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
- -----------------------------------------------------------------------------------------------------------------------
Principal Current Principal Principal Interest
Original Balance Before Pass Remittance Carry Interest Carry Total
Class Face Value Distribution Through (Including Turbo) Forward Remittance Forward Distribution
- -----------------------------------------------------------------------------------------------------------------------
A-1 71,160,000.00 55,581,020.51 6.80% 3,020,506.97 0.00 314,959.12 0.00 3,353,363.66
A-2 17,200,000.00 17,194,901.55 6.95% 0.00 0.00 99,587.14 0.00 99,587.14
A-3 39,080,000.00 39,068,415.84 7.15% 0.00 0.00 232,782.64 0.00 232,782.64
A-4 10,630,000.00 10,626,849.04 7.35% 0.00 0.00 65,089.45 0.00 65,089.45
A-5 25,460,000.00 25,452,453.11 7.47% 0.00 0.00 158,441.52 0.00 158,441.52
A-6 30,380,000.00 30,370,994.71 7.85% 0.00 0.00 198,676.92 0.00 198,676.92
A-7 27,060,000.00 27,051,978.83 8.00% 0.00 0.00 180,346.53 0.00 180,346.53
A-8 20,655,000.00 20,648,877.41 8.22% 0.00 0.00 141,444.81 0.00 141,444.81
B 8,375,000.00 8,375,000.00 8.00% 0.00 0.00 55,833.33 0.00 55,833.33
R 0.00 6,999,881.11 0.00% 0.00 0.00 0.00 0.00 0.00
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Totals 250,000,000.00 241,370,372.11 3,020,506.97 1,447,161.46 4,485,566.00
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Over
Collateral. Allocated Ending Pool
Class (From Turbo) Losses Balance Factor
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A-1 0.00 0.00 52,560,513.54 73.862442%
A-2 0.00 0.00 17,194,901.55 99.970358%
A-3 0.00 0.00 39,068,415.84 99.970358%
A-4 0.00 0.00 10,626,849.04 99.970358%
A-5 0.00 0.00 25,452,453.11 99.970358%
A-6 0.00 0.00 30,370,994.71 99.970358%
A-7 0.00 0.00 27,051,978.83 99.970358%
A-8 0.00 0.00 20,648,877.41 99.970358%
B 0.00 0.00 8,375,000.00 100.000000%
R 1,069,967.49 0.00 8,087,746.17 0.000000%
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Totals 239,419,832.63
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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 337925AA9 781.071115 42.446697 4.426070 46.872767 738.372906
A-2 337925AB7 999.703578 0.000000 5.789950 5.789950 999.703578
A-3 337925AC5 999.703578 0.000000 5.956567 5.956567 999.703578
A-4 337925AD3 999.703579 0.000000 6.123184 6.123184 999.703579
A-5 337925AE1 999.703579 0.000000 6.223155 6.223155 999.703579
A-6 337925AF8 999.703578 0.000000 6.539727 6.539727 999.703578
A-7 337925AG6 999.703578 0.000000 6.664691 6.664691 999.703578
A-8 337925AH4 999.703578 0.000000 6.847969 6.847969 999.703578
B N/A
Determination Date February 13, 1996
Distribution Date February 20, 1996
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
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Available Remittance 4,514,835.78
COLLECTIONS ON THE MORTGAGE LOANS:
Interest Principal Total
-------- --------- -----
Scheduled Monthly Payments 1,930,565.26 339,762.18 2,270,327.44
Recovery of Delinquent Scheduled Payments 611,980.58 128,558.79 740,539.37
Principal Prepayments 263,362.53 1,391,462.92 1,654,825.45
FHA Claims 0.00 0.00 0.00
Foreclosure Collections 0.00 0.00 0.00
Non Performing Loan Sale 0.00 0.00 0.00
Total Funds Collected 2,805,908.37
Repurchases 7,558.32
Total Cash Receipts 2,813,466.69 1,950,539.48 4,764,006.17
FEES:
Servicing Fee 150,856.48
Excess Servicing Fee 50,285.49
Trustee Fee 1,759.99
Custodian Fee 3,218.27
Certificate Guaranty Insurance 54,690.91
FHA Insurance Premium Acct. Deposit 19,179.37
Total Fees: 279,990.51
FHA INSURANCE FOR THE RELATED DUE PERIOD:
Beginning FHA Insurance Amount 0.00
Ending FHA Insurance Amount 0.00
Aggregate Number of Claims Submitted 10
Aggregate Number of Claims rejected by FHA 0
Aggregate Balance of Claims Submitted 338,889.53
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) 16,444,848.60
Required Class A Overcollateralization Level (Including Class B Certificates) * 20,012,575.22
COLLATERAL INFORMATION:
Title 1 Conventional Total
------- ------------ -----
Beg. Weighted Avg. Rem. Maturity 207 204 205
End. Weighted Avg. Rem. Maturity 206 203 203
Beg. Weighted Average Coupon 13.885% 14.381% 14.286%
End. Weighted Average Coupon 13.886% 14.381% 14.286%
Beg. Remaining Number of Loans 2,289 7,565 9,854
End. Remaining Number of Loans 2,269 7,514 9,783
Beg. Remaining Dollar Amount of Loans 46,177,855.37 195,192,516.74 241,370,372.11
End. Remaining Dollar Amount of Loans 45,716,478.11 193,658,453.23 239,374,931.34
DELINQUENCIES:
30 Days 60 Days 90 Days Totals
------- ------- ------- ------
$ % $ % $ % $ %
- - - - - - - -
Conventionals 2,362,489.94 1.220% 1,110,171.00 0.573% 975,988.67 0.504% 4,448,649.61 2.297%
Title 1's 632,474.69 1.383% 484,007.10 1.059% 926,360.86 2.026% 2,042,842.65 4.469%
Combined 2,994,964.63 1.251% 1,594,178.10 0.666% 1,902,349.53 0.795% 6,491,492.26 2.712%
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
* 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. 19,179.37
Earnings Current Due Period 393.06
Less Payment for FHA Premiums 0.00
----------
Ending Balance 129,172.82
4
BACKUP CALCULATIONS:
Amount Available 4,596,802.46
----------------
FHA Insurance Prem. 19,179.37 4,577,623.09
Cert. Ins. Prem. 54,690.91 4,522,932.18
Trustee Fee 1,759.99 4,521,172.19
Cust. Fee 3,218.27 4,517,953.92
A1-A8 INT 1,391,328.13 3,126,625.79
A-1 Prin 1,950,539.48 1,176,086.31
A-2 Prin 0.00 1,176,086.31
A-3 Prin 0.00 1,176,086.31
A-4 Prin 0.00 1,176,086.31
A-5 Prin 0.00 1,176,086.31
A-6 Prin 0.00 1,176,086.31
A-7 Prin 0.00 1,176,086.31
A-8 Prin 0.00 1,176,086.31
Cert Ins. Reimb 0.00 1,176,086.31
B-Int 55,833.33 1,120,252.98
B-Prin 0.00 1,120,252.98
Excess Servicing 50,285.49 1,069,967.49
O.C to Class A-1 1,069,967.49 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 1,859,783.89
Interest Collections 2,805,908.37
Less Servicing Fee 150,856.48
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WIRE FROM FFI TO FIRST TRUST 4,514,835.78
Repurchases 98,313.91
Certificate Acct Earning (16,347.23)
------------
Amount Available 4,596,802.46