Household Finance Corporation
Household Revolving Home Equity Loan
Revolving Home Equity Loan Asset Backed Certificates - Series
1996-1
P & S Agreement Date: May 1, 1996
Original Settlement Date: May 23, 1996
Series Number of Class A-1 Certificates: 000000XX0
Series Number of Class A-2 Certificates: N/A
Original Sale Balance: $819,278,000
Servicer Certificate (Page 1 of 3)
Distribution Date: 08/20/98
Investor Certificateholder Floating
Allocation Percentage 95.58%
Investor Certificateholder Fixed Allocation Percentage 97.37%
Aggregate Amount of Collections 24,966,275.00
Aggregate Amount of Interest Collections 5,104,816.10
Aggregate Amount of Principal Collections 19,861,458.90
Class A Interest Collections 4,879,176.02
Class A Principal Collections 19,139,160.82
Seller Interest Collections 225,640.08
Seller Principal Collections 722,298.08
Weighted Average Loan Rate 13.47%
Net Loan Rate 12.47%
Weighted Average Maximum Loan Rate 18.62%
Class A-1 Certificate Rate 5.8563%
Maximum Investor Certificate Rate 12.4700%
Class A-1 Certificate Interest Distributed 2,213,973.49
Class A-1 Investor Certificate Interest
Shortfall before Draw 0.00
Unpaid Class A-1 Certificate Interest
Shortfall Received 0.00
Unpaid Class A-1 Certificate Interest Shortfall Remaining 0.00
Unpaid Class A-1 Carryover Interest Amount 0.00
Maximum Principal Dist. Amount (MPDA) 19,338,129.32
Alternative Principal Dist. Amount (APDA) 19,139,160.82
Rapid Amortization Period? (Y=1, N=0) 0.00
Scheduled Principal Distribution Amount (SPDA) 19,139,160.82
Principal allocable to Class A-1 19,139,160.82
SPDA deposited to Funding Account 0.00
Subsequent Funding Mortgage Loans Purchased in Period 0.00
Cumulative Subsequent Funding Mortgage
Loans Purchased 100,781,997.58
Accelerated Principal Distribution Amount 0.00
APDA allocable to Class A-1 0.00
Reimbursement to Credit Enhancer 0.00
Spread Trigger hit? No
Reduction in Certificate Principal Balance
due to Current Class A-1 Liquidation Loss Amount 236,040.97
Cumulative Investor Liquidation Loss Amount 236,040.97
Total Principal allocable to A-1 19,375,201.79
Beginning Class A-1 Certificate Principal Balance 439,029,410.06
Ending Class A-1 Certificate Principal Balance 419,654,208.27
Pool Factor (PF) 0.5122244
Servicer Certificate (Page 2 of 3)
Distribution Date: 08/20/98
Retransfer Deposit Amount (non 2.07 transfers) 0.00
Servicing Fees Distributed 369,359.03
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 to 2.07 0
Cumulative Number of Mortgage Loans
Retransferred pursuant to 2.07 0
Mortgage Loans Retransferred pursuant to 2.07 ($) 0.00
Cumulative Mortgage Loans Retransferred pursuant to 2.07 ($) 0.00
Aggregate Investor Liquidation Loss Amount 236,040.97*
Investor Loss Reduction Amount 0.00
Beginning Pool Balance 463,728,281.88
Ending Pool Balance 444,340,809.27
Beginning Invested Amount 443,230,837.06
Ending Invested Amount 423,855,635.27
Beginning Seller Principal Balance 20,497,444.82
Ending Seller Principal Balance 20,485,174.00
Additional Balances 722,298.08
Beginning Funding Account Balance 0.00
Ending Funding Account Balance 0.00
Ending Funding Account Balance % (before any purchase of
Subsequent Loans or release to Cert 0.00%
Ending Funding Account Balance % (after purchase of Subsequent
Loans or release to Certs.) 0.00%
Principal Balance of Subsequent Funding Loans
Purchased in Period $0.00
Principal Collections to purchase Additional
Balances and/or paid to Cert. $0.00
Excess Funding Amount $0.00
Beginning Spread Account Balance 2,100,714.00
Ending Spread Account Balance 2,100,714.00
Beginning Seller Interest 4.42%
Ending Seller's Interest 4.61%
Delinquency & REO Status
30 - 59 days (Del Stat 1)
No. of Accounts 1,031
Trust Balance 36,862,897.22
60 - 89 days (Del Stat 2)
No. of Accounts 230
Trust Balance 7,335,152.26
90+ (Del Stat 3+)
No. of Accounts 571
Trust Balance 18,403,701.08
270+ (Del Stat 9+)
No. of Accounts 240
Trust Balance 8,841,205.02
REO
No. of Accounts 71
Trust Balance 3,064,006.77
Rapid Amortization Event ? No
Failure to make payment within 5 Business
Days of Required Date ? No
Failure to perform covenant relating
