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Previous: ALTAIR INTERNATIONAL GOLD INC, SC 13G, 1997-02-19 |
Next: SUBURBAN OSTOMY SUPPLY CO INC, SC 13G, 1997-02-19 |
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
Four Albany Street
New York, New York 10006
(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 December 31, 1996 to
January 27, 1997 (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,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: February 18, 1997
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement to Certificateholders
Distributions in Dollars
<CAPTION>
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRRED 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 61,093,611.12 313,775.16 2,499,451.34 2,813,226.50 0.00 0.00 58,594,159.78
A-2 27,106,000.00 27,106,000.00 158,118.33 .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 .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 .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 .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 36,666,498.52 195,814.42 1,589,557.82 1,785,372.24 0.00 0.00 35,076,940.70
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 267,077,000.00 251,749,109.64 1,476,572.59 4,089,009.16 5,565,581.75 0.00 0.00 247,660,100.48
</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 861.784279 4.426101 35.257171 39.683272 826.527109 5.777970% 5.547500%
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 868.956738 4.640592 37.670818 42.311410 831.285920 6.007970% 5.777500%
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%
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: December 31, 1996 Irvine, CA 92714
DISTRIBUTION DATE: January 27, 1997 FACTOR INFORMATION: (800) 735-7777
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
Distribution Date: January 27, 1997
<CAPTION>
Group 1 Group 2 Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 706,634.73 150,871.62 857,506.35
PRINCIPAL 50,767.50 6,612.89 57,380.39
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 89,570.01 15,045.23 104,615.24
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 89,570.01 15,045.23 104,615.24
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 1,358.65 3,813.43 5,172.08
LESS: DELINQUENT SERVICE FEES: 35,803.00 6,791.23 42,594.23
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 52,408.36 4,440.57 56,848.93
0.196229 0.016627 0.212856
BEGINNING NUMBER OF LOANS: 2,197 380 2,577
ENDING NUMBER OF LOANS: 2,173 367 2,540
BEGINNING PRINCIPAL BALANCE OF POOL: 218,260,035.06 37,371,909.26 255,631,944.32
ENDING PRINCIPAL BALANCE OF POOL: 216,172,615.54 35,908,044.26 252,080,659.80
GROUP FACTOR: 95.861200% 85.094859% 94.164119%
LARGEST LOAN BALANCE: 495,184.97 485,657.96
WEIGHTED AVERAGE TERM TO MATURITY: 330.0 348.0
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 9.943606% 10.950105% 10.090750%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 9.939434% 10.925759% 10.079933%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 24 13 37
PRINCIPAL BALANCE: 1,950,679.10 1,448,381.49 3,399,060.59
AMOUNT PER $1000 CERTIFICATE: 8.674273 34.325090 12.726894
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 1,358.65 3,813.43 5,172.08
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
AVAILABLE FUNDS: 3,806,426.01 1,789,841.71 5,596,267.72
INSURED PAYAMENT: 0.00 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE (GROUP 1 ONLY) 0.00 0.00
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
Distribution Date: January 27, 1997
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C>
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 136,740.42 15,483.51 152,223.93
PRINCIPAL PREPAYMENTS: 1,934,241.03 1,519,598.76 3,453,839.79
CURTAILMENTS: 16,438.07 (71,217.27) (54,779.20)
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
SUBORDINATION INCREASE AMOUNT: 412,031.82 125,692.82 537,724.64
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
2,499,451.34 1,589,557.82 4,089,009.16
<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 7,760,716.13 2,855,286.93 2,001,492.97 5,286,871.56 1,771,690.47 5,066,670.82
NUMBER OF LOANS 88 29 19 67 18 69
3.59% 1.32% 0.93% 2.45% 0.82% 2.34%
GROUP 2 (Adjustable Rate)
PRINCIPAL BALANCE 1,517,597.39 644,647.01 1,427,943.05 1,627,997.09 451,559.20 2,344,696.65
NUMBER OF LOANS 18 10 9 21 9 20
4.23% 1.80% 3.98% 4.53% 1.26% 6.53%
TOTAL
PRINCIPAL BALANCE 9,278,313.52 3,499,933.94 3,429,436.02 6,914,868.65 2,223,249.67 7,411,367.47
NUMBER OF LOANS 106 39 28 88 27 89
3.68% 1.39% 1.36% 2.74% 0.88% 2.94%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <S> <C> <C>
REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 326,658.07 0.00 326,658.07
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 326,075.67 0.00 326,075.67
NUMBER OF REO LOANS: 5 0 5
NEW REO PROPERTIES: TOTAL NUMBER: 4
DATE OF SCH. PRIN.
