1 FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER) FIRSTPLUS INVESTMENT CORPORATION (SELLER) FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (ISSUER) THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3 AGREEMENT DATED SEPTEMBER 27, 1996...
1
FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
AGREEMENT DATED SEPTEMBER 27, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
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Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry Total
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward Distribution
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A-1 65,000,000.00 57,066,464.13 6.75% 2,745,143.09 0.00 320,998.86 0.00 3,066,141.95
A-2 49,000,000.00 49,000,000.00 6.85% 0.00 0.00 279,708.33 0.00 279,708.33
A-3 22,000,000.00 22,000,000.00 7.05% 0.00 0.00 129,250.00 0.00 129,250.00
A-4 32,000,000.00 32,000,000.00 7.20% 0.00 0.00 192,000.00 0.00 192,000.00
A-5 20,000,000.00 20,000,000.00 7.25% 0.00 0.00 120,833.33 0.00 120,833.33
A-6 47,000,000.00 47,000,000.00 7.60% 0.00 0.00 297,666.67 0.00 297,666.67
A-7 29,000,000.00 29,000,000.00 7.80% 0.00 0.00 188,500.00 0.00 188,500.00
A-8 24,750,000.00 24,750,000.00 8.00% 0.00 0.00 165,000.00 0.00 165,000.00
CERTIFICATES 11,250,000.00 11,250,000.00 8.30% 0.00 0.00 77,812.50 0.00 77,812.50
R 0.00 5,273,128.98 0.00% 0.00 0.00 0.00 0.00 0.00
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Totals 300,000,000.00 297,339,593.11 2,745,143.09 1,771,769.69 4,516,912.78
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Over
Collateral. Allocated Ending Pool
Class (From Turbo) Losses Balance Factor
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A-1 0.00 0.00 54,321,321.04 83.571263%
A-2 0.00 0.00 49,000,000.00 100.000000%
A-3 0.00 0.00 22,000,000.00 100.000000%
A-4 0.00 0.00 32,000,000.00 100.000000%
A-5 0.00 0.00 20,000,000.00 100.000000%
A-6 0.00 0.00 47,000,000.00 100.000000%
A-7 0.00 0.00 29,000,000.00 100.000000%
A-8 0.00 0.00 24,750,000.00 100.000000%
CERTIFICATES 0.00 0.00 11,250,000.00 100.000000%
R 1,548,250.19 0.00 6,821,379.17 0.000000%
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Totals 296,142,700.21
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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 337928 AA 3 877.945602 42.232971 4.938444 47.171415 835.712631
A-2 337928 AB 1 1000.000000 0.000000 5.708333 5.708333 1000.000000
A-3 337928 AC 9 1000.000000 0.000000 5.875000 5.875000 1000.000000
A-4 337928 AD 7 1000.000000 0.000000 6.000000 6.000000 1000.000000
X-0 000000 XX 5 1000.000000 0.000000 6.041667 6.041667 1000.000000
A-6 337928 AF 2 1000.000000 0.000000 6.333333 6.333333 1000.000000
A-7 337928 AG 0 1000.000000 0.000000 6.500000 6.500000 1000.000000
A-8 337928 AJ 4 1000.000000 0.000000 6.666667 6.666667 1000.000000
Certificates 337928 AH 8 1000.000000 0.000000 6.916667 6.916667 1000.000000
Original weighted average sercurities rate = 7.27%
Current weighted average sercurities rate = 7.28%
Determination Date February 13, 1996
Distribution Date February 20, 1996
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FIRSTPLUS FINANCIAL, INC. (TRANSFEROR AND SERVICER)
FIRSTPLUS INVESTMENT CORPORATION (SELLER)
FIRSTPLUS HOME LOAN OWNER TRUST 1996-3 (ISSUER)
THE FIRSTPLUS ASSET-BACKED NOTES AND CERTIFICATES SERIES 1996-3
AGREEMENT DATED SEPTEMBER 27, 1996
SERVICER'S MONTHLY REMITTANCE REPORT
--------------------------------------------------------------------------------
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 2,611,185.28 375,823.50 2,987,008.78
Recovery of Delinquent Scheduled Payments 663,988.22 167,029.34 831,017.56
Principal Prepayments 281,208.61 654,040.06 935,248.67
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Total Collections on Mortgage Loans 3,556,382.11 1,196,892.90 4,753,275.01
Collection Account Earnings 19,354.51 0.00 19,354.51
Note Distribution Account Earnings 24.95 0.00 24.95
Capitalized Interest Release 4.55 0.00 4.55
