.98 0.00 98,185,667.02
0.00
B-Fixed 655.82 0.00
0.00 (433,660.93) 0.00 0.00
0.00 434,316.75 0.00
B-Varia 999,343.08 0.00
0.00 (435,179.96) 0.00 0.00
0.00 1,434,523.04 0.00
RU 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 207,596,998.90 95,350.25
768,973.40 0.00 0.00
1,733,164.54 0.00 206,732,675.25
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4
09/18/96 -- 9:38am
Page 1 of 1
EXHIBIT 21.1 PAGE 11
ACCESS
FINANCIAL MORTGAGE LOAN TRUST 1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution - Issuing
Beginning Negative
Ending
Principal/
Interest
Amortization
Principal/
Notional
Interest Shortfall/
Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
____________________________________________________________
____________________________________________________________
_____________________________________________
A-1 4.07550000% 44,843,000.00
152,298.04 0.00 0.00
0.00 0.00 152,298.04 43,810,168.44
A-2 6.90000000% 28,572,000.00
164,289.00 0.00 0.00
0.00 0.00 164,289.00 28,572,000.00
A-3 7.25000000% 13,552,000.00
81,876.67 0.00 0.00
0.00
0.00 81,876.67 13,552,000.00
A-4 7.50000000% 10,000,000.00
62,500.00 0.00 0.00
0.00
0.00 62,500.00 10,000,000.00
A-5 7.60000000% 10,744,000.00
68,045.33 0.00 0.00
0.00
0.00 68,045.33 10,744,000.00
A-6 4.21483000% 98,886,000.00
347,323.07 0.00 0.00
0.00 0.00 347,323.07 98,185,667.02
B-Fixed 793499.91994755%
655.82
433,660.93 0.00 433,660.93
0.00 0.00 0.00 434,316.75
B-Varia 522.55923623% 999,343.08
435,179.96 0.00 435,179.96
0.00 0.00 0.00 1,434,523.04
RU 0.00000000% 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,745,173.00 0.00 868,840.89
0.00 0.00 876,332.11
Report 5
09/18/96 -- 9:38am
Page 1 of 1
EXHIBIT 21.1 PAGE 12
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank
Minnesota, N.A.
Contact: Shelley Lauffer Securities
Administration Services
Reporting Month: August 1996
Phone: (410) 884-2169 11000 Broken
Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167 Columbia, MD 21044-7800
Fund Account Summary - Issuing
____________________________________________________________
____________________________________________________________
______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee
1,745,173.00 Interest Payments
876,332.11
Scheduled Principal 95,350.25
Scheduled Principal Payment 95,350.25
Other Principal 768,973.40
Other Principal Payments 1,637,814.29
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 0.00
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
2,609,496.65 Total Withdrawals
2,609,496.65
Ending Balance
0.00
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6
09/18/96 -- 9:37am
Page 1 of 1
EXHIBIT 21.1 PAGE 12
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank
Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Loss/Delinquency Detail - Issuing
Current Current Current
Current Total Aggregate
Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special
Hazard Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
____________________________________________________________
____________________________________________________________
_________________________________________________
1 0.00 0.00
0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
2 0.00 0.00
0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_________________________________________________
Totals 0.00 0.00
0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
________________________________________
30 Days Delinquent 60 Days Delinquent 90
Days Delinquent Foreclosures
REO's Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
1 18 1,054,202.50 21
1,494,309.38
0 0.00 0 0.00 0
0.00 39 2,548,511.88
2 1 56,000.00 11
848,094.42
0 0.00 0 0.00 0
0.00 12 904,094.42
____________________________________________________________
____________________________________________________________
________________________________________
Totals 19 1,110,202.50 32 2,342,403.80
0 0.00 0 0.00 0
0.00 51 3,452,606.30
Report 7
09/18/96 -- 9:38am
Page 1 of 1
EXHIBIT 21.1 PAGE 13
ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer Securities
Administration Services Reporting
Month: August 1996 Phone:
(410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167 Columbia, MD 21044-7800
Collateral Summary - Issuing
Total| Pool 1 Pool 2
____________________________________________________________
_____________________________________________
Monthly P&I Constant
1,943,795.08| 1,071,721.64 872,073.44
|
Positive Amortization
95,350.25| 55,475.13 39,875.12 Negative
Amortization
0.00| 0.00 0.00
Regular Curtailments
0.00| 0.00 0.00
Regular Curtailment Interest
0.00| 0.00 0.00
Prepaid Curtailments
0.00| 0.00 0.00
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
768,973.40| 543,695.50 225,277.90
Principal Adjustments
0.00| 0.00 0.00
Total Principal Trust Distribution
864,323.65| 599,170.63 265,153.02
|
Scheduled Interest
1,848,444.83| 1,016,246.51 832,198.32
Servicing Fee
77,837.62| 40,391.90 37,445.72
Master Servicing Fee
0.00| 0.00 0.00
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
1,745,173.00| 962,669.97 782,503.03
|
Beginning Balance
207,596,998.90| 107,711,655.82 99,885,343.08
Ending Balance
206,702,675.25| 107,112,580.88 99,590,094.37
Gross P&I Distribution
2,634,930.86| 1,575,025.24 1,059,905.62
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
2,634,930.86| 1,575,025.24 1,059,905.62
|
Beginning Loan Count
2701| 1670 1031
Number of Loan Payoffs
15| 12 3
Ending Loan Count
2686| 1658 1028
|
Weighted Average Maturity
0.0000000000| 226.7700000000 354.8400000000
Weighted Average Gross Rate
0.000000000%| 11.570300000% 9.796900000%
Weighted Average Net Rate
0.000000000%| 11.120300000% 9.346900000%
Weighted Average Pass-Through Rate
0.000000000%| 10.922800000% 9.149400000%
Weighted Average Margin
0.000000000%| 0.000000000% 6.468000000%
|
Advances on Delinquencies
|
Current Period Principal
0.00| 0.00 0.00
Current Period Interest
0.00| 0.00 0.00
|
|
Report 8
09/18/96 -- 9:38am
Page 1 of 1
EXHIBIT 21.1 PAGE 14
ACCESS FINANCIAL MORTGAGE LOAN TRUST
1996-3
Norwest Bank Minnesota, N.A.
Contact: Shelley Lauffer
Securities Administration Services
Reporting Month: August 1996
Phone: (410) 884-2169
11000 Broken Land Parkway
Distribution Date: September 18, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement Summary - Issuing
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Subordination
999,998.90 0.00 0.00 0.00
0.90411979% 1,868,839.79 206,702,675.25
Principal
Distribution
Scheduled Unscheduled
Amount Percentage Payment Payment
___________________________________________________________
Senior 864,323.65 100.00000000%
100.00000000% 100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9
09/18/96 -- 9:40am
Page 1 of 1
