<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):
January 26, 1996
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AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-1
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(Exact name of registrant as specified in its charter)
New York 33-99346 33-0697613
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o Bankers Trust Company
of California, N.A.
3 Park Plaza, 16th Floor
Irvine, California 92714
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (909) 605-7600
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No Change
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS.
Information relating to the distributions to Certificateholders for the
period from August 28, 1996 to September 25, 1996 (the "Monthly Period") of the
AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-1 (the
"Registrant" or "Trust") in respect of the Mortgage Loan Asset Backed
Certificates, Series 1996-1, Class A (the "Certificates") issued by the
Registrant and the performance of the Trust (including distributions of
principal and interest, delinquent balances of mortgage loans, and the
subordinated amount remaining), together with certain other information relating
to the Certificates, is contained in the Monthly Report for the Monthly Period
provided to Certificateholders pursuant to the Pooling and Servicing Agreement
dated as of January 1, 1996, among AMRESCO Residential Securities Corporation in
its capacity as Depositor, AMRESCO Residential Mortgage Corporation in its
capacity as the Seller, Long Beach Mortgage Company and Option One Mortgage
Corporation as the Servicers, and Bankers Trust Company of California, N.A., a
national banking association, in its capacity as the trustee.
Item 7. EXHIBIT.
Monthly Report for the Monthly Period relating to the Certificates
issued by the Trust.
SIGNATURE
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.
By: AMRESCO Residential Securities Corporation
By: /s/Ronald B. Kirkland
Name: Ronald B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: October 4, 1996
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 62,239,000.00 42,244,787.39 215,624.44 2,772,200.68 2,987,825.12 0.00 0.00 39,472,586.71
A-2 48,683,000.00 48,683,000.00 246,457.69 0.00 246,457.69 0.00 0.00 48,683,000.00
A-3 20,123,000.00 20,123,000.00 107,741.90 0.00 107,741.90 0.00 0.00 20,123,000.00
A-4 24,091,000.00 24,091,000.00 136,013.77 0.00 136,013.77 0.00 0.00 24,091,000.00
A-5 19,216,000.00 19,216,000.00 112,894.00 0.00 112,894.00 0.00 0.00 19,216,000.00
A-6 100,592,000.00 82,088,633.44 395,821.13 3,203,870.09 3,599,691.22 0.00 0.00 78,884,763.35
B-IO 0.00 0.00 571,894.14 0.00 571,894.14 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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TOTALS 274,944,000.00 236,446,420.83 1,786,447.07 5,976,070.77 7,762,517.84 0.00 0.00 230,470,350.06
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</TABLE>
<TABLE>
<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 03215PAA7 678.751063 3.464459 44.541215 48.005674 634.209848 6.125000% 6.125000%
A-2 03215PAB5 1,000.000000 5.062500 0.000000 5.062500 1,000.000000 6.075000% 6.075000%
A-3 03215PAC3 1,000.000000 5.354167 0.000000 5.354167 1,000.000000 6.425000% 6.425000%
A-4 03215PAD1 1,000.000000 5.645833 0.000000 5.645833 1,000.000000 6.775000% 6.775000%
A-5 03215PAE9 1,000.000000 5.875000 0.000000 5.875000 1,000.000000 7.050000% 7.050000%
A-6 03215PAF6 816.055287 3.934917 31.850148 35.785065 784.205139 5.786250% 5.880000%
B-IO 0.000000 2.080039 0.000000 2.080039 0.000000 0.000000% 0.000000%
R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
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DEPOSITOR: AMRESCO Residential Securities Corporation ADMINISTRATOR: Timothy Lewis
SERVICERS: Long Beach Mortgage/Option One Mortgage Bankers Trust Company
LEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: August 28, 1996 Irvine, CA 92714
DISTRIBUTION DATE.- September 25, 1996 FACTOR INFORMATION: (800) 735-7777
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</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
Page 1 of 4
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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Distribution Date: September 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 778,779.95 258,277.82 1,037,057.77
PRINCIPAL 44,970.76 13,302.37 58,273.13
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 65,865.92 35,118.02 100,983.94
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
---- ---- ----
TOTAL SERVICING FEES DUE MASTER SERVICER: 65,865.92 35,118.02 100,983.94
