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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: July 24, 1997
(Date of earliest event reported)
Residential Accredit Loans Inc.
(Exact name of registrant as specified in its charter)
Delaware 33-95932 51-0368240
(State or Other Juris- (Commission (I.R.S. Employer
diction of Incorporation) File Number) Identification No.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, Minnesota 55437
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code:(612) 832-7000
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Item 5. Other Events.
On July 30, 1997, the Registrant expects to cause the issuance
and sale of Mortgage Pass-Through Certificates, Series 1997-QS7 (the
"Certificates") pursuant to a Pooling and Servicing Agreement to be
dated as of July 1, 1997, among the Registrant, Residential Funding
Corporation, as Master Servicer, and Bankers Trust Company, Ltd., as
Trustee.
In connection with the expected sale of the Series 1997-QS7
Certificates, the Registrant has been advised by Painne Webber (the
"Underwriter"), that the Underwriter has furnished to prospective
investors certain collateral information with respect to the mortgage
loans ("Mortgage Loans") underlying the proposed offering of the
Certificates (the "Collateral Term Sheets"), which Collateral Term
Sheets are being filed manually as exhibits to this report.
The Collateral Term Sheets have been provided by the
Underwriter. The information in the Collateral Term Sheets is
preliminary and will be superseded by the Description of the Mortgage
Pool contained in the Prospectus Supplement relating to the
Certificates and by any other information subsequently filed with the
Securities and Exchange Commission.
The Collateral Term Sheets were prepared by the Underwriter at
the request of certain prospective investors. The Collateral Term
Sheets may be based on information that differs from the information
set forth in the Prospectus Supplement.
In addition, the actual characteristics and performance of the
Mortgage Loans underlying the Certificates may differ from the
information provided in the Collateral Term Sheets, which were provided
to certain investors only to give a sense of the underlying collateral
which will effect the maturity, interest rate sensitivity and cash flow
characteristics of the Certificates. Any difference between the
collateral information in the Collateral Term Sheets and the actual
characteristics of the Mortgage Loans will affect the actual yield,
average life, duration, expected maturity, interest rate sensitivity
and cash flow characteristics of the Certificates.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
1 99 Collateral Term Sheets
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
RESIDENTIAL ACCREDIT LOANS INC.
By: /s/Randy Van Zee
Name: Randy Van Zee
Title: Vice President
Dated: July 24, 1997
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EXHIBIT INDEX
Item 601(a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Format
1 99 Collateral Term P
Sheets
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EXHIBIT 1
(Intentionally Omitted)
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