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):
June 12, 1997
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1997-2
(Exact name of registrant as specified in its charter)
New York 333-8687-04 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 Barclay 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 July 1, 1997 to July 31,
1997 (the "Monthly Period") of the AMRESCO Residential Securities
Corporation Mortgage Loan Trust 1997-2 (the "Registrant" or
"Trust") in respect of the Mortgage Loan Asset Backed
Certificates, Series 1997-2, 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 June 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: August 28, 1997
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AMRESCO Residential Securities Corporation
MORTGAGE LOAN PASS-THROUGH CERTIFICATES, SERIES 1997-2
101 Barclay Street, 12E
New York, NY 10286
Attn: Franklin Austin, MBS Unit
(212) 815-2297
Payment Date: 08/25/97
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 44,900,116.79 6.800000% 3,257,440.50 254,434.00 0.00 0.00 3,511,874.49 41,642,676.29
A-2 44,500,000.00 6.700000% 0.00 248,458.33 0.00 0.00 248,458.33 44,500,000.00
A-3 68,100,000.00 6.795000% 0.00 385,616.25 0.00 0.00 385,616.25 68,100,000.00
A-4 27,900,000.00 6.930000% 0.00 161,122.50 0.00 0.00 161,122.50 27,900,000.00
A-5 21,300,000.00 7.100000% 0.00 126,025.00 0.00 0.00 126,025.00 21,300,000.00
A-6 14,900,000.00 7.210000% 0.00 89,524.17 0.00 0.00 89,524.17 14,900,000.00
A-7 36,975,000.00 7.570000% 0.00 233,250.63 0.00 0.00 233,250.63 36,975,000.00
A-8 28,900,000.00 7.175000% 0.00 172,797.92 0.00 0.00 172,797.92 28,900,000.00
M-1F 12,487,000.00 7.430000% 0.00 77,315.34 0.00 0.00 77,315.34 12,487,000.00
M-2F 18,315,000.00 7.665000% 0.00 116,987.06 0.00 0.00 116,987.06 18,315,000.00
B-1F 10,823,000.00 7.975000% 0.00 71,927.85 0.00 0.00 71,927.85 10,823,000.00
Totals 329,100,116.79 3,257,440.50 1,937,459.05 0.00 0.00 5,194,899.54 325,842,676.29
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 328,756,875.32 5.858440% 5,847,403.11 1,658,502.09 0.00 0.00 7,505,905.20 322,909,472.22
M-1A 25,438,000.00 6.018440% 0.00 131,833.59 0.00 0.00 131,833.59 25,438,000.00
M-2A 24,420,000.00 6.228440% 0.00 130,973.71 0.00 0.00 130,973.71 24,420,000.00
B-1A 22,385,000.00 6.618440% 0.00 127,576.87 0.00 0.00 127,576.87 22,385,000.00
Totals 400,999,875.32 - 5,847,403.11 2,048,886.26 0.00 0.00 7,896,289.37 395,152,472.22
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 36,049.57 0.00 0.00 36,049.57 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 36,049.57 0.00 0.00 36,049.57 0.00
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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> <C> <C> <C>
Senior A-1 48,800,000.00 6.800000% 03215P-BX6 66.75082991 5.21381138 853.33353051
A-2 44,500,000.00 6.700000% 03215P-BY4 0.00000000 5.58333333 1000.00000000
A-3 68,100,000.00 6.795000% 03215P-BZ1 0.00000000 5.66250000 1000.00000000
A-4 27,900,000.00 6.930000% 03215P-CA5 0.00000000 5.77500000 1000.00000000
A-5 21,300,000.00 7.100000% 03215P-CB3 0.00000000 5.91666667 1000.00000000
A-6 14,900,000.00 7.210000% 03215P-CC1 0.00000000 6.00833333 1000.00000000
A-7 36,975,000.00 7.570000% 03215P-CD9 0.00000000 6.30833333 1000.00000000
A-8 28,900,000.00 7.175000% 03215P-CE7 0.00000000 5.97916667 1000.00000000
A-9 334,757,000.00 Variable 03215P-CF4 17.46760517 4.95434626 964.60857344
