SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from________________to_______________.
Commission file number 33-95006
ADVANTA Home Equity Loan Trust 1996-1
New York 33-6182296
(State of other juris (IRS Employer
incorporation or org Identification No.)
c/o Bankers Trust Company
4 Albany Street
New York, NY 10015
Registrant's telephone number, including area code: (212) 250-2500
Securities registered pursuant to Section 12(b) of the Act.
Title of each class Name of each exchange on
which registered:
None None
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K ($ 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of registrant. The aggregate market value shall be computed by reference
to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the
date of filing:
$226,853,243.60
Documents Incorporated by Reference: Not Applicable
PART 1
ITEM 1 - BUSINESS
The ADVANTA Home Equity Loan Trust 1996-1, (the "Trust" or "Issuer")
is a New York common law trust established as of February 1, 1996,
pursuant to a Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") between ADVANTA Mortgage Conduit Services,
Inc. as sponsors (the "Sponsor") and ADVANTA Mortgage Corp. USA as
Master Servicer (the "Master Servicer") (together, the "Companies") and
Bankers Trust Company, acting thereunder not in its individual capacity
but solely as trustee (the "Trustee"). The Issuer's only purpose is the
issuance of $300,000,000.00 principal amount of ADVANTA Home Equity
Loan Pass-Through Certificates, Series1996-1, Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, and Class A-8-I
(the "Certificates") and the subordinated residual certificates pursuant
to the Pooling and Servicing Agreement. On February 15, 1996, the
Sponsor sold $300,000,000.00 aggregate principal amount of mortgage
loans (the "Mortgage Loans"), to the Issuer in exchange for the Certificates
and sold the Certificates pursuant to a public offering, the underwriting
of which was co-managed by Merrill Lynch & Company and Prudential
Securities Incorporated. The Mortgage Loans and the distributions
thereon, along with certain insurance proceeds, certain proceeds obtained
on foreclosure and any investment income earned thereon, are the only
significant assets of the Issuer. The Certificates represent obligations
solely of the Issuer. The Certificates were registered under a Registration
Statement (file no. 33-95006) on Form S-3 declared effective on
September 13, 1995.
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3 - LEGAL PROCEEDINGS
The Master Servicer is not aware of any material pending legal proceedings
involving either the Issuer, the Trustee, the Sponsor or the Master Servicer
with respect to the Certificates or the Issuer's property.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Issuer through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK-
HOLDER MATTERS
The Trust is not an issuer of common stock in a corporation, although the
Certificates represent equity interest that has voting rights. The equity of
the Trust consists of the beneficial or ownership interest therein for which,
to the best knowledge of the Master Servicer, there is no established public
trading market.
As of March 28, 1997, there were approximately 8 holders of the Class A-1
Certificates, 4 holders of the Class A-2 Certificates, 8 holder of the Class
A-3 Certificates, 1 holder of the Class A-4 Certificates, 6 holders of the
Class A-5 Certificates, 5 holders of the Class A-6 Certificates, 13 holders
of the Class A-7 Certificates, and 5 holders of the Class A-8-I Certificates.
The number of holders includes individual participants in security position
listings. As of December 26, 1996, 10 monthly distributions had been
made to the holders of the Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On February 15, 1996, the Issuer issued $78,740,000.00 aggregate
principal amount of Class A-1 Certificates having pass-through rates of
6.14% per annum, $30,320,000.00 aggregate principal amount of Class A-2
Certificates having a pass-through rate of 5.9% per annum, $36,790,000.00
aggregate principal amount of Class A-3 Certificates having a pass-through
rate of 6.03% per annum, $10,670,000.00 aggregate principal amount of
Class A-4 Certificates having a pass-through rate of 6.23% per annum,
$35,520,000.00 aggregate principal amount of Class A-5 Certificates having
a pass-through rate of 6.35% per annum, $15,580,000.00 aggregate
principal amount of Class A-6 Certificates having a pass-through rate of
6.73% per annum, $22,380,000.00 aggregate principal amount of Class A-7
Certificates having a pass-through rate of 7.07% per annum, and
$70,000,000.00 aggregate principal amount of Class A-8-I Certificates
having a variable monthly rate, which are collateralized by Mortgage Loans.
The sale of the Mortgage Loans to the Issuer, the issuance of the Certificates
and the simultaneous delivery of the Certificates to the Companies for sale
pursuant to a public offering, the underwriting of which was co-managed by
Merrill Lynch & Company and Prudential Securities Incorporated, has been
accounted for as a sale of the Certificates. The value of the Certificates
issued by the Issuer equaled the value of the Mortgage Loans conveyed
to the Issuer by the Companies, plus funds held in the Prefunding Account
(if any) and subsequently used to acquire additional mortgage loans.
