Item 1. Business Not applicable.
Item 2.
Item 2. Properties
Tryon Mortgage Funding Series 1996-1 (the "Trust") was established pursuant to a Pooling and Servicing Agreement dated as of April 1, 1996 (the "Pooling and Servicing Agreement") among Tryon Mortgage Funding, Inc. (the "Sponsor"), Spokane Mortgage Co. (the "Master Servicer"), The Bank of New York (the "Trustee"), and Metropolitan Mortgage & Securities Co., Inc., Summit Securities, Inc., Western United Life Assurance Company, and Old Standard Life Insurance Company (each, a "Seller"). Pursuant to the Pooling and Servicing Agreement, the Sellers sold to the Trust, and the Master Servicer agreed to service on behalf of the Trust, a pool of fixed rate mortgage loans (including land sale contracts for the sale of real estate). Also on that date, the Trust issued mortgage backed securities consisting of $46,688,764 Class A-1 6.35% Mortgage Pass-Through Certificates; $20,887,079 Class A-2 7.30% Mortgage Pass-Through Certificates; $12,286,517 Class A-3 7.55% Mortgage Pass-Through Certificates; $27,030,337 Class A-4 7.70% Mortgage Pass-Through Certificates; $4,484,579 Class B-1 7.75% Mortgage Pass Through Certificates and $4,115,983 Class B-2 Mortgage Pass-Through Certificates (collectively, the "Certificates").
The property of the Trust includes the pool of mortgage loans secured by residential property which were acquired from various originators. Item 3.
Item 3. Legal Proceedings
There are no material pending legal proceedings with respect to the Trust, involving the Trust, the Trustee, or the Servicer, other than ordinary or routine litigation incidental to the Trust assets or the Trustee or the Servicer's duties under the applicable Pooling and Servicing Agreement.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
None.
PART II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
(a) Market Information. There is no established public trading market for the Certificates.
(b) Holders. Since each of the Certificates was issued in book entry form only, there is only one holder of record of each Certificate.
(c) Dividends. The Trust does not pay dividends. Information as to distributions to Certificateholders is provided in the Trust's Form 8-K filings.
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
Not applicable.
Item 9.
Item 9. Changes in and disagreements with Accountants on Accounting and Financial Disclosure
None.
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
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Not applicable. 2. Not applicable. 3. Exhibits: 99.1 Annual Independent Certified Public Accountants' Report. 99.2 Annual Statement as to Compliance.
(b) Reports on Form 8-K
A Current Report on Form 8-K pursuant to Items 5 and 7 for the following monthly distribution dates during 1996 and 1997, including the Trustee's statement for each of the following due periods was filed.
June 20, 1996 July 22, 1996 August 20, 1996 September 20, 1996 October 21, 1996 November 20, 1996 December 20, 1996 January 21, 1997 February 20, 1997 March 20, 1997
(c) The exhibits filed as part of this report are listed in the Exhibit Index on page 6.
(d) Not applicable.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Tryon Mortgage Funding, Inc., Series 1996-1 (Sponsor)
Dated: March 27, 1997 By: /s/ James H. Sherrill -------------------------------- Name: James H. Sherrill Title: Vice President
EXHIBIT INDEX
99.1 Annual Independent Certified Public Accountants' Report p. 7
99.2 Annual Statement as to Compliance p. 8