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


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


Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997


                          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   $ 170,665,288.71     $ 170,665,288.71

Scheduled Principal                 $ 821,039.13         $ 821,039.13

Curtailments                         $ 50,178.34          $ 50,178.34

Repurchase Principal                      $ 0.00               $ 0.00

Paid in Full Principal            $ 1,003,621.95       $ 1,003,621.95

Default Principal                         $ 0.00               $ 0.00

Total Principal                   $ 1,874,839.42       $ 1,874,839.42

Ending Certificate Principal    $ 168,790,449.29     $ 168,790,449.29



                             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     $ 3,509,504.15     $ 3,509,504.15

Scheduled Principal                  $ 16,060.48        $ 16,060.48

Curtailments                            $ 816.51           $ 816.51

Repurchase Principal                      $ 0.00             $ 0.00

Paid in Full Principal                    $ 0.00             $ 0.00

Default Principal                         $ 0.00             $ 0.00

Total Principal                      $ 16,876.99        $ 16,876.99

Ending Certificate Principal      $ 3,492,627.16     $ 3,492,627.16

</TABLE>

<PAGE>

<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   $ 167,155,784.66     $ 167,155,784.66

Scheduled Principal                 $ 804,978.65         $ 804,978.65

Curtailments                         $ 49,361.83          $ 49,361.83

Repurchase Principal                      $ 0.00               $ 0.00

Paid in Full Principal            $ 1,003,621.95       $ 1,003,621.95

Default Principal                         $ 0.00               $ 0.00

Total Principal                   $ 1,857,962.43       $ 1,857,962.43

Ending Certificate Principal    $ 165,297,822.23     $ 165,297,822.23



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

<PAGE>

Creation Date :  Wed Jan  8, 1997  02:14 PM       MSII 1996-1         


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

Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997

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

                              INTEREST DISTRIBUTION


               CLASS Interest Distribution

                   A          $ 938,792.13

              SUBORD           $ 36,283.28

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

                                 MORTGAGE TALLY


GROUP                MORTGAGE GROUP ONE      TOTAL

Initial Loan Count                  604        604

Beginning Loan Count                581        581

Paid in Full Loans                    2          2

Defaulted Loans                       0          0

Repurchased Loans                     0          0

Ending Loan Count                   579        579

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

                           POOL PERCENTAGE INFORMATION


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

                   A   96.355444134531%   96.332708422759%   96.278925134000%

              SUBORD    3.644555865469%    3.667291577241%    3.721074866000%

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

        Weighted Average Coupon Rate


               Group      Beginning WAC         Ending WAC

  MORTGAGE GROUP ONE    7.404522131075%    7.401623803450%

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

        Loss Summary for Due Period


GROUP             MORTGAGE GROUP ONE

Current Loss                  $ 0.00

Current Recovery              $ 0.00

Cumulative Losses             $ 0.00

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


Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997

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

        Weighted Average Service Fee


               GROUP     Beginning Rate        Ending Rate

  MORTGAGE GROUP ONE           0.22956%           0.22943%

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

        Class A Principal Prepayment Percentage


               GROUP    Prepayment Pct.

  MORTGAGE GROUP ONE            100.00%

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

        Excess Interest


            Amount

         45,355.59

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

                             CREDIT REPORT SUMMARY


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

          M                2.00%               2.08%               2.10%

          B-1              1.25%               1.30%               1.31%

          B-2              0.75%               0.78%               0.79%

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

Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997

------------------------------------------------------------------------------
<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    $ 27,974,389.46  0.7531334660  $ 1,512,430.76    $ 163,183.94    $ 26,461,958.70  0.7124154291

    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    $ 37,305,412.43  0.9540050233    $ 196,788.02    $ 217,614.91    $ 37,108,624.41  0.9489725964

    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    $ 24,666,990.88  0.9727114981    $ 118,789.79    $ 143,890.78    $ 24,548,201.09  0.9680271734

    A-P     $ 3,700,335.53     $ 3,509,504.15  0.9484286280     $ 16,876.99          $ 0.00     $ 3,492,627.16  0.9438676930

  TOTAL   $ 176,296,335.53   $ 164,445,296.92                $ 1,844,885.56    $ 938,792.13   $ 162,600,411.36

----------------------------------------------------------------------------------------------------------------------------
      M     $ 2,740,000.00     $ 2,665,229.52  0.9727115036     $ 12,835.04     $ 15,547.17     $ 2,652,394.48  0.9680271825