Accordingly, there was no income, expense, gain or loss resulting from
the aforementioned transaction.
CAPITAL RESOURCES AND LIQUIDITY
The Issuer's primary sources of funds with respect to the Certificates will
be receipts of interest on and principal of the Mortgage Loans, along with
certain insurance proceeds, certain proceeds obtained on foreclosure and
any investment income earned thereon. The respective management's of the
Companies believe that the Issuer will have sufficient liquidity and capital
resources to pay all amounts on the Certificates as they become due and
all other anticipated expenses of the Issuer. The Issuer does not have, nor
will it have in the future, any significant source of capital for payment of the
Certificates and its operating expenses other than the receipt of interest on
and principal of the mortgage loans, certain insurance proceeds and certain
proceeds obtained on foreclosure and any payments made by the Certificate
Insurer. The Issuer is a limited purpose trust. The Certificates represent
obligations solely of the Issuer.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting
of financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable. See "Item 10-Directors and Executive Officers of the
Registrant".
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (i) the name and address of each entity owning
more than 5% of the outstanding principal amount of the ADVANTA Home
Equity Loan Certificates, Series 1996-1, Class A-1 ("Class A-1 Certificates"),
the name and address of each entity owning more than 5% of the outstanding
principal amount of the ADVANTA Home Equity Loan Certificates, Series
1996-1, Class A-2 ("Class A-2 Certificates"), the name and address of each
entity owning more than 5% of the outstanding principal amount of the
ADVANTA Home Equity Loan Certificates, Series 1996-1, Class A-3 ("Class
A-3 Certificates"), the name and address of each entity owning more than 5%
of the outstanding principal amount of the ADVANTA Home Equity Loan
Certificates, Series 1996-1, Class A-4 ("Class A-4 Certificates"), the name
and address of each entity owning more than 5% of the outstanding principal
amount of the ADVANTA Home Equity Loan Certificates, Series 1996-1,
Class A-5 ("Class A-5 Certificates"), the name and address of each entity
owning more than 5% of the outstanding principal amount of the ADVANTA
Home Equity Loan Certificates, Series 1996-1, Class A-6 ("Class A-6
Certificates"), the name and address of each entity owning more than 5%
of the outstanding principal amount of the ADVANTA Home Equity Loan
Certificates, Series 1996-1, Class A-7 ("Class A-7 Certificates"), and the
name and address of each entity owning more than 5% of the outstanding
principal amount of the ADVANTA Home Equity Loan Certificates, Series
1996-1, Class A-8I ("Class A-8I Certificates"),;(ii) the principal amount of the
Class A-1 Certificates or Class A-2 Certificates or Class A-3 Certificates or
Class A-4 Certificates or Class A-5 Certificates or Class A-6 Certificates or
Class A-7 Certificates or Class A-8I Certificates owned by each and (iii) the
percent that the principal amount of Class A-1 Certificates or Class A-2
Certificates or Class A-3 Certificates or Class A-4 Certificates or Class A-5
Certificates or Class A-6 Certificates or Class A-7 Certificates or Class A-8I
Certificates owned represents of the outstanding principal amount of the
Class A-1 Certificates or Class A-2 Certificates or Class A-3 Certificates or
Class A-4 Certificates or Class A-5 Certificates or Class A-6 Certificates or
Class A-7 Certificates or Class A-8I Certificates, respectively. The
Information set forth in the table is based upon information obtained by
the Issuer from Depository Trust Company. The Master Servicer is not
aware of any Schedules 13D or 13G filed with the Securities and Exchange
Commission in respect of the Certificates.
Amount Owned
(All Dollar Amounts are in Thousands)
Name and Address Principal Percent
Class A-1 Certificates
Bankers Trust Company
C/O BT Svcs Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211 20.96%
Chase Manhattan Bk/Chem
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004 67.95%
Class A-2 Certificates
Chase Manhattan Bk/Chem
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004 42.88%
Bankers Trust Company
C/O BT Svcs Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211 24.14%
Citicorp Services, Inc.
P.O. Box 30576
Tampa, FL 33630-3576 16.49%
Boston Safe Dep & Trust Co.
