<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report: November 7, 1996
MORSERV, INC., SERIES 1996-1 AND SERIES 1996-2
----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-76724 13-3784934
--------------- --------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
343 Thornhall Street, Edison, New Jersey 08837
---------------------------------------- --------
(Address of principal executives offices) Zip Code
(909) 205-6000
----------------------------------------------------
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
On or about October 25, 1996, MorServ, Inc. (the "Company") made the
distribution to holders of its Multi-Class Mortgage Pass-Through Certificates,
Series 1996-1 and Series 1996-2 contemplated by the respective Pooling and
Servicing Agreement dated as of June 1, 1996 (the "Pooling and Servicing
Agreement") among the Company, The Chase Manhattan Bank (formerly known as
'Chemical Bank'), as Master Servicer, and Norwest Bank Minnesota, N.A.,
as Trustee and the Pooling and Servicing Agreement dated as of August 1, 1996
(the "Pooling and Servicing Agreement") among the Company, Chase Manhattan
Mortgage Corporation as Master Servicer and Citibank, N.A. as Trustee.
A copy of the Certificateholders Report with respect to such distribution
delivered pursuant to Section 6.02 of each of the Pooling and Servicing
Agreement is being filed as an Exhibit to this Current Report on Form 8-K.
Item 7 (c). Exhibits Description
-------- -----------
20.1 Monthly Certificateholders Statement
with respect to the October 25, 1996
distribution
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit Description
------- -----------
20.1 Monthly Certificateholders Statement with
respect to the October 25, 1996 distribution
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
MORSERV, INC.
/s/ Robert J. Kent
----------------------------
Name: Robert J. Kent
Title: Senior Vice President
Date: November 7, 1996
<PAGE>
Exhibit 20.1
------------
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 4 Beginning Date : 09/01/1996 End Date : 09/30/1996
Determination Date : 10/16/1996 Remittance Date : 10/25/1996
MORSERV, INC., Series 1996-1
- -------------------------------------------------------------------------------
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 $ 176,501,611.01 $ 176,501,611.01
Scheduled Principal $ 816,151.06 $ 816,151.06
Curtailments $ 40,922.41 $ 40,922.41
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 841,003.69 $ 841,003.69
Default Principal $ 0.00 $ 0.00
Total Principal $ 1,698,077.16 $ 1,698,077.16
Ending Certificate Principal $ 174,803,533.85 $ 174,803,533.85
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 $ 3,597,404.92 $ 3,597,404.92
Scheduled Principal $ 15,863.83 $ 15,863.83
Curtailments $ 498.76 $ 498.76
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 0.00 $ 0.00
Default Principal $ 0.00 $ 0.00
Total Principal $ 16,362.59 $ 16,362.59
Ending Certificate Principal $ 3,581,042.33 $ 3,581,042.33
<PAGE>
NON-PO BALANCE INFORMATION
--------------------------
GROUP MORTGAGE GROUP ONE TOTAL
- ----- ------------------ -----
<S> <C> <C>
Initial Certificate Balance $ 178,990,487.78 $ 178,990,487.78
Beginning Certificate Balance $ 172,904,206.09 $ 172,904,206.09
Scheduled Principal $ 800,287.23 $ 800,287.23
Curtailments $ 40,423.65 $ 40,423.65
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 841,003.69 $ 841,003.69
Default Principal $ 0.00 $ 0.00
Total Principal $ 1,681,714.57 $ 1,681,714.57
Ending Certificate Principal $ 171,222,491.52 $ 171,222,491.52
INTEREST DISTRIBUTION
---------------------
CLASS Interest Distribution
<S> <C>
A $ 971,809.38
SUBORD $ 36,798.50
- -------------------------------------------------------------------------------
MORTGAGE TALLY
--------------
GROUP MORTGAGE GROUP ONE TOTAL
- ----- ------------------ -----
<S> <C> <C>
Initial Loan Count 604 604
Beginning Loan Count 591 591
Paid in Full Loans 2 2
Defaulted Loans 0 0
Repurchased Loans 0 0
Ending Loan Count 589 589
- -------------------------------------------------------------------------------
POOL PERCENTAGE INFORMATION
---------------------------
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
<S> <C> <C> <C>
A 96.425917172143% 96.407901143813% 96.351555631000%
SUBORD 3.574082827857% 3.592098856187% 3.648444369000%
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
Weighted Average Coupon Rate
----------------------------
Group Beginning WAC Ending WAC
MORTGAGE GROUP ONE 7.408418611691% 7.407097114926%
- -------------------------------------------------------------------------------
Loss Summary for Due Period
---------------------------
GROUP MORTGAGE GROUP ONE
Current Loss $ 0.00
Current Recovery $ 0.00
Cumulative Losses $ 0.00
- -------------------------------------------------------------------------------
Weighted Average Service Fee
----------------------------
<TABLE>
<CAPTION>
GROUP Beginning Rate Ending Rate
<S> <C> <C>
MORTGAGE GROUP ONE 0.22981% 0.22970%
- -------------------------------------------------------------------------------
Class A Principal Prepayment Percentage
---------------------------------------
GROUP Prepayment Pct.
