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<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): June 20, 1996
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>
June 20, 1996
July 22, 1996
Autust 20, 1996
September 20, 1996
October 21, 1996
November 20, 1996
December 20, 1996
January 21, 1997
February 20, 1997
March 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: March 27, 1997 By:
-----------------------------
Name: James H. Sherrill
Title: Vice President
Page 3
<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>
June 20, 1996
July 22, 1996
August 20, 1996
September 20, 1996
October 21, 1996
November 20, 1996
December 20, 1996
January 21, 1997
February 20, 1997
March 20, 1997
Page 4
<PAGE> 1
101 Barclay Street, 12E Payment Date: 6/20/96
New York, NY 10286 Accrual Period: 5/2/96 thru 6/1/96
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 121,128,891.17
Aggregate loan count 3272
Aggregate prepayment amount 1,250,392.14
Weighted average remaining term 145
Weighted average coupon rate 9.614649%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------
Sec. 5.04 FEES & ADVANCES
---------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 76,790.94 807.53
Aggregate advances 412,486.93
Aggregate recoveries 0.00
Outstanding advances 412,486.93
==========
</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 1,228,651.69 200,000.00 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 204 7,405,536.58
60-89 days 22 924,805.61
90 + days 1 43,793.19
In foreclosure 0 0.00
Bankruptcy 0 0.00
Totals 227 8,374,135.38
=== ============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 REO INFORMATION
--------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
- ---- ----
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 OTHER INFORMATION
--------------------------
<S> <C>
Available funds 2,643,908.68
Accretion Amount 201,080.29
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 2
101 Barclay Street, 12E Payment Date: 6/20/96
New York, NY 10286 Accrual Period: 5/2/96 thru 6/1/96
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 121,128,891.17
Aggregate loan count 3272
Aggregate prepayment amount 1,250,392.14
Weighted average remaining term 145
Weighted average coupon rate 9.614649%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------
Sec. 5.04 FEES & ADVANCES
---------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 76,790.94 807.53
Aggregate advances 412,486.93
Aggregate recoveries 0.00
Outstanding advances 412,486.93
==========
</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 1,228,651.69 200,000.00 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 204 7,405,536.58
60-89 days 22 924,805.61
90 + days 1 43,793.19
In foreclosure 0 0.00
Bankruptcy 0 0.00
Totals 227 8,374,135.38
=== ============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 REO INFORMATION
--------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
- ---- ----
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 OTHER INFORMATION
--------------------------
<S> <C>
Available funds 2,643,908.68
Accretion Amount 201,080.29
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 3
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
101 Barclay Street, 12E Payment Date: 7/22/96
New York, NY 10286 Accrual Period: 6/2/96 thru 7/1/96
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
<TABLE>
<CAPTION>
P&S Ref. ------------------------------------------------
Sec. 5.04 ENDING COLLATERAL INFORMATION
------------------------------------------------
<S> <C>
Aggregate stated principal balance 119,165,445.42
Aggregate loan count 3232
Aggregate prepayment amount 1,479,777.59
Weighted average remaining term 144
Weighted average coupon rate 9.598442%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------
Sec. 5.04 FEES & ADVANCES
---------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 75,700.51 794.44
Aggregate advances 412,486.93
Aggregate recoveries 0.00
Outstanding advances 412,486.93
==========
</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 1,211,288.91 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 192 7,613,880.51
60-89 days 31 1,265,739.05
90 + days 1 111,998.81
In foreclosure 0 0.00
Bankruptcy 0 0.00
Totals 224 8,991,618.37
</TABLE>
P&S Ref.
Sec. 5.04
<TABLE>
<CAPTION>
-----------------------------------
REO INFORMATION
-----------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
= ==== ====
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 -----------------------------------
OTHER INFORMATION
-----------------------------------
<S> <C>
Available funds 2,857,542.27
Accretion Amount 196,092.58
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 4
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
101 Barclay Street, 12E Payment Date: 7/22/96
New York, NY 10286 Accrual Period: 6/2/96 thru 7/1/96
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
<TABLE>
<CAPTION>
P&S Ref. ------------------------------------------------
Sec. 5.04 ENDING COLLATERAL INFORMATION
------------------------------------------------
<S> <C>
Aggregate stated principal balance 119,165,445.42
Aggregate loan count 3232
Aggregate prepayment amount 1,479,777.59
Weighted average remaining term 144
Weighted average coupon rate 9.598442%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------
Sec. 5.04 FEES & ADVANCES
---------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 75,700.51 794.44
Aggregate advances 412,486.93
Aggregate recoveries 0.00
Outstanding advances 412,486.93
==========
</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 1,211,288.91 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 192 7,613,880.51
60-89 days 31 1,265,739.05
90 + days 1 111,998.81
In foreclosure 0 0.00
Bankruptcy 0 0.00
Totals 224 8,991,618.37
</TABLE>
P&S Ref.
