SECURITIES AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
___________________________ FORM 8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported) May 20,
1996 Access Financial Mortgage Loan Trust, 1996-1
(Exact name of registrant as specified in its charter)
New York
33-96500 Applied For
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization)
Number)
c/o Norwest Bank Minnesta, N.A.
Sixth Street & Marquette Avenue
Minneapolis, Minnesota
_______55479-0069
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (612)
984-0979
Access Financial Mortgage Loan Trust,
1996-1
Form 8-K
INDEX
Page Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES
4
INDEX OF EXHIBITS
5
ITEM 5. OTHER EVENTS
The Access Financial Mortgage Loan Trust, Series 1996-1
makes monthly remittances to security holders. The latest
remittance was made May 20, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement...................................................
......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of May 20, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
Access Financial Mortgage Loan Trust, 1996-1 (Registrant)
By: Norwest Bank of Minnesota, N.A.
Name: Kris Solie-Johnson
Title: Corporate Trust Officer
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of May 20, 1996.
EXHIBIT 21.1 6
Access Financial
Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: May 20, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series
Structure Summary - Issuing
Aggregate Realized Aggregate Ending
Class Original
Principal Losses Principal Aggregate Interest
Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
____________________________________________________________
____________________________________________________________
_______________________________________________ A1 Senior
Sequential Pay Fixed 44,000,000.00
5.70000000% 0.00 0.00 0.00
0.8864775639
A-2 Senior Sequential Pay Fixed
16,000,000.00 5.65000000% 0.00 0.00
0.00 1.0000000000
A-3 Senior Sequential Pay Fixed
20,000,000.00 5.80000000% 0.00 0.00
0.00 1.0000000000
A-4 Senior Sequential Pay Fixed
26,000,000.00 6.20000000% 0.00 0.00
0.00 1.0000000000
A-5 Senior Sequential Pay Fixed
13,588,000.00 7.05000000% 0.00 0.00
0.00 1.0000000000
A-6 Senior Sequential Pay Variable
55,452,000.00 6.26666667% 0.00 0.00
0.00 0.9611134147
B-Fixed Subordinate Sequential Pay Variable
153.58 654.93845378% 0.00 0.00 0.00
B-Vari Subordinate Sequential Pay Variable
737.64 25.65664600% 0.00 0.00 0.00
677.8374274714
RU Residual Residual Residual 0.00
0.00000000% 0.00 0.00 0.00
0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
175,040,891.22 0.00 0.00
0.00 0.9662809227
Report 1 05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 7
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: April 1996
Phone: (410) 884-2100
11000 Broken Land Parkway
Distribution Date: May 20, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class
Distribution Summary - Issuing
Beginning Principal
Ending
Pass Through
Principal Total Interest Total Principal Balance
Principal Total
Class Record Date Rate
Balance Distribution Distribution Reduction
Balance Distribution
____________________________________________________________
____________________________________________________________
____________________________________ A1 04/30/1996
5.70000000% 40,690,175.38 193,278.33
1,685,162.57 0.00 39,005,012.81 1,878,440.90
A-2 04/30/1996 5.65000000% 16,000,000.00
75,333.33 0.00 0.00 16,000,000.00
75,333.33
A-3 04/30/1996 5.80000000% 20,000,000.00
96,666.67 0.00 0.00 20,000,000.00
96,666.67
A-4 04/30/1996 6.20000000% 26,000,000.00
134,333.33 0.00 0.00 26,000,000.00
134,333.33
A-5 04/30/1996 7.05000000% 13,588,000.00
79,829.50 0.00 0.00 13,588,000.00
79,829.50
A-6 04/30/1996 6.26666667% 53,931,430.47
281,641.91 635,769.40 0.00 53,295,661.07
917,411.31
B-Fixed 04/30/1996 654.93845378%
750,000.00 409,336.53 0.00 0.00
750,000.00 409,336.53
B-Vari 04/30/1996 25.65664600%
489,533.51 144,795.34 0.00 0.00
500,000.00 144,795.34
RU 04/30/1996 0.00000000%
0.00 0.00 0.00 0.00 0.00
0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals 171,449,139.36
1,415,214.94 2,320,931.97 0.00
169,138,673.88 3,736,146.91
Report 2 05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 8
Access Financial Mortgage
Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: May 20, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Distribution Per 1,000
of Original Balance - Issuing
Total Other
Total Interest Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor Reduction
Factor
____________________________________________________________
____________________________________________________________
_____________________________ A1 003916AA1
44,000,000.00 4.39268932 3.15972659
35.13942273 38.29914932 0.00000000 0.8864775639
A-2 003916AB9 16,000,000.00
4.70833313 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-3 003916AC7 20,000,000.00
4.83333350 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-4 003916AD5 26,000,000.00
5.16666654 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-5 003916AE3 13,588,000.00
5.87500000 0.00000000 0.00000000 0.00000000
0.00000000 1.0000000000
A-6 003916AF0 55,452,000.00
5.07902168 0.55460723 10.72186450 11.46522037
0.00000000 0.9611134147
B-Fixed N/A 153.58
0.00000000 0.00000000 0.00000000 0.00000000
4883.4483656726
B-Vari N/A 737.64 196295.40155089
0.00000000 0.00000000 0.00000000 0.00000000
677.8374274714
RU N/A 0.00
N/A N/A N/A N/A N/A
N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 175,040,891.22
0.9662809227
Report 3
05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 9
Access Financial Mortgage Loan
Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway Distribution Date:
May 20, 1996 InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Class Principal
Distribution - Issuing
Beginning
Principal Ending Current
Principal Scheduled Unscheduled
Other Total Principal Balance Principal
Undistributed
Class Balance Principal Principal
Accretion Principal Distribution Reduction*
Balance Principal
____________________________________________________________
____________________________________________________________
____________________________________________ A1
40,690,175.38 139,027.97 1,546,134.60 0.00 0.00
1,685,162.57 0.00 39,005,012.81 0.00
A-2 16,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00
16,000,000.00 0.00
A-3 20,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00
20,000,000.00 0.00
A-4 26,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00
26,000,000.00 0.00
A-5 13,588,000.00 0.00 0.00 0.00 0.00 0.00 0.00
13,588,000.00 0.00
A-6 53,931,430.47 30,754.08 594,548.83
10,466.49 0.00 635,769.40 0.00 53,295,661.07
0.00
B-Fixed 750,000.00 0.00 0.00 0.00 0.00 0.00
0.00 750,000.00 0.00
B-Vari 489,533.51 0.00 0.00
(10,466.49) 0.00 0.00 0.00 500,000.00
0.00
RU 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________ Totals
171,449,139.36 169,782.05 2,140,683.43 0.00 0.00
2,320,931.97 0.00 169,138,673.88 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other 0.00
Report 4 05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 10
Access Financial Mortgage Loan
Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: May 20, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Interest
Distribution - Issuing
Beginning
Negative Ending
Principal/
Interest Amortization
Principal/
Notional Interest
Shortfall/ Other Interest
Total Interest Notional
Class Pass-Through Rate Balance Accrual
(Recovery) Accretion Interest
Reduction Distribution Balance
____________________________________________________________
____________________________________________________________
_____________________________________________ A1
5.70000000%40,690,175.38 193,278.33 0.00
0.00 0.00 0.00 193,278.33 39,005,012.81
A-2 5.65000000% 16,000,000.00 75,333.33
0.00 0.00 0.00 0.00 75,333.33 16,000,000.00
A-3 5.80000000% 20,000,000.00 96,666.67
0.00 0.00 0.00 0.00 96,666.67 20,000,000.00
A-4 6.20000000% 26,000,000.00 134,333.33
0.00 0.00 0.00 0.00 134,333.33 26,000,000.00
A-5 7.05000000% 13,588,000.00 79,829.50
0.00 0.00 0.00 0.00 79,829.50 13,588,000.00
A-6 6.26666667% 53,931,430.47 281,641.91
0.00 0.00 0.00 0.00 281,641.91 53,295,661.07
B-Fixed 654.93845378% 750,000.00 409,336.53
0.00 0.00 0.00 0.00 409,336.53 750,000.00
B-Vari 25.65664600% 489,533.51 10,466.49
0.00 10,466.49 144,795.34 0.00
144,795.34 500,000.00
RU 0.00000000% 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals 1,280,886.09
0.00 10,466.49 144,795.34 0.00
1,415,214.94
Notes:
Class A-6 Interest is accrued @ LIBOR = 5.50% over the
applicable accrual period.
