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) October 18, 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 October 18, 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 October 18, 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 October 18, 1996. EXHIBIT 21.1 PAGE 6 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 ____________________________________________________________ ____________________________________________________________ _______________________________________________ A-1 Senior Sequential Pay Fixed 44,000,000.00 5.70000000% 0.00 0.00 0.00 0.6926095364 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 5.87500000% 0.00 0.00 0.00 0.8572357284 B-Fixed Subordinate Sequential Pay Variable 153.58 45.66284337% 0.00 0.00 0.00 B-Vari Subordinate Sequential Pay Variable 737.64 586.84533700% 0.00 0.00 0.00 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 0.8912708118 Report 1 10/17/96 -- 10:17am Page 1 of 1 EXHIBIT 21.1 PAGE 7 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 ____________________________________________________________ ____________________________________________________________ ____________________________________ A-1 10/01/1996 5.70000000% 33,063,531.94 157,051.78 2,588,712.34 0.00 30,474,819.60 2,745,764.12 A-2 10/01/1996 5.65000000% 16,000,000.00 75,333.33 0.00 0.00 16,000,000.00 75,333.33 A-3 10/01/1996 5.80000000% 20,000,000.00 96,666.67 0.00 0.00 20,000,000.00 96,666.67 A-4 10/01/1996 6.20000000% 26,000,000.00 134,333.33 0.00 0.00 26,000,000.00 134,333.33 A-5 10/01/1996 7.05000000% 13,588,000.00 79,829.50 0.00 0.00 13,588,000.00 79,829.50 A-6 10/18/1996 5.87500000% 49,187,149.07 240,812.08 1,651,713.46 0.00 47,535,435.61 1,892,525.54 B-Fixed 10/01/1996 45.66284337% 747,000.00 28,425.12 0.00 0.00 747,000.00 28,425.12 B-Vari 10/18/1996 586.84533700% 1,117,219.47 0.00 0.00 0.00 1,663,582.00 0.00 RU 09/30/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 159,702,900.48 812,451.81 4,240,425.80 0.00 156,008,837.21 5,052,877.61 Report 2 10/17/96 -- 10:17am Page 1 of 1 EXHIBIT 21.1 PAGE 8 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 ____________________________________________________________ ____________________________________________________________ _____________________________ A-1 003916AA1 44,000,000.00 3.56935864 2.69455727 56.13981409 58.83437136 0.00000000 0.6926095364 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 4.34271226 1.95610961 17.97736312 29.78636406 0.00000000 0.8572357284 B-Fixed N/A 153.58 185083.47441073 0.00000000 0.00000000 0.00000000 0.00000000 4863.9145722099 B-Vari N/A 737.64 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2255.2762865354 RU N/A 0.00 N/A N/A N/A N/A N/A N/A ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 175,040,891.22 0.8912708118 Report 3 10/17/96 -- 10:16am Page 1 of 1 EXHIBIT 21.1 PAGE 9 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 ____________________________________________________________ ____________________________________________________________ ____________________________________________ A-1 33,063,531.94 118,560.52 2,470,151.82 0.00 0.00 2,588,712.34 0.00 30,474,819.60 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 49,187,149.07 108,470.19 996,880.74 546,362.53 0.00 1,651,713.46 0.00 47,535,435.61 0.00 B-Fixed 747,000.00 0.00 0.00 0.00 0.00 0.00 0.00 747,000.00 0.00 B-Vari 1,117,219.47 0.00 0.00 (546,362.53) 0.00 0.00 0.00 1,663,582.00 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 159,702,900.48 227,030.71 3,467,032.56 0.00 0.00 4,240,425.80 0.00 156,008,837.21 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 0.00 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 Report 4 10/17/96 -- 10:17am Page 1 of 1 EXHIBIT 21.1 PAGE 10 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 ____________________________________________________________ ____________________________________________________________ _____________________________________________ A-1 5.70000000% 33,063,531.94 157,051.78 0.00 0.00 0.00 0.00 157,051.78 30,474,819.60 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 5.87500000% 49,187,149.07 240,812.08 0.00 0.00 0.00 0.00 240,812.08 47,535,435.61 B-Fixed 45.66284337% 747,000.00 28,425.12 0.00 0.00 0.00 0.00 28,425.12 747,000.00 B-Vari 586.84533700% 1,117,219.47 546,362.53 0.00 546,362.53 0.00 0.00 0.00 1,663,582.00 RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 1,358,814.34 0.00 546,362.53 0.00 0.00 812,451.81 Notes: Class A-6 Interest is accrued @ LIBOR = 5.4375% over the applicable accrual period. Report 5 10/17/96 -- 10:17am Page 1 of 1 EXHIBIT 21.1 PAGE 11 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 1,358,814.34 Interest Payments 812,451.81 Scheduled Principal 227,030.71 Scheduled Principal Payment 227,030.71 Other Principal 3,467,032.56 Other Principal Payments 4,013,395.09 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 5,052,877.61 Total Withdrawals 5,052,877.61 Ending Balance 0.00 ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Report 6 10/17/96 -- 10:16am Page 1 of 1 EXHIBIT 21.1 PAGE 12 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 1 153 9,076,092.07 31 1,916,296.98 25 1,291,875.33 31 1,799,143.97 0 0.00 240 14,083,408.35 2 43 4,541,422.09 12 877,740.45 11 968,799.21 8 780,861.80 0 0.00 74 7,168,823.55 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 196 13,617,514.16 43 2,794,037.43 36 2,260,674.54 39 2,580,005.77 0 0.00 314 21,252,231.90 Report 7 10/17/96 -- 10:17am Page 1 of 1 EXHIBIT 21.1 PAGE 13 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Collateral Summary - Issuing Total| Pool 1 Pool 2 ____________________________________________________________ _____________________________________________ Monthly P&I Constant 1,666,326.76| 1,112,402.99 553,923.77 | Positive Amortization 227,030.71| 118,560.52 108,470.19 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 3,467,032.56| 2,470,151.82 996,880.74 Principal Adjustments 0.00| 0.00 0.00 Total Principal Trust Distribution 3,694,063.27| 2,588,712.34 1,105,350.93 | Scheduled Interest 1,439,296.05| 993,842.47 445,453.58 Servicing Fee 56,193.72| 38,738.17 17,455.55 Master Servicing Fee 3,659.93| 2,507.12 1,152.81 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,358,814.34| 938,716.82 420,097.52 | Beginning Balance 159,705,900.48| 109,401,531.94 50,304,368.54 Ending Balance 156,011,837.21| 106,812,819.60 49,199,017.61 Gross P&I Distribution 5,077,165.60| 3,543,816.64 1,533,348.96 Realized Losses/(Gains) 0.00| 0.00 0.00 Net P&I Trust Distribution 5,077,165.60| 3,543,816.64 1,533,348.96 | Beginning Loan Count 2230| 1742 488 Number of Loan Payoffs 55| 45 10 Ending Loan Count 2175| 1697 478 | Weighted Average Maturity 0.0000000000| 228.1900000000 340.3900000000 Weighted Average Gross Rate 0.000000000%| 11.077800000% 10.740800000% Weighted Average Net Rate 0.000000000%| 10.652900000% 10.324400000% Weighted Average Pass-Through Rate 0.000000000%| 10.470300000% 10.133300000% Weighted Average Margin 0.000000000%| 0.000000000% 5.965100000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 | | Report 8 10/17/96 -- 10:17am Page 1 of 2 Notes: The Fixed Rate Collateral Balance has been increased by $3,000 to correct a loan balance. Report 8 10/17/96 -- 10:17am Page 2 of 2 EXHIBIT 21.1 PAGE 14 Access Financial Mortgage Loan Trust 1996-1 Norwest Bank Minnesota, N.A. Contact: Michele Latimer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2100 11000 Broken Land Parkway Distribution Date: October 18, 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 1.54512763% 2,410,582.00 156,011,837.21 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 3,694,063.27 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Report 9 10/17/96 -- 10:21am Page 1 of 1