1 EXHIBIT 13.2 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,...
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EXHIBIT 13.2
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 ANNUAL REMITTANCE REPORT
OCTOBER 1996 THROUGH DECEMBER 1996
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Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward
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A-1 65,000,000.00 65,000,000.00 6.75% 5,627,874.74 0.00 1,069,377.13 0.00
A-2 49,000,000.00 49,000,000.00 6.85% 0.00 0.00 839,124.99 0.00
A-3 22,000,000.00 22,000,000.00 7.05% 0.00 0.00 387,750.00 0.00
A-4 32,000,000.00 32,000,000.00 7.20% 0.00 0.00 576,000.00 0.00
A-5 20,000,000.00 20,000,000.00 7.25% 0.00 0.00 362,499.99 0.00
A-6 47,000,000.00 47,000,000.00 7.60% 0.00 0.00 893,000.01 0.00
A-7 29,000,000.00 29,000,000.00 7.80% 0.00 0.00 565,500.00 0.00
A-8 24,750,000.00 24,750,000.00 8.00% 0.00 0.00 495,000.00 0.00
CERTIFICATES 11,250,000.00 11,250,000.00 8.30% 0.00 0.00 233,437.50 0.00
R 0.00 0.00 0.00% 0.00 0.00 0.00 0.00
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Totals 300,000,000.00 300,000,000.00 5,627,874.74 5,421,689.62
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Over
Total Collateral. Allocated Ending Pool
Class Distribution (From Turbo) Losses Balance Factor
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A-1 6,697,251.87 0.00 0.00 59,372,125.26 91.341731%
A-2 839,124.99 0.00 0.00 49,000,000.00 100.000000%
A-3 387,750.00 0.00 0.00 22,000,000.00 100.000000%
A-4 576,000.00 0.00 0.00 32,000,000.00 100.000000%
A-5 362,499.99 0.00 0.00 20,000,000.00 100.000000%
A-6 893,000.01 0.00 0.00 47,000,000.00 100.000000%
A-7 565,500.00 0.00 0.00 29,000,000.00 100.000000%
A-8 495,000.00 0.00 0.00 24,750,000.00 100.000000%
CERTIFICATES 233,437.50 0.00 0.00 11,250,000.00 100.000000%
R 0.00 3,784,641.56 0.00 3,784,641.56 0.000000%
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Totals 11,049,564.36 298,156,766.82
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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 1000.000000 86.582688 16.451956 103.034644 913.417312
A-2 337928 AB 1 1000.000000 0.000000 17.125000 17.125000 1000.000000
A-3 337928 AC 9 1000.000000 0.000000 17.625000 17.625000 1000.000000
A-4 337928 AD 7 1000.000000 0.000000 18.000000 18.000000 1000.000000
A-5 337928 AE 5 1000.000000 0.000000 18.125000 18.125000 1000.000000
A-6 337928 AF 2 1000.000000 0.000000 19.000000 19.000000 1000.000000
A-7 337928 AG 0 1000.000000 0.000000 19.500000 19.500000 1000.000000
A-8 337928 AJ 4 1000.000000 0.000000 20.000000 20.000000 1000.000000
Certificates 337928 AH 8 1000.000000 0.000000 20.750000 20.750000 1000.000000
Original weighted average securities rate = 7.27%
Current weighted average securities rate = 7.27%
Determination Date December 13, 1996
Distribution Date December 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 ANNUAL REMITTANCE REPORT
Interest Principal Total
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COLLECTIONS ON THE MORTGAGE LOANS:
Scheduled Monthly Payments 707,585.32 7,416,703.14 8,124,288.46
Recovery of Delinquent Scheduled Payments 102,952.36 1,080,130.10 1,183,082.46
Principal Prepayments 1,032,695.50 720,934.25 1,753,629.75
FHA Claims Paid 0.00 0.00 0.00
Non Performing Loan Sale 0.00 0.00 0.00
Collection Account Earnings 0.00 0.00 0.00
Note Distribution Account Earnings 17,685.34 0.00 17,685.34
Capitalized Interest Release 596,163.48 0.00 596,163.48
