UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995
Commission File Number 33-56893
RESIDENTIAL ASSET SECURITIES CORPORATION
State of Incorporation: Delaware
I.R.S. Employer Identification Number: 51-0362653
8400 Normandale Lake Blvd, Suite 600
Minneapolis, Minnesota 55437
Telephone (612) 832-7400
Securities registered pursuant to Section 12(b) of the Act:
None Securities registered pursuant to Section 12(g) of the
Act: None. Indicate by check mark whether the Registrant (1)
has filed all reports required to be filed by Section 13 or 15
(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the
Registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No ______.
RESIDENTIAL ASSET SECURITIES CORPORTATION
TABLE OF CONTENTS
Page #
PART I
Item 1. Business...............................................2
Item 2. Properties.............................................2
Item 3. Legal Proceedings.................................2
Item 4. Submission of Matters to a Vote
of Security Holders...............................2
PART II
Item 5. Market for the Registrant's Common
Equity and Related Stockholder
Matters..................................................2
Item 6. Selected Financial Data..........................2
Item 7. Management's Discussion & Analysis
of Financial Condition and Results
of Operations.........................................2
Item 8. Financial Statements &
Supplementary Financial Data................3
Item 9. Changes in and Disagreements with
Accountants on Accounting &
Financial Disclosure...............................3
PART III
Item 10. Directors and Executive Officers
of the Registrant...................................3
Item 11. Executive Compensation.......................3
Item 12. Security Ownership of Certain
Beneficial Owners and Management......3
Item 13. Certain Relationships and Related
Transactions..........................................3
PART IV
Item 14. Exhibits, Financial Statement Schedules and
Reports on Form 8-K.....................................4
SIGNATURES..............................................5
EXHIBITS.....................................................6
PART I
Item 1. Business
Information not provided pursuant to Exemptive
Order.
Item 2. Properties
Pursuant to the Exemptive Order the Master Servicer's Annual
Statement as to Compliance, dated March 31, 1996 are filed as
Exhibit 1 under Item 14(a) hereof.
Item 3. Legal Proceedings
There are no material pending legal proceedings related to any
series of Certificates that involve the Trustee, Custodian,
the Master Servicer or the Registrant with respect to any such
series.
Item 4. Submission of Matters to a Vote of Security Holders
Information not provided pursuant to Exemptive
Order.
PART II
Item 5. Market for the Registrant's Common Equity and Related
Matters
(a) There is no established public trading market for the
Certificates.
(b) At December 31, 1995, the number of holders of record of
each outstanding series of Certificates is listed in
Exhibit 4 under Item 14(a) hereof.
(c) Not applicable.
Item 6. Selected Financial Data
Information not provided pursuant to Exemptive Order.
Item 7. Management's Discussion & Analysis of Financial Condition
and Results of Operations
Information not provided pursuant to Exemptive Order.
Item 8. Financial Statements & Supplementary Financial Data
See the Master Servicer's Annual Statement of Compliance that is
filed as Exhibit 1 under Item 14(a) hereof; see also report
dated January 26, 1996 prepared by the Master Servicer's
independent accountant, concerning the Master Servicer's
servicing activities that are filed as Exhibit 2 under Item 14(a) hereof.
Item 9. Disagreements on Accounting and Financial Disclosure
Not Applicable.
PART III
Item 10. Directors and Executive Officers of the Registrant
Information not provided pursuant to Exemptive Order.
Item 11. Executive Compensation
Information not provided pursuant to Exemptive Order.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Each holder of record of more than five percent (5%) of
the fractional undivided interest in a Mortgage Pool
evidenced by a series of Certificates, outstanding at
December 31, 1995 is listed in Exhibit 4 under Item 14(a)
hereof.
(b) Not applicable
(c) Not applicable.
