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) June 19, 1996
RESIDENTIAL ASSET SECURITIES CORPORATION (as seller under a Pooling
and Servicing Agreement dated as of March 1, 1996 providing for,
inter alia, the issuance of Mortgage Pass-Through Certificates,
Series 1996-KS1)
Residential Asset Securities Corporation
(Exact name of registrant as specified in its charter)
DELAWARE 33-56893 51-0362653
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd.
Suite 600
Minneapolis, Minnesota 55437
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (612) 832-7000
Item 5. Other Events
On March 28, 1996, a single series of certificates, entitled
Residential Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1996-KS1 (the "Certificates"), was issued
pursuant to a pooling and servicing agreement (the "Pooling and
Servicing Agreement") which was previously filed on Form 8-K, dated
as of March 1, 1996, among Residential Asset Securities Corporation,
as depositor (the "Depositor"), Residential Funding Corporation, as
master servicer (the "Master Servicer") and The First National Bank
of Chicago, as trustee (the "Trustee"). On June 19, 1996, the
Depositor, the Master Servicer, and the Trustee executed Amendment
No. 1 to the Pooling and Servicing Agreement for the purpose of
adding provisions to the definitions of "Accrual Period" and
"Effective Net Mortgage Rate" in Section 1.01 of the Agreement.
Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Pooling and Servicing
Agreement.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 4.1 Amendment No. 1 to the
Pooling and Servicing
Agreement, dated as of
March 1, 1996, by and
among Residential Asset
Securities Corporation,
as depositor (the
"Depositor"),
Residential Funding
Corporation, as master
servicer (the "Master
Servicer") and The First
National Bank of
Chicago, as trustee (the
"Trustee").
SIGNATURES
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 thereunto duly authorized.
RESIDENTIAL ASSET
SECURITIES CORPORATION
By: /s/William E. Waldusky
Name: William E. Waldusky
Title: Vice President
Dated: June 19, 1996
Index to Exhibits
Exhibit No. Description Sequentially
Numbered
Page
1
Amendment No. 1 to Pooling and
Servicing Agreement, dated as of
March 1, 1996, by and among
Residential Asset Securities
Corporation, as depositor (the
"Depositor"), Residential
Funding Corporation, as master
servicer (the "Master Servicer")
and The First National Bank of
Chicago, as trustee (the
"Trustee"), which Amendment No.
1 is dated as of June 19, 1996
and is by and among the
Depositor, the Master Servicer,
and the Trustee.
Exhibit 1
RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
____________________
AMENDMENT NO. 1 dated as of
June 19, 1996 to the
Pooling and Servicing Agreement
Dated as of March 1, 1996
____________________
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1996-KS1
AMENDMENT No. 1 made as of this 19th day of June 1996,
among Residential Asset Securities Corporation as depositor (the
"Depositor"), Residential Funding Corporation, as master servicer
(the "Master Servicer"), and The First National Bank of Chicago,
as trustee (the "Trustee").
W I T N E S S E T H
WHEREAS, the Depositor, the Trustee and the Master
Servicer entered into a Pooling and Servicing Agreement (the
"Agreement") dated as of March 1, 1996, relating to the issuance
of Residential Asset Securities Corporation, Mortgage Pass-Through
Certificates, Series 1996-KS1; and
WHEREAS, the Depositor, the Master Servicer and the
Trustee desire to amend the terms of the Agreement pursuant to and
in accordance with Section 11.01(a)(vi) of the Agreement for the
purpose of adding provisions to the definitions of "Accrual
Period" and "Effective Net Mortgage Rate" in Section 1.01 of the
Agreement.
NOW, THEREFORE, in consideration of the mutual
premises and agreements herein, the Depositor, the Master Servicer
and the Trustee agree as follows:
1. Capitalized terms used herein and not defined herein
shall have the meanings assigned to such terms in the Agreement.
2. The definition of "Accrual Period" in Section 1.01 of
the Agreement is hereby amended by replacing such definition in
its entirety with the following:
On or before the Distribution Date in
June, 1996, the period commencing on the
25th day of the month immediately
preceding the month in which such
Distribution Date occurs and ending on the
24th day of the month in which such
Distribution Date occurs. With respect to
any Distribution Date on or after the
Distribution Date in July, 1996, the
period commencing on the Distribution Date
of the month immediately preceding the
month in which such Distribution Date
occurs and ending on the day preceding
such Distribution Date.
3. The definition of "Effective Net Mortgage Rate" in
Section 1.01 of the Agreement is hereby amended by replacing such
definition in its entirety with the following:
With respect to any Mortgage Loan or REO
Property, for any Distribution Date, the
annualized rate at which interest would have to
accrue thereon on an actual/360 basis for a
number of days equal to the number of days in
the Accrual Period related to such Distribution
Date in order to produce the aggregate amount of
interest actually accrued at the related Net
Mortgage Rate applicable during the one month
period preceding the related Due Date or the
most recently ended Due Period.
IN WITNESS WHEREOF, the Depositor, the Master Servicer and
the Trustee have caused their duly authorized representatives to
execute and deliver this instrument as of the date first above
written.
RESIDENTIAL ASSET SECURITIES
CORPORATION
By: /s/ William Waldusky
Name: William Waldusky
Title: Vice President
RESIDENTIAL FUNDING
CORPORATION
By: /s/ Randy Van Zee
Name: Randy Van Zee
Title: Director
THE FIRST NATIONAL
BANK OF CHICAGO
By: /s/ R. Tarnas
Name: R. Tarnas
Title: Vice President
ACKNOWLEDGED AND AGREED:
MBIA INSURANCE COMPANY
By: /s/ John D. Lohrs
Name: John D. Lohrs
Title: Vice President