Prefunding Account Withdrawal 0.00 0.00 0.00
Available Collection Amount 3,575,766.12 1,196,892.90 4,772,659.02
FEES:
Servicing Fee 185,837.25
Trustee Fee 1,858.37
Custodian Fee 2,973.40
Certificate Guaranty Insurance 70,680.08
Owner Trustee Fee 0.00
Total Fees: 261,349.10
OVERCOLLATERALIZATION INFORMATION:
Current Overcollateralization Amount 6,821,379.17
Interim Required Overcollaterlization Amount 14,999,719.86
Required Overcollaterlization Amount for Due Period 26,249,509.75
Current Credit Support Multiple 1.00
Is Due Period a Step Down Date No
RESERVE ACCOUNT INFORMATION
Original Reserve Account Deposit 11,250,000.00
Current Reserve Account Balance 11,250,000.00
Reserve Account Requirement 11,250,000.00
AMOUNT IN PREFUNDING ACCOUNT: 0.00
CAPITALIZED INTEREST ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account (0.00)
Amount to be Disbursed from Capitalized Interest Account to Note Distribution Account 0.00
COLLATERAL INFORMATION:
Beg. Weighted Avg. Rem. Maturity 227
End. Weighted Avg. Rem. Maturity 226
Beg. Weighted Average Coupon 14.611%
End. Weighted Average Coupon 14.610%
Beg. Number of Loans 10,212
End. Number of Loans 10,184
Beginning Unpaid Principle Balance of Home Loans 297,339,593.11
Remaining Unpaid Principle Balance of Home Loans 296,142,700.21
Loans Paid in Full 0
DELINQUENCIES:
# $ % of $
- - ------
30-59 Days 84 2,290,186.00 0.7733%
60-89 Days 24 669,003.00 0.2259%
Over 90 27 793,055.00 0.2678%
Total 135 3,752,244.00 1.2670%
LIQUIDATED LOANS:
Pincipal Interest Total
-------- -------- -----
Liquidation Proceeds 0.00 0.00 0.00
Write-Offs/Net Losses 0.00 0.00 0.00
0.00
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RESERVE ACCOUNT:
----------------
Beginning Balance 11,250,000.00
Current Deposits
Current Earnings 3,793.87
Withdraw of Excess Reserve Account Amount to Residual Holder 3,793.87
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
---------------------
Beginning Balance: 0.00
Less Amount to be released to Residual Interest 4.55
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be Distributed to Note Distribution 0.00
Account on Oct. 16 Required by Section 5.04(a)
Plus Account Earnings Posted in Due Period 3.95
Prefunding Account Earnings posted in Due Period 0.60
Ending Balance on Distribution Date (0.00)
Cap Interest Acct Requirement (Projected Interest Shortfall) 0.00
PREFUNDING ACCOUNT:
-------------------
Beginning Balance 0.00
Less Draw for First funding 0.00
Less Amount to be Distributed to Note Distribution 0.00
Account Required by Setion 5.03 (c)
Less Amount to be Distributed to Certificate Distribution 0.00
Account Required by Setion 5.03 (c)
Ending Balance 0.00
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Beginning Balance 5,602.86
Available Collection Amount 4,772,659.02
Guranteed Payment 0.00
Reserve Account Withdrawal 0.00
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Note Distribution Account balance 4,778,261.88
WITHDRAWS FROM NOTE DISTRIBUTION ACCOUNT:
To The Note Distribution Account for Disbursement
on Distribution Date Pursuant to Sections
5.01(c) paragraphs (i) to (iv)
Remaining Balance
-----------------
ServIcing Fee 185,837.25 4,592,424.63
Guaranty Insurance Premium 70,680.08 4,521,744.55
Indenture Trustee Fee 1,858.37 4,519,886.18
Owner Trustee Fee 0.00 4,519,886.18
Custodial Fee 2,973.40 4,516,912.78
Noteholders Interest Distributable Amount 1,693,957.19 2,822,955.59
Regular Principal Distributable Amount 1,196,892.90 1,626,062.69
Excess Spread to Class A-1 note as a part of the 1,548,250.19 77,812.50
Noteholders Monthly Principal distributable Amount
To the Certificate Distribution Account for Disbursement
pursuant to section 5.06 on the distribution date
Certificateholder Interest Distributable Amount 77,812.50 0.00
Certificateholder Principal Distributable Amount 0.00 0.00
Securities Insurer Reimbursement Amount 0.00 0.00
OverCollateralization Reduction Amount 0.00 0.00
Reimbured Servcing Advances 0.00 0.00
