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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):
December 18, 1996
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1996-5
(Exact name of registrant as specified in its charter)
New York 333-08687-01 133-925-682
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o The Chase Manhattan Bank-
ASPG
450 West 33rd Street 10001
10th Floor (Zip Code)
New York, NY
(Address of Principal
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 1, 1996 to
January 27, 1997 (the "Monthly Period") of the AMRESCO
Residential Securities Corporation Mortgage Loan Trust 1996-5
(the "Registrant" or "Trust") in respect of the Mortgage Loan
Asset Backed Certificates, Series 1996-5, 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 December 1, 1996,
among AMRESCO Residential Securities Corporation in its capacity
as Depositor, AMRESCO Residential Capital Markets, Inc. in its
capacity as the Seller, Advanta Mortgage Corp. USA and Option One
Mortgage Corporation as the Servicers, and The Chase Manhattan
Bank, a New York banking corporation, 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: March 6, 1997
<TABLE>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1996-5
Statement to Certificateholders
Distribution January 27, 1997
<CAPTION>
ORIGINAL BEGINNING ENDING ENDING
CERTIFICATE CERTIFICATE PRINCIPAL INTEREST TOTAL CERTIFICATE SUBORD PRINCIPAL
CLASS BALANCE BALANCE DISTRIBUTION DISTRIBUTION DISTRIBUTION BALANCE AMOUNT BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 42,200,000.00 42,200,000.00 641,259.63 225,945.83 867,205.46 41,558,740.37 0.00 0.00
A-2 29,000,000.00 29,000,000.00 0.00 151,645.83 151,645.83 29,000,000.00 0.00 0.00
A-3 16,500,000.00 16,500,000.00 0.00 88,000.00 88,000.00 16,500,000.00 0.00 0.00
A-4 17,000,000.00 17,000,000.00 0.00 93,145.83 93,145.83 17,000,000.00 0.00 0.00
A-5 15,000,000.00 15,000,000.00 0.00 83,750.00 83,750.00 15,000,000.00 0.00 0.00
A-6 15,900,000.00 15,900,000.00 0.00 91,756.25 91,756.25 15,900,000.00 0.00 0.00
A-7 14,400,000.00 14,400,000.00 0.00 84,900.00 84,900.00 14,400,000.00 0.00 0.00
A-8 550,000,000.00 550,000,000.00 6,015,890.12 3,536,805.56 9,552,695.68 543,984,109.88 0.00 0.00
S N/A N/A N/A 31,258.91 31,258.91 0.00 0.00 0.00
B-10 N/A N/A N/A 0.00 0.00 0.00 0.00 0.00
TOTALS 700,000,000.00 700,000,000.00 6,657,149.75 4,387,208.21 11,044,357.96 693,342,850.25 0.00 552,432,736.95
</TABLE>
<TABLE>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
<CAPTION>
PRINCIPAL INTEREST END. CERT. INIT PASS CURR PASS
CLASS DISTRIBUTION DISTRIBUTION BALANCE CLASS THRU RATE THRU RATE
<S> <C> <C> <C> <C> <C> <C>
A-1 15.19572577 5.35416659 984.80427423 A-1 6.42500000% 6.42500000%
A-2 0.00000000 5.22916655 1000.00000000 A-2 6.27500000% 6.27500000%
