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) : November 25, 1997
Saxon Asset Securities Trust 1997-3
Mortgage Loan Asset Backed Certificates, Series 1997-3
(Exact name of registrant as specified in its charter)
Virginia 34-0-20552 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 10 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On November 25, 1997 and December 26, 1997 distributions were made
to the Certificateholders. Specific information with respect
to the distributions is filed as Exhibit 99.1 and Exhibit 99.2,
respectively. No other reportable transactions or matters have
occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on November 25, 1997 filed
as Exhibit 99.1 hereto.
Statement to Certificateholders on December 26, 1997 filed
as Exhibit 99.2 hereto.
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<PAGE>
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.
SAXON ASSET SECURITIES TRUST 1997-3,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-3
Date: January 8, 1998 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
November 25, 1997. 6
99.2 Monthly Certificateholder Statement on
December 26, 1997. 9
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<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on November 25, 1997
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1997-3
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-97 PAGE # 1
RECORD DATE: 13-NOV-97
- ------------------------------------------------------------------------------------------------------------------------------------
Interest Certifi- Applied
Original Beginning Carry cates Realized Ending
Certificate Certificate Principal Interest Forward Carryover Loss Total Certificate
Class Cusip # Balance Balance Distribution Distribution Amount Amount Amount Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
AF-1 805559BM2 124,075,000.00 124,075,700.37 2,007,961.72 240,550,41 - N/A N/A 2,248,512.13 122,067,038.28
AF-2 805559BN9 22,000,000.00 22,000,000.00 - 123,108.33 - N/A N/A 123,108.33 22,000,000.00
AF-3 805559BP5 10,000,000.00 10,000,000.00 - 56,458.33 - N/A N/A 56,458.33 10,000,000.00
AF-4 805559BQ3 15,000,000.00 15,000,000.00 - 86,875.00 - N/A N/A 86,875.00 15,000,000.00
AF-5 805559BR1 16,414,000.00 16,000,000.00 - 96,637.43 - N/A N/A 96,637.43 16,414,000.00
AF-6 805559BS9 20,832,000.00 20,832,000.00 - 116,832.83 - N/A N/A 116,832.80 20,832,000.00
MF-1 805559BT7 10,533,000.00 10,533,000.00 - 60,871.96 - N/A - 60,871.96 10,533,000.00
MF-2 805559BU4 9,363,000.00 9,363,000.00 - 55,514.79 - N/A - 55,514.79 9,363,000.00
BF 805559BV2 5,852,000.00 5,852,000.00 - 36,379.93 - N/A - 36,379.93 5,852,000.00
AV-1 805559BW0 124,125,000.00 124,125,000.00 1,925,493.53 241,474.84 - - N/A 2,166,968.37 122,199,506.47
AV-2 805559BX8 178,938,000.00 178,938,000.00 3,214,361.44 348,705.43 - - N/A 3,563,066.87 175,723,638.56
MV-1 805559BY6 28,384,000.00 28,384.000.00 - 57,063.67 - - - 57,063.67 28,384,000.00
MV-2 805559BZ3 21,974,000.00 21,974,000.00 - 45,824.95 - - - 45,824.95 21,974,000.00
BV 805559CA7 12,818,000.00 12,818,000.00 - 28,439.94 - - - 28,439.94 12,818,000.00
C N/A N/A N/A N/A 0.00 N/A N/A N/A 0.00 N/A
R N/A N/A N/A N/A - N/A N/A N/A - N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 600,308,000.00 600,308,000.00 7,147,816.69 1,594,737.81 - - - 8,742,554.50 593,160,183.31
- ------------------------------------------------------------------------------------------------------------------------------------
GRP I 234,069,000.00 234,069,000.00 2,881,190.70 232,061,038.28
GRP II 366,239,000.00 366,239,000.00 5,861,363.80 361,099,145.03
- -------------------------------
LIBOR RATE 5.65625%
- -------------------------------
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- -----------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates End Prin Current
Class Cusip # Distribution Distribution Carry Forward Carryover Balance Pass Through Rate
- -----------------------------------------------------------------------------------------------------------
AF-1 805559BM2 16.18345130 1.93875003 0.0000000 N/A 983.8165487 5.8163%
AF-2 805559BN9 - 5.59583318 0.0000000 N/A 1000.0000000 6.7150%
AF-3 805559B95 - 5.64583300 0.0000000 N/A 1000.0000000 6.7750%
AF-4 805559BQ3 - 5.79166667 0.0000000 N/A 1000.0000000 6.9500%
AF-5 805559BR1 - 5.88750030 0.0000000 N/A 1000.0000000 7.0650%
AF-6 805559BS9 - 5.60833333 0.0000000 N/A 1000.0000000 6.7300%
MF-1 805559BT7 - 5.77916643 0.0000000 N/A 1000.0000000 6.9350%
