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


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

Due Period :  6 Beginning Date     : 11/01/1996  End Date        :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date :  12/26/1996

                          MORSERV, INC., Series 1996-1

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

                        PO AND NON-PO BALANCE INFORMATION

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

Initial Certificate Balance     $ 182,690,823.31   $ 182,690,823.31
Beginning Certificate Balance   $ 172,398,775.90   $ 172,398,775.90
Scheduled Principal                 $ 819,260.12       $ 819,260.12
Curtailments                        $ 155,211.98       $ 155,211.98
Repurchase Principal                      $ 0.00             $ 0.00
Paid in Full Principal              $ 759,015.09       $ 759,015.09
Default Principal                         $ 0.00             $ 0.00
Total Principal                   $ 1,733,487.19     $ 1,733,487.19
Ending Certificate Principal    $ 170,665,288.71   $ 170,665,288.71

                             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     $ 3,534,677.81     $ 3,534,677.81
Scheduled Principal                  $ 15,932.87        $ 15,932.87
Curtailments                          $ 9,240.79         $ 9,240.79
Repurchase Principal                      $ 0.00             $ 0.00
Paid in Full Principal                    $ 0.00             $ 0.00
Default Principal                         $ 0.00             $ 0.00
Total Principal                      $ 25,173.66        $ 25,173.66
Ending Certificate Principal      $ 3,509,504.15     $ 3,509,504.15

        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   $ 168,864,098.09   $ 168,864,098.09
Scheduled Principal                 $ 803,327.25       $ 803,327.25
Curtailments                        $ 145,971.19       $ 145,971.19
Repurchase Principal                      $ 0.00             $ 0.00
Paid in Full Principal              $ 759,015.09       $ 759,015.09
Default Principal                         $ 0.00             $ 0.00
Total Principal                   $ 1,708,313.53     $ 1,708,313.53
Ending Certificate Principal    $ 167,155,784.56   $ 167,155,784.56
</TABLE>

-------------------------------------------------------------------------------
<PAGE>

MSII 1996-1      

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

Due Period :  6 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date  :  12/26/1996

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

                              INTEREST DISTRIBUTION

             
                 CLASS      Interest Distribution
                 <S>        <C>
     
                   A          $ 948,583.86
              SUBORD           $ 36,456.71

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

                                 MORTGAGE TALLY

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

Initial Loan Count                  604        604
Beginning Loan Count                584        584
Paid in Full Loans                    3          3
Defaulted Loans                       0          0
Repurchased Loans                     0          0
Ending Loan Count                   581        581
</TABLE>

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

                            POOL PERCENTAGE INFORMATION

               CLASS Beginning Pool Pct   Ending Pool Pct.   Beg. Non-PO Pct.
                   A   96.374844776378%   96.355444134531%   96.298962658000%
              SUBORD    3.625155223622%    3.644555865469%    3.701037342000%

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

        Weighted Average Coupon Rate

               Group      Beginning WAC         Ending WAC
  MORTGAGE GROUP ONE    7.406082419054%    7.404522131075%

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

        Loss Summary for Due Period

GROUP             MORTGAGE GROUP ONE
Current Loss                  $ 0.00
Current Recovery              $ 0.00
Cumulative Losses             $ 0.00

-------------------------------------------------------------------------------
<PAGE>
MSII 1996-1    

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

Due Period :  6 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date  :  12/26/1996

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

                          Weighted Average Service Fee

               GROUP     Beginning Rate        Ending Rate
  MORTGAGE GROUP ONE           0.22964%           0.22956%

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

                     Class A Principal Prepayment Percentage

               GROUP    Prepayment Pct.
  MORTGAGE GROUP ONE            100.00%

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

        Excess Interest

            Amount
         45,968.31

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

                              CREDIT REPORT SUMMARY


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

          M                2.00%               2.07%               2.08%
          B-1              1.25%               1.30%               1.30%
          B-2              0.75%               0.78%               0.78%
          B-3              0.50%               0.52%               0.52%
          B-4              0.30%               0.31%               0.31%
          B-5              0.00%               0.00%               0.00%
-------------------------------------------------------------------------------
</TABLE>

<PAGE>

Creation Date :  Mon Dec  9, 1996  01:10 PM      MSII 1996-1      PAGE No. 004

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

Due Period :  6 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date  :  12/26/1996

