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: April 4, 1997
MORSERV, INC.
----------------------------------------------------
(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 February 25, 1997, 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 Pooling and Servicing
Agreement dated as of June 1, 1996 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 (together, the "Pooling and Servicing Agreements") among the
Company, Chase Manhattan Mortgage Corporation as Master Servicer and
Citibank, N.A. as Trustee.
On or about March 25, 1997, 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 Pooling and Servicing
Agreement dated as of June 1, 1996 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 (together, the "Pooling and Servicing Agreements") among the
Company, Chase Manhattan Mortgage Corporation as Master Servicer and
Citibank, N.A. as Trustee.
Copies of the Certificateholders Reports with respect to each distribution
delivered pursuant to Section 6.02 of each of the Pooling and Servicing
Agreements are being filed as exhibit 20.1 and exhibit 20.2 to this Current
Report on Form 8-K.
Item 7 (c). Exhibit Description
------- -----------
20.1 Monthly Certificateholders Statement
with respect to the February 25, 1997
distribution.
20.2 Monthly Certificateholders Statement
with respect to the March 25, 1997
distribution.
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit Description
------- -----------
20.1 Monthly Certificateholders Statement with
respect to the February 25, 1997 distribution
20.2 Monthly Certificateholders Statement with
respect to the March 25, 1997 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: April 4, 1997
Exhibit 20.1
------------
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
MORSERV, INC., Series 1996-1
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PO AND NON-PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Certificate Balance $ 182,690,823.31 $ 182,690,823.31
Beginning Certificate Balance $ 168,790,449.29 $ 168,790,449.29
Scheduled Principal $ 821,213.30 $ 821,213.30
Curtailments $ 77,947.75 $ 77,947.75
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 1,214,892.31 $ 1,214,892.31
Default Principal $ 0.00 $ 0.00
Total Principal $ 2,114,053.36 $ 2,114,053.36
Ending Certificate Principal $ 166,676,395.93 $ 166,676,395.93
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 $ 3,492,627.16 $ 3,492,627.16
Scheduled Principal $ 16,165.60 $ 16,165.60
Curtailments $ 2,213.86 $ 2,213.86
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 3,562.24 $ 3,562.24
Default Principal $ 0.00 $ 0.00
Total Principal $ 21,941.70 $ 21,941.70
Ending Certificate Principal $ 3,470,685.46 $ 3,470,685.46
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 $ 165,297,822.23 $ 165,297,822.23
Scheduled Principal $ 805,047.70 $ 805,047.70
Curtailments $ 75,733.89 $ 75,733.89
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 1,211,330.07 $ 1,211,330.07
Default Principal $ 0.00 $ 0.00
Total Principal $ 2,092,111.66 $ 2,092,111.66
Ending Certificate Principal $ 163,205,710.57 $ 163,205,710.57
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
INTEREST DISTRIBUTION
CLASS Interest Distribution
A $ 928,128.75
SUBORD $ 36,108.55
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MORTGAGE TALLY
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Loan Count 604 604
Beginning Loan Count 579 579
Paid in Full Loans 6 6
Defaulted Loans 0 0
Repurchased Loans 0 0
Ending Loan Count 573 573
- -------------------------------------------------------------------------------
POOL PERCENTAGE INFORMATION
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
A 96.332708422759% 96.304281337720% 96.255221121%
SUBORD 3.667291577241% 3.695718662280% 3.744778879%
- -------------------------------------------------------------------------------
Weighted Average Coupon Rate
Group Beginning WAC Ending WAC
MORTGAGE GROUP ONE 7.401623803450% 7.400000536237%
- -------------------------------------------------------------------------------
Loss Summary for Due Period
GROUP MORTGAGE GROUP ONE
Current Loss $ 0.00
Current Recovery $ 0.00
Cumulative Losses $ 0.00
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
Weighted Average Service Fee
GROUP Beginning Rate Ending Rate
MORTGAGE GROUP ONE 0.22943% 0.22938%
- -------------------------------------------------------------------------------
Class A Principal Prepayment Percentage
GROUP Prepayment Pct.