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, PA 15259 16.49%
Class A-3 Certificates
Bank of New York
925 Patterson Plank Rd.
Secaucus, NJ 07094 71.46%
Fleet Bank of Massachusetts
c/o ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717 10.87%
Chase Manhattan Bk/Chem
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004 5.44%
Class A-4 Certificates
Bankers Trust Company
c/o BT Svcs Tennessee, Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211 100.00%
Class A-5 Certificates
Bank of New York
925 Patterson Plank Rd.
Secaucus, NJ 07094 34.91%
Bankers Trust Company
c/o BT Svcs Tennessee Inc.
Custody Services
648 Grassmere Park Road
Nashville, TN 37211 40.82%
Comerica Bank
411 W. Lafayette
Detroit, MI 48286 12.73%
Merrill Lynch, Pierce, Fenner
& Smith Safekeeping
4 Corporate Place
Corporate Park 287, 2nd Floor
Piscataway, NJ 08855 5.91%
Class A-6 Certificates
Bank of New York
925 Patterson Plank Rd.
Secaucus, NJ 07094 11.23%
Chase Manhattan Bank
Two Chase Manhattan Plaza
New York, NY 10081 49.94%
Northern Trust Company
801 S. Canal C-ln
Chicago, IL 60607 28.88%
Class A-7 Certificates
Bank of New York
925 Patterson Plank Rd.
Secaucus, NJ 07094 17.87%
Chase Manhattan Bank
Two Chase Manhattan Plaza
New York, NY 10081 8.04%
SSB-Custodian
Global Proxy Unit, A5NW
P.O. Box 1631
Boston, MA 02105-1631 23.24%
Norwest Bank Minnesota
733 Marquette Avenue
Minneapolis, MN 55479-0 7.04%
Fifth Third Bank
Dept. 00850 - Proxy
38 Fountain Square Plaza
Cincinnati, OH 45263 19.57%
PNC National Association
1835 Market Street
11 Penn Center, 15th Floor
Philadelphia, PA 19103 5.81%
Class A-8I Certificates
Citicorp Services, Inc.
P.O. Box 30576
Tampa, FL 33630-3576 7.14%
Chase Manhattan Bk/Chem
Auto Settle Department
4 New York Plaza, 4th Floor
New York, NY 10004 68.58%
First National Bank of Chicago
One First National Plaza
Chicago, IL 60670 7.14%
Republic National Bank of
New York - Investment Acct
One Hanson Place
Brooklyn, NY 11243 10.00%
Sumitomo Trust & Banking Co
527 Madison Avenue
New York, NY 10022 7.14%
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements: Not applicable.
2. Financial Statement Schedules: Not applicable.
3. Exhibits: As the Issuer was established as of February 1,
1996, the Master Servicer was obligated to prepare an Annual Statement
to Certificateholders as to Compliance for the year ended December 31,
1996, and mail such statement to the Certificateholders on or before the last
day of March, 1997 and Independent Certified Public Accountants were
required to prepare an annual report pertaining to the compliance of the
Master Servicer with its servicing obligations pursuant to the Pooling and
Servicing Agreement on or before the last day of March, 1997. The Annual
Statement to Certificateholders as to Compliance is included herewith as
Exhibit 28.1 and the Annual Independent Certified Public Accountants'
Report is included herewith as Exhibit 28.2. The Statement to
Certificateholders on December 26, 1996, is included herewith as Exhibit 28.3.
Exhibit No. Description
*3.1 Certificates of Incorporation of the
Companies
*3.2 By-laws of the Companies
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders
as to Compliance for the year ended
December 31, 1996.
28.2 Annual Independent Certified Public
Accountants' Report.
28.3 Statement to Certificateholders on
December 26, 1996.
* Incorporated by reference to the Exhibit of the same designation filed
with the Issuer's Form S-3 registration statement declared effective
September 13, 1995.
(b) Reports on Form 8-K.
Nine reports on Form 8-K have been filed by the Issuer during
the period covered by this report.
Items Reported/Financial
Date of Reports on Form Statements Filed
May 31, 1996 Monthly Report for the February 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
May 31, 1996 Monthly Report for the March 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
May 31, 1996 Monthly Report for the April 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
July 17, 1996 Monthly Report for the May 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
October 25, 1996Monthly Report for the June 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
October 25, 1996Monthly Report for the July 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
October 25, 1996Monthly Report for the August 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
November 27, 199Monthly Report for the September 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
November 27, 199Monthly Report for the October 1996 Monthly
period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-1, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, and Class A-8I issued
issued by the ADVANTA Home Equity Loan
Trust 1996-1.
(c) See "Item 14(a) (3)-Exhibits".
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ADVANTA Mortgage Corp., USA,
as Master Servicer and on behalf of
ADVANTA Home Equity Loan Trust 1996-1
Registrant
BY; /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
March 31, 1997
INDEX TO EXHIBITS (Item 14(c))
Exhibit # Description
*3.1 Certificates of Incorporation of the Companies
*3.2 By-laws of the Companies.