-------------------------------------------------------------------------------
<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>               <C>              <C>              
 
   A-1    $ 37,144,000.00    $ 29,493,886.37  0.7940417394  $ 1,519,496.91    $ 172,047.67    $ 27,974,389.46  0.7531334660
    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    $ 37,346,589.87  0.9550580470     $ 41,177.44    $ 217,855.11    $ 37,305,412.43  0.9540050233
    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    $ 24,784,898.62  0.9773610403    $ 117,907.74    $ 144,578.58    $ 24,666,990.88  0.9727114981
    A-P     $ 3,700,335.53     $ 3,534,677.81  0.9552317030     $ 25,173.66          $ 0.00     $ 3,509,504.15  0.9484286280

  TOTAL   $ 176,296,335.53   $ 166,149,052.67                $ 1,703,755.75    $ 948,583.86   $ 164,445,296.92
----------------------------------------------------------------------------------------------------------------------------

      M     $ 2,740,000.00     $ 2,677,969.27  0.9773610474     $ 12,739.75     $ 15,621.49     $ 2,665,229.52  0.9727115036
    B-1     $ 1,370,000.00     $ 1,338,984.63  0.9773610438      $ 6,369.87      $ 7,810.74     $ 1,332,614.76  0.9727115036
    B-2       $ 914,000.00       $ 893,307.98  0.9773610284      $ 4,249.68      $ 5,210.96       $ 889,058.30  0.9727114880
    B-3       $ 457,000.00       $ 446,654.00  0.9773610503      $ 2,124.84      $ 2,605.48       $ 444,529.16  0.9727115098
    B-4       $ 365,000.00       $ 356,736.77  0.9773610137      $ 1,697.08      $ 2,080.96       $ 355,039.69  0.9727114795
    B-5       $ 548,487.78       $ 536,070.58  0.9773610271      $ 2,550.22      $ 3,127.08       $ 533,520.36  0.9727114796
      R             $ 0.00             $ 0.00  0.0000000000          $ 0.00          $ 0.00             $ 0.00  0.0000000000

  TOTAL     $ 6,394,487.78     $ 6,249,723.23                   $ 29,731.44     $ 36,456.71     $ 6,219,991.79
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

MSII 1996-1        

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

Due Period :  6 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date  :  12/26/1996

-------------------------------------------------------------------------------
<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>               <C>               

    A-1    $ 37,144,000.00    $ 29,493,886.37   $ 1,519,496.91   $ 0.00   $ 1,519,496.91   $ 40.9082735    $ 27,974,389.46
    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    $ 37,346,589.87      $ 41,177.44   $ 0.00      $ 41,177.44    $ 1.0530237    $ 37,305,412.43
    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    $ 24,784,898.62     $ 117,907.74   $ 0.00     $ 117,907.74    $ 4.6495422    $ 24,666,990.88
    A-P     $ 3,700,335.53     $ 3,534,677.81      $ 25,173.66   $ 0.00      $ 25,173.66    $ 6.8030750     $ 3,509,504.15
  TOTAL   $ 176,296,335.53   $ 166,149,052.67   $ 1,703,755.75   $ 0.00   $ 1,703,755.75                  $ 164,445,296.92
---------------------------------------------------------------------------------------------------------------------------

      M     $ 2,740,000.00     $ 2,677,969.27      $ 12,739.75   $ 0.00      $ 12,739.75    $ 4.6495438     $ 2,665,229.52
    B-1     $ 1,370,000.00     $ 1,338,984.63       $ 6,369.87   $ 0.00       $ 6,369.87    $ 4.6495401     $ 1,332,614.76
    B-2       $ 914,000.00       $ 893,307.98       $ 4,249.68   $ 0.00       $ 4,249.68    $ 4.6495405       $ 889,058.30
    B-3       $ 457,000.00       $ 446,654.00       $ 2,124.84   $ 0.00       $ 2,124.84    $ 4.6495405       $ 444,529.16
    B-4       $ 365,000.00       $ 356,736.77       $ 1,697.08   $ 0.00       $ 1,697.08    $ 4.6495342       $ 355,039.69
    B-5       $ 548,487.78       $ 536,070.58       $ 2,550.22   $ 0.00       $ 2,550.22    $ 4.6495475       $ 533,520.36
      R             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000             $ 0.00
  TOTAL     $ 6,394,487.78     $ 6,249,723.23      $ 29,731.44   $ 0.00      $ 29,731.44                    $ 6,219,991.79
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