Sec. 5.04
<TABLE>
<CAPTION>
-----------------------------------
REO INFORMATION
-----------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
= ==== ====
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 -----------------------------------
OTHER INFORMATION
-----------------------------------
<S> <C>
Available funds 2,857,542.27
Accretion Amount 196,092.58
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 5
101 Barclay Street, 12E Payment Date: 8/20/96
New York, NY 10286 Accrual Period: 7/2/96 thru 8/1/96
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 117,402,347.58
Aggregate loan count 3230
Aggregate prepayment amount 1,279,232.71
Weighted average remaining term 143
Weighted average coupon rate 9.602646%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------
Sec. 5.04 FEES & ADVANCES
---------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 74,478.14 2,421.07
Aggregate advances 2,466,952.07
Aggregate recoveries 704,167.42
Outstanding advances 2,175,271.58
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 ----------------------------------------------
LOSSES & INSURANCE COVERAGES
----------------------------------------------
<S> <C> <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 1,191,654.45 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 191 7,998,398.73
60-89 days 44 1,842,808.94
90 + days 19 816,731.73
In foreclosure 0 0.00
Bankruptcy 0 0.00
Totals 254 10,657,939.40
=== =============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------------
Sec. 5.04 REO INFORMATION
---------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------------
Sec. 5.04 OTHER INFORMATION
---------------------------------
<S> <C>
Available funds 2,639,785.10
Accretion Amount 191,112.32
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 6
101 Barclay Street, 12E Payment Date: 8/20/96
New York, NY 10286 Accrual Period: 7/2/96 thru 8/1/96
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 117,402,347.58
Aggregate loan count 3230
Aggregate prepayment amount 1,279,232.71
Weighted average remaining term 143
Weighted average coupon rate 9.602646%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------
Sec. 5.04 FEES & ADVANCES
---------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 74,478.14 2,421.07
Aggregate advances 2,466,952.07
Aggregate recoveries 704,167.42
Outstanding advances 2,175,271.58
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 ----------------------------------------------
LOSSES & INSURANCE COVERAGES
----------------------------------------------
<S> <C> <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 1,191,654.45 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 191 7,998,398.73
60-89 days 44 1,842,808.94
90 + days 19 816,731.73
In foreclosure 0 0.00
Bankruptcy 0 0.00
Totals 254 10,657,939.40
=== =============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------------
Sec. 5.04 REO INFORMATION
---------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------------
Sec. 5.04 OTHER INFORMATION
---------------------------------
<S> <C>
Available funds 2,639,785.10
Accretion Amount 191,112.32
Net prepayment interest shortfalls 0
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 7
TRYON MORTGAGE FUNDING, INC. Payment Date: 9/20/96
MORTGAGE PASS-THROUGH CERTIFICATES, Accrual Period: 8/2/96 thru 9/1/96
SERIES 1996-1
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
<TABLE>
<CAPTION>
Current Payment Information
Class Information
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Principal Interest Total Losses to Interest
Type Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist. Principal Shortfalls
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 41,092,459.64 6.350000% 1,392,917.06 217,447.60 1,610,364.66 0.00 0.00
A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06 0.00 0.00
A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67 0.00 0.00
A-4 26,685,887.08 7.700000% 117,657.28 171,234.44 288,891.72 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 4,427,431.62 7.750000% 19,520.41 28,593.83 48,114.24 0.00 0.00
B-2 4,063,532.67 7.900000% 17,916.00 25,996.99 43,912.99 0.00 0.00
B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61 0.00 0.00
B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Residual R/PO 4,888,565.66 1.908292% 0.00 8,668.20 8,668.20 0.00 0.00
R/ZIO 0.00 1.908292% 0.00 0.00 0.00 0.00 0.00
R 4,888,565.66 1.908292% 0.00 8,668.20 8,668.20 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals - 117,403,101.67 1,548,010.75 677,424.24 2,225,434.99 - -
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Inform Factors per $1,000
- ---------------------------------------------------------------------------------------------------------------------------
Ending Carry Aggregate Principal Interest Ending
Type Name Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <S> <C> <C> <C> <C> <C>
Senior A-1 39,699,542.57 0.00 0.00 29.83409589 4.65738609 850.30185366
A-2 20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
A-3 12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
A-4 26,568,229.80 0.00 0.00 4.35278628 6.33489845 982.90412731
- ----------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 4,407,911.20 0.00 0.00 4.35278648 6.37603441 982.90412650
B-2 4,045,616.68 0.00 0.00 4.35278648 6.31610723 982.90412650
B-3 2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
B-4 675,758.00 0.00 0.00 0.00000000 6.87500555 1000.00000000
- ---------------------------------------------------------------------------------------------------------------------------
Residual R/PO 5,075,265.72 0.00 0.00 0.00000000 2.01572727 1180.21695230
R/ZIO 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
R 5,075,265.72 0.00 0.00 0.00000000 0.00000000 1180.21695230
- ---------------------------------------------------------------------------------------------------------------------------
Totals - 116,041,790.97 - - 12.59926432 5.51355796 944.46449690
- ----------------------------------------------------------------------------------------------------------------------------
<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-AO6
- -----------------------------------------------------------------------
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 1.908292% N/A
R/ZIO 0.00 1.908292% N/A
R 4,300,282.00 1.908292% N/A
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Totals 0.00 122,865,170.00 - -
- -----------------------------------------------------------------------
</TABLE>
<TABLE>
Aggregate Certificate Information
- --------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
- --------------------------------------------------------------------
Type Pct. Prepay. Pct. End. Cert. Bal.