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders as to
Compliance for the year ended December 31, 1996.
28.2 Annual Independent Certified Public Accountants' Report.
28.3 Statement to Certificateholders on December 26, 1996.
* Incorporated by reference to the Exhibit of the same designation filed
with the Issuer's Form S-3 registration statement declared effective
September 13, 1995.
<TABLE>
EXHIBIT 28.1
<S>
March 27, 1997
Bankers Trust Company(291)
Attention: Erin Deegan
3 Park Plaza -- 16th Floor
Irvine, CA 92714
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of
February 1, 1996, relating to ADVANTA Mortgage Loan Trust 1996-1., I, William P.
Garland, hereby certify that (I) a review of the activities of the Servicer during
the preceding year and the performance under this Agreement has been made
under my supervision, and (II) to the best of my knowledge, based on such
review, the Servicer has fulfilled all its obligations under this Agreement for such
year.
Sincerely,
BY; /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
WPG/cg
cc: Mr. James L. Shreero
Annette Aguirre, Esq.
Mr. Mark Casale
<S>
</TABLE>
<TABLE>
EXHIBIT 28.2
<S>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To ADVANTA Mortgage Corp. USA:
We have examined management's assertion about Advanta Mortgage Corp. USA's compliance
with the minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that
Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million
and mortgage contingent liability protection coverage in the amount of $2 million as of and for
the year ended December 31, 1996 included in the accompanying management assertion.
Management is responsible for Advanta Mortgage Corp. USA's compliance with those
minimum servicing standards and for maintaining fidelity bond and mortgage contingent
liability protection coverage policies. Our responsibility is to express an opinion on
management's assertion about the entity's compliance with the minimum servicing standards
and maintenance of fidelity bond and mortgage contingent liability protection coverage policies
based on our examination.
Our examination was made in accordance with standards established by the American Institute
of Certified Public Accountants, and accordingly, included examining, on a test basis, evidence
about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards and
performing such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on Advanta Mortgage Corp. USA's compliance with the
minimum servicing standards.
In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the
aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in
effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability
protection coverage in the amount of $2 million as of and for the year ended December 31, 1996
is fairly stated, in all material respects.
BY; /s/ Arthur Andersen LLP
Philadelphia, PA
January 21, 1997
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
ADVANTA Mortgage Loan Trust 1996-1
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 78,740,000.0 41,731,016.4 213,523 4,335,202.1 4,548,725.89
A-2 30,320,000.0 30,320,000.0 149,073 149,073.33
A-3 36,790,000.0 36,790,000.0 184,869 184,869.75
A-4 10,670,000.0 10,670,000.0 55,39 55,395.08
A-5 35,520,000.0 35,520,000.0 187,960 187,960.00
A-6 15,580,000.0 15,580,000.0 87,37 87,377.83
A-7 22,380,000.0 22,380,000.0 131,855 131,855.50
A-8-I 70,000,000.0 53,948,040.9 270,021 1,788,233.6 2,058,254.78
RS 820,027 820,027.66
Totals 300,000,000.00 246,939,057.30 2,100,104. 6,123,435.7 8,223,539.82
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 37,395,814.2 6.140000% 6.140000%
A-2 30,320,000.0 5.900000% 5.900000%
A-3 36,790,000.0 6.030000% 6.030000%
A-4 10,670,000.0 6.230000% 6.230000%
A-5 35,520,000.0 6.350000% 6.350000%
A-6 15,580,000.0 6.730000% 6.730000%
A-7 22,380,000.0 7.070000% 7.070000%
A-8-I 52,159,807.3 5.812500% 6.125000%
RS 0.000000% 0.000000%
Totals 240,815,621.51
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WBX3 529.984968 2.711756 55.057178 57.768934 474.92779
