<PAGE>

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



                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    Form 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                Date of Report (Date of earliest event reported)
                                  July 31, 1996



                   ContiMortgage Home Equity Loan Trust 1996-3
          (filed on its behalf by ContiSecurities Asset Funding Corp.)
             (Exact name of registrant as specified in its charter)


            New York                     33-99340          Application Pending
            --------                     --------          -------------------
(State or Other Jurisdiction)          (Commission           (I.R.S. Employer
         of Incorporation)             File Number)        Identification No.)


c/o Manufacturers and Traders Trust Company
          One M & T Plaza
          Buffalo, New York                                        14240
  ------------------------------                              --------------
       (Address of Principal                                     (Zip Code)
        Executive Offices)


         Registrant's telephone number, including area code (716) 842-4217


                                    No Change
       --------------------------------------------------------------------
          (Former name or former address, if changed since last report)


Total number of sequentially  numbered pages __________ 
Exhibit index located on sequentially numbered page __________


<PAGE>




Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

              99.1         Computational  Materials  provided by CS First Boston
                           in  connection  with  sales  efforts  related  to the
                           Registrant's securities.






<PAGE>



                                   SIGNATURES



Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                      CONTISECURITIES ASSET FUNDING CORP.,
                                               as Depositor


                                      By:      /s/ James E. Moore
                                          --------------------------------------
                                               Name: James E. Moore
                                               Title:  President

                                      By:     /s/ Jerome M. Perelson
                                          --------------------------------------
                                               Name:  Jerome M. Perelson
                                               Title:  Vice President



Dated:  July 31, 1996



<PAGE>



                                  EXHIBIT INDEX
<TABLE>
<CAPTION>


Exhibit No.       Description                                                         Page No.

<S>               <C>                                                                  <C>
99.1              Computational Materials provided by CS First Boston in
                  connection with sales efforts related to the Registrant's
                  securities.                                                           _____

</TABLE>
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 3700}]
{"company-data": {"conformed-name": "CONTIMORTGAGE HOME EQUITY LOAN TRUST 1996-3", "cik": "0001020272", "assigned-sic": "[]"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-99340-01", "film-number": "96602816"}, "business-address": {"street1": "277 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10172", "phone": "2122072852"}, "mail-address": {"street1": "277 PARK AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10172"}}
- --------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    Form 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported)
                                  July 31, 1996

                   ContiMortgage Home Equity Loan Trust 1996-3
          (filed on its behalf by ContiSecurities Asset Funding Corp.)
             (Exact name of registrant as specified in its charter)

            New York                     33-99340          Application Pending
            --------                     --------          -------------------
(State or Other Jurisdiction)          (Commission           (I.R.S. Employer
         of Incorporation)             File Number)        Identification No.)

c/o Manufacturers and Traders Trust Company
          One M & T Plaza
          Buffalo, New York                                        14240
  ------------------------------                              --------------
       (Address of Principal                                     (Zip Code)
        Executive Offices)

         Registrant's telephone number, including area code (716) 842-4217

                                    No Change
       --------------------------------------------------------------------
          (Former name or former address, if changed since last report)

Total number of sequentially  numbered pages __________ 
Exhibit index located on sequentially numbered page __________
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

              99.1         Computational  Materials  provided by CS First Boston
                           in  connection  with  sales  efforts  related  to the
                           Registrant's securities.
SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                      CONTISECURITIES ASSET FUNDING CORP.,
                                               as Depositor

                                      By:      /s/ James E. Moore
                                          --------------------------------------
                                               Name: James E. Moore
                                               Title:  President

                                      By:     /s/ Jerome M. Perelson
                                          --------------------------------------
                                               Name:  Jerome M. Perelson
                                               Title:  Vice President

Dated:  July 31, 1996
EXHIBIT INDEX
Exhibit No.       Description                                                         Page No.
99.1              Computational Materials provided by CS First Boston in
                  connection with sales efforts related to the Registrant's
                  securities.                                                           _____