to Trust's Security Interest ? No
Failure to perform other covenants as described in the
Agreement ? No
Breach of Representation or Warranty ? No
Bankruptcy, Insolvency or Receivership
relating to Seller ? No
Subject to Investment Company Act of 1940 Regulation ? No
Servicing Termination ? No
Aggregate of Credit Enhancement Draw Amounts exceed 1% of the
Cut-off Balance and Pre-Fun No
Servicer Certificate (Page 3 of 3)
Distribution Date: 08/20/98
Event of Default ? No
Failure by Servicer to make payment within
5 Bus. Days of Required Date ? No
Failure by Servicer to perform covenant
relating to Trust's Security Interest ? No
Failure by Servicer to perform other covenants
as described in the Agreement? No
Bankruptcy, Insolvency or Receivership relating
to Master Servicer ? No
Trigger Event ? No
Policy Fee Distributed to Credit Enhancer
(Paid directly from HFC) N/A
Premium Distributed to Credit Enhancer 0.00
Amount Distributed to Seller 947,938.16
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 (5.01(a)(vi)) 0.00
Amount paid to Trustee 0.00
Cumulative Draw under Policy 0.00
Net Yield 5.58%
Total Available Funds
Aggregate Amount of Collections 24,966,275.00
Deposit for principal not used to purchase
subsequent loans 0.00
Interest Earnings on the Pre-Funding Account 0.00
Deposit from Capitalized Interest Account 0.00
Total 24,966,275.00
Application of Available Funds
Servicing Fee 369,359.03
Prinicpal and Interest to Class A-1 21,589,175.28
Seller's portion of Principal and Interest 947,938.16
Funds deposited into Funding Account (Net) 0.00
Funds deposited into Spread Account 0.00
Excess funds released to Seller 2,059,802.53
Total 24,966,275.00
*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: 08/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000)
Class A Certificateholder Floating Allocation
Percentage 95.5799%
Class A Certificateholder Fixed Allocation Percentage 97.3651%
Beginning Class A-1 Certificate Balance 439,029,410.06
Class A-1 Certificate Rate 5.856250%
Class A-1 Certificate Interest Distributed 2.702347
Class A-1 Certificate Interest Shortfall Distributed 0.000000
Remaining Unpaid Class A-1 Certificate
Interest Shortfall 0.000000
Rapid Amortization Event ? No
Class A-1 Certificate Principal Distributed 23.649118
Maximum Principal Distribution Amount 23.603867
Scheduled Principal Distribution Amount (SPDA) 23.361009
Accelerated Principal Distribution Amount 0.000000
Aggregate Investor Liquidation Loss
Amount Distributed 0.288109
Total Amount Distributed to Certificateholders 26.063356
Principal Collections deposited into Funding Account 0.00
Ending Funding Account Balance 0.00
Ending Class A-1 Certificate Balance 419,654,208.27
Class A-1 Factor 0.5122244
Pool Factor (PF) 0.5122244
Unreimbursed Liquidation Loss Amount $0
Accrued Interest on Unreimbursed Liquidation Loss Amount $0
Accrued & Unpaid Interest on Unreimbursed
Liquidation Loss Amount $0
Class A Servicing Fee 369,359.03
Beginning Invested Amount 443,230,837.06
Ending Invested Amount 423,855,635.27
Beginning Pool Balance 463,728,281.88
Ending Pool Balance 444,340,809.27
Spread Account Draw Amount 0.00
Credit Enhancement Draw Amount 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 08/20/98
DELINQUENCY & REO STATUS
30 - 59 days (Del Stat 1)
No. of Accounts 1,031
Trust Balance 36,862,897.22
60 - 89 days (Del Stat 2)
No. of Accounts 230
Trust Balance 7,335,152.26
90+ (Del Stat 3+)
No. of Accounts 571
Trust Balance 18,403,701.08
REO
No. of Accounts 71
Trust Balance 3,064,006.77
Aggregate Liquidation Loss Amount for
Liquidated Loans 645,070.81
Class A-1 Certificate Rate for Next
Distribution Date To be updated
Amount of any Draws on the Policy 0.00
Subsequent Mortgage Loans
No. of Accounts 0.00
Trust Balance 0.00
Cumulative No. of Accounts 3,249.00
Cumulative Trust Balance 100,781,997.58
Retransferred Mortgage Loans pursuant to 2.07
Number of Mortgage Loans Retransferred
pursuant to 2.07 0
Cumulative Number of Mortgage Loans
Retransferred pursuant to 2.07 0
Mortgage Loans Retransferred pursuant to 2.07 ($) 0.00
Cumulative Mortgage Loans Retransferred pursuant
to 2.07 ($) 0.00
