1 EXHIBIT 99.1 FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER) FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR) FIRSTPLUS HOME LOAN TRUST 1996-2 THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2 AGREEMENT DATED JUNE 1, 1996 SERVICER'S MONTHLY...
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EXHIBIT 99.1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR)
FIRSTPLUS HOME LOAN TRUST 1996-2
THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2
AGREEMENT DATED JUNE 1, 1996
SERVICER'S MONTHLY REMITTANCE
Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
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A-1 71,160,000.00 58,847,930.05 6.80% 3,266,909.54 0.00 333,471.60
A-2 17,200,000.00 17,194,901.55 6.95% 0.00 0.00 99,587.14
A-3 39,080,000.00 39,068,415.84 7.15% 0.00 0.00 232,782.64
A-4 10,630,000.00 10,626,849.04 7.35% 0.00 0.00 65,089.45
A-5 25,460,000.00 25,452,453.11 7.47% 0.00 0.00 158,441.52
A-6 30,380,000.00 30,370,994.71 7.85% 0.00 0.00 198,676.92
A-7 27,060,000.00 27,051,978.83 8.00% 0.00 0.00 180,346.53
A-8 20,655,000.00 20,648,877.41 8.22% 0.00 0.00 141,444.81
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 55,833.33
R 0.00 6,038,747.09 0.00% 0.00 0.00 0.00
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Totals 250,000,000.00 243,676,147.63 3,266,909.54 1,465,673.94
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Interest Over
Carry Total Collateral. Allocated Ending Pool
Class Forward Distribution (From Turbo) Losses Balance Factor
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A-1 0.00 3,600,381.14 0.00 0.00 55,581,020.51 78.107111%
A-2 0.00 99,587.14 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 232,782.64 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 65,089.45 0.00 0.00 10,626,849.04 99.970358%
A-5 0.00 158,441.52 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 198,676.92 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 180,346.53 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 141,444.81 0.00 0.00 20,648,877.41 99.970358%
B 0.00 55,833.33 0.00 0.00 8,375,000.00 100.000000%
R 0.00 0.00 1,117,869.09 156,735.07 6,999,881.11 0.000000%
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Totals 4,732,583.48 241,370,372.11
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AMOUNTS PER 1,000 Principal
Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
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A-1 000000XX0 826.980467 45.909353 4.686223 50.595575 781.071115
A-2 000000XX0 999.703578 0.000000 5.789950 5.789950 999.703578
A-3 000000XX0 999.703578 0.000000 5.956567 5.956567 999.703578
A-4 000000XX0 999.703579 0.000000 6.123184 6.123184 999.703579
A-5 000000XX0 999.703579 0.000000 6.223155 6.223155 999.703579
A-6 000000XX0 999.703578 0.000000 6.539727 6.539727 999.703578
A-7 000000XX0 999.703578 0.000000 6.664691 6.664691 999.703578
A-8 000000XX0 999.703578 0.000000 6.847969 6.847969 999.703578
B N/A
Distribution Date January 20, 1997
Determination Date January 13, 1997
Original weighted average Class A certificat 7.35%
Current weighted average Class A certificate 7.38%
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (DEPOSITOR)
FIRSTPLUS HOME LOAN TRUST 1996-2
THE FIRSTPLUS ASSET-BACKED CERTIFICATES SERIES 1996-2
AGREEMENT DATED JUNE 1, 1996
SERVICER'S MONTHLY REMITTANCE
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Available Remittance 4,848,884.36
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 1,956,130.42 266,402.39 2,222,532.81
Recovery of Delinquent Scheduled Payments 611,691.04 68,968.70 680,659.74