MORTGAGE GROUP ONE 100.00%
- -------------------------------------------------------------------------------
Excess Interest
---------------
Amount
47,256.02
- -------------------------------------------------------------------------------
CREDIT REPORT SUMMARY
---------------------
ORIGINAL BEGINNING ENDING
CLASS CREDIT SUPPORT CREDIT SUPPORT CREDIT SUPPORT
----- -------------- -------------- --------------
<S> <C> <C> <C>
M 2.00% 2.04% 2.05%
B-1 1.25% 1.28% 1.28%
B-2 0.75% 0.77% 0.77%
B-3 0.50% 0.51% 0.51%
B-4 0.30% 0.31% 0.31%
B-5 0.00% 0.00% 0.00%
</TABLE>
<PAGE>
<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 $ 32,549,127.50 0.8762957005 $ 1,529,822.76 $ 189,869.91 $ 31,019,304.74 0.8351094319
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 $ 38,040,510.20 0.9728035546 $ 6,901.40 $ 221,902.98 $ 38,033,608.80 0.9726270663
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 $ 25,017,254.62 0.9865237044 $ 115,792.38 $ 145,933.99 $ 24,901,462.24 0.9819575788
A-P $ 3,700,335.53 $ 3,597,404.92 0.9721834387 $ 16,362.59 $ 0.00 $ 3,581,042.33 0.9677615181
TOTAL $ 176,296,335.53 $ 170,193,297.24 $ 1,668,879.13 $ 971,809.38 $ 168,524,418.11
- ----------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,703,074.95 0.9865237044 $ 12,511.18 $ 15,767.94 $ 2,690,563.77 0.9819575803
B-1 $ 1,370,000.00 $ 1,351,537.48 0.9865237080 $ 6,255.59 $ 7,883.97 $ 1,345,281.89 0.9819575839
B-2 $ 914,000.00 $ 901,682.66 0.9865236980 $ 4,173.44 $ 5,259.82 $ 897,509.22 0.9819575711
B-3 $ 457,000.00 $ 450,841.34 0.9865237199 $ 2,086.72 $ 2,629.91 $ 448,754.62 0.9819575930
B-4 $ 365,000.00 $ 360,081.15 0.9865236986 $ 1,666.64 $ 2,100.47 $ 358,414.51 0.9819575616
B-5 $ 548,487.78 $ 541,096.19 0.9865236925 $ 2,504.46 $ 3,156.39 $ 538,591.73 0.9819575743
R $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 0.00 $ 0.00 0.0000000000
TOTAL $ 6,394,487.78 $ 6,308,313.77 $ 29,198.03 $ 36,798.50 $ 6,279,115.74
</TABLE>
<PAGE>
<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 $ 32,549,127.50 $ 1,529,822.76 $ 0.00 $ 1,529,822.76 $ 41.1862686 $ 31,019,304.74
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 $ 38,040,510.20 $ 6,901.40 $ 0.00 $ 6,901.40 $ 0.1764883 $ 38,033,608.80
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 $ 25,017,254.62 $ 115,792.38 $ 0.00 $ 115,792.38 $ 4.5661256 $ 24,901,462.24
A-P $ 3,700,335.53 $ 3,597,404.92 $ 16,362.59 $ 0.00 $ 16,362.59 $ 4.4219206 $ 3,581,042.33
TOTAL $ 176,296,335.53 $ 170,193,297.24 $ 1,668,879.13 $ 0.00 $ 1,668,879.13 $ 168,524,418.11
- ---------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,703,074.95 $ 12,511.18 $ 0.00 $ 12,511.18 $ 4.5661241 $ 2,690,563.77
B-1 $ 1,370,000.00 $ 1,351,537.48 $ 6,255.59 $ 0.00 $ 6,255.59 $ 4.5661241 $ 1,345,281.89
B-2 $ 914,000.00 $ 901,682.66 $ 4,173.44 $ 0.00 $ 4,173.44 $ 4.5661269 $ 897,509.22
B-3 $ 457,000.00 $ 450,841.34 $ 2,086.72 $ 0.00 $ 2,086.72 $ 4.5661269 $ 448,754.62
B-4 $ 365,000.00 $ 360,081.15 $ 1,666.64 $ 0.00 $ 1,666.64 $ 4.5661370 $ 358,414.51
B-5 $ 548,487.78 $ 541,096.19 $ 2,504.46 $ 0.00 $ 2,504.46 $ 4.5661181 $ 538,591.73
R $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