    B-1     $ 1,370,000.00     $ 1,332,614.76  0.9727115036      $ 6,417.53      $ 7,773.59     $ 1,326,197.23  0.9680271752

    B-2       $ 914,000.00       $ 889,058.30  0.9727114880      $ 4,281.47      $ 5,186.17       $ 884,776.83  0.9680271663

    B-3       $ 457,000.00       $ 444,529.16  0.9727115098      $ 2,140.74      $ 2,593.09       $ 442,388.42  0.9680271772

    B-4       $ 365,000.00       $ 355,039.69  0.9727114795      $ 1,709.78      $ 2,071.06       $ 353,329.91  0.9680271507

    B-5       $ 548,487.78       $ 533,520.36  0.9727114796      $ 2,569.30      $ 3,112.20       $ 530,951.06  0.9680271455

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

  TOTAL     $ 6,394,487.78     $ 6,219,991.79                   $ 29,953.86     $ 36,283.28     $ 6,190,037.93

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

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

Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997

-------------------------------------------------------------------------------
<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    $ 27,974,389.46   $ 1,512,430.76   $ 0.00   $ 1,512,430.76   $ 40.7180368    $ 26,461,958.70

    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    $ 37,305,412.43     $ 196,788.02   $ 0.00     $ 196,788.02    $ 5.0324269    $ 37,108,624.41

    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    $ 24,666,990.88     $ 118,789.79   $ 0.00     $ 118,789.79    $ 4.6843247    $ 24,548,201.09

    A-P     $ 3,700,335.53     $ 3,509,504.15      $ 16,876.99   $ 0.00      $ 16,876.99    $ 4.5609350     $ 3,492,627.16

  TOTAL   $ 176,296,335.53   $ 164,445,296.92   $ 1,844,885.56   $ 0.00   $ 1,844,885.56                  $ 162,600,411.36

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

      M     $ 2,740,000.00     $ 2,665,229.52      $ 12,835.04   $ 0.00      $ 12,835.04    $ 4.6843212     $ 2,652,394.48

    B-1     $ 1,370,000.00     $ 1,332,614.76       $ 6,417.53   $ 0.00       $ 6,417.53    $ 4.6843285     $ 1,326,197.23

    B-2       $ 914,000.00       $ 889,058.30       $ 4,281.47   $ 0.00       $ 4,281.47    $ 4.6843217       $ 884,776.83

    B-3       $ 457,000.00       $ 444,529.16       $ 2,140.74   $ 0.00       $ 2,140.74    $ 4.6843326       $ 442,388.42

    B-4       $ 365,000.00       $ 355,039.69       $ 1,709.78   $ 0.00       $ 1,709.78    $ 4.6843288       $ 353,329.91

    B-5       $ 548,487.78       $ 533,520.36       $ 2,569.30   $ 0.00       $ 2,569.30    $ 4.6843341       $ 530,951.06

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

  TOTAL     $ 6,394,487.78     $ 6,219,991.79      $ 29,953.86   $ 0.00      $ 29,953.86                    $ 6,190,037.93

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

Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997

-------------------------------------------------------------------------------
<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%    $ 163,183.94     $ 0.00   $ 0.00   $ 0.00   $ 163,183.94    $ 4.3932786

    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%    $ 217,614.91     $ 0.00   $ 0.00   $ 0.00   $ 217,614.91    $ 5.5650294

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

    A-6  7.000%    $ 143,890.78     $ 0.00   $ 0.00   $ 0.00   $ 143,890.78    $ 5.6741504

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

  TOTAL            $ 938,792.13     $ 0.00   $ 0.00   $ 0.00   $ 938,792.13
------------------------------------------------------------------------------------------

      M  7.000%     $ 15,547.17     $ 0.00   $ 0.00   $ 0.00    $ 15,547.17    $ 5.6741496

    B-1  7.000%      $ 7,773.59     $ 0.00   $ 0.00   $ 0.00     $ 7,773.59    $ 5.6741533

    B-2  7.000%      $ 5,186.17     $ 0.00   $ 0.00   $ 0.00     $ 5,186.17    $ 5.6741466

    B-3  7.000%      $ 2,593.09     $ 0.00   $ 0.00   $ 0.00     $ 2,593.09    $ 5.6741575

    B-4  7.000%      $ 2,071.06     $ 0.00   $ 0.00   $ 0.00     $ 2,071.06    $ 5.6741370

    B-5  7.000%      $ 3,112.20     $ 0.00   $ 0.00   $ 0.00     $ 3,112.20    $ 5.6741465

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

  TOTAL             $ 36,283.28     $ 0.00   $ 0.00   $ 0.00    $ 36,283.28

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

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

Due Period :  7 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/15/1997  Remittance Date :  01/27/1997