MORTGAGE GROUP ONE 100.00%
- -------------------------------------------------------------------------------
Excess Interest
Amount
44,593.98
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT REPORT SUMMARY
ORIGINAL BEGINNING ENDING
CLASS CREDIT SUPPORT CREDIT SUPPORT CREDIT SUPPORT
----- -------------- -------------- --------------
<S> <C> <C> <C>
M 2.00% 2.10 2.11
B-1 1.25% 1.31 1.32
B-2 0.75% 0.79 0.79
B-3 0.50% 0.52 0.53
B-4 0.30% 0.31 0.32
B-5 0.00% 0.00 0.00
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
MONTHLY CLASS DISTRIBUTION DETAIL REPORT
<TABLE>
<CAPTION>
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 $ 26,461,958.70 0.7124154291 $ 1,505,084.81 $ 154,361.43 $ 24,956,873.89 0.6718951618
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 $ 37,108,624.41 0.9489725964 $ 437,322.83 $ 216,466.98 $ 36,671,301.58 0.9377890134
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 $ 24,548,201.09 0.9680271734 $ 119,556.76 $ 143,197.84 $ 24,428,644.33 0.9633126042
A-P $ 3,700,335.53 $ 3,492,627.16 0.9438676930 $ 21,941.70 $ 0.00 $ 3,470,685.46 0.9379380415
TOTAL $ 176,296,335.53 $ 162,600,411.36 $ 2,083,906.10 $ 928,128.75 $ 160,516,505.26
- ----------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,652,394.48 0.9680271825 $ 12,917.92 $ 15,472.30 $ 2,639,476.56 0.9633126131
B-1 $ 1,370,000.00 $ 1,326,197.23 0.9680271752 $ 6,458.96 $ 7,736.15 $ 1,319,738.27 0.9633126058
B-2 $ 914,000.00 $ 884,776.83 0.9680271663 $ 4,309.12 $ 5,161.20 $ 880,467.71 0.9633125930
B-3 $ 457,000.00 $ 442,388.42 0.9680271772 $ 2,154.56 $ 2,580.60 $ 440,233.86 0.9633126039
B-4 $ 365,000.00 $ 353,329.91 0.9680271507 $ 1,720.82 $ 2,061.09 $ 351,609.09 0.9633125753
B-5 $ 548,487.78 $ 530,951.06 0.9680271455 $ 2,585.88 $ 3,097.21 $ 528,365.18 0.9633125828
R $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 0.00 $ 0.00 0.0000000000
TOTAL $ 6,394,487.78 $ 6,190,037.93 $ 30,147.26 $ 36,108.55 $ 6,159,890.67
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
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>
A-1 $ 37,144,000.00 $ 26,461,958.70 $ 1,505,084.81 $ 0.00 $ 1,505,084.81 $ 40.5202673 $ 24,956,873.89
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 $ 37,108,624.41 $ 437,322.83 $ 0.00 $ 437,322.83 $ 11.1835830 $ 36,671,301.58
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 $ 24,548,201.09 $ 119,556.76 $ 0.00 $ 119,556.76 $ 4.7145692 $ 24,428,644.33
A-P $ 3,700,335.53 $ 3,492,627.16 $ 21,941.70 $ 0.00 $ 21,941.70 $ 5.9296515 $ 3,470,685.46
TOTAL $ 176,296,335.53 $ 162,600,411.36 $ 2,083,906.10 $ 0.00 $ 2,083,906.10 $ 160,516,505.26
- ---------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,652,394.48 $ 12,917.92 $ 0.00 $ 12,917.92 $ 4.7145693 $ 2,639,476.56
B-1 $ 1,370,000.00 $ 1,326,197.23 $ 6,458.96 $ 0.00 $ 6,458.96 $ 4.7145693 $ 1,319,738.27
B-2 $ 914,000.00 $ 884,776.83 $ 4,309.12 $ 0.00 $ 4,309.12 $ 4.7145733 $ 880,467.71
B-3 $ 457,000.00 $ 442,388.42 $ 2,154.56 $ 0.00 $ 2,154.56 $ 4.7145733 $ 440,233.86
B-4 $ 365,000.00 $ 353,329.91 $ 1,720.82 $ 0.00 $ 1,720.82 $ 4.7145753 $ 351,609.09
B-5 $ 548,487.78 $ 530,951.06 $ 2,585.88 $ 0.00 $ 2,585.88 $ 4.7145626 $ 528,365.18
R $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
TOTAL $ 6,394,487.78 $ 6,190,037.93 $ 30,147.26 $ 0.00 $ 30,147.26 $ 6,159,890.67
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
<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% $ 154,361.43 $ 0.00 $ 0.00 $ 0.00 $ 154,361.43 $ 4.1557568
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% $ 216,466.98 $ 0.00 $ 0.00 $ 0.00 $ 216,466.98 $ 5.5356736
A-5 7.000% $ 202,154.17 $ 0.00 $ 0.00 $ 0.00 $ 202,154.17 $ 5.8333334
A-6 7.000% $ 143,197.84 $ 0.00 $ 0.00 $ 0.00 $ 143,197.84 $ 5.6468252
A-P 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 928,128.75 $ 0.00 $ 0.00 $ 0.00 $ 928,128.75
- ------------------------------------------------------------------------------------------
M 7.000% $ 15,472.30 $ 0.00 $ 0.00 $ 0.00 $ 15,472.30 $ 5.6468248
B-1 7.000% $ 7,736.15 $ 0.00 $ 0.00 $ 0.00 $ 7,736.15 $ 5.6468248
B-2 7.000% $ 5,161.20 $ 0.00 $ 0.00 $ 0.00 $ 5,161.20 $ 5.6468271
B-3 7.000% $ 2,580.60 $ 0.00 $ 0.00 $ 0.00 $ 2,580.60 $ 5.6468271
B-4 7.000% $ 2,061.09 $ 0.00 $ 0.00 $ 0.00 $ 2,061.09 $ 5.6468219
B-5 7.000% $ 3,097.21 $ 0.00 $ 0.00 $ 0.00 $ 3,097.21 $ 5.6468168
R 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 36,108.55 $ 0.00 $ 0.00 $ 0.00 $ 36,108.55
- ------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 8 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/13/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
<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 $ 31,860.44 $ 0.00
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 31,860.44 $ 0.00
- -----------------------------------------------------------------------------------------------
Additional Servicing Compensation $ 0.00
- -----------------------------------------------------------------------------------------------
Delinquency Information
PERIOD Units Amount Percentage
<S> <C> <C> <C>
30 DAYS 4 $ 1,213,046.71 0.7187%
60 DAYS 1 $ 361,088.22 0.2139%
90 DAYS 0 $ 0.00 0.0000%
TOTAL 5 $ 1,574,134.93 0.9326%
FORECLOSR 1 $ 191,011.12 0.1132%
TOTAL 1 $ 191,011.12 0.1132%
