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):
May 26, 1998
AMRESCO Residential Securities Corporation on behalf of:
AMRESCO Residential Securities Corporation Mortgage Loan Trust
1998-1
(Exact name of registrant as specified in its charter)
New York 333-30759-6 Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Bankers Trust Company
3 Park Plaza 16th Floor
Irvine, CA 92614
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (714) 253-7575
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 April 1, 1998 to April 30,
1998 (the "Monthly Period") of the AMRESCO Residential Securities
Corporation Mortgage Loan Trust 1998-1 (the "Registrant" or
"Trust") in respect of the Mortgage Loan Asset Backed
Certificates, Series 1998-1, 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 February 1, 1998, among AMRESCO Residential
Securities Corporation in its capacity as Depositor, AMRESCO
Residential Capital Markets, Inc. in its capacity as the Seller,
Advanta Mortgage Corp. USA, Ameriquest Mortgage Company and
Wendover Financial Services Corporation as the Servicers, and
Bankers Trust Company, 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 1998-1
By: /s/Ron B. Kirkland
Name: Ron B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: June 8, 1998
<TABLE>
<CAPTION>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1998-1
Remic LT
Statement to Certificateholders
Distributions in Dollars
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LT-A-1 156,000,000.00 150,643,072.74 1,250,962.34 3,054,954.74 4,305,917.08 0.00 0.00 147,588,118.00
LT-A-2 25,000,000.00 25,000,000.00 208,333.33 0.00 208,333.33 0.00 0.00 25,000,000.00
LT-A-3 78,500,000.00 78,500,000.00 654,166.67 0.00 654,166.67 0.00 0.00 78,500,000.00
LT-A-4 22,500,000.00 22,500,000.00 187,500.00 0.00 187,500.00 0.00 0.00 22,500,000.00
LT-A-5 32,000,000.00 32,000,000.00 266,666.67 0.00 266,666.67 0.00 0.00 32,000,000.00
LT-A-6 30,000,000.00 30,000,000.00 250,000.00 0.00 250,000.00 0.00 0.00 30,000,000.00
LT-A-7 486,000,000.00 468,255,584.32 3,825,649.07 9,541,553.69 13,367,202.76 0.00 0.00 458,714,030.63
LT-M-1F 22,000,000.00 22,000,000.00 182,691.25 0.00 182,691.25 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 392,160.10 0.00 392,160.10 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 149,474.66 0.00 149,474.66 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 294,120.07 0.00 294,120.07 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 16,000,000.00 132,866.36 0.00 132,866.36 0.00 0.00 16,000,000.00
LT-B-1A 30,000,000.00 30,000,000.00 245,100.06 0.00 245,100.06 0.00 0.00 30,000,000.00
LT-R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 976,898,657.06 8,039,690.58 12,596,508.43 20,636,199.01 0.00 0.00 964,302,148.63
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
LT-A-1 965.660723 8.018989 19.583043 27.602033 946.077679 9.964977% 9.960373%
LT-A-2 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 9.964977% 9.960373%
LT-A-3 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 9.964977% 9.960373%
LT-A-4 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 9.964977% 9.960373%
LT-A-5 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 9.964977% 9.960373%
LT-A-6 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 9.964977% 9.960373%
LT-A-7 963.488857 7.871706 19.632827 27.504532 943.856030 9.804002% 9.787154%
LT-M-1F 1,000.000000 8.304148 0.000000 8.304148 1,000.000000 9.964977% 9.960373%
LT-M-1A 1,000.000000 8.170002 0.000000 8.170002 1,000.000000 9.804002% 9.787154%
LT-M-2F 1,000.000000 8.304148 0.000000 8.304148 1,000.000000 9.964977% 9.960373%
LT-M-2A 1,000.000000 8.170002 0.000000 8.170002 1,000.000000 9.804002% 9.787154%
LT-B-1F 1,000.000000 8.304148 0.000000 8.304148 1,000.000000 9.964977% 9.960373%
LT-B-1A 1,000.000000 8.170002 0.000000 8.170002 1,000.000000 9.804002% 9.787154%
LT-R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
Remic UT
Statement To Certificateholders