A-3 0.00000000 5.33333333 1000.00000000 A-3 6.40000000% 6.40000000%
A-4 0.00000000 5.47916647 1000.00000000 A-4 6.57500000% 6.57500000%
A-5 0.00000000 5.58333333 1000.00000000 A-5 6.70000000% 6.70000000%
A-6 0.00000000 5.77083333 1000.00000000 A-6 6.92500000% 6.92500000%
A-7 0.00000000 5.89583333 1000.00000000 A-7 7.07500000% 7.07500000%
A-8 10.93798204 6.43055556 989.06201796 A-8 5.78750000% 5.78750000%
TOTALS 9.510213928 6.2674403 990.4897861
</TABLE>
<TABLE>
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW
Kim Costa
The Chase Manhattan Bank - ASPG
450 West 33rd Street, 10th Floor
New York, New York 10001
(212) 946-3247
<S> <C> <C>
SECTION 7.08 (b)(1) BEGINNING CERTIFICATE ACCOUNT BALANCE 11,044,357.96
SECTION 7.08 (b)(2) CLASS A DISTRIBUTION AMOUNT(see 7.09(a)9i) below
for details) 11,013,099.05
SECTION 7.08 (b)(3) SUBORDINATION INCREASE AMOUNT 872,100.32
SECTION 7.08 (b)(4) INSURED PAYMENT 0.00
SECTION 7.08 (b)(6) BEGINNING CLASS A CERTIFICATE PRINCIPAL BALANCE 700,000,000.00
CLASS A PRINCIPAL DISTRIBUTION 6,657,149.75
ENDING CLASS A CERTIFICATE PRINCIPAL BALANCE 693,342,850.25
SECTION 7.08 (b)(7) REALIZED LOSSES 0.00
SECTION 7.08 (b)(8) SUBORDINATION REDUCTION AMOUNT 0.00
SECTION 7.08 (b)(9) PRE-FUNDED AMOUNT PREVIOUSLY USED TO PURCHASE
SUBSEQUENT MORTGAGE LOANS 0.00
(B) PRE-FUNDED AMOUNT DISTRIBUTED AS A CLASS A
PRINCIPAL DISTRIBUTION AMOUNT 0.00
(C) PRE-FUNDING ACCOUNT EARNINGS TRANSFERRED TO THE
CAPITALIZED INTEREST ACCOUNT 655,072.67
(D) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED
INTEREST ACCOUNT TO THE CERTIFICATE ACCOUNT 655,072.67
(E) THE AMOUNTS TRANSFERRED FROM THE CAPITALIZED
INTEREST ACCOUNT TO THE SELLER 0.00
SECTION 7.08 (b)(10) CLASS B-10 DISTRIBUTION AMOUNT 0.00
RESIDUAL NET MONTHLY EXCESS CASHFLOW 0.00
SECTION 7.08 (b)(11) SERVICER TERMINATION TEST PASS
STEPDOWN REQUIREMENT PASS
PER $1000
SECTION 7.09 (a)(i) CLASS A-1 DISTRIBUTION 867,205.46 20.54989236
CLASS A-2 DISTRIBUTION 151,645.83 5.229166552
CLASS A-3 DISTRIBUTION 88,000.00 5.333333333
CLASS A-4 DISTRIBUTION 93,145.83 5.479166471
CLASS A-5 DISTRIBUTION 83,750.00 5.583333333
CLASS A-6 DISTRIBUTION 91,756.25 5.770833333
CLASS A-7 DISTRIBUTION 84,900.00 5.895833333
CLASS A-8 DISTRIBUTION 9,552,695.68 17.3685376
CLASS S DISTRIBUTION 31,258.91
CLASS B-10 DISTRIBUTION 0.00
SECTION 7.09 (a)(ii) CLASS A PRINCIPAL DISTRIBUTION
INSTALLMENT PRINCIPAL COLLECTED 258,977.99 3.64
PRINCIPAL PREPAYMENTS 5,526,071.44 77.61
SUBORDINATION INCREASE AMOUNT 872,100.32 12.25
PRIN PREPAY FROM PRE-FUND ACCT 0.00 0.00
OTHER 0.00 0.00
SECTION 7.09 (a)(iv) CLASS A-1 CARRYFORWARD 0.00
CLASS A-2 CARRYFORWARD 0.00
CLASS A-3 CARRYFORWARD 0.00
CLASS A-4 CARRYFORWARD 0.00
CLASS A-5 CARRYFORWARD 0.00
CLASS A-6 CARRYFORWARD 0.00
CLASS A-7 CARRYFORWARD 0.00