MF-2 805559BU4 - 5.92916693 0.0000000 N/A 1000.0000000 7.1150%
BF 805559BV2 - 6.21666610 0.0000000 N/A 1000.0000000 7.4600%
AV-1 805559BW0 15.51253599 1.94541664 0.0000000 N/A 984.4874640 5.8363%
AV-2 805559BX8 17.96354849 1.94875001 0.0000000 0.0000000 982.0364515 5.8463%
MV-1 805559BY6 - 2.01041678 0.0000000 0.0000000 1000.0000000 6.0313%
MV-2 805559BZ3 - 2.08541686 0.0000000 0.0000000 1000.0000000 6.2563%
BV 805559CA7 - 2.21875020 0.0000000 0.0000000 1000.0000000 6.6563%
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-4756
---------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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<PAGE>
SAXON ASSET SECURITIES TRUST 1997-3
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-NOV-97 PAGE # 2
RECORD DATE: 13-NOV-97
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Aggregate Scheduled Principal Balance 233,061,365.67 363,072,783.70
Prepayment Amount 853,661.04 2,980,486.93
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount 999,924.53 1,973,601.71
Applied Realized Loss Amount - -
805559BQ3 - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate 8.96144%
Group II Net Rate 8.73099%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I 3,081,624.46
The Largest Mortgage Loan Balance Outstanding in Group II 1,700,000.00
Group I Group II
----------------------------------
Sec.3.04(a)(iv) Servicing Fees 98,196.31 152,571.91
Master Servicing Fees 5,656.68 8,850.78
----------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
----------------------------------------------------------------------------------------------------
30-59 Days 286 8.77120% 20,442,270.81 294 12.67175% 46,007,640.40
60-89 Days 16 0.94781% 2,208,970.98 25 0.79689% 2,893,285.85
90+ Days - 0.00000% - 0 0.00000% -
----------------------------------------------------------------------------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings - -
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings - -
Number of Mortgage Loans in Foreclosure in Prior Month - -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month - -
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings - -
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings - -
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period - -
Aggregate book value of REO Preperties - -
-----------------------------------
Servicer Group I Group II
---------------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech 16 19
Ameriquest N/A 6
---------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 2,208,970.98 2,495,065.66
Ameriquest N/A 398,220.19
---------------------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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<PAGE>
Exhibit 99.2
Monthly Certificateholder Statement on December 26, 1997
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<PAGE>
<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1997-3
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 1
RECORD DATE: 28-NOV-97
- ------------------------------------------------------------------------------------------------------------------------------------
Interest Certifi- Applied
Original Beginning Carry cates Realized Ending
Certificate Certificate Principal Interest Forward Carryover Loss Total Certificate
Class Cusip # Balance Balance Distribution Distribution Amount Amount Amount Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
AF-1 805559BM2 124,075,000.00 122,067,038.28 3,144,898.41 614,649.92 - N/A N/A 3,759,548.33 118,922,139.87
AF-2 805559BN9 22,000,000.00 22,000,000.00 - 123,108.33 - N/A N/A 123,108.33 22,000,000.00
AF-3 805559BP5 10,000,000.00 10,000,000.00 - 56,458.33 - N/A N/A 56,458.33 10,000,000.00
AF-4 805559BQ3 15,000,000.00 15,000,000.00 - 86,875.00 - N/A N/A 86,875.00 15,000,000.00
AF-5 805559BR1 16,414,000.00 16,414,000.00 - 96,637.43 - N/A N/A 96,637.43 16,414,000.00
AF-6 805559BS9 20,832,000.00 20,832,000.00 - 116,832.83 - N/A N/A 116,832.80 20,832,000.00
MF-1 805559BT7 10,533,000.00 10,533,000.00 - 60,871.96 - N/A - 60,871.96 10,533,000.00
MF-2 805559BU4 9,363,000.00 9,363,000.00 - 55,514.79 - N/A - 55,514.79 9,363,000.00
BF 805559BV2 5,852,000.00 5,852,000.00 - 36,379.93 - N/A - 36,379.93 5,852,000.00
AV-1 805559BW0 124,125,000.00 122,199,506.47 2,986,648.92 617,421.49 - - N/A 3,604,070.41 119,212,857.55
AV-2 805559BX8 178,938,000.00 175,723,638.56 4,016,580.53 889,369.06 - - N/A 4,905,949.59 171,707,058.03
