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
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 333-8687-12 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 November 1, 1997 to
November 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
Mortgage Loan Trust 1997-2
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: January 5, 1998
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: 12/26/97
<TABLE>
<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 28,821,226.63 6.800000% 5,050,092.32 163,320.28 0.00 0.00 5,213,412.61 23,771,134.30
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 313,021,226.63 5,050,092.32 1,846,345.33 0.00 0.00 6,896,437.66 307,971,134.30
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-9 301,041,589.12 5.897500% 9,881,905.82 1,528,810.44 0.00 0.00 11,410,716.26 291,159,683.30
M-1A 25,438,000.00 6.057500% 0.00 132,689.20 0.00 0.00 132,689.20 25,438,000.00
M-2A 24,420,000.00 6.267500% 0.00 131,795.08 0.00 0.00 131,795.08 24,420,000.00
B-1A 22,385,000.00 6.657500% 0.00 128,329.79 0.00 0.00 128,329.79 22,385,000.00
Totals 373,284,589.12 - 9,881,905.82 1,921,624.51 0.00 0.00 11,803,530.33 363,402,683.30
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 34,630.48 0.00 0.00 34,630.48 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 34,630.48 0.00 0.00 34,630.48 0.00
Grand Total 686,305,815.74 14,931,998.14 3,802,600.32 18,734,598.47 671,373,817.60
</TABLE>
<TABLE>
<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 103.48549843 3.34672714 487.11340783
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 29.51963908 4.56692599 869.76428663
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 5.21618056 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 5.39701389 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 5.73284722 1000.00000000
Totals 740,000,000.00 13.35392678 2.59678988 907.2619156776
</TABLE>
<TABLE>
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 3,980 3,703 7,683
Beginning Mortgage Loan Balance 316,621,997.22 378,065,573.85 694,687,571.07
Scheduled Principal 234,595.78 177,508.73 412,104.51
Curtailments 36,904.56 44,703.92 81,608.48
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 4,017,934.69 8,385,785.46 12,403,720.15
Repurchases 25,931.67 107,167.85 133,099.52
Realized Losses 0.00 20,402.41 20,402.41
Ending Loan Balance 312,306,630.52 369,330,005.48 681,636,636.00
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 312,306,630.52 369,330,005.48 681,636,636.00
Gross Interest on Mortgage Loans 2,712,996.79 3,245,891.69 5,958,888.48
Weighted Average Coupon Rate 10.282280% 10.302631% 10.293356%
Servicing Fees Paid 115,844.84 138,977.83 254,822.67
Net Interest Remitted 2,597,151.95 3,106,913.86 5,704,065.81
Aggregate Interest Paid to Certificates 1,862,426.32 1,940,174.00 3,802,600.32
Excess Interest 734,725.62 1,166,739.86 1,901,465.48
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 734,725.62 1,166,739.86 1,901,465.48
Senior Enhancement Percentage 14.716465% 21.165440%
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 4,335,496.22 5,927,322.18 10,262,818.40
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 99 2.487437% 7,078,365.69 2.266479%
60-89 Days Delinquent 40 1.005025% 2,640,331.76 0.845429%
90 or more Days Delinquent 135 3.391960% 10,419,557.25 3.336323%
Totals
Total Loans In Foreclosure 122 3.065327% 9,147,191.44 2.928914%
Bankruptcy 22 0.552764% 2,171,490.49 0.695307%
REO Properties 1 0.025126% 112,774.35 0.036110%
Foreclosures, Bankruptcies And REO's are included in Period counts Above
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 104 2.808534% 9,164,775.32 2.481460%
60-89 Days Delinquent 54 1.458277% 5,353,227.52 1.449443%
90 or more Days Delinquent 181 4.887929% 17,161,953.33 4.646780%
Totals
In Foreclosure 176 4.752903% 16,863,587.92 4.565995%
In Bankruptcy 34 0.918174% 3,540,009.30 0.958495%
REO Properties 3 0.081015% 290,123.18 0.078554%
Foreclosures, Bankruptcies, And REO's are included in Period counts Above
Aggregate Pool
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 203 2.642197% 16,243,141.01 2.382962%
60-89 Days Delinquent 94 1.223480% 7,993,559.28 1.172701%
90 or more Days Delinquent 316 4.112977% 27,581,510.58 4.046366%
Totals
In Foreclosure 298 3.878693% 26,010,779.36 3.815930%
In Bankruptcy 56 0.728882% 5,711,499.79 0.837910%
REO Properties 4 0.052063% 402,897.53 0.059107%
Foreclosures, Bankruptcies, And REO's are included in Period counts Above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 13,059,889.01 22,515,180.85
Aggregate Loan Balance of90+ Day Delinquent Loans 10,419,557.25 17,161,953.33
90+ Day Delinquency Percentage (Rolling Three Month 2.588215% 3.561344%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,532 2,196 4,728
Beginning Balance of Loans 192,971,867.31 222,593,928.66 415,565,795.97
Current Realized Losses 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00
Annual Loss Percentage 0.000000% 0.000000% 0.000000%
Ending Balance of Loans 190,518,233.94 218,111,950.21 408,630,184.15
Ending Loan Count 2,501 2,165 4,666
Option One Group 1 Group 2 Total
Beginning Loan Count 333 1,490 1,823
Beginning Balance of Loans 24,693,391.00 143,986,655.75 168,680,046.75
Current Realized Losses 0.00 20,402.41 20,402.41
Cumulative Realized Losses 0.00 20,402.41 20,402.41
Annual Loss Percentage 0.000000% 0.002024% 0.002024%
Ending Balance of Loans 24,014,502.74 139,907,242.10 163,921,744.84
Ending Loan Count 323 1,459 1,782
Long Beach Mortgage Group 1 Group 2 Total
Beginning Loan Count 1,173 80 1,253
Beginning Balance of Loans 98,956,738.91 11,484,989.44 110,441,728.35
Current Realized Losses 0.00 0.00 0.00
Cumulative Realized Losses 0.00 0.00 0.00
Annual Loss Percentage 0.000000% 0.000000% 0.000000%
Ending Balance of Loans 97,773,893.84 11,310,813.17 109,084,707.01
Ending Loan Count 1,156 79 1,235
</TABLE>
