Contimortgage Corporation          
                 Home Equity Loan Pass-Through Certificates 
                                 Series 1996-3          
                                                                
                          CERTIFICATE HOLDER'S REPORT
                                ANNUAL STATEMENT
                         Year Ending: December 31, 1996
<TABLE>
<CAPTION>

                           Original       Beginning                                                       Ending  
                          Certificate     Certificate     Principal       Interest        Total         Certificate     
CUSIP           Class     Face Value      Balance        Distribution    Distribution    Distribution     Balance 
<S>            <C>    <C>             <C>              <C>            <C>            <C>             <C>
                                                                
21075WCX1       A-1    136,000,000.00  136,000,000.00  21,057,113.81   2,882,016.81   23,939,130.62   114,942,886.19  
21075WCY9       A-2     33,000,000.00   33,000,000.00           0.00     758,129.17      758,129.17    33,000,000.00   
21075WCZ6       A-3     72,000,000.00   72,000,000.00           0.00   1,704,080.00    1,704,080.00    72,000,000.00   
21075WDA0       A-4     30,000,000.00   30,000,000.00           0.00     727,883.33      727,883.33    30,000,000.00   
21075WDB8       A-5     42,000,000.00   42,000,000.00           0.00   1,044,026.67    1,044,026.67    42,000,000.00   
21075WDC6       A-6     54,000,000.00   54,000,000.00           0.00   1,397,655.00    1,397,655.00    54,000,000.00   
21075WDD4       A-7     33,000,000.00   33,000,000.00           0.00     877,030.00      877,030.00    33,000,000.00   
21075WDE2       A-8    150,000,000.00  150,000,000.00   7,280,106.05   2,784,436.55   10,064,542.60   142,719,893.95  
                B-IO             0.00            0.00           0.00      23,299.76       23,299.76             0.00    
                 R               0.00            0.00           0.00           0.00            0.00             0.00    
        Total Class A  550,000,000.00  550,000,000.00  28,337,219.86  12,175,257.53   40,512,477.39   521,662,780.14  
        *  Portion of Class B-IO/R distribution which represents investment earnings on Certificate Acct.: 23,299.76       
                                                                
                                                                
                                                                
                         Notional          Notional        Principal       Interest         Total            Notional        
                 Class   Amount            Amount        Distribution    Distribution    Distribution         Amount  
21075WDF9       A-9IO   400,000,000.00  400,000,000.00           0.00    1,688,700.66    1,688,700.66    378,942,886.19  
21075WDG7       A-10IO  150,000,000.00  150,000,000.00           0.00      440,133.42      440,133.42    142,719,893.95  
                                                                
                        AMOUNTS PER $1,000 UNIT                                       PASS THROUGH RATES                
                                                                        Ending                                     **
                        Principal       Interest          Total        Certificate             Original Pass   Current Pass
               Class   Distribution    Distribution    Distribution    Balance          Class   Thru Rate       Thru Rate
                                                                
21075WCX1       A-1     154.83171919    21.19130007     176.02301926    845.16828081    A-1     6.76000%        6.76000%
21075WCY9       A-2     0.00000000      22.97361121     22.97361121     1,000.00000000  A-2     6.95000%        6.95000%
21075WCZ6       A-3     0.00000000      23.66777778     23.66777778     1,000.00000000  A-3     7.16000%        7.16000%
21075WDA0       A-4     0.00000000      24.26277767     24.26277767     1,000.00000000  A-4     7.34000%        7.34000%
21075WDB8       A-5     0.00000000      24.85777786     24.85777786     1,000.00000000  A-5     7.52000%        7.52000%
21075WDC6       A-6     0.00000000      25.88250000     25.88250000     1,000.00000000  A-6     7.83000%        7.83000%
21075WDD4       A-7     0.00000000      26.57666667     26.57666667     1,000.00000000  A-7     8.04000%        8.04000%
21075WDE2       A-8     48.53404033     18.56291033     67.09695067     951.46595967    A-8 *   5.75750%        5.69500%
                                                                                        A-9IO   1.30000%        1.30000%
                                                                                        A-10IO  0.90000%        0.90000%
        Total   51.52221793     22.13683187     73.65904980     948.47778207                    
                                                                                   *   Based on a LIBOR of:     5.37500%
                                                                                   ** As of December 15, 1996 Distribution Dat
                                                                           Ending                  
                         Principal       Interest        Total            Notional                        
                Class   Distribution    Distribution    Distribution       Amount                  
21075WDF9       A-9IO   0.00000000      4.22175165      4.22175165      947.35721548                    
21075WDG7       A-10IO  0.00000000      2.93422280      2.93422280      951.46595967                    
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PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:    
                                                                
