================================================================================
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 Bank 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 November, 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
1996-1 Sub-Pool 1
In accordance with section 6.08 of the Pooling and
Servicing Agreement dated as of March 1, 1996
Lee Servicing Company reports the following
information pertaining to Series 1996-1 Sub-Pool 1
for December 26, 1996, the Remittance date.
Due period ended: December 1, 1996
- -------------------------------------------------------------------------------
1 Total Actual Principal Collections 1,587,524.11
2 Total Actual Interest Collections 681,795.12
3 Additional Proceeds 0.00
------------
4 Aggregate Amount Received: 2,269,319.23
Monthly Advance
5 Delinquent Interest 16,012.35
6 Compensating Interest 6,142.39
7 Amounts Held for Future Distributions 0.00
------------
8 Available Remittance Amount: 2,291,473.97
9 Less: Service Fees 39,115.72
10 Less: Expense Account Deposit: 1,775.53
11 Plus: Cross Collateral Deposit 270,737.48
------------
12 Adjusted Remittance Amount: 2,521,320.20
Remaining Amount Available:
13 Adjusted Remittance Amount 2,521,320.20
14 Insured Payments 0.00
15 Cross Collateral Withdrawal 0.00
16 Insurance Account Deposit @ 13 bp 7,924.34
the Ending Principal balance
17 Class Remittance Amounts 2,513,395.86
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
- --------------------------------------------------------------------------------
1 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-1 Sub-Pool 1
In accordance with section 6.08 of the Pooling and
Servicing Agreement dated as of March 1, 1996
Lee Servicing Company reports the following
information pertaining to Series 1996-1 Sub-Pool 1
for December 26, 1996, the Remittance date.
Due period ended: December 1, 1996
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A1 Class A2 Class A3 Class A4
----- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
25 Number of Loans 1243
26 Opening Loan balance 74,735,241.70 13,737,099.39 34,998,934.11 7,499,771.60 9,999,695.46
27 Additional Principal Reduction 2,126,641.27 2,126,641.27 0.00 0.00 0.00
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 Opening Class Principal Balance 72,608,600.43 11,610,458.12 34,998,934.11 7,499,771.60 9,999,695.46
31 Pool Factor per Loan Balance 90.0424600% 16.5507222% 42.1673905% 9.0358694% 12.0478259%
32 Factor per Class Balance 87.4802416% 13.9885038% 42.1673905% 9.0358694% 12.0478259%
33 Excess Spread 0.00
34 Additional Principal due Class A 229,978.48 229,978.48
35 Cross Collateral Deposit 270,737.48 270,737.48
36 Cross Collateral Withdrawal 0.00
37 Interest Remittance @ Class Yield 425,155.79 63,083.49 199,493.92 44,498.64 62,831.42
Principal Reductions:
38 Prepayments - Number 25 25
39 Prepayments - Dollar 1,524,781.20 1,524,781.20 0.00 0.00 0.00
40 Net Liquidation Proceeds 0.00 0.00 0.00 0.00 0.00
41 Curtailments 2,442.43 2,442.43 0.00 0.00 0.00
42 Normal and Excess Payments 60,300.48 60,300.48 0.00 0.00 0.00
------------- ------------- ------------- ------------ ------------
43 Total Principal Remittance 1,587,524.11 1,587,524.11 0.00 0.00 0.00
44 Additional Principal Reduction 500,715.96 500,715.96 0.00 0.00 0.00
------------- ------------- ------------- ------------ ------------
45 Total Remittance 2,513,395.86 2,151,323.56 199,493.92 44,498.64 62,831.42
============ ============ ============ =========== ===========
46 Current Month Realized Loss - Number 0 0
47 Current Month Realized Loss - Dollar 0.00 0.00
Class Principal Balance Reconciliation
48 Number of Loans 1218
49 Loan balance 73,147,717.59 12,149,575.28 34,998,934.11 7,499,771.60 9,999,695.46
50 Additional Principal Reduction, LTD 2,627,357.23 2,627,357.23 0.00 0.00 0.00
51 Realized Losses, LTD 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ ------------
52 Ending Class Principal Balance 70,520,360.36 9,522,218.05 34,998,934.11 7,499,771.60 9,999,695.46
53 Class Factor per Loan Balance 88.1297803% 14.6380425% 42.1673905% 9.0358694% 12.0478259%
54 Class Factor per Class Balance 84.9642896% 11.4725519% 42.1673905% 9.0358694% 12.0478259%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A5 Class R
