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


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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                         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   $ 174,803,533.85      $ 174,803,533.85

Scheduled Principal                 $ 817,448.95          $ 817,448.95

Curtailments                        $ 368,201.95          $ 368,201.95

Repurchase Principal                      $ 0.00                $ 0.00

Paid in Full Principal            $ 1,219,107.05        $ 1,219,107.05

Default Principal                         $ 0.00                $ 0.00

Total Principal                   $ 2,404,757.95        $ 2,404,757.95

Ending Certificate Principal    $ 172,398,775.90      $ 172,398,775.90


                             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     $ 3,581,042.33     $ 3,581,042.33

Scheduled Principal                  $ 15,957.33        $ 15,957.33

Curtailments                            $ 730.18           $ 730.18

Repurchase Principal                      $ 0.00             $ 0.00

Paid in Full Principal               $ 29,677.01        $ 29,677.01

Default Principal                         $ 0.00             $ 0.00

Total Principal                      $ 46,364.52        $ 46,364.52
--------------------------------------------------------------------------------------
Ending Certificate Principal      $ 3,534,677.81     $ 3,534,677.81


</TABLE>

<PAGE>


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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                          MORSERV, INC., Series 1996-1
<TABLE>
<CAPTION>
                           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   $ 171,222,491.52   $ 171,222,491.52

Scheduled Principal                 $ 801,491.62       $ 801,491.62

Curtailments                        $ 367,471.77       $ 367,471.77

Repurchase Principal                      $ 0.00             $ 0.00

Paid in Full Principal            $ 1,189,430.04     $ 1,189,430.04

Default Principal                         $ 0.00             $ 0.00

Total Principal                   $ 2,358,393.43     $ 2,358,393.43

Ending Certificate Principal    $ 168,864,098.09   $ 168,864,098.09

</TABLE>

<PAGE>

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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996

                          MORSERV, INC., Series 1996-1


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


               CLASS   Interest Distribution

                   A          $ 962,169.69

              SUBORD           $ 36,628.19



                                 MORTGAGE TALLY
                                 --------------
<TABLE>
<CAPTION>


GROUP                MORTGAGE GROUP ONE      TOTAL
-----                ------------------      -----
<S>                 <C>                    <C> 
Initial Loan Count                  604        604

Beginning Loan Count                589        589

Paid in Full Loans                    5          5

Defaulted Loans                       0          0

Repurchased Loans                     0          0

Ending Loan Count                   584        584


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

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

                   A   96.407901143813%   96.374844776378%   96.332773936000%

              SUBORD    3.592098856187%    3.625155223622%    3.667226064000%


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

               Group      Beginning WAC         Ending WAC

  MORTGAGE GROUP ONE    7.407097114926%    7.406082419054%


        Loss Summary for Due Period


GROUP             MORTGAGE GROUP ONE

Current Loss                  $ 0.00

Current Recovery              $ 0.00

Cumulative Losses             $ 0.00

</TABLE>

<PAGE>

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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                          MORSERV, INC., Series 1996-1


                          Weighted Average Service Fee
<TABLE>
<CAPTION>


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

  MORTGAGE GROUP ONE           0.22970%           0.22964%



        Class A Principal Prepayment Percentage


               GROUP    Prepayment Pct.

  MORTGAGE GROUP ONE            100.00%


        Excess Interest


            Amount

         46,730.33


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

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

          M                2.00%               2.05%               2.07%

          B-1              1.25%               1.28%               1.30%

          B-2              0.75%               0.77%               0.78%

          B-3              0.50%               0.51%               0.52%

          B-4              0.30%               0.31%               0.31%

          B-5              0.00%               0.00%               0.00%

</TABLE>

<PAGE>
                                   MONTHLY CERTIFICATE HOLDERS REPORT
                                   ----------------------------------


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                          MORSERV, INC., Series 1996-1


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

  Class   Original Balance      Beginning Bal   Beg. Factor Prin. Disbursed  Int. Disbursed     Ending Balance Ending Factor
<S>     <C>                   <C>              <C>    <C>   <C>              <C>              <C>             <C>                 
    A-1    $ 37,144,000.00    $ 31,019,304.74  0.8351094319  $ 1,525,418.37    $ 180,945.94    $ 29,493,886.37  0.7940417394

    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    $ 38,033,608.80  0.9726270663    $ 687,018.93    $ 221,862.72    $ 37,346,589.87  0.9550580470

    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    $ 24,901,462.24  0.9819575788    $ 116,563.62    $ 145,258.53    $ 24,784,898.62  0.9773610403

