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):
October 27, 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 333-30759-03 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 September 1, 1997 to
September 30, 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: October 31, 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: 10/27/97
<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 31,500,000.00 6.750000% 1,724,973.65 177,187.50 0.00 0.00 1,902,161.15 29,775,026.35
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 266,000,000.00 1,724,973.65 1,876,687.00 0.00 0.00 3,601,660.65 264,275,026.35
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-10 554,040,000.00 5.846250% 4,709,243.54 3,598,951.50 0.00 0.00 8,308,195.04 549,330,756.46
M-1A 54,720,000.00 6.026250% 0.00 366,396.00 0.00 0.00 366,396.00 54,720,000.00
M-2A 41,040,000.00 6.226250% 0.00 283,917.00 0.00 0.00 283,917.00 41,040,000.00
B-1A 34,200,000.00 6.626250% 0.00 251,797.50 0.00 0.00 251,797.50 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 684,000,000.00 - 4,709,243.54 4,928,676.00 0.00 0.00 9,637,919.54 679,290,756.46
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 43,321.22 0.00 0.00 43,321.22 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 43,321.22 0.00 0.00 43,321.22 0.00
Grand Total 950,000,000.00 6,434,217.19 6,848,684.22 0.00 0.00 13,282,901.41 943,565,782.81
</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 31,500,000.00 6.750000% 03215P-CN7 54.76106839 5.62500000 945.23893161
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 8.49982590 6.49583333 991.50017410
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 6.69583333 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 6.91805556 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 7.36250000 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 4.95709846 5.18808000 993.227139796
COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
Number of Loans 3,315 6,450 9,765
Beginning Mortgage Loan Balance 265,999,381.70 660,956,904.94 926,956,286.64
Scheduled Principal 177,653.92 308,183.67 485,837.59
Curtailments 34,218.17 96,002.64 130,220.81
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 1,219,822.16 4,075,444.42 5,295,266.58
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 264,567,687.45 656,477,274.21 921,044,961.66
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 264,567,687.45 656,477,274.21 921,044,961.66
Gross Interest on Mortgage Loans 2,280,799.48 5,433,687.52 7,714,487.00
Weighted Average Coupon Rate 10.289345% 9.865129% 9.986862%
Servicing Fees Paid 93,356.95 249,553.62 342,910.57
Net Interest Remitted 2,187,442.53 5,184,133.90 7,371,576.43
Aggregate Interest Paid to Certificates 1,894,163.13 4,954,521.09 6,848,684.22
Excess Interest 293,279.40 229,612.81 522,892.21
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 293,279.40 229,612.81 522,892.21
Senior Enhancement Percentage 32.600000% 19.831549%
PRE-FUNDED ACCOUNT
Initial Balance of Account 618.49 23,043,095.47 23,043,713.96
Subsequent Purchases this Period 0.00 0.00 0.00
Current Balance in Account 618.49 23,043,095.47 23,043,713.96
OVERCOLLATERALIZATION CALCULATIONS
Targeted Overcollateralization Amount 2,128,000.00 10,944,000.00 13,072,000.00
Actual Overcollateralization Amount 293,279.60 229,613.22 522,892.82
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 66 1.990950% 4,509,034.06 1.704303%
60-89 Days Delinquent 18 0.542986% 1,177,935.51 0.445230%
90 or more Days Delinquen 0 0.000000% 0.00 0.000000%
Totals 84 2.533937% 5,686,969.57 2.149533%
In Foreclosure 7 0.211161% 248,611.97 0.093969%
Bankruptcy 9 0.271493% 850,106.75 0.321319%
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 110 1.705426% 9,354,633.38 1.424974%
60-89 Days Delinquent 32 0.496124% 3,169,051.65 0.482736%
90 or more Days Delinquent 1 0.015504% 59,961.75 0.009134%
Totals 143 2.217054% 12,583,646.78 1.916844%
In Foreclosure 39 0.604651% 3,577,792.72 0.544999%
In Bankruptcy 10 0.155039% 733,759.80 0.111772%
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 176 3.696377% 13,863,667.44 3.129277%
60-89 Days Delinquent 50 1.039110% 4,346,987.16 0.927966%
90 or more Days Delinquent 1 0.015504% 59,961.75 0.009134%
Totals 227 4.750991% 18270616.35 4.066377%
In Foreclosure 46 0.815813% 3,826,404.69 0.638968%
In Bankruptcy 19 0.426532% 1,583,866.55 0.433091%
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 1,177,935.51 3,229,013.40
Aggregate Loan Balance of 90+ Day Delinquent Loans 0.00 59,961.75
90+ Day Delinquency Percentage (Rolling Three Month 0.000000% 0.009134%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,534 3,077 5,611
Beginning Balance of Loans 209,713,500.85 310,141,130.72 519,854,631.57
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 208,522,798.97 308,774,335.89 517,297,134.86
Ending Loan Count 2,515 3,064 5,579
Option One Group 1 Group 2 Total
Beginning Loan Count 706 3,249 3,955
Beginning Balance of Loans 43,926,190.21 325,429,008.56 369,355,198.77
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 43,692,429.75 322,331,440.00 366,023,869.75
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 12,359,690.64 25,386,765.66 37,746,456.30
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 12,352,458.73 25,371,498.32 37,723,957.05
Ending Loan Count 98 167 265
</TABLE>
