SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
WFS (REPUBLIC) INC.#*
(Exact Name of Restraints Specified in Its Charter)
Federally Charter 91-1539486
--------------------------------------------------------------------------------
(State or Other Jurisdiction (IRS Employer Identification No.)
of Incorporation)
6320 Canoga Avenue, Woodland Hills, California 91367
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(818) 704-8822
--------------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
|
This Form 8-K is being filed by WFS (Republic) Inc. a Nevada Corporation, as successor in interest to Republic Federal Savings and Loan Association. The charter of Republic Federal Savings and Loan Association was canceled on or about november 18, 1992 upon the action on the Office of Thrift Supervision.
* This Form 8-K is being filed by WFS (Republic) Inc., a Nevada Corporation, in its capacity as Seller and Servicer of each of the grantor trusts described in Item 2 below. This constitutes a joint filing for all of the grantor trusts.
ITEM 5. Other Events
On February 26, 1987, Republic Federal Savings and Loan Association, a federally chartered savings and loan association, ("Republic") as Seller and Servicer, sold mortgage pass-through certificates (the "Mortgage Pass-Through Certificates"). Such Mortgage Pass-Through Certificates were comprised of Class A Certificates and Class B Certificates and are hereinafter designated as the "Series 1987-1 Certificates". The Class A Certificates offered evidenced fractional undivided interests in a pool of fixed-rate, conventional, fully-amortizing, one-to four-unit single family loans ( the "1987-1 Mortgage Loans") sold and serviced by Republic. The Class A Certificates were divided into subclasses, Class A-1 and Class A-2. Specific information relating to the 1987-1 Mortgage Loans, as well as other information relating to the sale and servicing of the 1987-1 Mortgage Loans, is set forth in the Pooling and Servicing Agreement, dated as of February 1, 1987, (the "Series 1987-1 Agreement"). The Series 1987-1 Agreement was included as an exhibit to Registrant's Form 8-K filed with the Commission on January 25, 1988.
On December 23, 1987, Republic, as Seller and Servicer, sold adjustable rate mortgage pass-through certificates (the "Adjustable Rate Mortgage Pass-Through Certificates"). The Adjustable Rate Mortgage Pass-Through Certificates consisted of the Series 1987-2 Adjustable Rate Mortgage Pass-through Certificates ( the "Series 1987-2 Certificates) Class A and Class B and the Series 1987-3 Adjustable Rate Mortgage Pass-Through Certificates (the "Series 1987-3 Certificates') Class A and Class B. The Class A Certificates for the Series 1987-2 Certificates and Series 1987-3 Certificates offered evidenced fractional undivided interest in separate pools of adjustable-rate, conventional, fully-amortizing, one-to four-unit single family loans (the "1987-2 Mortgage Loans" and the "1987-3 Mortgage Loan's, respectively) sold and serviced by Republic. Specific information relating to the 1987-2 Mortgage Loans and 1987-3 Mortgage Loans, as well as other information relating to the sale and servicing for the 1987-2 Mortgage Loans and 1987-3 Mortgage Loans, is set forth in the Pooling and Servicing Agreement for the Series 1987-2 Certificates and the 1987-3 Certificates, dated as of December 1, 1987 (the "Series 1987-2 Agreement" and the "Series 1987-3 Agreement", respectively. The Series 1987-2 Agreement and the Series 1987-3 Agreement were included as exhibits to Registrant's Form 8-K dated December 23, 1987 and filed with Commission,
On May 26, 1988, Republic, as Seller and Servicer, sold adjustable rate mortgage pass-through certificates (the "Adjustable Rate Mortgage Pass-Through Certificates"). The adjustable rate Mortgage Pass-Through Certificates consisted of the Series 1988-1 Adjustable Rate Mortgage Pass-Through Certificates (the "Series 1988-1 Certificates") Class A and Class B. The Class A Certificates for the Series 1988-1 Certificates offered evidenced fractional undivided interests in a pool of convertible, adjustable-rate, conventional, fully-amortizing, one-to four-unit single family loans (the "1988-1 Mortgage Loans") sold and serviced by Republic. Specific information relating to the 1988-1 Mortgage Loans, as well as other information relating to the sale and servicing of the Mortgage Loans, is set forth in the pooling and Servicing Agreement for the Series 1988-1 Certificates dated as of May 1, 1988, (the "Series 1988-1 Agreement"). The Series 1988-1 Agreement was included as an exhibit to Registrant's Form 8-K dated May 26, 1988 and filed with the Commission.
On July 28, 1988, Republic, as Seller an Servicer, sold mortgage
pass-through certificates (the "Mortgage Pass-Through Certificates"). The
Mortgage Pass-Through Certificates consisted of the Series 1988-2 Mortgagee
Pass-Through Certificates ( the "Series 1988-2 Certificates") Class A and Class
B. The Class A Certificates for the Series 1988-2 Certificates offered evidence
fractional undivided interests in a pool of conventional, 15-year, fully
amortizing, one-to four-unit
singlefamilyloans(the"1988-2MortgageLoans")soldandservicedbyRepublic. Specific
information relating to the 1988-2 Mortgage Loans, as well as other information
relating to the sale and servicing of the Mortgage Loans is set forth in the
Pooling and Servicing Agreement for the Series 1988-2 Certificates dated as of
July 1, 1988, (the "Series 1988-2 Agreement"). The Series 1988-2 Agreement was
include as an exhibit to registrant's Form 8-K dated July 28, 1988, and filed
with the Commission.
On November 22, 1988, Republic, as Seller and Servicer, sold mortgage pass-through certificates ( the "Mortgage Pass-Through Certificates"). The Mortgage Pass-Through Certificates consisted of the Series 1988-3 Mortgage Pass- Through Certificates (the "Series 1988-3 Certificates") Class A and Class B. The Class A Certificates for the Series 1988-3 Certificates offered evidence fractional undivided interests in a pool of conventional, 30-year, fully amortizing, one-to four-unit single family loans (the " 1 988-3 Mortgage Loans") sold an d serviced by Republic. Specific information relating to the 1988-3 Mortgage Loans, as well as other information relating to the sale and servicing of the Mortgage Loans is set forth in the Pooling and Servicing Agreement of the Series 1988-3 Certificates dated as of November 1, 1988, (the "Series 1988-3 Agreement"). The Series 1988-3 Agreement was included as an exhibit to registrant's Form 8-K dated November 22, 1988, and filed with the Commission.