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 4,336.93 3,754.57 8,091.50
LESS: DELINQUENT SERVICE FEES: 37,208.82 12,379.84 49,588.66
--------- -------- --------
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 24,320.17 18,983.61 43,303.78
0.088455 0.069045 0.157500
<CAPTION>
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DELINQUENT AND LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS IN IN
INFORMATION* DAYS DAYS DAYS BANKRUPTCY FORECLOSURE
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<S> <C> <C> <C> <C> <C>
GROUP 1 (Fixed Rate)
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PRINCIPAL BALANCE 6,574,853.60 3,153,961.84 4,964,451.35 1,285,372.91 3,622,890.47
NUMBER OF LOANS 81 41 57 17 41
4.23% 2.03% 3.19% 0.83% 2.33%
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GROUP 2 (Adjustable Rate)
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PRINCIPAL BALANCE 4,528,605.87 556,030.44 3,235,864.00 0.00 4,053,979.00
NUMBER OF LOANS 45 6 28 0 34
5.58% 0.69% 3.99% 0.00% 5.00%
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TOTAL
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PRINCIPAL BALANCE 11,103,459.47 3,709,992.28 8,200,315.35 1,285,372.91 7,676,869.47
NUMBER OF LOANS 126 47 85 17 75
4.69% 1.57% 3.47% 0.54% 3.24%
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</TABLE>
*Delinquencies are inclusive of Foreclosures and Bankruptcies
REALIZED LOSS INFORMATION:
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GROUP 1 GROUP 2 TOTAL
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PRIOR REALIZED LOSSES: 3,097.61 0.00 3,097.61
PLUS: CURRENT REALIZED LOSSES 0.00 0.00 0.00
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CUMULATIVE REALIZED LOSSES: 3,097.61 0.00 3,097.61
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-C- COPYRIGHT 1996 Bankers Trust Company
Page 2 of 4
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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Distribution Date: September 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
BEGINNING NUMBER OF LOANS: 1806 875 2681
ENDING NUMBER OF LOANS: 1773 844 2617
BEGINNING PRINCIPAL BALANCE OF POOL: 158,078,208.82 84,283,245.70 242,361,454.52
ENDING PRINCIPAL BALANCE OF POOL: 155,508,506.65 81,148,099.99 236,656,606.64
GROUP FACTOR: 89.192271% 80.669937% 86.074245%
LARGEST LOAN BALANCE 478,577.35 397,107.05 875,684.40
WEIGHTED AVERAGE TERM TO MATURITY: 338.56 345.64 6851
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.867318% 10.776382% 10.835694%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.860320% 11.001777% 10.908825%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 33 31 64
PRINCIPAL BALANCE: 2,371,356.71 3,096,877.36 5,468,234.07
AMOUNT PER $1000 CERTIFICATE: 38.100816 63.613117 19.888538
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 4,336.93 3,754.57 8,091.50
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 0.00 0.00 0.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 0.00 0.00 0.00
NUMBER OF REO LOANS: 0 0 0
AVAILABLE FUNDS: 3,935,408.01 3,856,918.10 7,792,326.11
INSURED PAYMENT: 0.00 0.00 0.00
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 81,413.39 38,268.35 119,681.74
PRINCIPAL PREPAYMENTS: 2,348,075.01 3,002,584.32 5,350,659.33
CURTAILMENTS: 23,281.70 94,293.04 117,574.74
REPURCHASES: 116,932.07 0.00 116,932.07
SUBORDINATION INCREASE AMOUNT: 202,498.51 68,724.38 271,222.89
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
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2,772,200.68 3,203,870.09 5,976,070.77
REMAINING PRE-FUNDING AMOUNT AVAILABLE (GROUP 1 ONLY): 0.00 0.00 0.00
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</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
Page 3 of 4
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
TRUSTEE DISTRIBUTION DATE STATEMENT
<TABLE>
<CAPTION>
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Distribution Date: September 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
SUBORDINATION AMOUNTS:
SUBORDINATED AMOUNT after all payments and transfers: 3,922,919.94 2,263,336.64 6,186,256.58
REQUIRED SUBORDINATION AMOUNT: 3,922,919.94 2,263,336.64 6,186,256.58
EXCESS SUBORDINATION AMOUNT: 0.00 0.00 0.00
SUBORDINATION DEFICIT: 0.00 0.00 0.00
UNREIMBURSED MONTHLY ADVANCES: 0.00 0.00 0.00
CUMULATIVE LOSS PERCENTAGE 0.001777% 0.000000% 0.000000%
90+ DELINQUENCY PERCENTAGE 2.691892% 3.189014% 5.880906%
INSURER PREMIUM AMOUNT: 19,294.72 10,261.08 29,555.80
TRUSTEE FEE AMOUNT: 164.66 87.80 252.46
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</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
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