GROUP LOAN NUMBER ACQUISITION BOOK VALUE BALANCE
1 2197358 12/16/96 68,966.06 68,756.71
1 2223790 12/17/96 59,146.26 59,007.99
1 2134930 12/20/96 85,400.00 85,156.02
1 2248136 01/03/97 38,780.29 38,606.72
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Statement To Certificateholders
Distribution Date: January 27, 1997
LIQUIDATED LOANS: TOTAL NUMBER: 0
DATE OF
GROUP LOAN NUMBER SALE BALANCE
<CAPTION>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C>
SUBORDINATION AMOUNTS:
SUBORDINATED AMOUNT after all payments and transfers 3,589,455.76 831,103.56 4,420,559.32
REQUIRED SUBORDINATION AMOUNT: 6,201,410.91 1,012,743.98 7,214,154.89
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: 2.596615% 5.791610%
INSURER PREMIUM AMOUNT: 25,989.15 4,430.54 30,419.69
TRUSTEE FEE AMOUNT: 227.35 38.93 266.28
ONE MONTH LIBOR ON THE MOST RECENT ONE-MONTH LIBOR
DETERMINATION DATE: 5.667970%
REALIZED LOSS INFORMATION:
<CAPTION>
GROUP 1 GROUP 2 TOTAL
<C> <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
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Supplemental Statement
Distribution Date: January 27, 1997
<CAPTION>
ADVANTA LONG BEACH TOTALS
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST: 101,831.91 755,674.44 857,506.35
PRINCIPAL: 4,133.46 53,246.93 57,380.39
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 7,592.27 97,022.96 104,615.23
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 7,592.27 97,022.96 104,615.23
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS 1,368.46 3,803.63 5,172.09
LESS: DELINQUENT SERVICE FEES: 3,669.01 38,925.23 42,594.23
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 2,554.80 54,294.11 56,848.91
0.009566 0.203290 0.212856
<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>
ADVANTA
PRINCIPAL BALANCE 1,411,744.62 545,398.03 622,687.29 1,169,224.39 160,342.29 1,338,601.81
NUMBER OF LOANS 27 8 7 21 2 22
PERCENTAGE OF TOTAL POOL 0.56%. 0.22% 0.25% 0.46% 0.06% 0.53%
LONG BEACH
PRINCIPAL BALANCE 7,866,568.90 2,954,535.91 2,806,748.73 5,745,644.26 2,062,907.38 6,072,765.66
NUMBER OF LOANS 79 31 21 67 25 67
PERCENTAGE OF TOTAL POOL 3.12% 1.17% 1.11% 2.28% 0.82% 2.41%
TOTAL
PRINCIPAL BALANCE 9,278,313.52 3,499,933.94 3,429,436.02 6,914,868.65 2,223,249.67 7,411,367.47
NUMBER OF LOANS 106 39 28 88 27 89
PERCENTAGE OF TOTAL POOL 3.68% 1.39% 1.36% 2.74% 0.88% 2.94%
<CAPTION>
POOL REALIZED LOSS INFORMATION:
ADVANTA LONG BEACH 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
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-3
Supplemental Statement
<CAPTION>
Distribution Date: January 27,1997
ADVANTA LONG BEACH Totals
<S> <C> <C> <C>
BEGINNING NUMBER OF LOANS: 279 2,298 2,577
ENDING NUMBER OF LOANS: 271 2,269 2,540
BEGINNING PRINCIPAL BALANCE OF POOL: 22,776,814.28 232,855,130.04 255,631,944.32
ENDING PRINCIPAL BALANCE OF POOL: 21,814,243.04 230,266,416.76 252,080,659.80
LARGEST LOAN BALANCE: 458,409.93 495,184.97
WEIGHTED AVERAGE TERM TO MATURITY: 257.56 339.53
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 11.145506% 9.987579% 10.090750%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 11.117496% 9.981640% 10.079933%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS(IF PAID IN FULL): 8 29 37
PRINCIPAL BALANCE: 952,606.31 2,446,454.28 3,399,060.59
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 1,368.46 3,803.63 5,172.09
REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 0.00 326,658.07 326,658.07
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 0.00 326,075.67 326,075.67
NUMBER OF REO LOANS: 0 5 5
INTEREST BREAKDOWN:
SCHEDULED INTEREST AMOUNT: 211,549.27 1,938,049.16 2,149,598.44
REPURCHASE INTEREST: 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00
TOTALS: 211,549.27 1,938,049.16 2,149,598.44
PRINCIPAL BREAKDOWN:
SCHEDULED PRINCIPAL: 9,964.93 142,259.00 152,223.93
PRINCIPAL PAYMENTS: 1,025,774.77 2,428,065.02 3,453,839.79
CURTAILMENTS: (73,168.46) 18,389.26 (54,779.20)
LIQUIDATIONS: 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 0.00
TOTALS: 962,571.24 2,588,713.28 3,551,284.52
CASH REMITTANCE RECONCILIATION:
SCHEDULED INTEREST AMOUNT: 211,549,27 1,938,049.16 2,149,598.44
REPURCHASE INTEREST: 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00
TOTAL INTEREST: 211,549.27 1,938,049.16 2,149,598.44
LESS: CURRENT SERVICING FEES: (2,554.80) (54,294.11) (56,848.91)
LESS: CURRENT TRUSTEE FEES: (227.35) (38.93) (266.28)
LESS: CURRENT INSURANCE PREMIUM: (25,989.15) (4,430.54) (30,419.69)
LESS: DELINQUENT INTEREST (105,500.91) (794,599.68) (900,100.59)
LESS: PREPAYMENT INTEREST SHORTFALLS (1,368.46) (3,803.63) (5,172.09)
PLUS: INTEREST ADVANCED 101,831.91 755,674.44 857,506.35
177,740.50 1,836,556.72 2,014,297.23
SCHEDULED PRINCIPAL: 9,964.93 142,259.00 152,223.93
PRINCIPAL PREPAYMENTS: 1,025,774.77 2,428,065.02 3,453,839.79
CURTAILMENTS: (73,168.46) 18,389.26 (54,779.20)
LIQUIDATIONS: 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 0.00
TOTAL PRINCIPAL: 962,571.24 2,588,713.28 3,551,284.52
LESS DELINQUENT PRINCIPAL (4,133.46) (53,246.93) (57,380.39)
LESS: PRINCIPAL ADVANCED 4,133.46 53,246.93 57,380.39
962,571.24 2,588,713.28 3,551,284.52
TOTAL REMITTANCE AMOUNTS: 1,140,311.74 4,425,270.00 5,565,581.75
</TABLE>
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