On June 22, 1989, Republic, as Seller and Servicer, sold mortgage pass-through certificates ( the "Mortgage Pass-Through Certificates"). The Mortgage Pass-Through Certificates consisted of the Series 1989-1 Mortgage Pass-Through Certificates ( the "Series 1989-1 Certificates") Class A and Class B. The Class A Certificates for the Series 1989-1 Certificates offered evidence fractional undivided interests in a pool of conventional, 30-year, fully-amortizing, one-to four-unit single family loans ( the "1989-1 Mortgage Loans") sold and serviced by Republic. Specific information relating to the 1989-1 Mortgage Loans, as well as other information relating to the sale and servicing of the Mortgage Loans is set forth in the Pooling and Servicing Agreement for the Series 1989-1 Certificates dated as of June 1, 1989, (the "Series 1989-1 Agreement" collectively, the Series 1987-1 Agreement, Series 1987-2 Agreement, Series 1987-3 Agreement, Series 1988-1 Agreement, Series 1988-2 Agreement, Series 1988-3 Agreement, and the Series 1989-1 Agreement are referred to herein as the "Agreements"). The Series 1989-1 Agreement was included as an exhibit to Registrant's Form 8K dated June 26, 1989, and filed with the Commission.
On July 27, 1989, Republic, as Seller and Servicer, sold REMIC multi-class pass-through certificates (the "REMIC Pass-Through Certificates"). The REMIC Pass-Through Certificates in the aggregate, represent the entire beneficial ownership interest in a trust (the "Subsidiary Trust Fund") composed substantially of Mortgage Pass-Through Certificates (the "Subsidiary Class A Certificates") evidencing as 94.00% undivided in a pool of conventional, fully amortizing, 30year, fixed rate, one-to four-unit Mortgage Loans sold and serviced by Republic. The ownership
of the remaining undivided interest in the Mortgage Loans held in the Subsidiary Trust Fund are evidenced by the Subsidiary Class B Certificates, presently held by Republic. The rights of the Subsidiary Class B Certificateholders to receive distribution with respect to the Mortgage Loans are subordinated to the rights of the Subsidiary Class A Certificateholders. Specific information relating to the 1989-2 Mortgage Loans, as well as other information relating to the sale and servicing of the Mortgage Loans is set forth in the Pooling and Servicing Agreement for the Subsidiary Class A Certificates dated as of July 1, 1989, (the "Series 1989-2 Agreement;" collectively, the Series 1987-1 Agreement, Series 1987-2 Agreement, Series 1987-3 Agreement, Series 1988-1 Agreement, Series 1988-2 Agreement, the Series 1988-3 Agreement, the Series 1989-1 Agreement and the Series 1989-2 Agreement are referred to herein as the "Agreements"). Information relating to the REMIC Pass-Through Certificates, as well as other information is set forth in a trust agreement dated as of July 1, 1989, (the "Trust Agreement"). The Series 1989-2 Agreement and the Trust Agreement were included as exhibits to Registrant's Form 8-K dated July 27, 1989, and file with the Commission.
On October 25, 1996, a monthly distribution as required by the Agreements, was made to the holders of the Class A and Class B Certificates for the Series 1987-1 Certificates, 1987-2 Certificates, 1987-3 Certificates, and Series 1988-1 Certificates, Series 1988-2 Certificates, the Series 1988-3 Certificates, the Series 1989-1 Certificates and the Series 1989-2 Certificates. Copies of the reports (collectively, the "Reports") sent to the holders of the Class A and Class B Certificates of each such Series describing such distributions, the payments on the underlying Mortgage Loans and other relevant information, all as the date of the Reports and as required by the Agreements, are included as exhibits to this report,
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duty caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 25, 1996 WFS (REPUBLIC) INC.
(Registrant)
By: /s/ L. Cordell McCarey
--------------------------------
L. Cordell McCarrey
Authorized Signator
|
EXHIBITS INDEX
Exhibit No. Description
1.1 Report to Certificateholders for Series 1987-1 dated
October 25, 1996
1.2 Report to Certificateholders for Series 1987-2 dated
October 25, 1996
1.3 Report to Certificateholders for Series 1987-3 dated
October 25, 1996
1.4 Report to Certificateholders for Series 1988-1 dated
October 25, 1996
1.5 Report to Certificateholders for Series 1988-2 dated
October 25, 1996
1.6 Report to Certificateholders for Series 1988-3 dated
October 25, 1996
1.7 Report to Certificateholders for Series 1989-1 dated
October 25, 1996
|
EXHIBIT 1.1
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: SEPTEMBER 30, 1996 GROUP: INV #810
REPORT DATE: OCTOBER 25, 1996 SERIES: 1987-1
SECTION 1 -- MORTGAGE POOL ADMINISTRATION
=================================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
=================================================================================================================
Beginning Balance 3 4,510.25 446,752.64
--------------------------------------------------------------------------
Installments 3,878.21 632.04
--------------------------------------------------------------------------
Curtailments 57.10
--------------------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
--------------------------------------------------------------------------
Other 0.51 0.00
--------------------------------------------------------------------------
Ending Balance 3 4,510.25 446,063.50
==========================================================================
SERVICING FEE: 93.08
--------------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
==========================================================================================================
# Of Loans 0 0 0 0 0
----------------------------------------------------------------------------------------
Princ Bal 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
----------------------------------------------------------------------------------------
|
INTEREST PRINCIPAL S/F
Amount Prepaid 1,249.49 170.39 29.40
-----------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
-----------------------------------------------------
|
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
--------------------------------------------------------------------------------
4,510.25 3,874.22 636.03
--------------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1987-1 SEPTEMBER 30, 1996
==========================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
==========================================================================================================
636.03 57.10 0.00 0.09 693.22
==========================================================================================================
F. Int. Distribution Amount (Yield 10.16706%) 3,781.57
-------------
G. Total Distribution Amount (Principal & Interest) 4,474.79
=============
H. Certificates A-2 Distribution (3A X 91.75% @ YIELD-7.5%)/12 910.08
=============
I. Certificates A-1 Distribution
(E x 91.75%) Princ: 635.97
(3A x 91.75% @ 7.5%)/12 Int: 2,559.54
-------------
3,195.51
=============
J. Certificate B Distribution (G x 8.25%)
(E x 8.25%) Princ: 57.25
(F x 8.25%) Int: 311.95
-------------
369.20
=============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
==========================================================================================================
A. Beginning Aggregate Security Balance 446,293.43
-------------
B. Principal Distribution Amount 693.22
-------------
C. Ending Aggregate Security Balance 445,600.21
=============
MEMO ITEM
==========================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
