-----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, R6d0vQX4+0re4C+ZnBFFtCnEoPpZXRDeEkEOGrv0t0/U5fcjDUZRJgyM7a7dnW/d Qea3OsDbvNPF5FXiT7Wveg== 0000884099-96-000005.txt : 19961002 0000884099-96-000005.hdr.sgml : 19961002 ACCESSION NUMBER: 0000884099-96-000005 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: 96637619 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 October 1, 1996 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington D.C. 20549 Re: Cargill Financial Services Corporation, (File 33-10743) as Sponsor and on behalf of Access Financial Mortgage Loan Trust 1996-3 Dear Sirs: Enclosed herewith for filing on behalf of the trust fund ( the "Trust") created pursuant to a Trust Agreement date as of August 27, 1996 (the "Trust Agreement") among Access Financial Lending Corp., as issuer (the "Issuer"), LSI, as servicer (the "Servicer") and Norwest Bank Minnesota, N.A., as trustee ( the "Trustee"), are exhibits, of a current Report on Form 8-K (the "Report"). The Trust consists of primarily of a pool of fixed and adjustable rate, amortizing mortgage loans, amortizing mortgage loans which are secured by first or second liens on residential properties representing six classes of beneficial interests therein. The certificates relating to six of such classes as registered under the Securities Act of 1933, as amended, by a Registration Statement on form s- 11 (File No. 33-10743). As a result, the Trust is subject to the filing requirements in a manner substantially in accordance with the procedures outlined in numerous no- action letters already inssued by the staff with respect to substantially similar trusts (see, for example, Nissan Motor Acceptance Corp. (August 29,1986) and Security Pacific National Bank (July 1,1987)), for the same reasons as discussed in such letters. In particular: 1. The Trust has already filed, within 15 days of its formation, a Current Report on Form 8-K containing detailed information about its mortgage pool. 2. The Trust will file, promptly after each Distribution Date (as defined in the Trust Agreement), a Current Report on Form 8-K in substantially the form enclosed herewith ,including as exhibits thereto the applicable Distribution Date reports. Each such Current Report will also disclose under Item 5 any matter occurring during the relevant reporting period which would be reportable under Item 1, 2, 4 , or 5 of Part II of Form 10- Q. 3. The Trust will file a Current Report on Form 8-K within 15 days after the occurrence of any event described under Item 2,3,4 of 5 thereof, responding to the requirements of the applicable Item. 4. Within 90 days after the end of each fiscal year, the Trust will file an annual report on Form 10-K which responds to Items 2, 3, and 4 of Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and Item 14 of Part IV thereof, and include as exhibits thereto certain information form the Distribution Date reports aggregated for such year and a copy of the independent accountants' annual compliance statement required the Trust Agreement, in the manner described in the applicable no-action letters. The Trust will follow the above procedures except for any fiscal year as to which its reporting obligations under Section 15(d) of the Exchange Act have been suspended pursuant to such Section. In such event, the Trust will file a Form 15 as required under rule 15d 6. We have been advised by representatives of the Office of the Chief Counsel of the Division of Corporation Finance that following the above procedures would be acceptable. We assume that the Staff will promptly inform us if our understanding is incorrect. Please direct any questions or comments concerning the foregoing to Michael du Quesnay, of Dewey Ballantine, counsel to the Depositor at (212) 259-8009 or , in his absence, Barry Schwartz of Norwest Bank Minnesota, N.A. at (410) 884-2115. Kindly acknowledge receipt of this letter