Item 13. Certain Relationships and Related Transactions
Information not provided pursuant to Exemptive Order.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on
Form 8-K
(a) EXHIBIT #
Officers' Annual Compliance Statements:..................1
Residential Funding Corporation
Residential Funding Corporation
Independent Auditors' Report on the Uniform
Single Attestation Program for Mortgage
Bankers...............................................2
Part II, Item 5(b)....................................3
Part III, Item 12(a)..................................4
(b) See Item 2.
(c) Not applicable.
(d) Not applicable. No annual report or proxy material has
been sent to security holders.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereto
duly authorized, on this 31st day of March, 1996.
RESIDENTIAL ASSET SECURITIES CORPORATION
BY: /s/Keenan W. Dammen
Keenan W. Dammen
President
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been executed below by the following persons
on behalf of the Registrant and in the capacities and on the dates
indicated.
/s/ Keenan W. Dammen
Keenan W. Dammen
President
March 31, 1996
/s/Scott T. Young
Scott T. Young
Controller
March 31, 1996
/s/Davee Olson
Davee L. Olson
Treasurer,
Chief Financial Officer
March 31, 1996
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereto
duly authorized, on this 31st day of March, 1996.
RESIDENTIAL ASSET SECURITIES CORPORATION
BY:
Keenan W. Dammen
President
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been executed below by the following persons
on behalf of the Registrant and in the capacities and on the dates
indicated.
Keenan W. Dammen
President
March 31, 1996
Scott T. Young
Controller,
March 31, 1996
Davee L. Olson
Treasurer,
Chief Financial Officer
March 31, 1996
OFFICERS' ANNUAL COMPLIANCE CERTIFICATE
The undersigned, Managing Director and Director, respectively, of
Residential Funding Corporation (the "Master Servicer"), pursuant to the
various Pooling and Servicing Agreements (the "Agreements") under which RFC
acts as Master Servicer or Manager, which agreements require an annual
statement of compliance to be made to the Certificate holders by officers of the
Master Servicer, hereby certify that:
(i) a review of the activities of the Master Servicer during the
preceding calendar year and of performance under the Agreements
has been made under the undersigned officers' supervision;
(ii) to the best of the undersigned officers' knowledge, based on such
review, the Master Servicer has fulfilled its obligations in all
material respects throughout such year, except as noted in the
Independent Auditor's report on the Uniform
Single Attestation Program for Mortgage Bankers;
(iii) to the best of each undersigned officers' knowledge, based on such
review, each Subservicer and Servicer has fulfilled its obligations
under its servicing agreement in all material respects; and
(iv) the Company has fully complied with the provisions of Article II of
the Pooling and Servicing Agreement.
Dated: March 31, 1996
Magdalena M. Matthes Karen Gill
Managing Director Director
RESIDENTIAL FUNDING CORPORATION
Letter Regarding Uniform Single Attestation
Program for Mortgage Bankers
December 31, 1995
INDEPENDENT AUDITORS' REPORT
Board of Directors
Residential Funding Corporation
Minneapolis, Minnesota 55437
We have examined management's assertion about
Residential Funding Corporation's (RFC) compliance with
their minimum servicing standards in their role as
Master Servicer as of and for the year ended December
31, 1995 included in the accompanying management
assertion. Such assertions were examined related to
those mortgage loans included in the Series of
Certificates listed in the attached Exhibit 1. Our
testing procedures were applied only to the Series of
Certificates serviced on or before September 30, 1995.
Direct servicing functions are performed by various
subservicers. Management is responsible for RFC's
compliance with their minimum servicing standards. Our
responsibility is to express an opinion on management's
assertion about the entity's compliance based on our
examination.
Our examination was made in accordance with standards
established by the American Institute of Certified
Public Accountants and, accordingly, included
examining, on a test basis, evidence about RFC's
compliance with their minimum servicing standards and
performing such other procedures as we considered
necessary in the circumstances. Loans and Series of
Certificates subject to such procedures were selected
from RFC's portfolio using sampling methods.
Accordingly, we make no representation that our
examination procedures were performed on specific
Series of Certificates listed in the attached Exhibit
1. We believe that our examination provides a
reasonable basis for our opinion. Our examination does
not provide a legal determination on RFC's compliance
with their minimum servicing standards.