-------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.75% of Security Balance) 408,838.56
-------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.25% of Security Balance) 36,761.65
-------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY --------------------------------------- Michael Drawdy, Vice President Investor Reporting Department |
---------------------------------------------------------------------------------------------
SUBORDINATED AMOUNT 1987-1 SEPTEMBER 30, 1996
=============================================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 8.25 303,439.00
----------------------------------------
B. AGGREGATE LOSSES
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (926,237.00)
----------------------------------------
D. ENDING BALANCE 8.25 303,439.00
=============================================================================================
RESERVE FUND
A. BEGINNING BALANCE 303,439.00
-----------
B. (+) INTEREST CREDITED 636.01
-----------
C. (-) INTEREST WITHDRAWN 636.01
-----------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 57.25
-----------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 311.95
-----------
F. (-) TRANSFER TO CLASS A
-----------
G. SUB TOTAL 303,808.20
=============================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 446,063.50
-----------
SPECIFIED RESERVE FUND: 303,439.00
-----------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 369.20
(equal to amt over Specified Reserve Fund Limit) -----------
=============================================================================================
H. ENDING BALANCE 303,439.00
=============================================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 810
446,063.50
(+) 170.39
(-) 0.00
(-) 636.03
(+) 0.00
(-) 0.51
445,597.35
445,600.21
(2.86)
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 1,419.88
(-) 29.40
(-) 0.00
(+) 0.00
(+) 0.00
(+) 57.10
(+) 0.09
(-) 0.01
(+) 0.00
(+) 0.00
(-) 0.00
1,447.66
1,447.64
(0.02)
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96
1987-1
----------
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 91.75%
(D) CLASS B % 8.25%
(E) ORIGINAL AGGREGATE BALANCE 57,761,206
(F) CURRENT UPB 446,064
(G) RULE CHANGE DATE 04/01/92
(H) ORIGINAL CUTOFF DATE 02/01/87
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 303,439
(J) CLASS B % OF CURR UPB (E)x(D) 36,800
(K) AGGREGATE LOSSES 0
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 303,439
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 228,306
(N) 1% OF CURR AGG BAL (E) x .01 4,461
(O) O.S. UPB CLASS B (F)x(D) 36,800
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 266,639
(Q) ADV RES + GRT'R OF: (N) or (P) 494,945
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 446,064
(S) SUBORDINATED AMOUNT (L) 303,439
----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 303,439
==========
(U) CURRENT RESERVE FUND BALANCE 303,439
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 228,306
|
RULES
-----
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 4/1992 80% OF (A)-(x) }
4/1993 60% OF (A)-(x) }
4/1994 40% OF (A)-(x) } REDUCTION SCHEDULE
4/1995 20% OF (A)-(x) }
4/1996+ 0% OF (A)-(x) }
|
HOWEVER:
(B) CANNOT BE < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES-7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(II) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE
EXHIBIT 1.2
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: SEPTEMBER 30, 1996 GROUP: INV #811
REPORT DATE: OCTOBER 25, 1996 SERIES: 1987-2
SECTION 1 - MORTGAGE POOL ADMINISTRATION
===============================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
===============================================================================================
Beginning Balance 39 57,395.45 6,877,353.64
--------------------------------------------------------------
Installments 45,859.76 10,037.05
--------------------------------------------------------------
Curtailments 813.86
--------------------------------------------------------------
Liquidations 1 3,335.92 5,497.09 400,080.77
--------------------------------------------------------------
Other 382.15 4.52 0.00
--------------------------------------------------------------
Ending Balance 38 54,441.68 6,466,421.96
==============================================================
SERVICING FEE: 2,238.75
------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
===============================================================================================
# Of Loans 0 0 0 0 0
-------------------------------------------------------------------------------
Princ Bal 0.00 1 0.00 0.00 0.00 0.00
-------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
-------------------------------------------------------------------------------
INTEREST PRINCIPAL S/F
Amount Prepaid 4,037.80 881.53 168.23
---------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
---------------------------------------------------
|
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
---------------------------------------------------------------------------
57,395.45 47,526.50 9,868.95
---------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1987-2 SEPTEMBER 30, 1996
=============================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
=============================================================================================
9,868.95 813.66 398,906.02 386.91 409,975.74
=============================================================================================
F. Int. Distribution Amount (Yield 7.928450%) 45,375.16
---------------
G. Total Distribution Amount (Principal & Interest) 455,350.90
===============
H. Certificates A-1 Distribution
(E x 91.4%) Princ: 374,717.85
(E x 91.4%) Int: 41,472.93
---------------
416,190.78
===============
I. Certificate B Distribution (G x 8.6%)
(E x 8.6%) Princ: 35,257.89
(F x 8.6%) Int: 3,902.23
---------------
39,160.12
===============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
=============================================================================================
A. Beginning Aggregate Security Balance 6,867,630.73
---------------
B. Principal Distribution Amount 409,975.74
---------------
C. Ending Aggregate Security Balance 6,457,654.99
===============
MEMO ITEM
=============================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
---------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.4% of Security Balance) 5,902,297.69
---------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.6% of Security Balance) 555,357.30
---------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY --------------------------------- Michael Drawdy, Vice President Investor Reporting Department |
--------------------------------------------------------------------------------
SUBORDINATED AMOUNT 1987-2 SEPTEMBER 30, 1996
================================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 8.6 3,953,444.93
-------- ------------
B. AGGREGATE LOSSES 2,500.68
-------- ------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT 0.00
------------
D. ENDING BALANCE 8.6 3,950,944.25
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 3,568,491.91
-------------
B. (+) INTEREST CREDITED 7,299.20
-------------
C. (-) INTEREST WITHDRAWN 7,299.20
-------------
D. (+ CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 35,257.89
-------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 3,902.23
-------------
F. (-) TRANSFER TO WMC 0.00
-------------
G. SUB TOTAL 3,607,652.03
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 1,160,080.60
