<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 (I.R.S. Employer
Incorporation) File Number) Identification No.)
c/o Bankers Trust Company
of California, N.A.
3 Park Plaza, 16th Floor
Irvine, California 92714
(Address of Principal Executive (Zip Code)
Offices)
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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<PAGE>
Item 5. OTHER EVENTS.
Information relating to the distributions to Certificateholders for the
period from October 31, 1996 to November 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: December 4, 1996
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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 36,322,323.22 185,395.19 2,046,609.18 2,232,004.37 0.00 0.00 34,275,714.04
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 75,120,081.28 372,272.17 5,181,980.75 5,554,252.92 0.00 0.00 69,938,100.53
B-IO 0.00 0.00 817,628.94 0.00 817,628.94 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 274,944,000.00 223,555,404.50 1,978,403.66 7,228,589.93 9,206,993.59 0.00 0.00 216,326,814.57
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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A-1 03215PAA7 583.594261 2.978762 32.883067 35.861829 550.711195 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 746.779876 3.700813 51.514840 55.215653 695.265036 5.755000% 5.755000%
B-IO 0.000000 2.973802 0.000000 2.973802 0.000000 0.000000% 0.000000%
R 0.000000 0.000000 0.000000 0.0000 0.000000 0.000000% 0.000000%
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: October 31, 1996 Irvine, CA 92714
DISTRIBUTION DATE: November 25, 1996 FACTOR INFORMATION: (800) 735-7777
Page 1 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
</TABLE>
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
Distribution Date: November 25, 1996
GROUP 1 GROUP 2 TOTALS
-------------- ------------- --------------
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 611,145.27 233,888.95 845,034.22
PRINCIPAL 35,896.76 10,354.21 46,250.97
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 63,482.60 32,243.09 95,725.69
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
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TOTAL SERVICING FEES DUE MASTER SERVICER: 63,482.60 32,243.09 95,725.69
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 2,778.06 5,864.36 8,642.42
LESS: DELINQUENT SERVICE FEES: 29,147.54 10,670.61 39,818.15
-------------- ------------- --------------
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 31,557.00 15,708.12 47,265.12
0.114776 0.057132 0.171908
BEGINNING NUMBER OF LOANS: 1,744 809 2,553
ENDING NUMBER OF LOANS: 1,714 757 2,471
BEGINNING PRINCIPAL BALANCE OF POOL: 152,358,243.16 77,383,417.92 229,741,661.08
ENDING PRINCIPAL BALANCE OF POOL: 150,311,633.98 72,201,437.17 222,513,071.15
GROUP FACTOR: 86.211593% 71.775992% 80.930107%
LARGEST LOAN BALANCE: 478,182.95 396,787.53
WEIGHTED AVERAGE TERM TO MATURITY: 336.96 343.77
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.866309% 11.206586% 10.980924%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.855417% 11.318439% 11.005659%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 30 52 82
PRINCIPAL BALANCE: 1,966,389.06 5,150,761.78 7,117,150.84
AMOUNT PER $1000 CERTIFICATE: 31.594162 105.802062 25.885820
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 2,778.06 5,864.36 8,642.42
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
AVAILABLE FUNDS: 3,362,769.72 5,872,407.62 9,235,177.34
INSURED PAYMENT: 0.00 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE (GROUP 1 ONLY): 0.00 0.00
Page 2 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
</TABLE>
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
Distribution Date: November 25, 1996
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GROUP 1 GROUP 2 TOTALS
-------------- ------------- --------------
<S> <C> <C> <C>
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 80,220.12 31,218.97 111,439.09
PRINCIPAL PREPAYMENTS: 1,959,885.25 5,215,156.69 7,175,041.94
CURTAILMENTS: 6,503.81 (64,394.91) (57,891.10)
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
SUBORDINATION INCREASE AMOUNT: 0.00 0.00 0.00
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
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2,046,609.18 5,181,980.75 7,228,589.93
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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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GROUP 1 (Fixed Rate)
- ----------------------
PRINCIPAL BALANCE 5,867,286.42 2,778,756.72 9,157,962.30 2,049,086.40 5,552,293.72
NUMBER OF LOANS 59 31 103 26 61
3.90% 1.85% 6.09% 1.36% 3.69%
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GROUP 2 (Adjustable Rate)
- ---------------------------
PRINCIPAL BALANCE 2,750,467.04 801,829.60 5,353,557.84 944,368.21 3,934,303.03
NUMBER OF LOANS 34 7 48 10 32
3.81% 1.11% 7.41% 1.31% 5.45%
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TOTAL
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PRINCIPAL BALANCE 8,617,753.46 3,580,586.32 14,511,520.14 2,993,454.61 9,486,596.75
NUMBER OF LOANS 93 38 151 36 93
3.87% 1.61% 6.52% 1.35% 4.26%
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*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
GROUP 1 GROUP 2 TOTALS
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REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 1,354,567.21 455,233.47 1,809,800.68
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 1,379,356.67 431,693.81 1,811,050.48
NUMBER OF REO LOANS: 14 7 21
NEW REO PROPERTIES: TOTAL NUMBER: 9
DATE OF SCH. PRIN.
GROUP LOAN NUMBER ACQUISITION BOOK VALUE BALANCE
- ----- ----------- ----------- ----------- -----------
1 1808724 09/18/96 $101,791.60 $101,305.01
1 1830256 10/07/96 $79,361.21 $76,457.78
1 1879857 10/09/96 $99,679.73 $99,499.46
1 1999234 10/09/96 $45,488.84 $45,390.60
1 1831452 10/17/96 $121,717.88 $121,012.15
1 1764109 10/31/96 $261,260.18 $290,423.90
2 9192832 11/05/96 $46,378.54 $45,237.55
2 9187063 11/08/96 $139,119.67 $123,247.92
2 9186834 10/30/96 $37,912.51 $31,385.59
Page 3 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
</TABLE>
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-1
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
Distribution Date: November 25, 1996
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<S> <C> <C> <C>
LIQUIDATED LOANS: TOTAL NUMBER: 0
GROUP LOAN NUMBER ACQUISITION BALANCE
- ----- ----------- ----------- -----------
GROUP 1 GROUP 2 TOTALS
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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% 0.015118%
90+ DELINQUENCY PERCENTAGE: 4.233157% 4.854843%
INSURER PREMIUM AMOUNT: 18,554.42 9,390.01 27,944.43
TRUSTEE FEE AMOUNT: 158.71 80.61 239.31
REALIZED LOSS INFORMATION:
GROUP 1 GROUP 2 TOTAL
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PRIOR REALIZED LOSSES: 3,097.61 15,207.95 18,305.56
PLUS: CURRENT REALIZED LOSSES 0.00 0.00 0.00
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CUMULATIVE REALIZED LOSSES: 3,097.61 15,207.95 18,305.56
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Page 4 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
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