<PAGE>
            

                                                              Exhibit 20.1
                                                              ------------

                                   MONTHLY CERTIFICATE HOLDERS REPORT

                                   ----------------------------------



Due Period :  4 Beginning Date     :  09/01/1996  End Date        :  09/30/1996

                Determination Date :  10/16/1996  Remittance Date :  10/25/1996


                          MORSERV, INC., Series 1996-1

-------------------------------------------------------------------------------

                        PO AND NON-PO BALANCE INFORMATION
                        ---------------------------------

<TABLE>
<CAPTION>

GROUP                           MORTGAGE GROUP ONE          TOTAL
-----                           ------------------          -----
<S>                            <C>                    <C>   

Initial Certificate Balance     $ 182,690,823.31       $ 182,690,823.31

Beginning Certificate Balance   $ 176,501,611.01       $ 176,501,611.01

Scheduled Principal                 $ 816,151.06           $ 816,151.06

Curtailments                         $ 40,922.41            $ 40,922.41

Repurchase Principal                      $ 0.00                 $ 0.00

Paid in Full Principal              $ 841,003.69           $ 841,003.69

Default Principal                         $ 0.00                 $ 0.00

Total Principal                   $ 1,698,077.16         $ 1,698,077.16

Ending Certificate Principal    $ 174,803,533.85       $ 174,803,533.85



                             PO BALANCE INFORMATION
                             ----------------------


GROUP                         MORTGAGE GROUP ONE        TOTAL
-----                         ------------------        -----
<S>                           <C>                    <C> 


Initial Certificate Balance       $ 3,700,335.53     $ 3,700,335.53

Beginning Certificate Balance     $ 3,597,404.92     $ 3,597,404.92

Scheduled Principal                  $ 15,863.83        $ 15,863.83

Curtailments                            $ 498.76           $ 498.76

Repurchase Principal                      $ 0.00             $ 0.00

Paid in Full Principal                    $ 0.00             $ 0.00

Default Principal                         $ 0.00             $ 0.00

Total Principal                      $ 16,362.59        $ 16,362.59

Ending Certificate Principal      $ 3,581,042.33     $ 3,581,042.33

<PAGE>


                           NON-PO BALANCE INFORMATION
                           --------------------------


GROUP                            MORTGAGE GROUP ONE       TOTAL
-----                            ------------------       -----
<S>                            <C>                      <C>    


Initial Certificate Balance     $ 178,990,487.78        $ 178,990,487.78

Beginning Certificate Balance   $ 172,904,206.09        $ 172,904,206.09

Scheduled Principal                 $ 800,287.23            $ 800,287.23

Curtailments                         $ 40,423.65             $ 40,423.65

Repurchase Principal                      $ 0.00                  $ 0.00

Paid in Full Principal              $ 841,003.69            $ 841,003.69

Default Principal                         $ 0.00                  $ 0.00

Total Principal                   $ 1,681,714.57          $ 1,681,714.57

Ending Certificate Principal    $ 171,222,491.52        $ 171,222,491.52



                              INTEREST DISTRIBUTION
                              ---------------------


               CLASS      Interest Distribution
              <S>        <C>    
           

                   A          $ 971,809.38

              SUBORD           $ 36,798.50



-------------------------------------------------------------------------------

                                 MORTGAGE TALLY
                                 --------------


GROUP                MORTGAGE GROUP ONE      TOTAL
-----                ------------------      -----
<S>                  <C>                     <C>

Initial Loan Count                  604        604

Beginning Loan Count                591        591

Paid in Full Loans                    2          2

Defaulted Loans                       0          0

Repurchased Loans                     0          0

Ending Loan Count                   589        589



-------------------------------------------------------------------------------


                           POOL PERCENTAGE INFORMATION
                           ---------------------------


               CLASS   Beginning Pool Pct   Ending Pool Pct.   Beg. Non-PO Pct.
              <S>     <C>                  <C>                 <C>

                   A   96.425917172143%     96.407901143813%   96.351555631000%

              SUBORD    3.574082827857%      3.592098856187%    3.648444369000%


-------------------------------------------------------------------------------
</TABLE>

<PAGE>

                          Weighted Average Coupon Rate
                          ----------------------------