TOTAL $ 6,394,487.78 $ 6,308,313.77 $ 29,198.03 $ 0.00 $ 29,198.03 $ 6,279,115.74
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<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% $ 189,869.91 $ 0.00 $ 0.00 $ 0.00 $ 189,869.91 $ 5.1117249
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% $ 221,902.98 $ 0.00 $ 0.00 $ 0.00 $ 221,902.98 $ 5.6746875
A-5 7.000% $ 202,154.17 $ 0.00 $ 0.00 $ 0.00 $ 202,154.17 $ 5.8333334
A-6 7.000% $ 145,933.99 $ 0.00 $ 0.00 $ 0.00 $ 145,933.99 $ 5.7547218
A-P 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 971,809.38 $ 0.00 $ 0.00 $ 0.00 $ 971,809.38
- ------------------------------------------------------------------------------------------
M 7.000% $ 15,767.94 $ 0.00 $ 0.00 $ 0.00 $ 15,767.94 $ 5.7547226
B-1 7.000% $ 7,883.97 $ 0.00 $ 0.00 $ 0.00 $ 7,883.97 $ 5.7547226
B-2 7.000% $ 5,259.82 $ 0.00 $ 0.00 $ 0.00 $ 5,259.82 $ 5.7547265
B-3 7.000% $ 2,629.91 $ 0.00 $ 0.00 $ 0.00 $ 2,629.91 $ 5.7547265
B-4 7.000% $ 2,100.47 $ 0.00 $ 0.00 $ 0.00 $ 2,100.47 $ 5.7547123
B-5 7.000% $ 3,156.39 $ 0.00 $ 0.00 $ 0.00 $ 3,156.39 $ 5.7547134
R 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 36,798.50 $ 0.00 $ 0.00 $ 0.00 $ 36,798.50
</TABLE>
<PAGE>
<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 $ 33,460.97 $ 0.00
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 33,460.97 $ 0.00
- -------------------------------------------------------------------------------------------------
Additional Servicing Compensation $ 0.00
- -------------------------------------------------------------------------------------------------
Delinquency Information
-----------------------
PERIOD Units Amount Percentage
------ ----- ------ ----------
<S> <C> <C> <C>
30 DAYS 6 $ 1,415,214.52 0.8018%
60 DAYS 0 $ 0.00 0.0000%
90+ DAYS 0 $ 0.00 0.0000%
TOTAL 6 $ 1,415,214.52 0.8018%
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>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 2 Beginning Date : 09/01/1996 End Date : 09/30/1996
Determination Date : 10/17/1996 Remittance Date : 10/25/1996
MORSERV, INC., Series 1996-2
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PO AND NON-PO BALANCE INFORMATION
---------------------------------
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTALS
- ----- ------------------ ------------------ ------
<S> <C> <C> <C>
Initial Certificate Balance $ 167,767,803.07 $ 39,282,178.12 $ 207,049,981.19
Beginning Certificate Balance $ 167,335,558.28 $ 38,560,513.89 $ 205,896,072.17
Scheduled Principal $ 150,364.24 $ 176,313.73 $ 326,677.97
Curtailments $ 15,745.50 $ 202,839.85 $ 218,585.35
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 1,396,744.70 $ 0.00 $ 1,396,744.70
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 1,562,854.44 $ 379,153.58 $ 1,942,008.02
Ending Certificate Principal $ 165,772,703.84 $ 38,181,360.31 $ 203,954,064.15
PO BALANCE INFORMATION
----------------------
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
- ----- ------------------ ------------------ -----
<S> <C> <C> <C>
Initial Certificate Balance $ 490,762.82 $ 501,860.84 $ 992,623.66
Beginning Certificate Balance $ 490,247.10 $ 480,308.35 $ 970,555.45
Scheduled Principal $ 484.76 $ 2,152.95 $ 2,637.71
