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) : December 26, 1997
Saxon Asset Securities Trust 1997-1
Mortgage Loan Asset Backed Certificates, Series 1997-1
(Exact name of registrant as specified in its charter)
Virginia 333-04127-03 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7 consecutively numbered pages.
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Item 5. Other Events.
On December 26, 1997 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibit 99.1. No other reportable
transactions or matters have occurred during the current reporting
period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on December 26, 1997 filed
as Exhibit 99.1 hereto.
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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.
SAXON ASSET SECURITIES TRUST 1997-1,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
Date: January 8, 1998 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
December 26, 1997. 5
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Exhibit 99.1
Monthly Certificateholder Statement on December 26, 1997
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<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1997-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 1
RECORD DATE: 28-NOV-97
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Interest Applied Aggregate
Original Beginning Carry Realized Ending Scheduled
Certificate Certificate Principal Interest Forward Loss Total Certificate Principal
Class Cusip # Balance Balance Distribution Distribution Amount Amount Distribution Balance Balance
- -----------------------------------------------------------------------------------------------------------------------------------
AF-1 805559AK7 36,500,000.00 26,427,229.61 2,924,754.23 150,414.98 - N/A 3,075,169.21 23,502,475.38 95,246,719.02
AF-2 805559AL5 26,997,000.00 26,997,000.00 - 159,394.79 - N/A 159,394.79 26,997,000.00
AF-3 805559AM3 10,000,000.00 10,000,000.00 - 61,458.33 - N/A 61,458.33 10,000,000.00
AF-4 805559AN1 12,118,000.00 12,118,000.00 - 78,363.07 - N/A 78,363.07 12,118,000.00
AF-5 805559AP6 9,512,000.00 9,512,000.00 - 58,062.83 - N/A 58,062.83 9,512,000.00
MF-1 805559AQ4 1,866,000.00 1,866,000.00 - 11,748.03 - - 11,748.03 1,866,000.00
MF-2 805559AR2 6,399,000.00 6,399,000.00 - 41,326.88 - - 41,326.88 6,399,000.00
BF 805559AS0 3,253,000.00 3,253,000.00 - 21,686.67 - - 21,686.67 3,253,000.00
AV-1 805559AT8 302,979,000.00 236,310,829.63 11,723,344.45 1,198,046.67 - N/A 12,921,391.12 224,587,485.18 284,825,443.18
MV-1 805559AU5 14,299,000.00 14,299,000.00 - 69,183.82 - - 69,183.82 14,299,000.00
MV-2 805559AV3 25,025,000.00 25,025,000.00 - 124,104.01 - - 124,104.01 25,025,000.00
BV 805559AW1 15,194,000.00 15,194,000.00 - 80,245.95 - - 80,245.95 15,194,000.00
C N/A N/A N/A N/A 1,223,127.78 N/A N/A 1,223,127.78 N/A
R N/A N/A N/A N/A - N/A N/A - N/A
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TOTALS 464,142,000.00 387,401,059.24 14,648,098.68 3,182,763.74 - 17,830,862.42 372,752,960.56 380,072,162.20
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GRP I 2,924,754.23 582,455.58 3,507,209.81 93,647,475.38
GRP II 11,723,344.45 1,491,911.93 13,215,256.38 279,105,485.18
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LIBOR RATE 5.68750%
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Factor Information Per $1,000 of the Original Balance Pass Through Rate
- ------------------------------------------------------------------------------
Principal Interest End Prin Current
Class Cusip # Distribution Distribution Balance Pass Through Rate
- ------------------------------------------------------------------------------
AF-1 805559AK7 80.13025288 4.12095836 643.90343507 6.830000%
AF-2 805559AL5 - 5.90416676 1,000.00000000 7.085000%
AF-3 805559AM3 - 6.14583300 1,000.00000000 7.375000%
AF-4 805559AN1 - 6.46666694 1,000.00000000 7.760000%
AF-5 805559AP6 - 6.10416632 1,000.00000000 7.325000%
MF-1 805559AQ4 - 6.29583601 1,000.00000000 7.555000%
MF-2 805559AR2 - 6.45833411 1,000.00000000 7.750000%
BF 805559AS0 - 6.66666769 1,000.00000000 8.000000%
AV-1 805559AT8 38.69358751 3.95422346 741.26419712 5.887500%
MV-1 805559AU5 - 4.83836772 1,000.00000000 6.006250%
MV-2 805559AV3 - 4.95920120 1,000.00000000 6.156250%
BV 805559AW1 - 5.28142359 1,000.00000000 6.556250%
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If there are any questions or comments, please contact the Relationship Manager
listed below.
---------------------------------------
Mary Jo Davis
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-4756
---------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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SAXON ASSET SECURITIES TRUST 1997-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 26-DEC-97 PAGE # 2
RECORD DATE: 28-NOV-97
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Prepayment Amount 2,845,182.39 11,498,563.86
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Extra Principal Distribution Amount (121.21) 49,691.86
Applied Realized Loss Amount - -
Unpaid Realized Loss Amount - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate 9.62418%
Group II Net Rate 9.42638%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I 776,250.69
The Largest Mortgage Loan Balance Outstanding in Group II 1,491,731.79
-------------------------------
Group I Group II
-------------------------------
Sec.3.04(a)(iv) Servicing Fees 35,206.40 121,721.96
Master Servicing Fees 2,536.12 7,660.84
-------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
----------------------------------------------------------------------------------------------------
30-59 Days 28 2.57323% 2,450,921.87 126 4.02672% 11,469,134.70
60-89 Days 5 0.30866% 293,985.58 38 1.53531% 4,372,939.64
90+ Days 5 0.81754% 778,684.49 96 3.67214% 10,459,189.80
----------------------------------------------------------------------------------------------------
Group I Group II
-------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings 11 71
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings 1,493,622.27 8,192,265.30
Number of Mortgage Loans in Foreclosure in Prior Month 10 63
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month 1,115,746.40 7,866,447.23
-------------------------------
Group I Group II
-------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings 10 24
Scheduled Principal Balances of Mortgage Loans in Bankruptcy
Proceedings 969,161.46 2,290,196.39
-------------------------------
Group I Group II
-------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period 0 4
Aggregate book value of REO Preperties SEE PAGE 4 SEE PAGE 4
-------------------------------
Servicer Group I Group II
---------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech 30 15
Long Beach N/A 218
---------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 3,420,691.55 1,909,080.99
Long Beach N/A 23,730,741.07
---------------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
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