               Group        Beginning WAC         Ending WAC

  MORTGAGE GROUP ONE      7.408418611691%      7.407097114926%


-------------------------------------------------------------------------------


                           Loss Summary for Due Period
                           ---------------------------


GROUP             MORTGAGE GROUP ONE

Current Loss                  $ 0.00

Current Recovery              $ 0.00

Cumulative Losses             $ 0.00

-------------------------------------------------------------------------------

                          Weighted Average Service Fee
                          ----------------------------
<TABLE>
<CAPTION>


               GROUP     Beginning Rate        Ending Rate
              <S>       <C>                    <C>

  MORTGAGE GROUP ONE           0.22981%           0.22970%

-------------------------------------------------------------------------------

                     Class A Principal Prepayment Percentage
                     ---------------------------------------


               GROUP    Prepayment Pct.

  MORTGAGE GROUP ONE            100.00%


-------------------------------------------------------------------------------

       Excess Interest
       ---------------


            Amount

         47,256.02

-------------------------------------------------------------------------------
                              CREDIT REPORT SUMMARY
                              ---------------------


                       ORIGINAL            BEGINNING           ENDING
         CLASS         CREDIT SUPPORT      CREDIT SUPPORT      CREDIT SUPPORT
         -----         --------------      --------------      --------------
        <S>            <C>                 <C>                   <C>

          M                2.00%               2.04%               2.05%

          B-1              1.25%               1.28%               1.28%

          B-2              0.75%               0.77%               0.77%

          B-3              0.50%               0.51%               0.51%

          B-4              0.30%               0.31%               0.31%

          B-5              0.00%               0.00%               0.00%

</TABLE>


<PAGE>


<TABLE>
<CAPTION>

                    MONTHLY CLASS DISTRIBUTION DETAIL REPORT
                    ----------------------------------------


  Class   Original Balance      Beginning Bal   Beg. Factor   Prin. Disbursed  Int. Disbursed     Ending Balance    Ending Factor
  <S>     <C>                  <C>             <C>            <C>              <C>               <C>               <C>            

    A-1    $ 37,144,000.00    $ 32,549,127.50   0.8762957005   $ 1,529,822.76    $ 189,869.91    $ 31,019,304.74    0.8351094319

    A-2    $ 10,143,000.00    $ 10,143,000.00   1.0000000000           $ 0.00     $ 59,167.50    $ 10,143,000.00    1.0000000000

    A-3    $ 26,191,000.00    $ 26,191,000.00   1.0000000000           $ 0.00    $ 152,780.83    $ 26,191,000.00    1.0000000000

    A-4    $ 39,104,000.00    $ 38,040,510.20   0.9728035546       $ 6,901.40    $ 221,902.98    $ 38,033,608.80    0.9726270663

    A-5    $ 34,655,000.00    $ 34,655,000.00   1.0000000000           $ 0.00    $ 202,154.17    $ 34,655,000.00    1.0000000000

    A-6    $ 25,359,000.00    $ 25,017,254.62   0.9865237044     $ 115,792.38    $ 145,933.99    $ 24,901,462.24    0.9819575788

    A-P     $ 3,700,335.53     $ 3,597,404.92   0.9721834387      $ 16,362.59          $ 0.00     $ 3,581,042.33    0.9677615181

  TOTAL   $ 176,296,335.53   $ 170,193,297.24                  $ 1,668,879.13    $ 971,809.38   $ 168,524,418.11

----------------------------------------------------------------------------------------------------------------------------

