<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 20, 1997
Tryon Mortgage Funding, Inc. (as Sponsor under the Pooling and Servicing
Agreement, dated as of April 1, 1996 caused the issue of Tryon Mortgage Funding
Corporation Mortgage Pass-Through Certificates, Series 1996-1)
(Exact name of registrant as specified in its charter)
Delaware 33-87402 56-1930085
- --------------- ----------------- -------------
(State or other (Commission File (IRS employer
Jurisdiction of Number) Identification No.)
Incorporation
NationsBank Corporate Center
100 North Tryon Street, 11th Floor
Charlotte, North Carolina 28255
Attention: Robert J. Perret
(Address of principal executive offices)
----------------------------------------
Registrant's telephone number including area code: (704) 386-5000
Page 1
<PAGE> 2
Item 5. Other Events
The Registrant hereby incorporates by reference the information
contained in Exhibit 99 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
<TABLE>
<S> <C>
99 Monthly Trustee's statement for the Tryon Mortgage Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-1, for the following
due periods:
</TABLE>
April 20, 1997
Page 2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TRYON MORTGAGE FUNDING, INC.
(Sponsor)
Dated: May 2, 1997 By: /s/ JAMES H. SHERRILL
-----------------------------
Name: James H. Sherrill
Title: Vice President
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<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<S> <C>
Exhibit
Number Exhibit
------ -------
<S> <C>
99 Monthly Trustee's statement for the Tryon Mortgage Funding, Inc.
Mortgage Pass-Through Certificates, Series 1996-1, for the following
due periods:
</TABLE>
April 20, 1997
Page 4
<PAGE> 1
101 Barclay Street, 12E Payment Date: 4/20/97
New York, NY 10286 Accrual Period: 3/2/97 thru 4/1/97
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
P&S Ref. ----------------------------------------------------
Sec. 5.04 ENDING COLLATERAL INFORMATION
----------------------------------------------------
<S> <C>
Aggregate stated principal balance 103,120,458.13
Aggregate loan count 2907
Aggregate prepayment amount 1,785,234.26
Weighted average remaining term 137
Weighted average coupon rate 9.569551%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------
Sec. 5.04 FEES & ADVANCES
---------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 65,859.72 702.50
Aggregate advances 1,918,164.77
Aggregate recoveries 536,938.14
Outstanding advances 8,558,094.16
============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ------------------------------------
Sec. 5.04 LOSSES & INSURANCE COVERAGES
------------------------------------
<S> <C> <C> <C>
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Special Hazard Bankruptcy Fraud
-------------- ---------- -----
Net principal losses 0.00 0.00 0.00
Net interest losses 0.00 0.00 0.00
Excess losses 0.00 0.00 0.00
Loss coverage amount 1,053,752.93 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<Capition>
P&S Ref. --------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION (as of the Due Date)
--------------------------------------------
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
<S> <C> <C>
30-59 days 146 5,385,800.58
60-89 days 44 1,981,818.50
90 + days 36 1,416,983.88
In foreclosure 11 342,199.18
Bankruptcy 0 0.00
Totals 237 9,126,802.14
=== ============
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 REO INFORMATION
--------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
3/17/97 779157 78,871.17 NA
1/7/97 801324 30,485.49 NA
2/7/97 497776 24,016.96 NA
2/4/97 647438 24,000.64 NA
2/4/97 793646 41,875.51 NA
2/4/97 810408 28,907.87 NA
2/21/97 893024 62,676.02 NA
Totals 290,833.66 0.00
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 OTHER INFORMATION
--------------------------
<S> <C>
Available funds 3,025,636.88
Accretion Amount 156,851.27
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 3
THE BANK OF NEW YORK Payment Date: 4/20/97
101 Barclay Street, 12E Accrual Period: 3/2/97 thru 4/1/97
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
<TABLE>
<CAPTION>
Current Payment Information
Class Information
------------------------------------------------------------------------------------------------------------------
Beginning Pass Principal Interest Total Losses to
