--------------------------------------------------------------------------------



                       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)
                                 April 30, 1997



      AMRESCO Residential Securities Corporation Mortgage Loan Trust 1997-1
      ---------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


<TABLE>
<CAPTION>



<S>                                                      <C>                         <C>       
                      New York                                  333-08687                        13-3925682
--------------------------------------------------      ----------------------      ----------------------------------
          (State or Other Jurisdiction of                  (Commission File                  (I.R.S. Employer
                   Incorporation)                                Number)                    Identification No.)



            c/o The Chase Manhattan Bank
                450 West 33rd Street
                 New York, New York                                                                10001
--------------------------------------------------                                  ----------------------------------

      (Address of Principal Executive Offices)                                                   (Zip Code)

</TABLE>


        Registrant's telephone number, including area code (212) 946-8600
                                                           -----------------

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

--------------------------------------------------------------------------------



<PAGE>



Item 2.  Acquisition or Disposition of Assets
         ------------------------------------
Description of the Conveyance of Subsequent Mortgage Loans

         On April 30, 1997, AMRESCO Residential  Securities Corporation Mortgage
Loan Trust 1997-1 (the "Trust") acquired  $48,151,202.70 of Subsequent  Mortgage
Loans pursuant to the terms of the Pooling and Servicing  Agreement  dated as of
March 1, 1997,  between AMRESCO  Residential  Capital Markets,  Inc., as Seller,
AMRESCO Residential Securities  Corporation,  as Depositor,  Option One Mortgage
Corporation,  Long Beach Mortgage  Company and Advanta  Mortgage  Corp.  USA, as
Servicers  and The Bank of New York, in its capacity as Trustee and a Subsequent
Transfer Agreement among AMRESCO Residential  Capital Markets,  Inc., as Seller,
AMRESCO  Residential  Securities  Corporation,  as Depositor  and the Trust,  as
purchaser,  dated April 30, 1997.  The  Subsequent  Mortgage  Loans  possess the
characteristics  required  by  the  Prospectus  dated  July  28,  1996  and  the
Prospectus  Supplement dated March 14, 1997, filed pursuant to Rule 424(b)(5) of
the Act on March 26,  1997.  The  Schedules  of  Subsequent  Mortgage  Loans are
attached to the Subsequent Transfer Agreement.



 
<PAGE>



Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
         ------------------------------------------------------------------
(a)      Not applicable

(b)      Not applicable

(c)      Exhibits:

         10.1     Subsequent  Transfer  Agreement  dated as of April  30,  1997,
                  among   AMRESCO   Residential   Securities   Corporation,   as
                  Depositor,  AMRESCO  Residential  Capital  Markets,  Inc.,  as
                  Seller and AMRESCO Residential Securities Corporation Mortgage
                  Loan Trust 1997-1 as the Purchaser.




<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 hereunto duly authorized.

                    By:      AMRESCO Residential Securities Corporation, as
                             Depositor



                    By:      /s/Ronald B. Kirkland
                             -------------------------------------------
                             Name:    Ronald B. Kirkland
                             Title:   Vice President and Chief Accounting
                                      Officer

Dated:   May 12, 1997
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4749}]
{"company-data": {"conformed-name": "AMRESCO RESIDENTIAL SECURITIES CORP MORT LOAN TRUST 1997-1", "cik": "0001036082", "assigned-sic": "", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-08687-02", "film-number": "97608946"}, "business-address": {"street1": "700 N PEARL ST STE 2400 LB 342", "city": "DALLAS", "state": "TX", "zip": "75201-7424", "phone": "2149537700"}, "mail-address": {"street1": "700 N PEARL ST", "street2": "STE 2400 LB 342", "city": "DALLAS", "state": "TX", "zip": "75201-7424"}}
--------------------------------------------------------------------------------

                       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)
                                 April 30, 1997

      AMRESCO Residential Securities Corporation Mortgage Loan Trust 1997-1
      ---------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)
New York                                  333-08687                        13-3925682
--------------------------------------------------      ----------------------      ----------------------------------
          (State or Other Jurisdiction of                  (Commission File                  (I.R.S. Employer
                   Incorporation)                                Number)                    Identification No.)

            c/o The Chase Manhattan Bank
                450 West 33rd Street
                 New York, New York                                                                10001
--------------------------------------------------                                  ----------------------------------

      (Address of Principal Executive Offices)                                                   (Zip Code)
Registrant's telephone number, including area code (212) 946-8600
                                                           -----------------

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

--------------------------------------------------------------------------------
Item 2.  Acquisition or Disposition of Assets
         ------------------------------------
Description of the Conveyance of Subsequent Mortgage Loans

         On April 30, 1997, AMRESCO Residential  Securities Corporation Mortgage
Loan Trust 1997-1 (the "Trust") acquired  $48,151,202.70 of Subsequent  Mortgage
Loans pursuant to the terms of the Pooling and Servicing  Agreement  dated as of
March 1, 1997,  between AMRESCO  Residential  Capital Markets,  Inc., as Seller,
AMRESCO Residential Securities  Corporation,  as Depositor,  Option One Mortgage
Corporation,  Long Beach Mortgage  Company and Advanta  Mortgage  Corp.  USA, as
Servicers  and The Bank of New York, in its capacity as Trustee and a Subsequent
Transfer Agreement among AMRESCO Residential  Capital Markets,  Inc., as Seller,
AMRESCO  Residential  Securities  Corporation,  as Depositor  and the Trust,  as
purchaser,  dated April 30, 1997.  The  Subsequent  Mortgage  Loans  possess the
characteristics  required  by  the  Prospectus  dated  July  28,  1996  and  the
Prospectus  Supplement dated March 14, 1997, filed pursuant to Rule 424(b)(5) of
the Act on March 26,  1997.  The  Schedules  of  Subsequent  Mortgage  Loans are
attached to the Subsequent Transfer Agreement.
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
         ------------------------------------------------------------------
(a)      Not applicable

(b)      Not applicable

(c)      Exhibits:

         10.1     Subsequent  Transfer  Agreement  dated as of April  30,  1997,
                  among   AMRESCO   Residential   Securities   Corporation,   as
                  Depositor,  AMRESCO  Residential  Capital  Markets,  Inc.,  as
                  Seller and AMRESCO Residential Securities Corporation Mortgage
                  Loan Trust 1997-1 as the Purchaser.
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 hereunto duly authorized.

                    By:      AMRESCO Residential Securities Corporation, as
                             Depositor

                    By:      /s/Ronald B. Kirkland
                             -------------------------------------------
                             Name:    Ronald B. Kirkland
                             Title:   Vice President and Chief Accounting
                                      Officer

Dated:   May 12, 1997