Report 5 05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 11
Access
Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services
Reporting Month: April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: May 20, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary - Issuing
____________________________________________________________
____________________________________________________________
______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee
1,425,681.43 Interest Payments
1,415,214.94
Scheduled Principal
169,782.05 Scheduled Principal Payment
169,782.05
Other Principal
2,140,683.43 Other Principal Payments
2,151,149.92
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund
0.00 Fees and Expenses
0.00
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
3,736,146.91 Total Withdrawals
3,736,146.91
Ending Balance
(0.00)
____________________________________________________________
____________________________________________________________
______________________________________________________
Report 6 05/16/96 -- 10:40a
Page 1 of 1
EXHIBIT 21.1 12
Access Financial Mortgage Loan
Trust 1996-1
Norwest Bank Minnesota, N.A. Contact:
Michele Latimer
Securities Administration Services Reporting Month:
April 1996 Phone: (410) 884-
2100
11000 Broken Land Parkway Distribution Date:
May 20, 1996 InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Loss/Delinquency Detail -
Issuing
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special
Hazard Credit Current Fraud
Bankruptcy Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
____________________________________________________________
____________________________________________________________
_________________________________________________
1 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
2 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_________________________________________________ Totals
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00
____________________________________________________________
____________________________________________________________
________________________________________
30 Days Delinquent 60 Days Delinquent 90
Days Delinquent Foreclosures REO's
Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
1 111 6,431,852.36 25
1,198,981.78 9 655,740.10 1 97,355.00
0 0.00 146 8,383,929.24
2 31 3,641,823.50 6
709,654.88 5 379,650.00 1 141,300.00
0 0.00 43 4,872,428.38
____________________________________________________________
____________________________________________________________
________________________________________ Totals
142 10,073,675.86 31 1,908,636.66 14
1,035,390.10 2 238,655.00 0 0.00
189 13,256,357.62
Report 7 05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 13
Access Financial Mortgage Loan Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting Month:
April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway Distribution Date:
May 20, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary - Issuing
Total| Pool 1
Pool 2
____________________________________________________________
_____________________________________________ Monthly P&I
Constant 1,682,028.56| 1,186,882.66
495,145.90
|
Positive Amortization 169,782.05|
139,027.97 30,754.08
Negative Amortization 0.00|
0.00 0.00
Regular Curtailments 0.00|
0.00 0.00
Regular Curtailment Interest 0.00|
0.00 0.00
Prepaid Curtailments 0.00|
0.00 0.00
Prepaid Curtailment Interest 0.00|
0.00 0.00
Liquidations 2,140,683.43| 1,546,134.60
594,548.83
Principal Adjustments 0.00|
0.00 0.00
Total Principal Trust Distribution
2,310,465.48| 1,685,162.57 625,302.91
|
Scheduled Interest 1,512,246.51| 1,047,854.69
464,391.82
Servicing Fee 60,321.36| 41,431.58
18,889.78
Master Servicing Fee 3,929.05|
2,681.90 1,247.15
Spread 0.00| 0.00 0.00
Total Pass-Through Interest
1,425,681.43| 988,777.70 436,903.73
|
Beginning Balance 171,449,139.36| 117,028,175.38
54,420,963.98
Ending Balance 169,138,673.88| 115,343,012.81
53,795,661.07
Gross P&I Distribution 3,762,390.63|
2,691,585.68 1,070,804.95
Realized Losses/(Gains) 0.00|
0.00 0.00
Net P&I Trust Distribution 3,762,390.63|
2,691,585.68 1,070,804.95
|
Beginning Loan Count 2411|
1876 535
Number of Loan Payoffs 34| 25
9
Ending Loan Count 2377| 1851
526
|
Weighted Average Maturity 0.0000000000|
232.6300000000 345.6800000000
Weighted Average Gross Rate 0.000000000%|
11.118200000% 10.070300000%
Weighted Average Net Rate 0.000000000%|
10.693400000% 9.653800000%
Weighted Average Pass-Through Rate 0.000000000%|
10.510700000% 9.462800000%
Weighted Average Margin 0.000000000%|
0.000000000% 5.955700000%
|
Advances on Delinquencies |
Current Period Principal
0.00| 0.00 0.00
Current Period Interest
0.00| 0.00 0.00
|
|
Report 8
05/16/96 -- 10:40am
Page 1 of 1
EXHIBIT 21.1 14
Access Financial Mortgage Loan
Trust 1996-1
Norwest Bank Minnesota, N.A.
Contact: Michele Latimer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2100
11000 Broken Land Parkway
Distribution Date: May 20, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement
Summary - Issuing
Initial
Current Current Current
Current Current
Coverage Period
Period Cumulative Coverage Coverage
Pool
Type/Purpose Amount
Losses Additions Losses Percentage
Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________ Subordination
891.22 0.00 0.00 0.00
0.73903855% 1,250,000.00 169,138,673.88
Principal
Distribution Scheduled
Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 2,310,465.48 100.00000000% 100.00000000%
100.00000000%
Subordinate 0.00 0.00000000%
0.00000000% 0.00000000%
Report 9 05/16/96 -- 10:40am
Page 1 of 1