-------- -------
25 Number of Loans
26 Opening Loan balance 8,499,741.14
27 Additional Principal Reduction 0.00
28 Realized Losses, LTD 0.00
29 Carryforward amount 0.00
------------ ----
30 Opening Class Principal Balance 8,499,741.14
31 Pool Factor per Loan Balance 10.2406520%
32 Factor per Class Balance 10.2406520%
33 Excess Spread 0.00
34 Additional Principal due Class A
35 Cross Collateral Deposit
36 Cross Collateral Withdrawal 0.00
37 Interest Remittance @ Class Yield 55,248.32
Principal Reductions:
38 Prepayments - Number
39 Prepayments - Dollar 0.00
40 Net Liquidation Proceeds 0.00
41 Curtailments 0.00
42 Normal and Excess Payments 0.00
------------ ----
43 Total Principal Remittance 0.00
44 Additional Principal Reduction 0.00
------------ ----
45 Total Remittance 55,248.32 0.00
============ ====
46 Current Month Realized Loss - Number
47 Current Month Realized Loss - Dollar
Class Principal Balance Reconciliation
48 Number of Loans
49 Loan balance 8,499,741.14
50 Additional Principal Reduction, LTD 0.00
51 Realized Losses, LTD 0.00
------------
52 Ending Class Principal Balance 8,499,741.14
53 Class Factor per Loan Balance 10.2406520%
54 Class Factor per Class Balance 10.2406520%
- --------------------------------------------------------------------------------
</TABLE>
2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-1 Sub-Pool 1
In accordance with section 6.08 of the Pooling and
Servicing Agreement dated as of March 1, 1996
Lee Servicing Company reports the following
information pertaining to Series 1996-1 Sub-Pool 1
for December 26, 1996, the Remittance date.
Due period ended: December 1, 1996
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
Total Class A1 Class A2 Class A3 Class A4 Class A5
----- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
55 Weighted Note Rate - THIS remittance 11.32614%
56 Weighted Note Rate - NEXT remittance 11.30971%
57 Pass-Through Rate - THIS remittance 6.520% 6.840% 7.120% 7.540% 7.800%
58 Weighted Average Remaining Term 215.40
59 Original Pool - Principal Balance 52,491,569.72 13,913,428.12 22,134,999.28 4,743,214.13 6,324,285.51 5,375,642.68
60 Original Pool - Pre-Funding Account 30,508,430.28 8,086,571.88 12,865,000.72 2,756,785.87 3,675,714.49 3,124,357.32
61 Original Pool - Additional Principal
Reduction 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------ ------------- ------------ ------------ ------------
62 Original Pool Total 83,000,000.00 22,000,000.00 35,000,000.00 7,500,000.00 10,000,000.00 8,500,000.00
63 Original Pool - Number of Loans 864
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class A Overcollateralization Reconciliation
-------------------------------------------- Beginning
of Month Current Month End of Month
------------- ------------- ------------
<S> <C> <C> <C>
64 Additional Principal Reduction, LTD 1,940,678.09 229,978.48 2,170,656.57
65 Cross Collateral Deposit, LTD 185,963.18 270,737.48 456,700.66
66 Less: Realized Losses, LTD 0.00 0.00 0.00
------------ ---------- ------------
67 Overcollateralization of Principal 2,126,641.27 500,715.96 2,627,357.23
============ ========== ============
68 Base Overcollateralization Requirement 4,150,000.00
69 Required Overcollateralization Amount 4,150,000.00
Current Month Subordinated Amount Beginning
--------------------------------- of Month Current Month End of Month
------------- ------------- ------------
70 Original Subordinated Amount 8,798,000.00 N/A 8,798,000.00
71 Less: Cumulative Realized Losses 0.00 0.00 0.00
72 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------ ----------- ------------
73 Current Subordinated Amount 8,798,000.00 8,798,000.00
============ =========== ============
Nonrecoverable Advance Reconciliation
-------------------------------------
74 Beginning of Month 0.00
75 Current Month Unpaid Nonrecoverable Advance 0.00
76 Less: Current Month Reimbursement 0.00
-----------
77 End of Month 0.00
===========
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-1 Sub-Pool 1
In accordance with section 6.08 of the Pooling and
Servicing Agreement dated as of March 1, 1996
Lee Servicing Company reports the following
information pertaining to Series 1996-1 Sub-Pool 1
for December 26, 1996, the Remittance date.
