-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qs4SGc5oqeq8HQ6zqOXcsgbhvCzLF+BrNPETvewr857vo/wdD5G+eVMW+mYuTlZb MRNPU+PjPTH76oFqmTDH0A== 0000884099-96-000003.txt : 19960830 0000884099-96-000003.hdr.sgml : 19960830 ACCESSION NUMBER: 0000884099-96-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960819 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960829 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARGILL FINANCIAL SERVICES CORP CENTRAL INDEX KEY: 0000884099 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 411492786 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-50326 FILM NUMBER: 96623271 BUSINESS ADDRESS: STREET 1: 6000 CLEARWATER DRIVE CITY: MINNETONKA STATE: MN ZIP: 55343 BUSINESS PHONE: 6129843058 MAIL ADDRESS: STREET 1: 6000 CLEARWATER DRIVE CITY: MINNETONKA STATE: MN ZIP: 55343 8-K 1 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) August 19, 1996 Cargill Financial Services Corporation (Exact name of registrant as specified in its charter) Delaware 33-96500 Applied For (State or other jurisdiction (Commission (IRS Employer of incorporation or File Number) Identification organization) Number) 6000 Clearwater Avenue Minnetonka, Minnesota ___ 55343 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (612) 984-3058 Cargill Financial Services Corporation 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 Cargill Financial Services Corporation makes monthly remittances to security holders. The latest remittance was made August 19, 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 August 19, 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. Cargill Financial Services Corporation as Sponsor and on behalf of Access Financial Mortgage Loan Trust 1996-2 (Registrant) By: Access Financial Lending Corporation Name: Kenneth M. Duncan Title: Senior Vice President INDEX OF EXHIBITS Page of Sequentially Numbered Pages 21.1 Monthly Remittance Statement dated 6-14 as of August 19, 1996. EXHIBIT 21.1 PAGE 6 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 Variable 58,456,000.00 5.62500000% 0.00 0.00 0.00 0.9266086838 A-2 Senior Sequential Pay Fixed 38,714,000.00 6.92500000% 0.00 0.00 0.00 1.0000000000 A-3 Senior Sequential Pay Fixed 16,525,000.00 7.30000000% 0.00 0.00 0.00 1.0000000000 A-4 Senior Sequential Pay Fixed 14,713,000.00 7.62500000% 0.00 0.00 0.00 1.0000000000 A-5 Senior Sequential Pay Fixed 13,796,000.00 7.92500000% 0.00 0.00 0.00 1.0000000000 A-6 Senior Sequential Pay Variable 68,344,000.00 6.21866667% 0.00 0.00 0.00 0.9489995637 B-Fixed Subordinate Sequential Pay Variable 961.34 0.00000000% 0.00 0.00 0.00 716.0868995361 B-Vari Subordinate Sequential Pay Variable 659.70 1242.81490000% 0.00 0.00 0.00 RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000 ____________________________________________________________ ____________________________________________________________ _______________________________________________ Totals 210,549,621.04 0.00 0.00 0.00 0.9723418133 Report 1 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 7 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 08/01/1996 5.62500000% 55,508,237.46 260,194.86 1,342,400.24 0.00 54,165,837.22 1,602,595.10 A-2 08/01/1996 6.92500000% 38,714,000.00 223,412.04 0.00 0.00 38,714,000.00 223,412.04 A-3 08/01/1996 7.30000000% 16,525,000.00 100,527.08 0.00 0.00 16,525,000.00 100,527.08 A-4 08/01/1996 7.62500000% 14,713,000.00 93,488.85 0.00 0.00 14,713,000.00 93,488.85 A-5 08/01/1996 7.92500000% 13,796,000.00 91,111.08 0.00 0.00 13,796,000.00 91,111.08 A-6 07/31/1996 6.21866667% 66,815,805.51 346,254.37 1,957,379.33 0.00 64,858,426.18 2,303,633.70 B-Fixed 08/01/1996 0.00000000% 688,402.98 0.00 0.00 0.00 688,402.98 0.00 B-Vari 07/31/1996 1242.81490000% 621,676.54 0.00 0.00 0.00 1,265,533.93 0.00 RU 07/31/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 207,382,122.49 1,114,988.28 3,299,779.57 0.00 204,726,200.31 4,414,767.85 Report 2 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 8 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 003916AG8 58,456,000.00 4.45112324 1.72510777 21.23917716 22.96428493 0.00000000 0.9266086838 A-2 003916AH6 38,714,000.00 5.77083329 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-3 003916AJ2 16,525,000.00 6.08333313 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-4 003916AK9 14,713,000.00 6.35416638 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-5 003916AL7 13,796,000.00 6.60416643 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-6 003916AM5 68,344,000.00 5.06634628 0.41105759 18.80821462 28.64010491 0.00000000 0.9489995637 B-Fixed N/A 961.34 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 716.0868995361 B-Vari N/A 659.70 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1918.3476277096 RU N/A 0.00 N/A N/A N/A N/A N/A N/A ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 210,549,621.04 0.9723418133 