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 ACCREDIT LOANS, INC.
(Exact name of the registrant as specified in
its charter)
33-95932 51-0368240
Delaware (Commission File Number) (I.R.S. Employee
(State or other Identification No.)
jurisdiction of
incorporation)
8400 Normandale Lake Boulevard 55437
Minneapolis, Minnesota (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code
(612) 832-7000
- --------------------
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
1995-QS1
1996-QS1
1996-QS2
1996-QS3
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 ACCREDIT LOANS, INC.
By: /s/Davee Olson
Name: Davee Olson
Title: Chief Financial Officer
and Treasurer
Dated: July 25, 1996
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1995-QS1 (POOL # 4180)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 4180
_______________________________________________________________________________
PRINCIPAL CURRENT
ORIGINAL BALANCE BEFORE PASS-THROUGH PRINCIPAL
CLASS CUSIP FACE VALUE DISTRIBUTION RATE DISTRIBUTION
_______________________________________________________________________________
A-1 76110FAA1 54,500,000.00 23,879,388.48 6.600000 % 2,509,005.25
A-2 76110FAB9 82,500,000.00 82,500,000.00 6.900000 % 0.00
A-3 76110FAC7 22,250,000.00 22,250,000.00 7.300000 % 0.00
A-4 76110FAD5 46,000,000.00 46,000,000.00 7.500000 % 0.00
A-5 76110FAE3 22,100,000.00 22,100,000.00 7.500000 % 0.00
A-6 76110FAF0 31,109,000.00 31,109,000.00 7.500000 % 0.00
R 514.42 2,326,135.63 0.000000 % 0.00
- -------------------------------------------------------------------------------
258,459,514.42 230,164,524.11 2,509,005.25
===============================================================================
_______________________________________________________________________________
REMAINING
INTEREST TOTAL DEFERRED REALIZED PRINCIPAL
DISTRIBUTION DISTRIBUTION INTEREST LOSSES BALANCE
_______________________________________________________________________________
A-1 131,336.64 2,640,341.89 0.00 0.00 21,370,383.23
A-2 474,375.00 474,375.00 0.00 0.00 82,500,000.00
A-3 135,354.17 135,354.17 0.00 0.00 22,250,000.00
A-4 287,500.00 287,500.00 0.00 0.00 46,000,000.00
A-5 138,125.00 138,125.00 0.00 0.00 22,100,000.00
A-6 194,431.25 194,431.25 0.00 0.00 31,109,000.00
R 351,943.48 351,943.48 0.00 0.00 2,326,135.63
- -------------------------------------------------------------------------------
1,713,065.54 4,222,070.79 0.00 0.00 227,655,518.86
===============================================================================
_______________________________________________________________________________
AMOUNTS PER $1,000 UNIT
_______________________________________________________________________________
BEGINNING ENDING
BALANCE PRINCIPAL INTEREST TOTAL DEFERRED BALANCE
CLASS FACTOR FACTOR FACTOR DISTRIBUTION INTEREST FACTOR
_______________________________________________________________________________
A-1 438.153917 46.036794 2.409847 48.446641 0.000000 392.117124
A-2 1000.000000 0.000000 5.750000 5.750000 0.000000 1000.000000
A-3 1000.000000 0.000000 6.083333 6.083333 0.000000 1000.000000
A-4 1000.000000 0.000000 6.250000 6.250000 0.000000 1000.000000
A-5 1000.000000 0.000000 6.250000 6.250000 0.000000 1000.000000
A-6 1000.000000 0.000000 6.250000 6.250000 0.000000 1000.000000
_______________________________________________________________________________
DETERMINATION DATE 22-July-96
DISTRIBUTION DATE 25-July-96
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Page: 2 of 2
RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE PASS-THROUGH CERTIFICATES 1995-QS1 (POOL # 4180)
STATEMENT TO CERTIFICATEHOLDERS
ADDITIONAL RELATED INFORMATION FOR POOL 4180
_______________________________________________________________________________
SERVICING COMPENSATION RECEIVED BY SUB-SERVICER 47,666.45
SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 8,198.22
SUBSERVICER ADVANCES THIS MONTH 88,308.32
MASTER SERVICER ADVANCES THIS MONTH 0.00
NUMBER OF PRINCIPAL
DELINQUENCIES: LOANS BALANCE
(A) ONE MONTHLY PAYMENT: 62 7,232,734.02
(B) TWO MONTHLY PAYMENTS: 7 860,701.05
(C) THREE OR MORE MONTHLY PAYMENTS: 5 548,274.24
FORECLOSURES
NUMBER OF LOANS 10
AGGREGATE PRINCIPAL BALANCE 2,054,084.40
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS AFTER
DISTRIBUTION 227,655,518.86
AGGREGATE NUMBER OF LOANS IN THE POOL AS OF THE
DETERMINATION DATE 2,362
NUMBER OF REO LOANS ACQUIRED
INCLUDING ANY PENDING CASH LIQUIDATIONS 0
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH
FORECLOSURE OR GRANT OF A DEED IN LIEU OF
FORECLOSURE, INCLUDING ANY PENDING CASH LIQUIDATIONS 0.00
REMAINING SUBCLASS INTEREST SHORTFALL 0.00
CLASS A SHORTFALL (PRINCIPAL) 0.00
CLASS A SHORTFALL (INTEREST) 0.00
TOTAL PREPAYMENTS INCLUDED IN THIS DISTRIBUTION 2,314,130.82
TOTAL REPURCHASES INCLUDED IN THIS DISTRIBUTION 0.00
DISTRIBUTION PERCENTAGES:
SENIOR SUBORDINATE
PERCENTAGE FOR CURRENT DISTRIBUTION 98.98935960 % 1.01064040 %
CURRENT PREPAYMENT PERCENTAGE 100.00000000 % 0.00000000 %
PERCENTAGE FOR NEXT DISTRIBUTION 98.97822130 % 1.02177870 %
BANKRUPTCY AMOUNT AVAILABLE 0.00
FRAUD AMOUNT AVAILABLE 0.00
SPECIAL HAZARD AMOUNT AVAILABLE 0.00
ENDING GROSS WEIGHTED AVERAGE INTEREST RATE 9.33810595
ENDING WEIGHTED AVERAGE MATURITY, IN MONTHS 324.32
POOL TRADING FACTOR: 88.08169410
................................................................................
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1996-QS1 (POOL # 4194)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 4194
_______________________________________________________________________________
PRINCIPAL CURRENT
ORIGINAL BALANCE BEFORE PASS-THROUGH PRINCIPAL
CLASS CUSIP FACE VALUE DISTRIBUTION RATE DISTRIBUTION
_______________________________________________________________________________
A-I- 76110FAG8 52,015,000.00 34,476,277.43 6.000000 % 1,849,366.62
A-I- 76110FAH6 67,186,000.00 67,186,000.00 6.250000 % 0.00
A-I- 76110FAJ2 22,562,000.00 22,562,000.00 6.750000 % 0.00
A-I- 76110FAK9 31,852,000.00 31,852,000.00 6.900000 % 0.00
A-I- 76110FAL7 14,535,000.00 14,535,000.00 7.050000 % 0.00
A-I- 76110FAM5 18,417,136.00 18,417,136.00 7.250000 % 0.00
A-I- 76110FAN3 20,000,000.00 20,000,000.00 6.700000 % 0.00
A-II 76110FAQ6 29,374,968.00 26,493,685.69 5.644949 % 679,749.90
R 0.53 1,854,990.00 0.000000 % 0.00
- -------------------------------------------------------------------------------
255,942,104.53 237,377,089.12 2,529,116.52
===============================================================================
_______________________________________________________________________________
REMAINING
INTEREST TOTAL DEFERRED REALIZED PRINCIPAL
DISTRIBUTION DISTRIBUTION INTEREST LOSSES BALANCE
_______________________________________________________________________________
A-I-1 172,381.39 2,021,748.01 0.00 0.00 32,626,910.81
A-I-2 349,927.08 349,927.08 0.00 0.00 67,186,000.00
A-I-3 126,911.25 126,911.25 0.00 0.00 22,562,000.00
A-I-4 183,149.00 183,149.00 0.00 0.00 31,852,000.00