and the enclosed documents by filestamping the enclosed duplicate copy of this letter and returning it to us in the postpaid envelope herein provided. Very truly yours, Patrick G. Benz Tax Accountant 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- 10743 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 1996-3 (Registrant) 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 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 44,843,000.00 4.07550000% 0.00 0.00 0.00 0.9769678309 A-2 Senior Sequential Pay Fixed 28,572,000.00 6.90000000% 0.00 0.00 0.00 1.0000000000 A-3 Senior Sequential Pay Fixed 13,552,000.00 7.25000000% 0.00 0.00 0.00 1.0000000000 A-4 Senior Sequential Pay Fixed 10,000,000.00 7.50000000% 0.00 0.00 0.00 1.0000000000 A-5 Senior Sequential Pay Fixed 10,744,000.00 7.60000000% 0.00 0.00 0.00 1.0000000000 A-6 Senior Sequential Pay Variable 98,886,000.00 4.21483000% 0.00 0.00 0.00 0.9929177742 B-Fixed Subordinate Sequential Pay Variable 655.82 793499.91994755% 0.00 0.00 0.00 662.2499313836 B-Varia Subordinate Sequential Pay Variable 999,343.08 522.55923623% 0.00 0.00 0.00 1.4354660263 RU Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000 ____________________________________________________________ ____________________________________________________________ _______________________________________________ Totals 207,596,998.90 0.00 0.00 0.00 0.9958365311 Report 1 09/18/96 -- 9:37am Page 1 of 1 EXHIBIT 21.1 PAGE 7 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 08/30/1996 4.07550000% 44,843,000.00 152,298.04 1,032,831.56 0.00 43,810,168.44 1,185,129.60 A-2 09/01/1996 6.90000000% 28,572,000.00 164,289.00 0.00 0.00 28,572,000.00 164,289.00 A-3 09/01/1996 7.25000000% 13,552,000.00 81,876.67 0.00 0.00 13,552,000.00 81,876.67 A-4 09/01/1996 7.50000000% 10,000,000.00 62,500.00 0.00 0.00 10,000,000.00 62,500.00 A-5 09/01/1996 7.60000000% 10,744,000.00 68,045.33 0.00 0.00 10,744,000.00 68,045.33 A-6 08/30/1996 4.21483000% 98,886,000.00 347,323.07 700,332.98 0.00 98,185,667.02 1,047,656.05 B-Fixed 09/01/1996 655.82 0.00 0.00 0.00 434,316.75 0.00 B-Varia 08/00/1996 522.55923623% 999,343.08 0.00 0.00 0.00 1,434,523.04 0.00 RU 09/01/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 207,596,998.90 876,332.11 1,733,164.54 0.00 206,732,675.25 2,609,496.65 Report 2 09/18/96 -- 9:37am Page 1 of 1 EXHIBIT 21.1 PAGE 8 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 003916AN3 44,843,000.00 3.39625003 1.23709676 12.12442299 23.03216912 0.00000000 0.9769678309 A-2 003916AP8 28,572,000.00 5.75000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-3 003916AQ6 13,552,000.00 6.04166691 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-4 003916AR4 10,000,000.00 6.25000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-5 003916AS2 10,744,000.00 6.33333302 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000 A-6 003916AT0 98,886,000.00 3.51235837 0.40324333 2.27815768 7.08222580 0.00000000 0.9929177742 B-Fixed N/A 655.82 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 662.2499313836 B-Varia N/A 999,343.08 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.4354660263 RU N/A 0.00 N/A N/A N/A N/A N/A N/A ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 207,596,998.90 0.9958365311 Report 3 09/18/96 -- 9:37am Page 1 of 1 EXHIBIT 21.1 PAGE 10 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 44,843,000.00 55,475.13 543,695.50 433,660.93 0.00 1,032,831.56 0.00 43,810,168.44 0.00 A-2 28,572,000.00 0.00 0.00 0.00 0.00 0.00 0.00 28,572,000.00 0.00 A-3 13,552,000.00 0.00 0.00 0.00 0.00 0.00 0.00 13,552,000.00 0.00 A-4 10,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 10,000,000.00 0.00 A-5 10,744,000.00 0.00 0.00 0.00 0.00 0.00 0.00 10,744,000.00 0.00 A-6 98,886,000.00 39,875.12 225,277.90 435,179.96 0.00 700,332.98 0.00 98,185,667.02 0.00 B-Fixed 655.82 0.00 0.00 (433,660.93) 0.00 0.00 0.00 434,316.75 0.00 B-Varia 999,343.08 