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



                       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)
                                December 18, 1996



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


            New York                 333-8687-02         Application Pending
-----------------------------     ----------------     ----------------------
(State or Other Jurisdiction         (Commission       (I.R.S. Employer
         of Incorporation)           File Number)       Identification No.)


c/o The Chase Manhattan Bank
     450 West 33rd Street
     New York, NY                                             10001
----------------------------------                     --------------------
      (Address of Principal                                (Zip Code)
      Executive Offices)


        Registrant's telephone number, including area code (212) 946-8500


                                    No Change
  ---------------------------------------------------------------------------
          (Former name or former address, if changed since last report)




<PAGE>



Item 2.  Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Loans

         AMRESCO Residential  Securities  Corporation registered issuances of up
to $2,000,000,000 principal amount of Mortgage Loan Pass-Through Certificates on
a delayed or continuous  basis  pursuant to Rule 415 under the Securities Act of
1933,  as  amended  (the  "Act"),  by  a  Registration  Statement  on  Form  S-3
(Registration  File No. 333-8687) (as amended,  the  "Registration  Statement").
Pursuant  to  the  Registration   Statement,   AMRESCO  Residential   Securities
Corporation  Mortgage Loan Trust 1996-5 (the "Registrant" or the "Trust") issued
$700,000,000  in aggregate  principal  amount of its Mortgage Loan  Pass-Through
Certificates,  Series 1996-5 (the  "Certificates"),  on December 18, 1996.  This
Current  Report on Form 8-K is being  filed to  satisfy an  undertaking  to file
copies of certain  agreements  executed in  connection  with the issuance of the
Certificates,  the forms of which were  filed as  Exhibits  to the  Registration
Statement.

          The  Certificates  were issued  pursuant  to a Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement")  attached  hereto as Exhibit
4.1,  dated  as of  December  1,  1996,  among  AMRESCO  Residential  Securities
Corporation (the "Depositor"),  AMRESCO Residential  Capital Markets,  Inc. (the
"Seller"),  Advanta  Mortgage  Corp.  USA, as a Servicer and Option One Mortgage
Corporation,  as a  Servicer  (collectively,  the  "Servicers")  and  The  Chase
Manhattan  Bank, in its capacity as trustee (the  "Trustee").  The  Certificates
consist of the following  classes:  the Class A-1,  Class A-2,  Class A-3, Class
A-4, Class A-5, Class A-6,  Class A-7 and Class A-8  Certificates  (the "Class A
Certificates"),  the Class B-1O Certificates (the "Class B-1O Certificates") and
the Class R  Certificates  (the "Class R  Certificates"  and,  together with the
Class A Certificates and the Class B-1O Certificates, the "Certificates").  Only
the Class A Certificates  were offered pursuant to the  Registration  Statement.
The Certificates  evidence,  in the aggregate,  100% of the undivided beneficial
ownership interests in the Trust.

         The assets of the Trust initially include a pool of closed-end mortgage
loans (the "Mortgage Loans") secured by mortgages or deeds of trust primarily on
one-to-four family residential properties. Interest distributions on the Class A
Certificates  are based on the  Certificate  Principal  Balance  thereof and the
applicable  Pass-Through  Rate thereof.  The Pass- Through Rates for the Class A
Certificates are as follows:  Class A-1, 6.425%;  Class A-2, 6.275%;  Class A-3,
6.400%;  Class A-4,  6.575%;  Class A-5, 6.700%;  Class A-6, 6.925%;  Class A-7,
7.075%; and, Class A-8, as defined in the Pooling and Servicing  Agreement.  The
Class A Certificates have initial aggregate principal amounts as follows:  Class
A-1,  $42,200,000;  Class A-2, $29,000,000;  Class A-3, $16,500,000;  Class A-4,
$17,000,000;   Class  A-5,  $15,000,000;  Class  A-6,  $15,900,000;  Class  A-7,
$14,400,000 and Class A-8, $550,000,000.

         As  of  the  Cut-Off  Date,   the  Home  Equity  Loans   possessed  the
characteristics  described  in the  Prospectus  dated  July  29,  1996  and  the
Prospectus Supplement dated December 4, 1996 filed pursuant to Rule 424(b)(5) of
the Act on December 17, 1996.