In our opinion, management's assertion that RFC
complied with the aforementioned minimum servicing
standards as of and for the year ended December 31,
1995 is fairly stated in all material respects except
for noncompliance with item VI of RFC's minimum
servicing standards.
This report is intended solely for the information of
the Board of Directors and management of RFC and others
for whom RFC services mortgage loans for the Series of
Certificates included in the attached Exhibit 1 and
should not be used for any other purpose.
January 26, 1996
DELOITTE & TOUCHE LLP
400 One Financial Plaza
Minneapolis, MN 55402
As of and for the year ended December 31, 1995,
Residential Funding Corporation (RFC) has complied in
all material respects with our minimum servicing
standards set forth below for those loans serviced for
others under master servicing arrangements, except as
stated in Section VI - Delinquencies. Direct servicing
functions are performed by various subservicers.
Our minimum standards are:
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis
for all custodial bank accounts and related bank
clearing accounts. These reconciliations shall:
be mathematically accurate;
be prepared within thirty (30) calendar days after the
cutoff date;
be reviewed and approved by someone other than the
person who prepared the reconciliation; and document
explanations for reconciling items.
These reconciling items shall be resolved within ninety(90)
calendar days of their original identification.
2. Each custodial and escrow account as maintained by
the master servicer and subservicer shall be maintained
in an eligible account in trust for the applicable
certificateholders as prescribed by applicable pooling
and servicing agreements.
3. Funds shall be advanced by the master servicer or the
subservicer, as required by applicable pooling and
servicing agreements in accordance with the
amortization schedules of each mortgage loan, or for
overdrafts in the mortgagers escrow accounts.
II. SUBSERVICER REMITTANCES
1. Remittances for mortgage payments and payoffs
received from subservicers shall be deposited into the
applicable investor custodial bank account within one
business day of receipt.
2. Remittances from subservicers shall be reconciled to
applicable mortgagor records during the appropriate
accounting cycle.
3. Reconciliations shall be performed monthly for each
subservicer remittance. These reconciliations shall:
be mathematically accurate;
be prepared within thirty (30) days after the cutoff
date.
III. DISBURSEMENTS
1. Disbursements to investors shall be made in
accordance with the applicable pooling and servicing
agreement and/or the prospectus indicating how cash
flows are to be allocated.
2. Amounts remitted to investors per our investor
reports shall agree with the custodial bank statements.
3. Only permitted withdrawals per the applicable pooling
and servicing agreements shall be made from the
custodial accounts for certificateholders.
4. Disbursements of investor funds from custodial
accounts via wire transfer shall be made only by
authorized personnel.
IV. INVESTOR ACCOUNTING AND REPORTING
Statements to the certificateholders shall be made with
each monthly distribution in accordance with applicable
pooling and servicing agreements detailing the
applicable distribution activity and effect on the
unpaid principal balance of the mortgage loans.
V. MORTGAGOR LOAN ACCOUNTING
1. Uniform Single Attestation Program reports from
subservicers will be obtained to provide a basis in
meeting our minimum servicing standards.
2. Mortgage loan records shall agree with, or reconcile
to, the mortgage loan records maintained by the
subservicer with respect to unpaid principal balance on
a monthly basis.
VI. DELINQUENCIES
Reports from subservicers identifying delinquent loans
shall be received and reviewed monthly. Reports shall
be made with each distribution to certificateholders as
to the number and aggregate principal balances of
delinquent mortgage loans, based on the most recent
reports furnished by the subservicers.
Modifications to the investor reporting system resulted
in delinquency amounts not being accurately reported
for certain loans that became real estate owned (REO)
during the current accounting period. These
discrepancies were corrected in the immediate
subsequent accounting period. The system modications
causing these discrepancies were corrected in August,
1995.