-------------------------------------------------------------------------------
<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       $ 32,271.53          $ 0.00

               TOTAL          $ 0.00         $ 0.00         $ 0.00       $ 32,271.53          $ 0.00

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

        Additional Servicing Compensation                                                     $ 0.00

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

        Delinquency Information


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

   30 DAYS               9     $ 2,324,309.10            1.3619%

   60 DAYS               1       $ 193,435.95            0.1133%

  90+ DAYS               1       $ 191,011.12            0.1119%

     TOTAL              11     $ 2,708,756.17            1.5871%


 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>
<TABLE>
<CAPTION>
                                   MONTHLY CERTIFICATE HOLDERS REPORT
                                   ----------------------------------

Due Period :  5 Beginning Date     :  12/01/1996  End Date           :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date    :  01/27/1997
--------------------------------------------------------------------------------------------------------------

                        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   $ 163,510,149.77    $ 37,335,099.13         $ 200,845,248.90

Scheduled Principal                 $ 150,742.35       $ 178,689.24             $ 329,431.59

Curtailments                         $ 19,313.03         $ 1,833.44              $ 21,146.47

Repurchase Principal                      $ 0.00             $ 0.00                   $ 0.00

Paid in Full Principal            $ 2,238,624.41       $ 229,743.46           $ 2,468,367.87

Default Principal                         $ 0.00             $ 0.00                   $ 0.00

Total Principal                   $ 2,408,679.79       $ 410,266.14           $ 2,818,945.93

Ending Certificate Principal    $ 161,101,469.98    $ 36,924,832.99         $ 198,026,302.97


                             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       $ 428,216.39       $ 473,638.33            $ 901,854.72

Scheduled Principal                     $ 435.94         $ 2,192.24              $ 2,628.18

Curtailments                             $ 43.76            $ 38.80                 $ 82.56

Repurchase Principal                      $ 0.00             $ 0.00                  $ 0.00

Paid in Full Principal                $ 4,395.21             $ 0.00              $ 4,395.21

Default Principal                         $ 0.00             $ 0.00                  $ 0.00

Total Principal                       $ 4,874.91         $ 2,231.04              $ 7,105.95

Ending Certificate Principal        $ 423,341.48       $ 471,407.29            $ 894,748.77


                           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   $ 163,081,933.40      $ 36,861,460.82            $ 199,943,394.22

Scheduled Principal                 $ 150,306.41         $ 176,497.00                $ 326,803.41

Curtailments                         $ 19,269.27           $ 1,794.64                 $ 21,063.91

Repurchase Principal                      $ 0.00               $ 0.00                      $ 0.00

Paid in Full Principal            $ 2,234,229.20         $ 229,743.46              $ 2,463,972.66

Default Principal                         $ 0.00               $ 0.00                      $ 0.00

Total Principal                   $ 2,403,804.88         $ 408,035.10              $ 2,811,839.98

Ending Certificate Principal    $ 160,678,128.52      $ 36,453,425.72            $ 197,131,554.24

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

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

Due Period :  5 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date :  01/27/1997

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

               CLASS   Interest Distribution

                   A        $ 1,136,523.83

              SUBORD           $ 71,467.52

                  IA          $ 927,214.80


                 IIA          $ 209,309.03
-------------------------------------------------------------------------------
<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                530                125           655

Paid in Full Loans                    6                  1             7

Defaulted Loans                       0                  0             0

Repurchased Loans                     0                  0             0

Ending Loan Count                   524                124           648

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

                            POOL PERCENTAGE INFORMATION


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

                   A   94.110338245596%   94.036332314001%   94.083772630492%

              SUBORD    5.889662580911%    5.963668524271%    5.440632930003%


                  IA   94.121527609436%   94.039135650847%   94.106092066248%


                 IIA   94.061334102048%   94.024101475022%   93.985027310692%

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

        Weighted Average Coupon Rate

               Group      Beginning WAC         Ending WAC

  MORTGAGE GROUP ONE    8.206002292355%    8.208791167455%

  MORTGAGE GROUP TWO    7.859935735566%    7.848968197676%

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

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

Due Period :  5 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date :  01/27/1997

