Household Finance Corporation Household Revolving Home Equity Loan Trust 1996-2 Revolving Home Equity Loan Asset Backed Certificates - Series 1996-2 P & S Agreement Date: November 1, 1996 Original Settlement Date: November 26, 1996 Series Number of...
Household Finance Corporation
Household Revolving Home Equity Loan Trust 1996-2
Revolving Home Equity Loan Asset Backed
Certificates - Series 1996-2
P & S Agreement Date: November 1, 1996
Original Settlement Date: November 26,
1996
Series Number of Class A-1 Certificates:
000000XX0
Original Sale Balance: $776,373,000
Servicer Certificate (Page 1 of 3)
Distribution Date: 11/20/98
Investor Certificateholder Floating Allocation 95.84%
Percentage
Investor Certificateholder Fixed Allocation 97.32%
Percentage
Aggregate Amount of Collections 26,466,116.14
Aggregate Amount of Interest Collections 5,377,116.89
Aggregate Amount of Principal Collections 21,088,999.25
Class A Interest Collections 5,153,697.32
Class A Principal Collections 20,381,998.67
Seller Interest Collections 223,419.57
Seller Principal Collections 707,000.58
Weighted Average Loan Rate 13.59%
Net Loan Rate 12.59%
Weighted Average Maximum Loan Rate 18.79%
Class A-1 Certificate Rate 5.3669%
Maximum Investor Certificate Rate 12.5900%
Class A-1 Certificate Interest Distributed 2,068,278.93
Class A-1 Investor Certificate Interest Shortfall 0.00
before Draw
Unpaid Class A-1 Certificate Interest Shortfall 0.00
Received
Unpaid Class A-1 Certificate Interest Shortfall 0.00
Remaining
Unpaid Class A-1 Carryover Interest Amount 0.00
Maximum Principal Dist. Amount (MPDA) 20,523,434.47
Alternative Principal Dist. Xxxxxx (APDA) 20,381,998.67
Rapid Amortization Period? (Y=1, N=0) 0.00
Scheduled Principal Distribution Amount (SPDA) 20,381,998.67
Principal allocable to Class A-1 20,381,998.67
SPDA deposited to Funding Account 0.00
Subsequent Funding Mortgage Loans Purchased in 0.00
Period
Cumulative Subsequent Funding Mortgage Loans 135,722,113.20
Purchased
Accelerated Principal Distribution Amount 0.00
APDA allocable to Class A-1 0.00
Reimbursement to Credit Enhancer 0.00
Spread Trigger hit? No
Loss Trigger hit? No
Reduction in Certificate Principal Balance
due to Current Class A-1 Liquidation Loss 651,703.85
Amount
Cumulative Investor Liquidation Loss Amount 651,703.85
Total Principal allocable to A-1 21,033,702.52
Beginning Class A-1 Certificate Principal Balance 447,536,055.82
Ending Class A-1 Certificate Principal Balance 426,502,353.30
Pool Factor (PF) 0.5493524
Servicer Certificate (Page 2 of 3)
Distribution Date: 11/20/98
Retransfer Deposit Amount (non 2.07 transfers) 0.00
Servicing Fees Distributed 376,264.55
Beg. Accrued and Unpaid Inv. Servicing Fees 0.00
Accrued and Unpaid Inv. Servicing Fees Recv'd 0.00
End. Accrued and Unpaid Inv. Servicing Fees 0.00
Number of Mortgage Loans Retransferred pursuant 0
to 2.07
Cumulative Number of Mortgage Loans Retransferred 0
pursuant to 2.07
Mortgage Loans Retransferred pursuant to 2.07 ($) 0.00
Cumulative Mortgage Loans Retransferred pursuant 0.00
to 2.07 ($)
Aggregate Investor Liquidation Loss Amount 651,703.85
Investor Loss Reduction Amount 0.00
Beginning Pool Balance 471,091,336.28
Ending Pool Balance 450,027,320.94
Beginning Invested Amount 451,517,459.82
Ending Invested Amount 430,483,757.30
Beginning Seller Principal Balance 19,573,876.46
Ending Seller Principal Balance 19,543,563.64
Additional Balances 707,000.58
Beginning Funding Account Balance 0.00
Ending Funding Account Balance 0.00
Ending Funding Account Balance % (before any 0.00%
purchase of Subsequent Loans or release to
Certs.)
Ending Funding Account Balance % (after purchase 0.00%
of Subsequent Loans or release to Certs.)
Principal Balance of Subsequent Funding Loans $0.00
Purchased in Period
Principal Collections to purchase Additional $0.00
Balances and/or paid to Cert.
Investment Earnings on Funding Account $0.00
Excess Funding Amount $0.00
Beginning Spread Account Balance 2,786,983.00
Ending Spread Account Balance 2,786,983.00
Beginning Seller Interest 4.16%
Ending Seller's Interest 4.34%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts
Trust Balance 1,081
60 - 89 days (Del Stat 2) 37,573,695.59
No. of Accounts 277
Trust Balance 8,762,339.47
90+ (Del Stat 3+)
No. of Accounts 547
Trust Balance 18,435,525.54
REO
No. of Accounts 74
Trust Balance 3,008,337.47
Rapid Amortization Event ? No
Failure to make payment within 5 Business Days No
of Required Date ?
