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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
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1996-4
(Exact name of registrant as specified in its charter)
New York 333-08687-01 33-0725672
(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 1996-4
(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, 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
Name: Ronald B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: February 18, 1997
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-4
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 9,163,000.00 6,978,323.94 35,066.08 592,141.53 627,207.61 0.00 0.00 6,386,182.41
A-2 22,400,000.00 20,180,854.55 107,126.70 626,171.61 733,298.31 0.00 0.00 19,554,682.94
A-3 17,600,000.00 17,600,000.00 100,466.67 0.00 100,466.67 0.00 0.00 17,600,000.00
A-4 10,670,000.00 10,670,000.00 64,464,58 0.00 64,464.58 0.00 0.00 10,670,000.00
A-5 13,100,000.00 13,100,000.00 82,966.67 0.00 82,966.67 0.00 0.00 13,100,000.00
A-6 238,146,000.00 217,467,104.24 1,155,566.07 6,737,234.42 7,892,800.49 0.00 0.00 210,729,869.82
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 311,079,000.00 285,996,282.73 1,545,656.77 77,955,547.56 9,501,204.33 0.00 0.00 278,040,735.17
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 03215PAS8 761.576333 3.826921 64.623107 68.450028 696.953226 6.030000% 6.030000%
A-2 03215PAT6 900.931007 4.782442 27.954090 32.736532 872.976917 6.370000% 6.370000%
A-3 03215PAU3 1,000.000000 5.708334 0.000000 5.708334 1,000.000000 6.850000% 6.850000%
A-4 03215PAV1 1,000.000000 6.041666 0.000000 6.041666 1,000.000000 7.250000% 7.250000%
A-5 03215PAW9 1,000.000000 6.333334 0.000000 6.333334 1,000.000000 7.600000% 7.600000%
A-6 03215PAX7 913.167151 4.852343 28.290353 33.142696 84.876798 5.977970% 5.747500%
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 1996-4
Statement To Certificateholders
Distribution Date: January 27, 1997
<CAPTION>
Group 1 Group 2 Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 223,649.31 866,808.11 1,090,457.42
PRINCIPAL 14,816.40 47,116.08 61,932.48
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 24,660.60 86,863.04 111,523.64
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 24,660.60 86,863.04 111,523.64
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 1,275.290 9,331.56 10,606.85
LESS: DELINQUENT SERVICE FEES: 9,199.76 40,331.97 49,531.73
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 14,185.55 37,199.51 51,385.06
0.045601 0.119582 0.165183
BEGINNING NUMBER OF LOANS: 873 2,093 2,966
ENDING NUMBER OF LOANS: 858 2,040 2,898
BEGINNING PRINCIPAL BALANCE OF POOL: 69,272,640.39 220,135,793.21 289,408,433.60
ENDING PRINCIPAL BALANCE OF POOL: 68,247,595.68 214,041,607.28 282,289,202.96
GROUP FACTOR: 93.575044% 89.878002% 90.744782%
LARGEST LOAN BALANCE: 579,347.97 760,958.18
WEIGHTED AVERAGE TERM TO MATURITY: 314.46 348.59
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 10.652601% 10.397874% 10.458846%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 10.642138% 10.561796% 10.581220%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS (IF PAID IN FULL): 15 53 68
PRINCIPAL BALANCE: 982,035.68 5,987,329.97 6,969,365.65
AMOUNT PER $1000 CERTIFICATE: 107.174035 267.291517 22.403845
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 1,275.29 9,331.56 10,606.85
NONCOVERED PREPAYMENT INTEREST SHORTFALL FOR THIS DISTRIBUTION: 0.00 0.00 0.00
AVAILABLE FUNDS: 1,615,328.92 7,914,776.51 9,530,105.43
INSURED PAYAMENT: 0.00 0.00 0.00
REMAINING PRE-FUNDING AMOUNT AVAILABLE (GROUP 1 ONLY) 0.00 0.00 0.00
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-4
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: 43,009.03 106,855.96 149,864.99
PRINCIPAL PREPAYMENTS: 981,503.49 5,975,780.74 6,957,284.23
CURTAILMENTS: 532.19 11,549.23 12,081.42
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
SUBORDINATION INCREASE AMOUNT: 193,268.43 643,048.49 836,316.92
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
1,218,313.14 6,737,234.42 7,955,547.56
<CAPTION>
DELINQUENT AND LOANS LOANS
FORECLOSURE LOAN 30 TO 59 50 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 3,608,616.25 1,028,449.80 710,328.50 928,109.00 608,727.43 1,039,246.65
NUMBER OF LOANS 42 16 7 8 5 12
5.29% 1.51% 1.04% 1.36% 0.89% 1.52%
GROUP 2 (Adjustable Rate)
PRINCIPAL BALANCE 12,515,941.79 4,872,070.42 3,307,162.84 4,762,691.33 1,954,085.40 8,224,145.58
NUMBER OF LOANS 116 43 33 55 15 88
5.85% 2.28% 1.55% 2.23% 0.91% 3.84%
TOTAL
PRINCIPAL BALANCE 16,124,558.04 5,900,520.22 4,017,491.34 5,690,800.33 2,562,812.83 9,263,392.23
NUMBER OF LOANS 158 59 40 63 20 100
5.71% 2.09% 1.42% 2.02% 0.91% 3.28%
*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: 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:
DATE OF SCH. PRIN.