MSII 1996-1        

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

Due Period :  6 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date  :  12/26/1996

-------------------------------------------------------------------------------
<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%    $ 172,047.67     $ 0.00   $ 0.00   $ 0.00   $ 172,047.67    $ 4.6319101
    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%    $ 217,855.11     $ 0.00   $ 0.00   $ 0.00   $ 217,855.11    $ 5.5711720
    A-5  7.000%    $ 202,154.17     $ 0.00   $ 0.00   $ 0.00   $ 202,154.17    $ 5.8333334
    A-6  7.000%    $ 144,578.58     $ 0.00   $ 0.00   $ 0.00   $ 144,578.58    $ 5.7012729
    A-P  0.000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00         $ 0.00    $ 0.0000000
  TOTAL            $ 948,583.86     $ 0.00   $ 0.00   $ 0.00   $ 948,583.86
------------------------------------------------------------------------------------------

      M  7.000%     $ 15,621.49     $ 0.00   $ 0.00   $ 0.00    $ 15,621.49    $ 5.7012737
    B-1  7.000%      $ 7,810.74     $ 0.00   $ 0.00   $ 0.00     $ 7,810.74    $ 5.7012701
    B-2  7.000%      $ 5,210.96     $ 0.00   $ 0.00   $ 0.00     $ 5,210.96    $ 5.7012691
    B-3  7.000%      $ 2,605.48     $ 0.00   $ 0.00   $ 0.00     $ 2,605.48    $ 5.7012691
    B-4  7.000%      $ 2,080.96     $ 0.00   $ 0.00   $ 0.00     $ 2,080.96    $ 5.7012603
    B-5  7.000%      $ 3,127.08     $ 0.00   $ 0.00   $ 0.00     $ 3,127.08    $ 5.7012756
      R  0.000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00         $ 0.00    $ 0.0000000
  TOTAL             $ 36,456.71     $ 0.00   $ 0.00   $ 0.00    $ 36,456.71
------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Creation Date :  Mon Dec  9, 1996  01:10 PM       MSII 1996-1      PAGE No. 007

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

Due Period :  6 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/16/1996  Remittance Date  :  12/26/1996

-------------------------------------------------------------------------------
<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  $ 32,647.99          $ 0.00
               TOTAL          $ 0.00         $ 0.00         $ 0.00  $ 32,647.99          $ 0.00


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

        Additional Servicing Compensation                                                $ 0.00
-----------------------------------------------------------------------------------------------

                             Delinquency Information


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

   30 DAYS               5     $ 1,208,487.59            0.7010%
   60 DAYS               1       $ 191,011.12            0.1108%
  90+ DAYS               0             $ 0.00            0.0000%
     TOTAL               6     $ 1,399,498.71            0.8118%

 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>

      MSI  19962       

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

Due Period :  4 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/17/1996  Remittance Date  :  12/26/1996

-------------------------------------------------------------------------------
<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   $ 164,745,416.92    $ 37,515,185.83              $ 202,260,602.75
Scheduled Principal                 $ 150,495.50       $ 177,509.68                  $ 328,005.18
Curtailments                         $ 27,480.21         $ 2,577.02                   $ 30,057.23
Repurchase Principal                      $ 0.00             $ 0.00                        $ 0.00
Paid in Full Principal            $ 1,057,291.44             $ 0.00                $ 1,057,291.44
Default Principal                         $ 0.00             $ 0.00                        $ 0.00
Total Principal                   $ 1,235,267.15       $ 180,086.70                $ 1,415,353.85
Ending Certificate Principal    $ 163,510,149.77    $ 37,335,099.13              $ 200,845,248.90

                             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       $ 428,750.04       $ 475,856.33       $ 904,606.37
Scheduled Principal                     $ 432.74         $ 2,179.19         $ 2,611.93
Curtailments                            $ 100.91            $ 38.81           $ 139.72
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                         $ 533.65         $ 2,218.00         $ 2,751.65
Ending Certificate Principal        $ 428,216.39       $ 473,638.33       $ 901,854.72

