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) December 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
jurisdiction of Identification 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 December 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)
January 6, 1997
Exhibit Index
Exhibit
Number Exhibit
20.1 Beneficial Home Equity Loan Asset Backed Certificates,
Series 1996-1 Statement to Certificateholders dated December 30, 1996.
Exhibit 20.1
STATEMENT TO CERTIFICATEHOLDERS
Beneficial Mortgage Corp Current Collection Period 28-Oct-96 to 27-Nov-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 Original Settlement Date: 30-Apr-96
Class B Certificates, Series 1996-1 Distribution Date 30-Dec-96
1 Month LIBOR 5.3750%
Class A Pass-Through Rate (1 mo LIBOR + 18 bps) 5.5550%
Class M Pass-Through Rate (1 mo LIBOR + 28 bps) 5.6550%
Class B Pass-Through Rate (1 mo LIBOR + 25 bps) 5.6250%
Distribution to Holders of Class A Certificates (per Certificate with a
$1,000 denomination)
1 i. Amount Allocable to Class A Principal 32.41451
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 3.746960
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 4.869583
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 51.212888
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 2.867506
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 805,114,058.47
11 Ending Class A Principal Factor 75.0899141%
12 Ending Class M Principal Balance 66,074,000.00
13 Ending Class M Principal Factor 100.0000000%
14 Ending Class B Principal Balance 34,108,059.96
15 Ending Class B Principal Factor 54.0788317%
16 i. Ending Pool Number of Loans 17,995
ii. Ending Pool Balance 934,259,424.17
17 i. Number of Mortgage Loans 30 to 59 Days Delinquent 627
ii. Aggregate Principal Balances of Mortgage Loans
30 to 59 Days Delinquent 35,489,092.61
iii. Number of Mortgage Loans 60 or More Days Delinquent 279
iv. Aggregate Principal Balances of Mortgages 60 or
More Days Delinquent 20,921,695.61
18 Book Value of Real Estate Aquired Through
Foreclosure or Grant of a Deed 2,803,617.15