A-I-5 85,393.13 85,393.13 0.00 0.00 14,535,000.00
A-I-6 111,270.20 111,270.20 0.00 0.00 18,417,136.00
A-I-7 111,666.67 111,666.67 0.00 0.00 20,000,000.00
A-II 128,935.93 808,685.83 0.00 0.00 25,813,935.79
R 359,611.75 359,611.75 50,180.07 0.00 1,905,170.07
- -------------------------------------------------------------------------------
1,629,246.40 4,158,362.92 50,180.07 0.00 234,898,152.67
===============================================================================
_______________________________________________________________________________
AMOUNTS PER $1,000 UNIT
_______________________________________________________________________________
BEGINNING ENDING
BALANCE PRINCIPAL INTEREST TOTAL DEFERRED BALANCE
CLASS FACTOR FACTOR FACTOR DISTRIBUTION INTEREST FACTOR
_______________________________________________________________________________
A-I- 662.814139 35.554487 3.314071 38.868558 0.000000 627.259652
A-I- 1000.000000 0.000000 5.208333 5.208333 0.000000 1000.000000
A-I- 1000.000000 0.000000 5.625000 5.625000 0.000000 1000.000000
A-I- 1000.000000 0.000000 5.750000 5.750000 0.000000 1000.000000
A-I- 1000.000000 0.000000 5.875000 5.875000 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.041667 6.041667 0.000000 1000.000000
A-I- 1000.000000 0.000000 5.583334 5.583334 0.000000 1000.000000
A-II 901.913687 23.140447 4.389313 27.529760 0.000000 878.773240
_______________________________________________________________________________
DETERMINATION DATE 22-July-96
DISTRIBUTION DATE 25-July-96
Run: 07/30/96 13:56:20 rept2.frg
Page: 2 of 2
RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE PASS-THROUGH CERTIFICATES 1996-QS1 (POOL # 4194)
STATEMENT TO CERTIFICATEHOLDERS
ADDITIONAL RELATED INFORMATION FOR POOL 4194
_______________________________________________________________________________
SERVICING COMPENSATION RECEIVED BY SUB-SERVICER 51,744.21
SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 8,819.33
SUBSERVICER ADVANCES THIS MONTH 54,731.44
MASTER SERVICER ADVANCES THIS MONTH 0.00
NUMBER OF PRINCIPAL
DELINQUENCIES: LOANS BALANCE
(A) ONE MONTHLY PAYMENT: 47 5,504,067.67
(B) TWO MONTHLY PAYMENTS: 7 900,565.38
(C) THREE OR MORE MONTHLY PAYMENTS: 0 0.00
FORECLOSURES
NUMBER OF LOANS 2
AGGREGATE PRINCIPAL BALANCE 527,132.40
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS AFTER
DISTRIBUTION 234,898,152.67
AGGREGATE NUMBER OF LOANS IN THE POOL AS OF THE
DETERMINATION DATE 1,843
NUMBER OF REO LOANS ACQUIRED
INCLUDING ANY PENDING CASH LIQUIDATIONS 0
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH
FORECLOSURE OR GRANT OF A DEED IN LIEU OF
FORECLOSURE, INCLUDING ANY PENDING CASH LIQUIDATIONS 0.00
REMAINING SUBCLASS INTEREST SHORTFALL 0.00
CLASS A SHORTFALL (PRINCIPAL) 0.00
CLASS A SHORTFALL (INTEREST) 0.00
TOTAL PREPAYMENTS INCLUDED IN THIS DISTRIBUTION 2,293,111.41
TOTAL REPURCHASES INCLUDED IN THIS DISTRIBUTION 0.00
DISTRIBUTION PERCENTAGES:
SENIOR SUBORDINATE
PERCENTAGE FOR CURRENT DISTRIBUTION 99.21854720 % 0.78145280 %
CURRENT PREPAYMENT PERCENTAGE 100.00000000 % 0.00000000 %
PERCENTAGE FOR NEXT DISTRIBUTION 99.18893780 % 0.81106220 %
BANKRUPTCY AMOUNT AVAILABLE 100,000.00
FRAUD AMOUNT AVAILABLE 7,678,263.00
SPECIAL HAZARD AMOUNT AVAILABLE 2,559,421.00
ENDING GROSS WEIGHTED AVERAGE INTEREST RATE 8.93414200
ENDING WEIGHTED AVERAGE MATURITY, IN MONTHS 333.93
POOL TRADING FACTOR: 91.77784683
................................................................................