- --------------------------------------------------------------------
<S> <C> <C> <C>
Senior 67.858263% 100.000000% 99,441,368.37
- --------------------------------------------------------------------
Class A-4 24.383387% 0.000000% n/a
- --------------------------------------------------------------------
Subordinate 7.758350% 0.000000% 16,600,422.60
- --------------------------------------------------------------------
</TABLE>
<PAGE> 8
REVISED AS OF 9/11/96 FOR THE TF9601 DEAL PAYABLE ON 9/20/96
<TABLE>
<CAPTION>
Current Payment Information
Class Information
-----------------------------------------------------------------------------------------------------------------------------
Beginning Pass Principal Interest Total Losses to
Type Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist. Principal
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 41,092,082,34 6.350000% 1,392,161.32 217,445.60 1,609,606.92 0.00
A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06 0.00
A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67 0.00
A-4 26,685,887.08 7.700000% 117,657,69 171,234.44 288,892.13 0.00
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 4,427,431.62 7.750000% 19,520.48 28,593.83 48,114.31 0.00
B-2 4,063,532.67 7.900000% 17,916.06 26,751.59 44,667.65 0.00
B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61 0.00
B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84 0.00
-----------------------------------------------------------------------------------------------------------------------------
Residual R/PO 4,888,188.87 1.908299% 0.00 8,670.79 8,670.79 0.00
R/ZIO 0.00 1.908299% 0.00 0.00 0.00 0.00
R 4,888,188.87 1.908299% 0.00 8,670.79 8,670.79 0.00
-----------------------------------------------------------------------------------------------------------------------------
Totals - 117,402,347.58 - 1,547,255.55 678,179.43 2,225,434.99 -
=============================================================================================================================
<CAPTION>
Current Payment Information Factors per $1,000
Class Information
- ------------------------------------------------------------------------------------------------------------------------------------
Interest Ending Carry Aggregate Principal Interest Ending
Type Name Shortfalls Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 0.00 39,699,921.01 0.00 0.00 29.81790918 4.65734325 850.30995920
A-2 0.00 20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
A-3 0.00 12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
A-4 0.00 26,568,229.39 0.00 0.00 4.35280145 6.33489845 982.90411215
- ------------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 0.00 4,407,911.14 0.00 0.00 4.35280160 6.37603441 982.90411138
B-2 0.00 4,045,616.61 0.00 0.00 4.35280160 6.49944132 982.90411138
B-3 0.00 2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
B-4 0.00 675,758.00 0.00 0.00 0.00000000 6.87500555 1000.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
Residual R/PO 0.00 5,074,887.82 0.00 0.00 0.00000000 2.01633127 1180.12907494
R/ZIO 0.00 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
R 0.00 5,074,887.82 0.00 0.00 0.00000000 0.00000000 1180.12907494
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 116,041,790.97 - - 12.59311776 5.51970451 944.46449690
====================================================================================================================================
</TABLE>
<PAGE> 9
REVISED AS OF 9/11/96 FOR THE TF9601 DEAL PAYABLE ON 7/22/96
<TABLE>
<CAPTION>
Current Payment Information
Class Information
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Principal Interest Total Losses to Interest
Type Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist. Principal Shortfalls
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 44,901,275.97 6.350000% 2,008,090.70 237,602.59 2,245,693.29 0.00 0.00
A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06 0.00 0.00
A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67 0.00 0.00
A-4 26,916,642.08 7.700000% 114,604.69 172,715.12 287,319.81 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 4,465,715.98 7.750000% 19,013.96 28,841.08 47,855.04 0.00 0.00
B-2 4,098,670.36 7.900000% 17,451.17 27,360.21 44,811.38 0.00 0.00
B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61 0.00 0.00
B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Residual R/PO 4,501,361.78 1.942650% 0.00 6,379.57 6,379.57 0.00 0.00
R/ZIO 0.00 1.942650% 0.00 0.00 0.00 0.00 0.00
R 4,501,361.78 1.942650% 0.00 6,379.57 6,379.57 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
Totals - 121,128,891.17 2,159,160.52 698,381.75 2,857,542.27 - -
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
REVISED AS OF 9/11/96 FOR THE TF9601 DEAL PAYABLE ON 7/22/96
<TABLE>
<CAPTION>
Factors per $1,000
- --------------------------------------------------------------------------------------------------------------
Ending Carry Aggregate Principal Interest Ending
Type Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Senior 42,893,185.27 0.00 0.00 43.01014907 5.08907432 918.70466459
20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
26,802,037.39 0.00 0.00 4.23985428 6.38967690 991.55394881
- ------------------------------------------------------------------------------------------------------------
Subordinate 4,446,702.01 0.00 0.00 4.23985433 6.43116779 991.55394845
4,081,219.20 0.00 0.00 4.23985433 6.64730880 991.55394845
2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
