First Union National Bank
          of North Carolina
          Master Servicing Division
          301 South College Street, TW9
          Charlotte, North Carolina 28288-0828
          704 374-2487
          Fax 704 383-0387
          Toll Free 800 786-9819

                                 April 7, 1997

(logo)FIRST UNION

Norwest Bank Minnesota, NA
11000 Broken Land Parkway
Columbia, MD 21044


Attention: Michael L. Mayer

     Re:  Pooling and  Servicing  Agreement  dated and effective as of August 1,
          1996 (the "Agreement") for Home Equity Loan Asset-Backed Certificates,
          Series 1996-1

Ladies and Gentlemen:

     Pursuant to the provisions of the Agreement, I, Anthony J.
Gagliardo, Vice President of First Union National Bank of North
Carolina do hereby certify as follows:

     1.   A review  of the  activities  of First  Union  National  Bank of North
          Carolina (the "Master Servicer") during the period from August 1, 1996
          through  December 31, 1996 and of its performance  under the Agreement
          has been made under my supervision; and

     2.   To the best of my knowledge, based on such review, the Master Servicer
          has  fulfilled  all of its  obligations  under  the  Agreement  in all
          material respects throughout such period.

     IN  WITNESS  WHEREOF,  I have  hereunto  set my hand this 7th day of April,
1997.


                                        /s/Anthony J. Gagliardo
                                        Anthony J. Gagliardo
                                        Vice President
                                        First Union National Bank
                                          of North Carolina