Due period ended: December 1, 1996
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Class Class Class Class Class
A1 A2 A3 A4 A5
----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
78 Total Class Principal - Original Pool $83,000,000.00 $22,000,000.00 $35,000,000.00 $7,500,000.00 $10,000,000.00 $8,500,000.00
79 Interest Remittance Amount 425,155.79 63,083.49 199,493.92 44,498.64 62,831.42 55,248.32
80 Interest Rate Factor / 1000 5.122359 2.867431 5.699826 5.933152 6.283142 6.499802
81 Total Principal Collections 1,587,524.11 1,587,524.11 0.00 0.00 0.00 0.00
82 Additional Principal Reduction 500,715.96 500,715.96 0.00 0.00 0.00 0.00
-------------- -------------- -------------- ------------- -------------- -------------
83 Principal Remittance Amount 2,088,240.07 2,088,240.07 0.00 0.00 0.00 0.00
84 Principal Payment Factor/1000 25.159519 94.920003 0.000000 0.000000 0.000000 0.000000
85 Principal Factor 849.642896 432.828093 999.969546 999.969546 999.969546 999.969546
86 Prior Month Principal Factor 874.802415 527.748096 999.969546 999.969546 999.969546 999.969546
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
4 of 4
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
Exhibit 1
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB,
Designated Servicer
1996-1 Sub-Pool 1
Delinquency and Foreclosure Information
Period Ended: November 30, 1996
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Outstanding Number of Number of
Investor Dollars Accounts Ranges Amount Accounts Percent
-------- ----------- --------- ------ ------ --------- -------
<S> <C> <C> <C> <C> <C> <C>
REMIC
1996-1 $73,147,717.59 1218
Sub-Pool 1
30 to 59 Days $1,743,794.67 23 2.38%
60 to 89 Days $181,309.98 5 0.25%
90 and over $2,294,882.29 20 3.14%
------------- --
Total $4,219,986.94 48 5.77%
<CAPTION>
REO FORECLOSURES (1)
- ------------------------------------------------ --------------------------------------------
# of Outstanding # of Outstanding
Accts Dollars Percent Accts Dollars Percent
- ----- ----------- ------- ----- ----------- -------
1 $250,000.00 0.34% 11 $1,290,720.20 1.76%
</TABLE>
(1) The delinquency 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
1996-1 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing
Agreement dated as of March 01, 1996 and the Insurance
Agreement dated as of March 22, 1996, Lee Servicing Company
reports the following information pertaining to series
1996-1 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 3,280,026.88
2 Total Actual Interest Collections 631,642.74
3 Additional Proceeds 0.00
-------------
4 Total Collections 3,911,669.62
Monthly Advance
5 Delinquent Interest 3,895.55
6 Compensating Interest 13,393.10
7 Amounts Held for Future Distributions 0.00
8 Supplemental Interest 0.00
------------
9 Available Remittance Amount: 3,928,958.27
10 Less: Service Fees 37,619.20
11 Less: Expense Account Deposit 1,596.75
12 Cross Collateral Deposit 0.00
------------
13 Adjusted Remittance Amount: 3,889,742.32
Remaining Amount Available:
14 Adjusted Remittance Amount 3,889,742.32
15 Insured Payments 0.00
16 Cross Collateral Withdrawal 270,737.48
17 Insurance Account Deposit @ 13bp 7,358.90
the ending Class A P-balance
18 Class Remittance Amounts 3,611,645.94
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 1 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing
Agreement dated as of March 01, 1996 and the Insurance
Agreement dated as of March 22, 1996, Lee Servicing Company
reports the following information pertaining to series
1996-1 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 199
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Total Class 2-A Class R
----- --------- -------
<S> <C> <C> <C>
26 Number of Loans 622
27 Opening Loan Balance 71,208,288.84 71,208,288.84
28 Additional Principal Reduction, LTD 4,058,157.00 4,058,157.00
29 Realized Losses, LTD 0.00 0.00
30 Carryforward Amount 0.00 0.00
------------- -------------
31 Opening Class Principal Balance 67,150,131.84 67,150,131.84
32 Pool Factor per Loan Balance 85.7931191% 85.7931191%
33 Factor per Class Balance 80.9037733% 80.9037733%
34 Excess Spread 270,737.48 270,737.48
35 Additional Principal due Class A 0.00 0.00
36 Cross Collateral Deposit 0.00 0.00
37 Cross Collateral Withdrawal 270,737.48 270,737.48
38 Interest Remittance 331,619.06 331,619.06
Principal Reductions:
39 Prepayments - Number 26 26
40 Prepayments - Dollar 3,252,606.95 3,252,606.95
41 Net Liquidation Proceeds 0.00 0.00
42 Curtailments 0.00 0.00
43 Normal and Excess Payments 27,419.93 27,419.93
------------- ------------- ----
44 Total Principal Remittance 3,280,026.88 3,280,026.88
45 Additional Principal Reduction 0.00 0.00
------------- ------------- ----
46 Total Remittance 3,611,645.94 3,611,645.94 0.00
============ ============ ====
47 Carryforward Amount 0.00
48 Current Month Realized Loss - Number 0 0