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1996-QS2 (POOL # 4201)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 4201
_______________________________________________________________________________
PRINCIPAL CURRENT
ORIGINAL BALANCE BEFORE PASS-THROUGH PRINCIPAL
CLASS CUSIP FACE VALUE DISTRIBUTION RATE DISTRIBUTION
_______________________________________________________________________________
A-1 76110FAS2 40,000,000.00 34,517,030.86 6.400000 % 1,633,236.03
A-2 76110FAT0 16,000,000.00 16,000,000.00 7.000000 % 0.00
A-3 76110FAU7 28,500,000.00 28,500,000.00 7.050000 % 0.00
A-4 76110FAV5 15,000,000.00 15,000,000.00 7.050000 % 0.00
A-5 76110FAW3 14,000,000.00 14,000,000.00 7.350000 % 0.00
A-6 76110FAX1 10,000,000.00 10,000,000.00 7.450000 % 0.00
A-7 76110FAY9 26,000,000.00 26,000,000.00 7.250000 % 0.00
A-8 76110FAZ6 14,043,411.00 14,043,411.00 7.500000 % 0.00
A-9 76110FBA0 18,190,000.00 18,190,000.00 7.500000 % 0.00
A-10 76110FBB8 178,007.00 177,364.03 0.000000 % 211.76
R 0.00 602,233.56 0.000000 % 0.00
- -------------------------------------------------------------------------------
181,911,418.00 177,030,039.45 1,633,447.79
===============================================================================
_______________________________________________________________________________
REMAINING
INTEREST TOTAL DEFERRED REALIZED PRINCIPAL
DISTRIBUTION DISTRIBUTION INTEREST LOSSES BALANCE
_______________________________________________________________________________
A-1 184,090.83 1,817,326.86 0.00 0.00 32,883,794.83
A-2 93,333.33 93,333.33 0.00 0.00 16,000,000.00
A-3 167,437.50 167,437.50 0.00 0.00 28,500,000.00
A-4 88,125.00 88,125.00 0.00 0.00 15,000,000.00
A-5 85,750.00 85,750.00 0.00 0.00 14,000,000.00
A-6 62,083.33 62,083.33 0.00 0.00 10,000,000.00
A-7 157,083.33 157,083.33 0.00 0.00 26,000,000.00
A-8 87,771.32 87,771.32 0.00 0.00 14,043,411.00
A-9 113,687.50 113,687.50 0.00 0.00 18,190,000.00
A-10 0.00 211.76 0.00 0.00 177,152.27
R 0.00 0.00 197,510.48 0.00 799,744.04
- -------------------------------------------------------------------------------
1,039,362.14 2,672,809.93 197,510.48 0.00 175,594,102.14
===============================================================================
_______________________________________________________________________________
AMOUNTS PER $1,000 UNIT
_______________________________________________________________________________
BEGINNING ENDING
BALANCE PRINCIPAL INTEREST TOTAL DEFERRED BALANCE
CLASS FACTOR FACTOR FACTOR DISTRIBUTION INTEREST FACTOR
_______________________________________________________________________________
A-1 862.925772 40.830901 4.602271 45.433172 0.000000 822.094871
A-2 1000.000000 0.000000 5.833333 5.833333 0.000000 1000.000000
A-3 1000.000000 0.000000 5.875000 5.875000 0.000000 1000.000000
A-4 1000.000000 0.000000 5.875000 5.875000 0.000000 1000.000000
A-5 1000.000000 0.000000 6.125000 6.125000 0.000000 1000.000000
A-6 1000.000000 0.000000 6.208333 6.208333 0.000000 1000.000000
A-7 1000.000000 0.000000 6.041667 6.041667 0.000000 1000.000000
A-8 1000.000000 0.000000 6.250000 6.250000 0.000000 1000.000000
A-9 1000.000000 0.000000 6.250000 6.250000 0.000000 1000.000000