                                Neil Witoff                             
                                M & T Corporate Trust Department           
                                One M & T Plaza-7th Floor                
                                                                
                                                                
                                                                
                                                                Page 1 
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<CAPTION>
                                                                
                                                                 
Year Ended:             31-Dec-96                                               
                                                                              Fixed Group     Adj. Group      
                Total Principal Scheduled                                  Subordination   Subordination   
SEC. 7.09(a)(ii)Distribution    Principal  Prepayments     Liquidations    Incr./(Red.)    Incr./(Red.)    Total
<S>             <C>                 <C>          <C>              <C>            <C>             <C>     <C> 
                Class A-1            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-2            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-3            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-4            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-5            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-6            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-7            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A-8            0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                Class A Certs        0.00         0.00             0.00           0.00            0.00    0.00
                  Per $1000 Unit     0.00         0.00             0.00           0.00            0.00    0.00
                                                                
                                                                
SEC. 7.09 (a) (iv) Total Class A Carry-Forward Amount                           0.00            
                  Class A-1 Carry-Forward Amount                                0.00            
                  Class A-2 Carry-Forward Amount                                0.00            
                  Class A-3 Carry-Forward Amount                                0.00            
                  Class A-4 Carry-Forward Amount                                0.00            
                  Class A-5 Carry-Forward Amount                                0.00            
                  Class A-6 Carry-Forward Amount                                0.00            
                  Class A-7 Carry-Forward Amount                                0.00            
                  Class A-8 Carry-Forward Amount                                0.00            
                  Class A-9IO Carry-Forward Amount                              0.00            
                  Class A-10IO Carry-Forward Amount                             0.00            
                                                                
SEC. 7.09 (a) (v) Class A Insured Payment                                       0.00            
                                                                
                                                                              Fixed Group     Adj. Group      Total
SEC. 7.09 (a) (vii)             Outstanding Group Loan Balance:               375,876,612.61  140,142,249.39  516,018,862.00
SEC. 7.09 (a) (viii)            Subordinated Amount                             3,658,945.15    1,451,508.12    
                                Subordination Deficit                                   0.00            0.00    
                                                                
SEC. 7.09 (a) (ix)              Code Section 6049(d)(7)(C) Information-Required Market Discount Information 
                                Provided at Calendar Year End.                                              
                                                                    Fixed Group       Adj. Group      
SEC. 7.09 (a) (x)               Loan Purchase Prices                  356,671.11      320,387.06      
                                Substitution Amounts                        0.00            0.00    
SEC. 7.09 (a) (xi)              Weighted Average Coupon                 11.8859%        10.2898%        
SEC. 7.09 (a) (xiii)            Largest Loan Balance Outstanding      428,629.29      351,640.90      
                                                                
SEC. 7.09 (b) (ii) & (iii)              
        Delinquencies   Period      Number  Percentage *    Prin. Balance   Percentage *    
                        30-59 Days      294     4.53074%        15,240,239.03   4.05459%        
        Fixed Group     60-89 Days      85      1.30991%        5,299,607.42    1.40993%        
                        90+ Days        153     2.35784%        9,574,803.31    2.54733%        
                        30-59 Days      83      4.89387%        6,346,256.39    4.52844%        
        Adj. Group      60-89 Days      20      1.17925%        1,596,310.00    1.13906%        
                        90+ Days        30      1.76887%        2,404,982.74    1.71610%        
                        Total Fixed   6489    100.00000%      375,876,612.61  100.00000%      
                        Total Adjust. 1696    100.00000%      140,142,249.39  100.00000%      
                        * Based upon each respective Group's loan count and balance.                                    
                                                                