675,758.00 0.00 0.00 0.00000000 6.87500555 1000.00000000
- ------------------------------------------------------------------------------------------------------------
Residual 4,697,076.55 0.00 0.00 0.00000000 1.48352371 1092.27175094
0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
4,697,076.55 0.00 0.00 0.00000000 0.00000000 1092.27175094
- ------------------------------------------------------------------------------------------------------------
Totals 119,165,445.42 - - 17.57341417 5.68413123 969.88793016
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 10
REVISED AS OF 9/11/96 FOR THE TF9601 DEAL PAYABLE ON 8/20/96
<TABLE>
<CAPTION>
ORIGINAL
Current Payment Information
Class Information
-----------------------------------------------------------------------------------------------------------------------
Beginning Pass Principal Interest Total Losses to
Type Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist. Principal
-----------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 42,893,185.27 6.350000% 1,801,102.93 226,976.44 2,028,079.37 0.00
A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06 0.00
A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67 0.00
A-4 26,802,037.39 7.700000% 116,150.31 171,979.74 288,130.05 0.00
-----------------------------------------------------------------------------------------------------------------------
Subordinate B-1 4,446,702.01 7.750000% 19,270.40 28,718.28 47,988.68 0.00
B-2 4,081,219.20 7.900000% 17,686.52 26,868.03 44,554.55 0.00
B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61 0.00
B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84 0.00
-----------------------------------------------------------------------------------------------------------------------
Residual R/PO 4,697,076.55 1.924507% 0.00 5,549.27 5,549.27 0.00
R/ZIO 0.00 1.924507% 0.00 0.00 0.00 0.00
R 4,697,076.55 1.924507% 0.00 5,549.27 5,549.27 0.00
-----------------------------------------------------------------------------------------------------------------------
Totals - 119,165,445.42 1,954,210.16 685,952.24 2,639,785.10 -
========================================================================================================================
<CAPTION>
ORIGINAL
Factors per $1,000
Class Information
------------------------------------------------------------------------------------------------------------------------
Interest Ending Carry Aggregate Principal Interest Ending
Type Name Shortfalls Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 0.00 41,092,082.34 0.00 0.00 38.57679622 4.86147888 880.12786838
A-2 0.00 20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
A-3 0.00 12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
A-4 0.00 26,685,887.08 0.00 0.00 4.29703522 6.36247117 987.25691359
------------------------------------------------------------------------------------------------------------------------
Subordinate B-1 0.00 4,427,431.62 0.00 0.00 4.29703547 6.40378506 987.25691298
B-2 0.00 4,063,532.67 0.00 0.00 4.29703547 6.52773104 987.25691298
B-3 0.00 2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
B-4 0.00 675,758.00 0.00 0.00 0.00000000 6.87500555 1000.00000000
------------------------------------------------------------------------------------------------------------------------
Residual R/PO 0.00 4,888,188.87 0.00 0.00 0.00000000 1.29044226 1136.71356298
R/ZIO 0.00 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
R 0.00 4,888,188.87 0.00 0.00 0.00000000 0.00000000 1136.71356298
------------------------------------------------------------------------------------------------------------------------
Totals - - 117,402,347.58 - - 15.90532259 5.57989653 955.53807137
========================================================================================================================
</TABLE>
<PAGE> 11
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
Payment Date: 9/20/96
Accrual Period: 8/2/96 thru 9/1/96
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
<TABLE>
<CAPTION>
P&S Ref. ----------------------------------------------
Sec. 5.04 ENDING COLLATERAL INFORMATION
----------------------------------------------
<S> <C>
Aggregate stated principal balance 116,041,790.97
Aggregate loan count 3174
Aggregate prepayment amount 878,265.00
Weighted average remaining term 143
Weighted average coupon rate 9.598149%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. --------------------------
Sec. 5.04 FEES & ADVANCES
--------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 73,376.67 782.68
Aggregate advances 1,549,365.94
Aggregate recoveries 586,630.84
Outstanding advances 3,138,006.68
============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ----------------------------------------------
Sec. 5.04 LOSSES & INSURANCE COVERAGES
----------------------------------------------
<S> <C>
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
<CAPTION>
Special Hazard Bankruptcy Fraud
-------------- ---------- -----
<S> <C> <C> <C>
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 1,174,023.48 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 212 8,232,981.98
60-89 days 40 1,723,494.86
90 + days 28 915,826.35
In foreclosure 6 289,271.10
Bankruptcy 0 0.00
Totals 286 11,161,574.29
=== =============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------------
Sec. 5.04 REO INFORMATION
---------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Total 0 0.00 0.00
= ==== ====
</TABLE>
<TABLE>
P&S Ref.
