ITEM 1 - BUSINESS............................ 3 ITEM 2
ITEM 2 - PROPERTIES...................... 3 ITEM 3
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings involving either the IMC Home Equity Loan Trust 1996-1 (the "Trust") established pursuant to the Pooling and Servicing Agreement (the "Agreement") dated February 1, 1996, among Chemical Bank Structured Finance Services, as trustee (the "Trustee") ContiSecurities Asset Funding Corp., as depositor (the "Depositor") and Industry Mortgage Company, as servicer (the "Servicer"), the Trustee, the Depositor or the Servicer which relates to the Trust.
ITEM 4
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public trading market for any beneficial interests in the Trust.
All of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates, and Class A-7 Certificates issued by the Trust are held by the Depository Trust Company ("DTC") which in turn maintains records of holders of beneficial interests in such Certificates. Based on information obtained by the Trust from DTC, as of March 10, 1997, there were 4 holders of the Class A-1 Certificates, 3 holders of the Class A-2 Certificates, 7 holders of the Class A-3 Certificates, 1 holder of the Class A-4 Certificates, 5 holders of the Class A-5 Certificates, 11 holders of the Class A-6 Certificates, and 2 holders of the Class A-7 Certificates .
ITEM 6
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Not applicable.
ITEM 8
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross servicing compensation paid to the Servicer for the year ended December 31, 1996 was $735,186.16
ITEM 9
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or financial disclosures between the Issuer and its accountants.
PART III
ITEM 10
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.
ITEM 12
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of each Class of Certificates of the Trust; (ii) the principal amount of the Class of Certificates owned by each and (iii) the percent that the principal amount of the Class of Certificates owned by such entity represents of the outstanding principal amount of such Class of Certificates. The information set forth in the table for the Certificates is based upon information obtained by the Trust from DTC and represents ownership of beneficial interest in the Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.
Amount Owned Name and Address All Dollar Amounts Are in Thousands
Principal Percent Class A-1 Certificates
Bankers Trust Company $20,000 32.74% c/o BT Services Tennessee Inc. Custody Services 648 Grassmere Park Road Nashville, TN 37211
Chase Manhattan Bank/Chemical 33,079 54.16 Auto Settle Department 4 New York Plaza, 4th Floor New York, NY 10004
SSB-Custodian 5,575 9.13 c/o Global Proxy Unit, A5NW P.O. Box 1631 Boston, MA 02105-1631
Class A-2 Certificates
Bank of New York $28,938 96.98% 925 Patterson Plank Rd. Secaucus, NJ 07094
Class A-3 Certificates
Bankers Trust Company $5,570 22.86% c/o BT Services Tennessee, Inc. Custody Services 648 Grassmere Park Road Nashville, TN 37211
Boston Safe Deposit & Trust 4,800 19.70 c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, PA 15259
Chase Manhattan 2,400 9.85 Two Chase Manhattan Plaza, 5th Floor New York, NY 10081
Chase Manhattan Bank/Chemical 6,000 24.62 Auto Settle Department 4 New York Plaza, 4th Floor New York, NY 10004
Citicorp Services, Inc. 2,000 8.21 P.O. Box 30576 Tampa, FL 33630-3576
First National Bank of Boston 1,500 6.16 c/o Proxy Services 51 Mercedes Way Edgewood, NY 11717
SSB-Custodian 2,100 8.62 Global Proxy Unit, A5NW P.O. Box 1631 Boston, MA 02105-1631
Class A-4 Certificates
Bankers Trust Company $12,154 100.00% c/o BT Services Tennessee, Inc. Custody Services 648 Grassmere Park Road Nashville, TN 37211
Class A-5 Certificates
Chase Manhattan Bank, Trust $1,200 5.70% Two Chase Manhattan Plaza, 5th Floor New York, NY 10081
First National Bank of Boston 10,000 47.54 c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717
Investors Bank & Trust/M.F. 8,616 40.96 Custody 89 South Street, 6th Floor Corp. Action Dept. Boston, MA 02111
SSB- Custodian 1,090 5.18 Global Proxy Unit, A5NW P.O. Box 1631 Boston, MA 02105-1631
Class A-6 Certificate
Bank of New York $1,400 9.29% 925 Patterson Plank Rd. Secaucus, NJ 07094
Chase Manhattan Bank, Trust 5,000 33.17 Two Chase Manhattan Plaza, 5th Floor New York, NY 10081
First National Bank of Maryland 1,160 7.70 Trust Division-Operations Dept 101-623 25 S. Charles Street Baltimore, MD 21201
Mercantile, Safe Deposit and Trust Co. 3,074 20.39 766 Old Hammonds Ferry Road Proxy Unit #230-20 Linthicum, MD 21090
Wilmington Trust Co. 2,500 16.58 Rodney Square North 1100 North Market Street Wilmington, DE 19890-0001
Class A-7 Certificates
Bank of New York $10,000 87.34% 925 Patterson Plank Rd. Secaucus, NJ 07094
Norwest Bank Minnesota National 1,449 12.66 Assoc. 733 Marquette Avenue Minneapolis, MN 55479-0056
ITEM 13
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
PART IV
ITEM 14
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
Exhibit No. Description
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations.
99.3 Annual compilation of Monthly Trustee's Statement.
(b) Reports on Form 8-K.
11 reports on Form 8-K have been filed by the Issuer during the period covered by this report.
Items Reported/Financial Date of Reports on Form 8-K Statements Filed
March 25, 1996 Trustee's Monthly Report for the February Monthly Period.
April 25, 1996 Trustee's Monthly Report for the March Monthly Period.
May 25, 1996 Trustee's Monthly Report for the April Monthly Period.
June 25, 1996 Trustee's Monthly Report for the May Monthly Period.
July 25, 1996 Trustee's Monthly Report for the June Monthly Period.
August 25, 1996 Trustee's Monthly Report for the July Monthly Period.
September 25, 1996 Trustee's Monthly Report for the August Monthly Period.
October 25, 1996 Trustee's Monthly Report for the September Monthly Period.
November 25, 1996 Trustee's Monthly Report for the October Monthly Period.
December 27, 1996 Trustee's Monthly Report for the November Monthly Period.
January 25, 1997 Trustee's Monthly Report for the December Monthly Period.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP., AS DEPOSITOR
By: /s/ Jerome M. Perelson Name:Jerome M. Perelson Title: Vice President
By: /s/ Susan E. O'Donovan Name: Susan E. O'Donovan Title: Vice President & Chief Financial Officer
Date: March 27, 1997
INDEX TO EXHIBITS Item 14(C)
Exhibit No. Description 99.1 Statement of Compliance of the Servicer. 99.2 Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. 99.3 Annual compilation of Monthly Trustee's Statement.