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
1997-3
(Exact name of registrant as specified in its charter)
New York 333-30759-05 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 Barklay Street, 12E
New York, NY 10286
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (214) 953-7700
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 1997-3 (the
"Registrant" or "Trust") in respect of the Mortgage Loan Asset
Backed Certificates, Series 1997-3, 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 September 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 1997-3
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 1997-3
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 29,819,157.55 6.750000% 2,291,989.49 167,732.76 0.00 0.00 2,459,722.25 27,527,168.06
A-2 36,000,000.00 6.610000% 0.00 198,300.00 0.00 0.00 198,300.00 36,000,000.00
A-3 41,800,000.00 6.600000% 0.00 229,900.00 0.00 0.00 229,900.00 41,800,000.00
A-4 29,100,000.00 6.680000% 0.00 161,990.00 0.00 0.00 161,990.00 29,100,000.00
A-5 14,600,000.00 6.880000% 0.00 83,706.67 0.00 0.00 83,706.67 14,600,000.00
A-6 14,200,000.00 6.980000% 0.00 82,596.67 0.00 0.00 82,596.67 14,200,000.00
A-7 15,300,000.00 7.140000% 0.00 91,035.00 0.00 0.00 91,035.00 15,300,000.00
A-8 19,790,000.00 7.680000% 0.00 126,656.00 0.00 0.00 126,656.00 19,790,000.00
A-9 22,480,000.00 6.960000% 0.00 130,384.00 0.00 0.00 130,384.00 22,480,000.00
M-1F 14,630,000.00 7.240000% 0.00 88,267.67 0.00 0.00 88,267.67 14,630,000.00
M-2F 11,970,000.00 7.470000% 0.00 74,513.25 0.00 0.00 74,513.25 11,970,000.00
B-1F 10,640,000.00 7.770000% 0.00 68,894.00 0.00 0.00 68,894.00 10,640,000.00
B-2F 3,990,000.00 9.250000% 0.00 30,756.25 0.00 0.00 30,756.25 3,990,000.00
C-F10 26,600,000.00 15.000000% 0.00 332,500.00 0.00 0.00 332,500.00 26,600,000.00
Totals 264,319,157.55 2,291,989.49 1,867,232.26 0.00 0.00 4,159,221.75 262,027,168.06
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-10 549,422,069.38 5.846250% 9,462,808.82 2,587,583.30 0.00 0.00 12,050,392.11 539,959,260.56
M-1A 54,720,000.00 6.026250% 0.00 164,878.20 0.00 0.00 164,878.20 54,720,000.00
M-2A 41,040,000.00 6.226250% 0.00 127,762.65 0.00 0.00 127,762.65 41,040,000.00
B-1A 34,200,000.00 6.626250% 0.00 113,308.88 0.00 0.00 113,308.88 34,200,000.00
C-A10 75,240,000.00 6.820000% 0.00 427,614.00 0.00 0.00 427,614.00 75,240,000.00
Totals 679,382,069.38 - 9,462,808.82 3,421,147.02 0.00 0.00 12,883,955.84 669,919,260.56
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 45,027.81 0.00 0.00 45,027.81 0.00
D 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 45,027.81 0.00 0.00 45,027.81 0.00
Grand Total 943,701,226.93 11,754,798.30 5,333,407.09 0.00 0.00 17,088,205.40 931,946,428.62
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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 31,500,000.00 6.750000% 03215P-CN7 72.76157101 5.32484956 873.87835108
A-2 36,000,000.00 6.610000% 03215P-CP2 0.00000000 5.50833333 1000.00000000
A-3 41,800,000.00 6.600000% 03215P-CQ0 0.00000000 5.50000000 1000.00000000
A-4 29,100,000.00 6.680000% 03215P-CR8 0.00000000 5.56666667 1000.00000000
A-5 14,600,000.00 6.880000% 03215P-CS6 0.00000000 5.73333333 1000.00000000
A-6 14,200,000.00 6.980000% 03215P-CT4 0.00000000 5.81666667 1000.00000000
A-7 15,300,000.00 7.140000% 03215P-CU1 0.00000000 5.95000000 1000.00000000
A-8 19,790,000.00 7.680000% 03215P-CV9 0.00000000 6.40000000 1000.00000000
A-9 22,480,000.00 6.960000% 03215P-CW7 0.00000000 5.80000000 1000.00000000
A-10 554,040,000.00 Variable 03215P-cx5 17.07964008 4.67039983 974.58534689
Subordinate M-1F 14,630,000.00 7.240000% 03215P-cy3 0.00000000 6.03333333 1000.00000000
M-1A 54,720,000.00 Variable 03215P-DD8 0.00000000 3.01312500 1000.00000000
M-2F 11,970,000.00 7.470000% 03215P-CZ0 0.00000000 6.22500000 1000.00000000
M-2A 41,040,000.00 Variable 03215P-DE6 0.00000000 3.11312500 1000.00000000
B-1F 10,640,000.00 7.770000% 03215P-DA4 0.00000000 6.47500000 1000.00000000