Curtailments $ 30.11 $ 27.85 $ 57.96
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 60,524.32 $ 0.00 $ 60,524.32
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 61,039.19 $ 2,180.80 $ 63,219.99
Ending Certificate Principal $ 429,207.91 $ 478,127.55 $ 907,335.46
</TABLE>
<PAGE>
NON-PO BALANCE INFORMATION
--------------------------
<TABLE>
<CAPTION>
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
- ----- ------------------ ------------------ -----
<S> <C> <C> <C>
Initial Certificate Balance $ 167,277,040.25 $ 38,780,317.28 $ 206,057,357.53
Beginning Certificate Balance $ 166,845,311.18 $ 38,080,205.54 $ 204,925,516.72
Scheduled Principal $ 149,879.48 $ 174,160.78 $ 324,040.26
Curtailments $ 15,715.39 $ 202,812.00 $ 218,527.39
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 1,336,220.38 $ 0.00 $ 1,336,220.38
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 1,501,815.25 $ 376,972.78 $ 1,878,788.03
Ending Certificate Principal $ 165,343,495.93 $ 37,703,232.76 $ 203,046,728.69
- --------------------------------------------------------------------------------------------
INTEREST DISTRIBUTION
---------------------
CLASS Interest Distribution
<S> <C>
A $ 1,166,276.88
SUBORD $ 71,814.79
IA $ 949,793.78
IIA $ 216,483.10
- --------------------------------------------------------------------------------------------------
MORTGAGE TALLY
--------------
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
- ----- ------------------ ------------------ -----
<S> <C> <C> <C>
Initial Loan Count 541 129 670
Beginning Loan Count 540 127 667
Paid in Full Loans 4 0 4
Defaulted Loans 0 0 0
Repurchased Loans 0 0 0
Ending Loan Count 536 127 663
- --------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
POOL PERCENTAGE INFORMATION
---------------------------
<TABLE>
<CAPTION>
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
<S> <C> <C> <C>
A 94.226901035691% 94.181218016194% 94.199558844475%
SUBORD 5.773099770541% 5.818782797715% 5.301718534478%
IA 94.240276950657% 94.191198860282% 94.223352965789%
IIA 94.168855486692% 94.137884004584% 94.095306844817%
- -------------------------------------------------------------------------------
Weighted Average Coupon Rate
----------------------------
Group Beginning WAC Ending WAC
<S> <C> <C>
MORTGAGE GROUP ONE 8.203731771719% 8.209263578843%
MORTGAGE GROUP TWO 7.877164937856% 7.878477077759%
- -------------------------------------------------------------------------------
Loss Summary for Due Period
---------------------------
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
- ----- ------------------ ------------------
<S> <C> <C>
Current Loss $ 0.00 $ 0.00
Current Recovery $ 0.00 $ 0.00
Cumulative Losses $ 0.00 $ 0.00
- -------------------------------------------------------------------------------
Weighted Average Service Fee
----------------------------
<S> <C> <C>
GROUP Beginning Rate Ending Rate
MORTGAGE GROUP ONE 0.24% 0.24%
MORTGAGE GROUP TWO 0.23% 0.23%
- ------------------------------------------------------------------------------
Class A Principal Prepayment Percentage
---------------------------------------
GROUP Prepayment Pct.
