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Previous: STAR SELECT FUNDS, N-18F1, 1997-06-11 |
Next: DEUTSCHE FINANCIAL CAPITAL SECURITIZATION LLC, S-3/A, 1997-06-11 |
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 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 March 31, 1997 to April
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: June 10, 1997
Payment Date: 05/27/97
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-7165
<TABLE>
<CAPTION>
AMRESCO Residential Securities Corporation
Mortgage Loan Pass-Through Certificates, Series 1997-1
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>
A-1 35,953,062.67 7.080000% 2,372,655.39 212,123.07 0.00 0.00 2,584,778.46 33,580,407.28
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 232,999,010.67 2,372,655.39 1,377,884.71 0.00 0.00 3,750,540.11 230,626,355.28
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 276,877,328.54 5.867500% 5,176,743.86 1,444,069.09 0.00 0.00 6,620,812.95 271,700,584.67
M-1A 26,763,000.00 6.027500% 0.00 143,390.21 0.00 0.00 143,390.21 26,763,000.00
M-2A 24,917,000.00 6.187500% 0.00 137,043.50 0.00 0.00 137,043.50 24,917,000.00
B-1A 35,995,052.00 6.487500% 0.00 207,571.47 0.00 0.00 207,571.47 35,995,052.00
Totals 364,552,380.54 - 5,176,743.86 1,932,074.26 0.00 0.00 7,108,818.12 359,375,636.67
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 32,564.62 0.00 0.00 32,564.62 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 32,564.62 0.00 0.00 32,564.62 0.00
</TABLE>
<TABLE>
<CAPTION>
Original Certificate Factors per $1,000
Information
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 61.15091220 5.46708943 865.47441446
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 18.39122585 5.13029068 965.26058667
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 5.35777778 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 5.50000000 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 5.76666667 1000.00000000
Totals 605,000,000.00 8.55660143 3.19351118 975.209904058
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2798 3058 5856
Beginning Mortgage Loan Balance 228,417,807.34 322,137,798.08 550,555,605.42
Scheduled Principal 169,972.98 181,129.95 351,102.93
Curtailments 18,594.86 67,760.75 86,355.61
Pre-Funded Amounts 3,289.56 67,465.65 70,755.21
Prepayments in Full 1,756,661.66 4,327,850.80 6,084,512.46
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 226,472,577.84 317,561,056.58 544,033,634.42
Plus Amount Pre-Funded this period 5,033,701.48 43,117,501.22 48,151,202.70
Current Loan Balance 231,506,279.32 360,678,557.80 592,184,837.12
Gross Interest on Mortgage Loans 1,892,091.86 2,595,140.78 4,487,232.64
Weighted Average Coupon Rate 9.940163% 9.667195% 9.780446%
Servicing Fees Paid 73,488.69 113,636.45 187,125.14
Net Interest Remitted 1,818,914.21 2,480,282.43 4,299,196.64
Aggregate Interest Paid to Certificates 1,394,777.86 1,947,745.72 3,342,523.59
Excess Interest 424,136.33 532,536.71 956,673.05
Extra Principal Distribution Amount 424,136.33 532,536.71 956,673.05
Senior Enhancement Percentage 14.134877% 27.277284%
PRE-FUNDED ACCOUNT
Initial Balance of Account 5,036,991.04 43,184,966.87 48,221,957.91
Subsequent Purchases this Period 5,033,701.48 43,117,501.22 48,151,202.70
Current Balance in Account(1) 3,289.56 67,465.65 70,755.21
Notes:
(1) Remaining balance in Pre-Funding Accounts will be paid as
principal this period.
OVERCOLLATERALIZATION CALCULATIONS
Targeted Overcollateralization Amount 3,537,689.22 7,383,081.04 10,920,770.26
Actual Overcollateralization Amount 883,213.60 1,370,386.79 2,253,600.38
</TABLE>
<TABLE>
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
<S> <C> <C> <C> <C>
30-59 Days Delinquent 56 2.001430% 4,025,720.40 1.762437%
60-89 Days Delinquent 22 0.766276% 1,356,829.28 0.594012%
90 or more Days Delinquent 2 0.071480% 327,958.21 0.143578%
New Loans In Foreclosure 1 0.035740% 51,937 0.022738%
Total Loans In Foreclosure 1 0.035740% 51,937 0.022738%
Bankruptcy 4 0.142959% 259,910 0.113787%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 85 6,022,355.17
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 104 3.400916% 10,707,754.67 3.323967%
60-89 Days Delinquent 32 1.046436% 3,235,255.15 1.004308%
90 or more Days Delinquent 1 0.032701% 57,134.96 0.017736%
New Loans In Foreclosure 1 0.032701% 33,955.23 0.010541%
Total Loans In Foreclosure 2 0.065402% 197,402.57 0.061279%
In Bankruptcy 7 0.228908% 568,726.85 0.176548%
REO Properties 0 0.0000000% 0.00 0.000000%
Totals 146 14,766,275.40
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 1,996,634.77 4,058,520.53
Aggregate Loan Balance of 90+ Day Delinquent Loans 639,805.49 823,264.38
90+ Day Delinquency Percentage (Rolling Three Month) 0.140052% 0.176731%
</TABLE>
<TABLE>
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2
<S> <C> <C>
Balance of Loans 202,717,948.86 186,057,464.33
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 15,808,252.85 112,293,792.22
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 9,891,605.63 21,786,541.53
Current Realized Losses 0.00 0.00
Cumulative Realized Losses 0.00 0.00
Annual Loss Percentage 0.00 0.00
</TABLE>
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