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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):
April 26, 1996
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AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-2
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(Exact name of registrant as specified in its charter)
New York 33-99346.02 33-0711440
(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 1996-2 (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
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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 1996-2
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>
A1 32,442,000.00 30,898,177.67 191,182.47 332,542.60 523,725.07 0.00 0.00 30,565,635.07
A2 225,000,000.00 206,953,007.53 994,452.32 7,697,354.18 8,691,806.50 0.00 0.00 199,255,653.35
B-IO 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 257,442,000.00 237,851,185.20 1,185,634.79 8,029,896.77 9,215,531.56 0.00 0.00 229,821,288.42
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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>
A1 03215PAG4 952.412850 5.893054 10.250373 16.143427 942.162477 7.425000% 7.425000%
A2 03215PAH2 919.791145 4.419788 34.210463 38.630251 885.580682 5.766250% 5.860000%
B-IO 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%
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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
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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Distribution Date: September 25, 1996
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<S> <C> <C>
SERVICER ADVANCES: 1,116,293.47
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 100,222.25
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00
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TOTAL SERVICING FEES DUE MASTER SERVICER: 100,222.25
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 9,883.81
LESS: DELINQUENT SERVICE FEES: 50,923.56
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COLLECTED SERVICING FEES FOR CURRENT PERIOD: 39,414.88
AMOUNT PER $1000 CERTIFICATE: 0.153102
<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 962,202.40 579,009.70 1,223,934.57 0.00 1,333,492.53
NUMBER OF LOANS 13 6 9 0 10
% OF TOTAL GROUP 1 LOAN BALANCE 3.12% 1.87% 3.96% 0.00% 4.32%
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GROUP 2 (Adjustable Rate)
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PRINCIPAL BALANCE 9,282,020.16 3,798,213.06 6,050,810.78 462,192.71 5,921,012.14
NUMBER OF LOANS 105 46 70 9 65
% OF TOTAL GROUP 2 LOAN BALANCE 4.58% 1.88% 2.99% 0.23% 2.92%
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TOTAL PRINCIPAL BALANCE 10,244,222.56 4,377,222.76 7,274,745.35 462,192.71 7,254,504.67
TOTAL NUMBER OF LOANS 118 52 79 9 75
% OF TOTAL LOAN BALANCE 4.39% 1.88% 3.12% 0.20% 3.11%
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*Delinquencies are inclusive of Foreclosures and Bankruptcies
REALIZED LOSS INFORMATION:
<CAPTION>
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GROUP 1 GROUP 2 TOTAL
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<S> <C> <C> <C>
PRIOR REALIZED LOSSES: 0.00 0.00 0.00
PLUS: CURRENT REALIZED LOSSES 0.00 0.00 0.00
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CUMULATIVE REALIZED LOSSES: 0.00 0.00 0.00
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</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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Distribution Date: September 25, 1996
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GROUP 1 GROUP 2
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<S> <C> <C>
BEGINNING NUMBER OF LOANS: 363 2195
ENDING NUMBER OF LOANS: 358 2132
BEGINNING PRINCIPAL BALANCE OF POOL: 31,156,766.50 209,376,664.37
ENDING PRINCIPAL BALANCE OF POOL: 30,886,325.15 202,455,718.15
GROUP FACTOR: 95.202797% 89.995274%
LARGEST LOAN BALANCE 460,238.10 498,278.97
WEIGHTED AVERAGE TERM TO MATURITY: 337.99 348.44
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.390328% 10.784015%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.385721% 10.908622%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 5 63
PRINCIPAL BALANCE: 251,975.24 6,826,707.70
AMOUNT PER $1000 CERTIFICATE: 7.766945 30.340923
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 215.21 9,668.60
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: 527,233.56 8,715,306.81
INSURED PAYMENT: 0.00 0.00
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 18,466.11 94,238.52
PRINCIPAL PREPAYMENTS: 247,222.75 6,815,971.90
CURTAILMENTS: 4,752.49 10,735.80
SUBORDINATION INCREASE AMOUNT: 62,101.25 776,407.96
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00
REMAINING PREFUNDING AMOUNT AVAILABLE (GROUP 2 ONLY): 0.00 0.00
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</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-2
TRUSTEE DISTRIBUTION DATE STATEMENT
<TABLE>
<CAPTION>
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Distribution Date: September 25, 1996
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GROUP 1 GROUP 2
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<S> <C> <C>
SUBORDINATION AMOUNTS:
SUBORDINATION AMOUNT: 320,690.08 3,200,064.80
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 3.123543% 2.058114%
INSURER PREMIUM AMOUNT: 3,476.04 23,282.21
TRUSTEE FEE AMOUNT: 32.45 218.10
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</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
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