-------------
SPECIFIED RESERVE FUND: 3,603,832.03
-------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 3,820.00
-------------
(equal to amt over Specified Reserve Fund Limit)
--------------------------------------------------------------------------------
H. ENDING BALANCE 3,603,832.03
================================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 811
6,466,421.96
(+) 881.53
(-) 0.00
(-) 9,868.85
(+) 589.39
(-) 386.91
6,457,637.02
6,457,654.99
(17.97)
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 4,919.33
(-) 168.23
(-) 0.00
(+) 0.00
(+) 813.86
(+) 4.52
(-) 0.22
(+) 398,906.02
(+) 3,335.92
(-) 83.23
407,727.97
407,821.77
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96 1987-2
----------
(A) TERM 30
(B) LOAN TYPE ARMS
(C) CLASS A % 91.40%
(D) CLASS B % 8.60%
(E) ORIGINAL AGGREGATE BALANCE 45,970,290
(F) CURRENT UPB 6,466,422
(G) RULE CHANGE DATE 01/01/98
(H) ORIGINAL CUTOFF DATE 12/01/87
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 3,953,445
(J) CLASS B % OF CURR UPB (E)x(D) 3,953,445
(K) AGGREGATE LOSSES 2,501
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 3,950,944
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 209,000
(N) 1% OF CURR AGG BAL (E) x .01 459,703
(O) O.S. UPB CLASS B (F)x(D) 556,112
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 3,394,832
(Q) ADV RES + GRT'R OF: (N) or (P) 3,603,832
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 1,160,081
(S) SUBORDINATED AMOUNT (L) 1,369,081
----------
(T) SPECIFIED RESERVE FUND = > OF (Q)or(S) 3,603,832
==========
(U) CURRENT RESERVE FUND BALANCE 3,603,832
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 53,000
|
RULES
-----
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 1/1998 80% OF (A)-(x) }
1/1999 60% OF (A)-(x) }
1/2000 40% OF (A)-(x) } REDUCTION SCHEDULE
1/2001 20% OF (A)-(x) }
1/2002+ 0% OF (A)-(x) }
|
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES -7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
|
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE
EXHIBIT 1.3
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: SEPTEMBER 30, 1996 GROUP: INV #812
REPORT DATE: OCTOBER 25, 1996 SERIES: 1987-3
SECTION 1 - MORTGAGE POOL ADMINISTRATION
=========================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
=========================================================================================================
Beginning Balance 32 44,980.14 5,319,137.91
---------------------------------------------------------------------
Installments 37,732.25 8,089.59
---------------------------------------------------------------------
Curtailments 46.14
---------------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
---------------------------------------------------------------------
Other 183.34 0.33 0.00
---------------------------------------------------------------------
Ending Balance 32 45,163.48 5,311,002.18
=====================================================================
SERVICING FEE: 2,161.68
-------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
===================================================================================================
# Of Loans 0 0 0 0 0
----------------------------------------------------------------------------------
Princ Bal 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
----------------------------------------------------------------------------------
INTEREST PRINCIPAL S/F
Amount Prepaid 1,314.00 258.74 76.17
-----------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
-----------------------------------------------------
|
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
---------------------------------------------------------------------------
44,980.14 37.196.99 7,783.15
---------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1987-3 SEPTEMBER 30, 1996
=====================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
=====================================================================================================
7,783.15 46.14 0.00 183.76 8,013.05
=====================================================================================================
F. Int. Distribution Amount (Yield 7.929773%) 35,098.01
--------------
G. Total Distribution Amount (Principal & Interest) 43,111.06
==============
H. Certificates A-1 Distribution
(E x 91.25%) Princ: 7,311.91
(E x 91.25%) Int: 32,026.95
--------------
39,338.86
==============
I. Certificate B Distribution (G x 8.6%)
(E x 8.75%) Princ: 701.13
(F x 8.75%) Int: 3,071.07
--------------
3,772.20
==============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
=====================================================================================================
A. Beginning Aggregate Security Balance 5,311,305.64
--------------
B. Principal Distribution Amount 8,013.05
--------------
C. Ending Aggregate Security Balance 5,303,292.59
==============
MEMO ITEM
=====================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
--------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.25% of Security Balance) 4,839,254.26
--------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.75% of Security Balance) 464,038.33
--------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY ------------------------------------ Michael Drawdy, Vice President Investor Reporting Department |
================================================================================
SUBORDINATED AMOUNT 1987-3 SEPTEMBER 30, 1996
================================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 8.75 4,862,998.61
------------ ------------
B. AGGREGATE LOSSES 23,585.00
------------ ------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT 0.00
------------ ------------
D. ENDING BALANCE 8.75 4,862,998.61
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 4,665,989.37
------------
B. (+) INTEREST CREDITED 9,708.31
------------
C. (-) INTEREST WITHDRAWN 9,708.31
------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 701.13
------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 3,071.07
------------
F. (-) TRANSFER TO CLASS A
------------
G. SUB TOTAL 4,669,761.57
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 1,214,052.25
------------
SPECIFIED RESERVE FUND: 4,666,701.25
------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 3,060.32
------------
(equal to amt over Specified Reserve Fund Limit)
--------------------------------------------------------------------------------
H. ENDING BALANCE 4,666,701.25
================================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 812
5,311,002.18
(+) 258.74
(-) 0.00
(-) 7,783.15
(+) 0.00
(-) 183.67
5,303,294.10
5,303,292.59
1.51
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 1,572.74
(-) 76.17
(-) 0.00
(+) 0.00
(+) 46.14
(+) 0.33
(+) 0.02
(+) 0.00
(+) 0.00
(-) 0.00
1,543.02
1,570.50
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96 1987-3
----------
(A) TERM 30
(B) LOAN TYPE ARMS
(C) CLASS A % 91.25%
(D) CLASS B % 8.75%
(E) ORIGINAL AGGREGATE BALANCE 55,577,136
(F) CURRENT UPB 5,311,002
(G) RULE CHANGE DATE 01/01/98
(H) ORIGINAL CUTOFF DATE 12/01/87
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 4,862,999
(J) CLASS B % OF CURR UPB (E)x(D) 4,862,999
(K) AGGREGATE LOSSES 23,585
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 4,839,414
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 292,000
(N) 1% OF CURR AGG BAL (E) x .01 555,771
(O) O.S. UPB CLASS B (F)x(D) 464,713
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 4,374,701
(Q) ADV RES + GRT'R OF: (N) or (P) 4,666,701
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 1,214,052