REO 0 $ 0.00 0.0000%
TOTAL 0 $ 0.00 0.0000%
- -----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PO AND NON-PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
<S> <C> <C> <C>
Initial Certificate Balance $ 167,767,803.07 $ 39,282,178.12 $ 207,049,981.19
Beginning Certificate Balance $ 161,101,469.98 $ 36,924,832.99 $ 198,026,302.97
Scheduled Principal $ 149,839.02 $ 178,663.77 $ 328,502.79
Curtailments $ 17,652.94 $ 3,923.99 $ 21,576.93
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 776,568.69 $ 439,271.09 $ 1,215,839.78
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 944,060.65 $ 621,858.85 $ 1,565,919.50
Ending Certificate Principal $ 160,157,409.33 $ 36,302,974.14 $ 196,460,383.47
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 $ 423,341.48 $ 471,407.29 $ 894,748.77
Scheduled Principal $ 434.41 $ 2,205.41 $ 2,639.82
Curtailments $ 22.14 $ 205.92 $ 228.06
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 7,851.69 $ 0.00 $ 7,851.69
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 8,308.24 $ 2,411.33 $ 10,719.57
Ending Certificate Principal $ 415,033.24 $ 468,995.96 $ 884,029.20
NON-PO BALANCE INFORMATION
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 $ 160,678,128.52 $ 36,453,425.72 $ 197,131,554.24
Scheduled Principal $ 149,404.61 $ 176,458.36 $ 325,862.97
Curtailments $ 17,630.80 $ 3,718.07 $ 21,348.87
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 768,717.00 $ 439,271.09 $ 1,207,988.09
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 935,752.41 $ 619,447.52 $ 1,555,199.93
Ending Certificate Principal $ 159,742,376.10 $ 35,833,978.20 $ 195,576,354.30
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
INTEREST DISTRIBUTION
CLASS Interest Distribution
A $ 1,119,653.29
SUBORD $ 71,349.85
IA $ 912,745.33
IIA $ 206,907.96
- -------------------------------------------------------------------------------
MORTGAGE TALLY
<TABLE>
<CAPTION>
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
<S> <C> <C> <C>
Initial Loan Count 541 129 670
Beginning Loan Count 524 124 648
Paid in Full Loans 3 2 5
Defaulted Loans 0 0 0
Repurchased Loans 0 0 0
Ending Loan Count 521 122 643
- --------------------------------------------------------------------------------------------------
POOL PERCENTAGE INFORMATION
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
A 94.036332314001% 93.998779895591% 94.009264174918%
SUBORD 5.963668524271% 6.001220949363% 5.511835229108%
IA 94.039135650847% 94.009574168229% 94.023430457120%
IIA 94.024101475022% 93.951158928380% 93.946822534158%
- --------------------------------------------------------------------------------------------------
Weighted Average Coupon Rate
Group Beginning WAC Ending WAC
MORTGAGE GROUP ONE 8.208791167455% 8.211142184551%
MORTGAGE GROUP TWO 7.848968197676% 7.840340759563%
- --------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
GROUP Beginning Rate Ending Rate
<S> <C> <C>
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 98,497.32
MORTGAGE GROUP TWO 14,165.42
- -------------------------------------------------------------------------------
CREDIT REPORT SUMMARY
ORIGINAL BEGINNING ENDING
CLASS CREDIT SUPPORT CREDIT SUPPORT CREDIT SUPPORT
----- -------------- -------------- --------------
<S> <C> <C> <C>
M 3.50% 3.63% 3.65%
B-1 2.50% 2.59% 2.61%
B-2 1.75% 1.82% 1.83%
B-3 0.90% 0.93% 0.94%
B-4 0.45% 0.47% 0.47%
B-5 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- --------------------------------------------------------------------------------
<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>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
M $ 4,658,626.00 $ 4,621,160.61 0.9919578455 $ 7,673.71 $ 27,919.51 $ 4,613,486.90 0.9903106409
B-1 $ 2,070,499.00 $ 2,053,847.73 0.9919578469 $ 3,410.54 $ 12,408.66 $ 2,050,437.19 0.9903106401
B-2 $ 1,552,875.00 $ 1,540,386.53 0.9919578395 $ 2,557.91 $ 9,306.50 $ 1,537,828.62 0.9903106303
B-3 $ 1,759,925.00 $ 1,745,771.40 0.9919578391 $ 2,898.96 $ 10,547.37 $ 1,742,872.44 0.9903106326
B-4 $ 931,725.00 $ 924,231.93 0.9919557231 $ 1,534.74 $ 5,583.90 $ 922,697.19 0.9903085238
B-5 $ 931,727.19 $ 924,234.10 0.9919599791 $ 1,534.75 $ 5,583.91 $ 922,699.35 0.9903127659
TOTAL $ 11,905,377.19 $ 11,809,632.30 $ 19,610.61 $ 71,349.85 $ 11,790,021.69
- ----------------------------------------------------------------------------------------------------------------------------
IA-1 $ 114,282,033.00 $ 109,058,778.40 0.9542950500 $ 734,853.82 $ 577,102.70 $ 108,323,924.58 0.9478640617
IA-2 $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 240,838.14 $ 0.00 0.0000000000
IA-3 $ 27,585,318.00 $ 26,324,532.42 0.9542950500 $ 177,378.51 $ 0.00 $ 26,147,153.91 0.9478640616
IA-4 $ 15,763,039.00 $ 15,691,777.59 0.9954792087 $ 14,590.81 $ 94,804.49 $ 15,677,186.78 0.9945608667
IA-P $ 490,762.00 $ 423,341.48 0.8626207408 $ 8,308.24 $ 0.00 $ 415,033.24 0.8456914757
TOTAL $ 158,121,152.00 $ 151,498,429.89 $ 935,131.38 $ 912,745.33 $ 150,563,298.51
- ----------------------------------------------------------------------------------------------------------------------------
IIA-1 $ 36,521,592.00 $ 34,246,835.15 0.9377147401 $ 608,766.18 $ 206,907.96 $ 33,638,068.97 0.9210460752