                           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   $ 164,316,666.90    $ 37,039,329.52           $ 201,355,996.42
Scheduled Principal                 $ 150,062.76       $ 175,330.49               $ 325,393.25
Curtailments                         $ 27,379.30         $ 2,538.21                $ 29,917.51
Repurchase Principal                      $ 0.00             $ 0.00                     $ 0.00
Paid in Full Principal            $ 1,057,291.44             $ 0.00             $ 1,057,291.44
Default Principal                         $ 0.00             $ 0.00                     $ 0.00
Total Principal                   $ 1,234,733.50       $ 177,868.70             $ 1,412,602.20
Ending Certificate Principal    $ 163,081,933.40    $ 36,861,460.82           $ 199,943,394.22

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

<PAGE>

  MSI  19962        

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

Due Period :  4 Beginning Date     : 11/01/1996  End Date          : 11/30/1996
                Determination Date : 12/17/1996  Remittance Date   : 12/26/1996

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

                              INTEREST DISTRIBUTION

               CLASS    Interest Distribution
                   A        $ 1,144,941.51
              SUBORD           $ 71,584.32

                  IA          $ 934,621.56

                 IIA          $ 210,319.95


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

                                 MORTGAGE TALLY

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

Initial Loan Count                  541                129        670
Beginning Loan Count                533                125        658
Paid in Full Loans                    3                  0          3
Defaulted Loans                       0                  0          0
Repurchased Loans                     0                  0          0
Ending Loan Count                   530                125        655

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

                            POOL PERCENTAGE INFORMATION

               CLASS Beginning Pool Pct   Ending Pool Pct.   Beg. Non-PO Pct.
                   A   94.141994476974%   94.110338245596%   94.115676963680%
              SUBORD    5.858006343749%    5.889662580911%    5.410758408313%

                  IA   94.160271460133%   94.121527609436%   94.145033907591%

                 IIA   94.061732333954%   94.061334102048%   93.985441475122%


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

        Weighted Average Coupon Rate

               Group      Beginning WAC         Ending WAC
  MORTGAGE GROUP ONE    8.210869140552%    8.206002292355%
  MORTGAGE GROUP TWO    7.859935791841%    7.859935735566%

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

<PAGE>


   MSI  19962       
                       MONTHLY CERTIFICATE HOLDERS REPORT
                       ----------------------------------

Due Period :  4 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/17/1996  Remittance Date  :  12/26/1996

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

                           Loss Summary for Due Period

GROUP             MORTGAGE GROUP ONE MORTGAGE GROUP TWO
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
  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         100,987.20
  MORTGAGE GROUP TWO          14,712.30


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


                       ORIGINAL            BEGINNING           ENDING
         CLASS         CREDIT SUPPORT      CREDIT SUPPORT      CREDIT SUPPORT
         -----         --------------      --------------      --------------
       <S>             <C>                   <C>                 <C>
          M                3.50%               3.57%               3.60%
          B-1              2.50%               2.55%               2.57%
          B-2              1.75%               1.78%               1.80%
          B-3              0.90%               0.92%               0.93%
          B-4              0.45%               0.46%               0.46%
          B-5              0.00%               0.00%               0.00%
-------------------------------------------------------------------------------
</TABLE>

<PAGE>

MSI  19962         

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

Due Period :  4 Beginning Date     : 11/01/1996  End Date         :  11/30/1996
                Determination Date : 12/17/1996  Remittance Date  :  12/26/1996

-------------------------------------------------------------------------------
<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>           <C>                 

  TOTAL             $ 0.00             $ 0.00                        $ 0.00          $ 0.00             $ 0.00
----------------------------------------------------------------------------------------------------------------------------
      M     $ 4,658,626.00     $ 4,636,345.81  0.9952174332      $ 7,564.48     $ 28,011.26     $ 4,628,781.33  0.9935936755
    B-1     $ 2,070,499.00     $ 2,060,596.70  0.9952174331      $ 3,361.99     $ 12,449.44     $ 2,057,234.71  0.9935936748
    B-2     $ 1,552,875.00     $ 1,545,448.27  0.9952174322      $ 2,521.50      $ 9,337.08     $ 1,542,926.77  0.9935936698
    B-3     $ 1,759,925.00     $ 1,751,508.04  0.9952174326      $ 2,857.70     $ 10,582.03     $ 1,748,650.34  0.9935936702
    B-4       $ 931,725.00       $ 927,268.97  0.9952153045      $ 1,512.90      $ 5,602.25       $ 925,756.07  0.9935915456
    B-5       $ 931,727.19       $ 927,271.15  0.9952195776      $ 1,512.90      $ 5,602.26       $ 925,758.25  0.9935958155