49 Current Month RealizedLoss - Dollar 0.00 0.00
Class Principal Balance - End of Month
Number of Loans # 596
51 Closing Loan Balance 67,928,261.96 67,928,261.96
52 Additional Principal Reduction, LTD 4,058,157.00 4,058,157.00
53 Realized Losses, LTD 0.00 0.00
54 Carryforward Amount 0.00 0.00
------------- -------------
55 Closing Class A Principal Balance 63,870,104.96 63,870,104.96
56 Class Factor per Loan Balance 81.8412795% 81.8412795%
57 Class Factor per Class Balance 76.9519337% 76.9519337%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing
Agreement dated as of March 01, 1996 and the Insurance
Agreement dated as of March 22, 1996, Lee Servicing Company
reports the following information pertaining to series
1996-1 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
Total Class A1
----- --------
<S> <C> <C> <C>
58 Weighted Note Rate - THIS Remittance: 10.95260%
59 Weighted Note Rate - NEXT Remittance: 10.96074%
60 Pass-Through Rate: 5.73500% 5.73500%
61 Related Remittance Period 25-Nov-96 thru 25-Dec-96
62 Days in Related Period: 31
63 Weighted Average Remaining Term 350.30
64 Original Pool - Principal Balance 57,027,110.90 57,027,110.90
65 Original Pool - Pre-Funding Account 28,407,783.59 28,407,783.59
66 Original Pool - Additional Principal Reduction 2,434,894.49 2,434,894.49
------------- -------------
67 Original Pool Total 83,000,000.00 83,000,000.00
68 Original Pool - Number of Loans 318
------------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation
-------------------------------------------- Beginning
of Month Current Month End of Month
------------------ ------------- ------------
69 Additional Principal Reduction, LTD 4,058,157.00 0.00 4,058,157.00
70 Cross Collateral Deposit, LTD 0.00 0.00 0.00
71 Less: Realized Losses, LTD 0.00 0.00 0.00
------------- ------------- ------------
72 Overcollateralization of Principal 4,058,157.00 0.00 4,058,157.00
============= ============= ============
73 Base Overcollateralization Requirement 4,058,157.00
Current Month Subordinated Amount Beginning
--------------------------------- of Month Current Month End of Month
------------------ ------------- ------------
74 Original Subordinated Amount 9,269,686.00 N/A 9,269,686.00
75 Less: Cumulative Realized Losses 0.00 0.00 0.00
76 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ------------- ------------
77 Current Subordinated Amount 9,269,686.00 9,269,686.00
============= ============= ============
Nonrecoverable Advance Reconciliation
-------------------------------------
78 Beginning of Month 0.00
79 Current Month Unpaid Nonrecoverable Advance 0.00
80 Less: Current Month Reimbursement 0.00
-------------
81 End of Month 0.00
=============
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing
Agreement dated as of March 01, 1996 and the Insurance
Agreement dated as of March 22, 1996, Lee Servicing Company
reports the following information pertaining to series
1996-1 Sub Pool 2 for December 26, 1996, the Remittance date.
Period Ended: December 1, 1996
- --------------------------------------------------------------------------------------------------------------------
Class
Total A1
-------------- --------------
<C> <C> <C>
82 Total Class Principal - Original Pool $83,000,000.00 $83,000,000.00
83 Interest Remittance Amount 331,619.06 331,619.06
84 Interest Rate Factor / 1000 3.995410 3.995410
85 Total Principal Collections 3,280,026.88 3,280,026.88
86 Additional Principal Reduction 0.00 0.00
-------------- --------------
87 Principal Remittance Amount 3,280,026.88 3,280,026.88
88 Principal Payment Factor/1000 39.518396 39.518396
89 Principal Factor 769.519337 769.519337
90 Prior Month Principal Factors 809.037733 809.037733
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
<PAGE>
<TABLE>
- ----------------------------------------------------------------------------------------------------------------------------
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB,
Designated Servicer
Period Ended: November 30,1996
<CAPTION>
Outstanding Number of Number of
Investor Dollars Accounts Ranges Amount Accounts Percent
- -------- ----------- --------- ------ ------ --------- -------
<S> <C> <C> <C> <C> <C> <C>
Delinquent Loans:
REMIC
1996-1 Sub-Pool 2 $65,897,190.65 584
30 to 59 Days $2,288,071.34 22 3.40%
60 to 89 Days $413,743.78 4 0.61%
90 and over $601,539.28 4 0.89%
------------- --
Total $3,303,354.40 30 4.91%
(1) The delinquency information is exclusive of both REO & Foreclosure accounts.
Loans for Foreclosure:
REMIC
1996-1 Sub-Pool 2 $1,405,872.12 9
30 to 59 Days $0.00 0 0.00%
60 to 89 Days $0.00 0 0.00%
90 and over $1,405,872.12 9 2.09%
------------- --
Total $1,405,872.12 9 2.09%
Real Estate Owned:
REMIC
1996-1 Sub-Pool 2
<CAPTION>
# of Outstanding
Accts. Dollars Percent
------ ----------- -------
<S> <C> <C> <C>
3 $625,199.00 0.95%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