      M     $ 2,740,000.00     $ 2,703,074.95  0.9865237044     $ 12,511.18     $ 15,767.94     $ 2,690,563.77  0.9819575803

    B-1     $ 1,370,000.00     $ 1,351,537.48  0.9865237080      $ 6,255.59      $ 7,883.97     $ 1,345,281.89  0.9819575839

    B-2       $ 914,000.00       $ 901,682.66  0.9865236980      $ 4,173.44      $ 5,259.82       $ 897,509.22  0.9819575711

    B-3       $ 457,000.00       $ 450,841.34  0.9865237199      $ 2,086.72      $ 2,629.91       $ 448,754.62  0.9819575930

    B-4       $ 365,000.00       $ 360,081.15  0.9865236986      $ 1,666.64      $ 2,100.47       $ 358,414.51  0.9819575616

    B-5       $ 548,487.78       $ 541,096.19  0.9865236925      $ 2,504.46      $ 3,156.39       $ 538,591.73  0.9819575743

      R             $ 0.00             $ 0.00  0.0000000000          $ 0.00          $ 0.00             $ 0.00  0.0000000000

  TOTAL     $ 6,394,487.78     $ 6,308,313.77                   $ 29,198.03     $ 36,798.50     $ 6,279,115.74

</TABLE>


<PAGE>


<TABLE>
<CAPTION>

                                MONTHLY PRINCIPAL DISTRIBUTION DETAIL REPORT
                                --------------------------------------------


  Class        Initial Bal      Beginning Bal  Scheduled Prin.  Adj/Shtf  Prin. Disbursed   Prin. Dist. Fa   Ending Balance

  <S>     <C>                 <C>              <C>              <C>        <C>              <C>            <C>              

    A-1    $ 37,144,000.00    $ 32,549,127.50   $ 1,529,822.76   $ 0.00   $ 1,529,822.76   $ 41.1862686    $ 31,019,304.74

    A-2    $ 10,143,000.00    $ 10,143,000.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000    $ 10,143,000.00

    A-3    $ 26,191,000.00    $ 26,191,000.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000    $ 26,191,000.00

    A-4    $ 39,104,000.00    $ 38,040,510.20       $ 6,901.40   $ 0.00       $ 6,901.40    $ 0.1764883    $ 38,033,608.80

    A-5    $ 34,655,000.00    $ 34,655,000.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000    $ 34,655,000.00

    A-6    $ 25,359,000.00    $ 25,017,254.62     $ 115,792.38   $ 0.00     $ 115,792.38    $ 4.5661256    $ 24,901,462.24

    A-P     $ 3,700,335.53     $ 3,597,404.92      $ 16,362.59   $ 0.00      $ 16,362.59    $ 4.4219206     $ 3,581,042.33

  TOTAL   $ 176,296,335.53   $ 170,193,297.24   $ 1,668,879.13   $ 0.00   $ 1,668,879.13                  $ 168,524,418.11

---------------------------------------------------------------------------------------------------------------------------

      M     $ 2,740,000.00     $ 2,703,074.95      $ 12,511.18   $ 0.00      $ 12,511.18    $ 4.5661241     $ 2,690,563.77

    B-1     $ 1,370,000.00     $ 1,351,537.48       $ 6,255.59   $ 0.00       $ 6,255.59    $ 4.5661241     $ 1,345,281.89

    B-2       $ 914,000.00       $ 901,682.66       $ 4,173.44   $ 0.00       $ 4,173.44    $ 4.5661269       $ 897,509.22

    B-3       $ 457,000.00       $ 450,841.34       $ 2,086.72   $ 0.00       $ 2,086.72    $ 4.5661269       $ 448,754.62

    B-4       $ 365,000.00       $ 360,081.15       $ 1,666.64   $ 0.00       $ 1,666.64    $ 4.5661370       $ 358,414.51

    B-5       $ 548,487.78       $ 541,096.19       $ 2,504.46   $ 0.00       $ 2,504.46    $ 4.5661181       $ 538,591.73

      R             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000             $ 0.00

  TOTAL     $ 6,394,487.78     $ 6,308,313.77      $ 29,198.03   $ 0.00      $ 29,198.03                    $ 6,279,115.74

---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                   MONTHLY INTEREST DISTRIBUTION DETAIL REPORT
                   -------------------------------------------


  Class   PTR    Gross Int.Dist. Prep.Short Z Accret Int.Adj. Total Int.Dist  Int. Dist. Fac