Report 3 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 9 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 55,508,237.46 100,842.90 1,241,557.34 0.00 0.00 1,342,400.24 0.00 54,165,837.22 0.00 A-2 38,714,000.00 0.00 0.00 0.00 0.00 0.00 0.00 38,714,000.00 0.00 A-3 16,525,000.00 0.00 0.00 0.00 0.00 0.00 0.00 16,525,000.00 0.00 A-4 14,713,000.00 0.00 0.00 0.00 0.00 0.00 0.00 14,713,000.00 0.00 A-5 13,796,000.00 0.00 0.00 0.00 0.00 0.00 0.00 13,796,000.00 0.00 A-6 66,815,805.51 28,093.32 1,285,428.62 643,857.39 0.00 1,957,379.33 0.00 64,858,426.18 0.00 B-Fixed 688,402.98 0.00 0.00 0.00 0.00 0.00 0.00 688,402.98 0.00 B-Vari 621,676.54 0.00 0.00 (643,857.39) 0.00 0.00 0.00 1,265,533.93 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 207,382,122.49 128,936.22 2,526,985.96 0.00 0.00 3,299,779.57 0.00 204,726,200.31 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 0.00 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 Report 4 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 10 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 5.62500000% 55,508,237.46 260,194.86 0.00 0.00 0.00 0.00 260,194.86 54,165,837.22 A-2 6.92500000% 38,714,000.00 223,412.04 0.00 0.00 0.00 0.00 223,412.04 38,714,000.00 A-3 7.30000000% 16,525,000.00 100,527.08 0.00 0.00 0.00 0.00 100,527.08 16,525,000.00 A-4 7.62500000% 14,713,000.00 93,488.85 0.00 0.00 0.00 0.00 93,488.85 14,713,000.00 A-5 7.92500000% 13,796,000.00 91,111.08 0.00 0.00 0.00 0.00 91,111.08 13,796,000.00 A-6 6.21866667% 66,815,805.51 346,254.35 0.00 0.00 0.02 0.00 346,254.37 64,858,426.18 B-Fixed 0.00000000% 688,402.98 0.00 0.00 0.00 0.00 0.00 0.00 688,402.98 B-Vari 1242.81490000% 621,676.54 643,857.39 0.00 643,857.39 0.00 0.00 0.00 1,265,533.93 RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 1,758,845.65 0.00 643,857.39 0.02 0.00 1,114,988.28 Report 5 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 11 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 1,758,845.67 Interest Payments 1,114,988.28 Scheduled Principal 128,936.22 Scheduled Principal Payment 128,936.22 Other Principal 2,526,985.96 Other Principal Payments 3,170,843.35 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 4,414,767.85 Total Withdrawals 4,414,767.85 Ending Balance (0.00) ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Report 6 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 12 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 1 122 8,678,345.23 42 3,226,013.71 29 1,802,839.94 2 115,949.23 0 0.00 195 13,823,148.11 2 45 3,641,803.27 13 1,198,284.01 5 588,977.94 2 95,000.00 0 0.00 65 5,524,065.22 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 167 12,320,148.50 55 4,424,297.72 34 2,391,817.88 4 210,949.23 0 0.00 260 19,347,213.33 Report 7 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 13 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Collateral Summary - Issuing Total| Pool 1 Pool 2 ____________________________________________________________ _____________________________________________ Monthly P&I Constant 1,992,534.63| 1,363,648.91 628,885.72 | Positive Amortization 128,936.22| 100,842.90 28,093.32 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 2,526,985.96| 1,241,557.34 1,285,428.62 Principal Adjustments 0.00| 0.00 0.00 Total Principal Trust Distribution 2,655,922.18| 1,342,400.24 1,313,521.94 | Scheduled Interest 1,863,598.41| 1,262,806.01 600,792.40 Servicing Fee 77,791.35| 52,502.33 25,289.02 Master Servicing Fee 4,753.92| 3,208.48 1,545.44 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,758,845.67| 1,192,062.10 566,783.57 | Beginning Balance 207,443,637.29| 140,006,237.46 67,437,399.83 Ending Balance 204,787,715.11| 138,663,837.22 66,123,877.89 Gross P&I Distribution 4,441,729.24| 2,552,703.92 1,889,025.32 Realized Losses/(Gains) 0.00| 0.00 0.00 Net P&I Trust Distribution 4,441,729.24| 2,552,703.92 1,889,025.32 | Beginning Loan Count 2871| 2196 675 Number of Loan Payoffs 28| 23 5 Ending Loan Count 2843| 2173 670 | Weighted Average Maturity 0.0000000000| 226.4100000000 349.8300000000 Weighted Average Gross Rate 0.000000000%| 11.108800000% 9.812500000% Weighted Average Net Rate 0.000000000%| 10.658900000% 9.362600000% Weighted Average Pass-Through Rate 0.000000000%| 10.501300000% 9.205000000% Weighted Average Margin 0.000000000%| 0.000000000% 6.202600000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 | | Report 8 08/15/96 -- 6:03pm Page 1 of 1 EXHIBIT 21.1 PAGE 14 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: July 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: August 19, 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 1,621.04 0.00 0.00 0.00 0.95412799% 1,953,936.91 204,787,715.11 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 2,655,922.18 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Report 9 08/15/96 -- 6:05pm Page 1 of 1 -----END PRIVACY-ENHANCED MESSAGE-----