---------------------------------
Sec. 5.04 OTHER INFORMATION
---------------------------------
<S> <C>
Available funds 2,225,434.99
Accretion Amount 186,699.54
Net prepayment interest shortfalls 0.00
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 12
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
THE BANK OF NEW YORK
101 Barclay Street, 12E Payment Date: 10/21/96
New York, NY 10286 Accrual Period: 9/2/96 thru 10/1/96
Attn: Frank Austin, MBS Unit
(212) 815-2297
<TABLE>
<CAPTION>
Current Payment Information
Class Information
- -------------------------------------------------------------------------------------------------------------------
Beginning Pass Principal Interest Total Losses to Interest
Class Code Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist. Principal Shortfalls
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1919 A-1 39,699,542.57 6.350000% 1,409,503.01 210,076.75 1,619,579.76 0.00 0.00
1920 A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06 0.00 0.00
1921 A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67 0.00 0.00
1922 A-4 26,568,229.80 7.700000% 156,023.24 170,479.47 326,502.71 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
1923 B-1 4,407,911.20 7.750000% 25,885.68 28,467.76 54,353.44 0.00 0.00
1924 B-2 4,045,616.68 7.900000% 23,758.08 26,633.64 50,391.72 0.00 0.00
1925 B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61 0.00 0.00
1926 B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
R/PO 5,075,265.72 1.894050% 0.00 10,304.62 10,304.62 0.00 0.00
R/ZIO 0.00 1.894050% 0.00 0.00 0.00 0.00 0.00
1927 R 5,075,265.72 1.894050% 0.00 10,304.62 10,304.62 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Totals - 116,041,790.97 1,615,170.01 671,445.42 2,286,615.44 - -
===================================================================================================================
<CAPTION>
Current Payment Information Factors per $1,000
Class Information
- -------------------------------------------------------------------------------------------------------------------
Ending Carry Aggregate Principal Interest Ending
Class Code Name Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
1919 A-1 38,290,039.56 0.00 0.00 30.18934095 4.49951406 820.11251272
1920 A-2 20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
1921 A-3 12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
1922 A-4 26,412,206.56 0.00 0.00 5.77215297 6.30696798 977.13197434
- --------------------------------------------------------------------------------------------------------------------
1923 B-1 4,382,025.53 0.00 0.00 5.77215303 6.34792251 977.13197347
1924 B-2 4,021,858.59 0.00 0.00 5.77215303 6.47078474 977.13197347
1925 B-3 2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
1926 B-4 675,758.00 0.00 0.00 0.00000000 6.87500555 1000.00000000
- -------------------------------------------------------------------------------------------------------------------
R/PO 5,258,046.90 0.00 0.00 0.00000000 2.39626688 1222.72141706
R/ZIO 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
1927 R 5,258,046.90 0.00 0.00 0.00000000 0.00000000 1222.72141706
- -------------------------------------------------------------------------------------------------------------------
Totals - 114,609,402.14 - - 13.14587376 5.46489638 932.80627977
===================================================================================================================
</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 1.894050% N/A
R/ZIO 0.00 1.894050% N/A
R 4,300,282.00 1.894050% 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 67.540858% 100.000000% 97,875,842.12
---------------------------------------------------------------
Class A-4 24.624177% 0.000000% n/a
---------------------------------------------------------------
Subordinate 7.834965% 0.000000% 16,733,560.02
---------------------------------------------------------------
</TABLE>
<PAGE> 13
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E Payment Date: 11/20/96
New York, NY 10286 Accrual Period: 10/2/96 thru 11/1/96
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
Class Code Name Cert. Bal. Thru Dist. Amt. Dist. Amt. Dist.
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1919 A-1 38,290,039.56 6.350000% 2,108,795.61 202,618.13 2,311,413.74
1920 A-2 20,887,079.00 7.300000% 0.00 127,063.06 127,063.06
1921 A-3 12,286,517.00 7.550000% 0.00 77,302.67 77,302.67
1922 A-4 26,412,206.56 7.700000% 119,662.78 169,478.33 289,141.11
- ----------------------------------------------------------------------------------------------------
1923 B-1 4,382,025.53 7.750000% 19,853.14 28,300.58 48,153.72
1924 B-2 4,021,858.59 7.900000% 18,221.38 26,477.24 44,698.62
1925 B-3 2,395,871.00 8.250000% 0.00 16,471.61 16,471.61
1926 B-4 675,758.00 8.250000% 0.00 4,645.84 4,645.84
- ----------------------------------------------------------------------------------------------------
R/PO 5,258,046.90 1.881703% 0.00 11,655.25 11,655.25
R/ZIO 0.00 1.881703% 0.00 0.00 0.00
1927 R 5,258,046.90 1.881703% 0.00 11,655.25 11,655.25
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Totals - 114,609,402.14 - 2,266,532.91 664,012.71 2,930,545.62
====================================================================================================
<CAPTION>
Current Payment Information
Class Information
- ----------------------------------------------------------------------------------------
Losses to Interest Ending Carry Aggregate
Class Code Principal Shortfalls Cert. Bal. Forward Unpaid Int.
