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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
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 333-8687-10 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 October 1, 1997 to October
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
Mortgage Loan Trust 1997-1
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: December 3, 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: 11/25/97
<TABLE>
<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 18,687,826.95 7.080000% 4,068,510.57 110,258.18 0.00 0.00 4,178,768.75 14,619,316.38
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% 0.00 111,873.33 0.00 0.00 111,873.33 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 40,098.92 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 215,733,774.95 4,068,510.57 1,276,019.82 0.00 0.00 5,344,530.39 211,665,264.38
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 235,730,450.16 5.836250% 9,569,203.48 1,108,268.70 0.00 0.00 10,677,472.18 226,161,246.68
M-1A 26,763,000.00 5.996250% 0.00 129,273.65 0.00 0.00 129,273.65 26,763,000.00
M-2A 24,917,000.00 6.156250% 0.00 123,568.42 0.00 0.00 123,568.42 24,917,000.00
B-1A 35,995,052.00 6.456250% 0.00 187,205.52 0.00 0.00 187,205.52 35,995,052.00
Totals 323,405,502.16 - 9,569,203.48 1,548,316.29 0.00 0.00 11,117,519.77 313,836,298.68
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 33,016.46 0.00 0.00 33,016.46 0.00
C 0.00 0.000000% 0.00 0.00 0.00 0.00 1,127,288.22 0.00
R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00
Totals 0.00 - 0.00 33,016.46 0.00 0.00 1,160,304.68 0.00
Grand Total 539,139,277.11 13,637,714.05 2,857,352.57 0.00 0.00 17,622,354.85 525,501,563.06
</TABLE>
<TABLE>
<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> <C> <C> <C>
Senior A-1 38,800,000.00 7.080000% 03215P-BG3 104.85851988 2.84170564 376.78650464
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 5.76666667 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 33.99615416 3.93730511 803.47467015
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 4.83031250 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 4.95920139 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 5.20086806 1000.00000000
Totals 605,000,000.00 15.81686525 2.55920049 868.597624893
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2,608 3,118 5,726
Beginning Mortgage Loan Balance 219,113,369.28 330,444,003.36 549,557,372.64
Scheduled Principal 167,221.39 156,910.90 324,132.29
Curtailments 16,928.54 52,238.82 69,167.36
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 3,726,265.75 9,003,361.87 12,729,627.62
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 12,112.05 12,112.05
Ending Loan Balance 215,202,953.60 321,219,379.72 536,422,333.32
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 215,202,953.60 321,219,379.72 536,422,333.32
Gross Interest on Mortgage Loans 1,845,036.12 2,850,357.24 4,695,393.36
Weighted Average Coupon Rate 10.104556% 10.351009% 10.252746%
Servicing Fees Paid 75,088.31 120,877.47 195,965.78
Net Interest Remitted 1,769,947.81 2,729,479.77 4,499,427.58
Aggregate Interest Paid to Certificates 1,292,228.75 1,565,123.82 2,857,352.57
Excess Interest 477,719.06 1,164,355.94 1,642,075.00
Extra Principal Distribution Amount 158,094.89 356,691.89 514,786.78
Senior Enhancement Percentage 16.439197% 29.592901%
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 3,537,689.22 7,383,081.04 10,920,770.26
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
<S> <C> <C> <C> <C>
30-59 Days Delinquent 72 2.760736% 4,679,714.09 2.174558%
60-89 Days Delinquent 35 1.342025% 2,175,397.00 1.010858%
90 or more Days Delinquent 105 4.026074% 7,694,359.06 3.575397%
Totals 212 8.128834% 14,549,470.15 6.760813%
Total Loans in Foreclosure 93 3.565951% 6,597,788.17 3.065845%
Bankruptcy 32 1.226994% 2,189,942.83 1.017617%
REO Properties 0 0.000000% 0.00 0.000000%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 103 3.303400% 9,910,408.85 3.085246%
60-89 Days Delinquent 44 1.411161% 4,163,438.33 1.296135%
90 or more Days Delinquent 207 6.638871% 18,646,616.47 5.804948%
Totals 354 11.353432% 32,720,463.65 10.186329%
Total Loans In Foreclosure 181 5.805003% 16,205,929.87 5.045128%
In Bankruptcy 41 1.314945% 3,704,188.29 1.153165%
REO Properties 8 0.256575% 881,031.98 0.274277%
Foreclosures, Bankruptcies and REO's are included in Period counts above
Aggregate Pool
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 175 3.056235% 14,590,122.94 2.719895%
60-89 Days Delinquent 79 1.379672% 6,338,835.33 1.181687%
90 or more Days Delinquent 312 5.448830% 26,340,975.53 4.910492%
Totals 566 9.884736% 47,269,933.80 8.812074%
Total Loans In Foreclosure 274 8.787684% 22,803,718.04 4.251075%
In Bankruptcy 73 2.341244% 5,894,131.12 1.098786%
REO Properties 8 0.256575% 881,031.98 0.164242%
Foreclosures, Bankruptcies and REO's are included in Period counts above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 9,869,756.06 22,810,054.80
Aggregate Loan Balance of 90+ Day Delinquent Loans 7,694,359.06 18,646,616.47
90+ Day Delinquency Percentage (Rolling 3 Month Av 2.889924% 4.650521%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,373 2,007 4380
Balance of Loans 194,507,137.14 201,690,342.38 396,197,479.52
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 191,205,003.26 196,578,466.27 387,783,469.53
Ending Loan Count 2,330 1,961 4,291
Option One Group 1 Group 2 Total
Beginning Loan Count 208 1,070 1278
Balance of Loans 15,142,184.83 108,313,893.15 123,456,077.98
Current Realized Losses 0.00 12,112.05 12,112.05
Cumulative Realized Losses 0.00 12,112.05 12,112.05
Annual Loss Percentage 0.00 0.001447% 0.00
Ending Balance of Loans 14,715,122.92 104,607,719.15 119,322,842.07
Ending Loan Count 202 1,038 1,240
Long Beach Mortgage Group 1 Group 2 Total
Beginning Loan Count 79 122 201
Balance of Loans 9,464,047.31 20,439,767.83 29,903,815.14
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 9,282,827.42 20,033,194.30 29,316,021.72
Ending Loan Count 76 119 195
</TABLE>
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