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)
May 10, 1996
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1996-2
(Exact name of registrant as specified in its charter)
APPLICATION
Delaware 33-99346 PENDING
(State or Other Jurisdiction (Commission (I.R.S. Employer
of 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 (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (909) 605-7600
No Change
(Former name or former address, if changed since last report)
<PAGE>
Item 2. Acquisition or Disposition of Assets
Description of the Conveyance of Subsequent Mortgage Loans.
On May 10, 1996, the Trust acquired approximately
$43,667,102.83 of Subsequent Mortgage Loans pursuant to the terms
of the Pooling and Servicing Agreement 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 servicers and Bankers Trust Company of California, N.A., in
its capacity as the trustee (the "Trustee") and a Subsequent
Transfer Agreement among the Depositor, the Seller and AMRESCO
Residential Securities Corporation Mortgage Loan Trust 1996-2 as
the Purchaser, dated as of May 10, 1996. The Subsequent Mortgage
Loans possess the characteristics required by the Prospectus
Supplement. The schedule of such Subsequent Mortgage Loans is
attached to the Subsequent Transfer Agreement. 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.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
10.2 Subsequent Transfer Agreement dated as of May 10,
1996 among AMRESCO Residential Securities Corporation, as
Depositor, AMRESCO Residential Mortgage Corporation, as Seller
and AMRESCO Residential Securities Corporation Mortgage Loan
Trust 1996-2 as the Purchaser (Mortgage Loan Schedule Attached).
<PAGE>
EXHIBIT INDEX
Exhibit Description Page
No. No.
10.2 Subsequent Transfer Agreement dated as of
May 10, 1996 among AMRESCO Residential
Securities Corporation, as Depositor,
AMRESCO Residential Mortgage Corporation,
as Seller and AMRESCO Residential
Securities Corporation Mortgage Loan Trust
1996-2 as the Purchaser (Mortgage Loan
Schedule Attached).
<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.
By: AMRESCO Residential Securities
Corporation, as Company
By: /s/ Ronald B. Kirkland
Name: Ronald B. Kirkland
Title: Chief Financial Officer and
Chief Accounting Officer
Dated: May 24, 1996
<PAGE>
SUBSEQUENT TRANSFER AGREEMENT
AMRESCO Residential Securities Corporation (the
"Depositor"), AMRESCO Residential Mortgage Corporation (the
"Seller"), and AMRESCO Residential Securities Corporation
Mortgage Loan Trust 1996-2 (the "Purchaser") pursuant to the
Pooling and Servicing Agreement dated as of April 1, 1996 among
the Depositor, the Seller, Long Beach Mortgage Company and Option
One Mortgage Corporation, as Servicer and Bankers Trust Company
of California, N.A., as Trustee (the "Pooling and Servicing
Agreement"), hereby confirm their understanding with respect to
the sale by the Seller and the purchase by the Depositor and the
sale by the Depositor and the purchase by the Purchaser of those
Mortgage Loans (the "Subsequent Mortgage Loans") listed on the
attached Schedule of Mortgage Loans.
Conveyance of Subsequent Mortgage Loans. As of May 10, 1996
(the "Subsequent Transfer Date"), the Seller does hereby
irrevocably transfer, assign, set over and otherwise convey to
the Depositor and the Depositor does hereby irrevocably transfer,
assign, set over and otherwise convey to the Purchaser, without
recourse (except as otherwise explicitly provided for herein) all
right, title and interest in and to any and all benefits accruing
from the Subsequent Mortgage Loans (other than any principal
received and interest payments received thereon on or prior to
April 1, 1996 whether or not received) (such date, the
"Subsequent Cut-Off Date") which are delivered to the Trustee
herewith (and all substitutions therefor as provided by Sections
3.04, 3.05 and 3.06 of the Pooling and Servicing Agreement),
together with the related Subsequent Mortgage Loan documents and
the interest in any Property which secured a Subsequent Mortgage
Loan but which has been acquired by foreclosure or deed in lieu
of foreclosure, and all payments thereon and proceeds of the
conversion, voluntary or involuntary, of the foregoing; and
proceeds of all the foregoing (including, but not by way of
limitation, all proceeds of any mortgage insurance, hazard
insurance and title insurance policy relating to the Subsequent
Mortgage Loans, cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit
accounts, rights to payment of any and every kind, and other
forms of obligations and receivables which at any time constitute
all or part of or are included in the proceeds of any of the
foregoing). The Seller shall deliver the original Mortgage or
mortgage assignment with evidence of recording thereon (except as
otherwise provided by the Pooling and Servicing Agreement) and
other required documentation in accordance with the terms set
forth in Sections 3.05 and 3.07 of the Pooling and Servicing
Agreement.
The costs relating to the delivery of the documents
specified in this Subsequent Transfer Agreement and the Pooling
and Servicing Agreement shall be borne by the Seller.
The Seller hereby affirms the representations and warranties
set forth in the Pooling and Servicing Agreement that relate to
the Seller and the Subsequent Mortgage Loans as of the date
hereof. The Seller hereby delivers notice and confirms that each
of the conditions set forth in Section 3.07(b) and 3.07(c) to the
Pooling and Servicing Agreement are satisfied as of the date
hereof.
Pursuant to Section 3.07(a) of the Pooling and Servicing
Agreement, the Seller hereby instructs the Trustee to release one-
hundred percent of the aggregate principal balances of the
Subsequent Mortgage Loans so transferred from the Pre-Funding
Account, $43,667,102.83, pursuant to this Subsequent Transfer
Agreement.
All terms and conditions of the Pooling and Servicing
Agreement are hereby ratified, confirmed and incorporated herein,
provided that in the event of any conflict the provisions of this
Subsequent Transfer Agreement shall control over the conflicting
provisions of the Pooling and Servicing Agreement.
Terms capitalized herein and not defined herein shall have
their respective meanings as set forth in the Pooling and
Servicing Agreement.
AMRESCO RESIDENTIAL SECURITIES CORPORATION
as Depositor
By:
Name:
Title:
AMRESCO RESIDENTIAL MORTGAGE CORPORATION
as Seller
By:
Name:
Title:
AMRESCO RESIDENTIAL SECURITIES CORPORATION
LOAN TRUST 1996-2,
by Bankers Trust Company of California,
N.A. as Trustee
By:
Name:
Title:
Dated: May 10, 1996