MORTGAGE GROUP ONE 100.00%
MORTGAGE GROUP TWO 100.00%
- --------------------------------------------------------------------------------
Current Excess Interest
-----------------------
Group Excess Interest
MORTGAGE GROUP ONE 101,925.67
MORTGAGE GROUP TWO 15,611.80
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CREDIT REPORT SUMMARY
---------------------
ORIGINAL BEGINNING ENDING
CLASS CREDIT SUPPORT CREDIT SUPPORT CREDIT SUPPORT
----- -------------- -------------- --------------
<S> <C> <C> <C>
M 3.50% 3.51% 3.54%
B-1 2.50% 2.51% 2.53%
B-2 1.75% 1.76% 1.77%
B-3 0.90% 0.90% 0.91%
B-4 0.45% 0.45% 0.46%
B-5 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------------------------
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>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
M $ 4,658,626.00 $ 4,651,272.80 0.9984215947 $ 7,411.97 $ 28,101.44 $ 4,643,860.83 0.9968305741
B-1 $ 2,070,499.00 $ 2,067,230.91 0.9984215931 $ 3,294.20 $ 12,489.52 $ 2,063,936.71 0.9968305756
B-2 $ 1,552,875.00 $ 1,550,423.93 0.9984215922 $ 2,470.65 $ 9,367.14 $ 1,547,953.28 0.9968305755
B-3 $ 1,759,925.00 $ 1,757,147.12 0.9984215918 $ 2,800.07 $ 10,616.10 $ 1,754,347.05 0.9968305752
B-4 $ 931,725.00 $ 930,254.36 0.9984194512 $ 1,482.39 $ 5,620.29 $ 928,771.97 0.9968284379
B-5 $ 931,727.19 $ 930,256.55 0.9984237412 $ 1,482.39 $ 5,620.30 $ 928,774.16 0.9968327249
TOTAL $ 11,905,377.19 $ 11,886,585.67 $ 18,941.67 $ 71,814.79 $ 11,867,644.00
- ----------------------------------------------------------------------------------------------------------------------------
IA-1 $ 114,282,033.00 $ 113,952,469.04 0.9971162225 $ 1,191,424.47 $ 602,998.48 $ 112,761,044.57 0.9866909225
IA-2 $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 251,645.04 $ 0.00 0.0000000000
IA-3 $ 27,585,318.00 $ 27,505,768.08 0.9971162225 $ 287,585.21 $ 0.00 $ 27,218,182.87 0.9866909227
IA-4 $ 15,763,039.00 $ 15,749,009.34 0.9991099648 $ 14,147.56 $ 95,150.26 $ 15,734,861.78 0.9982124500
IA-P $ 490,762.00 $ 490,247.10 0.9989508153 $ 61,039.19 $ 0.00 $ 429,207.91 0.8745744577
TOTAL $ 158,121,152.00 $ 157,697,493.56 $ 1,554,196.43 $ 949,793.78 $ 156,143,297.13
- ----------------------------------------------------------------------------------------------------------------------------
IIA-1 $ 36,521,592.00 $ 35,831,686.25 0.9811096474 $ 366,689.12 $ 216,483.10 $ 35,464,997.13 0.9710693096
IIA-P $ 501,860.00 $ 480,308.35 0.9570564500 $ 2,180.80 $ 0.00 $ 478,127.55 0.9527110150
TOTAL $ 37,023,452.00 $ 36,311,994.60 $ 368,869.92 $ 216,483.10 $ 35,943,124.68
- ----------------------------------------------------------------------------------------------------------------------------
R $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 0.00 $ 0.00 0.0000000000
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY PRINCIPAL DISTRIBUTION DETAIL REPORT
--------------------------------------------
<TABLE>
<CAPTION>
Class Initial Bal Beginning Bal Scheduled Prin. Adj/Shtf Prin. Disbursed Prin. Dist. Fa Ending Balance
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
M $ 4,658,626.00 $ 4,651,272.80 $ 7,411.97 $ 0.00 $ 7,411.97 $ 1.5910206 $ 4,643,860.83
B-1 $ 2,070,499.00 $ 2,067,230.91 $ 3,294.20 $ 0.00 $ 3,294.20 $ 1.5910174 $ 2,063,936.71
B-2 $ 1,552,875.00 $ 1,550,423.93 $ 2,470.65 $ 0.00 $ 2,470.65 $ 1.5910167 $ 1,547,953.28
B-3 $ 1,759,925.00 $ 1,757,147.12 $ 2,800.07 $ 0.00 $ 2,800.07 $ 1.5910167 $ 1,754,347.05
B-4 $ 931,725.00 $ 930,254.36 $ 1,482.39 $ 0.00 $ 1,482.39 $ 1.5910132 $ 928,771.97
B-5 $ 931,727.19 $ 930,256.55 $ 1,482.39 $ 0.00 $ 1,482.39 $ 1.5910163 $ 928,774.16
TOTAL $ 11,905,377.19 $ 11,886,585.67 $ 18,941.67 $ 0.00 $ 18,941.67 $ 11,867,644.00
- ---------------------------------------------------------------------------------------------------------------------------
IA-1 $ 114,282,033.00 $ 113,952,469.04 $ 1,191,424.47 $ 0.00 $ 1,191,424.47 $ 10.4252999 $ 112,761,044.57
IA-2 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
