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 26, 1996
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1996-2
(Exact name of registrant as specified in its charter)
New York 33-99346.02 33-0711440
(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)
Item 5. Other Events.
Information relating to the distributions to
Certificateholders for the period from July 29, 1996 to August
26, 1996 (the "Monthly Period") of the AMRESCO Residential
Securities Corporation Mortgage Loan Trust 1996-2 (the
"Registrant" or "Trust") in respect of the Mortgage Loan Asset
Backed Certificates, Series 1996-2, 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 April 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: September 6, 1996
<PAGE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-2
Statement To Certificateholders
<TABLE>
<CAPTION>
DISTRIBUTIONS IN DOLLARS
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 32,442,000.00 31,376,412.77 194,141.55 478,235.10 672,376.65 0.00 0.00 30,898,177.67
A2 225,000,000.00 213,101,161.14 1,098,181.32 6,148,153.61 7,246,334.93 0.00 0.00 206,953,007.53
B-10 0.00 0.00 0.00 0.00 0.00 0.00 0.0 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.0 0.00
TOTALS 257,442,000.00 244,477,573.91 1,292,322.87 6,626,388.71 7,918,711.58 0.00 0.00 237,851,185.20
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
A1 03215PAG4 967.154083 5.984266 14.741234 20.725499 952.412850 7.425000 7.425000%
A2 03215PAH2 947.116272 4.880806 27.325127 32.205933 919.791145 5.797500 5.766250%
B-10 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000%
R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000%
</TABLE>
<TABLE>
<S> <C> <S> <S>
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: July 29, 1996 Irvine, CA 92714
DISTRIBUTION DATE: August 26, 1996 FACTOR INFORMATION: (800) 735-7777
</TABLE>
Page 1 of 4 COPYRIGHT 1996 Bankers Trust Company
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-2
Statement To Certificateholders
Distribution Date: August 26, 1996
<TABLE>
<S> <C> <C>
SERVICER ADVANCES: 862,534.55
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 102,675.99
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 102,675.99
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 7,564.16
LESS: DELINQUENT SERVICE FEES: 39,847.27
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 55,264.56
AMOUNT PER $1000 CERTIFICATE 0.214668
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
DELINQUENT AND LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS - IN IN
INFORMATION* DAYS DAYS DAYS BANKRUPTCY FORECLOSURE
GROUP 1 (Fixed Rate)
PRINCIPAL BALANCE 1,374,057.46 478,703.56 902,590.74 0.00 972,468.21
NUMBER OF LOANS 13 6 6 0 7
% OF TOTAL GROUP 1 LOAN BALANCE 4.41% 1.54% 2.90% 0.00 3.12%
GROUP 2 (Adjustable Rate)
PRINCIPAL BALANCE 7,266,928.69 3,594,857.46 4,418,528.74 429,233.17 4,373,319.25
NUMBER OF LOANS 95 37 51 8 49
% OF TOTAL GROUP 2 LOAN BALANCE 3.47% 1.72% 2.11% 0.21% 2.09%
TOTAL PRINCIPAL BALANCE 8,640,986.15 4,073,561.02 5,321,119.48 429,233.17 5,345,787.46
TOTAL NUMBER OF LOANS 108 43 57 8 56
%OF TOTAL LOAN BALANCE 3.59% 1.69% 2.21% 0.18% 2.22%
</TABLE>
Delinquencies are inclusive of Foreclosures and Bankruptcies
<TABLE>
<CAPTION>
REALIZED LOSS INFORMATION:
<S> <C> <C> <C>
GROUP 1 GROUP 2 TOTAL
PRIOR REALIZED LOSSES 0.00 0.00 0.00
PLUS: CURRENT REALIZED LOSSES 0.00 0.00 0.00
CUMULATIVE REALIZED LOSSES: 0.00 0.00 0.00
</TABLE>
Page 2 of 4 ~ COPYRIGHT 1996 Bankers Trust Company
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-2
Statement To Certificateholders
Distribution Date: August 26, 1996
<TABLE>
<S> <C> <C> <C>
GROUP 1 GROUP 2
BEGINNING NUMBER OF LOANS 369 2,250
ENDING NUMBER OF LOANS 363 2,195
BEGINNING PRINCIPAL BALANCE OF POOL: 31,572,589.44 214,849,780.70
ENDING PRINCIPAL BALANCE OF POOL: 31,156,766.50 209,376,664.37
GROUP FACTOR: 96.036395% 93.071762%
LARGEST LOAN BALANCE 460,410.62 498,501.45
WEIGHTED AVERAGE TERM TO MATURITY 338.69 349.46
CURRENT WEIGHTED AVERAGE MORTGAGE RATE 10.386415% 10.539105%
NEXT WEIGHTED AVERAGE MORTGAGE RATE 10.390328% 10.791580%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 6 55
PRINCIPAL BALANCE: 397,287.05 5,371,856.95
AMOUNT PER $1000 CERTIFICATE: 12.246071 23.874920
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 832.26 6,731.90
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00
REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 0.00 0.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 0.00 0.00
NUMBER OF REO LOANS: 0 0
AVAILABLE FUNDS 675,939.39 7,270,532.61
INSURED PAYMENT 0.00 0.00
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL 18,535.89 101,259.38
PRINCIPAL PREPAYMENTS 391,608.96 5,350,932.93
CURTAILMENTS 5,678.09 20,924.02
SUBORDINATION INCREASE AMOUNT 62,412.16 675,037.28
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE (GROUP 2 ONLY) 0.00 0.00
</TABLE>
Page 3 of 4 COPYRIGHT 1996 Bankers Trust Company
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-2
Trustee Distribution Date Statement
Distribution Date: August 26, 1996
<TABLE>
<CAPTION>
GROUP 1 GROUP 2
<S> <C> <C>
SUBORDINATION AMOUNTS:
SUBORDINATION AMOUNT: 258,588.83 2,423,656.84
REQUIRED SUBORDINATION AMOUNT: 713,738.64 4,724,214.81
EXCESS SUBORDINATION AMOUNT: 0.00 0.00
SUBORDINATION DEFICIT: 0.00 0.00
UNREIMBURSED MONTHLY ADVANCES: 0.0 0.00
CUMULATIVE LOSS PERCENTAGE 0.000000% 0.000000%
90+ DELINQUENCY PERCENTAGE 1.859591% 1.230669%
INSURER PREMIUM AMOUNT: 3,529.85 23,973.88
TRUSTEE FEE AMOUNT: 32.89 223.80
</TABLE>
Page 4 of 4 ~ COPYRIGHT 1996 Bankers Trust Company
