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 April 30, 1997 to May 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: July 7, 1997
Payment Date: 06/25/97
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-7165
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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> <C>
A-1 33,580,407.28 7.080000% 2,274,175.07 198,124.40 0.00 0.00 2,472,299.47 31,306,232.21
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 230,626,355.28 2,274,175.07 1,363,886.04 0.00 0.00 3,638,061.11 228,352,180.21
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Group II 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-9 271,700,584.67 5.867500% 4,457,650.00 1,284,219.23 0.00 0.00 5,741,869.23 267,242,934.67
M-1A 26,763,000.00 6.027500% 0.00 129,947.37 0.00 0.00 129,947.37 26,763,000.00
M-2A 24,917,000.00 6.187500% 0.00 124,195.67 0.00 0.00 124,195.67 24,917,000.00
B-1A 35,995,052.00 6.487500% 0.00 188,111.64 0.00 0.00 188,111.64 35,995,052.00
Totals 359,375,636.67 - 4,457,650.00 1,726,473.92 0.00 0.00 6,184,123.92 354,917,986.67
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 35,482.41 0.00 0.00 35,482.41 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 35,482.41 0.00 0.00 35,482.41 0.00
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Original Certificate Information Factors per $1,000
Original Pass Thru Cusip Principal Interest Ending
TYPE Name CERT. BAL. RATE NUMBERS Dist. Dist. Cert. BA.
<S> <C> <C> <C> <C> <C> <C> <C>
Senior A-1 38,800,000.00 7.080000% 03215P-BG3 58.61275945 5.10629905 806.86165501
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 5.76666631 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 15.83652778 4.56239801 949.42405888
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 4.85548611 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 4.98437500 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 5.22604167 1000.00000000
Totals 605,000,000.00 7.36801654 2.85367590 964.08292047
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2,824 3,411 6,235
Beginning Mortgage Loan Balance 231,505,731.50 360,674,682.81 592,180,414.31
Scheduled Principal 166,246.06 177,120.63 343,366.69
Curtailments 27,037.44 24,517.71 51,555.15
Pre-Funded Amounts 0.00 8,429.67 8,429.67
Prepayments in Full 1,662,547.55 3,395,802.58 5,058,350.14
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 229,649,900.44 357,077,241.89 586,727,142.33
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 229,649,900.44 357,077,241.89 586,727,142.33
Gross Interest on Mortgage Loans 1,877,289.82 2,655,253.67 4,532,543.49
Weighted Average Coupon Rate 9.730851% 8.834289% 9.184789%
Servicing Fees Paid 77,862.93 127,159.66 205,022.59
Net Interest Remitted 1,799,426.89 2,596,538.90 4,395,965.79
Aggregate Interest Paid to Certificate 1,381,082.88 1,744,759.49 3,125,842.37
Excess Interest 418,344.01 851,779.41 1,270,123.42
Extra Principal Distribution Amount 418,344.01 851,779.41 1,270,123.42
Senior Enhancement Percentage 14.429646% 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(1) 0.00 0.00 0.00
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 1,297,720.23 2,159,255.22 3,456,975.45
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 58 2.053824% 3,619,343.91 1.563393%
60-89 Days Delinquent 28 0.991501% 2,052,931.19 0.886773%
90 or more Days Delinquent 6 0.212465% 411,076.06 0.177566%
New Loans In Foreclosure 0 0.000000% 0.00 0.00000%
Total Loans In Foreclosure 19 0.672805% 1,120,761 0.484118%
Bankruptcy 8 0.283286% 507,659 0.219286%
REO Properties 0 0.000000% 0.000000% 0.000000%
Totals 119 7,711,771.61
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 103 3.019642% 10,070,750.96 2,792198%
60-89 Days Delinquent 47 1.377895% 3,715,282.41 1.030092%
90 or more Days Delinquent 20 0.586338% 2,251,041.87 0.624120%
New Loans In Foreclosure 0 0.000000% 0.00 0.000000%
Total Loans In Foreclosure 34 0.996775% 3,141,389.83 0.870976%
In Bankruptcy 9 0.263852% 770,019.76 0.213494%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 213 19,948,484.83
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 4,092,427.70 9,877,733.87
Aggregate Loan Balance of 90+ Day Delinquent Loans 2,039,496.51 6,162,451.46
90+ Day Delinquency Percentage (Rolling Three Month 0.387024% 0.687351%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2
Balance of Loans 206,362,111.36 219,426,825.95
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 15,577,031.90 119,613,379.76
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 9,566,588.24 21,634,477.10
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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