VII. INSURANCE POLICIES
As of and for this same period, RFC had in effect a
fidelity bond and errors and omissions policy in the
amount of $150,000,000 and $60,000,000, respectively.
/s/ Bruce Paradis
Bruce Paradis
Managing Director - President
/s/ Chris Nordeen
Chris Nordeen
Managing Director - Distribution
/s/Davee Olson
Davee Olson
Managing Director - CFO
/s/ Scott Young
Scott Young
Managing Director - Controller
EXHIBIT I
RESIDENTIAL FUNDING CORPORATION
SERVICED SERIES WITH INITIAL CUTOFF DATE PRIOR TO
SEPTEMBER 30, 1995
DECEMBER 31, 1995
1986 Series
1986-12
1986-15
1986-PC-7R
1986-U1
1986-U5
1986-U7
1986 NY Series A
1987 Series
1987-1
1987-2
1987-3
1987-4
1987-6
1987-S1
1987-S2
1987-S4
1987-S5
1987-S6
1987-S7
1987-S8
1987-S9
1987-SA
1987-U3
1987-U4
1987-U5
1987-U6
1987-U7
1987-U9
1987-U10
1987-U11-A
1987-U13-A
1987-U14
1987-U15
1987-U16
1987-U17
1987-U18
1987-U19
1987-WH1-A
1987-WH1-B
1987-WHI-C
1987 NY Series A
1988 Series
1988-3A
1988-3B
1988-3C
1988-4B
1988-4C
1988-4D
1988-S1
1988-SW1
1988-U1
1988-U2
1988-U3
1988-U4
1988-U5
1988-U8
1988-U9
1988-U10
1988 NY Series A
1989 Series
1989-2
1989-3A
1989-3B
1989-3C
1989-4A
1989-4B
1989-4C
1989-4D
1989-4E
1989-5A
1989-5B
1989-7
1989-3 (PBSFC)
1989-4 (PBSFC)
1989-S1
1989-S2
1989-S3
1989-S4
1989-S5
1989-S6
1989-SW1A
1989-SW1B
1989-SW2
1989-U1
1989-WH1
1990 Series
1990-1
1990-2
1990-3A
1990-3B
1990-3C
1990-4
1990-5
1990-6
1990-7
1990-8
1990-9
1990-10
1990-12
1990-13
1990-PC1
1990-PC2
1990-PC3
1990-PC4
1990-PC5
1990-PC6
1990-S1
1990-S14
1990-S17
1990-MS1A
1990-MS1B
1990-MS1C
1990-MS1D
1990-MS1E
1990-SW1A
1990-SW1B
1990-SW1C
1990-SW2A
1990-SW2B
1990-SW3
1990-R16
1990-WH1
1990-WH2
1990C-1A
1990C-1B
1990C-1C
1990C-1D
1990C-1E
1990C-1F
1990C-1G
1990C-1H
1990C-1I
1990C-1J
1990C-1K
1990 NY Series A
1991 Series
1991-S1
1991-3
1991-4
1991-S5
1991-S7
1991-S8
1991-R9
1991-S11
1991-S12
1991-R13
1991-R14
1991-S15
1991-S19
1991-20
1991-21A
1991-21B
1991-21C
1991-S22
1991-23
1991-S24
1991-25A
1991-25B
1991-S28
1991-S29
1991-S30
1991-S31
1991-MS1A
1991-MS1B
1991-MS1C
1991-MS2
1991-MS3A
1991-MS3B
1991-MS3C
1991-SW1A
1991-SW1B
1991-SW1C
1991-SW5A
1991-SW5B
1991-WH4A
1991-WH4B
1991-J2
1991-J3
1992 Series
1992-S1
1992-S2
1992-S3
1992-S4
1992-S5
1992-S6
1992-S7
1992-S8
1992-S9
1992-S10
1992-S11
1992-S12
1992-13
1992-S14
1992-S15
1992-S16
1992-17A
1992-17B
1992-17C
1992-S18
1992-S19
1992-S20
1992-S21
1992-S22
1992-S23
1992-S24
1992-S25
