================================================================================
                                  UNITED STATES
                       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 21, 2006

                    Commission File Number of issuing entity:
                                  333-131196-03

                            HOME LOAN TRUST 2006-HI3
                         (Exact name of issuing entity)

                 Commission File Number of depositor: 333-131196

                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
              (Exact name of depositor as specified in its charter)

                         RESIDENTIAL FUNDING CORPORATION
               (Exact name of sponsor as specified in its charter)

               DELAWARE                                       None
  (State or other jurisdiction of incorporation)        (I.R.S. Employer
                                                       Identification No.)
8400 Normandale Lake Boulevard, Suite 250
        Minneapolis, Minnesota                                55437
   (Address of principal executive offices)                (Zip Code)

                                 (952) 857-7000
              (Registrant's telephone number, including area code)

                                       N/A
           (Former name, former address, if changed since last report)

                         Exhibit Index located on Page 2

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions .

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting  material  pursuant to Rule 14a-12(b)  under the Exchange Act (17
CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))



                           Information to be Included in the Report

ITEM 8.01.     Other Events.

On July 21, 2006, Residential Funding Mortgage Securities II, Inc., as depositor
for Home Loan Trust  2006-HI3  (the  "Trust")  caused the  issuance  of the Home
Loan-Backed  Notes,  Series  2006-HI3,  including the following  classes offered
pursuant to a Registration  Statement on Form S-3 (File No. 333-131196) filed by
the Registrant  with the Securities  and Exchange  Commission:  Class A-1, Class
A-2, Class A-3 and Class A-4 (the "Notes").

Copies of the opinions of Mayer,  Brown, Rowe & Maw LLP with respect to legality
of the Notes and with  respect to certain  federal tax  matters,  together  with
related  consents  of  Mayer,  Brown,  Rowe & Maw  LLP to the  incorporation  by
reference of such opinions as exhibits to the Registration Statement,  are filed
as Exhibits to this Report.

ITEM 9.01.     Financial Statements and Exhibits.

        (a)    Not applicable.

        (b)    Not applicable.

        (c)    Not applicable.

        (d)    Exhibits.  The following are filed as Exhibits to this Report:

5.1  Opinion of Mayer, Brown, Rowe & Maw LLP with respect to legality.

8.1  Opinion  of  Mayer,  Brown,  Rowe & Maw LLP with  respect  to  certain  tax
     matters.

23.1 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 5.1).

23.2 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 8.1).


<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 FUNDING MORTGAGE SECURITIES II, INC.,
                           as depositor for the Trust

                           By:      /s/ Christopher Martinez
                           Name:    Christopher Martinez
                           Title:   Vice President




Dated:  July 21, 2006

<PAGE>


                                        EXHIBIT INDEX

Exhibit No.           Description

5.1  Opinion of Mayer, Brown, Rowe & Maw LLP with respect to legality.

8.1  Opinion  of  Mayer,  Brown,  Rowe & Maw LLP with  respect  to  certain  tax
     matters.

23.1 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 5.1).

23.2 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 8.1).
[{"type": "8-K", "sequence": "1", "filename": "hi38kopin.txt", "secsgml_size_bytes": 4912}]
{"company-data": {"conformed-name": "Home Loan Trust 2006-HI3", "cik": "0001368323", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131196-03", "film-number": "06973304"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "9528327000"}, "mail-address": {"street1": "8400 NORMANDALE LAKE BLVD", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437"}}
================================================================================
                                  UNITED STATES
                       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 21, 2006

                    Commission File Number of issuing entity:
                                  333-131196-03

                            HOME LOAN TRUST 2006-HI3
                         (Exact name of issuing entity)

                 Commission File Number of depositor: 333-131196

                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.
              (Exact name of depositor as specified in its charter)

                         RESIDENTIAL FUNDING CORPORATION
               (Exact name of sponsor as specified in its charter)

               DELAWARE                                       None
  (State or other jurisdiction of incorporation)        (I.R.S. Employer
                                                       Identification No.)
8400 Normandale Lake Boulevard, Suite 250
        Minneapolis, Minnesota                                55437
   (Address of principal executive offices)                (Zip Code)

                                 (952) 857-7000
              (Registrant's telephone number, including area code)

                                       N/A
           (Former name, former address, if changed since last report)

                         Exhibit Index located on Page 2

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions .

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting  material  pursuant to Rule 14a-12(b)  under the Exchange Act (17
CFR 240.14a-12(b))

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

                           Information to be Included in the Report

ITEM 8.01.     Other Events.

On July 21, 2006, Residential Funding Mortgage Securities II, Inc., as depositor
for Home Loan Trust  2006-HI3  (the  "Trust")  caused the  issuance  of the Home
Loan-Backed  Notes,  Series  2006-HI3,  including the following  classes offered
pursuant to a Registration  Statement on Form S-3 (File No. 333-131196) filed by
the Registrant  with the Securities  and Exchange  Commission:  Class A-1, Class
A-2, Class A-3 and Class A-4 (the "Notes").

Copies of the opinions of Mayer,  Brown, Rowe & Maw LLP with respect to legality
of the Notes and with  respect to certain  federal tax  matters,  together  with
related  consents  of  Mayer,  Brown,  Rowe & Maw  LLP to the  incorporation  by
reference of such opinions as exhibits to the Registration Statement,  are filed
as Exhibits to this Report.

ITEM 9.01.     Financial Statements and Exhibits.

        (a)    Not applicable.

        (b)    Not applicable.

        (c)    Not applicable.

        (d)    Exhibits.  The following are filed as Exhibits to this Report:

5.1  Opinion of Mayer, Brown, Rowe & Maw LLP with respect to legality.

8.1  Opinion  of  Mayer,  Brown,  Rowe & Maw LLP with  respect  to  certain  tax
     matters.

23.1 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 5.1).

23.2 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 8.1).
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 FUNDING MORTGAGE SECURITIES II, INC.,
                           as depositor for the Trust

                           By:      /s/ Christopher Martinez
                           Name:    Christopher Martinez
                           Title:   Vice President

Dated:  July 21, 2006
EXHIBIT INDEX

Exhibit No.           Description

5.1  Opinion of Mayer, Brown, Rowe & Maw LLP with respect to legality.

8.1  Opinion  of  Mayer,  Brown,  Rowe & Maw LLP with  respect  to  certain  tax
     matters.

23.1 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 5.1).

23.2 Consent of Mayer,  Brown,  Rowe & Maw LLP  (included  in  opinion  filed as
     Exhibit 8.1).