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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):
JUNE 20, 1996
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AMRESCO Residential Securities Corporation on behalf of:
AMRESCO RESIDENTIAL SECURITIES CORPORATION MORTGAGE LOAN TRUST 1996-3
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(Exact name of registrant as specified in its charter)
New York 33-99346.03 Pending
(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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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 1996-3
(the "Registrant" or "Trust") in respect of the Mortgage Loan Asset Backed
Certificates, Series 1996-3, 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 June 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 Advanta Mortgage Corp. USA 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: December 4, 1996
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-3
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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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 70,892,000.00 64,796,121.68 306,044.68 2,335,622.85 2,641,667.53 0.00 0.00 62,460,498.83
A-2 27,106,000.00 27,106,000.00 158,118.33 0.00 158,118.33 0.00 0.00 27,106,000.00
A-3 34,146,000.00 34,146,000.00 207,721.50 0.00 207,721.50 0.00 0.00 34,146,000.00
A-4 17,049,000.00 17,049,000.00 106,201.06 0.00 106,201.06 0.00 0.00 17,049,000.00
A-5 22,626,000.00 22,626,000.00 142,355.25 0.00 142,355.25 0.00 0.00 22,626,000.00
A-6 26,857,000.00 26,857,000.00 176,249.06 0.00 176,249.06 0.00 0.00 26,857,000.00
A-7 26,205,000.00 26,205,000.00 176,337.81 0.00 176,337.81 0.00 0.00 26,205,000.00
A-8 42,196,000.00 38,654,843.61 190,230.15 1,134,631.47 1,324,861.62 0.00 0.00 37,520,212.14
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 267,077,000.00 257,439,965.29 1,463,257.84 3,470,254.31 4,933,512.15 0.00 0.00 253,969,710.97
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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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A-1 03215PAJ8 914.011760 4.317055 32.946212 37.263267 881.065548 5.485000% 5.485000%
A-2 03215PAK5 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
A-3 03215PAL3 1,000.000000 6.083333 0.000000 6.083333 1,000.000000 7.300000% 7.300000%
A-4 03215PAM1 1,000.000000 6.229167 0.000000 6.229167 1,000.000000 7.475000% 7.475000%
A-5 03215PAN9 1,000.000000 6.291667 0.000000 6.291667 1,000.000000 7.550000% 7.550000%
A-6 03215PAP4 1,000.000000 6.562500 0.000000 6.562500 1,000.000000 7.875000% 7.875000%
A-7 03215PAQ2 1,000.000000 6.729167 0.000000 6.729167 1,000.000000 8.075000% 8.075000%
A-8 03215PAR0 916.078387 4.508251 26.889550 31.397801 889.188836 5.715000% 5.715000%
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/Advanta 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
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Page 1 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-3
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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Distribution Date: November 25, 1996
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<S> <C> <C> <C>
GROUP 1 GROUP 2 TOTALS
------- ------- ------
SERVICER ADVANCES:
INTEREST 585,020.05 136,105.39 721,125.44
PRINCIPAL 41,357.63 6,852.79 48,210.42
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 90,730.17 15,698.39 106,428.56
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
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TOTAL SERVICING FEES DUE MASTER SERVICER: 90,730.17 15,698.39 106,428.56
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 1,020.29 784.45 1,804.74
LESS: DELINQUENT SERVICE FEES: 29 598.15 6,358.09 35 956.24
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COLLECTED SERVICING FEES FOR CURRENT PERIOD: 60,111.73 8,555.85 68,667.58
0.225073 0.032035 0.257108
BEGINNING NUMBER OF LOANS: 2,230 398 2,628
ENDING NUMBER OF LOANS: 2,206 388 2,594
BEGINNING PRINCIPAL BALANCE OF POOL: 221,082,156.88 39,085,547.25 260,167,704.13
ENDING PRINCIPAL BALANCE OF POOL: 219,188,753.23 38,082,568.53 257,271,321.76
GROUP FACTOR: 97.198699% 90.248045% 96.103079%
LARGEST LOAN BALANCE: 495,650.04 485,968.39
WEIGHTED AVERAGE TERM TO MATURITY: 332.0 350.0
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 9.947310% 10.509034% 10.031699%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 9.944879% 10.952625% 10.094050%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 24 10 34
PRINCIPAL BALANCE: 1,757,235.74 985,352.49 2,742,588.23
AMOUNT PER $1000 CERTIFICATE: 7.814069 23.351799 10.268905
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 1,020.29 784.45 1,804.74
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
AVAILABLE FUNDS: 3,635,317.37 1,329,573.12 4,964,890.49
INSURED PAYMENT: 0.00 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE: 0.00 0.00 0.00
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Page 2 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-3
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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Distribution Date: November 25, 1996
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<S> <C> <C> <C>
GROUP 1 GROUP 2 TOTALS
------- ------- ------
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 136,167.91 17,626.23 153,794.14
PRINCIPAL PREPAYMENTS: 1,747,958.26 984,058.01 2,732,016.27
CURTAILMENTS: 9,277.48 1,294.48 10,571.96
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
SUBORDINATION INCREASE AMOUNT: 442,219.20 131,652.75 573,871.94
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
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TOTALS: 2,335,622.85 1,134,631.47 3,470,254.31
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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)
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PRINCIPAL BALANCE 6,394,148.61 2,664,226.88 3,749,596.21 1,472,155.78 2,294,930.95
NUMBER OF LOANS 68 27 54 14 34
2.92% 1.22% 1.71% 0.67% 1.05%
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GROUP 2 (Adjustable Rate)
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PRINCIPAL BALANCE 2,286,001.73 142,110.42 1,716,296.12 268,361.77 1,480,390.85
NUMBER OF LOANS 16 3 21 3 19
6.00% 0.37% 4.51% 0.70% 3.89%
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TOTAL
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PRINCIPAL BALANCE 8,680,150.34 2,806,337.30 5,465,892.33 1,740,517.55 3,775,321.80
NUMBER OF LOANS 84 30 75 17 53
3.37% 1.09% 2.12% 0.68% 1.47%
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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: 0.00 0.00 0.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 0.00 0.00 0.00
NUMBER OF REO LOANS: 0 0 0
NEW REO PROPERTIES: TOTAL NUMBER: 0
DATE OF SCH. PRIN.
GROUP LOAN NUMBER ACQUISITION BALANCE BALANCE
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Page 3 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
</TABLE>
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AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
<TABLE>
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Distribution Date: November 25, 1996
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<S> <C> <C> <C>
LIQUIDATED LOANS: TOTAL NUMBER: 0
GROUP LOAN NUMBER ACQUISITION BALANCE
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
SUBORDINATION AMOUNTS:
SUBORDINATED AMOUNT after all payments and transfers: 2,739,254.40 562,356.39 3,301,610.79
REQUIRED SUBORDINATION AMOUNT: 6,201,410.91 1,012,743.98 7,214,154.90
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: 0.000000% 0.000000%
90+ DELINQUENCY PERCENTAGE: 1.349094% 3.254269%
INSURER PREMIUM AMOUNT: 26,436.54 4,670.79 31,107.33
TRUSTEE FEE AMOUNT: 230.29 40.71 271.01
ONE-MONTH LIBOR ON THE MOST RECENT ONE-MONTH LIBOR DETERMINATION DATE: 5.375000%
REALIZED LOSS INFORMATION:
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GROUP 1 GROUP 2 TOTAL
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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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Page 4 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
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