  TOTAL    $ 11,905,377.19    $ 11,848,438.94                   $ 19,331.47     $ 71,584.32    $ 11,829,107.47
----------------------------------------------------------------------------------------------------------------------------

   IA-1   $ 114,282,033.00   $ 111,952,382.76  0.9796149038    $ 976,003.44    $ 586,583.84   $ 110,976,379.32  0.9710745986
   IA-2             $ 0.00             $ 0.00  0.0000000000          $ 0.00    $ 253,059.03             $ 0.00  0.0000000000
   IA-3    $ 27,585,318.00    $ 27,022,988.64  0.9796149038    $ 235,587.04          $ 0.00    $ 26,787,401.60  0.9710745985
   IA-4    $ 15,763,039.00    $ 15,720,610.35  0.9973083458     $ 14,356.90     $ 94,978.69    $ 15,706,253.45  0.9963975506
   IA-P       $ 490,762.00       $ 428,750.04  0.8736414800        $ 533.65          $ 0.00       $ 428,216.39  0.8725540894
  TOTAL   $ 158,121,152.00   $ 155,124,731.79                $ 1,226,481.03    $ 934,621.56   $ 153,898,250.76
----------------------------------------------------------------------------------------------------------------------------

  IIA-1    $ 36,521,592.00    $ 34,811,577.35  0.9531779817    $ 167,323.35    $ 210,319.95    $ 34,644,254.00  0.9485964905
  IIA-P       $ 501,860.00       $ 475,856.33  0.9481854103      $ 2,218.00          $ 0.00       $ 473,638.33  0.9437658510
  TOTAL    $ 37,023,452.00    $ 35,287,433.68                  $ 169,541.35    $ 210,319.95    $ 35,117,892.33

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

      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>

  MSI  19962         
                                   MONTHLY CERTIFICATE HOLDERS REPORT
                                   ----------------------------------

Due Period :  4 Beginning Date     : 11/01/1996  End Date          : 11/30/1996
                Determination Date : 12/17/1996  Remittance Date   : 12/26/1996

-------------------------------------------------------------------------------
<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>                <C>                 
 TOTAL             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00                            $ 0.00
---------------------------------------------------------------------------------------------------------------------------

      M     $ 4,658,626.00     $ 4,636,345.81       $ 7,564.48   $ 0.00       $ 7,564.48    $ 1.6237577     $ 4,628,781.33
    B-1     $ 2,070,499.00     $ 2,060,596.70       $ 3,361.99   $ 0.00       $ 3,361.99    $ 1.6237583     $ 2,057,234.71
    B-2     $ 1,552,875.00     $ 1,545,448.27       $ 2,521.50   $ 0.00       $ 2,521.50    $ 1.6237624     $ 1,542,926.77
    B-3     $ 1,759,925.00     $ 1,751,508.04       $ 2,857.70   $ 0.00       $ 2,857.70    $ 1.6237624     $ 1,748,650.34
    B-4       $ 931,725.00       $ 927,268.97       $ 1,512.90   $ 0.00       $ 1,512.90    $ 1.6237589       $ 925,756.07
    B-5       $ 931,727.19       $ 927,271.15       $ 1,512.90   $ 0.00       $ 1,512.90    $ 1.6237620       $ 925,758.25
  TOTAL    $ 11,905,377.19    $ 11,848,438.94      $ 19,331.47   $ 0.00      $ 19,331.47                   $ 11,829,107.47
---------------------------------------------------------------------------------------------------------------------------