B-2F 3,990,000.00 7.770000% NA 0.00000000 7.70833333 1000.00000000
B-1A 34,200,000.00 Variable 03215P-DF3 0.00000000 3.31312500 1000.00000000
National C-A10 75,240,000.00 6.820000% NA 0.00000000 5.68333333 1000.00000000
C-F10 26,600,000.00 15.000000% NA 0.00000000 12.50000000 1000.00000000
Totals 950,000,000.00 9.96084610 3.60121268 980.996245945
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 3,301 6,655 9,956
Beginning Mortgage Loan Balance 264,612,437.14 679,469,144.60 944,081,581.74
Scheduled Principal 179,964.41 324,305.97 504,270.38
Curtailments 31,854.76 24,825.29 56,680.05
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 1,777,046.39 7,093,520.83 8,870,567.22
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 262,623,571.58 672,026,492.51 934,650,064.09
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 262,623,571.58 672,026,492.51 934,650,064.09
Gross Interest on Mortgage Loans 2,280,611.37 5,724,415.89 8,005,027.26
Weighted Average Coupon Rate 10.342423% 10.109803% 10.175003%
Servicing Fees Paid 92,874.55 255,464.96 348,339.51
Net Interest Remitted 2,187,736.82 5,468,950.93 7,656,687.75
Aggregate Interest Paid to Certificates 1,884,612.89 3,448,794.20 5,333,407.09
Excess Interest 303,123.93 2,020,156.73 2,323,280.65
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 303,123.93 2,020,156.73 2,323,280.65
Senior Enhancement Percentage 32.600000% 19.652087%
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 2,128,000.00 16,416,000.00 18,544,000.00
Actual Overcollateralization Amount 596,403.52 2,107,231.95 2,703,635.47
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 75 2.272039% 5,541,144.62 2.109919%
60-89 Days Delinquent 32 0.969403% 2,056,674.26 0.783126%
90 or more Days Delinquent 10 0.302939% 667,642.89 0.254220%
Totals 117 3.544380% 8,265,461.77 3.147266%
In Foreclosure 18 0.545289% 1,259,860.15 0.479721%
Bankruptcy 11 0.333232% 1,040,925.52 0.396356%
REO Properties 0 0.000000% 0.00 0.000000%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 135 2.028550% 12,880,886.18 1.916723%
60-89 Days Delinquent 64 0.961683% 5,203,928.20 0.774364%
90 or more Days Delinquent 32 0.480841% 3,148,563.93 0.468518%
Totals 231 3.471074% 21,233,378.31 3.159604%
In Foreclosure 56 0.841473% 4,449,136.48 0.662048%
In Bankruptcy 14 0.210368% 1,340,674.06 0.199497%
REO Properties 0 0.000000% 0.00 0.000000%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Aggregate Pool
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 210 2.109281% 18,422,030.80 1.971008%
60-89 Days Delinquent 96 0.964243% 7,260,602.46 0.776826%
90 or more Days Delinquent 42 0.421856% 3,816,206.82 0.408303%
Totals 348 3.495380% 29,498,840.08 3.156137%
In Foreclosure 74 0.743270% 5,708,996.63 0.610816%
In Bankruptcy 25 0.251105% 2,381,599.58 0.254812%
REO Properties 0 0.000000% 0.00 0.000000%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 2,724,317.15 8,352,492.13
Aggregate Loan Balance of 90+ Day Delinquent Loans 667,642.89 3,148,563.93
90+ Day Delinquency Percentage (Rolling Three Month 0.254220% 0.468518%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,516 3,064 5,580
Beginning Balance of Loans 208,567,548.66 331,766,206.28 540,333,754.94
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 207,262,493.32 328,956,995.47 536,219,488.79
Ending Loan Count 2,501 3,271 5,772
Option One Group 1 Group 2 Total
Beginning Loan Count 706 3,249 3,955
Beginning Balance of Loans 43,692,429.75 322,331,440.00 366,023,869.75
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 43,068,862.63 318,510,897.23 361,579,759.86
Ending Loan Count 702 3,219 3,921
Long Beach Mortgage Group 1 Group 2 Total
Beginning Loan Count 98 167 265
Beginning Balance of Loans 12,352,458.73 25,371,498.32 37,723,957.05
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 12,292,215.63 24,558,599.81 36,850,815.44
Ending Loan Count 98 165 263
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