Exhibit 20.1
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
MORSERV, INC., Series 1996-1
PO AND NON-PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE TOTAL
Initial Certificate Balance $ 182,690,823.31 $ 182,690,823.31
Beginning Certificate Balance $ 178,707,187.34 $ 178,707,187.34
Scheduled Principal $ 816,807.27 $ 816,807.27
Curtailments $ 39,705.61 $ 39,705.61
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 1,349,063.45 $ 1,349,063.45
Default Principal $ 0.00 $ 0.00
Total Principal $ 2,205,576.33 $ 2,205,576.33
Ending Certificate Principal $ 176,501,611.01 $ 176,501,611.01
PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE TOTAL
Initial Certificate Balance $ 3,700,335.53 $ 3,700,335.53
Beginning Certificate Balance $ 3,651,241.75 $ 3,651,241.75
Scheduled Principal $ 15,931.81 $ 15,931.81
Curtailments $ 477.38 $ 477.38
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 37,427.64 $ 37,427.64
Default Principal $ 0.00 $ 0.00
Total Principal $ 53,836.83 $ 53,836.83
Ending Certificate Principal $ 3,597,404.92 $ 3,597,404.92
<PAGE>
NON-PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE TOTAL
Initial Certificate Balance $ 178,990,487.78 $ 178,990,487.78
Beginning Certificate Balance $ 175,055,945.59 $ 175,055,945.59
Scheduled Principal $ 800,875.46 $ 800,875.46
Curtailments $ 39,228.23 $ 39,228.23
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 1,311,635.81 $ 1,311,635.81
Default Principal $ 0.00 $ 0.00
Total Principal $ 2,151,739.50 $ 2,151,739.50
Ending Certificate Principal $ 172,904,206.09 $ 172,904,206.09
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
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Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
INTEREST DISTRIBUTION
CLASS Interest Distribution
A $ 984,192.07
SUBORD $ 36,967.62
MORTGAGE TALLY
GROUP MORTGAGE GROUP ONE TOTAL
Initial Loan Count 604 604
Beginning Loan Count 596 596
Paid in Full Loans 5 5
Defaulted Loans 0 0
Repurchased Loans 0 0
Ending Loan Count 591 591
POOL PERCENTAGE INFORMATION
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
A 96.453804212170% 96.425917172143% 96.379839183000%
SUBORD 3.546195787830% 3.574082827857% 3.620160817000%
Weighted Average Coupon Rate
Group Beginning WAC Ending WAC
MORTGAGE GROUP ONE 7.406992184828% 7.408418611691%
Loss Summary for Due Period
GROUP MORTGAGE GROUP ONE
Current Loss $ 0.00
Current Recovery $ 0.00
Cumulative Losses $ 0.00
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
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Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
Weighted Average Service Fee
GROUP Beginning Rate Ending Rate
MORTGAGE GROUP ONE 0.22970% 0.22981%
Class A Principal Prepayment Percentage
GROUP Prepayment Pct.
MORTGAGE GROUP ONE 100.00%
Excess Interest
Amount
47,702.11
CREDIT REPORT SUMMARY
Original Beginning Ending
Class Credit Support Credit Support Credit Support
------ ---------------- ---------------- ----------------
M 2.00% 2.03% 2.04%
B-1 1.25% 1.27% 1.28%
B-2 0.75% 0.76% 0.77%
B-3 0.50% 0.51% 0.51%
B-4 0.30% 0.30% 0.31%
B-5 0.00% 0.00% 0.00%
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
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Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
<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>
A-1 $ 37,144,000.00 $ 34,081,353.69 0.9175466748 $ 1,532,226.19 $ 198,807.90 $ 32,549,127.50 0.8762957005
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 $ 38,516,051.35 0.9849644883 $ 475,541.15 $ 224,676.97 $ 38,040,510.20 0.9728035546
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 $ 25,132,233.80 0.9910577625 $ 114,979.18 $ 146,604.70 $ 25,017,254.62 0.9865237044
A-P $ 3,700,335.53 $ 3,651,241.75 0.9867326139 $ 53,836.83 $ 0.00 $ 3,597,404.92 0.9721834387
TOTAL $ 176,296,335.53 $ 172,369,880.59 $ 2,176,583.35 $ 984,192.07 $ 170,193,297.24
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M $ 2,740,000.00 $ 2,715,498.27 0.9910577628 $ 12,423.32 $ 15,840.41 $ 2,703,074.95 0.9865237044