GROUP LOAN NUMBER ACQUISITION BOOK VALUE BALANCE
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-4
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:
EXCESS OVER PRE-FUNDED AMOUNT: 2,029.65 76,674.10 78,703.75
SUBORDINATED AMOUNT after all payments and transfers 936,730.33 3,311,737.46 4,248,467.79
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: 1.738389% 2.468858%
INSURER PREMIUM AMOUNT: 6,852.92 21,746.71 28,599.63
TRUSTEE FEE AMOUNT: 72.16 229.31 301.47
GROUP II AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT: 0.00
ONE-MONTH LIBOR ON THE MOST RECENT ONE-MONTH LIBOR
DETERMINATION DATE: 5.667970%
CARRY FORWARD AMOUNTS
<CAPTION>
CURRENT AMTS CUMULATIVE AMTS AMTS REIMB
<S> <C> <C> <C>
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
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
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-4
Supplemental Statement
Distribution Date: January 27, 1997
<CAPTION>
OPTION ONE ADVANTA LONG BEACH TOTALS
<S> <C> <C> <C> <C>
SERVICER ADVANCES:
INTEREST: 62,313.85 396,849.38 631,294.18 1,090,457.42
PRINCIPAL: 3,976.13 25,132.96 32,823.39 61,932.48
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 7,848.59 36,252.83 67,422.22 111,523.64
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 7,848.59 36,252.83 67,422.22 111,523.64
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS 489.83 1,298.76 8,818.26 10,606.85
LESS: DELINQUENT SERVICE FEES: 2,780.01 16,467.89 30,283.82 49,531.73
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 4,578.75 18,486.17 28,320.14 51,385.06
0.014719 0.059426 0.091038 0.165183
<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>
OPTION ONE
PRINCIPAL BALANCE 767,551.98 314,030.86 239,253.73 41,949.99 41,949.99 178,306.97
NUMBER OF LOANS 11 7 3 1 1 4
PERCENTAGE OF TOTAL POOL 0.27% 0.11% 0.08% 0.01% 0.01% 0.06%
ADVANTA
PRINCIPAL BALANCE 8,719,273.15 1,703,725.28 2,065,490.86 2,056,053.00 806,305.07 2,992,096.17
NUMBER OF LOANS 74 19 17 19 6 26
PERCENTAGE OF TOTAL POOL 3.09% 0.60% 0.73% 0.73% 0.29% 1.06%
LONG BEACH
PRINCIPAL BALANCE 6,637,732.91 3,882,764.08 1,712,746.75 3,592,797.34 1,714,557.77 6,092,989.09
NUMBER OF LOANS 73 33 20 43 13 70
PERCENTAGE OF TOTAL POOL 2.35% 1.38% 0.61% 1.27% 0.61% 2.16%
TOTAL
PRINCIPAL BALANCE 16,124,558.04 5,900,520.22 4,017,491.34 5,690,800.33 2,562,812.83 9,263,392.23
NUMBER OF LOANS 158 59 40 63 20 100
PERCENTAGE OF TOTAL POOL 5.71% 2.09% 1.42% 2.02% 0.91% 3.28%
POOL REALIZED LOSS INFORMATION:
<CAPTION>
OPTION ONE ADVANTA LONG BEACH TOTAL
<S> <C> <C> <C> <C>
PRIOR REALIZED LOSSES: 0.00 0.00 0.00 0.00
PLUS: CURRENT REALIZED LOSSES 0.00 0.00 0.00 0.00
CUMULATIVE REALIZED LOSSES: 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-4
Supplemental Statement
Distribution Date: January 27, 1997
<CAPTION>
OPTION ONE ADVANTA LONG BEACH Totals
<S> <C> <C> <C> <C>