0.00 0.00 (435,179.96) 0.00 0.00 0.00 1,434,523.04 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 207,596,998.90 95,350.25 768,973.40 0.00 0.00 1,733,164.54 0.00 206,732,675.25 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 0.00 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 Report 4 09/18/96 -- 9:38am Page 1 of 1 EXHIBIT 21.1 PAGE 11 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 4.07550000% 44,843,000.00 152,298.04 0.00 0.00 0.00 0.00 152,298.04 43,810,168.44 A-2 6.90000000% 28,572,000.00 164,289.00 0.00 0.00 0.00 0.00 164,289.00 28,572,000.00 A-3 7.25000000% 13,552,000.00 81,876.67 0.00 0.00 0.00 0.00 81,876.67 13,552,000.00 A-4 7.50000000% 10,000,000.00 62,500.00 0.00 0.00 0.00 0.00 62,500.00 10,000,000.00 A-5 7.60000000% 10,744,000.00 68,045.33 0.00 0.00 0.00 0.00 68,045.33 10,744,000.00 A-6 4.21483000% 98,886,000.00 347,323.07 0.00 0.00 0.00 0.00 347,323.07 98,185,667.02 B-Fixed 793499.91994755% 655.82 433,660.93 0.00 433,660.93 0.00 0.00 0.00 434,316.75 B-Varia 522.55923623% 999,343.08 435,179.96 0.00 435,179.96 0.00 0.00 0.00 1,434,523.04 RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 1,745,173.00 0.00 868,840.89 0.00 0.00 876,332.11 Report 5 09/18/96 -- 9:38am Page 1 of 1 EXHIBIT 21.1 PAGE 12 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 1,745,173.00 Interest Payments 876,332.11 Scheduled Principal 95,350.25 Scheduled Principal Payment 95,350.25 Other Principal 768,973.40 Other Principal Payments 1,637,814.29 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 2,609,496.65 Total Withdrawals 2,609,496.65 Ending Balance 0.00 ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Report 6 09/18/96 -- 9:37am Page 1 of 1 EXHIBIT 21.1 PAGE 12 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 18 1,054,202.50 21 1,494,309.38 0 0.00 0 0.00 0 0.00 39 2,548,511.88 2 1 56,000.00 11 848,094.42 0 0.00 0 0.00 0 0.00 12 904,094.42 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 19 1,110,202.50 32 2,342,403.80 0 0.00 0 0.00 0 0.00 51 3,452,606.30 Report 7 09/18/96 -- 9:38am Page 1 of 1 EXHIBIT 21.1 PAGE 13 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 1,943,795.08| 1,071,721.64 872,073.44 | Positive Amortization 95,350.25| 55,475.13 39,875.12 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 768,973.40| 543,695.50 225,277.90 Principal Adjustments 0.00| 0.00 0.00 Total Principal Trust Distribution 864,323.65| 599,170.63 265,153.02 | Scheduled Interest 1,848,444.83| 1,016,246.51 832,198.32 Servicing Fee 77,837.62| 40,391.90 37,445.72 Master Servicing Fee 0.00| 0.00 0.00 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,745,173.00| 962,669.97 782,503.03 | Beginning Balance 207,596,998.90| 107,711,655.82 99,885,343.08 Ending Balance 206,702,675.25| 107,112,580.88 99,590,094.37 Gross P&I Distribution 2,634,930.86| 1,575,025.24 1,059,905.62 Realized Losses/(Gains) 0.00| 0.00 0.00 Net P&I Trust Distribution 2,634,930.86| 1,575,025.24 1,059,905.62 | Beginning Loan Count 2701| 1670 1031 Number of Loan Payoffs 15| 12 3 Ending Loan Count 2686| 1658 1028 | Weighted Average Maturity 0.0000000000| 226.7700000000 354.8400000000 Weighted Average Gross Rate 0.000000000%| 11.570300000% 9.796900000% Weighted Average Net Rate 0.000000000%| 11.120300000% 9.346900000% Weighted Average Pass-Through Rate 0.000000000%| 10.922800000% 9.149400000% Weighted Average Margin 0.000000000%| 0.000000000% 6.468000000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 | | Report 8 09/18/96 -- 9:38am Page 1 of 1 EXHIBIT 21.1 PAGE 14 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: August 1996 Phone: (410) 884-2169 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 999,998.90 0.00 0.00 0.00 0.90411979% 1,868,839.79 206,702,675.25 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 864,323.65 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Report 9 09/18/96 -- 9:40am Page 1 of 1 -----END PRIVACY-ENHANCED MESSAGE-----