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) September 29, 2004

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated  Trust  Agreement,  dated as of September 29, 2004, and pursuant to
which an Indenture was entered into,  providing for, inter alia, the issuance of
Home Equity Loan-Backed Term Notes, Series 2004-HS3)



                Residential Funding Mortgage Securities II, Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

DELAWARE                          333-110340             41-1808858
--------                          ----------             ----------
(State or Other Jurisdiction      (Commission            (I.R.S. Employer
of Incorporation)                 File Number)           Identification No.)


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


          Registrant's telephone number, including area code, is (952)
                    857-7000 Exhibit Index located on Page 4


<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))


Item 8.01. Other Events.

On September 29, 2004,  Residential  Funding Mortgage Securities II, Inc. caused
the  issuance  and  sale of the  Home  Equity  Loan-Backed  Term  Notes,  Series
2004-HS3, pursuant to an Indenture, dated as of September 29, 2004, between Home
Equity Loan Trust  2004-HS3,  as issuer and  JPMorgan  Chase Bank,  as Indenture
Trustee.

Item 9.01. Financial Statements, Pro Forma Financial Information and 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.

        4.3 Servicing Agreement dated as of September 29, 2004 among Residential
        Funding  Corporation,  as  master  servicer,  JPMorgan  Chase  Bank,  as
        indenture trustee, and the Home Equity Loan Trust 2004-HS3, as issuer.

        4.4 Amended and Restated Trust  Agreement dated as of September 29, 2004
        between  Residential Funding Mortgage Securities II, Inc., as depositor,
        and Wilmington Trust Company, as owner trustee.

        4.5  Indenture  dated as of September  29, 2004 between Home Equity Loan
        Trust  2004-HS3,  as issuer,  and  JPMorgan  Chase  Bank,  as  indenture
        trustee, and Appendix A thereto.

        10.1 Home Equity Loan Purchase  Agreement dated as of September 29, 2004
        by Residential Funding Mortgage  Securities II, Inc., as purchaser,  and
        Residential Funding Corporation, as seller.

        10.2  Financial  Guaranty  Surety  Bond  issued  by  Financial  Guaranty
        Insurance  Company  relating to Home Equity  Loan-Backed  Notes,  Series
        2004-HS3 relating to the Notes.




<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 FUNDING MORTGAGE SECURITIES II, INC.


                            By:    /s/ Mark White
                            Name:      Mark White
                            Title:     Vice President

Dated:  September 29, 2004




<PAGE>


                                  EXHIBIT INDEX


EXHIBIT NUMBER                   DESCRIPTION

4.3      Servicing  Agreement dated as of September 29, 2004
         among Residential  Funding  Corporation,  as master
         servicer,   JPMorgan   Chase  Bank,   as  indenture
         trustee,  and the Home Equity Loan Trust  2004-HS3,
         as issuer.

4.4      Amended and Restated  Trust  Agreement  dated as of
         September  29,  2004  between  Residential  Funding
         Mortgage  Securities  II, Inc., as  depositor,  and
         Wilmington Trust Company, as owner trustee.

4.5      Indenture dated as of September 29, 2004 between Home Equity
         Loan Trust 2004-HS3, as issuer, and JPMorgan Chase Bank, as
         indenture trustee, and Appendix A thereto.

10.1     Home Equity Loan Purchase Agreement dated as of September 29,
         2004 by Residential Funding Mortgage Securities II, Inc., as
         purchaser, and Residential Funding Corporation, as seller.

10.2     Financial  Guaranty Surety Bond issued by Financial
         Guaranty  Insurance Company relating to Home Equity
         Loan-Backed Notes,  Series 2004-HS3 relating to the
         Notes.