(S) SUBORDINATED AMOUNT (L) 1,506,052
----------
(T) SPECIFIED RESERVE FUND = > OF (Q)or(S) 4,666,701
==========
(U) CURRENT RESERVE FUND BALANCE 4,666,701
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 73,000
|
RULES
-----
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 1/1998 80% OF (A)-(x) }
1/1999 60% OF (A)-(x) }
1/2000 40% OF (A)-(x) } REDUCTION SCHEDULE
1/2001 20% OF (A)-(x) }
1/2002+ 0% OF (A)-(x) }
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
|
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES -7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
|
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE
EXHIBIT 1.4
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: September 30, 1996 GROUP: INV #813
REPORT DATE: October 25, 1996 SERIES: 1988-1
SECTION 1 - MORTGAGE POOL ADMINISTRATION
====================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
====================================================================================================
Beginning Balance 68 81,881.92 9,926,187.51
------------------------------------------------------------------
Installments 68,329.97 15,181.52
------------------------------------------------------------------
Curtailments 9,271.87
------------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
------------------------------------------------------------------
Other 113.31 62.22 0.00
------------------------------------------------------------------
Ending Balance 68 81,995.23 9,901,734.12
==================================================================
SERVICING FEE: 3,165.01
------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
===============================================================================================
# Of Loans 2 2 0 0 0
-------------------------------------------------------------------------------
Princ Bal 417,855.75 417,855.75 0.00 0.00 0.00
-------------------------------------------------------------------------------
% Delq 4.22% 4.22% 0.00% 0.00% 0.00%
-------------------------------------------------------------------------------
INTEREST PRINCIPAL S/F
Amount Prepaid 13,383.78 2,958.65 619.40
------------------------------------------------
Amount Delinquent 1,392.31 310.49 65.41
------------------------------------------------
|
SECTION 1-A - SCHEDULED MORTGAGE INSTALLMENTS
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
--------------------------------------------------------------------------------
81,881.92 67,050.60 14,831.32
--------------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1988-1 September 30, 1996
====================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
====================================================================================================
14,831.32 9,271.87 0.00 175.98 24,279.17
====================================================================================================
F. Int. Distribution Amount (Yield 7.741155%) 63,952.86
---------------
G. Total Distribution Amount (Principal & Interest) 88,232.03
===============
H. Certificates A-1 Distribution
(E x 91.00%) Princ: 22,094.08
(E x 91.00%) Int: 58,197.13
---------------
80,291.21
===============
I. Certificate B Distribution (G x 8.6%)
(E x 9.00%) Princ: 2,185.08
(F x 9.00%) Int: 5,755.74
---------------
7,940.82
===============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
====================================================================================================
A. Beginning Aggregate Security Balance 9,913,653.71
---------------
B. Principal Distribution Amount 24,279.17
---------------
C. Ending Aggregate Security Balance 9,889,374.54
===============
MEMO ITEM
====================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
---------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.00% of Security Balance) 8,999,330.44
---------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (9.00% of Security Balance) 890,044.10
---------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY ---------------------------------- Michael Drawdy, Vice President Investor Reporting Department |
================================================================================
SUBORDINATED AMOUNT 1988-1 SEPTEMBER 30, 1996
================================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 9.00 5,321,575.06
---------- ----------------
B. AGGREGATE LOSSES 124,685.11
---------- ----------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT 0.00
---------- ----------------
D. ENDING BALANCE 9.00 6,554,146.24
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 5,835,789.06
---------------
B. (+) INTEREST CREDITED 350.25
---------------
C. (-) INTEREST WITHDRAWN 350.25
---------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 2,185.08
---------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 5,755.74
---------------
F. (-) TRANSFER TO CLASS A
---------------
G. SUB TOTAL 5,843,729.88
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
---------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 1,167,649.12
---------------
SPECIFIED RESERVE FUND: 5,837,989.87
---------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 5,740.01
(equal to amt over Specified Reserve Fund Limit ---------------
--------------------------------------------------------------------------------
H. ENDING BALANCE 5,837,989.87
================================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 813
9,901,734.12
(+) 2,958.65
(-) 310.49
(-) 14,831.32
(+) 0.00
(-) 175.53
9,889,375.43
9,889,374.54
0.89
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 16,342.43
(-) 619.40
(-) 1,702.80
(+) 65.41
(+) 9,271.87
(+) 62.22
(+) 2.87
(+) 0.00
(+) 0.00
(-) 0.00
23,416.86
23,415.08
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96 1988-1
-----------
(A) TERM 30
(B) LOAN TYPE ARMS
(C) CLASS A % 91.00%
(D) CLASS B % 9.00%
(E) ORIGINAL AGGREGATE BALANCE 74,209,237
(F) CURRENT UPB 9,901,734
(G) RULE CHANGE DATE 06/01/98
(H) ORIGINAL CUTOFF DATE 05/01/88
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 6,678,831
(J) CLASS B % OF CURR UPB (E)x(D) 6,678,831
(K) AGGREGATE LOSSES 124,685
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 6,554,146
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 175,000
(N) 1% OF CURR AGG BAL (E) x .01 742,092
(O) O.S. UPB CLASS B (F)x(D) 891,156
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 5,662,990
(Q) ADV RES + GRT'R OF: (N) or (P) 5,837,990
------------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 1,167,649
(S) SUBORDINATED AMOUNT + ADV RES (M)+(R) 1,342,649
------------
(T) SPECIFIED RESERVE FUND = > OF (Q)or(S) 5,837,990
============
(U) CURRENT RESERVE FUND BALANCE 5,837,990
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 175,000
|
RULES
-----
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 6/1998 80% OF (A)-(x) }
6/1999 60% OF (A)-(x) }
6/2000 40% OF (A)-(x) } REDUCTION SCHEDULE
6/2001 20% OF (A)-(x) }
6/2002+ 0% OF (A)-(x) }
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
|
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES -4% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS NOT
BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
WITH THE CONSENT OF THE RATING AGENCY & SO LONG AS SUCH ACTION DOES NOT RESULT IN THE DOWNGRADING OF THE RATING THEN ASSIGNED TO CLASS A CERTS BY THE RATING AGENCY, THE SUB AMT MAY BE REDUCED EARLIER THAN SCHEDULED.
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE
CONVERTIBLE OPTION - OPTION OF MORTGAGOR TO CONVERT FROM ARM TO FIXED WITHIN 12 TO 60 MONTH PERIOD FROM ORIGIN. LOAN MUST BE REPURCHASED ON LAST DAY OF MONTH OF CONVERSION.