Subordinate M-1F 12,487,000.00 7.430000% 03215P-CG2 0.00000000 6.19166667 1000.00000000
M-1A 25,438,000.00 Variable 03215P-CH0 0.00000000 5.18254556 1000.00000000
M-2F 18,315,000.00 7.665000% 03215P-CJ6 0.00000000 6.38750000 1000.00000000
M-2A 24,420,000.00 Variable 03215P-CK3 0.00000000 5.36337889 1000.00000000
B-1F 10,823,000.00 7.975000% 03215P-CL1 0.00000000 6.64583333 1000.00000000
B-1A 22,385,000.00 Variable 03215P-CM9 0.00000000 5.69921222 1000.00000000
Totals 740,000,000.00 7.90189609 2.76876522 974.317768252
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 3,944 3,614 7,558
Beginning Mortgage Loan Balance 329,694,108.49 400,169,595.90 729,863,704.39
Scheduled Principal 232,136.89 188,703.98 420,840.87
Curtailments 38,377.04 37,799.24 76,176.28
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 2,244,306.50 4,456,599.38 6,700,905.88
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 327,179,288.06 395,486,493.30 722,665,781.36
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 327,179,288.06 395,486,493.30 722,665,781.36
Gross Interest on Mortgage Loans 2,831,622.85 3,388,176.45 6,219,799.30
Weighted Average Coupon Rate 10.306364% 10.160222% 10.226237%
Servicing Fees Paid 120,803.26 147,257.05 268,060.30
Net Interest Remitted 2,696,646.40 3,232,667.05 5,929,315.46
Aggregate Interest Paid to Certificates 1,954,028.33 2,068,366.55 4,022,394.88
Excess Interest 742,620.07 1,164,300.51 1,906,920.57
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 742,620.07 1,164,300.51 1,906,920.57
Senior Enhancement Percentage 13.137036% 18.534810%
PRE-FUNDED ACCOUNT
Initial Balance of Account 18,621,202.04 45,741,780.51 64,362,982.55
Subsequent Purchases this Period 18,601,153.26 45,474,999.47 64,076,152.73
Current Balance in Account 20,048.78 266,781.04 286,829.82
OVERCOLLATERALIZATION CALCULATIONS
Targeted Overcollateralization Amount 9,050,253.21 15,037,495.32 24,087,748.54
Actual Overcollateralization Amount 1,356,660.55 1,164,071.34 2,520,731.89
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DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
<S> <C> <C> <C> <C>
30-59 Days Delinquent 92 2.332657% 6,811,425.05 2.065983%
60-89 Days Delinquent 25 0.633874% 2,042,877.75 0.619628%
90 or more Days Delinquent 10 0.253550% 1,019,574.44 0.309249%
In Foreclosure 26 0.659229% 1,967,406.30 0.596737%
Bankruptcy 7 0.177485% 567,364.11 0.172088%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 160 12,408,648
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 89 2.462645% 8,288,169.09 2.071164%
60-89 Days Delinquent 36 0.996128% 4,282,216.89 1.070101%
90 or more Days Delinquent 16 0.442723% 1,801,095.35 0.450083%
In Foreclosure 32 0.885445% 3,443,204.47 0.860436%
In Bankruptcy 7 0.193691% 630,540.34 0.157568%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 180 18,445,226
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 5,597,222.60 10,157,057.05
Aggregate Loan Balance of 90+ Day Delinquent Loans 3,554,344.85 5,874,840.16
90+ Day Delinquency Percentage (Rolling Three Month Av 0.748355% 1.548557%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2
Balance of Loans 198,831,437.57 233,763,428.07
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 25,791,932.57 154,463,527.04
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 105,070,738.35 11,942,640.79
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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