UNITED STATES 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 (date of earliest event reported) September 30, 1996
BENEFICIAL MORTGAGE CORPORATION
(Depositor and Master Servicer)
BENEFICIAL HOME EQUITY LOAN TRUST 1996-1
(Issuer in Respect of the Beneficial Home Equity
Loan Asset Backed Certificates)
(Exact name of registrant as specified in its charter)
New York (Issuer) 333-1614 11-3314368 (Issuer)
(State or other (Commission File Number) (I.R.S. Employer
jurisdication of Idenitifcation No.)
incorporation or
organization)
301 North Walnut Street
Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 425-2500
(Former name or former address, if changed since last report)
NONE
Item 7. Financial Statements and Exhibits
Exhibit 20.1 Beneficial Home Equity Loan Asset Backed Certificates, Series
1996-1 Statement to Certificateholders dated September 30, 1996.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on behalf
of Beneficial Home Equity Loan Trust 1996-1 by the undersigned, thereunto duly
authorized.
BENEFICIAL HOME EQUITY LOAN TRUST 1996-1
Registrant
By:Beneficial Mortgage Corporation
(Depositor and Master Servicer)
By: /S/ Richard J. Zak
Richard J. Zak
Vice President (Chief Accounting Officer)
October 7, 1996
Exhibit Index
Exhibit
Number Exhibit
20.1 Beneficial Home Equity Loan Asset Backed Certificates,
Series 1996-1 Statement to Certificateholders dated September 30, 1996.
Exhibit 20.1
STATEMENT TO CERTIFICATEHOLDERS
Beneficial Mortgage Corporation Current Collection Period 28-Jul96 to 27-Aug96
Beneficial Home Equity Loan Asset Backed Certificates P&S Agreement 01-Apr-96
Class A Certificates, Series 1996-1
Class M Certificates, Series 1996-1 Original Settlement Date: 30-Apr-96
Class B Certificates, Series 1996-1 Distribution Date: 30-Sep-96
1 Month LIBOR 5.3984%
Class A Pass-Through Rate (1 mo LIBOR + 18 bps) 5.5784%
Class M Pass-Through Rate (1 mo LIBOR + 28 bps) 5.6784%
Class B Pass-Through Rate (1 mo LIBOR + 25 bps) 5.6484%
Distribution to Holders of Class A Certificates (per Certificate with a
$1,000 denomination)
1 i. Amount Allocable to Class A Principal 31.696886
ii. Amount Allocable to Unpaid Class A Principal Shortfall 0.000000
iii. Remaining Unpaid Class A Principal Shortfall After
Such Distribution 0.000000
2 i. Amount Allocable to Class A Interest 4.477169
ii. Amount Allocable to Class A Carryover Interest
Shortfall 0.000000
iii. Amount Allocable to Unpaid Class A Interest Shortfall 0.000000
iv. Remaining Unpaid Class A Interest Shortfall After
Such Distribution 0.000000
3 i. Amount of Class A Principal Shortfall For Such
Distribution Date 0.000000
ii. Amount of Class A Interest Shortfall For Such
Distribution Date 0.000000
Distribution to Holders of Class M Certificates (per Certificate with a
$1,000 denomination)
4 i. Amount Allocable to Class M Principal 0.000000
ii. Amount Allocable to Unpaid Class M Principal Shortfall 0.000000
iii. Remaining Unpaid Class M Principal Shortfall After
Such Distribution 0.000000
5 i. Amount Allocable to Class M Interest 5.205200
ii. Amount Allocable to Class M Carryover Interest
Shortfall 0.000000
iii. Amount Allocable to Unpaid Class M Interest Shortfall 0.000000
iv. Remaining Unpaid Class M Interest Shortfall After
Such Distribution 0.000000
6 i. Amount of Class M Principal Shortfall For Such
Distribution Date 0.000000
ii. Amount of Class M Interest Shortfall For Such
Distribution Date 0.000000
Distribution to Holders of Class B Certificates (per Certificate with a
$1,000 denomination)
7 i. Amount Allocable to Class B Principal 56.439739
ii. Amount Allocable to Unpaid Class B Principal Shortfall 0.000000
iii. Remaining Unpaid Class B Principal Shortfall After
Such Distribution 0.000000
8 i. Amount Allocable to Class B Interest 3.913957
ii. Amount Allocable to Class B Carryover Interest
Shortfall 0.000000
iii. Amount Allocable to Unpaid Class B Interest Shortfall 0.000000
iv. Remaining Unpaid Class B Interest Shortfall After
Such Distribution 0.000000
9 i. Amount of Class B Principal Shortfall For Such
Distribution Date 0.000000
ii. Amount of Class B Interest Shortfall For Such
Distribution Date 0.000000
10 Ending Class A Principal Balance 904,782,458.55
11 Ending Class A Principal Factor 84.3856052%
12 Ending Class M Principal Balance 66,074,000.00
13 Ending Class M Principal Factor 100.0000000%
14 Ending Class B Principal Balance 44,117,286.48
15 Ending Class B Principal Factor 69.9486079%
16 i. Ending Pool Number of Loans 19,852
ii. Ending Pool Balance 1,033,927,824.25
17 i. Number of Mortgage Loans 30 to 59 Days Delinquent 964
ii. Aggregate Principal Balances of Mortgage Loans
30 to 59 Days Delinquent 57,743,341.88
iii. Number of Mortgage Loans 60 or More Delinquent 259
iv. Aggregate Principal Balances of Mortgage Loans 60
or More Days Delinquent 19,847,583.93
18 Book Value of Real Estate Aquired Through
Forclosure or Grant of a Deed 972,907.94