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1919 0.00 0.00 36,181,243.95 0.00 0.00
1920 0.00 0.00 20,887,079.00 0.00 0.00
1921 0.00 0.00 12,286,517.00 0.00 0.00
1922 0.00 0.00 26,292,543.78 0.00 0.00
- ----------------------------------------------------------------------------------------
1923 0.00 0.00 4,362,172.39 0.00 0.00
1924 0.00 0.00 4,003,637.21 0.00 0.00
1925 0.00 0.00 2,395,871.00 0.00 0.00
1926 0.00 0.00 675,758.00 0.00 0.00
- ----------------------------------------------------------------------------------------
0.00 0.00 5,437,764.25 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1927 0.00 0.00 5,437,764.25 0.00 0.00
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
Totals - - 112,522,586.58 - -
========================================================================================
<CAPTION>
Factors per $1,000
- -------------------------------------------------------------
Principal Interest Ending
Class Code Dist. Dist. Cert. Bal
- -------------------------------------------------------------
<S> <C> <C> <C>
1919 45.16709001 4.33976213 774.94542272
1920 0.00000000 6.08333315 1000.00000000
1921 0.00000000 6.29166671 1000.00000000
1922 4.42698069 6.26993034 972.70499365
- -------------------------------------------------------------
1923 4.42698047 6.31064365 972.70499334
1924 4.42698047 6.43278653 972.70499262
1925 0.00000000 6.87499870 1000.00000000
1926 0.00000000 6.87500555 1000.00000000
- -------------------------------------------------------------
0.00000000 2.71034586 1264.51340769
0.00000000 0.00000000 0.00000000
1927 0.00000000 0.00000000 1264.51340769
- -------------------------------------------------------------
- -------------------------------------------------------------
Totals 18.44731836 5.40440152 915.82168144
=============================================================
</TABLE>
Class Information Original Certificate Information
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
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 1.881703% N/A
R/ZIO 0.00 1.881703% N/A
R 4,300,282.00 1.881703% N/A
- --------------------------------------------------------------------------
Totals 0.00 122,865,170.00 - -
==========================================================================
</TABLE>
Aggregate Certificate Information
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Pct. Prepay. Pct. End. Cert. Bal.
- ---------------------------------------------------------------
<S> <C> <C> <C>
Senior 67.241080% 100.000000% 95,647,383.73
- ---------------------------------------------------------------
Class A-4 24.851594% 0.000000% n/a
- ---------------------------------------------------------------
Subordinate 7.907326% 0.000000% 16,875,202.85
- ---------------------------------------------------------------
</TABLE>
<PAGE> 14
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E Payment Date: 12/20/96
New York, NY 10286 Accrual Period: 11/2/96 thru 12/1/96
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
P&S Ref.
Sec. 5.04 ENDING COLLATERAL INFORMATION
<TABLE>
<S> <C>
Aggregate stated principal balance 0.00
Aggregate loan count 3071
Aggregate prepayment amount 912,855.21
Weighted average remaining term 142
Weighted average coupon rate 9.585159%
</TABLE>
P&S Ref.
Sec. 5.04 FEES & ADVANCES
<TABLE>
<CAPTION>
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 70,326.66 750.15
Aggregate advances 1,390,231.63
Aggregate recoveries 506,067.57
Outstanding advances 3,536,119.67
---------------
</TABLE>
P&S Ref.
Sec. 5.04 LOSSES & INSURANCE COVERAGES
<TABLE>
<S> <C>
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
</TABLE>
<TABLE>
<CAPTION>
Special Hazard Bankruptcy Fraud
-------------- ---------- ------
<S> <C> <C> <C>
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 1,125,225.86 200,000.00 3,685,955.00
</TABLE>
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION (as of the Due Date)
<TABLE>
<CAPTION>
Period Loan Count Ending Stated Balance
------ ---------- ---------------------
<S> <C> <C>
30-59 days 241 8,806,621.19
60-89 days 41 1,593,742.64
90 + days 22 850,111.12
In foreclosure 27 1,004,795.70
Bankruptcy 0 0.00
--- -------------
Totals 331 12,255,270.65
--- -------------
</TABLE>
P&S Ref.
Sec. 5.04 REO INFORMATION
<TABLE>
<CAPTION>
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
- ---- ----
</TABLE>
P&S Ref.