   IA-1   $ 114,282,033.00   $ 111,952,382.76     $ 976,003.44   $ 0.00     $ 976,003.44    $ 8.5403052   $ 110,976,379.32
   IA-2             $ 0.00             $ 0.00           $ 0.00   $ 0.00           $ 0.00    $ 0.0000000             $ 0.00
   IA-3    $ 27,585,318.00    $ 27,022,988.64     $ 235,587.04   $ 0.00     $ 235,587.04    $ 8.5403054    $ 26,787,401.60
   IA-4    $ 15,763,039.00    $ 15,720,610.35      $ 14,356.90   $ 0.00      $ 14,356.90    $ 0.9107952    $ 15,706,253.45
   IA-P       $ 490,762.00       $ 428,750.04         $ 533.65   $ 0.00         $ 533.65    $ 1.0873906       $ 428,216.39
  TOTAL   $ 158,121,152.00   $ 155,124,731.79   $ 1,226,481.03   $ 0.00   $ 1,226,481.03                  $ 153,898,250.76
---------------------------------------------------------------------------------------------------------------------------

  IIA-1    $ 36,521,592.00    $ 34,811,577.35     $ 167,323.35   $ 0.00     $ 167,323.35    $ 4.5814911    $ 34,644,254.00
  IIA-P       $ 501,860.00       $ 475,856.33       $ 2,218.00   $ 0.00       $ 2,218.00    $ 4.4195592       $ 473,638.33
  TOTAL    $ 37,023,452.00    $ 35,287,433.68     $ 169,541.35   $ 0.00     $ 169,541.35                   $ 35,117,892.33
---------------------------------------------------------------------------------------------------------------------------

      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>

 MSI  19962        

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

Due Period :  4 Beginning Date     : 11/01/1996  End Date          : 11/30/1996
                Determination Date : 12/17/1996  Remittance Date   : 12/26/1996

-------------------------------------------------------------------------------
<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>                  

  TOTAL                  $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00
---------------------------------------------------------------------------------------------------------------------------

      M 7.2500%     $ 28,011.26     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 28,011.26    $ 6.0127729
    B-1 7.2500%     $ 12,449.44     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 12,449.44    $ 6.0127728
    B-2 7.2500%      $ 9,337.08     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 9,337.08    $ 6.0127699
    B-3 7.2500%     $ 10,582.03     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 10,582.03    $ 6.0127733
    B-4 7.2500%      $ 5,602.25     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,602.25    $ 6.0127591
    B-5 7.2500%      $ 5,602.26     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,602.26    $ 6.0127815
  TOTAL             $ 71,584.32     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 71,584.32
---------------------------------------------------------------------------------------------------------------------------

   IA-1 6.2875%    $ 586,583.84     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 586,583.84    $ 5.1327739
   IA-2 2.7125%    $ 253,059.03     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 253,059.03    $ 0.0000000
   IA-3 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000
   IA-4 7.2500%     $ 94,978.69     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 94,978.69    $ 6.0254047
   IA-P 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000
  TOTAL            $ 934,621.56     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 934,621.56
---------------------------------------------------------------------------------------------------------------------------

  IIA-1 7.2500%    $ 210,319.95     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 210,319.95    $ 5.7587837
  IIA-P 0.0000%          $ 0.00     $ 0.00   $ 0.00   $ 0.00     $ 0.00         $ 0.00    $ 0.0000000
  TOTAL            $ 210,319.95     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 210,319.95
---------------------------------------------------------------------------------------------------------------------------

      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>

MSI  19962       

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

Due Period :  4 Beginning Date     : 11/01/1996  End Date          : 11/30/1996
                Determination Date : 12/17/1996  Remittance Date   : 12/26/1996

-------------------------------------------------------------------------------
<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  $ 33,518.73    $ 100,987.20
  MORTGAGE GROUP TWO          $ 0.00         $ 0.00         $ 0.00   $ 7,230.93     $ 14,712.30
               TOTAL          $ 0.00         $ 0.00         $ 0.00  $ 40,749.66    $ 115,699.50


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

        Additional Servicing Compensation                                                $ 0.00
-----------------------------------------------------------------------------------------------

                             Delinquency Information


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

   30 DAYS              12     $ 3,775,746.97            1.8668%
   60 DAYS               2       $ 472,344.94            0.2335%
   90 DAYS               1       $ 286,342.57            0.1416%
     TOTAL              15     $ 4,534,434.48            2.2419%

 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>