- --------------------------------------------------------------------------------
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 26, 1996
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1996, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1996-1)
Superior Bank FSB
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 33-92770 36-1414142
- ---------------------------- ------------ ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
On December 26, 1996 (a "Remittance Date") a scheduled remittance was made
to the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1996-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of March 1, 1996, among Superior Band FSB., as Depositor,
Lee Servicing Company, a division of Superior Bank FSB., as Servicer and LaSalle
National Bank, as Trustee. The information contained in the Servicer's Monthly
Remittance Report to the Trustee, which shall be forwarded by the Trustee to the
Certificateholders, is attached hereto as Exhibit 21.1 and is incorporated
herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of December, 1996.
<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.
SUPERIOR BANK F.S.B.
By: /s/ William C. Bracken
------------------------
Name: William C. Bracken
Title:Executive Vice President
Dated: December, 1996
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of December, 1996.
EXHIBIT 21.1
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 1, 1996 Lee Servicing Company reports the following information
pertaining to Series 1996-3 Sub-Pool 1 for December 26, 1996, the Remittance
date.
Due period ended: December 1, 1996
Page 1 of 4
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 739,419.59
2 Total Actual Interest Collections 1,308,082.62
3 Additional Proceeds 0.00
-------------------
4 Aggregate Amount Received: 2,047,502.21
Monthly Advances
5 Delinquent Interest 136,263.55
6 Compensating Interest 3,022.19
7 Amounts Held for Future Distributions 0.00
8 Cross Collateral Deposit 0.00
-------------------
9 Available Remittance Amount: 2,186,787.95
10 Service Fees 73,021.45
11 Expense Account Deposit: 3,668.71
-------------------
12 Adjusted Remittance Amount: 2,110,097.79
Remaining Amount Available:
13 Adjusted Remittance Amount 2,110,097.79
14 Insured Payments 0.00
15 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 16,170.41
16 Cross Collateral Withdrawal 0.00
17 Class Remittance Amounts 2,093,927.38
18 Non-Recoverable Advances not
Previously Reimbursed 0.00
-------------------
19 Total Remaining Amount Available: 0.00
===================
Amount of Reimbursements Pursuant to Sec. 5.04
20 Servicing Fee 0.00
21 Monthly Advances and Servicer Advances 0.00
22 Other Mortgage Payments 0.00
23 Interest Earned on P&I Deposits 0.00
24 Additional Servicing Compensation 0.00
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 1, 1996 Lee Servicing Company reports the following information
pertaining to Series 1996-3 Sub-Pool 1 for December 26, 1996, the Remittance
date.
Due period ended: December 1, 1996
Page 2 of 4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A-1 Class A-2 Class A-3 Class A4
<C> <C> <C> <C> <C> <C>
25 Loans Outstanding - BOM 2551
26 Opening Principal Loan Balance 150,004,727.79 66,183,582.29 10,603,879.85 25,499,806.31 9,593,986.53
27 Additional Principal Reduction, LTD 2,517,080.16 1,695,629.95 103,918.40 249,899.01 94,021.41
28 Realized Losses, LTD 0.00 0.00 0.00 0.00 0.00
29 Carryforward Amount 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------
30 Total Class Principal Balance 147,487,647.63 64,487,952.34 10,499,961.45 25,249,907.30 9,499,965.12
31 Pool Factor per Loan Balance 100.0031519% 44.1223882% 7.0692532% 16.9998709% 6.3959910%
