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 June 5, 1997 to June 30,
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: July 31, 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: 07/25/97
<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>
A-1 48,800,000.00 6.800000% 3,899,883.21 276,533.33 0.00 0.00 4,176,416.55 44,900,116.79
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 333,000,000.00 3,899,883.21 1,959,558.38 0.00 0.00 5,859,441.60 329,100,116.79
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 334,757,000.00 5.897500% 6,000,124.68 2,358,107.35 0.00 0.00 8,358,232.03 328,756,875.32
M-1A 25,438,000.00 6.057500% 0.00 184,052.76 0.00 0.00 184,052.76 25,438,000.00
M-2A 24,420,000.00 6.267500% 0.00 182,812.53 0.00 0.00 182,812.53 24,420,000.00
B-1A 22,385,000.00 6.657500% 0.00 178,005.83 0.00 0.00 178,005.83 22,385,000.00
Totals 407,000,000.00 - 6,000,124.68 2,902,978.47 0.00 0.00 8,903,103.15 400,999,875.32
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 31,066.97 0.00 0.00 31,066.97 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 31,066.97 0.00 0.00 31,066.97 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 79.91563958 5.66666667 920.08436042
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 17.92382139 7.04423611 982.07617861
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 7.23534722 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 7.48618056 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 7.95201389 1000.00000000
Totals 740,000,000.00 8.10827659 3.92294388 986.621610961
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 3,984 3,630 7,614
Beginning Mortgage Loan Balance 314,378,797.96 361,258,219.49 675,637,017.45
Scheduled Principal 216,791.20 167,575.06 384,366.26
Curtailments 33,029.68 141,202.20 174,231.88
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 3,036,021.85 5,691,347.41 8,727,369.26
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 311,092,955.23 355,258,094.82 666,351,050.05
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 311,092,955.23 355,258,094.82 666,351,050.05
Gross Interest on Mortgage Loans 2,704,549.74 3,051,919.44 5,756,469.18
Weighted Average Coupon Rate 10.323405% 10.137633% 10.224074%
Servicing Fees Paid 115,802.35 134,605.81 250,408.16
Net Interest Remitted 2,588,747.39 2,917,313.63 5,506,061.02
Aggregate Interest Paid to Certificates 1,974,706.91 2,918,896.91 4,893,603.82
Excess Interest 614,040.48 0.01 614,040.49
Transfer from Capitalized Interest Accoun 0.00 1,583.29 1,583.29
Extra Principal Distribution Amount 614,040.48 0.01 614,040.49
Senior Enhancement Percentage 13.577627% 20.335356%
PRE-FUNDED ACCOUNT
Initial Balance of Account 55,551,803.47 90,327,482.71 145,879,286.18
Subsequent Purchases this Period 36,930,601.43 44,585,702.20 81,516,303.63
Current Balance in Account 18,621,202.04 45,741,780.51 64,362,982.55
OVERCOLLATERALIZATION CALCULATIONS
Targeted Overcollateralization Amount 9,157,500.00 11,192,500.00 20,350,000.00
Actual Overcollateralization Amount 614,040.48 0.01 614,040.49
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 67 1.681727% 4,194,657.63 1.334269%
60-89 Days Delinquent 27 0.677711% 2,160,650.39 0.687276%
90 or more Days Delinquen 10 0.251004% 817,795.38 0.260131%
In Foreclosure 8 0.200803% 467,315.94 0.148647%
Bankruptcy 1 0.025100% 30,992.90 0.009858%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 113 7,671,412
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 55 1.515152% 5,365,841.33 1.485320%
60-89 Days Delinquent 26 0.716253% 2,400,969.71 0.664613%
90 or more Days Delinquen 3 0.082645% 329,956.46 0.091335%
In Foreclosure 22 0.606061% 2,823,207.00 0.781493%
In Bankruptcy 4 0.110193% 326,466.89 0.090369%
REO Properties 0 0.000000% 0.00 0.000000%
Totals 110 11,246,441
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 3,476,754.61 5,880,600.06
Aggregate Loan Balance of 90+ Day Delinquent Loans 1,316,104.22 3,479,630.35
90+ Day Delinquency Percentage (Rolling Three Month Av 0.418636% 0.963198%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2
Balance of Loans 181,782,342.26 191,021,256.02
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 25,974,280.17 157,628,513.78
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 106,622,175.53 12,608,449.69
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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