Available Collection Amount 2,457,082.00 9,217,767.49 11,674,849.49
FEES:
Servicing Fee 477,885.20
Trustee Fee 3,395.37
Custodian Fee 5,432.58
Guaranty Insurance 138,571.98
Total Fees: 625,285.13
OVERCOLLATERALIZATION INFORMATION:
Current Overcollateralization Amount 3,784,641.56
Interim Required Overcollateralization Amount 14,999,719.86
Required Overcollateralization 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: 185,602.86
CAPITALIZED INTEREST ACCOUNT INFORMATION:
Amount Remaining in Capitalized Interest Account 663.37
Amount to be Disbursed from Capitalized Interest
Account to Note Distribution Account 56,147.60
COLLATERAL INFORMATION:
Beg. Weighted Avg. Rem. Maturity 229
End. Weighted Avg. Rem. Maturity 228
Beg. Weighted Average Coupon 14.622%
End. Weighted Average Coupon 14.610%
Beg. Number of Loans 8,721
End. Number of Loans 10,229
Beginning Unpaid Principle Balance of Home Loans 300,000,000.00
Remaining Unpaid Principle Balance of Home Loans 297,971,163.96
Loans Paid in Full 33
DELINQUENCIES:
# $ % of $
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30-59 Days 42 1,168,640.00 0.392%
60-89 Days 6 172,834.00 0.058%
Over 90 1 25,000.00 0.008%
Total 49 1,366,474.00 0.459%
LIQUIDATED LOANS:
Principal Interest Total
--------- -------- -----
Liquidation Proceeds 0.00 0.00 0.00
Write-Offs/Net Losses 0.00 0.00 0.00
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RESERVE ACCOUNT:
Beginning Balance 11,250,000.00
Current Deposits 0.00
Current Earnings 70,202.15
Withdraw of Excess Reserve Account Amount to Residual Holder 70,202.15
Ending Balance 11,250,000.00
CAPITALIZED INTEREST:
Beginning Balance:
Less Amount to be released to Residual Interest 1,146,957.20
Holder on Oct. 21 pursuant to Section 5.04(d)
Less Amount to be Distributed to Note Distribution 596,163.48
Account on Oct. 16 Required by Section 5.04(a)
Plus Account Earnings Posted in Due Period 7,271.71
Prefunding Account Earnings posted in Due Period 257,533.68
Ending Balance on Distribution Date 663.37
Cap Interest Acct Requirement (Projected Interest Shortfall) 0.00
PREFUNDING ACCOUNT:
Beginning Balance 85,179,187.64
Less Draw for subsequent funding 84,993,584.78
Less Amount to be Distributed to Note Distribution 0.00
Account Required by Section 5.03 (c)
Less Amount to be Distributed to Certificate Distribution 0.00
Account Required by Section 5.03 (c)
Ending Balance 185,602.86
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BACKUP CALCULATIONS:
DEPOSIT TO NOTE DISTRIBUTION ACCOUNT:
Available Collection Amount 11,132,444.66
Capital Interest Release 540,015.88
Note Distribution Account Earnings 2,388.95
Reserve Account Withdrawal 0.00
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Note Distribution Account balance 11,674,849.49
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 477,885.20 11,196,964.29
Guaranty Insurance Premium 138,571.98 11,058,392.31
Indenture Trustee Fee 3,395.37 11,054,996.94
Custodial Fee 5,432.58 11,049,564.36
Noteholders Interest Distributable Amount 5,188,252.12 5,861,312.24
Regular Principal Distributable Amount 1,843,233.18 4,018,079.06
Excess Spread to Class A-1 note as a part of the 3,784,641.56 233,437.50
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 233,437.50 0.00
Certificateholder Principal Distributable Amount 0.00 0.00
Securities Insurer Reimbursement Amount 0.00 0.00
Over Collateralization Reduction Amount 0.00 0.00
Reimbursed Servicing Advances 0.00 0.00
