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Previous: EXCELSIOR PRIVATE EQUITY FUND II INC, N-2, 1997-11-07 |
Next: AMERICAN PUBLIC HOLDINGS INC, 10-12G/A, 1997-11-07 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 27, 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 333-8687-09 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 September 1, 1997 to
September 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
Mortgage Loan Trust 1997-1
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: November 6, 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: 10/27/97
<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>
A-1 21,565,615.54 7.080000% 2,877,788.59 127,237.13 0.00 0.00 3,005,025.72 18,687,826.95
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 218,611,563.54 2,877,788.59 1,292,998.78 0.00 0.00 4,170,787.36 215,733,774.95
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 244,201,748.92 5.836250% 8,471,298.76 1,266,864.41 0.00 0.00 9,738,163.17 235,730,450.16
M-1A 26,763,000.00 5.996250% 0.00 142,646.79 0.00 0.00 142,646.79 26,763,000.00
M-2A 24,917,000.00 6.156250% 0.00 136,351.36 0.00 0.00 136,351.36 24,917,000.00
B-1A 35,995,052.00 6.456250% 0.00 206,571.60 0.00 0.00 206,571.60 35,995,052.00
Totals 331,876,800.92 - 8,471,298.76 1,752,434.16 0.00 0.00 10,223,732.92 323,405,502.16
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 33,512.38 0.00 0.00 33,512.38 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 33,512.38 0.00 0.00 33,512.38 0.00
Grand Total 550,488,364.46 11,349,087.35 3,078,945.32 0.00 0.00 14,428,032.67 539,139,277.11
</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>
Senior A-1 38,800,000.00 7.080000% 03215P-BG3 74.16980890 3.27930752 481.64502452
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 30.09566882 4.50074217 837.47082431
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 5.33000000 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 5.47222222 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 5.73888889 1000.00000000
Totals 605,000,000.00 14.00214672 2.89658539 891.139301006
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2,660 3,199 5,859
Beginning Mortgage Loan Balance 221,510,324.36 337,903,741.34 559,414,065.70
Scheduled Principal 167,550.33 159,459.48 327,009.81
Curtailments 36,104.14 61,985.89 98,090.03
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 2,193,300.61 7,238,292.61 9,431,593.22
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 219,113,369.28 330,444,003.36 549,557,372.64
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 219,113,369.28 330,444,003.36 549,557,372.64
Gross Interest on Mortgage Loans 1,866,128.25 2,904,788.17 4,770,916.42
Weighted Average Coupon Rate 10.109479% 10.315795% 10.234100%
Servicing Fees Paid 75,900.03 123,676.78 199,576.81
Net Interest Remitted 1,790,228.22 2,781,111.39 4,571,339.61
Aggregate Interest Paid to Certificates 1,309,394.71 1,769,550.61 3,078,945.32
Excess Interest 480,833.51 1,011,560.78 1,492,394.29
Extra Principal Distribution Amount 480,833.51 1,011,560.78 1,492,394.29
Senior Enhancement Percentage 16.073662% 28.662512%
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 3,379,594.33 7,038,501.20 10,418,095.53
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 84 3.157895% 5,108,534.29 2.331457%
60-89 Days Delinquent 32 1.203008% 2,455,927.34 1.120848%
90 or more Days Delinquent 90 3.383459% 6,393,647.61 2.917963%
Totals 206 7.744361% 13,958,109.24 6.370268%
Total Loans in Foreclosure 71 2.669173% 4,891,694.96 2.232495%
Bankruptcy 25 0.939850% 1,660,030.91 0.757613%
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 97 3.032198% 10,007,038.88 3.028361%
60-89 Days Delinquent 74 2.313223% 6,409,294.18 1.939601%
90 or more Days Delinquent 163 5.095342% 15,435,709.49 4.671203%
Totals 334 10.440763% 31,852,042.55 9.839165%
Total Loans In Foreclosure 134 4.188809% 12,812,112.68 3.877242%
In Bankruptcy 26 0.812754% 2,353,343.10 0.712176%
REO Properties 4 0.125039% 390,594.65 0.118203%
Foreclosures, Bankruptcies and REO's are included in Period counts above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 8,849,574.95 21,845,003.67
Aggregate Loan Balance of 90+ Day Delinquent Loans 6,393,647.61 15,435,709.49
90+ Day Delinquency Percentage (Rolling 3 Month Av 2.374408% 3.570868%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,404 2,050 4,454
Balance of Loans 196,751,209.60 205,397,345.85 402,148,555.45
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 194,507,137.14 201,690,342.38 396,197,479.52
Ending Loan Count 2,373 2,007 4,380
Option One Group 1 Group 2 Total
Beginning Loan Count 210 1,093 1,303
Balance of Loans 15,288,804.28 111,503,177.10 126,791,981.38
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 15,142,184.83 108,313,893.15 123,456,077.98
Ending Loan Count 208 1,070 1,278
Long Beach Mortgage Group 1
Beginning Loan Count 79 127 206
Balance of Loans 9,470,310.48 21,003,218.39 30,473,528.87
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 9,464,047.31 20,439,767.83 29,903,815.14
Ending Loan Count 79 122 201
</TABLE>
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