32 Pool Factor per Class Balance 98.3250984% 96.2506751% 99.9996329% 99.9996329% 99.9996328%
33 Excess Spread 0.00
34 Cross Collateral Withdrawal 0.00
35 Cross Collateral Deposit 0.00 0.00
36 Additional Principal due Class A 519,335.53 519,335.53
37 Interest Remittance @ Class Yield 835,172.26 305,422.11 63,174.77 157,391.09 59,691.45
Principal Reductions:
38 Prepayments - Number 15 15
39 Prepayments - Dollar 599,182.67 599,182.67 0.00 0.00 0.00
40 Net Liquidation Proceeds 0.00 0.00 0.00 0.00 0.00
41 Curtailments 21,533.26 21,533.26 0.00 0.00 0.00
42 Normal and Excess Payments 118,703.66 118,703.66 0.00 0.00 0.00
---------------------------------------------------------------------------------------
43 Total Principal Remittance 739,419.59 739,419.59 0.00 0.00 0.00
44 Additional Principal Reduction 519,335.53 519,335.53 0.00 0.00 0.00
---------------------------------------------------------------------------------------
45 Total Remittance 2,093,927.38 1,564,177.23 63,174.77 157,391.09 59,691.45
=======================================================================================
46 Current Month Realized Loss - number 0 0
47 Current Month Realized Loss - dollar 0.00 0.00
Class Principal Balance - EOM
48 Loans Outstanding - EOM 2536
49 Closing Loan Balance 149,265,308.20 65,444,162.70 10,603,879.85 25,499,806.31 9,593,986.53
50 Additional Principal Reduction, LTD 3,036,415.69 2,214,965.48 103,918.40 249,899.01 94,021.41
51 Realized losses, LTD 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------
52 Total Class Principal Balance 146,228,892.51 63,229,197.22 10,499,961.45 25,249,907.30 9,499,965.12
53 Pool Factor per Loan Balance 99.5102055% 43.6294418% 7.0692532% 16.9998709% 6.3959910%
54 Pool Factor per Class Balance 97.4859283% 94.3719362% 99.9996329% 99.9996329% 99.9996328%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Class A-5 Class A-6 Class R
<C> <C> <C> <C>
25 Loans Outstanding - BOM
26 Opening Principal Loan Balance 26,509,699.63 11,613,773.18
27 Additional Principal Reduction, LTD 259,796.00 113,815.39
28 Realized Losses, LTD 0.00 0.00
29 Carryforward Amount 0.00 0.00
-------------------------------
30 Total Class Principal Balance 26,249,903.63 11,499,957.79
31 Pool Factor per Loan Balance 17.6731331% 7.7425155%
32 Pool Factor per Class Balance 99.9996329% 99.9996330%
33 Excess Spread 0.00
34 Cross Collateral Withdrawal 0.00
35 Cross Collateral Deposit
36 Additional Principal due Class A
37 Interest Remittance @ Class Yield 172,155.62 77,337.22
Principal Reductions:
38 Prepayments - Number
39 Prepayments - Dollar 0.00 0.00
40 Net Liquidation Proceeds 0.00 0.00
41 Curtailments 0.00 0.00
42 Normal and Excess Payments 0.00 0.00
----------------------------------------------
43 Total Principal Remittance 0.00 0.00
44 Additional Principal Reduction 0.00 0.00
----------------------------------------------
45 Total Remittance 172,155.62 77,337.22 0.00
==============================================
46 Current Month Realized Loss - number
47 Current Month Realized Loss - dollar
Class Principal Balance - EOM
48 Loans Outstanding - EOM
49 Closing Loan Balance 26,509,699.63 11,613,773.18
50 Additional Principal Reduction, LTD 259,796.00 113,815.39
51 Realized losses, LTD 0.00 0.00
-------------------------------
52 Total Class Principal Balance 26,249,903.63 11,499,957.79
53 Pool Factor per Loan Balance 17.6731331% 7.7425155%
54 Pool Factor per Class Balance 99.9996329% 99.9996330%
- --------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 1, 1996 Lee Servicing Company reports the following information
pertaining to Series 1996-3 Sub-Pool 1 for December 26, 1996, the Remittance
date.