EXHIBIT 1.5
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: SEPTEMBER 30, 1996 GROUP: INV #814
REPORT DATE: OCTOBER 25, 1996 SERIES: 1988-2
SECTION 1 - MORTGAGE POOL ADMINISTRATION
================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
================================================================================================
Beginning Balance 11 23,153.60 1,251,084.68
----------------------------------------------------------------
Installments 10,479.93 12,673.67
----------------------------------------------------------------
Curtailments 174.45
----------------------------------------------------------------
Liquidations 1 0.00 0.00 0.00
----------------------------------------------------------------
Other 0.00 0.10 0.00
----------------------------------------------------------------
Ending Balance 11 23,153.60 1,238,236.56
================================================================
SERVICING FEE: 1,096.81
-------------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
================================================================================================
# Of Loans 0 0 0 0 0
---------------------------------------------------------------------------------
Princ Bal 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------
% Delq 0.00% 0.00% 0.00% 0.00% 0.00%
---------------------------------------------------------------------------------
|
INTEREST PRINCIPAL S/F
Amount Prepaid 986.16 1,681.27 87.38
----------------------------------------------------
Amount Delinquent 0.00 0.00 0.00
----------------------------------------------------
|
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
------------------------------------------------------------------------------------------------
23,153.60 10,387.98 12,765.62
------------------------------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1988-2 SEPTEMBER 30, 1996
================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
================================================================================================
12,765.62 174.45 0.00 0.12 12,940.19
================================================================================================
F. Int. Distribution Amount (Yield 9.00009%) 9,301.29
-------------------
G. Total Distribution Amount (Principal & Interest) 22,241.48
===================
H. Certificates A-1 Distribution
(E x 95.5%) Princ: 12,357.88
(E x 95.5%) Int: 8,882.76
-------------------
21,240.64
===================
I. Certificate B Distribution (G x 8.6%)
(E x 4.5%) Princ: 582.31
(F x 4.5%) Int: 418.53
-------------------
1,000.84
===================
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
================================================================================================
A. Beginning Aggregate Security Balance 1,240,081.18
-------------------
B. Principal Distribution Amount 12,940.19
-------------------
C. Ending Aggregate Security Balance 1,227,140.99
===================
MEMO ITEM
================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
-------------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (91.25% of Security Balance) 1,171,918.90
-------------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (8.75% of Security Balance) 55,222.09
-------------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY -------------------------------- Michael Drawdy, Vice President Investor Reporting Department |
===============================================================================
SUBORDINATED AMOUNT 1988-2 SEPTEMBER 30, 1996
===============================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 4.5 588,037.94
-----------------------------------
B. AGGREGATE LOSSES 0.00
-----------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (2,470,450.35)
-----------------------------------
D. ENDING BALANCE 4.5 162,968.00
===============================================================================
RESERVE FUND
A. BEGINNING BALANCE 162,968.00
-----------------
B. (+) INTEREST CREDITED 1,227.75
-----------------
C. (-) INTEREST WITHDRAWN 1,227.75
-----------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 582.31
-----------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 418.53
-----------------
F. (-) TRANSFER TO CLASS A
-----------------
G. SUB TOTAL 163,968.84
===============================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 497,029.10
-----------------
SPECIFIED RESERVE FUND: 162,980.00
-----------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 1,000.84
(equal to amt over Specified Reserve Fund Limit) -----------------
===============================================================================
H. ENDING BALANCE 162,968.00
===============================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 814
1,238,236.56
(+) 1,681.27
(-) 0.00
(-) 12,765.62
(+) 0.00
(-) 0.10
1,227,152.11
1,227,140.99
11.12
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 2,667.43
(-) 87.38
(-) 0.00
(+) 0.00
(+) 174.45
(+) 0.12
(+) 0.00
(+) 0.00
(+) 0.00
(-) 0.00
2,754.62
2,732.23
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96 1988-2
----------
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 95.50%
(D) CLASS B % 4.50%
(E) ORIGINAL AGGREGATE BALANCE 58,520,409
(F) CURRENT UPB 1,238,237
(G) RULE CHANGE DATE 08/01/93
(H) ORIGINAL CUTOFF DATE 07/01/88
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 588,038
(J) CLASS B % OF CURR UPB (E)x(D) 56,721
(K) AGGREGATE LOSSES 0
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 162,968
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 188,000
(N) 1% OF CURR AGG BAL (E) x .01 12,382
(O) O.S. UPB CLASS B (F)x(D) 56,721
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 106,247
(Q) ADV RES + GRT'R OF: (N) or (P) 295,247
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 497,029
(S) SUBORDINATED AMOUNT (L) 162,968
----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 162,968
==========
(U) CURRENT RESERVE FUND BALANCE 162,968
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 160,000
|
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 8/1993 80% OF (A)-(x) }
8/1994 60% OF (A)-(x) }
8/1995 40% OF (A)-(x) } REDUCTION SCHEDULE
8/1996 20% OF (A)-(x) }
8/1997+ 0% OF (A)-(x) }
|
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES-3% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS
NOT BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
WITH THE CONSENT OF THE RATING AGENCY & SO LONG AS SUCH ACTION DOES NOT RESULT IN THE DOWNGRADING OF THE RATING THEN ASSIGNED TO THE CLASS A CERTS BY THE RATING AGENCY, THE SUB AMT MAY BE REDUCED EARLIER THAN SCHEDULED.
