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Previous: PEAK INTERNATIONAL LTD, 6-K, 1998-02-05 |
Next: BMJ MEDICAL MANAGEMENT INC, 424B3, 1998-02-05 |
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):
January 26, 1998
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 333-8687-12 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 December 1, 1997 to
December 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: February 3, 1998
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: 01/26/98
<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 11,824,372.07 7.080000% 4,784,901.74 69,763.80 0.00 0.00 4,854,665.54 7,039,470.33
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 208,870,320.07 4,784,901.74 1,235,525.44 0.00 0.00 6,020,427.18 204,085,418.33
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 217,916,816.68 6.148750% 10,766,567.95 1,153,816.58 0.00 0.00 11,920,384.53 207,150,248.73
M-1A 26,763,000.00 6.308750% 0.00 145,390.93 0.00 0.00 145,390.93 26,763,000.00
M-2A 24,917,000.00 6.468750% 0.00 138,795.48 0.00 0.00 138,795.48 24,917,000.00
B-1A 35,995,052.00 6.768750% 0.00 209,802.41 0.00 0.00 209,802.41 35,995,052.00
Totals 305,591,868.68 - 10,766,567.95 1,647,805.39 0.00 0.00 12,414,373.34 294,825,300.73
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 31,734.28 0.00 0.00 31,734.28 0.00
C 0.00 0.000000% 0.00 1,377,842.75 0.00 0.00 1,377,842.75 0.00
R 0.00 0.000000% 0.00 0.00 0.00 0.00 0.00 0.00
Totals 0.00 - 0.00 1,409,577.03 0.00 0.00 1,409,577.03 0.00
Grand Total 514,462,188.75 15,551,469.69 4,292,907.86 0.00 0.00 19,844,377.55 498,910,719.06
</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>
Senior A-1 38,800,000.00 7.080000% 03215P-BG3 123.32220979 1.79803596 181.42964768
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 38.24998650 4.09912135 735.93500307
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 5.43253472 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 5.57031250 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 5.82864583 1000.00000000
Totals 605,000,000.00 17.79598008 2.72364528 824.6458166281
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 2,513 2,947 5,460
Beginning Mortgage Loan Balance 212,408,009.29 312,974,949.72 525,382,959.01
Scheduled Principal 166,222.97 151,905.23 318,128.20
Curtailments 26,669.01 7,843.09 34,512.10
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 4,592,009.76 10,552,360.52 15,144,370.28
Repurchases 0.00 31,021.91 31,021.91
Realized Losses 0.00 23,437.20 23,437.20
Ending Loan Balance 207,623,107.55 302,208,381.77 509,831,489.32
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 207,623,107.55 302,208,391.77 509,831,489.32
Gross Interest on Mortgage Loans 1,785,079.12 2,718,441.23 4,503,520.35
Weighted Average Coupon Rate 10.084812% 10.422973% 10.286258%
Servicing Fees Paid 72,791.92 114,383.37 187,175.29
Net Interest Remitted 1,712,287.20 2,604,057.86 4,316,345.06
Aggregate Interest Paid to Certificates 1,251,236.85 1,663,828.25 2,915,065.11
Excess Interest 461,050.34 940,229.61 1,401,279.95
Extra Principal Distribution Amount 0.00 23,437.20 23,437.20
Senior Enhancement Percentage 17.039354% 31.454499%
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
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 68 2.705929% 5,149,075.17 2.480011%
60-89 Days Delinquent 31 1.233585% 2,098,056.58 1.010512%
90 or more Days Delinquent 142 5.650617% 9,929,883.03 4.782648%
Totals 241 9.590131% 17,177,014.78 8.273171%
Total Loans in Foreclosure 117 4.655790% 8,130,767.40 3.916119%
Bankruptcy 38 1.512137% 2,731,046.71 1.315387%
REO Properties 10 0.397931% 556,166.03 0.267873%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 107 3.630811% 11,024,031.22 3.647824%
60-89 Days Delinquent 46 1.560909% 4,566,729.36 1.511119%
90 or more Days Delinquent 254 8.618935% 23,392,532.23 7.740531%
Totals 407 13.810655% 38,983,292.81 12.899474%
Total Loans In Foreclosure 208 7.058025% 19,796,127.99 6.550489%
In Bankruptcy 58 1.968103% 5,693,612.94 1.884002%
REO Properties 21 0.712589% 1,316,159.99 0.435514%
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 3.205128% 16,173,106.39 3.172245%
60-89 Days Delinquent 77 1.410256% 6,664,785.94 1.307253%
90 or more Days Delinquent 396 7.252747% 33,322,415.26 6.535966%
Totals 648 11.868132% 56,160,307.59 11.015465%
Total Loans In Foreclosure 325 11.028164% 27,926,895.39 5.477672%
In Bankruptcy 96 3.257550% 8,424,659.65 1.652440%
REO Properties 31 1.051917% 1,872,326.02 0.367244%
Foreclosures, Bankruptcies and REO's are included in Period counts above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 12,027,939.61 27,959,261.59
Aggregate Loan Balance of 90+ Day Delinquent Loans 9,929,883.03 23,392,532.23
90+ Day Delinquency Percentage (Rolling 3 Month Av 4.147473% 6.485194%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,292 1,917 4,209
Balance of Loans 188,536,964.03 192,274,346.69 380,811,310.72
Current Realized Losses 0.00 0.00 0.00
Cumulative Realized Losses 0.00 56,170.21 56,170.21
Annual Loss Percentage 0.000000% 0.005917% 0.00
Ending Balance of Loans 184,450,766.12 185,830,275.42 370,281,041.54
Ending Loan Count 2,244 1,862 4,106
Option One Group 1 Group 2 Total
Beginning Loan Count 200 1,008 1,208
Balance of Loans 14,594,531.59 101,280,204.82 115,874,736.41
Current Realized Losses 0.00 23,437.20 23,437.20
Cumulative Realized Losses 0.00 35,549.25 35,549.25
Annual Loss Percentage 0.00 0.005992% 0.00
Ending Balance of Loans 14,023,503.88 97,709,110.88 111,732,614.76
Ending Loan Count 194 975 1,169
Long Beach Mortgage Group 1 Group 2 Total
Beginning Loan Count 76 115 191
Balance of Loans 9,276,513.67 19,420,398.21 28,696,911.88
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 9,148,837.55 18,668,995.47 27,817,833.02
Ending Loan Count 75 110 185
</TABLE>
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