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

                           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          99,588.15

  MORTGAGE GROUP TWO          14,642.22
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                             CREDIT REPORT SUMMARY


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

          M                3.50%               3.60%               3.63%

          B-1              2.50%               2.57%               2.59%

          B-2              1.75%               1.80%               1.82%

          B-3              0.90%               0.93%               0.93%

          B-4              0.45%               0.46%               0.47%

          B-5              0.00%               0.00%               0.00%

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

<PAGE>

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

Due Period :  5 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date :  01/27/1997

-------------------------------------------------------------------------------
<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     $ 4,628,781.33  0.9935936755      $ 7,620.72     $ 27,965.55     $ 4,621,160.61  0.9919578455

    B-1     $ 2,070,499.00     $ 2,057,234.71  0.9935936748      $ 3,386.98     $ 12,429.13     $ 2,053,847.73  0.9919578469

    B-2     $ 1,552,875.00     $ 1,542,926.77  0.9935936698      $ 2,540.24      $ 9,321.85     $ 1,540,386.53  0.9919578395

    B-3     $ 1,759,925.00     $ 1,748,650.34  0.9935936702      $ 2,878.94     $ 10,564.76     $ 1,745,771.40  0.9919578391

    B-4       $ 931,725.00       $ 925,756.07  0.9935915456      $ 1,524.14      $ 5,593.11       $ 924,231.93  0.9919557231

    B-5       $ 931,727.19       $ 925,758.25  0.9935958155      $ 1,524.15      $ 5,593.12       $ 924,234.10  0.9919599791

  TOTAL    $ 11,905,377.19    $ 11,829,107.47                   $ 19,475.17     $ 71,467.52    $ 11,809,632.30

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

   IA-1   $ 114,282,033.00   $ 110,976,379.32  0.9710745986  $ 1,917,600.92    $ 610,370.09   $ 109,058,778.40  0.9542950500

   IA-2             $ 0.00             $ 0.00  0.0000000000          $ 0.00    $ 221,952.76             $ 0.00  0.0000000000

   IA-3    $ 27,585,318.00    $ 26,787,401.60  0.9710745985    $ 462,869.18          $ 0.00    $ 26,324,532.42  0.9542950500

   IA-4    $ 15,763,039.00    $ 15,706,253.45  0.9963975506     $ 14,475.86     $ 94,891.95    $ 15,691,777.59  0.9954792087

   IA-P       $ 490,762.00       $ 428,216.39  0.8725540894      $ 4,874.91          $ 0.00       $ 423,341.48  0.8626207408

  TOTAL   $ 158,121,152.00   $ 153,898,250.76                $ 2,399,820.87    $ 927,214.80   $ 151,498,429.89

----------------------------------------------------------------------------------------------------------------------------
  IIA-1    $ 36,521,592.00    $ 34,644,254.00  0.9485964905    $ 397,418.85    $ 209,309.03    $ 34,246,835.15  0.9377147401

  IIA-P       $ 501,860.00       $ 473,638.33  0.9437658510      $ 2,231.04          $ 0.00       $ 471,407.29  0.9393203085

  TOTAL    $ 37,023,452.00    $ 35,117,892.33                  $ 399,649.89    $ 209,309.03    $ 34,718,242.44

----------------------------------------------------------------------------------------------------------------------------
      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>

<TABLE>
<CAPTION>

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

Due Period :  5 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date :  01/27/1997
-----------------------------------------------------------------------------------------------------------------------------

                  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     $ 4,628,781.33       $ 7,620.72   $ 0.00       $ 7,620.72    $ 1.6358300     $ 4,621,160.61