1992-S26
1992-S27
1992-S28
1992-S29
1992-S30
1992-S31
1992-S32
1992-S33
1992-S34
1992-S35
1992-S36
1992-S37
1992-S38
1992-S39
1992-S40
1992-S41
1992-S42
1992-S43
1992-S44
1992-SW1A
1992-SW1B
1992-SW1C
1992-SW3
1992-SW4
1992-SW5
1992-SW6
1992-SW7
1992-SW12
1992-U2
1992-U10
1992-U11
1992-WH8
1992-A
1992-D
1992-2
1992-4
1992-5
1992-J1
1992-J9
1992-J10
1993 Series
1993-1
1993-6
1993-19
1993-J1
1993-J2
1993-J3
1993-J4
1993-J5
1993-J6
1993-MZ1
1993-MZ2
1993-MZ3
1993-PC3
1993-PC6
1993-PC7
1993-PC9A
1993-PC9B
1993-PC9C
1993-PC9D
1993-PC9F
1993-PC9G
1993-PC9H
1993-PC9I
1993-PC9J
1993-PC11A
1993-PC11B
1993-PC11C
1993-PC12
1993-PC12A
1993-S1
1993-S2
1993-S3
1993-S4
1993-S5
1993-S6
1993-S7
1993-S8
1993-S9
1993-S10
1993-S11
1993-S12
1993-S13
1993-S14
1993-S15
1993-S16
1993-S17
1993-S18
1993-S20
1993-S21
1993-S22
1993-S23
1993-S24
1993-S25
1993-S26
1993-S27
1993-S28
1993-S29
1993-S30
1993-S31
1993-S32
1993-S33
1993-S34
1993-S35
1993-S36
1993-S37
1993-S38
1993-S39
1993-S40
1993-S41
1993-S42
1993-S43
1993-S44
1993-S45
1993-S46
1993-S47
1993-S48
1993-S49
1993-WH2
1993-WH4A
1993-WH4B
1993-WH4C
1993-WH8
1993-WH10
1993-WH13
1993-WH13A
1993-WH14
1993-WH14A-94
1993-WH15A
1993-WH15B
1993-WH15C
1993-WH15D
1993-WH15E-94
1993-WH15F-94
1993-WH15G-94
1993-WH15H-94
1993-WH15I-94
1993-WH15J-94
1993-WH15K-94
1994 Series
1994-MZ1
1994-RS4
1994-S1
1994-S2
1994-S3
1994-S5
1994-S6
1994-S7
1994-S8
1994-S9
1994-S10
1994-S11
1994-S12
1994-S13
1994-S14
1994-S15
1994-S16I
1994-S16II
1994-S16III
1994-S17
1994-S18
1994-S19
1994-S20
1994-WH1
1994-WH2
1994-WH3
1994-WH4A
1994-WH4B
1994-WH4C
1994-WH4D
1994-WH4E
1994-WH4F
1994-WH5
1994-WH8
1994-WH9
1994-WH10
1994-WH11A
1994-WH11B
1994-WH12
1994-WH14
1994-WH15
1994-WH16A
1994-WH16B
1994-WH16C
1994-WH16D
1994-WH17
1994-WH18
1994-WH20
1994-WH21A
1994-WH21B
1994-WH22
1994-WH23
1995 Series
1995-J1
1995-J2
1995-J3
1995-J4
1995-K1
1995-KS1
1995-KS2
1995-KS3-I
1995-KS3-II
1995-QS1
1995-S1
1995-S2
1995-S3
1995-S4
1995-S6
1995-S7
1995-S8
1995-S9
1995-S10
1995-S11
1995-S12
1995-S13
1995-S14
1995-WH1
1995-WH2
1995-WH3
1995-WH4
1995-WH5
1995-WH7
1995-WH8
1995-WH9
1995-WH10
1995-WH11
1995-WH12
1995-WH13
1995-WH14
1995-WH15
1995-WH16
1995-WH17
1995-WH18
1995-1
1995-1A
1995-HWH1
1995-HWH2
EXHIBIT II
RESIDENTIAL FUNDING CORPORATION
SERVICED SERIES AS OF SEPTEMBER 30, 1995
Loans Serviced for Others:
Citizens Thrift & Loan Association
Pool 5001
Liberty Lending Services, Inc.
