SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from June 24, 1997 (Commencement
of Operations) to December 31, 1997
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-04127-04
Saxon Asset Securities Trust 1997-2
Mortgage Loan Asset Backed Certificates, Series 1997-2
(Exact name of registrant as specified in its charter)
Virginia 52-1785164
(State or other jurisdiction of I.R.S. Employer
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
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
Documents incorporated by reference: None
Page 1 of 3 This report consists of 9
consecutively numbered pages.
<PAGE>
AMENDMENT NUMBER 1 OF 1
-2-
<PAGE>
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
Saxon Asset Securities Trust 1997-2
Mortgage Loan Asset Backed Certificates
1997-2
Date: August 10, 1998 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
-3-
<PAGE>
EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
-4-
<PAGE>
ANNUAL STATEMENT OF COMPLIANCE
I, Linda G. Warman, hereby certify that I am a Vice President of
Chase Bank of Texas, National Association, "the Master Servicer") acting as
Master Servicer, pursuant to a Trust Agreement ("Agreement") with Saxon Asset
Securities Trust 1997-1, 1997-2, and 1997-3, and further certify to the best
of my knowledge and after due inquiry, the following:
I have reviewed the activities of the Master Servicer, during the
preceding calendar year and the performance under the Agreement. To the
best of my knowledge, based on such review, Chase Bank of Texas, as Master
Servicer, has performed and fulfilled its duties, responsibilities and
obligations under the Agreement in all material respects during the
applicable period. I have conducted an examination of the activities of
each Servicer during the preceding calendar year and the performance of
such Servicer under the related Servicing Agreement.
I have examined each Servicer's Fidelity Bond and Errors and Omissions
Policy and each such bond or policy is in effect and conforms to the
requirements of the related Servicing Agreement.
I have received from each Servicer such Servicer's annual audited
financial statements and such other information as is required by the Guide
and to the best of my knowledge, based on such examination, each Servicer
has performed and fulfilled its duties, responsibilities and obligations
under its Servicing Agreement in all material respects throughout such
year.
/s/ Linda G. Warman
Title: Vice President and Trust Officer
Date: July 17, 1998
-5-
<PAGE>
EXHIBIT 99.2
ANNUAL SERVICING REPORTS
-6-
<PAGE>
OFFICERS CERTIFICATE ANNUAL
ANNUAL STATEMENT OF COMPLIANCE
MORTGAGE PASS THROUGH CERTIFICATES RESIDENTIAL MORTGAGE LOANS
SERIES 1997-1, 1997-2, AND 1997-3
IN ACCORDANCE WITH THE APPROPRIATE SECTION OF THE ABOVE CAPTIONED POOLING AND
SERVICING AGREEMENTS, I, JULE J. KEEN AND AND SHAWNA R. OGILVIE OF AMERIQUEST
MORTGAGE COMPANY, (THE "SERVICER") HEREBY CERTIFY:
(i) A REVIEW OF THE ACTIVITIES OF THE SERVICER DURING THE PRECEDING
CALENDAR YEAR, AND OF PERFORMANCE UNDER THESE AGREEMENTS HAVE BEEN
MADE UNDER OUR SUPERVISION.
(II) TO THE BEST OF OUR KNOWLEDGE, BASED ON SUCH REVIEW, THE SERVICER
HAS FULFILLED ALL ITS OBLIGATIONS UDNER THESE AGREEMENTS THROUGHOUT
SUCH YEAR.
CERTIFIED THIS 25TH DAY OF MARCH, 1998.
BY: /s/JULE J. KEEN
JULE J. KEEN
EXECUTIVE VICE PRESIDENT
BY: /s/SHAWNA R. OGILVIE
SHAWNA R. OGILVIE
Vice President
-7-
<PAGE>
EXHIBIT 99.3
ANNUAL STATEMENT OF INDEPENDENT ACCOUNTANTS FOR EACH SERVICER
-8-
<PAGE>
DELOITTE & TOUCHE LLP
Suite 1200
695 Town Center Drive
Costa Mesa, California 92626-1924
Telephone: (714) 436-7100
Facsimile: (714) 436-7200
INDEPENDENT ACCOUNTANTS' REPORT
To Ameriquest Mortgage Company:
We have examined management's assertion about Ameriquest Mortgage Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) as of and for the year ended December 31, 1997, included in the
accompanying management assertion. Management is responsible for Ameriquest
Mortgage Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly included
examining, on a test basis, evidence about Ameriquest Mortgage Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on Ameriquest Mortgage Company's compliance
with the servicing standards or its servicing agreements.
In our opinion, management's assertion that Ameriquest Mortgage Company
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1997, is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
- -------------------------
Deloitte & Touche LLP
April 8, 1998
-9-