    A-P     $ 3,700,335.53     $ 3,581,042.33  0.9677615181     $ 46,364.52          $ 0.00     $ 3,534,677.81  0.9552317030

  TOTAL   $ 176,296,335.53   $ 168,524,418.11                $ 2,375,365.44    $ 962,169.69   $ 166,149,052.67

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

      M     $ 2,740,000.00     $ 2,690,563.77  0.9819575803     $ 12,594.50     $ 15,694.96     $ 2,677,969.27  0.9773610474

    B-1     $ 1,370,000.00     $ 1,345,281.89  0.9819575839      $ 6,297.26      $ 7,847.48     $ 1,338,984.63  0.9773610438

    B-2       $ 914,000.00       $ 897,509.22  0.9819575711      $ 4,201.24      $ 5,235.47       $ 893,307.98  0.9773610284

    B-3       $ 457,000.00       $ 448,754.62  0.9819575930      $ 2,100.62      $ 2,617.74       $ 446,654.00  0.9773610503

    B-4       $ 365,000.00       $ 358,414.51  0.9819575616      $ 1,677.74      $ 2,090.75       $ 356,736.77  0.9773610137

    B-5       $ 548,487.78       $ 538,591.73  0.9819575743      $ 2,521.15      $ 3,141.79       $ 536,070.58  0.9773610271

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

  TOTAL     $ 6,394,487.78     $ 6,279,115.74                   $ 29,392.51     $ 36,628.19     $ 6,249,723.23

</TABLE>

<PAGE>


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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                          MORSERV, INC., Series 1996-1
<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    $ 31,019,304.74   $ 1,525,418.37   $ 0.00   $ 1,525,418.37   $ 41.0676925    $ 29,493,886.37

    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    $ 38,033,608.80     $ 687,018.93   $ 0.00     $ 687,018.93   $ 17.5690193    $ 37,346,589.87

    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    $ 24,901,462.24     $ 116,563.62   $ 0.00     $ 116,563.62    $ 4.5965385    $ 24,784,898.62

    A-P     $ 3,700,335.53     $ 3,581,042.33      $ 46,364.52   $ 0.00      $ 46,364.52   $ 12.5298151     $ 3,534,677.81

  TOTAL   $ 176,296,335.53   $ 168,524,418.11   $ 2,375,365.44   $ 0.00   $ 2,375,365.44                  $ 166,149,052.67

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

      M     $ 2,740,000.00     $ 2,690,563.77      $ 12,594.50   $ 0.00      $ 12,594.50    $ 4.5965328     $ 2,677,969.27

    B-1     $ 1,370,000.00     $ 1,345,281.89       $ 6,297.26   $ 0.00       $ 6,297.26    $ 4.5965401     $ 1,338,984.63

    B-2       $ 914,000.00       $ 897,509.22       $ 4,201.24   $ 0.00       $ 4,201.24    $ 4.5965427       $ 893,307.98

    B-3       $ 457,000.00       $ 448,754.62       $ 2,100.62   $ 0.00       $ 2,100.62    $ 4.5965427       $ 446,654.00

    B-4       $ 365,000.00       $ 358,414.51       $ 1,677.74   $ 0.00       $ 1,677.74    $ 4.5965479       $ 356,736.77

    B-5       $ 548,487.78       $ 538,591.73       $ 2,521.15   $ 0.00       $ 2,521.15    $ 4.5965473       $ 536,070.58

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

  TOTAL     $ 6,394,487.78     $ 6,279,115.74      $ 29,392.51   $ 0.00      $ 29,392.51                    $ 6,249,723.23

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

</TABLE>

<PAGE>

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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                          MORSERV, INC., Series 1996-1


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


  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%    $ 180,945.94     $ 0.00   $ 0.00   $ 0.00   $ 180,945.94    $ 4.8714716

    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%    $ 221,862.72     $ 0.00   $ 0.00   $ 0.00   $ 221,862.72    $ 5.6736579