B-1 $ 1,370,000.00 $ 1,357,749.14 0.9910577664 $ 6,211.66 $ 7,920.20 $ 1,351,537.48 0.9865237080
B-2 $ 914,000.00 $ 905,826.79 0.9910577571 $ 4,144.13 $ 5,283.99 $ 901,682.66 0.9865236980
B-3 $ 457,000.00 $ 452,913.40 0.9910577681 $ 2,072.06 $ 2,641.99 $ 450,841.34 0.9865237199
B-4 $ 365,000.00 $ 361,736.08 0.9910577534 $ 1,654.93 $ 2,110.13 $ 360,081.15 0.9865236986
B-5 $ 548,487.78 $ 543,583.07 0.9910577588 $ 2,486.88 $ 3,170.90 $ 541,096.19 0.9865236925
R $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 0.00 $ 0.00 0.0000000000
TOTAL $ 6,394,487.78 $ 6,337,306.75 $ 28,992.98 $ 36,967.62 $ 6,308,313.77
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
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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>
A-1 $ 37,144,000.00 $ 34,081,353.69 $ 1,532,226.19 $ 0.00 $ 1,532,226.19 $ 41.2509743 $ 32,549,127.50
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 $ 38,516,051.35 $ 475,541.15 $ 0.00 $ 475,541.15 $ 12.1609337 $ 38,040,510.20
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 $ 25,132,233.80 $ 114,979.18 $ 0.00 $ 114,979.18 $ 4.5340581 $ 25,017,254.62
A-P $ 3,700,335.53 $ 3,651,241.75 $ 53,836.83 $ 0.00 $ 53,836.83 $ 14.5491752 $ 3,597,404.92
TOTAL $ 176,296,335.53 $ 172,369,880.59 $ 2,176,583.35 $ 0.00 $ 2,176,583.35 $ 170,193,297.24
- ---------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,715,498.27 $ 12,423.32 $ 0.00 $ 12,423.32 $ 4.5340584 $ 2,703,074.95
B-1 $ 1,370,000.00 $ 1,357,749.14 $ 6,211.66 $ 0.00 $ 6,211.66 $ 4.5340584 $ 1,351,537.48
B-2 $ 914,000.00 $ 905,826.79 $ 4,144.13 $ 0.00 $ 4,144.13 $ 4.5340591 $ 901,682.66
B-3 $ 457,000.00 $ 452,913.40 $ 2,072.06 $ 0.00 $ 2,072.06 $ 4.5340481 $ 450,841.34
B-4 $ 365,000.00 $ 361,736.08 $ 1,654.93 $ 0.00 $ 1,654.93 $ 4.5340548 $ 360,081.15
B-5 $ 548,487.78 $ 543,583.07 $ 2,486.88 $ 0.00 $ 2,486.88 $ 4.5340664 $ 541,096.19
R $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
TOTAL $ 6,394,487.78 $ 6,337,306.75 $ 28,992.98 $ 0.00 $ 28,992.98 $ 6,308,313.77
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</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
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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% $ 198,807.90 $ 0.00 $ 0.00 $ 0.00 $ 198,807.90 $ 5.3523557
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% $ 224,676.97 $ 0.00 $ 0.00 $ 0.00 $ 224,676.97 $ 5.7456263
A-5 7.000% $ 202,154.17 $ 0.00 $ 0.00 $ 0.00 $ 202,154.17 $ 5.8333334
A-6 7.000% $ 146,604.70 $ 0.00 $ 0.00 $ 0.00 $ 146,604.70 $ 5.7811704
A-P 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 984,192.07 $ 0.00 $ 0.00 $ 0.00 $ 984,192.07
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M 7.000% $ 15,840.41 $ 0.00 $ 0.00 $ 0.00 $ 15,840.41 $ 5.7811715
B-1 7.000% $ 7,920.20 $ 0.00 $ 0.00 $ 0.00 $ 7,920.20 $ 5.7811679
B-2 7.000% $ 5,283.99 $ 0.00 $ 0.00 $ 0.00 $ 5,283.99 $ 5.7811707
B-3 7.000% $ 2,641.99 $ 0.00 $ 0.00 $ 0.00 $ 2,641.99 $ 5.7811597
B-4 7.000% $ 2,110.13 $ 0.00 $ 0.00 $ 0.00 $ 2,110.13 $ 5.7811781
B-5 7.000% $ 3,170.90 $ 0.00 $ 0.00 $ 0.00 $ 3,170.90 $ 5.7811680
R 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 36,967.62 $ 0.00 $ 0.00 $ 0.00 $ 36,967.62
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATE HOLDERS REPORT
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Due Period : 3 Beginning Date : 08/01/1996 End Date : 08/31/1996
Determination Date : 09/16/1996 Remittance Date : 09/25/1996
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MASTER SERVICER SUMMARY
GROUP Servicer Advanc Deliq.for Perd Adv. Recovered Serv. Fees Excess Interest
<S> <C> <C> <C> <C> <C> <C>
MORTGAGE GROUP ONE $ 0.00 $ 0.00 $ 0.00 $ 33,800.89 $ 0.00
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 33,800.89 $ 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 3 $ 802,668.80 0.4490%
60 DAYS 0 $ 0.00 0.0000%
90+ DAYS 0 $ 0.00 0.0000%
TOTAL 0 $ 0.00 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%
</TABLE>
