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


                       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)
                                January 31, 1997



      AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-5
      ---------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)




                                                                APPLICATION
             New York                        333-08687           PENDING
----------------------------------      -----------------    -----------------
  (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)

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




<PAGE>



Item 2.  Acquisition or Disposition of Assets

Description of the Conveyance of Subsequent Mortgage Loans

         On  January  31,  1997,  AMRESCO  Residential   Securities  Corporation
Mortgage Loan Trust 1996-5 (the "Trust")  acquired  $83,016,531.06 of Subsequent
Mortgage  Loans  pursuant to the terms of the Pooling  and  Servicing  Agreement
dated as of December 1, 1996, between AMRESCO Residential Capital Markets, Inc.,
as Seller, AMRESCO Residential Securities Corporation,  as Depositor, Option One
Mortgage  Corporation and Advanta Mortgage Corp. USA, as Servicers and The Chase
Manhattan  Bank,  in its  capacity  as  Trustee,  and  the  Subsequent  Transfer
Agreement  among  AMRESCO  Residential  Securities  Corporation,  as  Depositor,
AMRESCO  Residential  Capital  Markets,  Inc.,  as  Seller  and  the  Trust,  as
purchaser,  dated January 31, 1997.  The  Subsequent  Mortgage Loans possess the
characteristics  required  by the  Prospectus  dated  August  16,  1996  and the
Prospectus  Supplement  dated December 4, 1996, filed pursuant to Rule 424(b)(5)
of the Act on December 17, 1996.  The Schedule of Subsequent  Mortgage  Loans is
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 January 31, 1997,
                  among   AMRESCO   Residential   Securities   Corporation,   as
                  Depositor,  AMRESCO  Residential  Capital  Markets,  Inc.,  as
                  Seller and AMRESCO Residential Securities Corporation Mortgage
                  Loan Trust 1996-5 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:   February 10, 1997
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 4374}]
{"company-data": {"conformed-name": "AMRESCO RESIDENTIAL SEC CORP MORT LOAN TR 1996-5", "cik": "0001028915", "assigned-sic": "6189", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-08687-01", "film-number": "97528722"}, "business-address": {"street1": "700 N PEARL ST", "street2": "SUITE 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)
                                January 31, 1997

      AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-5
      ---------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                                                                APPLICATION
             New York                        333-08687           PENDING
----------------------------------      -----------------    -----------------
  (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  January  31,  1997,  AMRESCO  Residential   Securities  Corporation
Mortgage Loan Trust 1996-5 (the "Trust")  acquired  $83,016,531.06 of Subsequent
Mortgage  Loans  pursuant to the terms of the Pooling  and  Servicing  Agreement
dated as of December 1, 1996, between AMRESCO Residential Capital Markets, Inc.,
as Seller, AMRESCO Residential Securities Corporation,  as Depositor, Option One
Mortgage  Corporation and Advanta Mortgage Corp. USA, as Servicers and The Chase
Manhattan  Bank,  in its  capacity  as  Trustee,  and  the  Subsequent  Transfer
Agreement  among  AMRESCO  Residential  Securities  Corporation,  as  Depositor,
AMRESCO  Residential  Capital  Markets,  Inc.,  as  Seller  and  the  Trust,  as
purchaser,  dated January 31, 1997.  The  Subsequent  Mortgage Loans possess the
characteristics  required  by the  Prospectus  dated  August  16,  1996  and the
Prospectus  Supplement  dated December 4, 1996, filed pursuant to Rule 424(b)(5)
of the Act on December 17, 1996.  The Schedule of Subsequent  Mortgage  Loans is
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 January 31, 1997,
                  among   AMRESCO   Residential   Securities   Corporation,   as
                  Depositor,  AMRESCO  Residential  Capital  Markets,  Inc.,  as
                  Seller and AMRESCO Residential Securities Corporation Mortgage
                  Loan Trust 1996-5 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:   February 10, 1997