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 31,
1996
RESIDENTIAL ACCREDIT LOANS, INC. (as company under a
Pooling and Servicing Agreement dated as of January 1,
1996 providing for, inter alia, the issuance of Mortgage
Pass-Through Certificates, Series 1996-QS1)
Residential Accredit Loans, Inc.
(Exact name of registrant as specified in its
charter)
DELAWARE 33-95932 51-0368240
(State or other jurisdiction (Commission) (I.R.S.
Employer of incorporation) file number)
identification no.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN
55437
(Address of principal executive offices)
(Zip code)
Registrant's telephone number, including area code (612)
832-7000
(Former name or former address, if changed since last
report)
Exhibit Index Located on Page 2 Items 1 through 6 and
Item 8 are not included because
they are not applicable.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies) - The following
execution copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed:
Sequentially
Exhibit Numbered
Number Exhibit Page
7(c) Amendment No. 1, dated as of February 29,
004
1996, to the Pooling and Servicing Agreement,
dated as of January 1, 1996 among Residential
Accredit Loans, Inc., as company,
Residential Funding Corporation,
as master servicer, and The First National Bank
of Chicago, as trustee.
<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 ACCREDIT
LOANS, INC.
By: /s/ Diane S. Wold
Name: Diane S. Wold
Title: Vice President
Dated: July 31, 1996
Exhibit 7(c)
Amendment No. 1 to the
Pooling and Servicing Agreement
RESIDENTIAL ACCREDIT LOANS, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
AMENDMENT NO. 1
dated as of February 29, 1996
Amending the
POOLING AND SERVICING AGREEMENT
among the Company, the Master Servicer
and the Trustee
Dated as of January 1, 1996
Mortgage Pass-Through Certificates
Series 1996-QS1
<PAGE>
AMENDMENT NO. 1, dated as of the 29th day of February,
1996, to the Pooling and Servicing Agreement.
WHEREAS, RESIDENTIAL ACCREDIT LOANS, INC. (the
"Company"), RESIDENTIAL FUNDING CORPORATION (the "Master Servicer")
and THE FIRST NATIONAL BANK OF CHICAGO, as trustee (the "Trustee")
entered into a Pooling and Servicing Agreement, dated as of January
1, 1996 (the "Agreement"), providing for the issuance of Mortgage
Pass-Through Certificates, Series 1996-QS1; and
WHEREAS, Section 11.01(a)(ii) of the Agreement permits
the amendment of the Agreement by the Company, the Master Servicer
and the Trustee with the consent of the Insurer to correct or
supplement any provisions therein which may be inconsistent with any
other provisions therein or to correct any error, upon the terms and
conditions set forth therein;
WHEREAS, the Company and the Master Servicer wish to
amend the Agreement in order to correct an error in the manner in
which the Class A-II Maximum Rate is calculated and to correct an
error in the definition of the Subordination Increase Amount;
NOW THEREFORE, the Company, the Master Servicer and the
Trustee hereby amend the Agreement as follows:
Section 1.
(a) The definition of Class A-II Maximum Rate in
Article I is hereby amended to read in its entirety as follows::
Class A-II Maximum Rate: With respect to the Class A-II
Certificates and each Interest Accrual Period, a per annum rate
equal to (x) the amount of interest due on the Group II Loans at the
Net Mortgage Rates for the preceding Due Period minus (y) the sum of
the portion of the Certificate Insurer Premium payable to the
Insurer in respect of the Policy in respect of the Class A-II
Certificates for the related Distribution Date and the amount of
Minimum Spread for such Distribution Date divided by (z) the product
of (i) the Certificate Principal Balance of the Class A-II
Certificates immediately preceding the related Distribution Date
multiplied by (ii) the quotient obtained by dividing the actual
number of days in such Interest Accrual Period by 360, expressed as
a percentage.
(b) The definition of Subordination Increase Amount in
Article I is hereby amended to read in its entirety as follows:
Subordination Increase Amount: With respect to any
Distribution Date and a Loan Group, the lesser of (a) the
Subordination Deficiency Amount as of such Distribution Date (after
taking into account the payment of the related Principal
Distribution Amount on such Distribution Date (exclusive of the
payment of any related Subordination Increase Amount)) and (b) the
amount of Loan Group I Excess Cash Flow (in the case of Loan Group
I) or Minimum Spread (in the case of Loan Group II) on such
Distribution Date as reduced by any related Realized Losses included
in clause (b)(4) of the definition of Principal Distribution Amount
with respect to such Distribution Date and Group I Cumulative
Insurance Payments (in the case of Loan Group I) or Group II
Cumulative Insurance Payments (in the case of Loan Group II) for
such Distribution Date.
Section 2.
This Amendment No. 1 may be executed in any number of
counterparts, each of which shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.
Section 3.
Capitalized terms used herein shall have the meanings
given thereto in the Agreement.
IN WITNESS WHEREOF, the parties hereto have caused their
names to be signed hereto by their officers thereunto duly
authorized and their seal, duly attested, to be hereunto affixed,
all as of the day and year first above written.
RESIDENTIAL ACCREDIT LOANS, INC.,
[Seal]
By:/s/ Bruce J. Legan
Name: Bruce J. Legan
Title: Vice President
Attest: /s/ Diane S. Wold
Name: Diane S. Wold
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:/s/ Diane S. Wold
Name: Diane S. Wold
Title: Director
Attest: /s/Bruce J. Legan
Name: Bruce J. Legan
Title: Vice President
THE FIRST NATIONAL BANK OF CHICAGO
[Seal]
By:/s/ Faye Wright
Name: Faye Wright
Title: Vice President
Attest:/s/ Richard Tarnas
Name: Richard Tarnas
Title: Vice President
The undersigned Insurer hereby consents to
the foregoing Amendment No. 1.
MBIA INSURANCE CORPORATION
By:/s/ John D. Lohrs
Name: John D. Lohrs
Title: Vice President
