<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)
                                 April 24, 1996




                        IMC Home Equity Loan Trust 1996-2
                (prepared 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 Chemical Bank, as Trustee
450 West 33rd Street, 15th Floor
      New York, New York                                       10001
- --------------------------------                             ----------
    (Address of Principal                                    (Zip Code)
     Executive Offices)


        Registrant's telephone number, including area code (202) 946-8600


                                    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 2.  Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Loans

         ContiSecurities  Asset  Funding  Corp.  registered  issuances  of up to
$3,500,000,000  principal  amount of Asset Backed  Certificates  on a delayed or
continuous  basis  pursuant  to Rule 415 under the  Securities  Act of 1933,  as
amended (the "Act"), by a Registration  Statement on Form S-3 (Registration File
No.  33-99340)  (as  amended,  the  "Registration  Statement").  Pursuant to the
Registration  Statement,  IMC Home Equity Loan Trust 1996-2 (the "Registrant" or
the  "Trust")  issued  $200,000,000  in aggregate  principal  amount of its Home
Equity Loan Pass-Through  Certificates,  Series 1996-2 (the "Certificates"),  on
April 24,  1996.  This  Current  Report on Form 8-K is being filed to satisfy an
undertaking to file copies of certain agreements executed in connection with the
issuance of the  Certificates,  the forms of which were filed as Exhibits to the
Registration Statement.

          The  Certificates  were issued  pursuant  to a Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement")  attached  hereto as Exhibit
4.1, dated as of April 1, 1996, among  ContiSecurities  Asset Funding Corp. (the
"Depositor"),  Industry  Mortgage  Company,  L.P.,  as seller and servicer  (the
"Servicer") and Chemical Bank, in its capacity as trustee (the  "Trustee").  The
Certificates  consist of the following classes:  the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5,  Class A-6,  Class A-7, Class A-8  Certificates  (the
"Class  A   Certificates"),   the  Class  S-I   Certificates   (the  "Class  S-I
Certificates")  and the Class R Certificates  (the "Class R  Certificates"  and,
together  with the Class A  Certificates  and the Class  S-I  Certificates,  the
"Certificates").  Only the Class A  Certificates  were  offered  pursuant to the
Registration Statement. The Certificates evidence, in the aggregate, 100% of the
undivided beneficial ownership interests in the Trust.

         The assets of the Trust  initially  include a pool of  closed-end  home
equity  loans (the "Home Equity  Loans")  secured by mortgages or deeds of trust
primarily on one-to-four family residential  properties.  Interest distributions
on the Class A  Certificates  are  based on the  Certificate  Principal  Balance
thereof and the applicable  Pass-Through  Rate thereof.  The Pass- Through Rates
for the Class A Certificates are as follows: Class A-1, 6.61%; Class A-2, 6.78%;
Class A-3, 6.98%;  Class A-4, 7.10%,  Class A-5, 7.34%,  Class A-6, 7.75%, Class
A-7,  7.95% and Class A-8 at a  variable  rate equal to the lesser of (i) 13.26%
per annum and (ii) the weighted  average of the  Remittance  Rate (as defined in
the  Prospectus  Supplement)  of the Home Equity  Loans in Group II. The Class A
Certificates  have initial aggregate  principal  amounts as follows:  Class A-1,
$62,442,000;   Class  A-2,  $28,489,000;  Class  A-3,  $26,630,000;  Class  A-4,
$10,730,000;   Class  A-5,  $24,786,000;  Class  A-6,  $15,882,000;  Class  A-7,
$16,041,000 and Class A-8, $15,000,000.

         As  of  the  Closing  Date,   the  Home  Equity  Loans   possessed  the
characteristics  described  in the  Prospectus  dated  April  17,  1996  and the
Prospectus  Supplement  dated April 17, 1996 filed pursuant to Rule 424(b)(5) of
the Act on April 22, 1996.

         On April 30, 1996, the Trust acquired $19,733,627.91 of Subsequent Home
Equity Loans  pursuant to the terms of the Pooling and  Servicing  Agreement and
the  Subsequent  Transfer  Agreement  attached  hereto as Exhibit 10.1 among the
Depositor, the Servicer and the Trustee


<PAGE>



dated as of April 30,  1996.  The  Subsequent  Home  Equity  Loans  possess  the
characteristics  required  by the  Prospectus  dated  April  17,  1996  and  the
Prospectus  Supplement  dated April 17, 1996 filed pursuant to Rule 424(b)(5) of
the Securities Act of 1933 on April 22, 1996.







<PAGE>




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

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

               4.1         Pooling and Servicing  Agreement dated as of April 1,
                           1996, between  ContiSecurities Asset Funding Corp. as
                           Depositor,  Industry  Mortgage Company L.P. as Seller
                           and Servicer and Chemical Bank as Trustee.

               10.1        Subsequent  Transfer  Agreement dated as of April 30,
                           1996  among   ContiSecurities  Asset  Funding  Corp.,
                           Industry Mortgage Company and Chemical Bank.











<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:  May 9, 1996








<PAGE>



                                  EXHIBIT INDEX


Exhibit No.             Description                                     Page No.
        4.1             Pooling and Servicing Agreement dated as of April 1,
                        1996, between ContiSecurities Asset Funding Corp. as
                        Depositor, Industry Mortgage Company L.P. as Seller
                        and Servicer and Chemical Bank as Trustee.
       10.1             Subsequent Transfer Agreement dated as of April 30,
                        1996 among ContiSecurities Asset Funding Corp.,
                        Industry Mortgage Company and Chemical Bank.