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

    A-6  7.000%    $ 145,258.53     $ 0.00   $ 0.00   $ 0.00   $ 145,258.53    $ 5.7280859

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

  TOTAL            $ 962,169.69     $ 0.00   $ 0.00   $ 0.00   $ 962,169.69

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

      M  7.000%     $ 15,694.96     $ 0.00   $ 0.00   $ 0.00    $ 15,694.96    $ 5.7280876

    B-1  7.000%      $ 7,847.48     $ 0.00   $ 0.00   $ 0.00     $ 7,847.48    $ 5.7280876

    B-2  7.000%      $ 5,235.47     $ 0.00   $ 0.00   $ 0.00     $ 5,235.47    $ 5.7280853

    B-3  7.000%      $ 2,617.74     $ 0.00   $ 0.00   $ 0.00     $ 2,617.74    $ 5.7280963

    B-4  7.000%      $ 2,090.75     $ 0.00   $ 0.00   $ 0.00     $ 2,090.75    $ 5.7280822

    B-5  7.000%      $ 3,141.79     $ 0.00   $ 0.00   $ 0.00     $ 3,141.79    $ 5.7280948

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

  TOTAL             $ 36,628.19     $ 0.00   $ 0.00   $ 0.00    $ 36,628.19

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

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


Due Period :  5 Beginning Date     : 10/01/1996  End Date         :  10/31/1996

                Determination Date : 11/14/1996  Remittance Date  :  11/25/1996


                          MORSERV, INC., Series 1996-1


                             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  $ 32,990.69          $ 0.00

               TOTAL          $ 0.00         $ 0.00         $ 0.00  $ 32,990.69          $ 0.00



        Additional Servicing Compensation                                                    $ 0.00


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

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

   30 DAYS               2       $ 600,069.10            0.3433%

   60 DAYS               0             $ 0.00            0.0000%

  90+ DAYS               0             $ 0.00            0.0000%

     TOTAL               2       $ 600,069.10            0.3433%



 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>

Creation Date :  Fri Nov 22, 1996  11:15 AM  MORSERV,INC., SERIES 1996-2

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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996
<TABLE>
<CAPTION>
                        PO AND NON-PO BALANCE INFORMATION
                        --------------------------------- 

GROUP                         MORTGAGE GROUP ONE    MORTGAGE GROUP TWO     TOTAL
-----                         ------------------    ------------------     -----
<S>                           <C>                 <C>                <C>              
Initial Certificate Balance     $ 167,767,803.07    $ 39,282,178.12   $ 207,049,981.19

Beginning Certificate Balance   $ 165,772,703.84    $ 38,181,360.31   $ 203,954,064.15

Scheduled Principal                 $ 150,185.50       $ 178,760.86       $ 328,946.36

Curtailments                          $ 9,522.60         $ 4,978.56        $ 14,501.16

Repurchase Principal                      $ 0.00             $ 0.00             $ 0.00

Paid in Full Principal              $ 867,578.82       $ 482,435.06     $ 1,350,013.88

Default Principal                         $ 0.00             $ 0.00             $ 0.00

Total Principal                   $ 1,027,286.92       $ 666,174.48     $ 1,693,461.40

Ending Certificate Principal    $ 164,745,416.92    $ 37,515,185.83   $ 202,260,602.75


                             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       $ 429,207.91       $ 478,127.55       $ 907,335.46

Scheduled Principal                     $ 430.03         $ 2,165.88         $ 2,595.91

Curtailments                             $ 27.84           $ 105.34           $ 133.18

Repurchase Principal                      $ 0.00             $ 0.00             $ 0.00

Paid in Full Principal                    $ 0.00             $ 0.00             $ 0.00

Default Principal                         $ 0.00             $ 0.00             $ 0.00

Total Principal                         $ 457.87         $ 2,271.22         $ 2,729.09

Ending Certificate Principal        $ 428,750.04       $ 475,856.33       $ 904,606.37


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

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   $ 165,343,495.93    $ 37,703,232.76          $ 203,046,728.69

Scheduled Principal                 $ 149,755.47       $ 176,594.98              $ 326,350.45

Curtailments                          $ 9,494.76         $ 4,873.22               $ 14,367.98

Repurchase Principal                      $ 0.00             $ 0.00                    $ 0.00

Paid in Full Principal              $ 867,578.82       $ 482,435.06            $ 1,350,013.88

Default Principal                         $ 0.00             $ 0.00                    $ 0.00

Total Principal                   $ 1,026,829.05       $ 663,903.26            $ 1,690,732.31

Ending Certificate Principal    $ 164,316,666.90    $ 37,039,329.52          $ 201,355,996.42
</TABLE>


<PAGE>

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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996


                              INTEREST DISTRIBUTION
                              ---------------------  
<TABLE>
<CAPTION>

               CLASS     Interest Distribution
              <S>        <C>    

                   A        $ 1,155,040.31

              SUBORD           $ 71,700.35


                  IA          $ 940,772.62


                 IIA          $ 214,267.69


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

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

Beginning Loan Count         536                127                  663

Paid in Full Loans             3                  2                    5

Defaulted Loans                0                  0                    0

Repurchased Loans              0                  0                    0

Ending Loan Count            533                125                  658


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

               CLASS  Beginning Pool Pct   Ending Pool Pct.   Beg. Non-PO Pct.
              <S>    <C>                   <C>                <C>
                  A   94.181218016194%   94.141994476974%   94.155216182715%