Due period ended: December 1, 1996
Page 3 of 4
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A-1 Class A-2 Class A-3 Class A4
<S> <C> <C> <C> <C> <C>
55 Weighted Note Rate - THIS Remittance 11.64389 %
56 Weighted Note Rate - NEXT Remittance 11.64265 %
57 Related Remittance Period for Libor Rate 25-Nov-96 thru 25-Dec-96
58 Days in Related Period 31
59 Pass-Through Rates 5.50000% 7.22% 7.48% 7.54%
60 Weighted Average Remaining Term 214.43
61 Original Pool - Principal Balance 93,528,661.75 41,776,135.59 6,547,006.32 15,743,991.39 5,923,481.91
62 Original Pool - Pre-Funding Account 57,955,886.82 25,886,962.77 4,056,912.08 9,755,907.62 3,670,539.50
63 Original Pool - Additional Principal Reduction 1,484,548.57 663,098.36 103,918.40 249,899.01 94,021.41
------------------------------------------------------------------------------------
64 Original Pool Total 150,000,000.00 67,000,000.00 10,500,000.00 25,250,000.00 9,500,000.00
65 Original Pool - Number of Loans 1536
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Class A-5 Class A-6
55 Weighted Note Rate - THIS Remittance
56 Weighted Note Rate - NEXT Remittance
57 Related Remittance Period for Libor Rate
58 Days in Related Period
59 Pass-Through Rates 7.87% 8.07%
60 Weighted Average Remaining Term
61 Original Pool - Principal Balance 16,367,515.81 7,170,530.73
62 Original Pool - Pre-Funding Account 10,142,280.19 4,443,284.66
63 Original Pool - Additional Principal Reduction 259,796.00 113,815.39
--------------------------------
64 Original Pool Total 26,250,000.00 11,500,000.00
65 Original Pool - Number of Loans
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Overcollateralization Reconciliation
Beg.of Month Current Month End of Month
----------------------------------------------------
<S> <C> <C> <C>
66 Additional Principal Reduction, LTD 2,517,080.16 519,335.53 3,036,415.69
67 Cross Collateral Deposits 0.00 0.00 0.00
68 Less: Realized Losses, LTD 0.00 0.00 0.00
----------------------------------------------------
69 Overcollateralization of Principal 2,517,080.16 519,335.53 3,036,415.69
====================================================
70 Base Overcollateralization Required 7,907,493.00
71 Required Overcollateralization Amount 7,907,493.00
Current Month Subordinated Amount Beg.of Month Current Month End of Month
----------------------------------------------------
72 Original Subordinated Amount 16,754,191.00 N/A 16,754,191.00
73 Less: Cumulative Realized Losses 0.00 0.00 0.00
74 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
----------------------------------------------------
75 Current Subordinated Amount 16,754,191.00 16,754,191.00
====================================================
Nonrecoverable Advance Reconciliation
76 Beginning of Month 0.00
77 Current Month Unpaid Nonrecoverable Advance 0.00
78 Less: Current Month Reimbursement 0.00
-----------------
79 End of Month 0.00
- ---------------------------------------------------------------------------------
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-3 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 1, 1996 Lee Servicing Company reports the following information
pertaining to Series 1996-3 Sub-Pool 1 for December 26, 1996, the Remittance
date.
Due period ended: December 1, 1996
Page 4 of 4
<TABLE>
<CAPTION>
Class Class Class Class
A1 A2 A3 A4
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
80 Total Class Principal - Original Pool $150,000,000.00 $67,000,000.00 $10,500,000.00 $25,250,000.00 $9,500,000.00
81 Interest Remittance Amount 835,172.26 305,422.11 63,174.77 157,391.09 59,691.45
82 Interest Rate Factor / 1000 5.567815 4.558539 6.016645 6.233310 6.283311
83 Total Principal Collections 739,419.59 739,419.59 0.00 0.00 0.00
84 Additional Principal Reduction 519,335.53 519,335.53 0.00 0.00 0.00
---------------------------------------------------------------------------------------
85 Principal Remittance Amount 1,258,755.12 1,258,755.12 0.00 0.00 0.00
86 Principal Payment Factor/1000 8.391701 18.787390 0.000000 0.000000 0.000000
87 Principal Factor 974.859284 943.719361 999.996329 999.996329 999.996329
88 Prior Month Principal Factor 983.250985 962.506751 999.996329 999.996329 999.996329
</TABLE>
Class Class
A5 A6
-------------------------------
80 Total Class Principal - Original Pool $26,250,000.00 $11,500,000.00
81 Interest Remittance Amount 172,155.62 77,337.22
82 Interest Rate Factor / 1000 6.558309 6.724976
83 Total Principal Collections 0.00 0.00
84 Additional Principal Reduction 0.00 0.00
-------------------------------
85 Principal Remittance Amount 0.00 0.00
86 Principal Payment Factor/1000 0.000000 0.000000
87 Principal Factor 999.996329 999.996329
88 Prior Month Principal Factor 999.996329 999.996329
<PAGE>
- --------------------------------------------------------------------------------
Exhibit 1
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB,
Designated Servicer
1996-3 Sub-Pool 1
Deliquency and Foreclosure Information
Period Ended: November 30, 1996
<TABLE>
<CAPTION>
Outstanding Number of Number of
Investor Dollars Accounts Ranges Amount Accounts Percent
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
REMIC
1996-3 $149,265,308.20 2536
Sub-Pool 1
30 to 59 Days $1,655,141.35 18 1.11%
60 to 89 Days $474,352.01 7 0.32%
90 and over $42,400.00 1 0.03%
-----------------------
Total $2,171,893.36 26 1.46%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REO FORECLOSURES (1)
- ---------------------------------- ----------------------------------
# of Outstanding # of Outstanding
Accts Dollars Percent Accts Dollars Percent
- ---------------------------------- ----------------------------------
0 $0.00 0.00% 1 $42,400.00 0.03%
(1) The deliquency information is inclusive of both REO & Foreclosure accounts.
