<PAGE>
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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):
September 20, 1996
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AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-4
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(Exact name of registrant as specified in its charter)
New York 333-08687-01 Pending
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o Bankers Trust Company
Four Albany Street
New York, New York 10006
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (714) 253-7575
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c/o Bankers Trust Company of California, N.A.,
3 Park Plaza, 16th Floor, Irvine, California 92714
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(Former name or former address, if changed since last report)
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<PAGE>
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 1996-4 (the "Registrant" or "Trust") in respect of the Mortgage Loan
Asset Backed Certificates, Series 1996-4, 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 August 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, Option One Mortgage Corporation 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: October 4, 1996
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-4
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 9,163,000.00 9,163,000.00 46,044.08 1,166,780.11 1,212,824.19 0.00 0.00 7,996,219.89
A2 22,400,000.00 22,400,000.00 118,906.67 0.00 118,906.67 0.00 0.00 22,400,000.00
A3 17,600,000.00 17,600,000.00 100,466.67 0.00 100,466.67 0.00 0.00 17,600,000.00
A4 10,670,000.00 10,670,000.00 64,464.58 0.00 64,464.58 0.00 0.00 10,670,000.00
A5 13,100,000.00 13,100,000.00 82,966.67 0.00 82,966.67 0.00 0.00 13,100,000.00
A6 238,146,000.00 238,146,000.00 1,057,343.90 2,790,428.00 3,847,771.90 0.00 0.00 235,355,572.00
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 311,079,000.00 311,079,000.00 1,470,192.57 3,957,208.11 5,427,400.68 0.00 0.00 307,121,791.89
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</TABLE>
<TABLE>
<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 03215PAS8 1,000.000000 5.025001 127.336037 132.361038 872.663963 6.030000% 6.030000%
A2 03215PAT6 1,000.000000 5.308333 0.000000 5.308333 1,000.000000 6.370000% 6.370000%
A3 03215PAU3 1,000.000000 5.708334 0.000000 5.708334 1,000.000000 6.850000% 6.850000%
A4 03215PAV1 1,000.000000 6.041666 0.000000 6.041666 1,000.000000 7.250000% 7.250000%
A5 03215PAW9 1,000.000000 6.333334 0.000000 6.333334 1,000.000000 7.600000% 7.600000%
A6 03215PAX7 1,000.000000 4.439898 11.717299 16.157197 988.282701 5.708440% 5.810000%
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%
</TABLE>
<TABLE>
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<S> <C> <C> <C>
DEPOSITOR: AMRESCO Residential Securities Corporation ADMINISTRATOR: Timothy Lewis
SERVICERS: Advanta Mortgage/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
Page 1 of 4
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-4
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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DISTRIBUTION DATE: SEPTEMBER 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 0.00 583,662.68 583,662.68
PRINCIPAL 0.00 25,550.51 25,550.51
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 23,283.83 83,201.17 106,485.00
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
---- ---- ----
TOTAL SERVICING FEES DUE MASTER SERVICER: 23,283.83 83,201.17 106,485.00
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 0.00 19.64 19.64
LESS: DELINQUENT SERVICE FEES: 0.00 30,113.77 30,113.77
---- --------- ---------
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 23,283.83 53,067.76 76,351.59
0.074849 0.170593 0.245441
</TABLE>
<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
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<S> <C> <C> <C> <C> <C>
GROUP 1 (Fixed Rate)
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PRINCIPAL BALANCE 186,486.90 542,793.47 0.00 0.00 0.00
NUMBER OF LOANS 3 3 0 0 0
0.29% 0.85% 0.00% 0.00% 0.00%
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GROUP 2 (Adjustable Rate)
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PRINCIPAL BALANCE 6,351,399.70 1,269,485.81 0.00 0.00 68,714.63
NUMBER OF LOANS 72 15 0 0 1
3.13% 0.63% 0.00% 0.00% 0.03%
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TOTAL
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PRINCIPAL BALANCE 6,537,886.60 1,812,279.28 0.00 0.00 68,714.63
NUMBER OF LOANS 75 18 0 0 1
2.45% 0.68% 0.00% 0.00% 0.03%
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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
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CUMULATIVE REALIZED LOSSES: 0.00 0.00 0.00
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-C- COPYRIGHT 1996 Bankers Trust Company
Page 2 of 4
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-4
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
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DISTRIBUTION DATE: SEPTEMBER 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
BEGINNING NUMBER OF LOANS: 828 1966 2794
ENDING NUMBER OF LOANS: 815 1953 2768
BEGINNING PRINCIPAL BALANCE OF POOL: 64,933,544.06 205,146,824.73 270,080,368.79
ENDING PRINCIPAL BALANCE OF POOL: 63,906,642.70 202,907,562.61 266,814,205.31
GROUP FACTOR: 87.623114% 85.202716% 85.770184%
LARGEST LOAN BALANCE 311,737.20 613,583.76 925,320.96
WEIGHTED AVERAGE TERM TO MATURITY: 321.92 349.16 670.922
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.646187% 9.896861% 10.077016%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.647172% 9.899331% 10.078452%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 13 13 26
PRINCIPAL BALANCE: 989,426.44 2,139,401.34 3,128,827.78
AMOUNT PER $1000 CERTIFICATE: 107.980622 95.508988 10.057985
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 0.00 19.64 19.64
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
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
AVAILABLE FUNDS: 1,579,696.42 3,847,985.59 5,427,682.01
INSURED PAYMENT: 0.00 0.00 0.00
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 37,474.92 99,860.78 137,335.70
PRINCIPAL PREPAYMENTS: 986,772.09 2,129,300.12 3,116,072.21
CURTAILMENTS: 2,654.35 10,101.22 12,755.57
SUBORDINATION INCREASE AMOUNT: 139,878.75 551,165.88 691,044.63
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
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1,166,780.11 2,790,428.00 3,957,208.11
REMAINING PRE-FUNDING AMOUNT: 8,000,000.00 33,000,000.00 41,000,000.00
</TABLE>
-C- COPYRIGHT 1996 Bankers Trust Company
Page 3 of 4
<PAGE>
AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-4
TRUSTEE DISTRIBUTION DATE STATEMENT
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION DATE: SEPTEMBER 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
SUBORDINATION AMOUNTS:
SUBORDINATED AMOUNT after all payments and transfers: 140,422.81 551,990.61 692,413.42
REQUIRED SUBORDINATION AMOUNT: 1,166,505.15 8,097,909.09 9,264,414.24
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% 0.000000%
90+ DELINQUENCY PERCENTAGE: 0.000000% 0.000000% 0.000000%
INSURER PREMIUM AMOUNT: 0.00 0.00 0.00
TRUSTEE FEE AMOUNT: 67.64 213.69 281.33
GROUP II AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT: 0.00
ONE-MONTH LIBOR ON THE MOST RECENT ONE-MONTH LIBOR DETERMINATION DATE: N/A
(N/A FOR FIRST PAYMENT)
</TABLE>
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CARRY FORWARD AMOUNTS
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CURRENT AMOUNTS CUMULATIVE AMOUNTS AMOUNTS REIMBURSED THIS PERIOD
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CLASS A1 0.00 0.00 0.00
CLASS A2 0.00 0.00 0.00
CLASS A3 0.00 0.00 0.00
CLASS A4 0.00 0.00 0.00
CLASS A5 0.00 0.00 0.00
CLASS A6 0.00 0.00 0.00
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-C- COPYRIGHT 1996 Bankers Trust Company
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