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):
November 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 333-8687-11 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 October 1, 1997 to October
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
Mortgage Loan Trust 1997-2
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: December 3, 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: 11/25/97
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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 33,603,556,57 6.800000% 4,782,329.95 190,420.15 0.00 0.00 4,972,750.10 28,821,226.63
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 317,803,556.57 4,782,329.95 1,873,445.20 0.00 0.00 6,655,775.15 313,021,226.63
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 310,958,051.74 5.866250% 9,916,462.62 1,469,460.35 0.00 0.00 11,385,922.96 301,041,589.12
M-1A 25,438,000.00 6.026250% 0.00 123,488.24 0.00 0.00 123,488.24 25,438,000.00
M-2A 24,420,000.00 6.236250% 0.00 122,677.43 0.00 0.00 122,677.43 24,420,000.00
B-1A 22,385,000.00 6.626250% 0.00 119,486.93 0.00 0.00 119,486.93 22,385,000.00
Totals 383,201,051.74 - 9,916,462.62 1,835,112.95 0.00 0.00 11,751,575.57 373,284,589.12
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 35,144.52 0.00 0.00 35,144.52 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 35,144.52 0.00 0.00 35,144.52 0.00
Grand Total 701,004,608.31 14,698,792.56 3,743,702.67 18,442,495.24 686,305,815.74
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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 97.99856453 3.90205233 590.59890627
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 29.62286858 4.38963292 899.28392571
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 4.85447917 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 5.02364583 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 5.33781250 1000.00000000
Totals 740,000,000.00 13.40062516 2.47988237 927.440291547
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 4,038 3,766 7,804
Beginning Mortgage Loan Balance 320,661,713.34 386,669,934.84 707,331,648.18
Scheduled Principal 235,151.56 182,892.50 418,044.06
Curtailments 32,755.97 53,166.14 85,922.11
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 3,771,808.59 8,368,302.35 12,140,110.94
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 316,621,997.22 378,065,573.85 694,687,571.07
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 316,621,997.22 378,065,573.85 694,687,571.07
Gross Interest on Mortgage Loans 2,749,668.08 3,308,327.05 6,057,995.13
Weighted Average Coupon Rate 10.289977% 10.267135% 10.277490%
Servicing Fees Paid 117,344.27 142,232.74 259,577.00
Net Interest Remitted 2,632,323.81 3,166,094.31 5,798,418.13
Aggregate Interest Paid to Certificates 1,889,709.99 1,853,992.69 3,743,702.67
Excess Interest 742,613.83 1,312,101.63 2,054,715.45
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 742,613.83 1,312,101.63 2,054,715.45
Senior Enhancement Percentage 14.283837% 20.373181%
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 3,600,770.59 4,780,984.73 8,381,755.33
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 87 2.154532% 6,280,873.13 1.983713%
60-89 Days Delinquent 50 1.238237% 3,694,268.82 1.166776%
90 or more Days Delinquent 107 2.649827% 8,318,256.41 2.627188%
Totals
Total Loans In Foreclosure 106 2.625062% 8,259,793.26 2.608724%
Bankruptcy 21 0.520059% 2,123,753.64 0.670754%
REO Properties 1 0.024765% 26,000.00 0.008212%
Foreclosures, Bankruptcies and REO's are included in Period counts above
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 99 2.628784% 9,304,401.98 2.461055%
60-89 Days Delinquent 49 1.301115% 5,019,311.03 1.327630%
90 or more Days Delinquent 150 3.983006% 14,246,482.46 3.768257%
Totals
In Foreclosure 147 3.903346% 14,947,619.80 3.953711%
In Bankruptcy 34 0.902815% 3,246,961.95 0.858836%
REO Properties 4 0.106213% 417,980.80 0.110558%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Aggregate Pool
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 186 2.383393% 15,585,275.11 2.243494%
60-89 Days Delinquent 99 1.268580% 8,713,579.85 1.254316%
90 or more Days Delinquent 257 3.293183% 22,564,738.87 3.248185%
Totals
In Foreclosure 253 3.241927% 23,207,413.06 3.340698%
In Bankruptcy 55 0.704767% 5,370,715.59 0.773112%
REO Properties 5 0.064070% 443,980.80 0.063911%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 12,012,525.23 19,265,793.49
Aggregate Loan Balance of 90+ Day Delinquent Loans 8,318,256.41 14,246,482.46
90+ Day Delinquency Percentage (Rolling Three Month 1.983289% 3.129732%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,559 2,233 4,792
Beginning Balance of Loans 195,177,380.80 226,556,827.26 421,734,208.06
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 192,971,867.31 222,593,928.66 415,565,795.97
Ending Loan Count 2,532 2,196 4,728
Option One Group 1 Group 2 Total
Beginning Loan Count 337 1,524 1,861
Beginning Balance of Loans 25,034,679.74 147,980,122.94 173,014,802.68
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 24,693,391.00 143,986,655.75 168,680,046.75
Ending Loan Count 333 1,490 1,823
Long Beach Mortgage Group 1 Group 2 Total
Beginning Loan Count 1,187 86 1,273
Beginning Balance of Loans 100,449,652.80 12,132,984.64 112,582,637.44
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 98,956,738.91 11,484,989.44 110,441,728.35
Ending Loan Count 1,173 80 1,253
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