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): November 25, 1997
FINANCIAL ASSET SECURITIES CORP.,
(as depositor under the Pooling and Servicing
Agreement, dated as of March 1, 1996, providing
for the issuance of Financial Asset Securities Corp.,
Mego Mortgage FHA Title I Loan Trust 1996-1,
FHA Title I Loan Asset-Backed Certificates,
Series 1996-1).
(Exact name of registrant as specified in its charter)
Delaware 33-99018-03 41-1836604
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (203) 625-2700
Item 5. Other Events
On behalf of Mego Mortgage FHA Title I Loan
Trust 1996-1, FHA Title I Loan Asset-Backed
Certificates, Series1996-1, a Trust created pursuant
to the Pooling and Servicing Agreement, dated
March 1, 1996, by First Trust of New
York, National Association, as trustee for the Trust,
the Trustee has caused to be filed with the
Commission, the Monthly Report dated November
25, 1997. The Monthly Report is filed pursuant to
and in accordance with (1) numerous no-action
letters (2) current Commission policy in the area.
The filing of the Monthly Report will occur
subsequent to each monthly distribution to the
holders of the Certificates, Due September 25,
2017.
A. Monthly Report Information:
Aggregate distribution information for the current
distribution date November 25, 1997.
Principal Interest Ending Balance
Cede & Co $1,661,495.97 $396,169.75 $58,237,195.50
B. No delinquency in payment under the Certificate Guaranty
Insurance Policy has occurred.
C. Have any deficiencies occurred? NO.
Date:
Amount:
D. Were any amounts paid or are any amounts payable under
the Certificate Guaranty Insurance Policy? NO
Amount:
E. Are there any developments with respect to the Certificate
Insurance Guaranty Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H Item 4: Submission of Matters to a Vote of
Certificatholders: NONE
I. Item 5: Other Information - Form 10-Q, Part II - Items
1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated November 25, 1997.
MEGO MORTGAGE CORPORATION
FHA TITLE I LOAN ASSET-BACKED CERTIFICATES
SERIES 1996-1
CERTIFICATE HOLDERS' REPORT
Distribution Date: 25-Nov-97
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance DistributionDistribution Distribution Balance
A-1 21555691.47 1661495.97 117658.15 1779154.12 19894195.50
A-2 21580000.00 0.00 124085.00 124085.00 21580000.00
A-3 16763000.00 0.00 104768.75 104768.75 16763000.00
S 59589419.60 NA 49657.85 49657.85 57482004.08
R NA NA 0.00 0.00 NA
Total 59898691.47 1661495.97 396169.75 2057665.72 58237195.50
AMOUNTS PER $1,000 UNIT
Ending Current
Principal Interest Total Certificate Pass-Through
ClassDistribution DistributionDistribution Balance Interest Rate
A-1 36.57266058 2.58987783 39.16253841 437.90877174 6.5500%
A-2 0.00000000 5.75000000 5.75000000 1000.00000000 6.9000%
A-3 0.00000000 6.25000000 6.25000000 1000.00000000 7.5000%
S (a) 0.00000000 0.58980453 0.58980453 682.73488720 1.0000%
Trustee's Certificate
Pooling and Servicing Agreement Dated March 21, 1996
i) Interest from Mortgagors / Master Servicer 699787.46
Interest from Purchased Loans 0.00
Interest from Defaulted Mortgage Loans 8488.52
708275.98
Principal Collections (Regular Installments) 122142.98
Principal Collections (Curtailments and Paid in Fulls) 1156119.59
Principal from Purchased Loans 0.00
Principal from Defaulted Mortgage Loans 206550.72
1484813.29
Collected Amount 2193089.27
Deposits Pursuant to Sec. 4.03 (e) - Reserve Account Deposits 0.00
Amount Deposited Pursuant to Section 2.04 (d) Substitutions 1780.86
Distribution Amount 2194870.13
Insured Payments 0.00
Amount Available 2194870.13
ii) Pool Balance Information:
Beginning Pool Balance 59589419.60
less: Principal Collections 1278262.57
less: Principal Losses 0.00
Ending Pool Balance 58311157.03
Before After
iii) Class A Factors: Distributions Distributions
Class A-1 0.47448143 0.43790877
Class A-2 1.00000000 1.00000000
Class A-3 1.00000000 1.00000000
Computed Distributed
Amount Amount Shortfall
iv) Class A Monthly Interest Amount 346511.90 346511.90 0.00
Class A Principal Distribution Amount 4001383.17 1661495.97 2339887.20
(limited to the Overcolleralization Amount)
Class A Distribution of
Distributable Excess Spread 0.00 0.00 0.00
Class A Guaranteed Distribution 0.00 0.00 0.00
v) Excess Spread 0.00
Distributable Excess Spread 0.00
vi) FHA Premium Account Deposit 12746.90
Servicer Fee 62072.31
Master Servicer Fee 3972.63
Master Servicer Reimbursement 37977.26
Trustee Fee 1986.31
Premium 18449.00
Reimbursement Amount distributed to the Certificate Insurer 0.00
Successor Master Servicer Fees 0.00
Priority Expenses 0.00
Excess Claim Amount 0.00
vii) Collateral Performance Percentages
30+ Delinquency Percentage (Rolling Three Month) 12.2410%
60+ Delinquency Percentage (Rolling Three Month) 6.9314%
Annual Default Percentage (Three Month Average) 15.1504%
Cumulative Default Percentage 11.7996%
viii) Overcollateralization Information:
OC Multiple 2.50
Required OC Amount 7366952.31
Overcollateralization Amount (before distributions) -309271.87
Overcollateralization Amount (after distributions) 73961.53
ix) Default Information:
Current Period Cumulative
Principal Balance of Defaulted Loans 829152.95 9422038.90
Principal Balance of Credit Support Multiple 829152.95 9422038.90
x) FHA Insurance Information:
Trust Designated Insurance Amount (at the Cut-off Date) 8419374.00
Number Number Balance Balance
Current Peri Cumulative Current Period Cumulative
Claims Filed 78 478 601138.04 7804532.40
Claims Pending 55 NA 1005400.31 NA
Claims Paid 12 190 194660.52 3351257.30
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.
FINANCIAL ASSET SECURITIES CORPORATION
/s/ Mark LeMay
Mark LeMay
Vice President
Dated: November 30, 1997