              SUBORD    5.818782797715%    5.858006343749%    5.373910338918%


                  IA   94.191198860282%   94.160271460133%   94.176120048849%


                 IIA   94.137884004584%   94.061732333954%   94.063544512887%


                          Weighted Average Coupon Rate
                          ----------------------------                            
         
               Group      Beginning WAC         Ending WAC
                <S>       <C>              <C>

  MORTGAGE GROUP ONE    8.209263578843%    8.210869140552%

  MORTGAGE GROUP TWO    7.878477077759%    7.859935791841%
</TABLE>
<PAGE>

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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996


                           Loss Summary for Due Period
                           ---------------------------
<TABLE>
<CAPTION>

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


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

  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         101,377.78

  MORTGAGE GROUP TWO          15,518.49


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

                       ORIGINAL            BEGINNING           ENDING
         CLASS         CREDIT SUPPORT      CREDIT SUPPORT      CREDIT SUPPORT
         -----         --------------      --------------      --------------
         <S>           <C>                 <C>                 <C> 
          M                3.50%               3.54%               3.57%

          B-1              2.50%               2.53%               2.55%

          B-2              1.75%               1.77%               1.78%

          B-3              0.90%               0.91%               0.92%

          B-4              0.45%               0.46%               0.46%

          B-5              0.00%               0.00%               0.00%
</TABLE>
<PAGE>

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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996
<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>          

      M     $ 4,658,626.00     $ 4,643,860.83  0.9968305741      $ 7,515.02     $ 28,056.66     $ 4,636,345.81  0.9952174332

    B-1     $ 2,070,499.00     $ 2,063,936.71  0.9968305756      $ 3,340.01     $ 12,469.62     $ 2,060,596.70  0.9952174331

    B-2     $ 1,552,875.00     $ 1,547,953.28  0.9968305755      $ 2,505.01      $ 9,352.22     $ 1,545,448.27  0.9952174322

    B-3     $ 1,759,925.00     $ 1,754,347.05  0.9968305752      $ 2,839.01     $ 10,599.18     $ 1,751,508.04  0.9952174326

    B-4       $ 931,725.00       $ 928,771.97  0.9968284379      $ 1,503.00      $ 5,611.33       $ 927,268.97  0.9952153045

    B-5       $ 931,727.19       $ 928,774.16  0.9968327249      $ 1,503.01      $ 5,611.34       $ 927,271.15  0.9952195776

  TOTAL    $ 11,905,377.19    $ 11,867,644.00                   $ 19,205.06     $ 71,700.35    $ 11,848,438.94

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

   IA-1   $ 114,282,033.00   $ 112,761,044.57  0.9866909225    $ 808,661.81    $ 590,820.89   $ 111,952,382.76  0.9796149038

   IA-2             $ 0.00             $ 0.00  0.0000000000          $ 0.00    $ 254,886.94             $ 0.00  0.0000000000

   IA-3    $ 27,585,318.00    $ 27,218,182.87  0.9866909227    $ 195,194.23          $ 0.00    $ 27,022,988.64  0.9796149038

   IA-4    $ 15,763,039.00    $ 15,734,861.78  0.9982124500     $ 14,251.43     $ 95,064.79    $ 15,720,610.35  0.9973083458

   IA-P       $ 490,762.00       $ 429,207.91  0.8745744577        $ 457.87          $ 0.00       $ 428,750.04  0.8736414800

  TOTAL   $ 158,121,152.00   $ 156,143,297.13                $ 1,018,565.34    $ 940,772.62   $ 155,124,731.79

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

  IIA-1    $ 36,521,592.00    $ 35,464,997.13  0.9710693096    $ 653,419.78    $ 214,267.69    $ 34,811,577.35  0.9531779817

  IIA-P       $ 501,860.00       $ 478,127.55  0.9527110150      $ 2,271.22          $ 0.00       $ 475,856.33  0.9481854103

  TOTAL    $ 37,023,452.00    $ 35,943,124.68                  $ 655,691.00    $ 214,267.69    $ 35,287,433.68

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

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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996
<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>

