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 CERTIFICATE...
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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
CERTIFICATE ADMINISTRATOR'S MONTHLY STATEMENT
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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 65,927,221.97 6.80% 2,108,790.55 0.00 373,587.59
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 27,051,987.83 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 2,903,677.45 0.00% 0.00 0.00 0.00
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TOTALS 250,000,000.00 247,620,369.91 2,108,790.55 1,505,789.93
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INTEREST
CARRY TOTAL OVER ALLOCATED ENDING POOL
CLASS FORWARD DISTRIBUTION COLLATERAL LOSSES BALANCE FACTOR
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A-1 0.00 2,482,378.14 0.00 0.00 63,818,431.42 89.683012%
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 10,826,849.04 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 1,050,433.35 0.00 3,954,110.80 0.000000%
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TOTALS 3,614,580.48 246,562,012.71
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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 926.464615 29.634493 5.249966 34.884460 896.830121
A-2 000000XX0 999.703578 0.000000 5.789950 5.789950 899.703578
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
Original weighted average Class A certificate rate = 7.35%
Current weighted average Class A certificate rate = 7.36%
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Determination Date October 15, 1996
Distribution Date October 21, 1996
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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
CERTIFICATE ADMINISTRATOR'S MONTHLY STATEMENT
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Available Remittance 3,733,422.50
Collections on the Mortgage Loans:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 2,131,282.41 258,617.94 2,389,900.35
Recovery of Delinquent Scheduled Payments 473,307.67 46,261.46 519,569.13
Principal Prepayments 226,712.90 537,554.32 764,267.22
Repurchases (1,474.95) 215,923.46 214,446.53
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total 2,829,828.03 1,058,357.20 3,888,185.23
FEES:
Servicing Fee 154,762.73
Excess Servicing Fee 51,587.58
Trustee Fee 1,805.57
Custodian Fee 3,301.60
Certificate Guaranty Insurance 57,194.69
FHA Insurance Premium Acct. Deposit 11,232.81
Total Fees: 279,884.98
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 44,980.22
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 12,329,110.80
Required Class A Overcollateralization Level N/A
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITAL ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 0.00
Amount to be Disbursed to Certificate Acct(5.16a) 4,504.34
Collateral Information:
Title 1 Conventional Total
------- ------------ -----
Weighted Avg. Rem. Maturity 206 214 213
Weighted Average Coupon 13.711% 14.330% 14.263%
Remaining Number of Loans 1,361 8,044 9,405
Remaining Dollar Amount of Loans 26,873,849.61 219,688,163.10 246,562,012.71
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
Conventionals 1,010,993.97 0.460% 423,021.60 0.193% 369,828.73 0.168% 1,803,844.30 0.821%
Title 1's 469,518.16 1.747% 168,164.98 0.626% 219,261.74 0.816% 856,944.88 3.189%
Combined 1,480,512.13 0.600% 591,186.58 0.240% 589,090.47 0.239% 2,660,789.18 1.079%
LIQUIDATED LOANS: Liquidation Proceeds Written Off Net Losses/Gains
-------------------- ----------- ----------------
Principle Interest
Title 1 0.00 0.00 0.00 0.00
Conventional 0.00 0.00 0.00 0.00
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BACKUP CALCULATIONS:
Amount Available 3,739,702.73
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FHA Insurance Prem. 11,232.81 3,728,469.92 Principal Collections 1,058,357.20
Cert. Ins. Prem. 57,194.69 3,671,275.23 Interest Collections 2,829,828.03
Trustee Fee 1,805.57 3,669,469.66 Less Servicing Fee 154,762.73
Cust. Fee 3,301.60 3,666,168.06 ------------
Prefunding Acct Dist. 0.00 3,666,168.06 WIRE FROM FFI TO FIRST TRUST 3,733,422.50
A1-A8 INT 1,449,956.60 2,216,211.46
A-1 Prin 1,058,357.20 1,157,854.26 Prefunding Acct Distribution 0.00
A-2 Prin 0.00 1,157,854.26 Certificate Acct Earning 1,775.89
A-3 Prin 0.00 1,157,854.26 Cap Int release(5.16a) 4,504.34
A-4 Prin 0.00 1,157,854.26 ------------
A-5 Prin 0.00 1,157,854.26 3,739,702.73
A-6 Prin 0.00 1,157,854.26
A-7 Prin 0.00 1,157,854.26
A-8 Prin 0.00 1,157,854.26
Cert Ins. Reimb 0.00 1,157,854.26
B-Int 55,833.33 1,102,020.93
B-Prin 0.00 1,102,020.93
Excess Servicing 51,587.58 1,050,433.35
O.C to Class A-1 1,050,433.35 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
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FHA INSURANCE PREMIUM ACCOUNT:
Beginning Balance 38,882.79
FHA Insurance Premium Acc. Dep. 11,232.81
Earnings Current Due Period 119.21
Less Payment for FHA Premiums 0.00
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Ending Balance 50,234.81
CAPITALIZED INTEREST:
Beginning Balance 4,075.82
Less Amount to be released to Depositor 0.00
on September 20 pursuant to Section 5.16(d)
Less Amount to be distributed to Certificate (4,504.34)
Account on September 19 required by Section 5.16(a)
Plus Prefunding Account Earnings 202.30
Cap Int. Earnings 226.22
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Ending Balance on Distribution Date 0.00
Beginning Balance October 1st 0.00
PREFUNDING ACCOUNT:
Beginning Balance 0.00
Less Amount to be distributed to Certificate 0.00
Account on September 19 required by Section 5.15(c)
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Ending Balance 0.00