IIA-P $ 501,860.00 $ 471,407.29 0.9393203085 $ 2,411.33 $ 0.00 $ 468,995.96 0.9345155223
TOTAL $ 37,023,452.00 $ 34,718,242.44 $ 611,177.51 $ 206,907.96 $ 34,107,064.93
- ----------------------------------------------------------------------------------------------------------------------------
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>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- -----------------------------------------------------------------------------------------------------------------------------
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>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
M $ 4,658,626.00 $ 4,621,160.61 $ 7,673.71 $ 0.00 $ 7,673.71 $ 1.6472046 $ 4,613,486.90
B-1 $ 2,070,499.00 $ 2,053,847.73 $ 3,410.54 $ 0.00 $ 3,410.54 $ 1.6472068 $ 2,050,437.19
B-2 $ 1,552,875.00 $ 1,540,386.53 $ 2,557.91 $ 0.00 $ 2,557.91 $ 1.6472092 $ 1,537,828.62
B-3 $ 1,759,925.00 $ 1,745,771.40 $ 2,898.96 $ 0.00 $ 2,898.96 $ 1.6472066 $ 1,742,872.44
B-4 $ 931,725.00 $ 924,231.93 $ 1,534.74 $ 0.00 $ 1,534.74 $ 1.6471992 $ 922,697.19
B-5 $ 931,727.19 $ 924,234.10 $ 1,534.75 $ 0.00 $ 1,534.75 $ 1.6472132 $ 922,699.35
TOTAL $ 11,905,377.19 $ 11,809,632.30 $ 19,610.61 $ 0.00 $ 19,610.61 $ 11,790,021.69
- ---------------------------------------------------------------------------------------------------------------------------
IA-1 $ 114,282,033.00 $ 109,058,778.40 $ 734,853.82 $ 0.00 $ 734,853.82 $ 6.4301780 $ 108,323,831.98
IA-2 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
IA-3 $ 27,585,318.00 $ 26,324,532.42 $ 177,378.51 $ 0.00 $ 177,378.51 $ 6.4301782 $ 26,147,131.56
IA-4 $ 15,763,039.00 $ 15,691,777.59 $ 14,590.81 $ 0.00 $ 14,590.81 $ 0.9256343 $ 15,677,301.73
IA-P $ 490,762.00 $ 423,341.48 $ 8,308.24 $ 0.00 $ 8,308.24 $ 16.9292651 $ 415,033.24
TOTAL $ 158,121,152.00 $ 151,498,429.89 $ 935,131.38 $ 0.00 $ 935,131.38 $ 150,563,298.51
- ---------------------------------------------------------------------------------------------------------------------------
IIA-1 $ 36,521,592.00 $ 34,246,835.15 $ 608,766.18 $ 0.00 $ 608,766.18 $ 16.6686649 $ 33,638,068.97
IIA-P $ 501,860.00 $ 471,407.29 $ 2,411.33 $ 0.00 $ 2,411.33 $ 4.8047862 $ 468,995.96
TOTAL $ 37,023,452.00 $ 34,718,242.44 $ 611,177.51 $ 0.00 $ 611,177.51 $ 34,107,064.93
- ---------------------------------------------------------------------------------------------------------------------------
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 CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONTHLY INTEREST DISTRIBUTION DETAIL REPORT
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% $ 27,919.51 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 27,919.51 $ 5.9930782
B-1 7.2500% $ 12,408.66 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 12,408.66 $ 5.9930770
B-2 7.2500% $ 9,306.50 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 9,306.50 $ 5.9930774
B-3 7.2500% $ 10,547.37 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 10,547.37 $ 5.9930793
B-4 7.2500% $ 5,583.90 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5,583.90 $ 5.9930645
B-5 7.2500% $ 5,583.91 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5,583.91 $ 5.9930869
TOTAL $ 71,349.85 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 71,349.85
- ---------------------------------------------------------------------------------------------------------------------------
IA-1 6.3500% $ 577,102.70 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 577,102.70 $ 5.0498113
IA-2 2.6500% $ 240,838.14 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 240,838.14 $ 0.0000000
IA-3 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
IA-4 7.2500% $ 94,804.49 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 94,804.49 $ 6.0143536
IA-P 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 912,745.33 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 912,745.33
- ---------------------------------------------------------------------------------------------------------------------------
IIA-1 7.2500% $ 206,907.96 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 206,907.96 $ 5.6653598
IIA-P 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 206,907.96 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 206,907.96
- ---------------------------------------------------------------------------------------------------------------------------
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>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 6 Beginning Date : 01/01/1997 End Date : 01/31/1997
Determination Date : 02/14/1997 Remittance Date : 02/25/1997
- -------------------------------------------------------------------------------
<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 $ 32,779.30 $ 98,497.32
MORTGAGE GROUP TWO $ 0.00 $ 0.00 $ 0.00 $ 7,113.29 $ 14,165.42
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 39,892.59 $ 112,662.74
- -----------------------------------------------------------------------------------------------
Additional Servicing Compensation $ 0.00
- -----------------------------------------------------------------------------------------------
Delinquency Information
PERIOD Units Amount Percentage
<S> <C> <C> <C>
