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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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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 1996-4
(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. EXHIBITS:
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 1996-4
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>
A1 9,163,000.00 8,206,181.52 41,236.06 633,747.75 674,983.81 0.00 0.00 7,572,433.77
A2 22,400,000.00 21,629,611.81 114,817.19 780,261.38 895,078.57 0.00 0.00 20,849,350.43
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 238,146,000.00 229,156,272.67 1,121,815.44 5,554,454.49 6,676,269.93 0.00 0.00 223,601,818.18
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 311,079,000.00 300,362,066.00 1,525,766.61 6,968,463.62 8,494,230.23 0.00 0.00 293,393,602.38
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
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A1 03215PAS8 895.578033 4.500279 69.163784 73.664063 826.414250 6.030000% 6.030000%
A2 03215PAT6 965.607670 5.125767 34.833097 39.958865 930.774573 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 962.251193 4.710621 23.323736 28.034357 938.927457 5.685000% 5.685000%
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: Advanta Mortgage/Long Beach Mortgage/Option One 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
</TABLE>
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-4
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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Distribution Date: November 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 185,137.00 657,210.35 842,347.35
PRINCIPAL 11,153.98 42,301.66 53,455.64
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 25,472.50 91,099.61 116,572.11
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
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TOTAL SERVICING FEES DUE MASTER SERVICER: 25,472.50 91,099.61 116,572.11
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 878.76 5,162.28 6,041.04
LESS: DELINQUENT SERVICE FEES: 7,511.47 32,093.48 39,604.95
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COLLECTED SERVICING FEES FOR CURRENT PERIOD: 17,082.27 53,843.85 70,926.12
0.054913 0.173087 0.228000
BEGINNING NUMBER OF LOANS: 901 2,179 3,080
ENDING NUMBER OF LOANS: 885 2,135 3,020
BEGINNING PRINCIPAL BALANCE OF POOL: 71,554,517.69 230,485,722.85 302,040,240.54
ENDING PRINCIPAL BALANCE OF POOL: 70,339,315.22 225,582,416.09 295,921,731.31
GROUP FACTOR: 96.443024% 94.724091% 95.127099%
LARGEST LOAN BALANCE: 580,118.71 761,582.98
WEIGHTED AVERAGE TERM TO MATURITY: 316.78 350.23
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.656358% 9.825607% 10.022415%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.656504% 10.075732% 10.213779%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 16 44 60
PRINCIPAL BALANCE: 1,167,983.67 4,777,732.07 5,945,715.74
AMOUNT PER $1000 CERTIFICATE: 127.467387 213.291610 19.113202
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 878.76 5,162.28 6,041.04
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
AVAILABLE FUNDS: 1,825,155.42 6,699,425.65 8,524,581.07
INSURED PAYMENT: 0.00 0.00 0.00
REMAINING PRE-FUNDING AMOUNT: 0.00 0.00 0.00
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Page 2 of 4 -C- COPYRIGHT 1996 Bankers Trust Company
</TABLE>
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AMRESCO RESIDENTIAL SECURITIES CORPORATION
MORTGAGE LOAN TRUST
SERIES 1996-4
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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Distribution Date: November 25, 1996
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GROUP 1 GROUP 2 TOTALS
------- ------- ------
<S> <C> <C> <C>
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 47,218.80 125,574.69 172,793.49
PRINCIPAL PREPAYMENTS: 1,170,279.91 4,771,605.53 5,941,885.44
CURTAILMENTS: (2,296.24) 6,126.54 3,830.30
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
SUBORDINATION INCREASE AMOUNT: 198,806.66 651,147.73 849,954.39
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
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1,414,009.13 5,554,454.49 6,968,463.62
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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 3,010,975.19 784,077.53 921,557.51 351,280.42 573,966.62
NUMBER OF LOANS 30 10 8 2 7
4.28% 1.11% 1.31% 0.50% 0.82%
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GROUP 2 (Adjustable Rate)
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PRINCIPAL BALANCE 9,810,024.97 2,659,226.38 3,219,265.84 1,318,487.75 2,149,779.76
NUMBER OF LOANS 95 33 36 9 27
4.35% 1.18% 1.43% 0.58% 0.95%
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TOTAL
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PRINCIPAL BALANCE 12,821,000.16 3,443,303.91 4,140,823.35 1,669,768.17 2,723,746.38
NUMBER OF LOANS 125 43 44 11 34
4.33% 1.16% 1.40% 0.56% 0.92%
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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 1996-4
STATEMENT TO CERTIFICATEHOLDERS
<TABLE>
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Distribution Date: November 25, 1996
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LIQUIDATED LOANS: TOTAL NUMBER: 0
GROUP LOAN NUMBER ACQUISITION BALANCE
----- ----------- ----------- --------
<S> <C> <C> <C>
GROUP 1 GROUP 2 TOTALS
------- ------- ------
SUBORDINATION AMOUNTS:
SUBORDINATED AMOUNT after all distributions and transfers: 545,501.37 1,903,923.81 2,449,425.18
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%
90+ DELINQUENCY PERCENTAGE: 0.695622% 0.693771%
INSURER PREMIUM AMOUNT: 7,120.58 22,915.63 30,036.21
TRUSTEE FEE AMOUNT: 74.54 240.09 314.63
GROUP II AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT: 0.00
ONE-MONTH LIBOR ON THE MOST RECENT ONE-MONTH LIBOR DETERMINATION DATE: 5.375000%
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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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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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