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 01, 1996 and the Insurance Agreement dated as of September 25,
1996, Lee Servicing Company reports the following information pertaining to
series 1996-3 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
Page 1 of 4
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 1,057,922.35
2 Total Actual Interest Collections 609,345.04
3 Additional Proceeds 0.00
------------------
4 Total Collections: 1,667,267.39
Monthly Advance
5 Delinquent Interest 133,201.50
6 Compensating Interest 1,626.77
7 Amounts Held for Future Distributions 0.00
8 Supplemental Interest 0.00
9 Cross Collateral Deposit 0.00
------------------
10 Available Remittance Amount: 1,802,095.66
11 Less: Service Fees 39,829.52
12 Less: Expense Account Deposit 2,176.94
------------------
13 Adjusted Remittance Amount: 1,760,089.20
Remaining Amount Available:
14 Adjusted Remittance Amount 1,760,089.20
15 Insured Payments 0.00
16 Insurance Account Deposit @ 13bp
the Ending Class Principal Balance 9,740.86
17 Class Remittance Amounts 1,750,348.34
18 Cross Collateral Withdrawal 0.00
19 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------------
20 Total Remaining Amount Available: 0.00
==================
Amount of Reimbursements Pursuant to Sec. 5.04
21 Servicing Fee 0.00
22 Monthly Advances and Servicer Advances 0.00
23 Other Mortgage Payments 0.00
24 Interest Earned on P&I Deposits 0.00
25 Additional Servicing Compensation 0.00
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 01, 1996 and the Insurance Agreement dated as of September 25,
1996, Lee Servicing Company reports the following information pertaining to
series 1996-3 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total Class 2-A Class R
----- --------- -------
<S> <C> <C> <C>
26 Number of Loans 789
27 Opening Principal Balance 90,973,559.49 90,973,559.49
28 Additional Principal Reduction, LTD 2,837,861.92 2,837,861.92
29 Realized Losses, LTD 0.00 0.00
30 Carryforward Amount 0.00 0.00
-----------------------------------
31 Opening Class Principal Balance 88,135,697.57 88,135,697.57
32 Pool Factor per Loan Balance 101.0817328% 101.0817328%
33 Pool Factor per Class Balance 100.0000000% 100.0000000%
34 Excess Spread 0.00 0.00
35 Additional Principal due Class A 260,965.03 260,965.03
36 Cross Collateral Deposit 0.00 0.00
37 Cross Collateral Withdrawal 0.00 0.00
38 Interest Remittance 431,460.96 431,460.96
Principal Reductions:
39 Prepayments - Number 7 7
40 Prepayments - Dollar 1,012,703.77 1,012,703.77
41 Net Liquidation Proceeds 0.00 0.00
42 Curtailments 0.00 0.00
43 Normal and Excess Payments 45,218.58 45,218.58
----------------------------------------------------------------------
44 Total Principal Remittance 1,057,922.35 1,057,922.35
45 Additional Principal Reduction 260,965.03 260,965.03
----------------------------------------------------------------------
46 Total Remittance 1,750,348.34 1,750,348.34 0.00
======================================================================
47 Carryforward Amount 0.00
48 Current Month Realized Loss - Number 0 0
49 Current Month Realized Loss - Dollar 0.00 0.00
Class Principal Balance - EOM
50 Number of Loans # 782
51 Closing Loan Balance 89,915,637.14 89,915,637.14
52 Additional Principal Reduction, LTD 3,098,826.95 3,098,826.95
53 Realized Losses, LTD 0.00 0.00
54 Carryforward Amount 0.00 0.00
-----------------------------------
55 Closing Class Principal Balance 86,816,810.19 86,816,810.19
56 Pool Factor per Loan Balance 99.9062635% 99.9062635%
57 Pool Factor per Class Balance 96.4631224% 96.4631224%
</TABLE>
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 01, 1996 and the Insurance Agreement dated as of September 25,
1996, Lee Servicing Company reports the following information pertaining to
series 1996-3 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
Page 3 of 4
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Total Class A1
----- --------
<S> <C> <C> <C>
58 Weighted Note Rate - This Remittance: 9.94424%
59 Weighted Note Rate - Next Remittance: 9.96072%