      M     $ 4,658,626.00     $ 4,643,860.83       $ 7,515.02   $ 0.00       $ 7,515.02    $ 1.6131409     $ 4,636,345.81

    B-1     $ 2,070,499.00     $ 2,063,936.71       $ 3,340.01   $ 0.00       $ 3,340.01    $ 1.6131425     $ 2,060,596.70

    B-2     $ 1,552,875.00     $ 1,547,953.28       $ 2,505.01   $ 0.00       $ 2,505.01    $ 1.6131434     $ 1,545,448.27

    B-3     $ 1,759,925.00     $ 1,754,347.05       $ 2,839.01   $ 0.00       $ 2,839.01    $ 1.6131426     $ 1,751,508.04

    B-4       $ 931,725.00       $ 928,771.97       $ 1,503.00   $ 0.00       $ 1,503.00    $ 1.6131335       $ 927,268.97

    B-5       $ 931,727.19       $ 928,774.16       $ 1,503.01   $ 0.00       $ 1,503.01    $ 1.6131473       $ 927,271.15

  TOTAL    $ 11,905,377.19    $ 11,867,644.00      $ 19,205.06   $ 0.00      $ 19,205.06                   $ 11,848,438.94

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

   IA-1   $ 114,282,033.00   $ 112,761,044.57     $ 808,661.81   $ 0.00     $ 808,661.81    $ 7.0760188   $ 111,952,382.76

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

   IA-3    $ 27,585,318.00    $ 27,218,182.87     $ 195,194.23   $ 0.00     $ 195,194.23    $ 7.0760188    $ 27,022,988.64

   IA-4    $ 15,763,039.00    $ 15,734,861.78      $ 14,251.43   $ 0.00      $ 14,251.43    $ 0.9041042    $ 15,720,610.35

   IA-P       $ 490,762.00       $ 429,207.91         $ 457.87   $ 0.00         $ 457.87    $ 0.9329777       $ 428,750.04

  TOTAL   $ 158,121,152.00   $ 156,143,297.13   $ 1,018,565.34   $ 0.00   $ 1,018,565.34                  $ 155,124,731.79

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

  IIA-1    $ 36,521,592.00    $ 35,464,997.13     $ 653,419.78   $ 0.00     $ 653,419.78   $ 17.8913280    $ 34,811,577.35

  IIA-P       $ 501,860.00       $ 478,127.55       $ 2,271.22   $ 0.00       $ 2,271.22    $ 4.5256048       $ 475,856.33

  TOTAL    $ 37,023,452.00    $ 35,943,124.68     $ 655,691.00   $ 0.00     $ 655,691.00                   $ 35,287,433.68

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

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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996
<TABLE>
<CAPTION>

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

  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>                   

      M 7.2500%     $ 28,056.66     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 28,056.66    $ 6.0225182

    B-1 7.2500%     $ 12,469.62     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 12,469.62    $ 6.0225192

    B-2 7.2500%      $ 9,352.22     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 9,352.22    $ 6.0225195

    B-3 7.2500%     $ 10,599.18     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 10,599.18    $ 6.0225180

    B-4 7.2500%      $ 5,611.33     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,611.33    $ 6.0225044

    B-5 7.2500%      $ 5,611.34     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,611.34    $ 6.0225269

  TOTAL             $ 71,700.35     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 71,700.35

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

   IA-1 6.2875%    $ 590,820.89     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 590,820.89    $ 5.1698493

   IA-2 2.7125%    $ 254,886.94     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 254,886.94    $ 0.0000000

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

   IA-4 7.2500%     $ 95,064.79     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 95,064.79    $ 6.0308669

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

  TOTAL            $ 940,772.62     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 940,772.62

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

  IIA-1 7.2500%    $ 214,267.69     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 214,267.69    $ 5.8668771

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

  TOTAL            $ 214,267.69     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 214,267.69

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

      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>


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

Due Period :  3 Beginning Date     :  10/01/1996  End Date         : 10/31/1996

                Determination Date :  11/15/1996  Remittance Date  : 11/25/1996


                             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  $ 33,731.89    $ 101,377.78

  MORTGAGE GROUP TWO          $ 0.00         $ 0.00         $ 0.00   $ 7,366.91     $ 15,518.49

               TOTAL          $ 0.00         $ 0.00         $ 0.00  $ 41,098.80    $ 116,896.27



        Additional Servicing Compensation $ 0.00
                    

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


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

   30 DAYS               8     $ 3,856,609.42            1.8909%

   60 DAYS               3       $ 759,172.59            0.3722%

  90+ DAYS               0             $ 0.00            0.0000%

     TOTAL              11     $ 4,615,782.01            2.2631%



 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>