A-10 996.387951 1.189616 0.000000 1.189616 0.000000 995.198335
_______________________________________________________________________________
DETERMINATION DATE 22-July-96
DISTRIBUTION DATE 25-July-96
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE PASS-THROUGH CERTIFICATES 1996-QS2 (POOL # 4201)
STATEMENT TO CERTIFICATEHOLDERS
ADDITIONAL RELATED INFORMATION FOR POOL 4201
_______________________________________________________________________________
SERVICING COMPENSATION RECEIVED BY SUB-SERVICER 36,897.36
SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 5,779.97
SUBSERVICER ADVANCES THIS MONTH 50,243.45
MASTER SERVICER ADVANCES THIS MONTH 0.00
NUMBER OF PRINCIPAL
DELINQUENCIES: LOANS BALANCE
(A) ONE MONTHLY PAYMENT: 49 5,523,135.78
(B) TWO MONTHLY PAYMENTS: 5 445,491.44
(C) THREE OR MORE MONTHLY PAYMENTS: 1 77,521.31
FORECLOSURES
NUMBER OF LOANS 0
AGGREGATE PRINCIPAL BALANCE 0.00
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS AFTER
DISTRIBUTION 175,594,102.14
AGGREGATE NUMBER OF LOANS IN THE POOL AS OF THE
DETERMINATION DATE 1,612
NUMBER OF REO LOANS ACQUIRED
INCLUDING ANY PENDING CASH LIQUIDATIONS 0
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH
FORECLOSURE OR GRANT OF A DEED IN LIEU OF
FORECLOSURE, INCLUDING ANY PENDING CASH LIQUIDATIONS 0.00
REMAINING SUBCLASS INTEREST SHORTFALL 0.00
CLASS A SHORTFALL (PRINCIPAL) 0.00
CLASS A SHORTFALL (INTEREST) 0.00
TOTAL PREPAYMENTS INCLUDED IN THIS DISTRIBUTION 1,295,311.70
TOTAL REPURCHASES INCLUDED IN THIS DISTRIBUTION 0.00
DISTRIBUTION PERCENTAGES:
SENIOR SUBORDINATE
PERCENTAGE FOR CURRENT DISTRIBUTION 99.65981280 % 0.34018720 %
CURRENT PREPAYMENT PERCENTAGE 100.00000000 % 0.00000000 %
PERCENTAGE FOR NEXT DISTRIBUTION 99.54454960 % 0.45545040 %
BANKRUPTCY AMOUNT AVAILABLE 0.00
FRAUD AMOUNT AVAILABLE 0.00
SPECIAL HAZARD AMOUNT AVAILABLE 0.00
ENDING GROSS WEIGHTED AVERAGE INTEREST RATE 8.80143687
ENDING WEIGHTED AVERAGE MATURITY, IN MONTHS 338.33
POOL TRADING FACTOR: 96.52725710
................................................................................
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RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 1996-QS3 (POOL # 4211)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 4211
_______________________________________________________________________________
PRINCIPAL CURRENT
ORIGINAL BALANCE BEFORE PASS-THROUGH PRINCIPAL
CLASS CUSIP FACE VALUE DISTRIBUTION RATE DISTRIBUTION
_______________________________________________________________________________
A-I- 76110FBC6 42,855,000.00 42,855,000.00 6.780000 % 1,217,303.00
A-I- 76110FBD4 26,000,000.00 26,000,000.00 7.150000 % 0.00
A-I- 76110FBE2 10,596,000.00 10,596,000.00 7.290000 % 0.00
A-I- 76110FBF9 25,000,000.00 25,000,000.00 7.250000 % 170,430.94
A-I- 76110FBG7 18,587,000.00 18,587,000.00 7.460000 % 0.00
A-I- 76110FBH5 21,696,000.00 21,696,000.00 7.750000 % 0.00
A-I- 76110FBJ1 8,047,000.00 8,047,000.00 7.750000 % 0.00
A-I- 76110FBK8 17,436,000.00 17,436,000.00 7.750000 % 0.00
A-I- 76110FBL6 25,145,000.00 25,145,000.00 7.750000 % 0.00
A-I- 76110FBM4 19,000,000.00 19,000,000.00 7.750000 % 0.00
A-I- 76110FBN2 15,875,562.00 15,875,562.00 7.750000 % 0.00
A-II 76110FBP7 20,551,438.00 20,551,438.00 7.750000 % 174,254.85