60 Pass-Through Rate: 5.68500% 5.68500%
61 Related Remittance Period: 25-Nov-96 thru 25-Dec-96
62 Days in Related Period: 31
63 Weighted Average Remaining Term 356.04
64 Original Pool - Principal Balance 56,969,975.31 56,969,975.31
65 Original Pool - Pre-Funding Account Balance 35,337,717.00 35,337,717.00
66 Original Pool - Initial Overcollateralization 2,307,692.31 2,307,692.31
-----------------------------------
67 Original Pool - Class Principal Balance 90,000,000.00 90,000,000.00
68 Original Pool - Number of Loans 479
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Overcollateralization Reconciliation
Beginning of Month Current Month End of Month
-----------------------------------------------------
<S> <C> <C> <C>
69 Additional Principal Reduction, LTD 2,837,861.92 260,965.03 3,098,826.95
70 Cross Collateral Deposits, LTD 0.00 0.00 0.00
71 Less: Realized Losses, LTD 0.00 0.00 0.00
=====================================================
72 Overcollateralization of Principal 2,837,861.92 260,965.03 3,098,826.95
=====================================================
73 Base Overcollateralization Requirement 3,876,923.00
74 Required Overcollateralization 3,876,923.00
Current Month Subordinated Amount Beginning of Month Current Month End of Month
-----------------------------------------------------
75 Original Subordinated Amount 9,249,230.00 N/A 9,249,230.00
76 Less: Cumulative Realized Losses 0.00 0.00 0.00
77 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
=====================================================
78 Current Subordinated Amount 9,249,230.00 9,249,230.00
=====================================================
Nonrecoverable Advance Reconciliation
79 Beginning of Month 0.00
80 Current Month Nonrecoverable Advance 0.00
81 Less: Current Month Reimbursment 0.00
==================
82 End of Month 0.00
==================
</TABLE>
- --------------------------------------------------------------------------------
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-3 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as
of September 01, 1996 and the Insurance Agreement dated as of September 25,
1996, Lee Servicing Company reports the following information pertaining to
series 1996-3 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
Page 4 of 4
- --------------------------------------------------------------------------------
Class
A1
-----------------------------------
83 Total Class Principal - Original Pool $90,000,000.00 $90,000,000.00
84 Interest Remittance Amount 431,460.96 431,460.96
85 Interest Rate Factor / 1000 4.794011 4.794011
86 Total Principal Collections 1,057,922.35 1,057,922.35
87 Additional Principal Reduction 260,965.03 260,965.03
-----------------------------------
88 Principal Remittance Amount 1,318,887.38 1,318,887.38
89 Principal Payment Factor/1000 14.654304 14.654304
90 Principal Factor 964.631225 964.631225
91 Prior Month Principal Factor 979.285529 979.285529
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK, FSB,
Designated Servicer
Period Ended: November 30, 1996
<TABLE>
<CAPTION>
Outstanding Number of Number of
Investor Dollars Accounts Ranges Amount Accounts Percent
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Deliquent Loans:
REMIC
1996-3 $89,915,637.14 782
Sub-Pool 2
30 to 59 Days $1,487,996.40 13 1.65%
60 to 89 Days $0.00 0 0.00%
90 and over $0.00 0 0.00%
-----------------------
Total $1,487,996.40 13 1.65%
(1) The deliquency information is exclusive of both REO & Foreclosure accounts.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Loans for Foreclosure:
REMIC
1996-3 $0.00 0
Sub-Pool 2
30 to 59 Days $0.00 0 0.00%
60 to 89 Days $0.00 0 0.00%
90 and over $0.00 0 0.00%
-----------------------
Total $0.00 0 0.00%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Real Estate Owned:
REMIC
1996-3
Sub-Pool 2
# of Outstanding Percent
Accts. Dollars
----------------------------------------------------
0 $0.00 0.00%
- --------------------------------------------------------------------------------
