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) August 30, 2006

                   RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

                       on behalf of RAAC Series-SP3 Trust
             (Exact name of registrant as specified in its charter)


             DELAWARE             333-131211-08         41-1955181
 (State of Other Jurisdiction of  (Commission        (I.R.S. Employer
          Incorporation)           File Number)      Identification No.)


8400 Normandale Lake Blvd.    Suite 250                    55437
       Minneapolis, Minnesota                            (Zip Code)
(Address of Principal Executive Offices)



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

<PAGE>



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 (see General Instruction A.2. below):

[ ] 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))


<PAGE>


SECTION 8--OTHER EVENTS


Item 8.01.     Other Events.

           On August 30, 2006,  the  Registrant  caused the issuance and sale of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series 2006-RS5,  Class A-1,
Class A-2,  Class A-3,  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5,
Class SB, Class R-I and Class R-II Certificates (the "Certificates") pursuant to
a  Pooling  and  Servicing  Agreement  dated as of  August  1,  2006,  among the
Registrant,  Residential  Funding  Corporation,  as Master Servicer and JPMorgan
Chase Bank, N.A., as Trustee.  The mortgage loans were sold to Residential Asset
Mortgage  Products,  Inc.  pursuant to an Assignment and  Assumption  Agreement,
dated  as of  August  30,  2006  between  Residential  Funding  Corporation  and
Residential Asset Mortgage Products, Inc.

SECTION 9--FINANCIAL STATEMENT AND EXHIBITS
Item 9.01(d).  Exhibits
               (a) Not applicable (b) Not applicable (c) Exhibits:

        The following  execution copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed:

     10.1 Pooling and  Servicing  Agreement,  dated as of August 1, 2006,  among
Residential Asset Mortgage  Products,  Inc., as depositor,  Residential  Funding
Corporation, as master servicer, and JPMorgan Chase Bank, N.A., as trustee.

     10.2  Assignment  and  Assumption  Agreement,  dated as of August 30, 2006,
between  Residential  Asset  Mortgage  Products,  Inc. and  Residential  Funding
Corporation.

     10.3  Confirmation,  dated as of August 29, 2006, between Deutsche Bank AG,
New York Branch and JPMorgan Chase Bank,  N.A., as trustee on behalf of the RAAC
Series 2006-SP3 Trust

     10.4  Confirmation,  dated as of August 29, 2006, between Deutsche Bank AG,
New York Branch and JPMorgan Chase Bank,  N.A., as trustee on behalf of the RAAC
Series 2006-SP3 Trust

     99.1 Mortgage Loan Schedule

<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 ASSET MORTGAGE PRODUCTS, INC.


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


Dated:  September 13, 2006



<PAGE>


                                  EXHIBIT INDEX

Exhibit No.        Description

          10.1 Pooling  and  Servicing  Agreement,  dated as of August 1,  2006,
               among  Residential Asset Mortgage  Products,  Inc., as depositor,
               Residential Funding Corporation, as master servicer, and JPMorgan
               Chase Bank, N.A., as trustee.

          10.2 Assignment and Assumption Agreement, dated as of August 30, 2006,
               between Residential Asset Mortgage Products, Inc. and Residential
               Funding Corporation.

          10.3 Confirmation,  dated as of August 29, 2006, between Deutsche Bank
               AG, New York Branch and JPMorgan Chase Bank,  N.A., as trustee on
               behalf of the RAAC Series 2006-SP3 Trust

          10.4 Confirmation,  dated as of August 29, 2006, between Deutsche Bank
               AG, New York Branch and JPMorgan Chase Bank,  N.A., as trustee on
               behalf of the RAAC Series 2006-SP3 Trust

          99.1 Mortgage Loan Schedule.
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{"company-data": {"conformed-name": "RAAC Series 2006-SP3 Trust", "cik": "0001366204", "assigned-sic": "6189", "irs-number": "411955181", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-131211-09", "film-number": "061090618"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "952 857-7000"}, "mail-address": {"street1": "8400 NORMANDALE LAKE BLVD SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437"}, "former-company": {"former-conformed-name": "RAMP Series 2006-SP3 Trust", "date-changed": "20060615"}}
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) August 30, 2006

                   RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

                       on behalf of RAAC Series-SP3 Trust
             (Exact name of registrant as specified in its charter)

             DELAWARE             333-131211-08         41-1955181
 (State of Other Jurisdiction of  (Commission        (I.R.S. Employer
          Incorporation)           File Number)      Identification No.)