30 DAYS 7 $ 2,021,612.48 1.0290%
60 DAYS 0 $ 0.00 0.0000%
90 DAYS 0 $ 0.00 0.0000%
TOTAL 7 $ 2,021,612.48 1.0290%
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>
Exhibit 20.2
------------
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
MORSERV, INC., Series 1996-1
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PO AND NON-PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Certificate Balance $ 182,690,823.31 $ 182,690,823.31
Beginning Certificate Balance $ 166,676,395.93 $ 166,676,395.93
Scheduled Principal $ 819,763.22 $ 819,763.22
Curtailments $ 68,388.64 $ 68,388.64
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 698,117.05 $ 698,117.05
Default Principal $ 0.00 $ 0.00
Total Principal $ 1,586,268.91 $ 1,586,268.91
Ending Certificate Principal $ 165,090,127.02 $ 165,090,127.02
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 $ 3,470,685.46 $ 3,470,685.46
Scheduled Principal $ 16,246.87 $ 16,246.87
Curtailments $ 905.03 $ 905.03
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 0.00 $ 0.00
Default Principal $ 0.00 $ 0.00
Total Principal $ 17,151.90 17,151.90
Ending Certificate Principal $ 3,453,533.56 $ 3,453,533.56
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 $ 163,205,710.57 $ 163,205,710.57
Scheduled Principal $ 803,516.35 $ 803,516.35
Curtailments $ 67,483.61 $ 67,483.61
Repurchase Principal $ 0.00 $ 0.00
Paid in Full Principal $ 698,117.05 $ 698,117.05
Default Principal $ 0.00 $ 0.00
Total Principal $ 1,569,117.01 $ 1,569,117.01
Ending Certificate Principal $ 161,636,593.56 $ 161,636,593.56
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
INTEREST DISTRIBUTION
CLASS Interest Distribution
A $ 916,100.62
SUBORD $ 35,932.69
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MORTGAGE TALLY
GROUP MORTGAGE GROUP ONE TOTAL
<S> <C> <C>
Initial Loan Count 604 604
Beginning Loan Count 573 573
Paid in Full Loans 3 3
Defaulted Loans 0 0
Repurchased Loans 0 0
Ending Loan Count 570 570
- -------------------------------------------------------------------------------
POOL PERCENTAGE INFORMATION
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
<S> <C> <C> <C>
A 96.304281337720% 96.287141102473% 96.225689253%
SUBORD 3.695718662280% 3.712858897527% 3.774310747%
- -------------------------------------------------------------------------------
Weighted Average Coupon Rate
Group Beginning WAC Ending WAC
MORTGAGE GROUP ONE 7.400000536237% 7.398781873323%
- -------------------------------------------------------------------------------
Loss Summary for Due Period
GROUP MORTGAGE GROUP ONE
Current Loss $ 0.00
Current Recovery $ 0.00
Cumulative Losses $ 0.00
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
Weighted Average Service Fee
GROUP Beginning Rate Ending Rate
MORTGAGE GROUP ONE 0.22938% 0.22929%
- -------------------------------------------------------------------------------
Class A Principal Prepayment Percentage
GROUP Prepayment Pct.
MORTGAGE GROUP ONE 100.00%
- -------------------------------------------------------------------------------
Excess Interest
Amount
43,943.98
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT REPORT SUMMARY
ORIGINAL BEGINNING ENDING
CLASS CREDIT SUPPORT CREDIT SUPPORT CREDIT SUPPORT
----- -------------- -------------- --------------
<S> <C> <C> <C>
M 2.00% 2.11% 2.12%
B-1 1.25% 1.32% 1.33%
B-2 0.75% 0.79% 0.80%
B-3 0.50% 0.53% 0.53%
B-4 0.30% 0.32% 0.32%
B-5 0.00% 0.00% 0.00%
- --------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
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 $ 24,956,873.89 0.6718951618 $ 1,418,519.42 $ 145,581.76 $ 23,538,354.47 0.6337054294
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 $ 36,671,301.58 0.9377890134 $ 0.00 $ 213,915.93 $ 36,671,301.58 0.9377890134
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 $ 24,428,644.33 0.9633126042 $ 120,270.39 $ 142,500.43 $ 24,308,373.94 0.9585698939
A-P $ 3,700,335.53 $ 3,470,685.46 0.9379380415 $ 17,151.90 $ 0.00 $ 3,453,533.56 0.9333028132
TOTAL $ 176,296,335.53 $ 160,516,505.26 $ 1,555,941.71 $ 916,100.62 $ 158,960,563.55
- ----------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,639,476.56 0.9633126131 $ 12,995.02 $ 15,396.95 $ 2,626,481.54 0.9585699051
B-1 $ 1,370,000.00 $ 1,319,738.27 0.9633126058 $ 6,497.51 $ 7,698.47 $ 1,313,240.76 0.9585698978
B-2 $ 914,000.00 $ 880,467.71 0.9633125930 $ 4,334.84 $ 5,136.06 $ 876,132.87 0.9585698796
B-3 $ 457,000.00 $ 440,233.86 0.9633126039 $ 2,167.42 $ 2,568.03 $ 438,066.44 0.9585698906
B-4 $ 365,000.00 $ 351,609.09 0.9633125753 $ 1,731.09 $ 2,051.05 $ 349,878.00 0.9585698630
B-5 $ 548,487.78 $ 528,365.18 0.9633125828 $ 2,601.32 $ 3,082.13 $ 525,763.86 0.9585698701
R $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 0.00 $ 0.00 0.0000000000
TOTAL $ 6,394,487.78 $ 6,159,890.67 $ 30,327.20 $ 35,932.69 $ 6,129,563.47
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
<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 $ 24,956,873.89 $ 1,418,519.42 $ 0.00 $ 1,418,519.42 $ 38.1897324 $ 23,538,354.47
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 $ 36,671,301.58 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 36,671,301.58
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 $ 24,428,644.33 $ 120,270.39 $ 0.00 $ 120,270.39 $ 4.7427103 $ 24,308,373.94
