Exhibit 20.1
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
MORSERV, INC., Series 1996-1
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PO AND NON-PO BALANCE INFORMATION
<TABLE>
<CAPTION>
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Certificate Balance $ 182,690,823.31 $ 182,690,823.31
Beginning Certificate Balance $ 180,654,304.68 $ 180,654,304.68
Scheduled Principal $ 814,123.37 $ 814,123.37
Curtailments $ 235,306.06 $ 235,306.06
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 897,687.96 $ 897,687.96
Adjustment $-0.05 $-0.05
Default Principal $ 0.00 $ 0.00
Total Principal $ 1,947,117.34 $ 1,947,117.34
Ending Certificate Principal $ 178,707,187.34 $ 178,707,187.34
PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Certificate Balance $ 3,700,335.53 $ 3,700,335.53
Beginning Certificate Balance $ 3,680,445.13 $ 3,680,445.13
Scheduled Principal $ 15,893.49 $ 15,893.49
Curtailments $ 466.59 $ 466.59
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 12,843.30 $ 12,843.30
Default Principal $ 0.00 $ 0.00
Total Principal $ 29,203.38 $ 29,203.38
Ending Certificate Principal $ 3,651,241.75 $ 3,651,241.75
</TABLE>
<PAGE>
NON-PO BALANCE INFORMATION
<TABLE>
<CAPTION>
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Certificate Balance $ 178,990,487.78 $ 178,990,487.78
Beginning Certificate Balance $ 176,973,859.55 $ 176,973,859.55
Scheduled Principal $ 798,229.88 $ 798,229.88
Curtailments $ 234,839.47 $ 234,839.47
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 884,844.66 $ 884,844.66
Adjustment $-0.05 $-0.05
Default Principal $ 0.00 $ 0.00
Total Principal $ 1,917,913.96 $ 1,917,913.96
Ending Certificate Principal $ 175,055,945.59 $ 175,055,945.59
<PAGE>
</TABLE>
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MONTHLY CERTIFICATE HOLDERS REPORT
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
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INTEREST DISTRIBUTION
CLASS Interest Distribution
A $ 995,212.39
SUBORD $ 37,135.13
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MORTGAGE TALLY
GROUP MORTGAGE GROUP ONE TOTAL
Initial Loan Count 604 604
Beginning Loan Count 600 600
Paid in Full Loans 4 4
Defaulted Loans 0 0
Repurchased Loans 0 0
Ending Loan Count 596 596
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<TABLE>
<CAPTION>
POOL PERCENTAGE INFORMATION
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
<S> <C> <C> <C>
A 96.476131409503% 96.453804212170% 96.402847111000%
SUBORD 3.523868590497% 3.546195787830% 3.597152882000%
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Weighted Average Coupon Rate
Group Beginning WAC Ending WAC
<S> <C> <C>
MORTGAGE GROUP ONE 7.407846284096% 7.406992184828%
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</TABLE>
Loss Summary for Due Period
GROUP MORTGAGE GROUP ONE
Current Loss $ 0.00
Current Recovery $ 0.00
Cumulative Losses $ 0.00
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<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
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Weighted Average Service Fee
GROUP Beginning Rate Ending Rate
MORTGAGE GROUP ONE 0.22971% 0.22970%
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Class A Principal Prepayment Percentage
GROUP Prepayment Pct.
