-----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, MeeYHHJhJFfa7Y3gAUS41d4iniEHky+EEJVpSVkSrLNnPKWNxcUwkI37kDYjbA/E KnMgTRHY5Oi8K9K3+82cIw== 0000884099-96-000006.txt : 19961104 0000884099-96-000006.hdr.sgml : 19961104 ACCESSION NUMBER: 0000884099-96-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961018 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19961101 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: 96651926 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) October 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 October 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 October 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 October 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 5.62000000% 0.00 0.00 0.00 0.9491350813 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 5.81000000% 0.00 0.00 0.00 0.9837242559 B-Fixed Subordinate Sequential Pay Variable 655.82 871.95594460% 0.00 0.00 0.00 B-Varia Subordinate Sequential Pay Variable 999,343.08 288.50579076% 0.00 0.00 0.00 1.7805829105 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 0.9886267134 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 09/30/1996 5.62000000% 43,810,168.44 205,177.62 1,248,103.99 0.00 42,562,064.45 1,453,281.61 A-2 10/01/1996 6.90000000% 28,572,000.00 164,289.00 0.00 0.00 28,572,000.00 164,289.00 A-3 10/01/1996 7.25000000% 13,552,000.00 81,876.67 0.00 0.00 13,552,000.00 81,876.67 A-4 10/01/1996 7.50000000% 10,000,000.00 62,500.00 0.00 0.00 10,000,000.00 62,500.00 A-5 10/01/1996 7.60000000% 10,744,000.00 68,045.33 0.00 0.00 10,744,000.00 68,045.33 A-6 09/30/1996 5.81000000% 98,185,667.02 475,382.27 909,110.25 0.00 97,276,556.77 1,384,492.52 B-Fixed 10/01/1996 871.95594460% 434,316.75 0.00 0.00 0.00 749,904.31 0.00 B-Varia 09/00/1996 288.50579076% 1,434,523.04 0.00 0.00 0.00 1,779,413.21 0.00 RU 10/01/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 206,732,675.25 1,057,270.89 2,157,214.24 0.00 205,235,938.74 3,214,485.13 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 4.57546596 0.93252035 19.86261891 27.83274959 0.00000000 0.9491350813 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 4.80737688 0.20739518 5.49836782 9.19351829 0.00000000 0.9837242559 B-Fixed N/A 655.82 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1143.4605684487 B-Varia N/A 999,343.08 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.7805829105 RU N/A 0.00 N/A N/A N/A N/A N/A N/A ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 207,596,998.90 0.9886267134 EXHIBIT 21.1 PAGE 9 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-3 Norwest Bank Minnesota, N.A. Contact: Shelley Lauffer Securities Administration Services Reporting Month: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 43,810,168.44 41,817.01 890,699.42 315,587.56 0.00 1,248,103.99 0.00 42,562,064.45 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 98,185,667.02 20,508.48 543,711.60 344,890.17 0.00 909,110.25 0.00 97,276,556.77 0.00 B-Fixed 434,316.75 0.00 0.00 (315,587.56) 0.00 0.00 0.00 749,904.31 0.00 B-Varia 1,434,523.04 0.00 0.00 (344,890.17) 0.00 0.00 0.00 1,779,413.21 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 206,732,675.25 62,325.49 1,434,411.02 0.00 0.00 2,157,214.24 0.00 205,235,938.74 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 0.00 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 5.62000000% 43,810,168.44 205,177.62 0.00 0.00 0.00 0.00 205,177.62 42,562,064.45 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 5.81000000% 98,185,667.02 475,382.27 0.00 0.00 0.00 0.00 475,382.27 97,276,556.77 B-Fixed 871.95594460% 434,316.75 315,587.56 0.00 315,587.56 0.00 0.00 0.00 749,904.31 B-Varia 288.50579076% 1,434,523.04 344,890.17 0.00 344,890.17 0.00 0.00 0.00 1,779,413.21 RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 1,717,748.62 0.00 660,477.73 0.00 0.00 1,057,270.89 Report 5 10/16/96 -- 5:31pm 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 1,717,748.62 Interest Payments 1,057,270.89 Scheduled Principal 62,325.49 Scheduled Principal Payment 62,325.49 Other Principal 1,434,411.02 Other Principal Payments 2,094,888.75 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 3,214,485.13 Total Withdrawals 3,214,485.13 Ending Balance 0.00 ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Report 6 10/16/96 -- 5:31pm 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 1 121 8,029,783.84 20 1,385,381.25 9 642,681.99 0 0.00 0 0.00 150 10,057,847.08 2 66 5,633,209.33 16 1,374,340.31 6 628,420.42 0 0.00 0 0.00 88 7,635,970.06 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 187 13,662,993.17 36 2,759,721.56 15 1,271,102.41 0 0.00 0 0.00 238 17,693,817.14 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 18, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Collateral Summary - Issuing Total| Pool 1 Pool 2 ____________________________________________________________ _____________________________________________ Monthly P&I Constant 1,882,872.53| 1,060,440.05 822,432.48 | Positive Amortization 62,325.49| 41,817.01 20,508.48 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 1,434,411.02| 890,699.42 543,711.60 Principal Adjustments 0.00| 0.00 0.00 Total Principal Trust Distribution 1,496,736.51| 932,516.43 564,220.08 | Scheduled Interest 1,820,547.04| 1,018,623.04 801,924.00 Servicing Fee 77,524.74| 40,167.20 37,357.54 Master Servicing Fee 0.00| 0.00 0.00 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,717,748.62| 965,375.41 752,373.21 | Beginning Balance 206,732,675.25| 107,112,580.88 99,620,094.37 Ending Balance 205,235,938.74| 106,180,064.45 99,055,874.29 Gross P&I Distribution 3,239,758.81| 1,910,972.27 1,328,786.54 Realized Losses/(Gains) 0.00| 0.00 0.00 Net P&I Trust Distribution 3,239,758.81| 1,910,972.27 1,328,786.54 | Beginning Loan Count 2686| 1658 1028 Number of Loan Payoffs 21| 16 5 Ending Loan Count 2665| 1642 1023 | Weighted Average Maturity 0.0000000000| 226.0500000000 353.8500000000 Weighted Average Gross Rate 0.000000000%| 11.566900000% 9.818100000% Weighted Average Net Rate 0.000000000%| 11.116900000% 9.368100000% Weighted Average Pass-Through Rate 0.000000000%| 10.969400000% 9.220600000% Weighted Average Margin 0.000000000%| 0.000000000% 6.465700000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 | | Report 8 10/16/96 -- 5:31pm 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: September 1996 Phone: (410) 884-2169 11000 Broken Land Parkway Distribution Date: October 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 1.23239504% 2,529,317.52 205,235,938.74 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 1,496,736.51 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Report 9 10/16/96 -- 5:32pm Page 1 of 1 -----END PRIVACY-ENHANCED MESSAGE-----