content: 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: November 14, 1996
  (Date of earliest event reported)
  
  
  
  Nomura Asset Securities Corporation
  ------------------------------------------------------------------------
  (Exact Name of registrant as specified in its charter)
  
  Delaware                       33-48481                        13-3672336
  ----------                   ----------------               -------------------
  (State or Other Juris-       (Commission                      (I.R.S. Employer
  diction of Incorporation)    File Number)                Identification Number)
  
  
  Two World Financial Center, Building B, New York, New York        10281
  ----------------------------------------------------------------------------
  (Address of Principal Executive Office)                          (Zip Code)
  
  
  Registrant's telephone number, including area code:             212-667-9300
                                                          ---------------------
  
  
  
  -----------------------------------------------------------------------------
  This Document contains exactly    05  Pages.
  The Exhibit Index is on Page    05  .
  
  
  <PAGE>
  
  
  
  
  ITEM 5. OTHER EVENTS
                  
                  This Current Report on Form 8-K relates to the Trust Fund 
  formed, and the Commercial Mortgage Pass-Through Certificates Series 1996-MDV 
  issued pursuant to a Pooling and Servicing Agreement, dated as of April 1, 
  1996 (the "Pooling and Servicing Agreement"), by and among Nomura Asset 
  Securities Corporation (the "Company"), as depositor, AMRESCO Management, Inc., 
  as servicer, LaSalle National Bank, as trustee, and ABN AMRO Bank, N.V., as 
  fiscal agent.  The Certificates have been registered pursuant to the Act under 
  a Registration Statement on Form S-3 (No.33-48481) (the "Registration 
  Statement").
  
                  Capitalized terms used herein and not defined herein have the 
  same meanings ascribed to such terms in the Pooling and Servicing Agreement.
  
                  Pursuant to Section 3.22 of the Pooling and Servicing Agreement,
  Servicer is filing this Current Report containing the November 14, 1996 monthly
  distribution report prepared by the Trustee pursuant to Section 4.02(a) thereof
  and 2nd quarter 1996 Quarterly Collateral Summary.
  
                  Servicer has received and will file separately, based on an 
  EDGAR hardship exemption, the monthly financial information required pursuant
  to the documents for the Crescent Real Estate Funding loan; Royal Palace Hotel
  Associates loan; Shaner Hotel Group Properties loans; First Industrial Mortgage
  loan; First Horizon Group, L.P. loan; TUP 130 Company, L.P. loan; Marriot 
  Residence Inn II, L.P. loan; GB Mall, L.P. loan; Bay Plaza Community Center, 
  L.L.C. loan; and Innkeepers Financing loan.
  
                  This Current Report is being filed by the Servicer, in its 
  capacity as such under the Pooling and Servicing Agreement, on behalf of the 
  Registrant.  The information reported and contained herein has been supplied to 
  the Servicer by one or more of the Borrowers or other third parties without 
  independent review or investigation by the Servicer.  Pursuant to the Pooling 
  and Servicing Agreement, the Servicer is not responsible for the accuracy or 
  completeness of such information.
  
  
  
  
  <PAGE>
  
  
  
  
  ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION 
                  AND EXHIBITS
  
                  (c)     Exhibits
  
  
                         Item 601(a) of 
                         Regulation S-K
         Exhibit No.     Exhibit No.             Description
  
         5.1             99                      Monthly distribution report 
                                                 pursuant to Section 4.2 of the 
                                                 Pooling and Servicing Agreement 
                                                 for the distribution on November 
                                                 14, 1996.
  
         5.2             99                      Quarterly Collateral Summary for
                                                 the 2nd quarter 1996.
  
  
              
  <PAGE>
  
  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.
  
                                                     AMRESCO MANAGEMENT, INC., IN
                                                     ITS CAPACITY AS SERVICER 
                                                     UNDER THE POOLING AND 
                                                     SERVICING AGREEMENT ON 
                                                     BEHALF OF NOMURA ASSET       
                                                     SECURITIES CORPORATION,      
                                                     REGISTRANT
  
  
  
  
  
                                                  By: /s/  Daniel B. Kirby
                                                          Daniel B. Kirby, 
                                                          Senior Vice President
  
  
                                                  By: /s/  William J. Sweeney, Jr.
                                                          William J. Sweeney, Jr.,
                                                          Vice President
  
  
  Date: November 22, 1996
  
  
  
  
  <PAGE>
  
  
  
  EXHIBIT INDEX
  
  
                         Item 601(a) of 
                         Regulation S-K
         Exhibit No.     Exhibit No.             Description
  
         5.1             99                      Monthly distribution report 
                                                 pursuant to Section 4.2 of the 
                                                 Pooling and Servicing Agreement 
                                                 for the distribution on November 
                                                 14, 1996.
  