  <S>    <C>    <C>             <C>        <C>       <C>      <C>            <C>                                       


    A-1  7.000%    $ 189,869.91     $ 0.00   $ 0.00   $ 0.00   $ 189,869.91    $ 5.1117249

    A-2  7.000%     $ 59,167.50     $ 0.00   $ 0.00   $ 0.00    $ 59,167.50    $ 5.8333333

    A-3  7.000%    $ 152,780.83     $ 0.00   $ 0.00   $ 0.00   $ 152,780.83    $ 5.8333332

    A-4  7.000%    $ 221,902.98     $ 0.00   $ 0.00   $ 0.00   $ 221,902.98    $ 5.6746875

    A-5  7.000%    $ 202,154.17     $ 0.00   $ 0.00   $ 0.00   $ 202,154.17    $ 5.8333334

    A-6  7.000%    $ 145,933.99     $ 0.00   $ 0.00   $ 0.00   $ 145,933.99    $ 5.7547218

    A-P  0.000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00         $ 0.00    $ 0.0000000

  TOTAL            $ 971,809.38     $ 0.00   $ 0.00   $ 0.00   $ 971,809.38

------------------------------------------------------------------------------------------

      M  7.000%     $ 15,767.94     $ 0.00   $ 0.00   $ 0.00    $ 15,767.94    $ 5.7547226

    B-1  7.000%      $ 7,883.97     $ 0.00   $ 0.00   $ 0.00     $ 7,883.97    $ 5.7547226

    B-2  7.000%      $ 5,259.82     $ 0.00   $ 0.00   $ 0.00     $ 5,259.82    $ 5.7547265

    B-3  7.000%      $ 2,629.91     $ 0.00   $ 0.00   $ 0.00     $ 2,629.91    $ 5.7547265

    B-4  7.000%      $ 2,100.47     $ 0.00   $ 0.00   $ 0.00     $ 2,100.47    $ 5.7547123

    B-5  7.000%      $ 3,156.39     $ 0.00   $ 0.00   $ 0.00     $ 3,156.39    $ 5.7547134

      R  0.000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00         $ 0.00    $ 0.0000000

  TOTAL             $ 36,798.50     $ 0.00   $ 0.00   $ 0.00    $ 36,798.50

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                             MASTER SERVICER SUMMARY
                             -----------------------


               GROUP Servicer Advanc   Deliq.for Perd Adv. Recovered    Serv. Fees   Excess Interest
             <S>     <C>              <C>                 <C>         <C>            <C>                                   

  MORTGAGE GROUP ONE          $ 0.00         $ 0.00         $ 0.00    $ 33,460.97          $ 0.00

               TOTAL          $ 0.00         $ 0.00         $ 0.00    $ 33,460.97          $ 0.00

-------------------------------------------------------------------------------------------------

                    Additional Servicing Compensation                                      $ 0.00

-------------------------------------------------------------------------------------------------

                             Delinquency Information
                             -----------------------


    PERIOD           Units             Amount         Percentage
    ------           -----             ------         ----------
  <S>               <C>       <C>                     <C>   

   30 DAYS               6     $ 1,415,214.52            0.8018%

   60 DAYS               0             $ 0.00            0.0000%

  90+ DAYS               0             $ 0.00            0.0000%

     TOTAL               6     $ 1,415,214.52            0.8018%


 FORECLOSR               0             $ 0.00            0.0000%

     TOTAL               0             $ 0.00            0.0000%



       REO               0             $ 0.00            0.0000%

     TOTAL               0             $ 0.00            0.0000%

</TABLE>


<PAGE>

                                   MONTHLY CERTIFICATE HOLDERS REPORT
                                   ----------------------------------


Due Period :  2 Beginning Date     :  09/01/1996  End Date        :  09/30/1996

                Determination Date :  10/17/1996  Remittance Date :  10/25/1996


                           MORSERV, INC., Series 1996-2

-------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                        PO AND NON-PO BALANCE INFORMATION
                        ---------------------------------


GROUP                         MORTGAGE GROUP ONE   MORTGAGE GROUP TWO          TOTALS
-----                         ------------------   ------------------          ------    
<S>                          <C>                   <C>                    <C>    

Initial Certificate Balance     $ 167,767,803.07    $ 39,282,178.12         $ 207,049,981.19

Beginning Certificate Balance   $ 167,335,558.28    $ 38,560,513.89         $ 205,896,072.17

Scheduled Principal                 $ 150,364.24       $ 176,313.73             $ 326,677.97

Curtailments                         $ 15,745.50       $ 202,839.85             $ 218,585.35

