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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
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1996-3
(Exact name of registrant as specified in its charter)
New York 33-99346.03 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)
1
Item 5. Other Events.
Information relating to the distributions to
Certificateholders for the period from November 29, 1996 to
December 26, 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
Name: Ronald B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: January 17, 1997
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
<CAPTION>
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>
A-1 70,892,000.00 62,460,498.83 295,013.08 1,366,887.71 1,661,900.79 0.00 0.00 61,093,611.12
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 37,520,212.14 184,646.34 853,713.62 1,038,359.96 0.00 0.00 36,666,498.52
B-10 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
TOTALS 267,077,000.00 253,969,710.97 1,446,642.43 2,220,601.33 3,667,243.76 0.00 0.00 251,749,109.64
</TABLE>
<TABLE>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
<CAPTION>
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 03215PAJ8 881.065548 4.161444 19.281269 23.442713 861.784279 5.485000% 5.777970%
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 889.188836 4.375920 20.232098 24.608019 868.956738 5.715000% 6.007970%
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%
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: November 29, 1996 Irvine, CA 92714
DISTRIBUTION DATE: December 26, 1996 FACTOR INFORMATION: (800) 735-7777
Page 1 of 4
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
Distribution Date: December 26, 1996
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 822,350.84 173,211.73 995,562.57
PRINCIPAL 61,651.93 7,722.22 69,374.15
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 89,956.42 15,312.68 105,269.10
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 89,956.42 15,312.68 105,269.10
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 1,764.95 641.52 2,406.47
LESS: DELINQUENT SERVICE FEES: 42,165.41 7,819,70 49,985.11
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 46,026.06 6,851.46 52,877.52
0.172333 0.025654 0.197986
BEGINNING NUMBER OF LOANS: 2,206 388 2,594
ENDING NUMBER OF LOANS: 2,197 378 2,575
BEGINNING PRINCIPAL BALANCE OF POOL: 219,188,753.23 38,082,568.53 257,271,321.76
ENDING PRINCIPAL BALANCE OF POOL: 218,260,035.06 37,371,909.26 255,631,944.32
GROUP FACTOR: 96.786861% 88.563925% 95.490693%
LARGEST LOAN BALANCE: 495,418.47 485,813.94
WEIGHTED AVERAGE TERM TO MATURITY: 331.0 349.0
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 9.944879% 10.952625% 10.094050%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 9.943606% 10.950105% 10.090750%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 9 10 19
PRINCIPAL BALANCE: 791,815.55 694,750.60 1,486,566.15
AMOUNT PER $1000 CERTIFICATE: 3.521042 16.464845 5.566058
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 1,764.95 641.52 2,406.47
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
AVAILABLE FUNDS: 2,655,266.43 1,042,933.32 3,698,199.75
INSURED PAYMENT: 0.00 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE: 0.00 0.00 0.00
Page 2 of 4
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
Distribution Date: December 26, 1996
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C>
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 136,902.62 15,908.67 152,811.29
PRINCIPAL PREPAYMENTS: 778,164.05 695,095.95 1,473,260.00
CURTAILMENTS: 13,651.50 (345.35) 13,306.15
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
SUBORDINATION INCREASE AMOUNT: 438,169.54 143,054.35 581,223.89
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
TOTALS: 1,366,887.71 853,713.62 2,220,601.33
<CAPTION>
DELINQUENT AND LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 91+ IN IN
INFORMATION* DAYS DAYS DAYS DAYS BANKRUPTCY FORECLOSURE
<S> <C> <C> <C> <C> <C> <C>
GROUP 1 (Fixed Rate)
PRINCIPAL BALANCE 8,697,220.27 2,474,012.34 2,454,450.91 3,455,212.91 1,702,489.36 3,825,350.60
NUMBER OF LOANS 89 25 24 50 17 51
3.98% 1.13% 1.12% 1.58% 0.78% 1.75%
GROUP 2 (Adjustable Rate)
PRINCIPAL BALANCE 2,097,499.18 1,004,144.70 96,971.77 1,531,544.28 329,472.36 1,436,186.57
NUMBER OF LOANS 29 9 2 19 4 17
5.61% 2.69% 0.26% 4.10% 0.88% 3.84%
TOTAL
PRINCIPAL BALANCE 10,794,719.45 3,478,157.04 2,551,422.68 4,986,757.19 2,031,961.72 5,261,537.17
NUMBER OF LOANS 118 34 26 69 21 68
4.22% 1.36% 1.00% 1.95% 0.79% 2.06%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C>
REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 75,130.63 0.00 75,130.63
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 74,780.00 0.00 74,780.00
NUMBER OF REO LOANS: 1 0 1
NEW REO PROPERTIES: TOTAL NUMBER: 1
<CAPTION>
DATE OF SCH. PRIN.
GROUP LOAN NUMBER ACQUISITION BOOK VALUE BALANCE
<S> <C> <C> <C> <C>
1 2164648 12/11/96 $75,130.63 $74,780.00
Page 3 of 4
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
Distribution Date: December 26, 1996
LIQUIDATED LOANS: TOTAL NUMBER: 0
GROUP LOAN NUMBER ACQUISITION BALANCE
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C>
SUBORDINATION AMOUNTS:
SUBORDINATED AMOUNT after all payments and transfers: 3,177,423.94 705,410.74 3,882,834.68
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: 1.872278% 4.042907%
INSURER PREMIUM AMOUNT: 26,154.31 4,533.69 30,688.00
TRUSTEE FEE AMOUNT: 228.32 39.67 267.99
ONE-MONTH LIBOR ON THE MOST RECENT ONE-MONTH LIBOR DETERMINATION DATE: 5.375000%
REALIZED LOSS INFORMATION:
<CAPTION>
GROUP 1 GROUP 2 TOTAL
<S> <C> <C> <C>
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
Page 4 of 4
COPYRIGHT 1996 Bankers Trust Company
</TABLE>
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