<PAGE>
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{"company-data": {"conformed-name": "Home Equity Loan Trust 2004-HS3", "cik": "0001304127", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-110340-06", "film-number": "041078823"}, "business-address": {"street1": "8400 NORMANDALE LAKE BLVD", "street2": "SUITE 600", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437", "phone": "9528327000"}, "mail-address": {"street1": "8400 NORMANDALE LAKE BLVD", "city": "MINNEAPOLIS", "state": "MN", "zip": "55437"}}
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) September 29, 2004

RESIDENTIAL  FUNDING MORTGAGE SECURITIES II, INC. (as depositor under an Amended
and Restated  Trust  Agreement,  dated as of September 29, 2004, and pursuant to
which an Indenture was entered into,  providing for, inter alia, the issuance of
Home Equity Loan-Backed Term Notes, Series 2004-HS3)

                Residential Funding Mortgage Securities II, Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

DELAWARE                          333-110340             41-1808858
--------                          ----------             ----------
(State or Other Jurisdiction      (Commission            (I.R.S. Employer
of Incorporation)                 File Number)           Identification No.)

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

          Registrant's telephone number, including area code, is (952)
                    857-7000 Exhibit Index located on Page 4
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))

Item 8.01. Other Events.

On September 29, 2004,  Residential  Funding Mortgage Securities II, Inc. caused
the  issuance  and  sale of the  Home  Equity  Loan-Backed  Term  Notes,  Series
2004-HS3, pursuant to an Indenture, dated as of September 29, 2004, between Home
Equity Loan Trust  2004-HS3,  as issuer and  JPMorgan  Chase Bank,  as Indenture
Trustee.

Item 9.01. Financial Statements, Pro Forma Financial Information and 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.

        4.3 Servicing Agreement dated as of September 29, 2004 among Residential
        Funding  Corporation,  as  master  servicer,  JPMorgan  Chase  Bank,  as
        indenture trustee, and the Home Equity Loan Trust 2004-HS3, as issuer.

        4.4 Amended and Restated Trust  Agreement dated as of September 29, 2004
        between  Residential Funding Mortgage Securities II, Inc., as depositor,
        and Wilmington Trust Company, as owner trustee.

        4.5  Indenture  dated as of September  29, 2004 between Home Equity Loan
        Trust  2004-HS3,  as issuer,  and  JPMorgan  Chase  Bank,  as  indenture
        trustee, and Appendix A thereto.

        10.1 Home Equity Loan Purchase  Agreement dated as of September 29, 2004
        by Residential Funding Mortgage  Securities II, Inc., as purchaser,  and
        Residential Funding Corporation, as seller.

        10.2  Financial  Guaranty  Surety  Bond  issued  by  Financial  Guaranty
        Insurance  Company  relating to Home Equity  Loan-Backed  Notes,  Series
        2004-HS3 relating to the Notes.
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 FUNDING MORTGAGE SECURITIES II, INC.

                            By:    /s/ Mark White
                            Name:      Mark White
                            Title:     Vice President

Dated:  September 29, 2004
EXHIBIT INDEX

EXHIBIT NUMBER                   DESCRIPTION

4.3      Servicing  Agreement dated as of September 29, 2004
         among Residential  Funding  Corporation,  as master
         servicer,   JPMorgan   Chase  Bank,   as  indenture
         trustee,  and the Home Equity Loan Trust  2004-HS3,
         as issuer.

4.4      Amended and Restated  Trust  Agreement  dated as of
         September  29,  2004  between  Residential  Funding
         Mortgage  Securities  II, Inc., as  depositor,  and
         Wilmington Trust Company, as owner trustee.

4.5      Indenture dated as of September 29, 2004 between Home Equity
         Loan Trust 2004-HS3, as issuer, and JPMorgan Chase Bank, as
         indenture trustee, and Appendix A thereto.

10.1     Home Equity Loan Purchase Agreement dated as of September 29,
         2004 by Residential Funding Mortgage Securities II, Inc., as
         purchaser, and Residential Funding Corporation, as seller.

10.2     Financial  Guaranty Surety Bond issued by Financial
         Guaranty  Insurance Company relating to Home Equity
         Loan-Backed Notes,  Series 2004-HS3 relating to the
         Notes.