Repurchase Principal                      $ 0.00             $ 0.00                   $ 0.00

Paid in Full Principal            $ 1,396,744.70             $ 0.00           $ 1,396,744.70

Default Principal                         $ 0.00             $ 0.00                   $ 0.00

Total Principal                   $ 1,562,854.44       $ 379,153.58           $ 1,942,008.02

Ending Certificate Principal    $ 165,772,703.84    $ 38,181,360.31         $ 203,954,064.15



                             PO BALANCE INFORMATION
                             ----------------------



GROUP                         MORTGAGE GROUP ONE      MORTGAGE GROUP TWO       TOTAL
-----                         ------------------      ------------------       -----
<S>                            <C>                   <C>                     <C>

Initial Certificate Balance         $ 490,762.82       $ 501,860.84             $ 992,623.66

Beginning Certificate Balance       $ 490,247.10       $ 480,308.35             $ 970,555.45

Scheduled Principal                     $ 484.76         $ 2,152.95               $ 2,637.71

Curtailments                             $ 30.11            $ 27.85                  $ 57.96

Repurchase Principal                      $ 0.00             $ 0.00                   $ 0.00

Paid in Full Principal               $ 60,524.32             $ 0.00              $ 60,524.32

Default Principal                         $ 0.00             $ 0.00                   $ 0.00

Total Principal                      $ 61,039.19         $ 2,180.80              $ 63,219.99

Ending Certificate Principal        $ 429,207.91       $ 478,127.55             $ 907,335.46
</TABLE>


<PAGE>

                           NON-PO BALANCE INFORMATION
                           --------------------------
<TABLE>
<CAPTION>


GROUP                         MORTGAGE GROUP ONE   MORTGAGE GROUP TWO           TOTAL
-----                         ------------------   ------------------           -----
<S>                           <C>                 <C>                      <C>

Initial Certificate Balance     $ 167,277,040.25    $ 38,780,317.28         $ 206,057,357.53

Beginning Certificate Balance   $ 166,845,311.18    $ 38,080,205.54         $ 204,925,516.72

Scheduled Principal                 $ 149,879.48       $ 174,160.78             $ 324,040.26

Curtailments                         $ 15,715.39       $ 202,812.00             $ 218,527.39

Repurchase Principal                      $ 0.00             $ 0.00                   $ 0.00

Paid in Full Principal            $ 1,336,220.38             $ 0.00           $ 1,336,220.38

Default Principal                         $ 0.00             $ 0.00                   $ 0.00

Total Principal                   $ 1,501,815.25       $ 376,972.78           $ 1,878,788.03

Ending Certificate Principal    $ 165,343,495.93    $ 37,703,232.76         $ 203,046,728.69



--------------------------------------------------------------------------------------------

                              INTEREST DISTRIBUTION
                              ---------------------


               CLASS    Interest Distribution
              <S>       <C>

                   A        $ 1,166,276.88

              SUBORD           $ 71,814.79


                  IA          $ 949,793.78


                 IIA          $ 216,483.10


--------------------------------------------------------------------------------------------------
                                 MORTGAGE TALLY
                                 --------------

GROUP                      MORTGAGE GROUP ONE     MORTGAGE GROUP TWO      TOTAL
-----                      ------------------     ------------------      -----
<S>                          <C>                    <C>                  <C>   
Initial Loan Count                  541                129                 670

Beginning Loan Count                540                127                 667

Paid in Full Loans                    4                  0                   4

Defaulted Loans                       0                  0                   0

Repurchased Loans                     0                  0                   0

Ending Loan Count                   536                127                 663

--------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                           POOL PERCENTAGE INFORMATION
                           ---------------------------
<TABLE>
<CAPTION>


               CLASS   Beginning Pool Pct   Ending Pool Pct.   Beg. Non-PO Pct.

