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Previous: TALBOT BANCSHARES INC, 8-A12G, 1997-08-01 |
Next: INVESTORS MARK SERIES FUND INC, N-8A, 1997-08-01 |
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) : July 25, 1997
Saxon Asset Securities Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
(Exact name of registrant as specified in its charter)
Virginia 34-020552 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 10 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On July 25, 1997 distributions were made to the
Certificateholders. Specific information with respect to the
distributions is filed as Exhibit 99.1. No other reportable
transactions or matters have occurred during the current reporting
period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on July 25, 1997 filed
as Exhibit 99.1 hereto.
<PAGE>
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.
SAXON ASSET SECURITIES TRUST 1997-2,
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-2
Date: August 1, 1997 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
July 25, 1997. 6
<PAGE>
Exhibit 99.1
Monthly Certificateholder Statement on July 25, 1997
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
SAXON ASSET SECURITIES TRUST 1997-2
- -----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-2
STATEMENT TO CERTIFICATEHOLDERS
- -----------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 25-July-97 PAGE # 1
RECORD DATE: 24-June-97
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Interest Certificates Applied Ending
Certificate Certificate Principal Interest Carry Carryover Realized Certificate
Forward Loss Total
Class Cusip # Balance Balance Distribution Distribution Amount Amount Amount Distribution Balance
- ---------------------------------------------------------------------------------------------------------------------------------
AF-1 805559AX9 N/A N/A 12,897,208.15
15,000,000.00 15,000,000.00 2,102,791.85 86,875.00 - 2,189,666.85
AF-2 805559AY7 N/A N/A 10,000,000.00
10,000,000.00 10,000,000.00 - 54,750.00 - 54,750.00
AF-3 805559AZ4 N/A N/A 31,000,000.00
31,000,000.00 31,000,000.00 - 171,275.00 - 171,275.00
AF-4 805559BA8 N/A N/A 9,000,000.00
9,000,000.00 9,000,000.00 - 51,000.00 - 51,000.00
AF-5 805559BB6 N/A N/A 16,000,000.00
16,000,000.00 16,000,000.00 - 94,200.00 - 94,200.00
AF-6 805559BL4 N/A N/A 10,000,000.00
10,000,000.00 10,000,000.00 - 60,708.33 - 60,708.33
AF-7 805559BK6 N/A N/A 15,552,000.00
15,552,000.00 15,552,000.00 - 90,720.00 - 90,720.00
MF-1 805559BC4 N/A 2,090,000.00
2,090,000.00 2,090,000.00 - 12,548.71 - - 12,548.71
MF-2 805559BD2 N/A 7,167,000.00
7,167,000.00 7,167,000.00 - 44,375.68 - - 44,375.68
BF 805559BE0 N/A 3,643,000.00
3,643,000.00 3,643,000.00 - 23,360.74 - - 23,360.74
AV-1 805559BF7 N/A 284,833,075.31
293,561,000.00 293,561,000.00 8,727,924.69 1,490,821.00 - - 10,218,745.69
MV-1 805559BG5 13,896,000.00
13,896,000.00 13,896,000.00 - 72,244.73 - - - 72,244.73
MV-2 805559BH3 26,924,000.00
26,924,000.00 26,924,000.00 - 144,845.51 - - - 144,845.51
BV 805559BJ9 13,028,000.00
13,028,000.00 13,028,000.00 - 74,687.53 - - - 74,687.53
C N/A N/A N/A N/A N/A N/A N/A N/A
- -
R N/A N/A N/A N/A N/A N/A N/A N/A
- -
=================================================================================================================================
TOTALS
466,861,000.00 466,861,000.00 10,830,716.54 2,472,412.23 - - - 13,303,128.77 456,030,283.46
=================================================================================================================================
<PAGE>
- -------------------------------
LIBOR RATE 5.68750%
- -------------------------------
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- --------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates End Prin Current
Class Cusip # Distribution Distribution Carry Forward Carryover Balance Pass Through
Rate
- --------------------------------------------------------------------------------------------------------
AF-1 805559AX9 0.0000000 N/A 859.8138767 6.9500%
140.18612333 5.79166667
AF-2 805559AY7 0.0000000 N/A 1000.0000000 6.5700%
- 5.47500000
AF-3 805559AZ4 0.0000000 N/A 1000.0000000 6.6300%
- 5.52500000
AF-4 805559BA8 0.0000000 N/A 1000.0000000 6.8000%
- 5.66666667
AF-5 805559BB6 0.0000000 N/A 1000.0000000 7.0650%
- 5.88750000
AF-6 805559BL4 0.0000000 N/A 1000.0000000 7.2850%
- 6.07083300
AF-7 805559BK6 0.0000000 N/A 1000.0000000 7.0000%
- 5.83333333
MF-1 805559BC4 0.0000000 N/A 1000.0000000 7.2050%
- 6.00416746
MF-2 805559BD2 0.0000000 N/A 1000.0000000 7.4300%
- 6.19166736
BF 805559BE0 0.0000000 N/A 1000.0000000 7.6950%
- 6.41250069
AV-1 805559BF7 0.0000000 0.0000000 970.2687868 5.8975%
29.73121324 5.07840279
MV-1 805559BG5 0.0000000 0.0000000 1000.0000000 6.0375%
- 5.19895869
MV-2 805559BH3 0.0000000 0.0000000 1000.0000000 6.2475%
- 5.37979164
BV 805559BJ9 0.0000000 0.0000000 1000.0000000 6.6575%
- 5.73284695
- -----------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
Texas Commerce Bank, N.A.
