1
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-APR-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996B FOR THE PERIOD ENDED: 25-MAR-97
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 1,216,586.09 165,939.37 120,818.63 76,366.67
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 345,837.64
(B) PARTIAL PREPAYMENTS RECEIVED 78,498.59
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 666,988.70
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
------------- -------------- ------------ ------------
TOTAL PRINCIPAL DISTRIBUTION 1,091,324.93 0.00 0.00 0.00
(C) INTEREST DISTRIBUTION 125,261.16 165,939.37 120,818.63 76,366.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00 0.00
------------- -------------- ------------ ------------
TOTAL INTEREST DISTRIBUTION 125,261.16 165,939.37 120,818.63 76,366.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 23,486,467.56 29,610,000.00 20,786,000.00 12,640,000.00
LESS: PRINCIPAL DISTRIBUTION 1,091,324.93 0.00 0.00 0.00
------------- -------------- ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 22,395,142.63 29,610,000.00 20,786,000.00 12,640,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 134,799.45 (H) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS A-1 0.70107509
SECTION 6.02 REIMBURSEMENT AMOUNT 27,870.59 CLASS A-2 1.00000000
REIMBURSEABLE FEES 0.00 CLASS A-3 1.00000000
------------- CLASS A-4 1.00000000
TOTAL FEES DUE SERVICER 162,670.04 CLASS A-5 1.00000000
CLASS A-6 1.00000000
NO. OF UNPAID PRINCIPAL CLASS B-1 1.00000000
(F) DELINQUENCY CONTRACTS BALANCE CLASS B-2 1.00000000
31-59 DAYS DELINQUENT 131 3,722,954
60-89 DAYS DELINQUENT 26 926,261
90+ DAYS DELINQUENT 28 681,220
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 200,016.06
REPOSESSION PROFITS 0.00
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 0.00
(K) AGGREGATE NET LIQUIDATION LOSSES 0.00
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 42,652.50
(Y) REMAINING AMOUNT AVAILABLE 242,668.56
-------------
AMOUNT OF (X) OVER (Y) 0.00
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(N) GUARANTEE PAYMENT 0.00
(O) UNADVANCED SHORTFALLS 0.00
(P) NUMBER OF UNITS REPOSSESSED 0
CLASS A-5 CLASS A-6 CLASS B-1 CLASS B-2
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 108,980.81 72,154.58 53,251.00 42,652.50
------------- ------------- ------------ ------------
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00 0.00
(C) INTEREST DISTRIBUTION 108,980.81 72,154.58 53,251.00 42,652.50
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
TOTAL INTEREST DISTRIBUTION 108,980.81 72,154.58 53,251.00 42,652.50
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 17,379,000.00 11,030,000.00 8,272,000.00 6,204,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 17,379,000.00 11,030,000.00 8,272,000.00 6,204,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 31,944,000.00 6.400%
SECTION 6.02 REIMBURSEMENT AMOUNT 29,610,000.00 6.725%
REIMBURSEABLE FEES 20,786,000.00 6.975%
12,640,000.00 7.250%
TOTAL FEES DUE SERVICER 17,379,000.00 7.525%
11,030,000.00 7.850%
NO. OF 8,272,000.00 7.725%
(F) DELINQUENCY CONTRACTS 6,204,000.00 8.250%
31-59 DAYS DELINQUENT 131
60-89 DAYS DELINQUENT 26
90+ DAYS DELINQUENT 28
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
(N) GUARANTEE PAYMENT
(O) UNADVANCED SHORTFALLS
(P) NUMBER OF UNITS REPOSSESSED
2
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-APR-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996B FOR THE PERIOD ENDED: 25-MAR-97
(Q) PRINCIPAL PREPAYMENTS PAID 745,487.29
(R) SCHEDULED PRINCIPAL PAYMENTS 345,837.64
(S) WEIGHTED AVERAGE INTEREST RATE 10.99%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,207,680.86
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 89,188.19
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 9,331.47
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 552.67
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 83,746.97
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 3,570.47
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 134,799.45
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 27,870.59
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 162,670.04
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 1,970,595.32
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 86,170.39
TO CLASS A AND B 1,856,749.65
MONTHLY EXCESS CASHFLOW 200,016.06
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 175.10
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 129,407,467.56
CURRENT BALANCE 128,396,955.70
ADV PRINCIPAL 20,255.33
DEL PRINCIPAL 101,068.40
POOL SCHEDULED BALANCE 128,316,142.63
PRINCIPAL PAYMENTS IN FULL 666,988.70
PARTIAL PREPAYMENTS 78,498.59
SCHEDULED PRINCIPAL 345,837.64
COLLATERAL BALANCE 128,396,955.70