RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Company
RESIDENTIAL FUNDING CORPORATION
Master Servicer
Mortgage Pass-Through Certificates
Series 1996-S14
$11,016,100.78 7.50% Class M-1 Certificates
Supplement dated June 20, 1996
to
Prospectus Supplement dated June 19, 1996
to
Prospectus Supplement dated May 23, 1996
and
Prospectus dated January 23, 1996
The Class M-1 Certificates, will be purchased from the Company by Donaldson
, Lufkin & Jenrette Securities Corporation (the "Underwriter"), pursuant to
an agreement (the "Underwriting Agreement") among the Company, the Master
Servicer and the Underwriter. The proceeds to the Company from the sale of
the Class M-1 Certificates will be equal to $10,456,115.65, net of any
expenses payable by the Company.
The Underwriter intends to offer the Class M-1 Certificates from time to
time to the public in negotiated transactions or otherwise at varying prices
to be determined at the time of sale. The Underwriter may effect such
transactions by selling the Class M-1 Certificates to or through dealers.
In connection with the purchase and sale of the Class M-1 Certificates, the
Underwriter and any dealers that may participate with the Underwriter in such
resale of the Class M-1 Certificates may be deemed to have received
compensation from the Company in the form of discounts or commissions or, in
the case of such dealers, compensation from the Underwriter in the form of
discounts, concessions or commissions. The Underwriting Agreement provides
that the Company will indemnify the Underwriter against certain civil
liabilities under the Securities Act of 1933, as amended, or contribute to
payments required to be made in respect thereof. There is currently no
secondary market for the Class M-1 Certificates. There can be no assurance
that an active secondary market will develop, or if it does develop, that it
will continue.
THIS SUPPLEMENT MUST BE DELIVERED TOGETHER WITH THE PROSPECTUS AND
PROSPECTUS SUPPLEMENTS REFERRED TO ABOVE, AND SHOULD BE READ IN
CONJUNCTION THEREWITH.
Donaldson, Lufkin & Jenrette Securities Corporation
UNTIL SEPTEMBER 18, 1996, ALL DEALERS EFFECTING TRANSACTIONS IN THE
CLASS M-1 CERTIFICATES, WHETHER OR NOT PARTICIPATING IN THIS
DISTRIBUTION, MAY BE REQUIRED TO DELIVER A PROSPECTUS (INCLUDING THE
PROSPECTUS SUPPLEMENTS AND THIS SUPPLEMENT). THIS DELIVERY
REQUIREMENT IS IN ADDITION TO THE OBLIGATION OF DEALERS TO DELIVER
A PROSPECTUS WHEN ACTING AS UNDERWRITERS AND WITH RESPECT TO THEIR
UNSOLD ALLOTMENTS OR SUBSCRIPTIONS.
