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) June 28, 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 jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
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 June 28, 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)
July 9, 1996
Exhibit Index
Exhibit
Number Exhibit
20.1 Beneficial Home Equity Loan Asset Backed Certificates,
Series 1996-1 Statement to Certificateholders dated June 28, 1996.
Exhibit 20.1
STATEMENT TO CERTIFICATEHOLDERS
Beneficial Mortgage Corporation Current Collection Period 28Apr-96 to 27May-96
Beneficial Home Equity Loan Asset Backed Certificates
P & S Agreement Date 01-Apr-96
Class A Certificates, Series 1996-1
Class M Certificates, Series 1996-1 Original Settlement 30Apr-96
Class B Certificates, Series 1996-1 Distribution Date 28-Jun-96
1 Month LIBOR 5.4336%
Class A Pass-Through Rate (1 mo LIBOR + 18 bps) 5.6136%
Class M Pass-Through Rate (1 mo LIBOR + 28 bps) 5.7136%
Class B Pass-Through Rate (1 mo LIBOR + 25 bps) 5.6836%
Distribution to Holders of Class A Certificates (per Certificate with a
$1,000 denomination)
<TABLE>
<S> <C> <C>
1 i. Amount Allocable to Class A Principal 35.184527
ii. Amount Allocable to Unpaid Class A Princial Shortfall 0.000000
iii. Remaining Unpaid Class A Principal Shortfall After Such
Distribution 0.000000
2 i. Amount Allocable to Class A Interest 4.724322
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 Princial Shortfall 0.000000
iii. Remaining Unpaid Class M Principal Shortfall After
Such Distribution 0.000000
5 i. Amount Allocable to Class M Interest 4.920044
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 62.206757
ii. Amount Allocable to Unpaid Class B PrincipalShortfall 0.000000
iii. Remaining Unpaid Class B Principal Shortfall After
Such Distribution 0.000000
8 i. Amount Allocable to Class B Interest 4.583469
ii. Amount Allocable to Class B Carryover Interest
Shortfall 0.000000
iii. Amount Allocable to Unpaid Class B Interest Shorfall 0.000000
iv. Remaining Unpaid Class B Interest Shorftall After Such
Distibution 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 1,010,162,498.37
11 Ending Class A Principal Factor 94.2139991%
12 Ending Class M Principal Balance 66,074,000.00
13 Ending Class M Principal Factor 100.0000000%
14 Ending Class B Principal Balance 55,143,073.07
15 Ending Class B Principal Factor 87.4301550%
16 i. Ending Pool Number of Loans 21,762
ii. Ending Pool Balance 1,139,307,864.07
17 i. Number of Mortgage Loans 30 to 59 Days Delinquent 920
ii. Aggregate Principal Balances of Mortgage Loans
30 to 59 Days Delinquent 54,056,416.28
iii. Number of Mortgage Loans 60 or More Days Delinquent 114
iv. Aggregate Principal Balances of Mortgage Loans 60
or More Days Delinquent 8,302,668.97
18 Book Value of Real Estate Aquired Through
Foreclosure or Grant of a Deed 236,788.64
</TABLE>