                                                                            

<PAGE>



Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

        1.1       Underwriting Agreement dated December 4, 1996, between AMRESCO
                  Residential  Securities  Corporation and Prudential Securities
                  Incorporated, as Representative of the Several Underwriters.

        4.1       Pooling and Servicing  Agreement dated as of December 1, 1996,
                  AMRESCO   Residential    Securities    Corporation,    AMRESCO
                  Residential Capital Markets, Inc., Advanta Mortgage Corp. USA,
                  as a  Servicer  and  Option  One  Mortgage  Corporation,  as a
                  Servicer and The Chase Manhattan Bank, as Trustee.







                                                                            

<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.


                           AMRESCO RESIDENTIAL SECURITIES
                           CORPORATION MORTGAGE LOAN TRUST 1996-5

                           By:  AMRESCO Residential Securities Corporation,
                                    as Depositor


                           By:      \s\ Ronald B. Kirkland
                                    ---------------------------
                                    Name:  Ronald B. Kirkland
                                    Title:   Chief Financial Officer and
                                             Chief Accounting Officer



Dated:  January 2, 1997


                                                                      

<PAGE>


                                  EXHIBIT INDEX
<TABLE>
<CAPTION>


<S>  <C>              <C>                                                                      <C>    
     Exhibit No.       Description                                                               Page No.

         1.1           Underwriting Agreement dated December 4, 1996, between
                       AMRESCO Residential Securities Corporation and
                       Prudential Securities Incorporated, as Representative of the
                       Several Underwriters.                                                      _____

         4.1           Pooling and Servicing Agreement dated as of December 1,
                       1996, AMRESCO Residential Securities Corporation,
                       AMRESCO Residential Capital Markets, Inc., Advanta
                       Mortgage Corp. USA, as a Servicer and Option One
                       Mortgage Corporation, as a Servicer and The Chase
                       Manhattan Bank, as Trustee.                                                _____

</TABLE>
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 8098}]
{"company-data": {"conformed-name": "ARMESCO RESIDENTIAL SEC CORP MORT LOAN TR 1996-5", "cik": "0001028915", "assigned-sic": "", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-08687-01", "film-number": "97500432"}, "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)
                                December 18, 1996

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

            New York                 333-8687-02         Application Pending
-----------------------------     ----------------     ----------------------
(State or Other Jurisdiction         (Commission       (I.R.S. Employer
         of Incorporation)           File Number)       Identification No.)

c/o The Chase Manhattan Bank
     450 West 33rd Street
     New York, NY                                             10001
----------------------------------                     --------------------
      (Address of Principal                                (Zip Code)
      Executive Offices)

        Registrant's telephone number, including area code (212) 946-8500

                                    No Change
  ---------------------------------------------------------------------------
          (Former name or former address, if changed since last report)
Item 2.  Acquisition or Disposition of Assets

Description of the Certificates and the Mortgage Loans

         AMRESCO Residential  Securities  Corporation registered issuances of up
to $2,000,000,000 principal amount of Mortgage Loan Pass-Through Certificates on
a delayed or continuous  basis  pursuant to Rule 415 under the Securities Act of
1933,  as  amended  (the  "Act"),  by  a  Registration  Statement  on  Form  S-3
(Registration  File No. 333-8687) (as amended,  the  "Registration  Statement").
Pursuant  to  the  Registration   Statement,   AMRESCO  Residential   Securities
Corporation  Mortgage Loan Trust 1996-5 (the "Registrant" or the "Trust") issued
$700,000,000  in aggregate  principal  amount of its Mortgage Loan  Pass-Through
Certificates,  Series 1996-5 (the  "Certificates"),  on December 18, 1996.  This
Current  Report on Form 8-K is being  filed to  satisfy an  undertaking  to file
copies of certain  agreements  executed in  connection  with the issuance of the
Certificates,  the forms of which were  filed as  Exhibits  to the  Registration
Statement.

