-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E6dnBSPGVsO5iDfJz6gMeJmlZiQx+d972b0I8V0/W2YHsmKxjSoq9HBlL1c9Xknw O/k0l5zAJO69OBPMD/WMng== 0001018772-97-000008.txt : 19970328 0001018772-97-000008.hdr.sgml : 19970328 ACCESSION NUMBER: 0001018772-97-000008 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970327 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMRESCO RESIDENTIAL SECURITIES CORP MORT LOAN TRUST 1996-4 CENTRAL INDEX KEY: 0001018772 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-99346-04 FILM NUMBER: 97565778 BUSINESS ADDRESS: STREET 1: C/O BANKERS TRUST CO STREET 2: FOUR ALBANY STREET CITY: NEW YORK STATE: NY ZIP: 10006 MAIL ADDRESS: STREET 1: 1845 WOODALL RODGERS FRWY STREET 2: SUITE 1300 CITY: DALLAS STATE: TX ZIP: 75201 10-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to . Commission File number 333-08687-01 AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-4 (Exact name of registrant as specified in its charter) New York 33-0725672 (State of other jurisdiction (I.R.S. Employer of Identification No.) incorporation or organization) c/o Bankers Trust Company Four Albany Street New York, New York 10006 (Address of principal (Zip Code) executive offices) Registrant's telephone number, including area code:(909) 605-7600 Securities registered pursuant to Section 12(b) of the Act: None None (Title of each class) (Name of each exchange on which registered) Securities registered pursuant to Section 12 (g) of the Act: None (Title of class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ] State the aggregate market value of the voting stock held by non-affiliates of registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of specified date within 60 days prior to the date of filing: Not Applicable Documents Incorporated by Reference Not Applicable PART I ITEM 1 - BUSINESS Not Applicable. ITEM 2 - PROPERTIES Not Applicable. ITEM 3 - LEGAL PROCEEDINGS AMRESCO Residential Securities Corporation (the "Depositor") is not aware of any material pending legal proceedings involving either the AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-4 (the "Trust") established pursuant to the Pooling and Servicing Agreement dated August 1, 1996, among the Depositor, AMRESCO Residential Mortgage Corporation in its capacity as seller, Long Beach Mortgage Company, Option One Mortgage Corporation, and Avanta Mortgage Corp. USA as the servicers (the "Servicers"), and Bankers Trust Company, N.A., a national banking association in its capacity as trustee. ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise. PART II ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS To the best knowledge of the Depositor, there is no established public trading market for any beneficial interests in the Trust. All of the Class A-1, A-2, A-3, A-4, A-5, and A-6 Certificates issued by the Trust are held by the Depository Trust Company ("DTC") which in turn maintains records of holders of beneficial interests in such Certificates. Based on information obtained from the DTC as of March 17, 1997, there was 1 holder of the Class A-1 Certificates, 3 holders of the Class A-2 Certificates, 4 holders of the Class A-3 Certificates, 2 holders of the Class A-4 Certificates, 2 holders of the Class A-5 Certificates, and 4 holders of the Class A-6 Certificates. ITEM 6 - SELECTED FINANCIAL DATA Not applicable. ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Not applicable. ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA In addition to the information included in the Annual Compilation of Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross servicing compensation paid to the Servicers for the year ended December 31, 1996 was $349,634. ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE There were no changes of accountants or disagreements on accounting or financial disclosures between the Issuer and its accountants. PART III ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT Not applicable. ITEM 11 - EXECUTIVE COMPENSATION Not applicable. ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of each Class of Class A Certificates of the Trust; (ii) the principal amount of the Class of Certificates owned by each and (iii) the percent that the principal amount of the Class of Certificates owned by such entity represents of the outstanding principal amount of such Class of Certificates. The information set forth in the table for the Class A Certificates is based upon information obtained from the DTC and represents ownership of beneficial interest in the Certificates held by the DTC. The Depositor is not aware of any Schedules 13D or 13G's filed with the Securities and Exchange Commission in respect of the Certificates. Amount Owned (All Dollar Amounts Are in Thousands) Name and Address Class Principal Interest Bankers Trust Company A-1 9,163,000 100% C/o BT Services Tennessee Inc. Pension Trust services 648 Grassmere Park Drive Nashville, TN 37211 Bank of New York (The) A-2 1,760,000 7.9% 925 Patterson Plank Rd. Secaucus, NJ 07094 Chase Manhattan Bank A-2 19,740,000 88.1% Two Chase Manhattan Plaza, 5th Floor New York, NY 10081 Bank of New York (The) A-3 6,160,000 35.0% 925 Patterson Plank Rd Secaucus, NJ 07094 Bankers Trust Company A-3 3,270,000 18.6% C/o BT Services Tennessee Inc. Pension Trust Services 648 Grassmere Park Drive Nashville, TN 3721 Investors Bank & Trust/M.F. A-3 3,170,000 18.0% Custody 89 South Street 6th Floor Corp. Action Dept. Boston, MA 02111 Northern Trust Company A-3 5,000,000 28.4% 801 S. Canal C-In Chicago, IL 60607 Chase Manhattan Bank/Chemical A-4 5,000,000 46.9% Auto Settle Department 4 New York Plaza, 4th Floor New York, NY 10004 Northern Trust Company A-4 5,670,000 53.1% 801 S. Canal C-In Chicago, IL 60607 Bank of New York (The) A-5 3,000,000 22.9% 925 Patterson Plank Rd. Secaucus, NJ 07094 Prudential Securities Incorporated A-5 10,100,000 77.1% 111 8th Avenue, 4th Floor New York, NY 10011 Bankers Trust Company A-6 72,146,000 30.3% C/o BT Services Tennessee Inc. Pension Trust Services 648 Grassmere Park Drive Nashville, TN 37211 Bear Stearns Securities A-6 25,000,000 10.5% Corp./Portal One Metrotech Center North, 4th Floor Brooklyn, NY 11201-3862 Chase Manhattan Bank A-6 116,000,000 48.7% Two Chase Manhattan Plaza, 5th Floor New York, NY 10081 Marina/Treasury Investments A-6 25,000,000 10.5% 140 Broadway - Level A New York, NY 10015 ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS [None] PART IV ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K (a) The following documents are filed as part of this report: 1. Financial Statements: Not applicable. 2. Financial Statement Schedules: Not applicable. 3. Exhibits: Exhibit No. Description 99.1(a) Statement of Compliance of the Servicer - Advanta 99.1(b) Statement of Compliance of the Servicer - Option One 99.1(c) Statement of Compliance of the Servicer - Long Beach 99.2(a) Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. - Arthur Andersen LLP 99.2(b) Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. - KPMG Peat Marwick LLP 99.2(c) Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. - Deloitte & Touche LLP 99.3 Annual compilation of Monthly Trustee's Statement. (b) Reports on Form 8-K. Reports on Form 8-K have been filed by the Issuer during the last quarter of the period covered by this report. Items Reported/Financial Date of Reports on Statements Filed Form 8-K October 25, 1996 Trustee's Monthly Report for the October Monthly Period. November 25, 1996 Trustee's Monthly Report for the November Monthly Period. December 26, 1996 Trustee's Monthly