SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 16, 1998
RESIDENTIAL ASSET SECURITIES CORPORATION (as company 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
[TPW: NY01:670112.1] 16069-00342 07/31/98 02:25PM
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1. Amendment No. 1, dated June 19, 1996; Amendment No. 2, dated June
20, 1997; Amendment No. 3, dated December 19, 1997; Amendment No. 4,
dated February 20, 1998; Amendment No. 5, dated as of July 16, 1998;
each to the Pooling and Servicing Agreement, dated as of March 1,
1996, among Residential Asset Securities Corporation as depositor,
Residential Funding Corporation as master servicer and The First
National Bank of Chicago as trustee.
[TPW: NY01:670112.1] 16069-00342 07/31/98 02:25PM
<PAGE>
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:
Name: Timothy A. Kruse
Title: Vice President
Dated: July 31, 1998
[TPW: NY01:670112.1] 16069-00342 07/31/98 02:25PM
<PAGE>
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:
Name: Timothy A. Kruse
Title: Vice President
Dated: July 31, 1998
[TPW: NY01:670112.1] 16069-00342 07/31/98 02:25PM
<PAGE>
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/ Timothy A. Kruse
Name: Timothy A. Kruse
Title: Vice President
Dated: July 31, 1998
[TPW: NY01:670112.1] 16069-00342 07/31/98 02:25PM
<PAGE>
EXHIBITS
[TPW: NY01:670112.1] 16069-00342 07/31/98 02:25PM
<PAGE>
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
[NY01:189698.2] 06/13/96 3:08pm [16069-0000]0
<PAGE>
-1-
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:
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
[NY01:189698.2] 06/13/96 3:08pm [16069-0000]0
<PAGE>
-2-
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.
[NY01:189698.2] 06/13/96 3:08pm [16069-0000]0
<PAGE>
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
[NY01:189698.2] 06/13/96 3:08pm [16069-0000]0
<PAGE>
RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
--------------------
AMENDMENT NO. 2 dated as of
June 20, 1997 to the
Pooling and Servicing Agreement
Dated as of March 1, 1996
--------------------
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1996-KS1
<PAGE>
-1-
AMENDMENT No. 2 made as of this 20th day of June 1997, 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 a provision to Section
4.07 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:
Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.
Section 4.07 of the Agreement is hereby amended by adding the
following to the end of the fifth sentence thereof:
; provided however, that with respect to the Mortgage Loans listed
on Schedule A to Amendment No. 2 to this Agreement, purchased by the
Master Servicer, any related Realized Loss shall not be allocated in
accordance with the terms of the Agreement.
Section 4.07 of the Agreement is hereby amended by adding the
following to the end of the sixth sentence thereof:
; provided however, that with respect to the Mortgage Loans listed
on Schedule A to Amendment No. 2 to this Agreement, purchased by the
Master Servicer, the payment of the related Purchase Price will not
be viewed as an advance and any Realized Loss will not be
recoverable.
Section 4.07 of the Agreement is hereby amended by adding the
following to the end of the last sentence thereof:
; provided however, that with respect to the Mortgage Loans listed
on Schedule A to Amendment No. 2 to this Agreement, purchased by the
Master Servicer, such Mortgage Loans shall be treated as
<PAGE>
-2-
having been so purchased for purposes of performing the foregoing
calculations and shall not be considered for purposes of performing
the foregoing calculations for any time period prior or subsequent
to such purchase.
<PAGE>
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:
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
By:
Name:
Title:
THE FIRST NATIONAL
BANK OF CHICAGO
By:
Name:
Title:
CONSENTED TO:
MBIA INSURANCE COMPANY
By:
Name:
Title:
<PAGE>
SCHEDULE A
RASC SERIES 1996-KS1
MORTGAGE LOAN/REO REPURCHASES
LOAN Status
NUMBER
1467511 FCLS
1394439 FCLS
1474222 FCLS
1454733 FCLS
1466049 FCLS
1466086 FCLS
1466127 FCLS
1475843 FCLS
1466155 FCLS
1466045 FCLS
1406881 FCLS
1399645 FCLS
1479602 FCLS
1479570 FCLS
1459496 FCLS
1476665 FCLS
1473914 FCLS
1473697 FCLS
1473740 FCLS
1473909 FCLS
1473655 FCLS
1482109 FCLS
1479340 REO
[NY01B:340005.1] 16069-00000 06/18/97 10:08pm
<PAGE>
RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
--------------------
AMENDMENT NO. 3 dated as of
December 19, 1997 to the
Pooling and Servicing Agreement
Dated as of March 1, 1996
--------------------
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1996-KS1
[TPW: NY01:627250.1] 16069-00000 12/17/97 04:24PM
<PAGE>
-1-
AMENDMENT No. 3 made as of this 19th day of December 1997, 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 a provision to Section
4.07 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:
Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.