A-P $ 3,700,335.53 $ 3,470,685.46 $ 17,151.90 $ 0.00 $ 17,151.90 $ 4.6352283 $ 3,453,533.56
TOTAL $ 176,296,335.53 $ 160,516,505.26 $ 1,555,941.71 $ 0.00 $ 1,555,941.71 $ 158,960,563.55
- ---------------------------------------------------------------------------------------------------------------------------
M $ 2,740,000.00 $ 2,639,476.56 $ 12,995.02 $ 0.00 $ 12,995.02 $ 4.7427080 $ 2,626,481.54
B-1 $ 1,370,000.00 $ 1,319,738.27 $ 6,497.51 $ 0.00 $ 6,497.51 $ 4.7427080 $ 1,313,240.76
B-2 $ 914,000.00 $ 880,467.71 $ 4,334.84 $ 0.00 $ 4,334.84 $ 4.7427133 $ 876,132.87
B-3 $ 457,000.00 $ 440,233.86 $ 2,167.42 $ 0.00 $ 2,167.42 $ 4.7427133 $ 438,066.44
B-4 $ 365,000.00 $ 351,609.09 $ 1,731.09 $ 0.00 $ 1,731.09 $ 4.7427123 $ 349,878.00
B-5 $ 548,487.78 $ 528,365.18 $ 2,601.32 $ 0.00 $ 2,601.32 $ 4.7427128 $ 525,763.86
R $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
TOTAL $ 6,394,487.78 $ 6,159,890.67 $ 30,327.20 $ 0.00 $ 30,327.20 $ 6,129,563.47
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
<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% $ 145,581.76 $ 0.00 $ 0.00 $ 0.00 $ 145,581.76 $ 3.9193883
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% $ 213,915.93 $ 0.00 $ 0.00 $ 0.00 $ 213,915.93 $ 5.4704360
A-5 7.000% $ 202,154.17 $ 0.00 $ 0.00 $ 0.00 $ 202,154.17 $ 5.8333334
A-6 7.000% $ 142,500.43 $ 0.00 $ 0.00 $ 0.00 $ 142,500.43 $ 5.6193237
A-P 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 916,100.62 $ 0.00 $ 0.00 $ 0.00 $ 916,100.62
- ------------------------------------------------------------------------------------------
M 7.000% $ 15,396.95 $ 0.00 $ 0.00 $ 0.00 $ 15,396.95 $ 5.6193248
B-1 7.000% $ 7,698.47 $ 0.00 $ 0.00 $ 0.00 $ 7,698.47 $ 5.6193212
B-2 7.000% $ 5,136.06 $ 0.00 $ 0.00 $ 0.00 $ 5,136.06 $ 5.6193217
B-3 7.000% $ 2,568.03 $ 0.00 $ 0.00 $ 0.00 $ 2,568.03 $ 5.6193217
B-4 7.000% $ 2,051.05 $ 0.00 $ 0.00 $ 0.00 $ 2,051.05 $ 5.6193151
B-5 7.000% $ 3,082.13 $ 0.00 $ 0.00 $ 0.00 $ 3,082.13 $ 5.6193230
R 0.000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 35,932.69 $ 0.00 $ 0.00 $ 0.00 $ 35,932.69
- ------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 9 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/14/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
<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 $ 31,545.06 $ 0.00
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 31,545.06 $ 0.00
- --------------------------------------------------------------------------------
Additional Servicing Compensation $ 0.00
- --------------------------------------------------------------------------------
Delinquency Information
PERIOD Units Amount Percentage
<S> <C> <C> <C>
30 DAYS 6 $ 1,588,498.75 0.9622%
TOTAL 6 $ 1,588,498.75 0.9622%
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 : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
MORSERV, INC., Series 1996-2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PO AND NON-PO BALANCE INFORMATION
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
<S> <C> <C> <C>
Initial Certificate Balance $ 167,767,803.07 $ 39,282,178.12 $ 207,049,981.19
Beginning Certificate Balance $ 160,157,409.33 $ 36,302,974.14 $ 196,460,383.47
Scheduled Principal $ 150,136.32 $ 177,920.80 $ 328,057.12
Curtailments $ 47,309.46 $ 2,164.13 $ 49,473.59
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 1,331,707.84 $ 0.00 $ 1,331,707.84
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 1,529,153.62 $ 180,084.93 $ 1,709,238.55
Ending Certificate Principal $ 158,628,255.71 $ 36,122,889.21 $ 194,751,144.92
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 $ 415,033.24 $ 468,995.96 $ 884,029.20
Scheduled Principal $ 429.00 $ 2,219.54 $ 2,648.54
Curtailments $ 20.28 $ 41.59 $ 61.87
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 5,969.10 $ 0.00 $ 5,969.10
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 6,418.38 $ 2,261.13 $ 8,679.51
Ending Certificate Principal $ 408,614.86 $ 466,734.83 $ 875,349.69
NON-PO BALANCE INFORMATION
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 $ 159,742,376.10 $ 35,833,978.20 $ 195,576,354.30
Scheduled Principal $ 149,707.32 $ 175,701.26 $ 325,408.58
Curtailments $ 47,289.18 $ 2,122.54 $ 49,411.72
Repurchase Principal $ 0.00 $ 0.00 $ 0.00
Paid in Full Principal $ 1,325,738.74 $ 0.00 $ 1,325,738.74
Default Principal $ 0.00 $ 0.00 $ 0.00
Total Principal $ 1,522,735.24 $ 177,823.80 $ 1,700,559.04
Ending Certificate Principal $ 158,219,640.86 $ 35,656,154.40 $ 193,875,795.26
- ----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
INTEREST DISTRIBUTION
CLASS Interest Distribution
A $ 1,110,375.78
SUBORD $ 71,231.38
IA $ 907,145.78
IIA $ 203,230.00
IIA $ 0.00
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MORTGAGE TALLY
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO TOTAL
<S> <C> <C> <C>
Initial Loan Count 541 129 670
Beginning Loan Count 521 122 643
Paid in Full Loans 4 0 4
Defaulted Loans 0 0 0
Repurchased Loans 0 0 0
Ending Loan Count 517 122 639
- --------------------------------------------------------------------------------
POOL PERCENTAGE INFORMATION
CLASS Beginning Pool Pct Ending Pool Pct. Beg. Non-PO Pct.