                                                    Fixed Grp. No.  Fixed Grp. Bal. Adj. Group No.  Adj. Group Bal. 
SEC. 7.09 (b) (iv)              Loans in Foreclosure (LIF):    113      7,037,044.94           24      1,997,887.91    
                                Newly Commenced LIF:            44      2,938,162.60            8        641,611.90      
SEC. 7.09(b)(v)(a)              Loans in Bankruptcy             18      1,075,955.02            6        416,171.51      
SEC. 7.09(b)(v)(b)              Balloon Loans                 3293    235,003,056.18            1        138,233.90      
SEC. 7.09 (b) (vi&vii)          REO Properties                   0              0.00            0              0.00    
SEC. 7.09 (b) (viii)            Cumulative Losses                             379.47                       5,131.68        Page 2  
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Year Ended:             31-Dec-96                                               
<TABLE>
<CAPTION>
                                                                
SEC. 7.08(b)(1)&(5)Amount on Deposit in 
             the Certificate Account                            0.00            
<S>              <C>                                           <C>             
                  Class A-1 Allocation                          0.00            
                  Class A-2 Allocation                          0.00            
                  Class A-3 Allocation                          0.00            
                  Class A-4 Allocation                          0.00            
                  Class A-5 Allocation                          0.00            
                  Class A-6 Allocation                          0.00            
                  Class A-7 Allocation                          0.00            
                  Class A-8 Allocation                          0.00            
                  Class A-9IO Allocation                        0.00            
                  Class A-10IO Allocation                       0.00            
                                                                
SEC. 7.08(b)(2)   Class A Distribution Amount                   0.00            
                                                                
SEC. 7.08(b)(3)&(5)Subordination Increase/(Reduction) Amount                               5,112,760.62            
                  Class A-1 Allocation                  3,659,312.66            
                  Class A-2 Allocation                          0.00            
                  Class A-3 Allocation                          0.00            
                  Class A-4 Allocation                          0.00            
                  Class A-5 Allocation                          0.00            
                  Class A-6 Allocation                          0.00            
                  Class A-7 Allocation                          0.00            
                  Class A-8 Allocation                  1,453,447.96            
                                                                
                                                                
SEC. 7.08(b)(4)&(5)   Insured Payment                           0.00            
                  Class A-1 Allocation                          0.00            
                  Class A-2 Allocation                          0.00            
                  Class A-3 Allocation                          0.00            
                  Class A-4 Allocation                          0.00            
                  Class A-5 Allocation                          0.00            
                  Class A-6 Allocation                          0.00            
                  Class A-7 Allocation                          0.00            
                  Class A-8 Allocation                          0.00            
                  Class A-9IO Allocation                        0.00            
                  Class A-10IO Allocation                       0.00            
                                                                
SEC. 7.08(b)(6)                  Beginning       Principal       Ending          
                        Class   Balance *       Distribution    Balance *               
                                                                
                        A-1     136,000,000.00  21,057,113.81   114,942,886.19          
                        A-2     33,000,000.00            0.00    33,000,000.00           
                        A-3     72,000,000.00            0.00    72,000,000.00           
                        A-4     30,000,000.00            0.00    30,000,000.00           
                        A-5     42,000,000.00            0.00    42,000,000.00           
                        A-6     54,000,000.00            0.00    54,000,000.00           
                        A-7     33,000,000.00            0.00    33,000,000.00           
                        A-8     150,000,000.00   7,280,106.05    142,719,893.95          
                        A-9IO   400,000,000.00             NA    378,942,886.19          
                        A-10IO  150,000,000.00             NA    142,719,893.95          
                         * Denotes Notional Amounts for Class A-9IO and A-10IO.                                    
                                                                
SEC. 7.08(b)(7)         Current Period Realized Losses (Recoveries)    5,511.15                
                                                                
SEC. 7.08(b)(8)         Subordination Reduction Amount                     0.00            
                                                                
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