    B-1     $ 2,070,499.00     $ 2,057,234.71       $ 3,386.98   $ 0.00       $ 3,386.98    $ 1.6358279     $ 2,053,847.73

    B-2     $ 1,552,875.00     $ 1,542,926.77       $ 2,540.24   $ 0.00       $ 2,540.24    $ 1.6358303     $ 1,540,386.53

    B-3     $ 1,759,925.00     $ 1,748,650.34       $ 2,878.94   $ 0.00       $ 2,878.94    $ 1.6358311     $ 1,745,771.40

    B-4       $ 931,725.00       $ 925,756.07       $ 1,524.14   $ 0.00       $ 1,524.14    $ 1.6358225       $ 924,231.93

    B-5       $ 931,727.19       $ 925,758.25       $ 1,524.15   $ 0.00       $ 1,524.15    $ 1.6358364       $ 924,234.10

  TOTAL    $ 11,905,377.19    $ 11,829,107.47      $ 19,475.17   $ 0.00      $ 19,475.17                   $ 11,809,632.30

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

   IA-1   $ 114,282,033.00   $ 110,976,379.32   $ 1,917,600.92   $ 0.00   $ 1,917,600.92   $ 16.7795485   $ 109,058,778.40

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

   IA-3    $ 27,585,318.00    $ 26,787,401.60     $ 462,869.18   $ 0.00     $ 462,869.18   $ 16.7795485    $ 26,324,532.42

   IA-4    $ 15,763,039.00    $ 15,706,253.45      $ 14,475.86   $ 0.00      $ 14,475.86    $ 0.9183420    $ 15,691,777.59

   IA-P       $ 490,762.00       $ 428,216.39       $ 4,874.91   $ 0.00       $ 4,874.91    $ 9.9333485       $ 423,341.48

  TOTAL   $ 158,121,152.00   $ 153,898,250.76   $ 2,399,820.87   $ 0.00   $ 2,399,820.87                  $ 151,498,429.89

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

  IIA-1    $ 36,521,592.00    $ 34,644,254.00     $ 397,418.85   $ 0.00     $ 397,418.85   $ 10.8817504    $ 34,246,835.15

  IIA-P       $ 501,860.00       $ 473,638.33       $ 2,231.04   $ 0.00       $ 2,231.04    $ 4.4455426       $ 471,407.29

  TOTAL    $ 37,023,452.00    $ 35,117,892.33     $ 399,649.89   $ 0.00     $ 399,649.89                   $ 34,718,242.44

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

      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 :  5 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date :  01/27/1997

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

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

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

      M 7.2500%     $ 27,965.55     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 27,965.55    $ 6.0029610

    B-1 7.2500%     $ 12,429.13     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 12,429.13    $ 6.0029635

    B-2 7.2500%      $ 9,321.85     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 9,321.85    $ 6.0029622

    B-3 7.2500%     $ 10,564.76     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 10,564.76    $ 6.0029604

    B-4 7.2500%      $ 5,593.11     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,593.11    $ 6.0029494

    B-5 7.2500%      $ 5,593.12     $ 0.00   $ 0.00   $ 0.00     $ 0.00     $ 5,593.12    $ 6.0029718

  TOTAL             $ 71,467.52     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 71,467.52

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

   IA-1 6.6000%    $ 610,370.09     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 610,370.09    $ 5.3409103

   IA-2 2.4000%    $ 221,952.76     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 221,952.76    $ 0.0000000

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

   IA-4 7.2500%     $ 94,891.95     $ 0.00   $ 0.00   $ 0.00     $ 0.00    $ 94,891.95    $ 6.0199020

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

  TOTAL            $ 927,214.80     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 927,214.80

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

  IIA-1 7.2500%    $ 209,309.03     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 209,309.03    $ 5.7311037

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

  TOTAL            $ 209,309.03     $ 0.00   $ 0.00   $ 0.00     $ 0.00   $ 209,309.03

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

      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 :  5 Beginning Date     :  12/01/1996  End Date        :  12/31/1996

                Determination Date :  01/17/1997  Remittance Date :  01/27/1997

-------------------------------------------------------------------------------
<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          $ 33,262.46     $ 99,588.15

  MORTGAGE GROUP TWO          $ 0.00         $ 0.00         $ 0.00           $ 7,196.04     $ 14,642.22

               TOTAL          $ 0.00         $ 0.00         $ 0.00          $ 40,458.50    $ 114,230.37

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

        Delinquency Information


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

   30 DAYS              10     $ 3,156,139.61            1.5938%

   60 DAYS               1       $ 214,215.31            0.1082%

   90 DAYS               1       $ 257,641.06            0.1301%

     TOTAL              12     $ 3,627,995.98            1.8321%


 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>