1
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996B FOR THE PERIOD ENDED: 25-MAY-97
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-1
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 1,426,537.52
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 345,423.32
(B) PARTIAL PREPAYMENTS RECEIVED 51,722.77
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 916,840.99
(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 1,313,987.08
(C) INTEREST DISTRIBUTION 112,550.44
UNPAID INTEREST SHORTFALL 0.00
-------------
TOTAL INTEREST DISTRIBUTION 112,550.44
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 21,103,206.96
LESS: PRINCIPAL DISTRIBUTION 1,313,987.08
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REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 19,789,219.88
(E) FEES DUE SERVICER 132,316.88
MONTHLY SERVICING FEE 0.00
SECTION 8.06 REIMBURSEMENT AMOUNT 67,787.22
SECTION 6.02 REIMBURSEMENT AMOUNT 0.00
REIMBURSEABLE FEES -------------
200,104.10
NO. OF UNPAID PRINCIPAL
(F) DELINQUENCY CONTRACTS BALANCE
31-59 DAYS DELINQUENT 144 3,828,552
60-89 DAYS DELINQUENT 30 881,646
90+ DAYS DELINQUENT 33 940,833
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 30,084.08
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 72,736.58
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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
(Q) PRINCIPAL PREPAYMENTS PAID 968,563.76
(R) SCHEDULED PRINCIPAL PAYMENTS 345,423.32
(S) WEIGHTED AVERAGE INTEREST RATE 10.98%
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-2 CLASS A-3 CLASS A-4
165,939.37 120,818.63 76,366.67
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS
(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
(C) INTEREST DISTRIBUTION 165,939.37 120,818.63 76,366.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- -------------
TOTAL INTEREST DISTRIBUTION 165,939.37 120,818.63 76,366.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 29,610,000.00 20,786,000.00 12,640,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 29,610,000.00 20,786,000.00 12,640,000.00
(H) POOL FACTOR
(E) FEES DUE SERVICER CLASS A-1 0.61949724
MONTHLY SERVICING FEE CLASS A-2 1.00000000
SECTION 8.06 REIMBURSEMENT AMOUNT CLASS A-3 1.00000000
SECTION 6.02 REIMBURSEMENT AMOUNT CLASS A-4 1.00000000
REIMBURSEABLE FEES CLASS A-5 1.00000000
CLASS A-6 1.00000000
CLASS B-1 1.00000000
CLASS B-2 1.00000000
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-5 CLASS A-6
108,980.81 72,154.58
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS
(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
------------- -------------
(C) INTEREST DISTRIBUTION 0.00 0.00
UNPAID INTEREST SHORTFALL
108,980.81 72,154.58
TOTAL INTEREST DISTRIBUTION 0.00 0.00
------------- -------------
108,980.81 72,154.58
17,379,000.00 11,030,000.00
0.00 0.00
------------- -------------
17,379,000.00 11,030,000.00
ORIGINAL BALANCE RATE
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 31,944,000.00 6.400%
LESS: PRINCIPAL DISTRIBUTION 29,610,000.00 6.725%
20,786,000.00 6.975%
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 12,640,000.00 7.250%
17,379,000.00 7.525%
(E) FEES DUE SERVICER 11,030,000.00 7.850%
8,272,000.00 7.725%
MONTHLY SERVICING FEE 6,204,000.00 8.250%
SECTION 8.06 REIMBURSEMENT AMOUNT
SECTION 6.02 REIMBURSEMENT AMOUNT
REIMBURSEABLE FEES
TOTAL FEES DUE SERVICER
(F) DELINQUENCY
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS B-1 CLASS B-2
53,251.00 42,652.50
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS
(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
------------ ------------
(C) INTEREST DISTRIBUTION 0.00 0.00
UNPAID INTEREST SHORTFALL
53,251.00 42,652.50
TOTAL INTEREST DISTRIBUTION 0.00 0.00
------------ ------------
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 53,251.00 42,652.50
LESS: PRINCIPAL DISTRIBUTION
8,272,000.00 6,204,000.00
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 0.00 0.00
------------ ------------
8,272,000.00 6,204,000.00
2
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996B FOR THE PERIOD ENDED: 25-MAY-97
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,110,269.22
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 239,340.60
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 9,633.56
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 1,078.05
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 60,506.86
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 2,925.31
(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 132,316.88
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 67,787.22
(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 200,104.10
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 1,859,291.82
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 237,493.34
TO CLASS A AND B 2,066,701.08
MONTHLY EXCESS CASHFLOW 30,084.08
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 173.41
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 127,024,206.96
CURRENT BALANCE 125,812,154.99
ADV PRINCIPAL 15,253.08
DEL PRINCIPAL 117,188.19
POOL SCHEDULED BALANCE 125,710,219.88
PRINCIPAL PAYMENTS IN FULL 916,840.99
PARTIAL PREPAYMENTS 51,722.77
SCHEDULED PRINCIPAL 345,423.32
COLLATERAL BALANCE 125,812,154.99