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
1997-3
(Exact name of registrant as specified in its charter)
New York 333-30759-06 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 November 1, 1997 to
November 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: January 5 1998
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: 12/26/97
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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 27,527,168.06 6.750000% 2,398,400.33 154,840.32 0.00 0.00 2,553,240.65 25,128,767.73
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 262,027,168.06 2,398,400.33 1,854,339.82 0.00 0.00 4,252,740.15 259,628,767.73
Group II Certificates
Beginning Pass Thru Principal Interest Unpaid Principal Total Ending
Interest
Class Balance Rate Distribution Distribution Carryforward Losses Payment Balance
A-10 540,193,087.15 5.877500% 8,759,127.88 2,734,020.78 0.00 0.00 11,493,148.66 531,433,959.27
M-1A 54,720,000.00 6.057500% 0.00 285,429.40 0.00 0.00 285,429.40 54,720,000.00
M-2A 41,040,000.00 6.257500% 0.00 221,140.05 0.00 0.00 221,140.05 41,040,000.00
B-1A 34,200,000.00 6.657500% 0.00 196,063.38 0.00 0.00 196,063.38 34,200,000.00
C-A10 75,240,000.00 6.820000% 0.00 441,867.80 0.00 0.00 441,867.80 75,240,000.00
Totals 670,153,087.15 - 8,759,127.88 3,878,521.40 0.00 0.00 12,637,649.28 661,393,959.27
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 44,684.96 0.00 0.00 44,684.96 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 44,684.96 0.00 0.00 44,684.96 0.00
Grand Total 932,180,255.21 11,157,528.21 5,777,546.18 0.00 0.00 16,935,074.39 921,022,727.00
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<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 76.13969306 4.91556572 797.73865802
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 15.80955866 4.93469926 959.19781834
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 5.21618056 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 5.38840278 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 5.73284722 1000.00000000
National C-A10 75,240,000.00 6.820000% NA 0.00000000 5.87277778 1000.00000000
C-F10 26,600,000.00 15.000000% NA 0.00000000 12.50000000 1000.00000000
Totals 950,000,000.00 9.22013461 4.08265411 969.49760736997
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COLLATERAL INFORMATION
Group 1 Group 2 Aggregate
<S> <C> <C> <C>
Number of Loans 3,255 6,561 9,816
Beginning Mortgage Loan Balance 262,623,571.58 672,026,492.51 934,650,064.09
Scheduled Principal 180,948.14 322,525.88 503,474.02
Curtailments 56,390.92 84,713.81 141,104.73
Pre-Funded Amounts 0.00 0.00 0.00
Prepayments in Full 1,863,373.43 6,832,926.80 8,696,300.23
Repurchases 0.00 0.00 0.00
Realized Losses 0.00 0.00 0.00
Ending Loan Balance 260,522,859.09 664,786,326.02 925,309,185.11
Plus Amount Pre-Funded this period 0.00 0.00 0.00
Current Loan Balance 260,522,859.09 664,786,326.02 925,309,185.11
Gross Interest on Mortgage Loans 2,261,454.15 5,677,493.83 7,938,947.98
Weighted Average Coupon Rate 10.333212% 10.137982% 10.192839%
Servicing Fees Paid 92,154.61 252,597.96 344,752.57
Net Interest Remitted 2,169,299.54 5,424,895.87 7,594,195.41
Aggregate Interest Paid to Certificates 1,871,611.69 3,905,928.46 5,777,540.15
Excess Interest 297,687.84 1,518,961.39 1,816,649.23
Transfer from Capitalized Interest Accoun 0.00 0.00 0.00
Extra Principal Distribution Amount 297,687.84 1,518,961.39 1,816,649.23
Senior Enhancement Percentage 32.600000% 20.059433%
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 894,591.32 3,392,366.75 4,286,958.07
DELINQUENCY INFORMATION
Group 1
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 80 2.457757% 5,282,070.10 2.027488%
60-89 Days Delinquent 44 1.351767% 3,016,762.40 1.157965%
90 or more Days Delinquent 38 1.167435% 2,396,347.42 0.919822%
Totals 162 4.976959% 10,695,179.92 4.105275%
In Foreclosure 30 0.921659% 1,705,856.31 0.654782%
Bankruptcy 13 0.399386% 1,127,951.13 0.432957%
REO Properties 1 0.030722% 31,765.55 0.012193%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 2
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 170 2.591068% 15,191,158.41 2.285119%
60-89 Days Delinquent 80 1.219326% 8,045,691.20 1.210267%
90 or more Days Delinquent 82 1.249809% 7,649,899.51 1.150731%
Totals 332 5.060204% 30,886,749.12 4.646117%
In Foreclosure 81 1.234568% 6,679,235.15 1.004719%
In Bankruptcy 23 0.350556% 2,052,909.15 0.308807%
REO Properties 2 0.030483% 38,945.05 0.005858%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Aggregate Pool
Period Loan Count Percentage Loan Balance Percentage
30-59 Days Delinquent 250 2.546862% 20,473,228.51 2.212582%
60-89 Days Delinquent 124 1.263244% 11,062,453.60 1.195541%
90 or more Days Delinquent 120 1.222494% 10,046,246.93 1.085718%
Totals 494 5.032600% 41,581,929.04 4.493842%
In Foreclosure 111 1.130807% 8,385,091.46 0.906193%
In Bankruptcy 36 0.366748% 3,180,860.28 0.343762%
REO Properties 3 0.030562% 70,710.60 0.007642%
Foreclosures, Bankruptcies, and REO's are included in Period counts above
Group 1 Group 2
Aggregate Loan Balance of 60+ Day Delinquent Loans 5,413,109.82 15,695,590.71
Aggregate Loan Balance of 90+ Day Delinquent Loans 2,396,347.42 7,649,899.51
90+ Day Delinquency Percentage (Rolling Three Month 0.919822% 1.150731%
MORTGAGE LOAN SERVICING GROUP SUMMARY
Advanta Group 1 Group 2 Total
Beginning Loan Count 2,501 3,271 5,772
Beginning Balance of Loans 207,262,493.32 328,956,995.47 536,219,488.79
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 205,640,253.15 325,957,245.77 531,597,498.92
Ending Loan Count 2,478 3,242 5,720
Option One Group 1 Group 2 Total
Beginning Loan Count 706 3,219 3,925
Beginning Balance of Loans 43,068,862.63 318,510,897.23 361,579,759.86
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 42,598,243.49 315,116,781.24 357,715,024.73
Ending Loan Count 680 3,156 3,836
Long Beach Mortgage Group 1 Group 2 Total
Beginning Loan Count 97 165 262
Beginning Balance of Loans 12,292,215.63 24,558,599.81 36,850,815.44
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 12,284,362.45 23,712,299.01 35,996,661.46
Ending Loan Count 97 163 290
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