MORTGAGE GROUP ONE 100.00%
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Excess Interest
Amount
$ 48,287.57
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<TABLE>
<CAPTION>
CREDIT REPORT SUMMARY
Original Beginning Ending
Class Credit Support Credit Support Credit Support
------ ---------------- ---------------- ----------------
<S> <C> <C> <C>
M 2.00% 2.01% 2.03%
B-1 1.25% 1.26% 1.27%
B-2 0.75% 0.76% 0.76%
B-3 0.50% 0.50% 0.51%
B-4 0.30% 0.30% 0.30%
B-5 0.00% 0.00% 0.00%
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
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<TABLE>
<CAPTION>
MONTHLY CLASS DISTRIBUTION DETAIL REPORT
Class Original Balance Beginning Bal Beg. Factor Prin. Disbursed Int. Disbursed Ending Balance Ending Factor
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 37,144,000.00 $ 35,613,905.13 0.9588064056 $ 1,532,551.44 $ 207,747.78 $ 34,081,353.69 0.9175466748
A-2 $ 10,143,000.00 $ 10,143,000.00 1.0000000000 $ 0.00 $ 59,167.50 $ 10,143,000.00 1.0000000000
A-3 $ 26,191,000.00 $ 26,191,000.00 1.0000000000 $ 0.00 $ 152,780.83 $ 26,191,000.00 1.0000000000
A-4 $ 39,104,000.00 $ 38,758,829.29 0.9911730076 $ 242,777.94 $ 226,093.17 $ 38,516,051.35 0.9849644883
A-5 $ 34,655,000.00 $ 34,655,000.00 1.0000000000 $ 0.00 $ 202,154.17 $ 34,655,000.00 1.0000000000
A-6 $ 25,359,000.00 $ 25,246,104.83 0.9955481222 $ 113,871.03 $ 147,268.94 $ 25,132,233.80 0.9910577625
A-P $ 3,700,335.53 $ 3,680,445.13 0.9946247037 $ 29,203.38 $ 0.00 $ 3,651,241.75 0.9867326139
TOTAL $ 176,296,335.53 $ 174,288,284.38 $ 1,918,403.79 $ 995,212.39 $ 172,369,880.59
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M $ 2,740,000.00 $ 2,727,801.86 0.9955481241 $ 12,303.59 $ 15,912.18 $ 2,715,498.27 0.9910577628
B-1 $ 1,370,000.00 $ 1,363,900.93 0.9955481241 $ 6,151.79 $ 7,956.09 $ 1,357,749.14 0.9910577664
B-2 $ 914,000.00 $ 909,930.98 0.9955481182 $ 4,104.19 $ 5,307.93 $ 905,826.79 0.9910577571
B-3 $ 457,000.00 $ 454,965.49 0.9955481182 $ 2,052.09 $ 2,653.97 $ 452,913.40 0.9910577681
B-4 $ 365,000.00 $ 363,375.06 0.9955481096 $ 1,638.98 $ 2,119.69 $ 361,736.08 0.9910577534
B-5 $ 548,487.78 $ 546,045.98 0.9955481232 $ 2,462.91 $ 3,185.27 $ 543,583.07 0.9910577588
R $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 0.00 $ 0.00 0.0000000000
TOTAL $ 6,394,487.78 $ 6,366,020.30 $ 28,713.55 $ 37,135.13 $ 6,337,306.75
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</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
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<TABLE>
<CAPTION>
MONTHLY PRINCIPAL DISTRIBUTION DETAIL REPORT
Class Initial Bal Beginning Bal Scheduled Prin. Adj/Shtf Prin. Disbursed Prin. Dist. Fa Ending Balance
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 37,144,000.00 $ 35,613,905.13 $ 1,532,551.44 $ 0.00 $ 1,532,551.44 $ 41.2597308 $ 34,081,353.69
A-2 $ 10,143,000.00 $ 10,143,000.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 10,143,000.00
A-3 $ 26,191,000.00 $ 26,191,000.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 26,191,000.00
A-4 $ 39,104,000.00 $ 38,758,829.29 $ 242,777.94 $ 0.00 $ 242,777.94 $ 6.2085193 $ 38,516,051.35
A-5 $ 34,655,000.00 $ 34,655,000.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 34,655,000.00
A-6 $ 25,359,000.00 $ 25,246,104.83 $ 113,871.03 $ 0.00 $ 113,871.03 $ 4.4903596 $ 25,132,233.80
