================================================================================


                       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)
                                February 28, 1997



      AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-5
      ---------------------------------------------------------------------
             (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)

================================================================================


<PAGE>



Item 2.  Acquisition or Disposition of Assets
         ------------------------------------

Description of the Conveyance of Subsequent Mortgage Loans

         On February 28, 1997 and March 10, 1997, AMRESCO Residential Securities
Corporation Mortgage Loan Trust 1996-5 (the "Trust") acquired $83,016,531.06 and
$5,670,263,  respectively, 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, a Subsequent  Transfer Agreement among AMRESCO  Residential
Capital Markets, Inc., as Seller, AMRESCO Residential Securities Corporation, as
Depositor and the Trust, as purchaser,  dated February 28, 1997 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 March 10, 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 Schedules of Subsequent  Mortgage Loans are
attached to the Subsequent Transfer Agreements.



<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 February 28, 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.

         10.2     Subsequent  Transfer  Agreement  dated as of March  10,  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:   March 12, 1997
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 5277}]
{"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": "97556385"}, "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)
                                February 28, 1997

      AMRESCO Residential Securities Corporation Mortgage Loan Trust 1996-5
      ---------------------------------------------------------------------
             (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 February 28, 1997 and March 10, 1997, AMRESCO Residential Securities
Corporation Mortgage Loan Trust 1996-5 (the "Trust") acquired $83,016,531.06 and
$5,670,263,  respectively, 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, a Subsequent  Transfer Agreement among AMRESCO  Residential
Capital Markets, Inc., as Seller, AMRESCO Residential Securities Corporation, as
Depositor and the Trust, as purchaser,  dated February 28, 1997 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 March 10, 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 Schedules of Subsequent  Mortgage Loans are
attached to the Subsequent Transfer Agreements.
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 February 28, 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.

         10.2     Subsequent  Transfer  Agreement  dated as of March  10,  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:   March 12, 1997