A-P 76110FBQ5 1,166,695.86 1,166,695.86 0.000000 % 1,872.68
R-I 76110FBR3 100.00 100.00 7.750000 % 100.00
R-II 76110FBS1 100.00 100.00 7.750000 % 100.00
M-1 76110FBT9 12,528,500.00 12,528,500.00 7.750000 % 9,652.69
M-2 76110FBU6 5,568,000.00 5,568,000.00 7.750000 % 4,289.91
M-3 76110FBV4 4,176,000.00 4,176,000.00 7.750000 % 3,217.44
B-1 1,809,600.00 1,809,600.00 7.750000 % 1,394.22
B-2 696,000.00 696,000.00 7.750000 % 536.24
B-3 1,670,738.96 1,670,738.96 7.750000 % 1,287.24
SPRE 0.00 0.00 0.756856 % 0.00
STRI 0.00 0.00 0.000000 % 0.00
- -------------------------------------------------------------------------------
278,404,734.82 278,404,734.82 1,584,439.21
===============================================================================
_______________________________________________________________________________
REMAINING
INTEREST TOTAL DEFERRED REALIZED PRINCIPAL
DISTRIBUTION DISTRIBUTION INTEREST LOSSES BALANCE
_______________________________________________________________________________
A-I-1 242,098.21 1,459,401.21 0.00 0.00 41,637,697.00
A-I-2 154,895.85 154,895.85 0.00 0.00 26,000,000.00
A-I-3 64,362.05 64,362.05 0.00 0.00 10,596,000.00
A-I-4 151,021.37 321,452.31 0.00 0.00 24,829,569.06
A-I-5 115,533.65 115,533.65 0.00 0.00 18,587,000.00
A-I-6 140,101.17 140,101.17 0.00 0.00 21,696,000.00
A-I-7 51,963.23 51,963.23 0.00 0.00 8,047,000.00
A-I-8 112,592.37 112,592.37 0.00 0.00 17,436,000.00
A-I-9 162,372.97 162,372.97 0.00 0.00 25,145,000.00
A-I-10 122,691.84 122,691.84 0.00 0.00 19,000,000.00
A-I-11 102,515.89 102,515.89 0.00 0.00 15,875,562.00
A-II 132,710.20 306,965.05 0.00 0.00 20,377,183.15
A-P 0.00 1,872.68 0.00 0.00 1,164,823.18
R-I 0.65 100.65 0.00 0.00 0.00
R-II 0.65 100.65 0.00 0.00 0.00
M-1 80,902.36 90,555.05 0.00 0.00 12,518,847.31
M-2 35,955.17 40,245.08 0.00 0.00 5,563,710.09
M-3 26,966.38 30,183.82 0.00 0.00 4,172,782.56
B-1 11,685.43 13,079.65 0.00 0.00 1,808,205.78
B-2 4,494.40 5,030.64 0.00 0.00 695,463.76
B-3 10,788.74 12,075.98 0.00 0.00 1,669,451.72
SPRED 175,569.99 175,569.99 0.00 0.00 0.00
STRIP 66,602.50 66,602.50 0.00 0.00 0.00
- -------------------------------------------------------------------------------
1,965,825.07 3,550,264.28 0.00 0.00 276,820,295.61
===============================================================================
Run: 07/30/96 13:56:21
Page: 2 of 3
RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES SERIES 1996-QS3 (POOL # 4211)
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION SUMMARY FOR POOL# 4211
_______________________________________________________________________________
AMOUNTS PER $1,000 UNIT
_______________________________________________________________________________
BEGINNING ENDING
BALANCE PRINCIPAL INTEREST TOTAL DEFERRED BALANCE
CLASS FACTOR FACTOR FACTOR DISTRIBUTION INTEREST FACTOR
_______________________________________________________________________________
A-I- 1000.000000 28.405157 5.649241 34.054398 0.000000 971.594843
A-I- 1000.000000 0.000000 5.957533 5.957533 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.074184 6.074184 0.000000 1000.000000
A-I- 1000.000000 6.817238 6.040855 12.858093 0.000000 993.182762