A-2 00755WBY1 1000 4.916667 0 4.916667 1000
A-3 00755WBZ8 1000 5.025 0 5.025 1000
A-4 00755WCA2 1000 5.191666 0 5.191666 1000
A-5 00755WCB0 1000 5.291667 0 5.291667 1000
A-6 00755WCC8 1000 5.608333 0 5.608333 1000
A-7 00755WCD6 1000 5.891667 0 5.891667 1000
A-8-I 00755WCE4 770.686299 3.857445 25.546194 29.403639 745.140104
RS AM9106109 0 2.733426 0 2.733426 0
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Delinquency Advances made: 1,984,692.68
Accrued Servicing Fee for the Current Pe 105,870.44
Plus additional Servicing Fees: -
Less permitted reductions to Servicing F -
Total Servicing Fees due Master Servicer: 105,870.44
Actual collected Servicing Fees for current period: 7,770.36
</TABLE>
<TABLE>
Delinquent and Foreclosure Loan Information:
<CAPTION>
90+ Days Loans Loans
30-59 60-89 excldg f/c,REO in in
Days Days & Bkrptcy REO Foreclosure
<S> <C> <C> <C> <C> <C>
Group 1 Principal Balanc 5,793,797. 2,114,030. 1,901,437.7 206,782 2,606,202.0
% of Pool Balanc 2.9803% 1.0874% 0.9781% 0.1064% 1.3406%
Number of Loans 100 34 33 2 42
% of Loans 3.2185% 1.0943% 1.0621% 0.0644% 1.3518%
Group 2 Principal Balanc 1,651,694. 510,729 472,570. 448,952 2,355,616.0
% of Pool Balanc 3.0838% 0.9536% 0.8823% 0.8382% 4.3981%
Number of Loans 12 7 4 3 18
% of Loans 2.9777% 1.7370% 0.9926% 0.7444% 4.4665%
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <C>
Loans in Bankruptcy: Group 1 1,646,944.60
Group 2 525,071.45
Total 2,172,016.05
Book Value of REO Property: 711,588.00
Scheduled Prin Bal of Loans as of the Prior Dist Date: Group 1 198,741,016.40
Group 2 55,348,040.90
Total 254,089,057.30
Scheduled Prin Bal of Loans as of the Current Dist Date:Group 1 194,405,814.21
Group 2 53,559,807.30
Total 247,965,621.51
Substitution Amount: -
Master Servicing Fee: -
Insured Payments: -
Certificate Insurer Premium Payment: Group 1 17,690.84
Group 2 4,945.24
Total 22,636.08
Number of Loans as of the Current Distribution Date: Group 1 3168
Group 2 417
Total 3585
Number of Loans as of the Next Distribution Date: Group 1 3107
Group 2 403
Total 3510
Weighted Average Coupon as of the Current Distribution DGroup 1 10.914258%
Group 2 9.536318%
Both Groups 10.614102%
Weighted Average Coupon as of the Next Distribution DateGroup 1 10.898647%
Group 2 9.523107%
Both Groups 10.601535%
Weighted Average Net Coupon as of the Current Dist Date:Group 1 10.414258%
Group 2 9.036318%
Both Groups 10.114102%
Curtailments included in Current Distribution: Group 1 -
Group 2 -
Total -
Prepayments in Full/Unscheduled recoveries of Principal
included in Current Distribution: Group 1 3,972,446.56
Group 2 1,761,251.43
Total 5,733,697.99
</TABLE>
<TABLE>
SUBORDINATION TRACKING:
<CAPTION>
Prior Subordination Current Specified
Subordinated Increase Realized Subordinated Subordinated
Amount Amount Losses Amount Amount
<S> <C> <C> <C> <C> <C>
Group 1 5,750,000. 12,00 12,00 5,750,000.0 5,750,000.00
Group 2 1,400,000. 1,400,000.0 1,400,000.00
Total 7,150,000. 12,00 12,00 7,150,000.0 7,150,000.00
</TABLE>
<TABLE>
REALIZED LOSSES TRACKING:
<CAPTION>
Recovered Recovered
Realized Delinquency Servicing
Losses Advances Advances Total
<S> <S> <C> <C> <C> <C>
Group 1 Prior 17,88 3,7 4 21,991.92
Current 12,00 2,0 1 14,178.20
Cumulative 29,88 5,7 5 36,170.12
Group 2 Prior 32,78 6,6 39,389.70
Current -
Cumulative 32,78 6,6 39,389.70
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 164,646.59
Principal Collected: 6,111,435.79
Insurance Proceeds Received: -
Net Liquidation Proceeds: -
Delinquency Advances on Mortgage Interest: 1,984,692.68
Purchase Proceeds: -
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 6,881.37
Capitalized Interest Requirement: -
Pre-Funding Account: N/A
Sum of the Above Amounts: 8,267,656.43
LESS:
Servicing Fees (including PPIS): 17,244.50
Dealer Reserve: -
Trustee Fees: 2,057.83
Insurance Premiums: 22,636.08
Reimbursement of Delinquency Advances: 2,059.20
Reimbursements of Servicing Advances: 119.00
Total Reductions to Available Funds Amount: 44,116.61
Total Available Funds: 8,223,539.8
</TABLE>