MV-1 805559BY6 28,384,000.00 28,384,000.00 - 148,178.28 - - - 148,178.28 28,384,000.00
MV-2 805559BZ3 21,974,000.00 21,974,000.00 - 118,972.42 - - - 118,972.42 21,974,000.00
BV 805559CA7 12,818,000.00 12,818,000.00 - 73,814.77 - - - 73,814.77 12,818,000.00
C N/A N/A N/A N/A - N/A N/A N/A - N/A
R N/A N/A N/A N/A - N/A N/A N/A - N/A
- ------------------------------------------------------------------------------------------------------------------------------------
TOTALS 600,308,000.00 593,160,183.31 10,148,127.86 3,095,084.51 - - - 13,243,212.37 583,012,055.45
- ------------------------------------------------------------------------------------------------------------------------------------
GRP I 234,069,000.00 232,061,038.28 4,392,226.90 228,916,139.87
GRP II 366,239,000.00 361,099,145.03 8,850,985.47 354,095,915.58
- -------------------------------
LIBOR RATE 5.68750%
- -------------------------------
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- -----------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates End Prin Current
Class Cusip # Distribution Distribution Carry Forward Carryover Balance Pass Through Rate
- -----------------------------------------------------------------------------------------------------------
AF-1 805559BM2 25.34675325 4.95385791 0.0000000 N/A 958.4697954 5.8475%
AF-2 805559BN9 - 5.59583318 0.0000000 N/A 1000.0000000 6.7150%
AF-3 805559B95 - 5.64583300 0.0000000 N/A 1000.0000000 6.7750%
AF-4 805559BQ3 - 5.79166667 0.0000000 N/A 1000.0000000 6.9500%
AF-5 805559BR1 - 5.88750030 0.0000000 N/A 1000.0000000 7.0650%
AF-6 805559BS9 - 5.60833333 0.0000000 N/A 1000.0000000 6.7300%
MF-1 805559BT7 - 5.77916643 0.0000000 N/A 1000.0000000 6.9350%
MF-2 805559BU4 - 5.92916693 0.0000000 N/A 1000.0000000 7.1150%
BF 805559BV2 - 6.21666610 0.0000000 N/A 1000.0000000 7.4600%
AV-1 805559BW0 24.06162272 4.97419126 0.0000000 0.0000000 960.4258413 5.8675%
AV-2 805559BX8 22.44677223 4.97026378 0.0000000 0.0000000 959.5896793 5.8775%
MV-1 805559BY6 - 5.22048619 0.0000000 0.0000000 1000.0000000 6.0625%
MV-2 805559BZ3 - 5.41423592 0.0000000 0.0000000 1000.0000000 6.2875%
BV 805559CA7 - 5.75868076 0.0000000 0.0000000 1000.0000000 6.6875%
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-4756
---------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
-9-
<PAGE>
SAXON ASSET SECURITIES TRUST 1997-3
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-3
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 2
RECORD DATE: 28-NOV-97
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Aggregate Scheduled Principal Balance 230,525,554.40 356,943,237.84
Prepayment Amount 2,370,868.23 5,940,456.33
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount 609,268.81 873,683.68
Applied Realized Loss Amount - -
805559BQ3 - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate 9.55936%
Group II Net Rate 8.99469%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I 3,079,875.71
The Largest Mortgage Loan Balance Outstanding in Group II 1,699,071.42
Group I Group II
----------------------------------
Sec.3.04(a)(iv) Servicing Fees 97,730.03 151,252.44
Master Servicing Fees 5,632.32 8,774.26
----------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
----------------------------------------------------------------------------------------------------
30-59 Days 81 2.50498% 5,774,619.21 108 4.50086% 16,065,516.48
60-89 Days 49 1.72112% 3,967,616.33 35 1.36820% 4,883,702.88
90+ Days 12 0.44034% 1,015,107.60 10 0.42488% 1,516,563.65
----------------------------------------------------------------------------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings - 3
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings - 426,804.45
Number of Mortgage Loans in Foreclosure in Prior Month - -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month - -
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings - 6
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings - 316,642.09
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period - -
Aggregate book value of REO Preperties - -
-----------------------------------
Servicer Group I Group II
---------------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech 61 54
Ameriquest N/A -
---------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 4,982,723.93 7,143,713.07
Ameriquest N/A -
---------------------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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</TABLE>