              <S>     <C>                  <C>                 <C>

                   A   94.226901035691%    94.181218016194%   94.199558844475%

              SUBORD    5.773099770541%     5.818782797715%    5.301718534478%



                  IA   94.240276950657%    94.191198860282%   94.223352965789%


                 IIA   94.168855486692%    94.137884004584%   94.095306844817%

-------------------------------------------------------------------------------
                          Weighted Average Coupon Rate
                          ----------------------------

               Group      Beginning WAC         Ending WAC
               <S>       <C>              <C>    

  MORTGAGE GROUP ONE    8.203731771719%    8.209263578843%

  MORTGAGE GROUP TWO    7.877164937856%    7.878477077759%

-------------------------------------------------------------------------------

                           Loss Summary for Due Period
                           ---------------------------

GROUP             MORTGAGE GROUP ONE    MORTGAGE GROUP TWO
-----             ------------------    ------------------
<S>               <C>                  <C>   

Current Loss                  $ 0.00             $ 0.00

Current Recovery              $ 0.00             $ 0.00

Cumulative Losses             $ 0.00             $ 0.00

-------------------------------------------------------------------------------

                          Weighted Average Service Fee
                          ---------------------------- 

                <S>     <C>                    <C>
       
               GROUP     Beginning Rate        Ending Rate

  MORTGAGE GROUP ONE              0.24%              0.24%

  MORTGAGE GROUP TWO              0.23%              0.23%

------------------------------------------------------------------------------
                     Class A Principal Prepayment Percentage
                     ---------------------------------------

               GROUP    Prepayment Pct.

  MORTGAGE GROUP ONE            100.00%

  MORTGAGE GROUP TWO            100.00%

--------------------------------------------------------------------------------

                             Current Excess Interest
                             -----------------------


               Group      Excess Interest

  MORTGAGE GROUP ONE         101,925.67

  MORTGAGE GROUP TWO          15,611.80

-------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                              CREDIT REPORT SUMMARY
                              ---------------------


                       ORIGINAL            BEGINNING           ENDING
         CLASS         CREDIT SUPPORT      CREDIT SUPPORT      CREDIT SUPPORT
         -----         --------------      --------------      --------------
         <S>            <C>                <C>                  <C>

          M                3.50%               3.51%               3.54%

          B-1              2.50%               2.51%               2.53%

          B-2              1.75%               1.76%               1.77%

          B-3              0.90%               0.90%               0.91%

          B-4              0.45%               0.45%               0.46%

          B-5              0.00%               0.00%               0.00%

--------------------------------------------------------------------------------------------------

                    MONTHLY CLASS DISTRIBUTION DETAIL REPORT
                    ----------------------------------------


  Class   Original Balance      Beginning Bal   Beg. Factor Prin. Disbursed  Int. Disbursed     Ending Balance  Ending Factor
 <S>     <C>                    <C>             <C>        <C>                <C>               <C>             <C>               
  
  TOTAL             $ 0.00             $ 0.00                        $ 0.00          $ 0.00             $ 0.00

----------------------------------------------------------------------------------------------------------------------------

      M     $ 4,658,626.00     $ 4,651,272.80  0.9984215947      $ 7,411.97     $ 28,101.44     $ 4,643,860.83  0.9968305741

    B-1     $ 2,070,499.00     $ 2,067,230.91  0.9984215931      $ 3,294.20     $ 12,489.52     $ 2,063,936.71  0.9968305756

    B-2     $ 1,552,875.00     $ 1,550,423.93  0.9984215922      $ 2,470.65      $ 9,367.14     $ 1,547,953.28  0.9968305755

    B-3     $ 1,759,925.00     $ 1,757,147.12  0.9984215918      $ 2,800.07     $ 10,616.10     $ 1,754,347.05  0.9968305752

    B-4       $ 931,725.00       $ 930,254.36  0.9984194512      $ 1,482.39      $ 5,620.29       $ 928,771.97  0.9968284379

    B-5       $ 931,727.19       $ 930,256.55  0.9984237412      $ 1,482.39      $ 5,620.30       $ 928,774.16  0.9968327249

  TOTAL    $ 11,905,377.19    $ 11,886,585.67                   $ 18,941.67     $ 71,814.79    $ 11,867,644.00

----------------------------------------------------------------------------------------------------------------------------

   IA-1   $ 114,282,033.00   $ 113,952,469.04  0.9971162225  $ 1,191,424.47    $ 602,998.48   $ 112,761,044.57  0.9866909225

   IA-2             $ 0.00             $ 0.00  0.0000000000          $ 0.00    $ 251,645.04             $ 0.00  0.0000000000