<S> <C> <C> <C>
A 93.998779895591% 93.956255489622% 93.971653641869%
SUBORD 6.001220949363% 6.043745362747% 5.551242595261%
IA 94.009574168229% 93.957495550148% 93.994010196396%
IIA 93.951158928380% 93.950809949623% 93.871991552348%
IIA 0.000000000000% 0.000000000000% 0.000000000000%
- -------------------------------------------------------------------------------
Weighted Average Coupon Rate
Group Beginning WAC Ending WAC
<S> <C> <C>
MORTGAGE GROUP ONE 8.211142184551% 8.211526515801%
MORTGAGE GROUP TWO 7.840340759563% 7.840341955947%
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
Loss Summary for Due Period
GROUP MORTGAGE GROUP ONE MORTGAGE GROUP TWO
Current Loss $ 0.00 $ 0.00
Current Recovery $ 0.00 $ 0.00
Cumulative Losses $ 0.00 $ 0.00
- -------------------------------------------------------------------------------
Weighted Average Service Fee
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
POOL TOTAL 0.00
MORTGAGE GROUP ONE 98,190.57
MORTGAGE GROUP TWO 13,706.26
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT REPORT SUMMARY
ORIGINAL BEGINNING ENDING
CLASS CREDIT SUPPORT CREDIT SUPPORT CREDIT SUPPORT
----- -------------- -------------- --------------
<S> <C> <C> <C>
M 3.50% 3.65% 3.68%
B-1 2.50% 2.61% 2.63%
B-2 1.75% 1.83% 1.84%
B-3 0.90% 0.94% 0.95%
B-4 0.45% 0.47% 0.47%
B-5 0.00% 0.00% 0.00%
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
- --------------------------------------------------------------------------------
<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>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
M $ 4,658,626.00 $ 4,613,486.90 0.9903106409 $ 7,731.55 $ 27,873.15 $ 4,605,755.35 0.9886510207
B-1 $ 2,070,499.00 $ 2,050,437.19 0.9903106401 $ 3,436.24 $ 12,388.06 $ 2,047,000.95 0.9886510208
B-2 $ 1,552,875.00 $ 1,537,828.62 0.9903106303 $ 2,577.18 $ 9,291.05 $ 1,535,251.44 0.9886510118
B-3 $ 1,759,925.00 $ 1,742,872.44 0.9903106326 $ 2,920.81 $ 10,529.85 $ 1,739,951.63 0.9886510107
B-4 $ 931,725.00 $ 922,697.19 0.9903085238 $ 1,546.31 $ 5,574.63 $ 921,150.88 0.9886489068
B-5 $ 931,727.19 $ 922,699.35 0.9903127659 $ 1,546.31 $ 5,574.64 $ 921,153.04 0.9886531457
TOTAL $ 11,905,377.19 $ 11,790,021.69 $ 19,758.40 $ 71,231.38 $ 11,770,263.29
- ----------------------------------------------------------------------------------------------------------------------------
IA-1 $ 114,282,033.00 $ 108,323,924.58 0.9478648720 $ 1,207,569.26 $ 561,930.36 $ 107,116,355.32 0.9372983006
IA-2 $ 0.00 $ 0.00 0.0000000000 $ 0.00 $ 250,499.08 $ 0.00 0.0000000000
IA-3 $ 27,585,318.00 $ 26,147,153.91 0.9478648718 $ 291,482.23 $ 0.00 $ 25,855,671.68 0.9372983005
IA-4 $ 15,763,039.00 $ 15,677,186.78 0.9945535743 $ 14,692.34 $ 94,716.34 $ 15,662,494.44 0.9936214990
IA-P $ 490,762.00 $ 415,033.24 0.8456914757 $ 6,418.38 $ 0.00 $ 408,614.86 0.8326130793
TOTAL $ 158,121,152.00 $ 150,563,298.51 $ 1,520,162.21 $ 907,145.78 $ 149,043,136.30
- ----------------------------------------------------------------------------------------------------------------------------
IIA-1 $ 36,521,592.00 $ 33,638,068.97 0.9210460752 $ 167,056.81 $ 203,230.00 $ 33,471,012.16 0.9164718822
IIA-P $ 501,860.00 $ 468,995.96 0.9345155223 $ 2,261.13 $ 0.00 $ 466,734.83 0.9300100227
TOTAL $ 37,023,452.00 $ 34,107,064.93 $ 169,317.94 $ 203,230.00 $ 33,937,746.99
- ----------------------------------------------------------------------------------------------------------------------------
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>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
- -----------------------------------------------------------------------------------------------------------------------------
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>
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
M $ 4,658,626.00 $ 4,613,486.90 $ 7,731.55 $ 0.00 $ 7,731.55 $ 1.6596202 $ 4,605,755.35
B-1 $ 2,070,499.00 $ 2,050,437.19 $ 3,436.24 $ 0.00 $ 3,436.24 $ 1.6596193 $ 2,047,000.95
B-2 $ 1,552,875.00 $ 1,537,828.62 $ 2,577.18 $ 0.00 $ 2,577.18 $ 1.6596184 $ 1,535,251.44
B-3 $ 1,759,925.00 $ 1,742,872.44 $ 2,920.81 $ 0.00 $ 2,920.81 $ 1.6596219 $ 1,739,951.63
B-4 $ 931,725.00 $ 922,697.19 $ 1,546.31 $ 0.00 $ 1,546.31 $ 1.6596170 $ 921,150.88
B-5 $ 931,727.19 $ 922,699.35 $ 1,546.31 $ 0.00 $ 1,546.31 $ 1.6596203 $ 921,153.04
