-----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, DxGFTQU31OE7xsjWZ427P4ZPVzU9CA2leyCcIqTrXEzGtosQi2nA87I54mUAl5YY +4DfG1x9Z1qEBVVQ/irANw== 0000884099-97-000007.txt : 19970321 0000884099-97-000007.hdr.sgml : 19970321 ACCESSION NUMBER: 0000884099-97-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961118 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19970320 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: 97560079 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) November 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 November 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 November 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 November 18, 1996. Page 6, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 0.8241500489 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 5.95975000% 0.00 0.00 0.00 0.8958568591 B-Fixed Subordinate Sequential Pay Variable 961.34 25.67366580% 14,728.19 0.00 0.00 716.0868995361 B-Vari Subordinate Sequential Pay Variable 659.70 147.47306065% 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 14,728.19 0.00 0.00 0.9303734705 Page 7, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 11/01/1996 5.56250000% 50,929,686.74 236,080.32 2,753,171.48 0.00 48,176,515.26 2,989,251.80 A-2 11/01/1996 6.92500000% 38,714,000.00 223,412.04 0.00 0.00 38,714,000.00 223,412.04 A-3 11/01/1996 7.30000000% 16,525,000.00 100,527.08 0.00 0.00 16,525,000.00 100,527.08 A-4 11/01/1996 7.62500000% 14,713,000.00 93,488.85 0.00 0.00 14,713,000.00 93,488.85 A-5 11/01/1996 7.92500000% 13,796,000.00 91,111.08 0.00 0.00 13,796,000.00 91,111.08 A-6 10/31/1996 5.95975000% 62,868,626.97 312,234.42 1,642,185.79 0.00 61,226,441.18 1,954,420.21 B-Fixed 11/01/1996 25.67366580% 688,402.98 417,605.41 0.00 14,728.19 688,402.98 417,605.41 B-Vari 10/31/1996 147.47306065% 2,050,422.22 251,985.03 0.00 0.00 2,050,422.22 251,985.03 RU 10/31/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 200,285,138.91 1,726,444.23 4,395,357.27 14,728.19 195,889,781.64 6,121,801.50 Page 8, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 4.03859860 1.61011496 45.23611622 47.09818462 0.00000000 0.8241500489 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 4.56857105 0.32793223 23.70030420 24.02823642 0.00000000 0.8958568591 B-Fixed N/A 961.34 434399.28641272 0.00000000 0.00000000 0.00000000 15320.47974702 716.0868995361 B-Vari N/A 659.70 381969.12232833 0.00000000 0.00000000 0.00000000 0.00000000 3108.1131120206 RU N/A 0.00 N/A N/A N/A N/A N/A N/A ____________________________________________________________ ____________________________________________________________ _____________________________ Totals 210,549,621.04 0.9303734705 Page 9, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 50,929,686.74 94,120.88 2,644,322.41 14,728.19 0.00 2,753,171.48 0.00 48,176,515.26 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 62,868,626.97 22,412.20 1,619,773.59 0.00 0.00 1,642,185.79 0.00 61,226,441.18 0.00 B-Fixed 688,402.98 0.00 0.00 0.00 0.00 0.00 14,728.19 688,402.98 0.00 B-Vari 2,050,422.22 0.00 0.00 0.00 0.00 0.00 0.00 2,050,422.22 0.00 RU 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________________ Totals 200,285,138.91 116,533.08 4,264,096.00 14,728.19 0.00 4,395,357.27 14,728.19 195,889,781.64 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction 14,728.19 Negative Amortization Principal Balance Reduction 0.00 Other 0.00 Page 10, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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% 50,929,686.74 236,080.32 0.00 0.00 0.00 0.00 236,080.32 48,176,515.26 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 5.95975000% 62,868,626.97 312,234.42 0.00 0.00 0.00 0.00 312,234.42 61,226,441.18 B-Fixed 25.67366580% 688,402.98 14,728.19 0.00 0.00 417,605.41 0.00 432,333.60 688,402.98 B-Vari 147.47306065% 2,050,422.22 251,985.03 0.00 0.00 0.00 0.00 251,985.03 2,050,422.22 RU 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ _____________________________________________ Totals 1,323,567.01 0.00 0.00 417,605.41 0.00 1,741,172.42 Page 11, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 1,741,172.42 Interest Payments 1,726,444.23 Scheduled Principal 116,533.08 Scheduled Principal Payment 116,533.08 Other Principal 4,264,096.00 Other Principal Payments 4,278,824.19 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 6,121,801.50 Total Withdrawals 6,121,801.50 Ending Balance 0.00 ____________________________________________________________ ____________________________________________________________ ______________________________________________________ Page 12, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 14,728.19 14,728.19 0.00 0.00 0.00 14,728.19 14,728.19 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 14,728.19 14,728.19 0.00 0.00 0.00 14,728.19 14,728.19 ____________________________________________________________ ____________________________________________________________ ________________________________________ 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 1 113 6,478,637.79 30 2,036,335.64 26 1,933,411.41 32 2,520,838.87 0 0.00 201 12,969,223.71 2 52 5,442,251.48 9 686,257.73 12 1,088,616.54 12 892,454.21 0 0.00 85 8,109,579.96 ____________________________________________________________ ____________________________________________________________ ________________________________________ Totals 165 11,920,889.27 39 2,722,593.37 38 3,022,027.95 44 3,413,293.08 0 0.00 286 21,078,803.67 Page 13, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 18, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Collateral Summary - Issuing Total| Pool 1 Pool 2 ____________________________________________________________ _____________________________________________ Monthly P&I Constant 1,958,691.46| 1,339,358.79 619,332.67 | Positive Amortization 116,533.08| 94,120.88 22,412.20 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 4,264,096.00| 2,644,322.41 1,619,773.59 Principal Adjustments 0.00| 0.00 0.00 Total Principal Trust Distribution 4,380,629.08| 2,738,443.29 1,642,185.79 | Scheduled Interest 1,842,158.38| 1,245,237.91 596,920.47 Servicing Fee 75,130.00| 50,785.38 24,344.62 Master Servicing Fee 4,591.28| 3,103.55 1,487.73 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,741,172.42| 1,176,952.97 564,219.45 | Beginning Balance 200,346,653.71| 135,427,686.74 64,918,966.97 Ending Balance 195,951,296.44| 132,674,515.26 63,276,781.18 Gross P&I Distribution 6,147,657.46| 3,932,895.82 2,214,761.64 Realized Losses/(Gains) 14,728.19| 14,728.19 0.00 Net P&I Trust Distribution 6,132,929.27| 3,918,167.63 2,214,761.64 | Beginning Loan Count 2777| 2119 658 Number of Loan Payoffs 61| 43 18 Ending Loan Count 2716| 2076 640 | Weighted Average Maturity 0.0000000000| 223.9800000000 347.3300000000 Weighted Average Gross Rate 0.000000000%| 11.090700000% 10.389800000% Weighted Average Net Rate 0.000000000%| 10.640700000% 9.928100000% Weighted Average Pass-Through Rate 0.000000000%| 10.483200000% 9.782300000% Weighted Average Margin 0.000000000%| 0.000000000% 6.087400000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 Page 14, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 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 14,728.19 0.00 14,728.19 1.39770711% 2,738,825.20 195,951,296.44 Principal Distribution Scheduled Unscheduled Amount Percentage Payment Payment ___________________________________________________________ Senior 4,380,629.08 100.00000000% 100.00000000% 100.00000000% Subordinate 0.00 0.00000000% 0.00000000% 0.00000000% Page 6, Exhibit 21.1 ACCESS FINANCIAL MORTGAGE LOAN TRUST 1996-2 Norwest Bank Minnesota, N.A. Contact: Carol Tracey Securities Administration Services Reporting Month: October 1996 Phone: (410) 884-2117 11000 Broken Land Parkway Distribution Date: November 18, 1996 InvestorDirect: (800) 605-4167 Columbia, MD 21044-7800 Class Distribution Summary - Pooling Beginning Principal Ending Pass Through Principal Total Interest Total Principal Balance Principal Total Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution ____________________________________________________________ ____________________________________________________________ ____________________________________ LT-1 10/31/1996 10.48320000% 51,617,128.38 450,927.23 2,738,443.29 14,728.19 48,863,956.90 3,189,370.52 LT-2 10/31/1996 10.48320000% 38,680,000.00 337,908.48 0.00 0.00 38,680,000.00 337,908.48 LT-3 10/31/1996 10.48320000% 16,525,000.00 144,362.40 0.00 0.00 16,525,000.00 144,362.40 LT-4 10/31/1996 10.48320000% 14,713,000.00 128,532.77 0.00 0.00 14,713,000.00 128,532.77 LT-5 10/31/1996 10.48320000% 13,796,000.00 120,521.86 0.00 0.00 13,796,000.00 120,521.86 LT-6 10/31/1996 9.78230000% 64,918,389.49 558,919.67 1,642,185.79 0.00 63,276,203.70 2,201,105.46 RL 10/31/1996 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 ____________________________________________________________ ____________________________________________________________ ____________________________________ Totals 200,249,517.87 1,741,172.41 4,380,629.08 14,728.19 195,854,160.60 6,121,801.49 -----END PRIVACY-ENHANCED MESSAGE-----