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE
EXHIBIT 1.6
WEYERHAEUSER MORTGAGE COMPANY
MORTGAGE INVESTOR SERVICING REPORT
SECTION 1 - MORTGAGE POOL ADMINISTRATION
================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
================================================================================================
Beginning Balance 10 17,993.54 1,873,472.45
----------------------------------------------------------------
Installments 18,814.02 2,304.70
----------------------------------------------------------------
Curtailments 0.32
----------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
----------------------------------------------------------------
Other 0.00 0.00 0.00
----------------------------------------------------------------
Ending Balance 10 17,993.54 1,871,167.43
================================================================
SERVICING FEE: 917.52
-------------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
================================================================================================
# Of Loans 1 1 0 0 0
---------------------------------------------------------------------------------
Princ Bal 114,273.75 114,273.75 0.00 0.00 0.00
---------------------------------------------------------------------------------
% Delq 6.11% 6.11% 0.00% 0.00% 0.00%
---------------------------------------------------------------------------------
|
INTEREST PRINCIPAL S/F
Amount Prepaid 1,365.11 159.66 112.42
----------------------------------------------------
Amount Delinquent 976.09 118.95 47.61
----------------------------------------------------
|
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
------------------------------------------------------------------------------------------------
17,993.54 16,017.33 1,976.21
------------------------------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1988-3 SEPTEMBER 30, 1996
================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
================================================================================================
1,976.21 0.32 0.00 (0.27) 1,976.26
================================================================================================
F. Int. Distribution Amount (Yield 9.75000%) 15,203.92
------------
G. Total Distribution Amount (Principal & Interest) 17,180.18
============
H. Certificates A-1 Distribution
(E x 93.0%) Princ: 1,837.90
(E x 93.0%) Int: 14,139.67
------------
15,977.57
============
I. Certificate B Distribution (G x 8.6%)
(E x 7.0%) Princ: 138.36
(F x 7.0%) Int: 1,064.25
------------
1,202.61
============
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
================================================================================================
A. Beginning Aggregate Security Balance 1,871,208.12
------------
B. Principal Distribution Amount 1,976.26
------------
C. Ending Aggregate Security Balance 1,869,231.86
============
MEMO ITEM
================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (93.0% of Security Balance) 1,738,386.08
------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (7.00% of Security Balance) 130,845.78
------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY -------------------------------- Michael Drawdy, Vice President Investor Reporting Department |
================================================================================
SUBORDINATED AMOUNT 1988-3 SEPTEMBER 30, 1996
================================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 7.00 2,817,660.00
------------------------------------
B. AGGREGATE LOSSES 94,394.03
------------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (1,590,401.00)
------------------------------------
D. ENDING BALANCE 7.00 1,132,864.97
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 1,132,864.97
-----------------
B. (+) INTEREST CREDITED 2,366.98
-----------------
C. (-) INTEREST WITHDRAWN 2,366.98
-----------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 138.36
-----------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 1,064.25
-----------------
F. (-) TRANSFER TO WMC 4,561.53
-----------------
G. SUB TOTAL 1,138,629.11
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 934,028.79
-----------------
SPECIFIED RESERVE FUND: 1,132,864.97
-----------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 5,764.14
(equal to amt over Specified Reserve Fund Limit) -----------------
================================================================================
H. ENDING BALANCE 1,132,864.97
================================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 815
1,871,167.43
(+) 159.66
(-) 118.95
(-) 1,976.21
(+) 0.00
(-) 0.00
1,869,231.93
1,869,231.86
0.07
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 1,524.77
(-) 112.42
(-) 1,095.04
(+) 47.61
(+) 0.32
(+) 0.00
(+) 0.00
(+) 0.00
(+) 0.00
(-) 0.00
365.24
363.14
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96 1988-3
----------
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 93.00%
(D) CLASS B % 7.00%
(E) ORIGINAL AGGREGATE BALANCE 80,402,379
(F) CURRENT UPB 1,871,167
(G) RULE CHANGE DATE 11/01/93
(H) ORIGINAL CUTOFF DATE 11/01/88
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 2,817,660
(J) CLASS B % OF CURR UPB (F)x(D) 130,982
(K) AGGREGATE LOSSES 94,394
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 1,132,865
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 172,000
(N) 1% OF CURR AGG BAL (E) x .01 18,712
(O) O.S. UPB CLASS B (F)x(D) 130,982
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 1,001,883
(Q) ADV RES + GRT'R OF: (N) or (P) 1,173,883
----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 934,029
(S) SUBORDINATED AMOUNT + ADV RES (M)+(R) 1,132,865
----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 1,132,865
==========
(U) CURRENT RESERVE FUND BALANCE 1,132,865
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 100,000
|
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 11/1993 80% OF (A)-(x) }
11/1994 60% OF (A)-(x) }
11/1995 40% OF (A)-(x) } REDUCTION SCHEDULE
11/1996 20% OF (A)-(x) }
11/1997+ 0% OF (A)-(x) }
|
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES-7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS
NOT BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE
EXHIBIT 1.7
MORTGAGE INVESTOR SERVICING REPORT
CUTOFF DATE: SEPTEMBER 30, 1996 GROUP: INV #816
REPORT DATE: OCTOBER 25, 1996 SERIES: 1989-1
SECTION 1 - MORTGAGE POOL ADMINISTRATION
=================================================================================================
# OF P & I POOL POOL
POOL ACTIVITY LOANS CONSTANT INTEREST PRINCIPAL
=================================================================================================
Beginning Balance 11 18,739.69 1,852,120.83
-----------------------------------------------------------------
Installments 11,155.68 1,176.70
-----------------------------------------------------------------
Curtailments 100.00
-----------------------------------------------------------------
Liquidations 0 0.00 0.00 0.00
-----------------------------------------------------------------
Other 0.00 0.92 0.00
-----------------------------------------------------------------
Ending Balance 11 18,739.69 1,850,844.13
=================================================================
SERVICING FEE: 578.14
-------------------
|
TOTAL
DELINQUENTS DELQ 30 DAYS 60 DAYS 90 DAYS + F/C
=================================================================================================
# Of Loans 4 2 1 1 1
----------------------------------------------------------------------------------
Princ Bal 677,696.43 342,362.32 71,344.47 263,989.64 229,546.96
----------------------------------------------------------------------------------
% Delq 36.62% 18.50% 3.85% 14.26% 12.40%
----------------------------------------------------------------------------------
|
INTEREST PRINCIPAL S/F
Amount Prepaid 3,961.11 489.10 136.59
----------------------------------------------------
Amount Delinquent 55,980.75 5,265.49 2,336.53
----------------------------------------------------
|
A. CONSTANT B. SCHEDULED C. SCHED.
INTEREST PRINCIPAL
-------------------------------------------------------------------------------------------------
18,739.69 16,947.20 1,792.49
-------------------------------------------------------------------------------------------------
|
SECTION 2 - SCHEDULE OF PAYMENTS 1989-1 SEPTEMBER 30, 1996
=================================================================================================
A. SCHEDULED B. ADDITIONAL C. PREPAIDS D. OTHERS E. TOTAL
PRINCIPAL PRINCIPAL IN FULL PRINCIPAL
=================================================================================================
1,792.49 100.00 0.00 1.11 1,893.60
=================================================================================================
F. Int. Distribution Amount (Yield 10.50000%) 16,154.17
-------------------
G. Total Distribution Amount (Principal & Interest) 18,047.77
===================
H. Certificates A-1 Distribution
(E x 94.5%) Princ: 1,789.48
(E x 94.5%) Int: 15,265.68
-------------------
17,055.16
===================
I. Certificate B Distribution
(E x 5.5%) Princ: 104.14
(F x 5.5%) Int: 888.47
-------------------
992.61
===================
SECTION 3 - PRINCIPAL AMOUNT OF SECURITIES
=================================================================================================
A. Beginning Aggregate Security Balance 1,846,167.75
-------------------
B. Principal Distribution Amount 1,893.60
-------------------
C. Ending Aggregate Security Balance 1,844,274.15
===================
MEMO ITEM
=================================================================================================
A. Book Value Of Real Estate Acquired Through Foreclosure N/A
-------------------
B. Ending Aggregate Security Balance Of The Class A
Certificates (94.5% of Security Balance) 1,742,838.79
-------------------
C. Ending Aggregate Security Balance Of The Class B
Certificates (5.50% of Security Balance) 101,435.35
-------------------
|
All distributions required to be made by First Interstate Bank for the reporting month of: July 1996 Payable: Aug 26, 1996 have been made.
