-----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, EFMXG0RBU2qgIzZkPeyxW66paGung2HPIdS+82tBPCZULYRK+p+lO/wqMMxyTPyW 5icOR22VzIED8rEzYLTf9w== 0000884099-96-000004.txt : 19961002 0000884099-96-000004.hdr.sgml : 19961002 ACCESSION NUMBER: 0000884099-96-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960918 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19961001 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: 96637554 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) September 18, 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 September 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 September 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. 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 September 18, 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 Variable 58,456,000.00 5.56250000% 0.00 0.00 0.00 0.9061747482 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 5.76750000% 0.00 0.00 0.00 0.9345383040 B-Fixed Subordinate Sequential Pay Variable 961.34 0.00000000% 0.00 0.00 0.00 716.0868995361 B-Vari Subordinate Sequential Pay Variable 659.70 649.03087970% 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 0.9652254340 Report 1 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 09/01/1996 5.56250000% 54,165,837.22 251,081.22 1,194,486.14 0.00 52,971,351.08 1,445,567.36 A-2 09/01/1996 6.92500000% 38,714,000.00 223,412.04 0.00 0.00 38,714,000.00 223,412.04 A-3 09/01/1996 7.30000000% 16,525,000.00 100,527.08 0.00 0.00 16,525,000.00 100,527.08 A-4 09/01/1996 7.62500000% 14,713,000.00 93,488.85 0.00 0.00 14,713,000.00 93,488.85 A-5 09/01/1996 7.92500000% 13,796,000.00 91,111.08 0.00 0.00 13,796,000.00 91,111.08 A-6 08/30/1996 5.76750000% 64,858,426.18 311,725.81 988,340.33 0.00 63,870,085.85 1,300,066.14 B-Fixed 09/01/1996 0.00000000% 688,402.98 0.00 0.00 0.00 688,402.98 0.00 B-Vari 08/30/1996 649.03087970% 1,265,533.93 0.00 0.00 0.00 1,950,009.43 0.00 RU 08/30/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 204,726,200.31 1,071,346.08 2,182,826.47 0.00 203,227,849.34 3,254,172.55 Report 2 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 003916AG8 58,456,000.00 4.29521726 1.53198953 18.90194608 20.43393561 0.00000000 0.9061747482 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 4.56112914 0.37202959 4.07407878 14.46125966 0.00000000 0.9345383040 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 2955.9033348492 RU N/A 0.00 N/A N/A N/A N/A N/A N/A ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 210,549,621.04 0.9652254340 Report 3 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 54,165,837.22 89,553.98 1,104,932.16 0.00 0.00 1,194,486.14 0.00 52,971,351.08 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 64,858,426.18 25,425.99 278,438.84 684,475.50 0.00 988,340.33 0.00 63,870,085.85 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 1,265,533.93 0.00 0.00 (684,475.50) 0.00 0.00 0.00 1,950,009.43 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 204,726,200.31 114,979.97 1,383,371.00 0.00 0.00 2,182,826.47 0.00 203,227,849.34 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 0.00 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 Report 4 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 5.56250000% 54,165,837.22 251,081.22 0.00 0.00 0.00 0.00 251,081.22 52,971,351.08 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 5.76750000% 64,858,426.18 311,725.81 0.00 0.00 0.00 0.00 311,725.81 63,870,085.85 B-Fixed 0.00000000% 688,402.98 0.00 0.00 0.00 0.00 0.00 0.00 688,402.98 B-Vari 649.03087970% 1,265,533.93 684,475.50 0.00 684,475.50 0.00 0.00 0.00 1,950,009.43 RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 1,755,821.58 0.00 684,475.50 0.00 0.00 1,071,346.08 Report 5 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 1,755,821.58 Interest Payments 1,071,346.08 Scheduled Principal 114,979.97 Scheduled Principal Payment 114,979.97 Other Principal 1,383,371.00 Other Principal Payments 2,067,846.50 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 3,254,172.55 Total Withdrawals 3,254,172.55 Ending Balance 0.00 ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Report 6 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 52 3,722,677.02 31 2,962,055.15 49 3,395,159.47 3 158,349.23 0 0.00 135 10,238,240.87 2 5 422,561.91 13 1,459,755.52 10 969,191.95 2 95,000.00 0 0.00 30 2,946,509.38 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 57 4,145,238.93 44 4,421,810.67 59 4,364,351.42 5 253,349.23 0 0.00 165 13,184,750.25 Report 7 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 18, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Collateral Summary - Issuing Total| Pool 1 Pool 2 ____________________________________________________________ _____________________________________________ Monthly P&I Constant 1,974,325.48| 1,397,829.43 576,496.05 | Positive Amortization 114,979.97| 89,553.98 25,425.99 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 1,383,371.00| 1,104,932.16 278,438.84 Principal Adjustments 0.00| 0.00 0.00 Total Principal Trust Distribution 1,498,350.97| 1,194,486.14 303,864.83 | Scheduled Interest 1,859,345.51| 1,308,275.45 551,070.06 Servicing Fee 76,795.38| 51,998.93 24,796.45 Master Servicing Fee 4,693.05| 3,177.71 1,515.34 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,755,821.58| 1,238,196.34 517,625.24 | Beginning Balance 204,787,715.11| 138,663,837.22 66,123,877.89 Ending Balance 203,289,364.14| 137,469,351.08 65,820,013.06 Gross P&I Distribution 3,280,901.10| 2,450,762.66 830,138.44 Realized Losses/(Gains) 0.00| 0.00 0.00 Net P&I Trust Distribution 3,280,901.10| 2,450,762.66 830,138.44 | Beginning Loan Count 2843| 2173 670 Number of Loan Payoffs 27| 23 4 Ending Loan Count 2816| 2150 666 | Weighted Average Maturity 0.0000000000| 225.3400000000 349.0700000000 Weighted Average Gross Rate 0.000000000%| 11.104000000% 9.993500000% Weighted Average Net Rate 0.000000000%| 10.654010000% 9.543510000% Weighted Average Pass-Through Rate 0.000000000%| 10.496500000% 9.386000000% Weighted Average Margin 0.000000000%| 0.000000000% 6.093200000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 | | Report 8 09/16/96 -- 12:17am 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: August 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: September 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 1,621.04 0.00 0.00 0.00 1.29786053% 2,638,412.41 203,289,364.14 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 1,498,350.97 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Report 9 09/16/96 -- 12:18am Page 1 of 1 -----END PRIVACY-ENHANCED MESSAGE-----