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 25, 1997
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1997-1
(Exact name of registrant as specified in its charter)
New York 333-8687-04 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o The Bank of New York
101 Barklay Street, 12E
New York, NY 10286
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (909) 605-7600
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
Information relating to the distributions to
Certificateholders for the period from August 1, 1997 to August
31, 1997 (the "Monthly Period") of the AMRESCO Residential
Securities Corporation Mortgage Loan Trust 1997-1 (the
"Registrant" or "Trust") in respect of the Mortgage Loan Asset
Backed Certificates, Series 1997-1, Class A (the "Certificates")
issued by the Registrant and the performance of the Trust
(including distributions of principal and interest, delinquent
balances of mortgage loans, and the subordinated amount
remaining), together with certain other information relating to
the Certificates, is contained in the Monthly Report for the
Monthly Period provided to Certificateholders pursuant to the
Pooling and Servicing Agreement dated as of March 1, 1997, among
AMRESCO Residential Securities Corporation in its capacity as
Depositor, AMRESCO Residential Mortgage Corporation in its
capacity as the Seller, Advanta Mortgage Corp. USA, Long Beach
Mortgage Company and Option One Mortgage Corporation as the
Servicers, and The Bank of New York, in its capacity as the
trustee.
Item 7. Exhibit.
Monthly Report for the Monthly Period relating to the
Certificates issued by the Trust.
SIGNATURE
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
By: /s/Ronald B. Kirkland
Name: Ronald B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: September 30, 1997
AMRESCO Residential Securities Corporation
MORTGAGE LOAN PASS-THROUGH CERTIFICATES, SERIES 1997-1
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
Payment Date: 09/25/97
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<CAPTION>
Current Payment Information
Group I Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 25,014,628.70 7.080000% 3,449,013.25 147,586.31 0.00 0.00 3,596,599.56 21,565,615.45
A-2 35,200,000.00 6.660000% 0.00 195,360.00 0.00 0.00 195,360.00 35,200,000.00
A-3 44,700,000.00 6.755000% 0.00 251,623.75 0.00 0.00 251,623.75 44,700,000.00
A-4 19,400,000.00 6.920000% 0.00 111,873.30 0.00 0.00 111,873.30 19,400,000.00
A-5 12,000,000.00 7.110000% 0.00 71,100.00 0.00 0.00 71,100.00 12,000,000.00
A-6 13,400,000.00 7.265000% 0.00 81,125.83 0.00 0.00 81,125.83 13,400,000.00
A-7 20,106,000.00 7.610000% 0.00 127,505.55 0.00 0.00 127,505.55 20,106,000.00
A-8 20,400,000.00 7.240000% 0.00 123,080.00 0.00 0.00 123,080.00 20,400,000.00
M-1F 6,485,000.00 7.420000% 0.00 40,098.92 0.00 0.00 40,096.92 6,485,000.00
M-2F 12,971,000.00 7.615000% 0.00 82,311.80 0.00 0.00 82,311.80 12,971,000.00
B-1F 12,383,948.00 7.915000% 0.00 81,682.46 0.00 0.00 81,682.46 12,383,948.00
Totals 222,060,576.70 3,449,013.25 1,313,347.92 0.00 0.00 4,762,361.17 218,611,563.45
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 251,854,065.37 5.805000% 7,652,316.45 1,258,955.51 0.00 0.00 8,911,271.96 244,204,748.92
M-1A 26,763,000.00 5.965000% 0.00 137,468.89 0.00 0.00 137,468.89 26,763,000.00
M-2A 24,917,000.00 6.125000% 0.00 131,419.87 0.00 0.00 131,419.87 24,917,000.00
B-1A 35,995,052.00 6.425000% 0.00 199,147.62 0.00 0.00 199,147.62 35,995,052.00
Totals 339,529,117.37 - 7,652,316.45 1,726,991.90 0.00 0.00 9,379,308.35 331,876,800.92
Other Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
S 0.00 0.000000% 0.00 34,047.17 0.00 0.00 34,047.17 0.00
C 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00
Totals 0.00 - 0.00 34,047.17 0.00 0.00 34,047.17 0.00
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<CAPTION>
Original Certificate Information Factors per $1,000
Class Information
Original Pass Thru Cusip Principal Interest Ending
Type Name Cert. Bal. Rate Numbers Dist. Dist. Cert. Bal
<S> <C> <C> <C> <C>
Senior A-1 38,800,000.00 7.080000% 03215P-BG3 88.89209405 3.80377086 555.81483127
A-2 35,200,000.00 6.660000% 03215P-BH1 0.00000000 5.55000000 1000.00000000
A-3 44,700,000.00 6.755000% 03215P-BJ7 0.00000000 5.62916667 1000.00000000
A-4 19,400,000.00 6.920000% 03215P-BK4 0.00000000 5.76666485 1000.00000000