A-I- 1000.000000 0.000000 6.215831 6.215831 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.457465 6.457465 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.457466 6.457466 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.457466 6.457466 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.457466 6.457466 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.457465 6.457465 0.000000 1000.000000
A-I- 1000.000000 0.000000 6.457465 6.457465 0.000000 1000.000000
A-II 1000.000000 8.478961 6.457465 14.936426 0.000000 991.521039
A-P 1000.000000 1.605118 0.000000 1.605118 0.000000 998.394882
R-I 1000.000000 1000.00000 6.500000 1006.500000 0.000000 0.000000
R-II 1000.000000 1000.00000 6.500000 1006.500000 0.000000 0.000000
M-1 1000.000000 0.770459 6.457466 7.227925 0.000000 999.229541
M-2 1000.000000 0.770458 6.457466 7.227924 0.000000 999.229542
M-3 1000.000000 0.770460 6.457466 7.227926 0.000000 999.229540
B-1 1000.000000 0.770458 6.457466 7.227924 0.000000 999.229542
B-2 1000.000000 0.770460 6.457471 7.227931 0.000000 999.229540
B-3 1000.000000 0.770461 6.457466 7.227927 0.000000 999.229541
_______________________________________________________________________________
DETERMINATION DATE 22-July-96
DISTRIBUTION DATE 25-July-96
Run: 07/30/96 13:56:23 rept2.frg
Page: 3 of 3
RESIDENTIAL FUNDING CORPORATION (MASTER SERVICER)
RESIDENTIAL ACCREDIT LOANS, INC. (COMPANY)
MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATES 1996-QS3 (POOL # 4211)
STATEMENT TO CERTIFICATEHOLDERS
ADDITIONAL RELATED INFORMATION FOR POOL 4211
_______________________________________________________________________________
SERVICING COMPENSATION RECEIVED BY SUB-SERVICER 58,329.37
SERVICING COMPENSATION RECEIVED BY MASTER SERVICER 14,257.66
SUBSERVICER ADVANCES THIS MONTH 72,636.96
MASTER SERVICER ADVANCES THIS MONTH 0.00
NUMBER OF PRINCIPAL
DELINQUENCIES: LOANS BALANCE
(A) ONE MONTHLY PAYMENT: 89 9,157,257.88
(B) TWO MONTHLY PAYMENTS: 0 0.00
(C) THREE OR MORE MONTHLY PAYMENTS: 0 0.00
FORECLOSURES
NUMBER OF LOANS 0
AGGREGATE PRINCIPAL BALANCE 0.00
SCHEDULED PRINCIPAL BALANCE OF MORTGAGE LOANS AFTER
DISTRIBUTION 276,820,295.61
AGGREGATE NUMBER OF LOANS IN THE POOL AS OF THE
DETERMINATION DATE 2,436
NUMBER OF REO LOANS ACQUIRED
INCLUDING ANY PENDING CASH LIQUIDATIONS 0
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH
FORECLOSURE OR GRANT OF A DEED IN LIEU OF
FORECLOSURE, INCLUDING ANY PENDING CASH LIQUIDATIONS 0.00
REMAINING SUBCLASS INTEREST SHORTFALL 0.00
CLASS A SHORTFALL (PRINCIPAL) 0.00
CLASS A SHORTFALL (INTEREST) 0.00
TOTAL PREPAYMENTS INCLUDED IN THIS DISTRIBUTION 1,369,709.02
TOTAL REPURCHASES INCLUDED IN THIS DISTRIBUTION 0.00
DISTRIBUTION PERCENTAGES:
SENIOR CLASS M CLASS B
CURRENT DISTRIBUTION 89.51967260 % 8.00004400 % 1.50009620 %
PREPAYMENT PERCENT 89.51977360 % 0.00000000 % 10.48022640 %
NEXT DISTRIBUTION 90.41250260 % 8.03963449 % 1.51389020 %
BANKRUPTCY AMOUNT AVAILABLE 170,419.00
FRAUD AMOUNT AVAILABLE 5,568,095.00
SPECIAL HAZARD AMOUNT AVAILABLE 2,784,047.00
ENDING GROSS WEIGHTED AVERAGE INTEREST RATE 8.80434300
ENDING WEIGHTED AVERAGE MATURITY, IN MONTHS 340.78
POOL TRADING FACTOR: 99.43088640
................................................................................
