1 EXHIBIT 13.1 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 ANNUAL...
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EXHIBIT 13.1
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 ANNUAL REMITTANCE
JULY 1996 THROUGH DECEMBER 1996
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Principal Current Principal Principal
Original Balance Before Pass Remittance Carry Interest
Class Face Value Distribution Through (Including Turbo) Forward Remittance
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A-1 71,160,000.00 71,160,000.00 6.80% 12,312,069.95 0.00 2,268,579.72
A-2 17,200,000.00 17,200,000.00 6.95% 5,098.45 0.00 597,611.43
A-3 39,080,000.00 39,080,000.00 7.15% 11,584.16 0.00 1,396,902.93
A-4 10,630,000.00 10,630,000.00 7.35% 3,150.96 0.00 390,594.60
A-5 25,460,000.00 25,460,000.00 7.47% 7,546.89 0.00 950,790.06
A-6 30,380,000.00 30,380,000.00 7.85% 9,005.29 0.00 1,192,238.25
A-7 27,060,000.00 27,060,000.00 8.00% 8,021.17 0.00 1,082,239.59
A-8 20,655,000.00 20,655,000.00 8.22% 6,122.59 0.00 848,794.68
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 334,999.98
R 0.00 0.00 0.00% 0.00 0.00 0.00
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Totals 250,000,000.00 250,000,000.00 12,362,599.46 9,062,751.24
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Interest Over
Carry Total Collateral. Allocated Ending Pool
Class Forward Distribution (From Turbo) Losses Balance Factor
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A-1 0.00 14,580,649.67 0.00 0.00 58,847,930.05 82.698047%
A-2 0.00 602,709.88 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 1,408,487.09 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 393,745.56 0.00 0.00 10,626,849.04 99.970358%
A-5 0.00 958,336.95 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 1,201,243.54 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 1,090,260.76 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 854,917.27 0.00 0.00 20,648,877.41 99.970358%
B 0.00 334,999.98 0.00 0.00 8,375,000.00 100.000000%
R 0.00 0.00 6,03 8,747.10 0.00 6,038,747.10 0.000000%
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Totals 21,425,350.70 243,676,147.64
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Principal
AMOUNTS PER 1,000 Balance Before Principal Interest Total End
CLASS CUSIP Distribution Remittance Remittance Distribution Balance
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A-1 000000XX0 1000.000000 173.019533 31.879985 204.899518 826.980467
A-2 000000XX0 1000.000000 0.296422 34.744851 35.041272 999.703578
A-3 000000XX0 1000.000000 0.296422 35.744701 36.041123 999.703578
A-4 000000XX0 1000.000000 0.296421 36.744553 37.040975 999.703579
A-5 000000XX0 1000.000000 0.296421 37.344464 37.640886 999.703579
A-6 000000XX0 1000.000000 0.296422 39.244182 39.540604 999.703578
A-7 000000XX0 1000.000000 0.296422 39.994072 40.290494 999.703578
A-8 000000XX0 1000.000000 0.296422 41.093908 41.390330 999.703578
B
Determination Date December 13, 1996
Distribution Date December 20, 1996
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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 ANNUAL REMITTANCE
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Available Remittance 21,612,764.00
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 1,523,577.63 11,594,111.21 13,117,688.84
Recovery of Delinquent Scheduled Payments 280,617.85 2,314,993.36 2,595,611.21
Principal Prepayments 4,223,128.71 2,242,894.89 6,466,023.60
Repurchases 225,832.34 (1,462.77) 224,369.57
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Prefunding Account Distribution 70,695.84 0.00 70,695.84
Certificate Account Earnings 9,795.66 0.00 9,795.66