Principal Prepayments 263,633.81 1,353,494.97 1,617,128.78
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Non Performing Loan Sale 0.00 22,390.72 22,390.72
Repurchases 20,686.23 437,783.67 458,469.90
Total 2,852,141.50 2,149,040.45 5,001,181.95
FEES:
Servicing Fee 152,297.59
Excess Servicing Fee 50,765.86
Trustee Fee 1,776.81
Custodian Fee 3,249.02
Certificate Guaranty Insurance 55,481.50
FHA Insurance Premium Acct. Deposit 19,346.29
Total Fees: 282,917.07
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 8
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 159,699.40
Aggregate Balance of Loans with Claims rejected by FHA 0.00
Cumulative FHA Insurance Proceeds Received 0.00
FHA Insurance Proceeds this Due Period 0.00
OVERCOLLATERALIZATION INFORMATION:
Current Class A Overcollateralization (Including Class B Certificates) 15,374,881.11
Required Class A Overcollateralization Level (Including Class B Certificates) 20,012,575.22*
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
Beg. Weighted Avg. Rem. Maturity 205 210 209
End. Weighted Avg. Rem. Maturity 207 204 205
Beg. Weighted Average Coupon 13.877% 14.380% 14.284%
End. Weighted Average Coupon 13.885% 14.381% 14.286%
Beg. Remaining Number of Loans 2,306 7,632 9,938
End. Remaining Number of Loans 2,289 7,565 9,854
Beg. Remaining Dollar Amount of Loans 46,613,220.93 197,062,926.70 243,676,147.63
End. Remaining Dollar Amount of Loans 46,177,855.37 195,192,516.74 241,370,372.11
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
- - - - - - - -
Conventionals 1,840,007.74 0.943% 759,796.26 0.389% 759,507.53 0.389% 3,359,311.53 1.721%
Title 1's 759,070.95 1.644% 620,915.03 1.345% 628,718.71 1.362% 2,008,704.69 4.350%
Combined 2,599,078.69 1.077% 1,380,711.29 0.572% 1,388,226.24 0.575% 5,368,016.22 2.224%
LIQUIDATED LOANS: Liquid Proceeds Written Off Net Losses/Gains
--------------- ----------- ----------------
Principle Interest
--------- --------
Title 1 0.00 0.00 0.00 0.00
Conventional 22,390.72 156,735.07 13,948.21 170,683.28
* assumes all insurance is delivered to Trustee's contract of insurance.
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FHA INSURANCE PREMIUM ACCOUNT:
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Beginning Balance 89,940.91
FHA Insurance Premium Acc. Dep 19,346.29
Earnings Current Due Period 313.19
Less Payment for FHA Premiums 0.00
----------
Ending Balance 109,600.39
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BACKUP CALCULATIONS:
Amount Available 4,863,202.96
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FHA Insurance Prem 19,346.29 4,843,856.67
Cert. Ins. Prem 55,481.50 4,788,375.17
Trustee Fee 1,776.81 4,786,598.36
Cust. Fee 3,249.02 4,783,349.34
A1-A8 INT 1,409,840.61 3,373,508.73
A-1 Prin 2,305,775.52 1,067,733.21
A-2 Prin 0.00 1,067,733.21
A-3 Prin 0.00 1,067,733.21
A-4 Prin 0.00 1,067,733.21
A-5 Prin 0.00 1,067,733.21
A-6 Prin 0.00 1,067,733.21
A-7 Prin 0.00 1,067,733.21
A-8 Prin 0.00 1,067,733.21
Cert Ins. Reimb 0.00 1,067,733.21
B-Int 55,833.33 1,011,899.88
B-Prin 0.00 1,011,899.88
Excess Servicing 50,765.86 961,134.02
O.C to Class A-1 961,134.02 0.00
O.C to Class A-2 0.00 0.00
O.C to Class A-3 0.00 0.00
O.C to Class A-4 0.00 0.00
O.C to Class A-5 0.00 0.00
O.C to Class A-6 0.00 0.00
O.C to Class A-7 0.00 0.00
O.C to Class A-8 0.00 0.00
Principal Collections 2,149,040.45
Interest Collections 2,852,141.50
Less Servicing Fee 152,297.59
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WIRE FROM FFI TO FIRST TRUST 4,848,884.36
Certificate Acct Earning 14,318.60
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Amount Available 4,863,202.96