   IA-3    $ 27,585,318.00    $ 27,505,768.08  0.9971162225    $ 287,585.21          $ 0.00    $ 27,218,182.87  0.9866909227

   IA-4    $ 15,763,039.00    $ 15,749,009.34  0.9991099648     $ 14,147.56     $ 95,150.26    $ 15,734,861.78  0.9982124500

   IA-P       $ 490,762.00       $ 490,247.10  0.9989508153     $ 61,039.19          $ 0.00       $ 429,207.91  0.8745744577

  TOTAL   $ 158,121,152.00   $ 157,697,493.56                $ 1,554,196.43    $ 949,793.78   $ 156,143,297.13

----------------------------------------------------------------------------------------------------------------------------

  IIA-1    $ 36,521,592.00    $ 35,831,686.25  0.9811096474    $ 366,689.12    $ 216,483.10    $ 35,464,997.13  0.9710693096

  IIA-P       $ 501,860.00       $ 480,308.35  0.9570564500      $ 2,180.80          $ 0.00       $ 478,127.55  0.9527110150

  TOTAL    $ 37,023,452.00    $ 36,311,994.60                  $ 368,869.92    $ 216,483.10    $ 35,943,124.68

----------------------------------------------------------------------------------------------------------------------------

      R             $ 0.00             $ 0.00  0.0000000000          $ 0.00          $ 0.00             $ 0.00  0.0000000000

  TOTAL             $ 0.00             $ 0.00                        $ 0.00          $ 0.00             $ 0.00

----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                  MONTHLY PRINCIPAL DISTRIBUTION DETAIL REPORT
                  --------------------------------------------
<TABLE>
<CAPTION>


  Class        Initial Bal      Beginning Bal  Scheduled Prin. Adj/Shtf  Prin. Disbursed Prin. Dist. Fa     Ending Balance
  <S>           <C>             <C>            <C>             <C>        <C>            <C>                <C>         

  TOTAL             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00                            $ 0.00

---------------------------------------------------------------------------------------------------------------------------

      M     $ 4,658,626.00     $ 4,651,272.80       $ 7,411.97   $ 0.00       $ 7,411.97    $ 1.5910206     $ 4,643,860.83

    B-1     $ 2,070,499.00     $ 2,067,230.91       $ 3,294.20   $ 0.00       $ 3,294.20    $ 1.5910174     $ 2,063,936.71

    B-2     $ 1,552,875.00     $ 1,550,423.93       $ 2,470.65   $ 0.00       $ 2,470.65    $ 1.5910167     $ 1,547,953.28

    B-3     $ 1,759,925.00     $ 1,757,147.12       $ 2,800.07   $ 0.00       $ 2,800.07    $ 1.5910167     $ 1,754,347.05

    B-4       $ 931,725.00       $ 930,254.36       $ 1,482.39   $ 0.00       $ 1,482.39    $ 1.5910132       $ 928,771.97

    B-5       $ 931,727.19       $ 930,256.55       $ 1,482.39   $ 0.00       $ 1,482.39    $ 1.5910163       $ 928,774.16

  TOTAL    $ 11,905,377.19    $ 11,886,585.67      $ 18,941.67   $ 0.00      $ 18,941.67                   $ 11,867,644.00

---------------------------------------------------------------------------------------------------------------------------

   IA-1   $ 114,282,033.00   $ 113,952,469.04   $ 1,191,424.47   $ 0.00   $ 1,191,424.47   $ 10.4252999   $ 112,761,044.57

   IA-2             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000             $ 0.00

   IA-3    $ 27,585,318.00    $ 27,505,768.08     $ 287,585.21   $ 0.00     $ 287,585.21   $ 10.4252998    $ 27,218,182.87

   IA-4    $ 15,763,039.00    $ 15,749,009.34      $ 14,147.56   $ 0.00      $ 14,147.56    $ 0.8975147    $ 15,734,861.78

   IA-P       $ 490,762.00       $ 490,247.10      $ 61,039.19   $ 0.00      $ 61,039.19  $ 124.3763576       $ 429,207.91

  TOTAL   $ 158,121,152.00   $ 157,697,493.56   $ 1,554,196.43   $ 0.00   $ 1,554,196.43                  $ 156,143,297.13

---------------------------------------------------------------------------------------------------------------------------