         5.2             99                      Quarterly Collateral Summary for
                                                 the 2nd quarter 1996.
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metadata_filer: {"company-data": {"conformed-name": "NOMURA ASSET SECURITIES COR COM MORT PASS TH CER SR 1996 MDV", "cik": "0001012439", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-65944-02", "film-number": "96673555"}, "business-address": {"street1": "2 WORLD FINANCIAL CENTER", "street2": "BLDG B 21ST FL", "city": "NEW YORK", "state": "NY", "zip": "10281", "phone": "2126679300"}}
text: 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: November 14, 1996
  (Date of earliest event reported)
  
  Nomura Asset Securities Corporation
  ------------------------------------------------------------------------
  (Exact Name of registrant as specified in its charter)
  
  Delaware                       33-48481                        13-3672336
  ----------                   ----------------               -------------------
  (State or Other Juris-       (Commission                      (I.R.S. Employer
  diction of Incorporation)    File Number)                Identification Number)
  
  Two World Financial Center, Building B, New York, New York        10281
  ----------------------------------------------------------------------------
  (Address of Principal Executive Office)                          (Zip Code)
  
  Registrant's telephone number, including area code:             212-667-9300
                                                          ---------------------
  
  -----------------------------------------------------------------------------
  This Document contains exactly    05  Pages.
  The Exhibit Index is on Page    05  .
  ITEM 5. OTHER EVENTS
                  
                  This Current Report on Form 8-K relates to the Trust Fund 
  formed, and the Commercial Mortgage Pass-Through Certificates Series 1996-MDV 
  issued pursuant to a Pooling and Servicing Agreement, dated as of April 1, 
  1996 (the "Pooling and Servicing Agreement"), by and among Nomura Asset 
  Securities Corporation (the "Company"), as depositor, AMRESCO Management, Inc., 
  as servicer, LaSalle National Bank, as trustee, and ABN AMRO Bank, N.V., as 
  fiscal agent.  The Certificates have been registered pursuant to the Act under 
  a Registration Statement on Form S-3 (No.33-48481) (the "Registration 
  Statement").
  
                  Capitalized terms used herein and not defined herein have the 
  same meanings ascribed to such terms in the Pooling and Servicing Agreement.
  
                  Pursuant to Section 3.22 of the Pooling and Servicing Agreement,
  Servicer is filing this Current Report containing the November 14, 1996 monthly
  distribution report prepared by the Trustee pursuant to Section 4.02(a) thereof
  and 2nd quarter 1996 Quarterly Collateral Summary.
  
                  Servicer has received and will file separately, based on an 
  EDGAR hardship exemption, the monthly financial information required pursuant
  to the documents for the Crescent Real Estate Funding loan; Royal Palace Hotel
  Associates loan; Shaner Hotel Group Properties loans; First Industrial Mortgage
  loan; First Horizon Group, L.P. loan; TUP 130 Company, L.P. loan; Marriot 
  Residence Inn II, L.P. loan; GB Mall, L.P. loan; Bay Plaza Community Center, 
  L.L.C. loan; and Innkeepers Financing loan.
  
                  This Current Report is being filed by the Servicer, in its 
  capacity as such under the Pooling and Servicing Agreement, on behalf of the 
  Registrant.  The information reported and contained herein has been supplied to 
  the Servicer by one or more of the Borrowers or other third parties without 
  independent review or investigation by the Servicer.  Pursuant to the Pooling 
  and Servicing Agreement, the Servicer is not responsible for the accuracy or 
  completeness of such information.
  ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION 
                  AND EXHIBITS
  
                  (c)     Exhibits
  
                         Item 601(a) of 
                         Regulation S-K
         Exhibit No.     Exhibit No.             Description
  
         5.1             99                      Monthly distribution report 
                                                 pursuant to Section 4.2 of the 
                                                 Pooling and Servicing Agreement 
                                                 for the distribution on November 
                                                 14, 1996.
  
         5.2             99                      Quarterly Collateral Summary for
                                                 the 2nd quarter 1996.
  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.
  
                                                     AMRESCO MANAGEMENT, INC., IN
                                                     ITS CAPACITY AS SERVICER 
                                                     UNDER THE POOLING AND 
                                                     SERVICING AGREEMENT ON 
                                                     BEHALF OF NOMURA ASSET       
                                                     SECURITIES CORPORATION,      
                                                     REGISTRANT
  
                                                  By: /s/  Daniel B. Kirby
                                                          Daniel B. Kirby, 
                                                          Senior Vice President
  
                                                  By: /s/  William J. Sweeney, Jr.
                                                          William J. Sweeney, Jr.,
                                                          Vice President
  
  Date: November 22, 1996
  EXHIBIT INDEX
  
                         Item 601(a) of 
                         Regulation S-K
         Exhibit No.     Exhibit No.             Description
  
         5.1             99                      Monthly distribution report 
                                                 pursuant to Section 4.2 of the 
                                                 Pooling and Servicing Agreement 
                                                 for the distribution on November 
                                                 14, 1996.
  
         5.2             99                      Quarterly Collateral Summary for
                                                 the 2nd quarter 1996.