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) May 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)
(State or other jurisdiction of incorporation or organization)
333-1614
(Commission File Number)
11-3314368 (Issuer)
(I.R.S. Employer Identification No.)
301 North Walnut Street
Wilmington, Delaware
(Address of principal executive offices)
19801
(Zip Code)
Registrant's telephone number, including area code: (302) 425-2500
(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
Exhibit 20.1 Beneficial Home Equity Loan Asset Backed Certificates, Series
1996-1 Statement to Certificateholders dated May 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)
June 5, 1996
Exhibit Index
Exhibit Number Exhibit
20.1 Beneficial Home Equity Loan Asset Backed Certificates,
Series 1996-1 Statement to Certificateholders dated
May 28, 1996.
Exhibit 20.1
STATEMENT TO CERTIFICATEHOLDERS
Beneficial Mortgage Corporation
Current Collection Period 31-Mar-96 to 27-Apr-96
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
Class B Certificates, Series 1996-1
Original Settlement Date 30-Apr-96
Distribution Date 28-May-96
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1 Month LIBOR 5.43359%
Class A Pass-Through Rate (1 mo LIBOR + 18 bps) 5.61359%
Class M Pass-Through Rate (1 mo LIBOR + 25 bps) 5.71359%
Class B Pass-Through Rate (1 mo LIBOR + 25 bps) 5.68359%
Distribution to Holders of Class A Certificates (per Certificate with a
$1,000 denomination)
1 i. Amount Allocable to Class A Principal 22.675482
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 4.366126
ii. Amount Allocable to Class A Carryoverover
Interest Shortfall 0.000000
iii. Amount Allocable to Unpaid Class A
Interest Shortfall 0.000000
iv. Remaining Unpaid Class A Interest Shortfall 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 4.443903
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 63.491693
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 4.420570
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 1,047,887,348.48
11 Ending Class A Principal Factor 97.7324518%
12 Ending Class M Principal Balance 66,074,000.00
13 Ending Class M Principal Factor 100.0000000%
14 Ending Class B Principal Balance 59,066,515.45
15 Ending Class B Principal Factor 93.6508307%
16 i. Ending Pool Number of Loans 22,483
ii. Ending Pool Balance 1,177,032,714.18
17 i. Number of Mortgage Loans 30 to 59 Days Delinquent 0
ii. Aggregate Principal Balances of Mortgage
Loans 30 to 59 Days Delinquent 0.00
iii. Number of Mortgage Loans 60 or More Days Delinquent 0
iv. Aggregate Principal Balances of Mortgage
Loans 60 or More Days Delinquent 0.00
18 Book Value of Real Estate Aquired Through Foreclosure
or Grant of a Deed 0.00
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