IA-3 $ 27,585,318.00 $ 27,505,768.08 $ 287,585.21 $ 0.00 $ 287,585.21 $ 10.4252998 $ 27,218,182.87
IA-4 $ 15,763,039.00 $ 15,749,009.34 $ 14,147.56 $ 0.00 $ 14,147.56 $ 0.8975147 $ 15,734,861.78
IA-P $ 490,762.00 $ 490,247.10 $ 61,039.19 $ 0.00 $ 61,039.19 $ 124.3763576 $ 429,207.91
TOTAL $ 158,121,152.00 $ 157,697,493.56 $ 1,554,196.43 $ 0.00 $ 1,554,196.43 $ 156,143,297.13
- ---------------------------------------------------------------------------------------------------------------------------
IIA-1 $ 36,521,592.00 $ 35,831,686.25 $ 366,689.12 $ 0.00 $ 366,689.12 $ 10.0403378 $ 35,464,997.13
IIA-P $ 501,860.00 $ 480,308.35 $ 2,180.80 $ 0.00 $ 2,180.80 $ 4.3454350 $ 478,127.55
TOTAL $ 37,023,452.00 $ 36,311,994.60 $ 368,869.92 $ 0.00 $ 368,869.92 $ 35,943,124.68
- ---------------------------------------------------------------------------------------------------------------------------
R $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY INTEREST DISTRIBUTION DETAIL REPORT
-------------------------------------------
<TABLE>
<CAPTION>
Class PTR Gross Int.Dist. Prep.Short Z Accret Int.Adj. Sol/Sail S Total Int.Dist Int. Dist. Fac
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
M 7.2500% $ 28,101.44 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 28,101.44 $ 6.0321305
B-1 7.2500% $ 12,489.52 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 12,489.52 $ 6.0321304
B-2 7.2500% $ 9,367.14 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 9,367.14 $ 6.0321275
B-3 7.2500% $ 10,616.10 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 10,616.10 $ 6.0321321
B-4 7.2500% $ 5,620.29 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5,620.29 $ 6.0321210
B-5 7.2500% $ 5,620.30 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5,620.30 $ 6.0321434
TOTAL $ 71,814.79 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 71,814.79
- ---------------------------------------------------------------------------------------------------------------------------
IA-1 6.3500% $ 602,998.48 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 602,998.48 $ 5.2764067
IA-2 2.6500% $ 251,645.04 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 251,645.04 $ 0.0000000
IA-3 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
IA-4 7.2500% $ 95,150.26 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 95,150.26 $ 6.0362891
IA-P 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 949,793.78 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 949,793.78
- ---------------------------------------------------------------------------------------------------------------------------
IIA-1 7.2500% $ 216,483.10 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 216,483.10 $ 5.9275373
IIA-P 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 216,483.10 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 216,483.10
- ---------------------------------------------------------------------------------------------------------------------------
R 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MASTER SERVICER SUMMARY
-----------------------
<TABLE>
<CAPTION>
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 $ 34,030.59 $ 101,925.67
MORTGAGE GROUP TWO $ 0.00 $ 0.00 $ 0.00 $ 7,443.25 $ 15,611.80
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 41,473.84 $ 117,537.47
- -----------------------------------------------------------------------------------------------
Additional Servicing Compensation $ 0.00
- -----------------------------------------------------------------------------------------------
Delinquency Information
-----------------------
PERIOD Units Amount Percentage
------ ----- ------ ----------
<S> <C> <C> <C>
30 DAYS 11 $ 3,990,998.69 1.9384%
60 DAYS 0 $ 0.00 0.0000%
90+ DAYS 0 $ 0.00 0.0000%
TOTAL 11 $ 3,990,998.69 1.9384%
FORECLOSE 0 $ 0.00 0.0000%
TOTAL 0 $ 0.00 0.0000%
REO 0 $ 0.00 0.0000%
TOTAL 0 $ 0.00 0.0000%
- ----------------------------------------------------------------------------------------------
</TABLE>