TOTAL $ 11,905,377.19 $ 11,790,021.69 $ 19,758.40 $ 0.00 $ 19,758.40 $ 11,770,263.29
- ---------------------------------------------------------------------------------------------------------------------------
IA-1 $ 114,282,033.00 $ 108,323,924.58 $ 1,207,569.26 $ 0.00 $ 1,207,569.26 $ 10.5665714 $ 107,116,355.32
IA-2 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000 $ 0.00
IA-3 $ 27,585,318.00 $ 26,147,153.91 $ 291,482.23 $ 0.00 $ 291,482.23 $ 10.5665713 $ 25,855,671.68
IA-4 $ 15,763,039.00 $ 15,677,186.78 $ 14,692.34 $ 0.00 $ 14,692.34 $ 0.9320753 $ 15,662,494.44
IA-P $ 490,762.00 $ 415,033.24 $ 6,418.38 $ 0.00 $ 6,418.38 $ 13.0783965 $ 408,614.86
TOTAL $ 158,121,152.00 $ 150,563,298.51 $ 1,520,162.21 $ 0.00 $ 1,520,162.21 $ 149,043,136.30
- ---------------------------------------------------------------------------------------------------------------------------
IIA-1 $ 36,521,592.00 $ 33,638,068.97 $ 167,056.81 $ 0.00 $ 167,056.81 $ 4.5741930 $ 33,471,012.16
IIA-P $ 501,860.00 $ 468,995.96 $ 2,261.13 $ 0.00 $ 2,261.13 $ 4.5054995 $ 466,734.83
TOTAL $ 37,023,452.00 $ 34,107,064.93 $ 169,317.94 $ 0.00 $ 169,317.94 $ 33,937,746.99
- ---------------------------------------------------------------------------------------------------------------------------
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>
<TABLE>
<CAPTION>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
- -------------------------------------------------------------------------------
MONTHLY INTEREST DISTRIBUTION DETAIL REPORT
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% $ 27,873.15 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 27,873.15 $ 5.9831268
B-1 7.2500% $ 12,388.06 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 12,388.06 $ 5.9831277
B-2 7.2500% $ 9,291.05 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 9,291.05 $ 5.9831281
B-3 7.2500% $ 10,529.85 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 10,529.85 $ 5.9831243
B-4 7.2500% $ 5,574.63 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5,574.63 $ 5.9831152
B-5 7.2500% $ 5,574.64 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5,574.64 $ 5.9831376
TOTAL $ 71,231.38 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 71,231.38
- ---------------------------------------------------------------------------------------------------------------------------
IA-1 6.2250% $ 561,930.36 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 561,930.36 $ 4.9170490
IA-2 2.7750% $ 250,499.08 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 250,499.08 $ 0.0000000
IA-3 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
IA-4 7.2500% $ 94,716.34 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 94,716.34 $ 6.0087614
IA-P 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 907,145.78 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 907,145.78
- ---------------------------------------------------------------------------------------------------------------------------
IIA-1 7.2500% $ 203,230.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 203,230.00 $ 5.5646534
IIA-P 0.0000% $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.0000000
TOTAL $ 203,230.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 203,230.00
- ---------------------------------------------------------------------------------------------------------------------------
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>
MONTHLY CERTIFICATE HOLDERS REPORT
----------------------------------
Due Period : 7 Beginning Date : 02/01/1997 End Date : 02/28/1997
Determination Date : 03/17/1997 Remittance Date : 03/25/1997
- --------------------------------------------------------------------------------
<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 $ 32,595.30 $ 98,190.57
MORTGAGE GROUP TWO $ 0.00 $ 0.00 $ 0.00 $ 6,986.56 $ 13,706.26
TOTAL $ 0.00 $ 0.00 $ 0.00 $ 39,581.86 $ 111,896.83
- --------------------------------------------------------------------------------
Additional Servicing Compensation $ 0.00
- --------------------------------------------------------------------------------
Delinquency Information
PERIOD Units Amount Percentage
<S> <C> <C> <C>
30 DAYS 6 $ 2,267,992.32 1.1646%
60 DAYS 0 $ 0.00 0.0000%
90 DAYS 0 $ 0.00 0.0000%
TOTAL 6 $ 2,267,992.32 1.1646%
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>
