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):
March 26, 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 333-8687-03 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 Barclay 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 June 1, 1997 to June 30,
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: July 31, 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) 815-7165
Payment Date: 07/25/97
<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 31,306,232.21 7.080000% 3,286,877.55 184,706.77 0.00 0.00 3,471,584.32 28,019,354.66
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 228,352,180.21 3,286,877.55 1,350,468.40 0.00 0.00 4,637,345.95 225,065,302.66
GROUP II CERTIFICATES
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 267,242,934.67 5.867500% 9,091,682.03 1,306,706.60 0.00 0.00 10,398,388.63 258,151,252.64
M-1A 26,763,000.00 6.027500% 0.00 134,428.32 0.00 0.00 134,428.32 26,763,000.00
M-2A 24,917,000.00 6.187500% 0.00 128,478.28 0.00 0.00 128,478.28 24,917,000.00
B-1A 35,995,052.00 6.487500% 0.00 194,598.25 0.00 0.00 194,598.25 35,995,052.00
Totals 354,917,986.67 - 9,091,682.03 1,764,211.45 0.00 0.00 10,855,893.48 345,826,304.64
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 35,173.87 0.00 0.00 35,173.87 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 35,173.87 0.00 0.00 35,173.87 0.00
</TABLE>
<TABLE>
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 84.71333900 4.76048376 722.14831602
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 5.76666589 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 32.29968144 4.64228805 917.12437744
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 5.02291667 1000.00000000
Residual M-2F 12,971,000.00 7.615000% 03215P-BT5 0.00000000 6.34583333 1000.00000000
Subordinate M-2A 24,917,000.00 Variable 03215P-BU2 0.00000000 5.15625000 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 5.40625000 1000.00000000
Totals 605,000,000.00 15.02757361 2.91605198 943.622491403
</TABLE>
<TABLE>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2,797 3,365 6,162
Beginning Mortgage Loan Balance 229,649,900.44 357,077,241.89 586,727,142.33
Scheduled Principal 167,520.38 175,369.83 342,890.21
Curtailments 33,608.12 20,787.39 54,395.51
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 2,593,904.96 7,814,626.03 10,408,530.99
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 226,854,866.98 349,066,458.64 575,921,325.62
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 226,854,866.98 349,066,458.64 575,921,325.62
Gross Interest on Mortgage Loans 1,933,145.26 2,988,657.31 4,921,802.57
Weighted Average Coupon Rate 10.101351% 10.043734% 10.066286%
Servicing Fees Paid 73,785.77 125,420.21 199,205.98
Net Interest Remitted 1,859,359.49 2,863,237.10 4,722,596.59
Aggregate Interest Paid to Certificates 1,367,515.40 1,782,338.32 3,149,853.71
Excess Interest 491,844.09 1,080,898.78 1,572,742.88
Extra Principal Distribution Amount 491,844.09 1,080,898.78 1,572,742.88
Senior Enhancement Percentage 14.824241% 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 1,789,564.32 3,240,154.00 5,029,718.32
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 54 1.930640% 3,929,110.40 1.710913%
60-89 Days Delinquent 33 1.179836% 1,723,000.15 0.750273%
90 or more Days Delinquent 11 0.393279% 1,077,282.73 0.469098%
Total Loans In Foreclosure 28 1.001073% 1,790,461 0.779648%
Bankruptcy 14 0.500536% 527,788 0.229823%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 140 9,047,642.88
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 153 4.546805% 15,076,322.79 4.222146%
60-89 Days Delinquent 53 1.575037% 5,126,942.95 1.435808%
90 or more Days Delinquent 29 0.861813% 3,080,036.59 0.862569%
Total Loans In Foreclosure 57 1.693908% 4,697,639.70 1.315581%
In Bankruptcy 14 0.416048% 1,439,711.74 0.403193%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 306 29,420,653.77
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 5,118,532.48 14,344,330.98
Aggregate Loan Balance of 90+ Day Delinquent Loans 3,395,532.33 9,217,388.03
90+ Day Delinquency Percentage (Rolling Three Month A 0.879881% 1.515165%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2
Balance of Loans 204,563,970.64 217,522,415.31
Current Realized Losses 0.00 0.00
Cumulative Realized Losses 0.00 0.00
Annual Loss Percentage 0.00 0.00
Option One Group 1 Group 2
Balance of Loans 15,525,366.90 118,103,120.97
Current Realized Losses 0.00 0.00
Cumulative Realized Losses 0.00 0.00
Annual Loss Percentage 0.00 0.00
Long Beach Mortgage Group 1 Group 2
Balance of Loans 9,560,562.90 21,451,705.61
Current Realized Losses 0.00 0.00
Cumulative Realized Losses 0.00 0.00
Annual Loss Percentage 0.00 0.00
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