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 33-0697613
(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 5. Other Events.
Information relating to the distributions to
Certificateholders for the period from April 28, 1996 to May 28,
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: June 10, 1996
<PAGE>
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
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 32,442,000.00 32,442,000.00 200,734.88 570,650.76 771,385.64 0.00 0.00 31,871,349.26
A-2 225,000,000.00 225,000,000.00 1,198,312.50 3,514,632.87 4,712,945.37 0.00 0.00 221,485,367.13
B-I0 0.00 0.00 0.00 0.00 0.00 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 257,442,000.00 257,442,000.00 1,399,047.38 4,085,283.63 5,484,331.01 0.00 0.00 253,356,716.37
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<CAPTION>
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
PRIOR CURRENT RATES
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 03215PAG4 1,000.000000 6.187500 17.589876 23.777376 982.410124 7.425000% 7.425000%
A-2 03215PAH2 1,000.000000 5.325833 15.620591 20.946424 984.379409 5.810000% 5.793590%
B-I0 AO9620101 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
R AO9620102 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
<CAPTION>
<S> <C> <C> <C>
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DEPOSITOR: AMRESCO Residential Securities Corporation ADMINISTRATOR: Timothy Lewis
SERVICERS: Long Beach Mortgage/Option one Mortgage Bankers Trust Company
HEAD UNDERWRITER: Prudential Securities Incorporated 3 Park Plaza
RECORD DATE: April 28, 1996 Irvine, CA 92714
DISTRIBUTION DATE: May 28, 1996 FACTOR INFORMATION: (800) 735-7777
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</TABLE>
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Page 1 of 4
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
STATEMENT TO CERTIFICATEHOLDERS
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Distribution Date: May 28, 1996
SERVICER ADVANCES: 2,785.37
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 89,057.44
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00
---------
TOTAL SERVICING FEES DUE MASTER SERVICER: 89,057.44
LESS: AMOUNT TO COVER INTEREST SHORTFALLS: 6,152.75
LESS: DELINQUENT SERVICE FEES: 135.21
---------
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 87,769.48
AMOUNT PER $1000 CERTIFICATE: 0.321507
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<TABLE>
<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
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GROUP 1 (Fixed Rate)
PRINCIPAL BALANCE 0.00 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0 0
OF TOTAL GROUP 1 LOAN BALANCE 0.00% 0.00% 0.00% 0.00% 0.00%
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GROUP 2 (Adjustable Rate)
PRINCIPAL BALANCE 324,509.26 0.00 0.00 0.00 0.00
NUMBER OF LOANS 0 0 0 0 0
OF TOTAL GROUP 2 LOAN BALANCE 0.15% 0.00% 0.00% 0.00% 0.00%
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TOTAL PRINCIPAL BALANCE 324,509.26 0.00 0.00 0.00 0.00
TOTAL NUMBER OF LOANS 0 0 0 0 0
OF TOTAL GROUP 1 LOAN BALANCE 0.13% 0.00% 0.00% 0.00% 0.00%
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</TABLE>
Delinquencies are inclusive of Foreclosures and Bankruptcies
REALIZED LOSS INFORMATION:
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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
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Page 2 of 4
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
STATEMENT TO CERTIFICATEHOLDERS
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Distribution Date: May 28, 1996
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GROUP 1 GROUP 2
------- -------
BEGINNING NUMBER OF LOANS: 378 1875
ENDING NUMBER OF LOANS: 374 1844
BEGINNING PRINCIPAL BALANCE OF POOL: 32,442,665.69 181,332,563.00
ENDING PRINCIPAL BALANCE OF POOL: 31,938,933.64 221,742,237.14
GROUP FACTOR: 98.447316% 98.568485%
LARGEST LOAN BALANCE 479,518.50 398,518.50
WEIGHTED AVERAGE TERM TO MATURITY: 341.91 282.72
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.401309% 10.133850%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.392698% 10.186557%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 4 31
PRINCIPAL BALANCE: 485,417.01 3,168,236.12
AMOUNT PER $1000 CERTIFICATE: 14.962611 14.081049
PREPAYMENT INTEREST SHORTFALL AMOUNT
INCLUDED IN DISTRIBUTION: 0.00 6,152.75
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: 771,419.43 4,713,134.26
INSURED PAYMENT: 0.00 0.00
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 18,315.04 89,106.93
PRINCIPAL PREPAYMENTS: 96,750.00 2,871,446.41
CURTAILMENTS: 388,667.01 296,789.71
SUBORDINATION INCREASE AMOUNT: 66,918.71 257,289.82
PRE-FUNDED AMOUNTS DISTRIBUTED AS
PREPAYMENTS: 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE
(GROUP 2 ONLY) 0.00 420.51
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Page 3 of 4
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
TRUSTEE DISTRIBUTION DATE STATEMENT
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Distribution Date: May 28, 1996
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GROUP 1 GROUP 2
------- -------
SUBORDINATION AMOUNTS:
SUBORDINATION AMOUNT: 67,584.40 257,290.52
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: 0.00 0.00
CUMULATIVE LOSS PERCENTAGE 0.000000% 0.000000%
90+ DELINQUENCY PERCENTAGE 0.000000% 0.000000%
INSURER PREMIUM AMOUNT: 0.00 0.00
TRUSTEE FEE AMOUNT: 33.79 188.89
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