Sec. 5.04 OTHER INFORMATION
<TABLE>
<S> <C>
Available funds 2,216,699.01
Accretion Amount 174,374.11
Net prepayment interest shortfalls 0.00
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 15
THE BANK OF NEW YORK Payment Date: 1/21/97
101 Barclay Street, 12E Accrual Period: 12/2/96 thru 1/1/97
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 34,776,459.22 6.350000% 1,983,578.48 184,025.43 2,167,603.91 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 26,172,244.58 7.700000% 121,505.84 167,938.57 289,444.41 0.00
------------------------------------------------------------------------------------------------------------------
1923 B-1 4,342,213.65 7.750000% 20,158.93 28,043.46 48,202.39 0.00
1924 B-2 3,985,318.93 7.900000% 18,502.02 26,236.68 44,738.70 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 5,612,138.35 1.839664% 0.00 14,743.59 14,743.59 0.00
n/a R/ZIO 0.00 1.839664% 0.00 0.00 0.00 0.00
1927 R 5,612,138.35 1.839664% 0.00 14,743.59 14,743.59 0.00
------------------------------------------------------------------------------------------------------------------
Totals - 111,133,599.73 - 2,143,745.27 646,470.91 2,790,216.18 -
==================================================================================================================
<CAPTION>
Current Payment Information Factors per $1,000
Class Information
- --------------------------------------------------------------------------------------------------------------------------------
Interest Ending Carry Aggregate Principal Interest Ending
Class Code Name Shortfalls Cert. Bal. Forward Unpaid Int. Dist. Dist. Cert. Bal
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <S> <C> <C> <C> <C> <C> <C>
1919 A-1 0.00 32,792,880.74 0.00 0.00 42.48513580 3.94153570 702.37200407
1920 A-2 0.00 20,887,079.00 0.00 0.00 0.00000000 6.08333315 1000.00000000
1921 A-3 0.00 12,286,517.00 0.00 0.00 0.00000000 6.29166671 1000.00000000
1922 A-4 0.00 26,050,738.74 0.00 0.00 4.49516556 6.21296619 963.75930274
- --------------------------------------------------------------------------------------------------------------------------------
1923 B-1 0.00 4,322,054.72 0.00 0.00 4.49516702 6.25330940 963.75930088
1924 B-2 0.00 3,966,816.91 0.00 0.00 4.49516395 6.37434120 963.75930323
1925 B-3 0.00 2,395,871.00 0.00 0.00 0.00000000 6.87499870 1000.00000000
1926 B-4 0.00 675,758.00 0.00 0.00 0.00000000 6.87500555 1000.00000000
- --------------------------------------------------------------------------------------------------------------------------------
n/a R/PO 0.00 5,782,512.72 0.00 0.00 0.00000000 3.42851716 1344.68221429
n/a R/ZIO 0.00 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
1927 R 0.00 5,782,512.72 0.00 0.00 0.00000000 0.00000000 1344.68221429
- --------------------------------------------------------------------------------------------------------------------------------
Totals - - 109,160,228.83 - - 17.44794940 5.26162875 888.45544128
================================================================================================================================
</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 1.839664% N/A
R/ZIO 0.00 1.839664% N/A
R 4,300,282.00 1.839664% 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 66.325199% 100.000000% 92,017,215.48
--------------------------------------------------------------
Class A-4 25.546401% 0.000000% n/a
--------------------------------------------------------------
Subordinate 8.128400% 0.000000% 17,143,013.35
--------------------------------------------------------------
</TABLE>
<PAGE> 16
THE BANK OF NEW YORK Payment Date: 1/21/97
101 Barclay Street, 12E Accrual Period: 12/2/96 thru 1/1/97
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 34,776,459.22 6.350000% 1,983,578.48 184,025.43 2,167,603.91 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 26,172,244.58 7.700000% 121,505.84 167,938.57 289,444.41 0.00
------------------------------------------------------------------------------------------------------------------
1923 B-1 4,342,213.65 7.750000% 20,158.93 28,043.46 48,202.39 0.00
1924 B-2 3,985,318.93 7.900000% 18,502.02 26,236.68 44,738.70 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 5,612,138.35 1.839664% 0.00 14,743.59 14,743.59 0.00
n/a R/ZIO 0.00 1.839664% 0.00 0.00 0.00 0.00
1927 R 5,612,138.35 1.839664% 0.00 14,743.59 14,743.59 0.00
------------------------------------------------------------------------------------------------------------------
Totals - 111,133,599.73 - 2,143,745.27 646,470.91 2,790,216.18 -
==================================================================================================================
<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 32,792,880.74 0.00 0.00 42.48513580 3.94153570 702.37200407
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 26,050,738.74 0.00 0.00 4.49516556 6.21296619 963.75930274
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
1923 0.00 4,322,054.72 0.00 0.00 4.49516702 6.25330940 963.75930088
1924 0.00 3,966,816.91 0.00 0.00 4.49516395 6.37434120 963.75930323
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 6.87500555 1000.00000000
-------------------------------------------------------------------------------------------------------------------
n/a 0.00 5,782,512.72 0.00 0.00 0.00000000 3.42851716 1344.68221429