Capitalized Interest Release 386,932.69 0.00 386,932.69
Total 6,720,580.72 16,150,536.69 22,871,117.41
FEES:
Servicing Fee 790,929.22
Excess Servicing Fee 263,643.08
Trustee Fee 9,227.51
Custodian Fee 16,873.15
Certificate Guaranty Insurance 285,806.79
FHA Insurance Premium Acct. Deposit 79,286.95
Total Fees: 1,445,766.70
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 4
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 0.00
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) 14,413,747.10
Required Class A Overcollateralization Level
(Including Class B Certificates) N/A
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
Beg. Weighted Avg. Rem. Maturity 209 217 216
End. Weighted Avg. Rem. Maturity 205 210 209
Beg. Weighted Average Coupon 13.609% 14.270% 14.027%
End. Weighted Average Coupon 13.877% 14.380% 14.284%
Beg. Remaining Number of Loans 988 6,832 7,820
End. Remaining Number of Loans 2,306 7,632 9,938
Beg. Remaining Dollar Amount of Loans 19,935,965.86 188,940,815.63 208,876,781.49
End. Remaining Dollar Amount of Loans 46,613,220.93 197,062,926.70 243,676,147.63
DELINQUENCIES:
30 Days 60 Days 90 Days Total
------- ------- ------- -----
$ % $ % $ % $ %
------------ ------ ---------- ------ ------------ ------ ------------ ------
Conventionals 1,618,239.46 0.821% 336,120.00 0.171% 802,739.53 0.407% 2,757,098.99 1.399%
Title 1's 1,279,015.56 2.744% 322,142.43 0.691% 604,211.36 1.296% 2,205,369.35 4.731%
Combined 2,897,255.02 1.189% 658,262.43 0.270% 1,406,950.89 0.577% 4,962,468.34 2.037%
LIQUIDATED LOANS: Liquidation Proceeds Written Off Net Losses/Gains
-------------------- ----------- ----------------
Principle Interest
--------- --------
Title 1 0.00 0.00 0.00 0.00
Conventional 0.00 0.00 0.00 0.00
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BACKUP CALCULATIONS:
Amount Available 22,009,492.35
FHA Insurance Prem. 79,286.95 21,930,205.40
Cert. Ins. Prem. 285,806.79 21,644,398.61
Trustee Fee 9,227.51 21,635,171.10
Cust. Fee 16,873.15 21,618,297.95
A1-A8 INT 8,727,751.26 12,890,546.69
A-1 Prin 6,253,156.53 6,637,390.16
A-2 Prin 0.00 6,637,390.16
A-3 Prin 0.00 6,637,390.16
A-4 Prin 0.00 6,637,390.16
A-5 Prin 0.00 6,637,390.16
A-6 Prin 0.00 6,637,390.16
A-7 Prin 0.00 6,637,390.16
A-8 Prin 0.00 6,637,390.16
Cert Ins. Reimb 0.00 6,637,390.16
B-Int 334,999.98 6,302,390.18
B-Prin 0.00 6,302,390.18
Excess Servicing 263,643.08 6,038,747.10
O.C to Class A-1 6,038,747.10 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
Principal Collections 6,253,156.53
Interest Collections 16,150,536.69
Less Servicing Fee 790,929.22
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WIRE FROM FFI TO FIRST TRUST 21,612,764.00
Capital interest Release 386,932.69
Prefunding Account Distribution 0.00
Certificate Acct Earning 9,795.66
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Amount Available 22,009,492.35
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FHA INSURANCE PREMIUM ACCOUNT:
Beginning Balance 10,000.00
FHA Insurance Premium Acc. Dep. 79,286.95
Earnings Current Due Period 653.96
Less Payment for FHA Premiums 0.00
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Ending Balance 89,940.91
CAPITALIZED INTEREST:
Beginning Balance 1,117,421.00
Less amount to be released to depositor 865,661.38
pursuant to section 5.16(d)
Less amount to be released to certificate 461,431.06
account required by section 5.16(a)
Plus Prefunding Account Earnings 201,300.78
Capitalized Interest Earnings 8,370.66
Ending Balance 0.00
PREFUNDING ACCOUNT:
Beginning Balance 80,891,144.24
Less subsequent funding 80,820,448.40
Less certificate account distribution 70,695.84
Ending Balance (0.00)