8400 Normandale Lake Blvd.    Suite 250                    55437
       Minneapolis, Minnesota                            (Zip Code)
(Address of Principal Executive Offices)

Registrant's telephone number, including area code, is (952) 857-7000
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 (see General Instruction A.2. below):

[ ] 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))
SECTION 8--OTHER EVENTS

Item 8.01.     Other Events.

           On August 30, 2006,  the  Registrant  caused the issuance and sale of
Mortgage Asset-Backed  Pass-Through  Certificates,  Series 2006-RS5,  Class A-1,
Class A-2,  Class A-3,  Class M-1,  Class M-2,  Class M-3, Class M-4, Class M-5,
Class SB, Class R-I and Class R-II Certificates (the "Certificates") pursuant to
a  Pooling  and  Servicing  Agreement  dated as of  August  1,  2006,  among the
Registrant,  Residential  Funding  Corporation,  as Master Servicer and JPMorgan
Chase Bank, N.A., as Trustee.  The mortgage loans were sold to Residential Asset
Mortgage  Products,  Inc.  pursuant to an Assignment and  Assumption  Agreement,
dated  as of  August  30,  2006  between  Residential  Funding  Corporation  and
Residential Asset Mortgage Products, Inc.

SECTION 9--FINANCIAL STATEMENT AND EXHIBITS
Item 9.01(d).  Exhibits
               (a) Not applicable (b) Not applicable (c) Exhibits:

        The following  execution copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed:

     10.1 Pooling and  Servicing  Agreement,  dated as of August 1, 2006,  among
Residential Asset Mortgage  Products,  Inc., as depositor,  Residential  Funding
Corporation, as master servicer, and JPMorgan Chase Bank, N.A., as trustee.

     10.2  Assignment  and  Assumption  Agreement,  dated as of August 30, 2006,
between  Residential  Asset  Mortgage  Products,  Inc. and  Residential  Funding
Corporation.

     10.3  Confirmation,  dated as of August 29, 2006, between Deutsche Bank AG,
New York Branch and JPMorgan Chase Bank,  N.A., as trustee on behalf of the RAAC
Series 2006-SP3 Trust

     10.4  Confirmation,  dated as of August 29, 2006, between Deutsche Bank AG,
New York Branch and JPMorgan Chase Bank,  N.A., as trustee on behalf of the RAAC
Series 2006-SP3 Trust

     99.1 Mortgage Loan Schedule
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 ASSET MORTGAGE PRODUCTS, INC.

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

Dated:  September 13, 2006
EXHIBIT INDEX

Exhibit No.        Description

          10.1 Pooling  and  Servicing  Agreement,  dated as of August 1,  2006,
               among  Residential Asset Mortgage  Products,  Inc., as depositor,
               Residential Funding Corporation, as master servicer, and JPMorgan
               Chase Bank, N.A., as trustee.

          10.2 Assignment and Assumption Agreement, dated as of August 30, 2006,
               between Residential Asset Mortgage Products, Inc. and Residential
               Funding Corporation.

          10.3 Confirmation,  dated as of August 29, 2006, between Deutsche Bank
               AG, New York Branch and JPMorgan Chase Bank,  N.A., as trustee on
               behalf of the RAAC Series 2006-SP3 Trust

          10.4 Confirmation,  dated as of August 29, 2006, between Deutsche Bank
               AG, New York Branch and JPMorgan Chase Bank,  N.A., as trustee on
               behalf of the RAAC Series 2006-SP3 Trust

          99.1 Mortgage Loan Schedule.