Class Code Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist. Principal
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1919 A-1 29,005,545.90 6.350000% 2,243,757.44 153,487.68 2,397,245.12 0.00
1920 A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06 0.00
1921 A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67 0.00
1922 A-4 25,804,395.31 7.700000% 125,145.21 165,578.20 290,723.41 0.00
------------------------------------------------------------------------------------------------------------------
1923 B-1 4,281,184.10 7.750000% 20,762.73 27,649.31 48,412.94 0.00
1924 B-2 3,929,305.53 7.900000% 19,056.20 25,867.93 44,924.13 0.00
1925 B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61 0.00
1926 B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84 0.00
------------------------------------------------------------------------------------------------------------------
n/a R/PO 4,300,282.00 1.786202% 0.00 0.00 0.00 2,086.89
n/a R/ZIO 1,809,358.44 1.786202% 0.00 18,849.00 18,849.00 876.06
1927 R 6,109,640.44 1.786202% 0.00 18,849.00 18,849.00 2,964.95
------------------------------------------------------------------------------------------------------------------
Totals - 105,375,296.28 - 2,408,721.58 616,915.30 3,025,636.88 2,964.95
==================================================================================================================
<CAPTION>
Current Payment Information Factors per $1,000
Class Information
-------------------------------------------------------------------------------------------------------------------
Interest Ending Carry Aggregate Principal Interest Ending
Class Code Shortfalls Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1919 0.00 26,761,788.46 0.00 0.00 48.05776044 3.28746505 573.19547936
1920 0.00 20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
1921 0.00 12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
1922 0.00 25,679,250.10 0.00 0.00 4.62980576 6.12564320 950.01590620
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
1923 0.00 4,260,421.37 0.00 0.00 4.62980557 6.16541932 950.01590338
1924 0.00 3,910,249.33 0.00 0.00 4.62980580 6.28475142 950.01590873
1925 0.00 2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
1926 0.00 675,758.00 0.00 0.00 0.00000000 8.87500555 1000.00000000
-------------------------------------------------------------------------------------------------------------------
n/a 0.00 4,298,195.11 0.00 0.00 0.00000000 0.00000000 999.51470958
n/a 0.00 1,965,331.64 0.00 0.00 0.00000000 4.38320151 457.02389777
1927 0.00 6,263,526.75 0.00 0.00 0.00000000 0.00000000 1456.53860734
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Totals - 103,120,461.01 - - 19.60459238 5.02107556 839.29775230
-------------------------------------------------------------------------------------------------------------------
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information
--------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
--------------------------------------------------------------------
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Senior A-1 46,688,764.00 6.350000% 898482-AA2
A-2 20,887,079.00 7.300000% 898482-AB0
A-3 12,286,517.00 7.550000% 898482-AC8
A-4 27,030,337.00 7.700000% 898482-AD6
--------------------------------------------------------------------
Subordinate B-1 4,484,579.00 7.750000% 898482-AE4
B-2 4,115,983.00 7.900000% 898482-AF1
B-3 2,395,871.00 8.250000% N/A
B-4 675,758.00 8.250000% N/A
--------------------------------------------------------------------
Residual R/PO 4,300,282.00 1.786202% N/A
R/ZIO 0.00 1.786202% N/A
R 4,300,282.00 1.786202% N/A
--------------------------------------------------------------------
Totals 0.00 122,865,170.00 - -
====================================================================
</TABLE>
<TABLE>
<CAPTION>
Aggregate Certificate Information
--------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Pct. Prepay. Pct. End. Cert. Bal.
--------------------------------------------------------------
<S> <C> <C> <C>
Senior 64.639295% 100.000000% 85,614,634.56
--------------------------------------------------------------
Class A-4 26.825361% 0.000000% n/a
--------------------------------------------------------------
Subordinate 8.535342% 0.000000% 17,505,826.46
--------------------------------------------------------------
</TABLE>