Failure to perform covenant relating to No
Trust's Security Interest ?
Failure to perform other covenants as No
described in the Agreement ?
Breach of Representation or Warranty ? No
Bankruptcy, Insolvency or Receivership No
relating to Seller ?
Subject to Investment Company Act of 1940 No
Regulation ?
Servicing Termination ? No
Aggregate of Credit Enhancement Draw Amounts No
exceed 1% of the Cut-off Balance and Pre-Funded
Amount
Servicer Certificate (Page 3 of 3)
Distribution Date: 11/20/98
Event of Default ? No
Failure by Servicer to make payment within 5 No
Bus. Days of Required Date ?
Failure by Servicer to perform covenant No
relating to Trust's Security Interest ?
Failure by Servicer to perform other covenants No
as described in the Agreement?
Bankruptcy, Insolvency or Receivership No
relating to Master Servicer ?
Trigger Event ? No
Policy Fee Distributed to Credit Enhancer (Paid N/A
directly from HFC)
Premium Distributed to Credit Enhancer 0.00
Amount Distributed to Seller 930,420.15
Master Servicer Credit Facility Amount 0.00
Guaranteed Principal Distribution Amount 0.00
Credit Enhancement Draw Amount 0.00
Spread Account Draw Amount 0.00
Capitalized Interest Account Draw 0.00
Amount re-imbursed to Credit Enhancer 0.00
(5.01(a)(vi))
Amount paid to Trustee 0.00
Cumulative Draw under Policy 0.00
Net Yield 5.47%
Total Available Funds
Aggregate Amount of Collections 26,466,116.14
Deposit for principal not used to purchase 0.00
subsequent loans
Interest Earnings on the Funding Account 0.00
Total 26,466,116.14
Application of Available Funds
Servicing Fee 376,264.55
Prinicpal and Interest to Class A-1 23,101,981.45
Seller's portion of Principal and Interest 930,420.15
Funds deposited into Funding Account (Net) 0.00
Funds deposited into Spread Account 0.00
Excess funds released to Seller 2,057,449.99
Total 26,466,116.14
* As a result of the merger with Beneficial,
Household
has adopted Beneficial's charge-off policy
relating to
real estate secured receivables. This has
resulted in
lower net realized losses this month.
OFFICERS'S CERTIFICATE
All computations reflected in this Servicer
Certificate were
made in conformity with the Pooling and Servicing
Agreement.
The attached Servicing Certificate is true and
correct in all
material respects.
A Servicing Officer
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 11/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER
$1000)
Class A Certificateholder Floating Allocation 95.8450%
Percentage
Class A Certificateholder Fixed Allocation 97.3182%
Percentage
Beginning Class A-1 Certificate Balance 447,536,055.82
Class A-1 Certificate Rate 5.366880%
Class A-1 Certificate Interest Distributed 2.664027
Class A-1 Certificate Interest Shortfall 0.000000
Distributed
Remaining Unpaid Class A-1 Certificate Interest 0.000000
Shortfall
Rapid Amortization Event ? No
Class A-1 Certificate Principal Distributed 27.092264
Maximum Principal Distribution Amount 26.435018
Scheduled Principal Distribution Amount 26.252843
(SPDA)
Accelerated Principal Distribution Amount 0.000000
Aggregate Investor Liquidation Loss Amount 0.839421
Distributed
Total Amount Distributed to Certificateholders 28.916871
Principal Collections deposited into Funding 0.00
Account
Ending Funding Account Balance 0.00
Ending Class A-1 Certificate Balance 426,502,353.30
Class A-1 Factor 0.5493524
Pool Factor (PF) 0.5493524
Unreimbursed Liquidation Loss Amount $0
Accrued Interest on Unreimbursed Liquidation Loss $0
Amount
Accrued & Unpaid Interest on Unreimbursed $0
Liquidation Loss Amount
Class A Servicing Fee 376,264.55
Beginning Invested Amount 451,517,459.82
Ending Invested Amount 430,483,757.30
Beginning Pool Balance 471,091,336.28
Ending Pool Balance 450,027,320.94
Spread Account Draw Amount 0.00
Credit Enhancement Draw Amount 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 11/20/98
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts 1,081
Trust Balance 37,573,695.59
60 - 89 days (Del Stat 2)
No. of Accounts 277
Trust Balance 8,762,339.47
90+ (Del Stat 3+)
No. of Accounts 547
Trust Balance 18,435,525.54
REO
No. of Accounts 74
Trust Balance 3,008,337.47
Aggregate Liquidation Loss Amount for Liquidated 599,110.13
Loans
Class A-1 Certificate Rate for Next Distribution To be updated
Date
Amount of any Draws on the Policy 0.00
Subsequent Mortgage Loans
No. of Accounts 0.00
Trust Balance 0.00
Cumulative No. of Accounts 4,332.00
Cumulative Trust Balance 135,722,113.20
Retransferred Mortgage Loans pursuant to 2.07
Number of Mortgage Loans Retransferred 0
pursuant to 2.07
Cumulative Number of Mortgage Loans 0
Retransferred pursuant to 2.07
Mortgage Loans Retransferred pursuant to 2.07 0.00
($)
Cumulative Mortgage Loans Retransferred 0.00
pursuant to 2.07 ($)