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

                       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)
                                 April 24, 1996

                        IMC Home Equity Loan Trust 1996-2
                (prepared 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 Chemical Bank, as Trustee
450 West 33rd Street, 15th Floor
      New York, New York                                       10001
- --------------------------------                             ----------
    (Address of Principal                                    (Zip Code)
     Executive Offices)

        Registrant's telephone number, including area code (202) 946-8600

                                    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 2.  Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Loans

         ContiSecurities  Asset  Funding  Corp.  registered  issuances  of up to
$3,500,000,000  principal  amount of Asset Backed  Certificates  on a delayed or
continuous  basis  pursuant  to Rule 415 under the  Securities  Act of 1933,  as
amended (the "Act"), by a Registration  Statement on Form S-3 (Registration File
No.  33-99340)  (as  amended,  the  "Registration  Statement").  Pursuant to the
Registration  Statement,  IMC Home Equity Loan Trust 1996-2 (the "Registrant" or
the  "Trust")  issued  $200,000,000  in aggregate  principal  amount of its Home
Equity Loan Pass-Through  Certificates,  Series 1996-2 (the "Certificates"),  on
April 24,  1996.  This  Current  Report on Form 8-K is being filed to satisfy an
undertaking to file copies of certain agreements executed in connection with the
issuance of the  Certificates,  the forms of which were filed as Exhibits to the
Registration Statement.

          The  Certificates  were issued  pursuant  to a Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement")  attached  hereto as Exhibit
4.1, dated as of April 1, 1996, among  ContiSecurities  Asset Funding Corp. (the
"Depositor"),  Industry  Mortgage  Company,  L.P.,  as seller and servicer  (the
"Servicer") and Chemical Bank, in its capacity as trustee (the  "Trustee").  The
Certificates  consist of the following classes:  the Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5,  Class A-6,  Class A-7, Class A-8  Certificates  (the
"Class  A   Certificates"),   the  Class  S-I   Certificates   (the  "Class  S-I
Certificates")  and the Class R Certificates  (the "Class R  Certificates"  and,
together  with the Class A  Certificates  and the Class  S-I  Certificates,  the
"Certificates").  Only the Class A  Certificates  were  offered  pursuant to the
Registration Statement. The Certificates evidence, in the aggregate, 100% of the
undivided beneficial ownership interests in the Trust.

         The assets of the Trust  initially  include a pool of  closed-end  home
equity  loans (the "Home Equity  Loans")  secured by mortgages or deeds of trust
primarily on one-to-four family residential  properties.  Interest distributions
on the Class A  Certificates  are  based on the  Certificate  Principal  Balance
thereof and the applicable  Pass-Through  Rate thereof.  The Pass- Through Rates
for the Class A Certificates are as follows: Class A-1, 6.61%; Class A-2, 6.78%;
Class A-3, 6.98%;  Class A-4, 7.10%,  Class A-5, 7.34%,  Class A-6, 7.75%, Class
A-7,  7.95% and Class A-8 at a  variable  rate equal to the lesser of (i) 13.26%
per annum and (ii) the weighted  average of the  Remittance  Rate (as defined in
the  Prospectus  Supplement)  of the Home Equity  Loans in Group II. The Class A
Certificates  have initial aggregate  principal  amounts as follows:  Class A-1,
$62,442,000;   Class  A-2,  $28,489,000;  Class  A-3,  $26,630,000;  Class  A-4,
$10,730,000;   Class  A-5,  $24,786,000;  Class  A-6,  $15,882,000;  Class  A-7,
$16,041,000 and Class A-8, $15,000,000.

         As  of  the  Closing  Date,   the  Home  Equity  Loans   possessed  the
characteristics  described  in the  Prospectus  dated  April  17,  1996  and the
Prospectus  Supplement  dated April 17, 1996 filed pursuant to Rule 424(b)(5) of
the Act on April 22, 1996.

         On April 30, 1996, the Trust acquired $19,733,627.91 of Subsequent Home
Equity Loans  pursuant to the terms of the Pooling and  Servicing  Agreement and
the  Subsequent  Transfer  Agreement  attached  hereto as Exhibit 10.1 among the
Depositor, the Servicer and the Trustee
dated as of April 30,  1996.  The  Subsequent  Home  Equity  Loans  possess  the
characteristics  required  by the  Prospectus  dated  April  17,  1996  and  the
Prospectus  Supplement  dated April 17, 1996 filed pursuant to Rule 424(b)(5) of
the Securities Act of 1933 on April 22, 1996.
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

               4.1         Pooling and Servicing  Agreement dated as of April 1,
                           1996, between  ContiSecurities Asset Funding Corp. as
                           Depositor,  Industry  Mortgage Company L.P. as Seller
                           and Servicer and Chemical Bank as Trustee.

               10.1        Subsequent  Transfer  Agreement dated as of April 30,
                           1996  among   ContiSecurities  Asset  Funding  Corp.,
                           Industry Mortgage Company and Chemical Bank.
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:  May 9, 1996
EXHIBIT INDEX

Exhibit No.             Description                                     Page No.
        4.1             Pooling and Servicing Agreement dated as of April 1,
                        1996, between ContiSecurities Asset Funding Corp. as
                        Depositor, Industry Mortgage Company L.P. as Seller
                        and Servicer and Chemical Bank as Trustee.
       10.1             Subsequent Transfer Agreement dated as of April 30,
                        1996 among ContiSecurities Asset Funding Corp.,
                        Industry Mortgage Company and Chemical Bank.