A-5 12,000,000.00 7.110000% 03215P-BL2 0.00000000 5.92500000 1000.00000000
A-6 13,400,000.00 7.265000% 03215P-BM0 0.00000000 6.05416667 1000.00000000
A-7 20,106,000.00 7.610000% 03215P-BN8 0.00000000 6.34166667 1000.00000000
A-8 20,400,000.00 7.240000% 03215P-BP3 0.00000000 6.03333333 1000.00000000
A-9 281,479,000.00 Variable 03215P-BQ1 27.18610074 4.47264453 867.56649313
Subordinate M-1F 6,485,000.00 7.420000% 03215P-BR9 0.00000000 6.18333333 1000.00000000
M-1A 26,763,000.00 Variable 03215P-BS7 0.00000000 5.13652778 1000.00000000
M-2F 12,971,000.00 7.615000% 03215P-BT5 0.00000000 6.34583333 1000.00000000
M-2A 24,917,000.00 Variable 03215P-BU2 0.00000000 5.27430556 1000.00000000
B-1F 12,383,948.00 7.915000% 03215P-BV0 0.00000000 6.59583333 1000.00000000
B-1A 35,995,052.00 Variable 03215P-BW8 0.00000000 5.53263889 1000.00000000
Totals 605,000,000.00 12.64845694 2.85453206 909.898122932
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<CAPTION>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2,693 3,270 5,963
Beginning Mortgage Loan Balance 224,473,781.69 344,478,869.62 568,952,651.31
Scheduled Principal 167,595.45 163,298.17 330,893.62
Curtailments 44,123.93 8,336.83 52,460.76
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 2,751,737.95 6,403,393.22 9,155,131.17
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 221,510,324.36 337,903,841.40 559,414,165.76
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 221,510,324.36 337,903,841.40 559,414,165.76
Gross Interest on Mortgage Loans 1,892,434.58 2,946,797.15 4,839,231.73
Weighted Average Coupon Rate 10.116645% 10.265235% 10.206610%
Servicing Fees Paid 76,895.43 126,121.00 203,016.43
Net Interest Remitted 1,815,539.15 2,821,691.99 4,637,231.14
Aggregate Interest Paid to Certificates 1,329,983.23 1,744,403.76 3,074,386.99
Excess Interest 485,555.92 1,077,288.23 1,562,844.15
Extra Principal Distribution Amount 485,555.92 1,077,288.23 1,562,844.15
Senior Enhancement Percentage 15.682659% 27.277284%
PRE-FUNDED ACCOUNT
Initial Balance of Account 0.00 0.00 0.00
Subsequent Purchases this Period 0.00 0.00 0.00
Current Balance in Account 0.00 0.00 0.00
OVERCOLLATERALIZATION CALCULATIONS
Targeted Overcollateralization Amount 3,537,689.22 7,383,081.04 10,920,770.26
Actual Overcollateralization Amount 2,898,760.91 6,027,040.48 8,925,801.39
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<CAPTION>
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
<S> <C> <C> <C> <C>
30-59 Days Delinquent 69 2.562198% 4,788,932.34 2.161945%
60-89 Days Delinquent 36 1.336799% 2,341,369.43 1.057002%
90 or more Days Delinquent 9 0.334200% 599,293.17 0.270549%
Total Loans In Foreclosure 61 2.265132% 4,244,270 1.916060%
Bankruptcy 12 0.445600% 855,293 0.386119%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 187 12,829,158.19
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 119 3.639144% 11,480,633.55 3.397604%
60-89 Days Delinquent 61 1.865443% 5,194,897.26 1.537389%
90 or more Days Delinquent 38 1.192661% 4,266,407.85 1.262610%
Total Loans In Foreclosure 110 3.363914% 10,373,597.20 3.069985%
In Bankruptcy 12 0.366972% 1,013,835.67 0.300037%
REO Properties 2 0.061162% 278,586.09 0.082445%
Totals 341 32,329,371.73
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 8,040,225.85 21,127,324.27
Aggregate Loan Balance of 90+ Day Delinquent Loans 5,698,856.42 15,932,427.01
90+ Day Delinquency Percentage (Rolling 3 Month Avg.) 2.130477% 3.527540%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Balance of Loans 199,623,695.81 208,942,390.94 408,556,086.75
Current Realized Losses 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00
Annual Loss Percentage 0.00 0.00 0.00
Ending Balance of Loans 196,751,209.60 205,397,345.85 402,148,555.45
Option One Group 1 Group 2 Total
Balance of Loans 15,301,931.23 114,356,277.47 129,658,208.70
Current Realized Losses 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00
Annual Loss Percentage 0.00 0.00 0.00
Ending Balance of Loans 15,288,804.28 111,503,177.10 126,791,981.38
Long Beach Mortgage Group 1
Balance of Loans 9,548,154.65 21,180,201.21 30,728,355.86
Current Realized Losses 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00
Annual Loss Percentage 0.00 0.00 0.00
Ending Balance of Loans 9,470,310.48 21,003,218.39 30,473,528.87
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