n/a 0.00 0.00 0.00 0.00 0.00000000 0.00000000 0.00000000
1927 0.00 5,782,512.72 0.00 0.00 0.00000000 0.00000000 1344.68221429
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Totals - 109,160,228.83 - - 17.44794940 5.26162875 888.45544128
-------------------------------------------------------------------------------------------------------------------
===================================================================================================================
</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 1.839664% N/A
R/ZIO 0.00 1.839664% N/A
R 4,300,282.00 1.839664% 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 66.325199% 100.000000% 92,017,215.48
--------------------------------------------------------------
Class A-4 25.546401% 0.000000% n/a
--------------------------------------------------------------
Subordinate 8.128400% 0.000000% 17,143,013.35
--------------------------------------------------------------
</TABLE>
<PAGE> 17
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
Payment Date: 2/20/97
Accrual Period: 1/2/97 thru 2/1/97
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
<TABLE>
<CAPTION>
P&S Ref. ------------------------------------------------
Sec. 5.04 ENDING COLLATERAL INFORMATION
------------------------------------------------
<S> <C>
Aggregate stated principal balance 107,195,765.65
Aggregate loan count 2993
Aggregate prepayment amount 1,492,640.26
Weighted average remaining term 140
Weighted average coupon rate 9.575313%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------
Sec. 5.04 FEES & ADVANCES
---------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 68,224.97 727.73
Aggregate advances 1,872,101.55
Aggregate recoveries 545,536.92
Outstanding advances 6,194,447.24
============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 ------------------------------------------------
LOSSES & INSURANCE COVERAGES
------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Special Hazard Bankruptcy Fraud
-------------- ---------- -----
<S> <C> <C> <C>
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 1,091,602.27 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 194 7,069,283.54
60-89 days 33 1,297,930.11
90 + days 38 1,531,447.19
In foreclosure 34 1,190,716.29
Bankruptcy 0 0.00
--- -------------
Totals 299 11,089,377.13
--- -------------
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04
-----------------------------------
REO INFORMATION
-----------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
- 0.00 0.00
Totals 0 0.00 0.00
- ---- ----
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 -----------------------------------
OTHER INFORMATION
-----------------------------------
<S> <C>
Available funds 2,766,544.80
Accretion Amount 165,773.67
Net prepayment interest shortfalls 0.00
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
<PAGE> 18
TRYON MORTGAGE FUNDING, INC.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
Payment Date: 3/20/97
REVISED
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815 - 2297
<TABLE>
<CAPTION>
P&S Ref. ------------------------------------------------
Sec. 5.04 ENDING COLLATERAL INFORMATION
------------------------------------------------
<S> <C>
Aggregate stated principal balance 105,375,293.39
Aggregate loan count 2954
Aggregate prepayment amount 1,350,895.52
Weighted average remaining term 139
Weighted average coupon rate 9.574803%
</TABLE>
<TABLE>
<CAPTION>
P&S Ref. ---------------------------
Sec. 5.04 FEES & ADVANCES
---------------------------
Master Servicer Trustee
--------------- -------
<S> <C> <C>
Monthly fees 66,995.48 714.64
Aggregate advances 1,524,398.00
Aggregate recoveries 531,977.71
Outstanding advances 7,186,867.53
============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 ------------------------------------------------
LOSSES & INSURANCE COVERAGES
------------------------------------------------
Net realized losses (this period) 0.00
Cumulative losses (from Cut-Off) 0.00
Special Hazard Bankruptcy Fraud
-------------- ---------- -----
<S> <C> <C> <C>
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 1,071,957.66 200,000.00 3,685,955.00
</TABLE>
<TABLE>
<CAPTION>
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 57 2,530,063.14
60-89 days 34 1,263,426.30
90 + days 41 1,572,833.24
In foreclosure 18 741,162.34
Bankruptcy 0 0.00
--- ------------
Totals 150 6,107,485.02
--- ============
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04
-----------------------------------
REO INFORMATION
-----------------------------------
Reo Date Loan Number Ending Stated Balance Book Value
-------- ----------- --------------------- ----------
<S> <C> <C> <C>
1/7/97 707984 11,105.09 0.00
1/7/97 801324 30,546.77 0.00
2/7/97 497776 24,814.36 0.00
2/4/97 647438 24,031.03 0.00
2/4/97 793646 41,960.10 0.00
2/4/97 810408 29,017.45 0.00
2/21/97 893024 62,770.16 0.00
Totals 224,244.96 0.00
========== ====
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 -----------------------------------
OTHER INFORMATION
-----------------------------------
<S> <C>
Available funds 2,608,048.90
Accretion Amount 161,353.46
Net prepayment interest shortfalls 0.00
Recoveries on foreclosed loans 0.00
Repurchase price 0.00
Deleted mortgage Loan shortfall 0.00
</TABLE>
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