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):
September 25, 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 333-8687-07 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 August 1, 1997 to August
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: September 30, 1997
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: 09/25/97
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<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> <C> <C> <C> <C>
A-1 41,622,627.51 6.800000% 4,184,381.64 235,922.15 0.00 0.00 4,420,303.79 37,438,245.87
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 325,822,627.51 4,184,381.64 1,918,947.20 0.00 0.00 6,103,328.84 321,638,245.87
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 322,642,462.01 5.835000% 5,261,981.07 1,621,836.38 0.00 0.00 6,883,817.46 317,380,480.93
M-1A 25,438,000.00 5.995000% 0.00 131,320.14 0.00 0.00 131,320.14 25,438,000.00
M-2A 24,420,000.00 6.205000% 0.00 130,480.81 0.00 0.00 130,480.81 24,420,000.00
B-1A 22,385,000.00 6.595000% 0.00 127,125.04 0.00 0.00 127,125.04 22,385,000.00
Totals 394,885,462.01 - 5,261,981.07 2,010,762.37 0.00 0.00 7,272,743.45 389,623,480.93
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 35,731.48 0.00 0.00 35,731.48 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 35,731.48 0.00 0.00 35,731.48 0.00
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<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> <C> <C> <C>
Senior A-1 48,800,000.00 6.800000% 03215P-BX6 85.74552539 4.83447024 767.17716946
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 15.71880819 4.84481694 948.09214126
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 5.16236111 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 5.34319444 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 5.67902778 1000.00000000
Totals 740,000,000.00 7.11078524 2.71724645 961.164495679
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 4,159 3,937 8,096
Beginning Mortgage Loan Balance 327,179,288.06 396,049,762.52 723,229,050.58
Scheduled Principal 232,397.41 187,144.94 419,542.35
Curtailments 97,606.25 141,394.02 239,000.27
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 3,101,272.28 3,750,100.00 6,851,372.28
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 323,748,012.12 391,971,123.56 715,719,135.68
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 323,748,012.12 391,971,123.56 715,719,135.68
Gross Interest on Mortgage Loans 2,808,377.60 3,358,538.53 6,166,916.13
Weighted Average Coupon Rate 10.300325% 10.176111% 10.232304%
Servicing Fees Paid 119,847.66 145,766.30 265,613.96
Net Interest Remitted 2,688,529.94 3,213,358.92 5,901,888.86
Aggregate Interest Paid to Certificates 1,935,424.24 2,030,016.81 3,965,441.05
Excess Interest 753,105.70 1,183,342.11 1,936,447.81
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 753,105.70 1,183,342.11 1,936,447.81
Senior Enhancement Percentage 13.508891% 19.145816%
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 9,157,500.00 15,262,500.00 24,420,000.00
Actual Overcollateralization Amount 2,109,766,25 2,910,911.85 5,020,678.10
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 93 2.236114% 7,019,169.03 2.168096%
60-89 Days Delinquent 50 1.202212% 3,643,632.29 1.125453%
90 or more Days Delinquent 18 0.432796% 1,100,708.35 0.339988%
In Foreclosure 45 1.081991% 3,606,087.34 1.113856%
Bankruptcy 3 0.072133% 122,601.65 0.037869%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 209 15,492.199
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 144 3.657607% 13,028,688.92 3.323890%
60-89 Days Delinquent 65 1.651003% 5,583,966.91 1.424586%
90 or more Days Delinquent 34 0.863602% 4,117,435.33 1.050444%
In Foreclosure 61 1.549403% 6,183,568.65 1.577557%
In Bankruptcy 9 0.228600% 736,185.31 0.187816%
REO Properties 2 0.050800% 210,400.00 0.053677%
Totals 315 29,860,245
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 8,473,029.64 16,831,556.20
Aggregate Loan Balance of 90+ Day Delinquent Loans 4,829,397.35 11,247,589.29
90+ Day Delinquency Percentage (Rolling Three Month Av 1.281215% 2.547623%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Balance of Loans 197,724,514.47 231,053,230.29 428,777,744.76
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 196,869,427.97 229,432,917.48 426,302,345.45
Option One Group 1 Group 2 Total
Beginning Balance of Loans 25,394,314.74 152,608,244.94 178,002,559.68
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 25,225,684.75 150,322,577.95 175,548,262.70
Long Beach Mortgage Group 1 Group 2 Total
Beginning Balance of Loans 104,060,458.85 12,388,287.29 116,448,746.14
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 101,652,899.40 12,215,628.13 113,868,527.53
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