600 Travis Street, 8th Floor
Houston, Texas 77002
(713) 216-4756
---------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
- ---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
- ---------------------------------------------------------------------------------------------------------------------------------
SAXON ASSET SECURITIES TRUST 1997-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1997-2
STATEMENT TO CERTIFICATEHOLDERS
- ---------------------------------------------------------------------------------------------------------------------------------
DIST DATE: 25-July-97 PAGE # 2
RECORD DATE: 24-June-97
---------------------------------
Group I Group II
---------------------------------
Sec. 3.04 (a) (i) Aggregate Scheduled Principal Balance
(c) 117,620,953.73 339,511,439.45
Prepayment Amount
1,744,476.21 7,694,453.00
Substitution Shortfalls Amount
- -
Repurchase Amounts
- 74,814.44
Other Recoveries
- -
Extra Principal Distribution Amount
270,751.79 829,452.76
Applied Realized Loss Amount
- -
Unpaid Realized Loss Amount
- -
---------------------------------
Sec. 3.04 (a) (ii) Group I Net Rate 9.64964%
Group II Net Rate 9.02237%
Sec. 3.04 (a) The Largest Mortgage Loan Balance Outstanding in Group I
(iii) 1,518,537.82
The Largest Mortgage Loan Balance Outstanding in Group II
879,781.03
---------------------------------
Group I Group II
---------------------------------
Sec. 3.04 (a) (iv) Servicing Fees
51,071.95 144,754.23
Master Servicing Fees
2,986.32 8,685.25
---------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii)
as of the Close of Business as of the end of the Related Prepayment Period
------------------------------------------------------------------------------------
Group I Group II
---------------------------------------------------------------------------------------
Category Number Percentage Principal Number Percentage Principal Balance
Balance
-----------------------------------------------------------------------------------------------------
30-59 Days 1.49621% 115 3.08170%
23 1,759,858.77 10,462,720.70
60-89 Days 0.48946% 14 0.65850%
8 575,705.51 2,235,682.30
90+ Days 0.00000% 2 0.05398%
- - 183,282.31
--------------------------------------------------------------------------------------------------
<PAGE>
---------------------------------
Group I Group II
---------------------------------
Sec. 3.04 (b) Number of Mortgage Loans in Foreclosure Proceedings 3
(iii) -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings - 229,551.24
Number of Mortgage Loans in Foreclosure in Prior Month
- -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in Prior
Month - -
---------------------------------
---------------------------------
Group I Group II
---------------------------------
Sec. 3.04 (b) (iv) Number of Mortgagors in Bankruptcy
Proceedings - 4
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings
- 249,156.78
---------------------------------
---------------------------------
Group I Group II
---------------------------------
Sec. 3.04 (b) (v) Number of REO Preperties in the Prepayment Period
- -
Aggregate book value of REO Preperties
- -
---------------------------------
------------------------------------------------
Servicer Group I Group II
------------------------------------------------
Sec. 3.04 (b) (vi) Number of 60+ Day Delinquent Loans Meritech 8 1
Ameriquest - 15
------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 575,705.51 84,418.19
Ameriquest - 2,334,546.42
------------------------------------------------
TEXAS COMMERCE BANK, N.A.
MASTER SERVICER
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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