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)
July 25, 1996
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
(Exact name of the registrant
as specified in its charter)
33-92096
Delaware 33-80419 41-1808858
(State or other (Commission (I.R.S. Employee
jurisdiction of File No.) Identification No.)
Incorporation)
8400 Normandale Lake Boulevard 55437
Minneapolis, Minnesota
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code
(612) 832-7000
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Item 5. Other Events
See the respective monthly reports, each reflecting the
required information for the July 1996 distribution to
holders of the following series of Conduit Mortgage
Pass-Through Certificates.
Master Serviced by Residential Funding Corporation
1996-HS1
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) See Item 5.
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 FUNDING MORTGAGE
SECURITIES II, INC.
By: /s/Davee Olson
Name: Davee Olson
Title: Chief Financial Officer
and Treasurer
Dated: July 25, 1996
Run: 07/25/96
REPT1HA.FRM
15:38:32
Page: 1
RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
HOME EQUITY LOAN TRUST 1996-HS1 (ISSUER)
RFMSII SERIES 1996-HS1
PAYMENT DATE: 07/22/96
DISTRIBUTION AMOUNTS
CLASS ORIGINAL/ PRINCIPAL INTEREST
CUSIP BEGINNING DISTRIBUTION DISTRIBUTION
BALANCE FACTOR FACTOR
PASS-THROUGH ACCEL PRIN ENDING BALANCE
RATE FACTOR FACTOR
TERM NOTES 162,077,000.00 1,296,064.63 804,519.35
76110VAA6 159,367,706.54 7.996598 4.963809
5.67922 377,529.65 157,694,112.26
2.329323 972.957991
VARIABLE FUNDING NOTES 0.00 0.00 0.00
0.00 0.000000 0.000000
5.67922 0.00 0.00
0.000000 0.000000
CERTIFICATES 14,092,938.00 112,695.56 70,816.89
76110VAB4 13,857,359.20 7.996598 5.024991
5.74922 32,827.00 13,711,836.64
2.329323 972.957991
VARIABLE FUNDING CERT 0.00 0.00 0.00
76110VAB4 0.00 0.000000 0.000000
5.74922 0.00 0.00
0.000000 0.000000
- -----------------------------------------------------------------------------
176,169,938.00 1,408,760.19 875,336.24
173,225,065.74 410,356.65 171,405,948.90
=============================================================================
SECURITY COLLECTIONS
SECURITY INTEREST COLLECTIONS: 1,311,869.13
SECURITY PRINCIPAL COLLECTIONS: 1,408,760.19
AGGREGATE SECURITY COLLECTIONS: 2,720,629.32
MORTGAGE LOANS: ENDING WEIGHTED AVERAGE
ASSET BALANCE NET LOAN RATE
------------- ----------------
GMACMC LOANS: 74,536,986.51 8.9751
GOAL LINE LOANS: 98,027,773.77 10.1338
TOTAL LOANS: 172,564,760.28 9.7668
FUNDING ACCOUNT
DEPOSIT AMOUNT: 0.00
NEW BALANCE: 0.00
AGGREGATE LIQUIDATION CUMULATIVE LIQUIDATION
LOSS AMOUNTS FOR THE LOSS AMOUNTS AS A
COLLECTION PERIOD: 0.00 PERCENTAGE OF POOL BALANCE:
DISTRIBUTION TO 0.000 %
RESIDUAL OWNERSHIP
INTEREST: 0.01
MASTER SERVICER:
RESIDENTIAL FUNDING CORPORATION
10 UNIVERSAL CITY PLAZA, SUITE 2100
UNIVERSAL CITY, CA 91608
(818) 753-3500
Run: 07/25/96 REPT2H.FRM
15:38:40
Page: 2
RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
HOME EQUITY LOAN TRUST 1996-HS1
RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
1996-HS1 LLC (LIMITED LIABILITY COMPANY)
PAYMENT DATE: 07/22/96
ADDITIONAL INFORMATION
CLASS EXCESS REMAINING ENDING
LOSS AMOUNT UNPAID SECURITY
INTEREST PERCENTAGE
TERM NOTES 0.00 0.00 92.00037296
VARIABLE FUNDING NOTES 0.00 0.00 0.00000000
CERTIFICATES 0.00 0.00 7.99962704
VARIABLE FUNDING CERT 0.00 0.00 0.00000000
RESERVE AMOUNT DELINQUENCY
AT END OF CURRENT PERIOD: LOANS
30 - 59 DAYS DELINQUENT 43
CURRENT AMOUNT: 1,158,811.38 1,711,711.19
TARGET AMOUNT: 2,642,561.52
60 - 89 DAYS DELINQUENT 11
477,534.36
CREDIT ENHANCEMENT
90 - 179 DAYS DELINQUENT 5
226,302.30
DRAW AMOUNT: 0.00
PRIOR DRAWS NOT 180 OR MORE DELINQUENT 0
YET REIMBURSED: 0.00 0.00
REO LOANS 0
ADDITIONAL BALANCES 0.00
CURRENT PERIOD: 2,271,541.39
SPECIAL HAZARD AMOUNT: 2,075,429.00
FRAUD LOSS AMOUNT: 6,840,322.00
BANKRUPTCY LOSS AMOUNT: 100,000.00
MASTER SERVICER
RESIDENTIAL FUNDING CORPORATION
10 UNIVERSAL CITY PLAZA, SUITE 2100
UNIVERSAL CITY, CA 91608
(818) 753-3500
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