2. Section 4.07 of the Agreement is hereby amended by inserting the words
"and Schedule A to Amendment No. 3" after the words "Amendment No. 2" in the
fifth sentence of such section.
3. Section 4.07 of the Agreement is hereby amended by inserting the words
"and Schedule A to Amendment No. 3" after the words "Amendment No. 2" in the
sixth sentence of such section.
4. Section 4.07 of the Agreement is hereby amended by inserting the words
"and Schedule A to Amendment No. 3" after the words "Amendment No. 2" in the
last sentence of such section.
[TPW: NY01:627250.1] 16069-00000 12/17/97 04:24PM
<PAGE>
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:
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
By:
Name:
Title:
THE FIRST NATIONAL
BANK OF CHICAGO
By:
Name:
Title:
CONSENTED TO:
MBIA INSURANCE COMPANY
By:
Name:
Title:
[TPW: NY01:627250.1] 16069-00000 12/17/97 04:24PM
<PAGE>
SCHEDULE A
RASC SERIES 1996-KS1
MORTGAGE LOAN/REO REPURCHASES
LOAN Status
NUMBER
1469356 FCLS
[TPW: NY01:627250.1] 16069-00000 12/17/97 04:24PM
<PAGE>
RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
--------------------
AMENDMENT NO. 4 dated as of
February 20, 1998 to the
Pooling and Servicing Agreement
Dated as of March 1, 1996
--------------------
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1996-KS1
[TPW: NY01:638365.1] 16069-00342 02/19/98 11:28AM
<PAGE>
-1-
AMENDMENT No. 4 made as of this 20th day of February 1998, 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 a provision to Section
4.07 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:
Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.
2. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 3 and Schedule A to Amendment No. 4" after
the words "Amendment No. 2" in the fifth sentence of such section.
3. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 3 and Schedule A to Amendment No. 4" after
the words "Amendment No. 2" in the sixth sentence of such section.
4. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 3 and Schedule A to Amendment No. 4" after
the words "Amendment No. 2" in the last sentence of such section.
[TPW: NY01:638365.1] 16069-00342 02/19/98 11:28AM
<PAGE>
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:
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
By:
Name:
Title:
THE FIRST NATIONAL
BANK OF CHICAGO
By:
Name:
Title:
CONSENTED TO:
MBIA INSURANCE COMPANY
By:
Name:
Title:
[TPW: NY01:638365.1] 16069-00342 02/19/98 11:28AM
<PAGE>
SCHEDULE A
RASC SERIES 1996-KS1
MORTGAGE LOAN/REO REPURCHASES
LOAN Status
NUMBER
1465336 FCLS
[TPW: NY01:638365.1] 16069-00342 02/19/98 11:28AM
<PAGE>
RESIDENTIAL ASSET SECURITIES CORPORATION
Depositor,
RESIDENTIAL FUNDING CORPORATION
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
--------------------
AMENDMENT NO. 5 dated as of
July 16, 1998 to the
Pooling and Servicing Agreement
Dated as of March 1, 1996
--------------------
Residential Asset Securities Corporation
Mortgage Pass-Through Certificates
Series 1996-KS1
<PAGE>
-1-
AMENDMENT No. 5 made as of this 16th day of July 1998, 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 a provision to Section
4.07 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. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 4 and Schedule A to Amendment No. 5" after
the words "Amendment No. 3" in the fifth sentence of such section.
3. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 4 and Schedule A to Amendment No. 5" after
the words "Amendment No. 3" in the sixth sentence of such section.
4. Section 4.07 of the Agreement is hereby amended by substituting the
words ", Schedule A to Amendment No. 4 and Schedule A to Amendment No. 5" after
the words "Amendment No. 3" in the last sentence of such section.
<PAGE>
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:
Name:
Title:
RESIDENTIAL FUNDING CORPORATION
By:
Name:
Title:
THE FIRST NATIONAL
BANK OF CHICAGO
By:
Name:
Title:
CONSENTED TO:
MBIA INSURANCE COMPANY
By:
Name:
Title:
<PAGE>
SCHEDULE A
RASC SERIES 1996-KS1
MORTGAGE LOAN/REO REPURCHASES
LOAN Status
NUMBER
1397608 FCLS
1462895 FCLS
1466660 FCLS
<PAGE>