A-P $ 3,700,335.53 $ 3,680,445.13 $ 29,203.38 $ 0.00 $ 29,203.38 $ 7.8920897 $ 3,651,241.75
TOTAL $ 176,296,335.53 $ 174,288,284.38 $ 1,918,403.79 $ 0.00 $ 1,918,403.79 $ 172,369,880.59
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M $ 2,740,000.00 $ 2,727,801.86 $ 12,303.59 $ 0.00 $ 12,303.59 $ 4.4903613 $ 2,715,498.27
B-1 $ 1,370,000.00 $ 1,363,900.93 $ 6,151.79 $ 0.00 $ 6,151.79 $ 4.4903577 $ 1,357,749.14
B-2 $ 914,000.00 $ 909,930.98 $ 4,104.19 $ 0.00 $ 4,104.19 $ 4.4903611 $ 905,826.79
B-3 $ 457,000.00 $ 454,965.49 $ 2,052.09 $ 0.00 $ 2,052.09 $ 4.4903501 $ 452,913.40
B-4 $ 365,000.00 $ 363,375.06 $ 1,638.98 $ 0.00 $ 1,638.98 $ 4.4903562 $ 361,736.08
B-5 $ 548,487.78 $ 546,045.98 $ 2,462.91 $ 0.00 $ 2,462.91 $ 4.4903644 $ 543,583.07
R $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
TOTAL $ 6,394,487.78 $ 6,366,020.30 $ 28,713.55 $ 0.00 $ 28,713.55 $ 6,337,306.75
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</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
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<TABLE>
<CAPTION>
MONTHLY INTEREST DISTRIBUTION DETAIL REPORT
Class PTR Gross Int.Dist. Prep.Short Z Accret Int.Adj. Total Int.Dist Int. Dist. Fac
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 7.000% $ 207,747.78 $ 0.00 $ 0.00 $ 0.00 $ 207,747.78 $ 5.5930374
A-2 7.000% $ 59,167.50 $ 0.00 $ 0.00 $ 0.00 $ 59,167.50 $ 5.8333333
A-3 7.000% $ 152,780.83 $ 0.00 $ 0.00 $ 0.00 $ 152,780.83 $ 5.8333332
A-4 7.000% $ 226,093.17 $ 0.00 $ 0.00 $ 0.00 $ 226,093.17 $ 5.7818425
A-5 7.000% $ 202,154.17 $ 0.00 $ 0.00 $ 0.00 $ 202,154.17 $ 5.8333334
A-6 7.000% $ 147,268.94 $ 0.00 $ 0.00 $ 0.00 $ 147,268.94 $ 5.8073639
A-P 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 995,212.39 $ 0.00 $ 0.00 $ 0.00 $ 995,212.39
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M 7.000% $ 15,912.18 $ 0.00 $ 0.00 $ 0.00 $ 15,912.18 $ 5.8073650
B-1 7.000% $ 7,956.09 $ 0.00 $ 0.00 $ 0.00 $ 7,956.09 $ 5.8073650
B-2 7.000% $ 5,307.93 $ 0.00 $ 0.00 $ 0.00 $ 5,307.93 $ 5.8073632
B-3 7.000% $ 2,653.97 $ 0.00 $ 0.00 $ 0.00 $ 2,653.97 $ 5.8073742
B-4 7.000% $ 2,119.69 $ 0.00 $ 0.00 $ 0.00 $ 2,119.69 $ 5.8073699
B-5 7.000% $ 3,185.27 $ 0.00 $ 0.00 $ 0.00 $ 3,185.27 $ 5.8073673
R 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 37,135.13 $ 0.00 $ 0.00 $ 0.00 $ 37,135.13
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</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 07/01/1996 End Date : 07/31/1996
Determination Date : 08/15/1996 Remittance Date : 08/26/1996
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<TABLE>
<CAPTION>
MASTER SERVICER SUMMARY
GROUP Servicer Advanc Deliq.for Perd Adv. Recovered Serv. Fees Excess Interest
<S> <C> <C> <C> <C> <C>
MORTGAGE GROUP ONE $ 0.00 $ 0.00 $ 0.00 $ 34,207.17 $ 0.00
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 34,207.17 $ 0.00
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Additional Servicing Compensation $ 0.00
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Delinquency Information
PERIOD Units Amount Percentage
<S> <C> <C> <C>
30 DAYS 1 $ 193,272.72 0.1070%
60 DAYS 0 $ 0.00 0.0000%
90+ DAYS 0 $ 0.00 0.0000%
TOTAL 1 $ 193,272.72 0.0000%
FORECLOSR 0 $ 0.00 0.0000%
TOTAL 0 $ 0.00 0.0000%
REO 0 $ 0.00 0.0000%
TOTAL 0 $ 0.00 0.0000%
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</TABLE>