Report for the December Monthly Period. SIGNATURES Pursuant to the requirements of Section 13 and 15(d) 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. AMRESCO RESIDENTIAL SECURITIES CORPORATION on behalf of AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-4 By: /s/ Ronald B. Kirkland Name: Ronald B. Kirkland Title: Vice President and Chief Accounting Officer Date: March 26, 1997 INDEX TO EXHIBITS Item 14(C) Exhibit No. Description 99.1(a) Statement of Compliance of the Servicer - Advanta 99.1(b) Statement of Compliance of the Servicer - Option One 99.1(c) Statement of Compliance of the Servicer - Long Beach 99.2(a) Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. - Arthur Andersen LLP 99.2(b) Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. - KPMG Peat Marwick LLP 99.2(c) Annual Report of Independent Accountants with respect to the Servicer's overall servicing operations. - Deloitte & Touche LLP 99.3 Annual compilation of Monthly Trustee's Statement. EX-99 2 Exhibit 99.1(a) ADVANTA Advanta Mortgage Suite 400 Fort Washington, PA 19034 215-283-4200 Report of Management on Compliance with Minimum Servicing Standards As of and for the year ended December 31, 1995, Advanta Mortgage Corp. USA has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers. As of and for the same period, Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $10 million and mortgage contingent liability protection coverage in the amount of $2 million. \s\ William P. Garland \s\ James L. Shreero William P. Garland James L. Shreero Senior Vice President Vice President Loan Servicing Finance and Accounting EX-99 3 Exhibit 99.1(b) OPTION ONE MORTGAGE CORPORATION As of and for the year ended December 31, 1996, Option One Mortgage Corporation has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP). As of and for this same period, Option One Mortgage Corporation had in effect a fidelity bond and errors and omissions policy in the amount of $50 Million. \s\ Robert E. Dubrish 2/15/97 \s\ William L. O'Neill 2/15/97 Robert E. Dubrish William L. O'Neill Chief Executive Officer Chief Financial Officer \s\ Jill Bright 2/15/97 Jill Bright Controller EX-99 4 Exhibit 99.1(c) Long Beach Mortgage Company OFFICERS CERTIFICATE ANNUAL STATEMENT OF COMPLIANCE MORTGAGE PASS-THROUGH CERTIFICATES RESIDENTIAL MORTGAGE LOANS SERIES 1996-1, 1996-2, 1996-3, AND 1996-4 IN ACCORDANCE WITH THE APPROPRIATE SECTION OF THE ABOVE CAPTIONED POOLING AND SERVICING AGREEMENTS, I, PATRICIA L. WAYMAN, AND SHAWNA R. OGILVIE OF LONG BEACH MORTGAGE COMPANY, (THE "SERVICER") HEREBY CERTIFIY: (i) A REVIEW OF THE ACTIVITIES OF THE SERVICER DURING THE PRECEDING CALENDAR YEAR, AND OF PERFORMANCE UNDER THESE AGREEMENTS HAVE BEEN MADE UNDER OUR SUPERVISION. (ii) TO THE BEST OF OUR KNOWLEDGE, BASED ON SUCH REVIEW, THE SERVICER HAS FULFILLED ALL ITS OBLIGATIONS UNDER THESE AGREEMENTS THROUGHOUT SUCH YEAR. CERTIFIED THIS 18TH DAY OF MARCH, 1997. BY: \s\ PATRICIA L. WAYMAN PATRICIA L. WAYMAN PRESIDENT BY: \s\ SHAWNA R. OGILVIE SHAWNA R. OGILVIE VICE PRESIDENT EX-99 5 Exhibit 99.2 (a) ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To Advanta Mortgage Corp. USA: We have examined management's assertion about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1995 included in the accompanying management assertion. Management is responsible for Advanta Mortgage Corp. USA's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants, and accordingly, included examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants, and accordingly, included examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Advanta Mortgage Corp. USA's compliance with the minimum servicing standards. In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1995 is fairly stated, in all material respects. \s\ Arthur Andersen Philadelphia, PA January 22, 1996 EX-99 6 Exhibit 99.2 (b) KPMG Peat Marwick LLP Center Tower 650 Town Center Drive Costa Mesa, CA 92626 INDEPENDENT ACCOUNTANT'S REPORT A. The Board of Directors Option One Mortgage Corporation: We have examined management's assertion about Option One Mortgage Corporation's (the Company) compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1996. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures, as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that Option One Mortgage Corporation complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1996 is fairly stated, in all material respects. \s\ KPMG Peat Marwick LLP February 18, 1997 EX-99 7 Exhibit 99.2 (c) Deloitte & Touche LLP Suite 1200 Telephone: (714) 436-7100 695 Town Center Drive Facsimile: (714) 436-7200 Costa Mesa, California 92626-1924 INDEPENDENT ACCOUNTANT'S REPORT To Long Beach Mortgage Company: We have examined management's assertion about Long Beach Mortgage Company's compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1995 included in the accompanying management assertion. Management is responsible for Long Beach Mortgage Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about Long Beach Mortgage Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Long Beach Mortgage Company's compliance with the minimum servicing standards. In our opinion, management's assertion that Long Beach Mortgage Company's compliance with the aforementioned minimum servicing standards as of and for the year ended December 31, 1995 is fairly stated, in all material respects. \s\ Deloitte & Touche LLP March 29, 1996 EX-99 8 Exhibit 99.3 Bankers Trust Company AMRESCO Residential Securities Corp. Series 1996-4 1996 - Annual Statement DISTRIBUTION DOLLARS ENDING PERIOD CLASS CUST INTEREST PRINCIPAL BALANCE 199609 A1 03215PAS8 $46,044.08 $396,391.92 $8,766,608.08 199610 A1 03215PAS8 $44,052.21 $560,426.56 $8,206,181.52 199611 A1 03215PAS8 $41,236.06 $633,747.75 $7,572,433.77 199612 A1 03215PAS8 $38,051.48 $594,109.83 $6,978,323.94 Total by Class $169,383.83 $2,184,676.06 199609 A2 03215PAT6 $118,906.67 $770,338.19 $21,629,611.81 199610 A2 03215PAT6 $114,817.19 $0.00 $21,629,611.81 199611 A2 03215PAT6 $114,817.19 $780,261.38 $20,849,350.43 199612 A2 03215PAT6 $110,675.30 $668,495.88 $20,180,854.55 Total by Class $459,216.35 $2,219,145.45 199609 A3 03215PAU3 $100,466.67 $0.00 $17,600,000.00 199610 A3 03215PAU3 $100,466.67 $0.00 $17,600,000.00 199611 A3 03215PAU3 $100,466.67 $0.00 $17,600,000.00 199612 A3 03215PAU3 $100,466.67 $0.00 $17,600,000.00 Total by Class $401,866.68 $0.00 199609 A4 03215PAV1 $64,464.58 $0.00 $10,670,000.00 199610 A4 03215PAV1 $64,464.58 $0.00 $10,670,000.00 199611 A4 03215PAV1 $64,464.58 $0.00 $10,670,000.00 199612 A4 03215PAV1 $64,464.58 $0.00 $10,670,000.00 Total by Clss $257,858.32 $0.00 199609 A5 03215PAW9 $82,966.67 $0.00 $13,100,000.00 199610 A5 03215PAW9 $82,966.67 $0.00 $13,100,000.00 199611 A5 03215PAW9 $82,966.67 $0.00 $13,100,000.00 199612 A5 03215PAW9 $82,966.67 $0.00 $13,100,000.00 Total by Class $331,866.68 $0.00 199609 A6 03215PAX7 $1,057,343.90 $2,790,428.00 $235,355,572.00 199610 A6 03215PAX7 $1,139,513.23 $6,199,299.33 $229,156,272.67 199611 A6 03215PAX7 $1,121,815.44 $5,554,454.49 $223,601,818.18 199612 A6 03215PAX7 $1,094,624.07 $6,134,713.94 $217,467,104.24 Total by Class $4,413,296.64 $20,678,895.75 199609 B-IO AO9640101 $0.00 $0.00 $0.00 199610 B-IO AO9640101 $0.00 $0.00 $0.00 199611 B-IO AO9640101 $0.00 $0.00 $0.00 199612 B-IO AO9640101 $0.00 $0.00 $0.00 Total by Class $0.00 $0.00 199609 R AO9640102 $0.00 $0.00 $0.00 199610 R AO9640102 $0.00 $0.00 $0.00 199611 R AO9640102 $0.00 $0.00 $0.00 199612 R AO9640102 $0.00 $0.00 $0.00 Total by Class $0.00 $0.00 -----END PRIVACY-ENHANCED MESSAGE-----