Pool 5900
Metropolitan Bank
Pool 5901
Owensboro National Bank
Pools 5000, 5002, 5004
Salomon Brothers Realty
Pool 5005
RESIDENTIAL ASSET SECURITIES CORPORATION
FORM 10-K
PART IV, Item 5(b)
EXHIBIT #3 Properties. 03/19/96
Mortgage Pool Number of Holders of Record
1995-KS1 2
1995-KS2 2
1995-KS3 13
1995-KS4 3
RESIDENTIAL ASSET SECURITIES CORPORATION
FORM 10K 03/19/96
PART IV, ITEM 14(a)
Exhibit #4 Item 12(a) Security Ownership
Series
Class Holder Name and Address Face Amount Percent
1995-KS1 CEDE & CO 94,350,062.00 90.4169
A C/O THE DEPOSITORY TRUST COMPANY
55 WATER STREET
NEW YORK, NY 10041
1995-KS1 RESIDENTIAL FUNDING CORPORATION 10,000,000.00 9.5831
R 8400 NORMANDALE LAKE BLVD
SUITE 700
MINNEAPOLIS, MN 55437
1995-KS2 CEDE & CO 105,461,520.00 91.3391
A C/O THE DEPOSITORY TRUST COMPANY
55 WATER STREET
NEW YORK, NY 10041
1995-KS2 RESIDENTIAL FUNDING CORPORATION 10,000,000.00 8.6609
R 8400 NORMANDALE LAKE BLVD
SUITE 700
MINNEAPOLIS, MN 55437
1995-KS3 CEDE & CO 36,305,000.00 23.1246
A-1I C/O THE DEPOSITORY TRUST COMPANY
P. O. BOX 20
BOWLING GREEN STATION
NEW YORK NY 10274
1995-KS3 CEDE & CO 26,280,000.00 16.7391
A-2I C/O THE DEPOSITORY TRUST COMPANY
P. O. BOX 20
BOWLING GREEN STATION
NEW YORK NY 10274
1995-KS3 CEDE & CO 19,819,000.00 12.6238
A-3I C/O THE DEPOSITORY TRUST COMPANY
P. O. BOX 20
BOWLING GREEN STATION
NEW YORK NY 10274
1995-KS3 CEDE & CO 16,482,000.00 10.4983
A-4I C/O THE DEPOSITORY TRUST COMPANY
P. O. BOX 20
BOWLING GREEN STATION
NEW YORK NY 10274
1995-KS3 CEDE & CO 11,122,743.00 7.0847
A-5I C/O THE DEPOSITORY TRUST COMPANY
P. O. BOX 20
BOWLING GREEN STATION
NEW YORK NY 10274
1995-KS3 CEDE & CO 41,561,444.00 26.4727
A-II C/O THE DEPOSITORY TRUST COMPANY
P. O. BOX 20
BOWLING GREEN STATION
NEW YORK NY 10274
1995-KS4 CEDE & CO 98,996,689.00 95.5000
A C/O THE DEPOSITORY TRUST COMPANY
55 WATER STREET
NEW YORK, NY 10041
RESIDENTIAL ASSET SECURITIES CORPORATION
SEC File No. 33-56893
ATTACHMENT TO FORM NT-10K
The Form 10-K was unable to be filed within the
prescribed time period because the Independent
Auditors' Report on the Uniform Single Attestation
Program for Mortgage Bankers (USAP), to be attached as
Exhibit 2, could not be completed in the prescribed
time period. The USAP was delayed due to the need to
address an event of noncompliance with minimum
servicing standards that was reported as part of the
USAP.
