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 REPORT
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 REPORT
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Principal Current Principal
Original Balance Before Pass Remittance Principal
Class Face Value Distribution Through (Including Carry Interest
Turbo) Forward Remittance
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A-1 71,160,000.00 52,560,513.54 6.80% 3,072,964.91 0.00 297,842.91
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 8,069,848.60 0.00% 0.00 0.00 0.00
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Totals 250,000,000.00 239,419,832.63 3,072,964.91 1,430,045.25
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Interest Over
Class Carry Total Collateral. Allocated Ending Pool
Forward Distribution (From Turbo) Losses Balance Factor
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A-1 0.00 3,370,807.82 0.00 0.00 49,487,548.63 69.544054%
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 0.00 920,724.65 89,352.69 8,901,220.56 0.000000%
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Totals 4,503,010.16 237,178,239.68
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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 738.624417 43.183880 4.185538 47.369418 695.440537
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
Original weighted average Class A certificate rate = 7.35%
Current weighted average Class A certificate rate = 7.40%
Determination Date March 13, 1997
Distribution Date March 20, 1997
2
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 REPORT
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Available Remittance 4,632,000.01
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 1,729,794.44 283,532.37 2,013,326.81
Recovery of Delinquent Scheduled Payments 586,334.57 128,226.60 714,561.17
Principal Prepayments 313,268.14 1,740,481.29 2,053,749.43
FHA Claims Paid 0.00 0.00 0.00
Non Performing Loan Sale 0.00 0.00 0.00
Total Collections on Mortgage Loans 2,629,397.15 2,152,240.26 4,781,637.41
Repurchases 0.00 0.00 0.00
Collection Acct. Earnings 0.00 0.00 0.00
Certificate Account Earnings 792.53 0.00 792.53
Available Collection Amount 2,630,189.68 2,152,240.26 4,782,429.94
Servicing Fee 149,637.40
Excess Servicing Fee 49,879.13
Trustee Fee 1,745.77
Custodian Fee 3,192.26
Certificate Guaranty Insurance 55,912.85
FHA Insurance Premium Acct. Deposit 19,052.37
Total Fees: 279,419.78
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 25
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 472,238.50
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) 17,276,220.56
Required Class A Overcollateralization Level (Including Class B Certificates) 20,012,575.22
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
Beg. Weighted Avg. Rem. Maturity 206 203 203
End. Weighted Avg. Rem. Maturity 205 202 203
Beg. Weighted Average Coupon 13.886% 14.381% 14.286%
End. Weighted Average Coupon 13.880% 14.380% 14.286%
Beg. Remaining Number of Loans 2,269 7,514 9,783
End. Remaining Number of Loans 2,248 7,459 9,707
Beg. Remaining Dollar Amount of Loans 45,716,478.11 193,703,354.52 239,419,832.63
End. Remaining Dollar Amount of Loans 45,246,573.48 191,931,666.20 237,178,239.68
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
--- --- --- --- --- --- --- ---
Conventionals 1,639,874.00 0.854% 1,067,522.00 0.556% 1,494,223.00 0.779% 4,201,619.00 2.189%
Title 1's 566,189.00 1.251% 489,578.00 1.082% 1,005,178.00 2.222% 2,060,945.00 4.555%
Combined 2,206,063.00 0.930% 1,557,100.00 0.657% 2,499,401.00 1.054% 6,262,564.00 2.640%
LIQUIDATED LOANS: Liquidation Proceeds Written Off Net Losses/Gains
-------------------- ----------- ----------------
Principle Interest
--------- --------
Title 1 0.00 0.00 0.00 0.00
Conventional 0.00 89,352.69 0.00 89,352.69
* assumes all insurance is delivered to Trustee's contract of insurance.
3
FHA INSURANCE PREMIUM ACCOUNT:
Beginning Balance 109,600.39
FHA Insurance Premium Acc. Dep 19,052.37
Earnings Current Due Period 419.86
Less Payment for FHA Premiums 0.00
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Ending Balance 129,072.62
4
BACKUP CALCULATIONS:
Amount Available 4,632,792.54
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FHA Insurance Prem 19,052.37 4,613,740.17 Principal Collections 2,152,240.26
Cert. Ins. Prem 55,912.85 4,557,827.32 Interest Collections 2,629,397.15
Trustee Fee 1,745.77 4,556,081.55 Less Servicing Fee 149,637.40
Cust. Fee 3,192.26 4,552,889.29 ------------
A1-A8 INT 1,374,211.92 3,178,677.37 WIRE FROM FFI TO FIRST TRUST 4,632,000.01
A-1 Prin 2,152,240.26 1,026,437.11
A-2 Prin 0.00 1,026,437.11 Certificate Acct Earning 792.53
A-3 Prin 0.00 1,026,437.11 ------------
A-4 Prin 0.00 1,026,437.11 Amount Available 4,632,792.54
A-5 Prin 0.00 1,026,437.11
A-6 Prin 0.00 1,026,437.11
A-7 Prin 0.00 1,026,437.11
A-8 Prin 0.00 1,026,437.11
Cert Ins. Reimb 0.00 1,026,437.11
B-Int 55,833.33 970,603.78
B-Prin 0.00 970,603.78
Excess Servicing 49,879.13 920,724.65
O.C to Class A-1 920,724.65 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