Certified by:
/s/ MICHAEL DRAWDY -------------------------------- Michael Drawdy, Vice President Investor Reporting Department |
================================================================================
SUBORDINATED AMOUNT 1989-1 SEPTEMBER 30, 1996
================================================================================
PERCENT DOLLARS
A. BEGINNING BALANCE 5.50 1,848,466.00
---------------------------------
B. AGGREGATE LOSSES (282,098.60)
---------------------------------
C. SCHEDULED ADJUSTMENTS PER
POOLING & SERVICING AGREEMENT (1,035,873.00)
---------------------------------
D. ENDING BALANCE 5.50 812,593.00
================================================================================
RESERVE FUND
A. BEGINNING BALANCE 812,593.00
-----------------
B. (+) INTEREST CREDITED 1,663.00
-----------------
C. (-) INTEREST WITHDRAWN 1,663.00
-----------------
D. (+) CLASS B PRINCIPAL (UNTIL LIMITS ARE REACHED) 104.14
-----------------
E. (+) CLASS B INTEREST (UNTIL LIMITS ARE REACHED) 888.47
-----------------
F. (-) TRANSFER TO CLASS A
-----------------
G. SUB TOTAL 813,585.61
================================================================================
NOTES:
INITIAL DEPOSIT (UNRETURNED TO SELLER) 0.00
-----------------
THREE CURRENT HIGHEST PRINCIPAL BALANCES 813,512.97
-----------------
SPECIFIED RESERVE FUND: 812,593.00
-----------------
CLASS B PRIN & INT TRANSFER TO REPUBLIC FEDERAL: 992.61
(equal to amt over Specified Reserve Fund Limit) -----------------
================================================================================
H. ENDING BALANCE 812,593.00
================================================================================
|
RECONCILIATION OF POOL PRINCIPAL BALANCE
WITH SECURITY PRINCIPAL BALANCE
POOL NO. 816
1,850,844.13
(+) 489.10
(-) 5,265.49
(-) 1,792,49
(+) 0.00
(-) 0.92
1,844,274.33
1,844,274.15
(0.18)
RECONCILIATION OF CUSTODIAL ACCOUNT BALANCE
(+) 4,450.21
(-) 136.59
(-) 61,246.24
(+) 2,336.53
(+) 1.11
(+) 100.00
(-) 0.04
(+) 0.00
(+) 0.00
(-) 0.00
(54,495.02)
(54,497.22)
(2.20)
|
SENIOR SUBORDINATED PASS-THRU
SPECIFIED RESERVE FUND LIMITS
REPORTING MONTH: 9/30/96
1989-1
-----------
(A) TERM 30
(B) LOAN TYPE FIXED
(C) CLASS A % 9.45%
(D) CLASS B % 5.50%
(E) ORIGINAL AGGREGATE BALANCE 73,324,233
(F) CURRENT UPB 1,850,844
(G) RULE CHANGE DATE 06/01/94
(H) ORIGINAL CUTOFF DATE 06/01/89
SUBORDINATED CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(I) PREVIOUS SUBORDINATED AMT 1,848,466
(J) CLASS B % OF CURR UPB (F)x(D) 101,796
(K) AGGREGATE LOSSES 282,099
(L) SUB AMT UNTIL RULE CHANGE DATE (J-K) 812,593
RESERVE CALCULATIONS (FORMULA TO BE REVISED AT RULE CHANGE DATE)
(M) ADVANCE RESERVE 203,000
(N) 1% OF CURR AGG BAL (E) x .01 18,508
(O) O.S. UPB CLASS B (F)x(D) 101,796
(P) SUBORD AMT - OS UBP CLASS B (L)-(O) 710,797
(Q) ADV RES + GRT'R OF: (N) or (P) 913,797
-----------
MINIMUM RESERVE FUND
(R) O.S. UPB 3 LARGEST LNS 813,513
(S) SUBORDINATED AMOUNT (L) 812,593
-----------
(T) SPECIFIED RESERVE FUND = > OF (R)or(S) 812,593
===========
(U) CURRENT RESERVE FUND BALANCE 812,593
STATUS OF INITIAL DEPOSIT
(V) ORIGINAL INITIAL DEPOSIT 85,000
|
SUBORDINATED AMOUNT AFTER RULE CHANGE DATE: SUB AMOUNT =
UNTIL RULE CHANGE DATE: SUB AMOUNT = LESSER OF A: PREVIOUS SUB AMOUNT AND
CLASS B % OF ORIG AGGR BAL B: THE SUM OF
LESS AGGR LOSSES SINCE ORIG CUTOFF DATE (x) CLASS B % OF CURRENT UPB
(y) 6/1994 80% OF (A)-(x) }
6/1995 60% OF (A)-(x) }
6/1996 40% OF (A)-(x) } REDUCTION SCHEDULE
6/1997 20% OF (A)-(x) }
6/1998+ 0% OF (A)-(x) }
|
HOWEVER:
(B) CANNOT < SUM OF O.S. UPB 3 LARGEST LOANS
IMPORTANT:
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE 90 DAY+ DELINQUENCIES-7% OF TOTAL LOAN COUNT FOR 2 CONSECUTIVE MONTHS, THE REDUCTION FOR THAT MONTH WILL NOT TAKE PLACE.
IF DURING THE 12 MONTHS PRECEDING AN ANNIVERSARY DATE THE ABOVE RULE IS
NOT BROKEN, REDUCTIONS WILL TAKE PLACE AS SCHEDULED.
SPECIFIED RESERVE FUND
UNTIL RULE CHANGE DATE: SPECIFIED RESERVE FUND =
THE SUM OF (i) ADVANCE RESERVE THE SUM OF (i) ADVANCE RESERVE
AND (ii) THE GREATER OF AND (ii) THE GREATER OF
(a) 1% OF ORIGINAL AGGR BAL (a) 1% OF CURRENT O.S. AGGR BAL
(b) SUB AMOUNT - O.S. BAL CLASS B (b) SUB AMOUNT - O.S. BAL CLASS B
HOWEVER;
(ii) CANNOT BE < THE SMALLER OF: (a) THE O.S. UPB 3 LRGST LOANS ....
(b) SUB AMOUNT
NOR >: SUBORDINATED AMOUNT
WHEN SUB AMOUNT = ZERO, SPECIFIED RESERVE FUND = ADVANCE RESERVE