          The  Certificates  were issued  pursuant  to a Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement")  attached  hereto as Exhibit
4.1,  dated  as of  December  1,  1996,  among  AMRESCO  Residential  Securities
Corporation (the "Depositor"),  AMRESCO Residential  Capital Markets,  Inc. (the
"Seller"),  Advanta  Mortgage  Corp.  USA, as a Servicer and Option One Mortgage
Corporation,  as a  Servicer  (collectively,  the  "Servicers")  and  The  Chase
Manhattan  Bank, in its capacity as trustee (the  "Trustee").  The  Certificates
consist of the following  classes:  the Class A-1,  Class A-2,  Class A-3, Class
A-4, Class A-5, Class A-6,  Class A-7 and Class A-8  Certificates  (the "Class A
Certificates"),  the Class B-1O Certificates (the "Class B-1O Certificates") and
the Class R  Certificates  (the "Class R  Certificates"  and,  together with the
Class A Certificates and the Class B-1O Certificates, the "Certificates").  Only
the Class A Certificates  were offered pursuant to the  Registration  Statement.
The Certificates  evidence,  in the aggregate,  100% of the undivided beneficial
ownership interests in the Trust.

         The assets of the Trust initially include a pool of closed-end mortgage
loans (the "Mortgage Loans") secured by mortgages or deeds of trust primarily on
one-to-four family residential properties. Interest distributions on the Class A
Certificates  are based on the  Certificate  Principal  Balance  thereof and the
applicable  Pass-Through  Rate thereof.  The Pass- Through Rates for the Class A
Certificates are as follows:  Class A-1, 6.425%;  Class A-2, 6.275%;  Class A-3,
6.400%;  Class A-4,  6.575%;  Class A-5, 6.700%;  Class A-6, 6.925%;  Class A-7,
7.075%; and, Class A-8, as defined in the Pooling and Servicing  Agreement.  The
Class A Certificates have initial aggregate principal amounts as follows:  Class
A-1,  $42,200,000;  Class A-2, $29,000,000;  Class A-3, $16,500,000;  Class A-4,
$17,000,000;   Class  A-5,  $15,000,000;  Class  A-6,  $15,900,000;  Class  A-7,
$14,400,000 and Class A-8, $550,000,000.

         As  of  the  Cut-Off  Date,   the  Home  Equity  Loans   possessed  the
characteristics  described  in the  Prospectus  dated  July  29,  1996  and  the
Prospectus Supplement dated December 4, 1996 filed pursuant to Rule 424(b)(5) of
the Act on December 17, 1996.
Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

(a)               Not applicable

(b)               Not applicable

(c)               Exhibits:

        1.1       Underwriting Agreement dated December 4, 1996, between AMRESCO
                  Residential  Securities  Corporation and Prudential Securities
                  Incorporated, as Representative of the Several Underwriters.

        4.1       Pooling and Servicing  Agreement dated as of December 1, 1996,
                  AMRESCO   Residential    Securities    Corporation,    AMRESCO
                  Residential Capital Markets, Inc., Advanta Mortgage Corp. USA,
                  as a  Servicer  and  Option  One  Mortgage  Corporation,  as a
                  Servicer and The Chase Manhattan Bank, as Trustee.
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.

                           AMRESCO RESIDENTIAL SECURITIES
                           CORPORATION MORTGAGE LOAN TRUST 1996-5

                           By:  AMRESCO Residential Securities Corporation,
                                    as Depositor

                           By:      \s\ Ronald B. Kirkland
                                    ---------------------------
                                    Name:  Ronald B. Kirkland
                                    Title:   Chief Financial Officer and
                                             Chief Accounting Officer

Dated:  January 2, 1997
EXHIBIT INDEX
Exhibit No.       Description                                                               Page No.

         1.1           Underwriting Agreement dated December 4, 1996, between
                       AMRESCO Residential Securities Corporation and
                       Prudential Securities Incorporated, as Representative of the
                       Several Underwriters.                                                      _____

         4.1           Pooling and Servicing Agreement dated as of December 1,
                       1996, AMRESCO Residential Securities Corporation,
                       AMRESCO Residential Capital Markets, Inc., Advanta
                       Mortgage Corp. USA, as a Servicer and Option One
                       Mortgage Corporation, as a Servicer and The Chase
                       Manhattan Bank, as Trustee.                                                _____