  IIA-1    $ 36,521,592.00    $ 35,831,686.25     $ 366,689.12   $ 0.00     $ 366,689.12   $ 10.0403378    $ 35,464,997.13

  IIA-P       $ 501,860.00       $ 480,308.35       $ 2,180.80   $ 0.00       $ 2,180.80    $ 4.3454350       $ 478,127.55

  TOTAL    $ 37,023,452.00    $ 36,311,994.60     $ 368,869.92   $ 0.00     $ 368,869.92                   $ 35,943,124.68

---------------------------------------------------------------------------------------------------------------------------

      R             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000             $ 0.00

  TOTAL             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00                            $ 0.00

---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                MONTHLY INTEREST DISTRIBUTION DETAIL REPORT
                                -------------------------------------------
<TABLE>
<CAPTION>


  Class   PTR   Gross Int.Dist. Prep.Short Z Accret Int.Adj. Sol/Sail S Total Int.Dist Int. Dist. Fac
  <S>     <C>    <C>            <C>        <C>      <C>       <C>       <C>            <C>                                         

  TOTAL                  $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00

---------------------------------------------------------------------------------------------------------------------------

      M 7.2500%     $ 28,101.44     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 28,101.44    $ 6.0321305

    B-1 7.2500%     $ 12,489.52     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 12,489.52    $ 6.0321304

    B-2 7.2500%      $ 9,367.14     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 9,367.14    $ 6.0321275

    B-3 7.2500%     $ 10,616.10     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 10,616.10    $ 6.0321321

    B-4 7.2500%      $ 5,620.29     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,620.29    $ 6.0321210

    B-5 7.2500%      $ 5,620.30     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,620.30    $ 6.0321434

  TOTAL             $ 71,814.79     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 71,814.79

---------------------------------------------------------------------------------------------------------------------------

   IA-1 6.3500%    $ 602,998.48     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 602,998.48    $ 5.2764067

   IA-2 2.6500%    $ 251,645.04     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 251,645.04    $ 0.0000000

   IA-3 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000

   IA-4 7.2500%     $ 95,150.26     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 95,150.26    $ 6.0362891

   IA-P 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000

  TOTAL            $ 949,793.78     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 949,793.78

---------------------------------------------------------------------------------------------------------------------------

  IIA-1 7.2500%    $ 216,483.10     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 216,483.10    $ 5.9275373

  IIA-P 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000

  TOTAL            $ 216,483.10     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 216,483.10

---------------------------------------------------------------------------------------------------------------------------

      R 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000

  TOTAL                  $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00

---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                             MASTER SERVICER SUMMARY
                             -----------------------
<TABLE>
<CAPTION>


               GROUP  Servicer Advanc Deliq.for Perd Adv. Recovered   Serv. Fees Excess Interest
        <S>           <C>            <C>            <C>               <C>        <C>             

  MORTGAGE GROUP ONE          $ 0.00         $ 0.00         $ 0.00  $ 34,030.59    $ 101,925.67

  MORTGAGE GROUP TWO          $ 0.00         $ 0.00         $ 0.00   $ 7,443.25     $ 15,611.80

               TOTAL          $ 0.00         $ 0.00         $ 0.00  $ 41,473.84    $ 117,537.47

-----------------------------------------------------------------------------------------------

        Additional Servicing Compensation                                                $ 0.00

-----------------------------------------------------------------------------------------------

                             Delinquency Information
                             -----------------------


    PERIOD           Units             Amount         Percentage
    ------           -----             ------         ----------
   <S>              <C>        <C>                    <C>

   30 DAYS              11     $ 3,990,998.69            1.9384%

   60 DAYS               0             $ 0.00            0.0000%

  90+ DAYS               0             $ 0.00            0.0000%

     TOTAL              11     $ 3,990,998.69            1.9384%


 FORECLOSE               0             $ 0.00            0.0000%

     TOTAL               0             $ 0.00            0.0000%


       REO               0             $ 0.00            0.0000%

     TOTAL               0             $ 0.00            0.0000%


----------------------------------------------------------------------------------------------
</TABLE>