CLASS A-8 CARRYFORWARD 0.00
CLASS S CARRYFORWARD 0.00
SECTION 7.09 (a)(v) INSURED PAYMENT INCLUDED IN CLASS A DISTRIBUTION 0.00
INSURED PAYMENT INCLUDED IN CLASS S DISTRIBUTION
</TABLE>
<TABLE>
GROUP 1 GROUP 2 TOTALS
<S> <C> <C> <C> <C>
SECTION 7.09 (a)(vii) ENDING AGGREGATE LOAN BALANCE 116,817,662.16 435,615,074.79 552,432,736.95
ENDING NUMBER OF LOANS OUTSTANDING 1,590 4,612 6,202
SECTION 7.09 (a)(viii) SUBORDINATED AMOUNT 0.00 0.00 0.00
SUBORDINATION DEFICIT 0.00 0.00 0.00
SECTION 7.09 (a)(x) SUBSTITUTION AMOUNTS INCLUDED IN DISTRIBUTION 0.00 0.00 0.00
LOAN PURCHASE PRICE AMTS INCLUDED IN DISTRIBUTION 0.00 0.00 0.00
SECTION 7.09 (a)(xi) WEIGHTED AVERAGE COUPON OF THE MORTGAGE LOANS 11.2218% 10.1049% 10.3392%
SECTION 7.09 (a)(xiii) LARGEST MORTGAGE LOAN BALANCE OUTSTANDING 599,580.00 734,286.00 734,286.00
SECTION 7.09 (a)(xiv) REMAINING PRE-FUNDED AMOUNT 32,918,084.89 108,864,128.73 141,782,213.62
SECTION 7.09 (a)(xv) SERVICING FEES 42,117.85 189,659.08 231,776.93
TRUSTEE FEES 0.00 0.00 0.00
PREMIUM AMOUNT 0.00 0.00 0.00
SECTION 7.09 (a)(xvi) GROUP II AVAILABLE FUNDS CAP CARRY-FORWARD 0.00
SECTION 7.09 (a)(xvii) ONE-MONTH LIBOR 5.7875%
SECTION 7.09 (b)(ii),(iii) NUMBER AND AGGREGATE PRINCIPAL BALANCES OF
DELINQUENT MORTGAGE LOANS*
GROUP I
CATEGORY COUNT AGG PRIN BAL PERCENTAGE
30-59 DAYS 106 5,217,837.37 4.47%
60-89 DAYS 17 1,211,793.22 1.04%
90 + DAYS 1 20,996.38 0.02%
*The number and aggregate principal balances of delinquent mortgage
loans includes loans in foreclosure and bankruptcy.
GROUP II
CATEGORY COUNT AGG PRIN BAL PERCENTAGE
30-59 DAYS 297 26,022,677.84 5.97%
60-89 DAYS 80 6,990,281.52 1.60%
90 + DAYS 3 455,613.31 0.10%
*The number and aggregate principal balances of delinquent
mortgage loans includes loans in foreclosure and bankruptcy.
GROUP I GROUP II
SECTION 7.09 (b)(iv) NUMBER OF LOANS IN FORECLOSURE 2 3
SECTION 7.09 (a)(viii) AGGREGATE PRINCIPAL BALANCE OF LOANS IN
FORECLOSURE 96,962.67 308,741.57
NUMBER OF LOANS IN FORECLOSURE THAT WERE
COMMENCED IN THE PRIOR MONTH 2 3
AGGREGATE PRINCIPAL BALANCE OF LOANS IN
FORECLOSURE THAT WERE COMMENCED IN THE PRIOR
MONTH 96,962.67 308,741.57
SECTION 7.09 (b)(v) NUMBER OF LOANS IN BANKRUPTCY 1 5
AGGREGATE PRINCIPAL BALANCE OF LOANS IN
BANKRUPTCY 72,746.60 324,717.38
SECTION 7.09 (b)(vi) NUMBER OF REO PROPERTIES 0 0
AGGREGATE PRINCIPAL BALANCE OF REO PROPERTIES 0.00 0.00
SECTION 7.09 (b)(vii) BOOK VALUE OF REO PROPERTY 0.00 0.00
SECTION 7.09 (b)(viii) CUMULATIVE LOSS PERCENTAGE 0.00000000% 0.00000000%
CUMULATIVE REALIZED LOSSES 0.00 0.00
ANNUAL LOSS PERCENTAGE 0.00000000% 0.00000000%
SECTION 7.09 (b)(ix) 90 + DELINQUENCY PERCENTAGE 0.01797363% 0.10459080%
(C) COPYRIGHT 1997, THE CHASE MANHATTAN BANK
</TABLE>
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