BEGINNING NUMBER OF LOANS: 297 1,037 1,632 2,966
ENDING NUMBER OF LOANS: 292 1,020 1,586 2,898
BEGINNING PRINCIPAL BALANCE OF POOL: 18,836,613.59 108,758,499.81 161,813,320.20 289,408,433.60
ENDING PRINCIPAL BALANCE OF POOL: 18,543,605.07 106,731,573.71 157,014,024.18 282,289,202.96
LARGEST LOAN BALANCE: 311,198.01 612,321.01 760,958.18
WEIGHTED AVERAGE TERM TO MATURITY: 276 342 347
CURRENT WEIGHTED AVERAGE MORTGAGE RATE: 11.524531% 9.911813% 10.702463% 10.458846%
NEXT WEIGHTED AVERAGE MORTGAGE RATE: 11.500736% 9.917753% 10.923621% 10.581220%
PRINCIPAL PREPAYMENTS:
NUMBER OF LOANS(IF PAID IN FULL): 5 17 46 68
PRINCIPAL BALANCE: 280,534.19 1,965,759.21 4,723,072.25 6,969,365.65
PREPAYMENT INTEREST SHORTFALL AMOUNT INCLUDED IN DISTRIBUTION: 489.83 1,298.76 8,818.26 10,606.85
REO PROPERTY INFORMATION:
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 0.00 0.00 0.00 0.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS: 0.00 0.00 0.00 0.00
NUMBER OF REO LOANS: 0 0 0 0
INTEREST BREAKDOWN:
SCHEDULED INTEREST AMOUNT: 180,902.62 898,328.27 1,443,167.55 2,522,398.44
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00 0.00
TOTALS: 180,902.62 898,327.27 1,443,167.55 2,522,398.44
PRINCIPAL BREAKDOWN:
SCHEDULED PRINCIPAL: 12,474.33 61,166.89 76,223.77 149,864.99
PRINCIPAL PAYMENTS: 278,969.72 1,965,671.10 4,712,643.41 6,957,284.23
CURTAILMENTS: 1,564.47 88.11 10,428.84 12,081.42
LIQUIDATIONS: 0.00 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 0.00 0.00
TOTALS: 293,008.52 2,026,926.10 4,799,296.02 7,119,230.64
CASH REMITTANCE RECONCILIATION:
SCHEDULED INTEREST AMOUNT: 180,902.62 898,328.27 1,443,167.55 2,522,398.44
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00
TOTAL INTEREST: 180,902.62 898,328.27 1,443,167.55 2,522,398.44
LESS: CURRENT SERVICING FEES: (4,578.75) (18,486.17) (28,320.14) (51,385.06)
LESS: CURRENT TRUSTEE FEES: 0.00 (72.16) (229.31) (301.47)
LESS: CURRENT INSURANCE PREMIUM: 0.00 (6,852.92) (21,746.71) (28,599.63)
LESS: DELINQUENT INTEREST (65,093.87) (413,317.28) (661,578.00) (1,139,989.15)
LESS: PREPAYMENT INTEREST SHORTFALLS (489.83) (1,298.76) (8,818.26) (10,606.85)
PLUS: INTEREST ADVANCED 62,313.85 396,849.38 631,294.18 1,090,457.41
173,054.02 855,150.36 1,353,769.31 2,381,973.69
SCHEDULED PRINCIPAL: 12,474.33 61,166.89 76,223.77 149,864.99
PRINCIPAL PREPAYMENTS: 278,969.72 1,965,671.10 4,712,643.41 6,957,284.23
CURTAILMENTS: 1,564.47 88.11 10,428.84 12,081.42
LIQUIDATIONS: 0.00 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 293,008.52 2,026,926.10 4,799,296.02 7,119,230.64
LESS DELINQUENT PRINCIPAL (3,976.13) (25,132.96) (32,823.39) (61,932.48)
LESS: PRINCIPAL ADVANCED 3,976.13 25,132.96 32,823.39 61,932.48
293,008.52 2,026,926.10 4,799,296.02 7,119,230.64
TOTAL REMITTANCE AMOUNTS: 466,062.54 2,882,076.46 6,153,065.33 9,501,204.33
</TABLE>
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