Distributions in Dollars
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
A-1 156,000,000.00 150,033,866.10 813,933.72 3,656,023.79 4,469,957.51 0.00 0.00 146,377,842.31
A-2 25,000,000.00 25,000,000.00 131,250.00 0.00 131,250.00 0.00 0.00 25,000,000.00
A-3 78,500,000.00 78,500,000.00 418,666.67 0.00 418,666.67 0.00 0.00 78,500,000.00
A-4 22,500,000.00 22,500,000.00 122,812.50 0.00 122,812.50 0.00 0.00 22,500,000.00
A-5 32,000,000.00 32,000,000.00 188,533.33 0.00 188,533.33 0.00 0.00 32,000,000.00
A-6 30,000,000.00 30,000,000.00 162,750.00 0.00 162,750.00 0.00 0.00 30,000,000.00
A-7 486,000,000.00 467,200,665.36 2,280,036.58 11,040,049.03 13,320,085.61 0.00 0.00 456,160,616.33
M-1F 22,000,000.00 22,000,000.00 128,333.33 0.00 128,333.33 0.00 0.00 22,000,000.00
M-1A 48,000,000.00 48,000,000.00 243,450.00 0.00 243,450.00 0.00 0.00 48,000,000.00
M-2F 18,000,000.00 18,000,000.00 108,600.00 0.00 108,600.00 0.00 0.00 18,000,000.00
M-2A 36,000,000.00 36,000,000.00 189,187.50 0.00 189,187.50 0.00 0.00 36,000,000.00
B-1F 16,000,000.00 16,000,000.00 101,466.67 0.00 101,466.67 0.00 0.00 16,000,000.00
B-1A 30,000,000.00 30,000,000.00 171,406.25 0.00 171,406.25 0.00 0.00 30,000,000.00
C-FIO* 40,000,000.00 40,000,000.00 500,000.00 0.00 500,000.00 0.00 0.00 40,000,000.00
C-AIO* 66,000,000.00 66,000,000.00 375,100.00 0.00 375,100.00 0.00 0.00 66,000,000.00
D 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
S 0.00 0.00 72,746.98 0.00 72,746.98 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 975,234,531.46 6,008,273.53 14,696,072.82 20,704,346.35 0.00 0.00 960,538,458.64
*Represents a Notional Balance
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH
RATES
PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL BALANCE CURRENT NEXT
A-1 03215PDH9 961.755552 5.217524 23.436050 28.653574 938.319502 6.510000% 6.510000%
A-2 03215PDJ5 1,000.000000 5.250000 0.000000 5.250000 1,000.000000 6.300000% 6.300000%
A-3 03215PDK2 1,000.000000 5.333333 0.000000 5.333333 1,000.000000 6.400000% 6.400000%
A-4 03215PDL0 1,000.000000 5.458333 0.000000 5.458333 1,000.000000 6.550000% 6.550000%
A-5 03215PDM8 1,000.000000 5.891667 0.000000 5.891667 1,000.000000 7.070000% 7.070000%
A-6 03215PDN6 1,000.000000 5.425000 0.000000 5.425000 1,000.000000 6.510000% 6.510000%
A-7 03215PDS5 961.318241 4.691433 22.716150 27.407584 938.602091 5.856250% 5.848440%
M-1F 03215PDP1 1,000.000000 5.833333 0.000000 5.833333 1,000.000000 7.000000% 7.000000%
M-1A 03215PDT3 1,000.000000 5.071875 0.000000 5.071875 1,000.000000 6.086250% 6.078440%
M-2F 03215PDQ9 1,000.000000 6.033333 0.000000 6.033333 1,000.000000 7.240000% 7.240000%
M-2A 03215PDU0 1,000.000000 5.255208 0.000000 5.255208 1,000.000000 6.306250% 6.298440%
B-1F 03215PDR7 1,000.000000 6.341667 0.000000 6.341667 1,000.000000 7.610000% 7.610000%
B-1A 03215PDV8 1,000.000000 5.713542 0.000000 5.713542 1,000.000000 6.856250% 6.848440%
C-FIO* AO9801114 1,000.000000 12.500000 0.000000 12.500000 1,000.000000 15.000000% 15.000000%
C-AIO* AO9801115 1,000.000000 5.683333 0.000000 5.683333 1,000.000000 6.820000% 6.820000%
D AO9801116 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
S AO9801117 0.000000 0.072747 0.000000 0.072747 0.000000 0.000000% 0.000000%
R AO9801118 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
</TABLE>
<TABLE>
<CAPTION>
SELLER: AMRESCO Residential Securities Corporation ADMINISTRATOR: Tito Escobedo
SERVICER: Advanta/Ameriquest/Wendover Funding, Inc. Bankers Trust Company
LEAD UNDERWRITER: Credit Suisse First Boston 3 Park Plaza
RECORD DATE: April 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: May 26, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: May 26, 1998
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 404,133.73 282,105.38 686,239.11
PRINCIPAL 26,991.77 12,885.80 39,877.57
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 134,027.60 199,379.29 333,406.89
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 134,027.60 199,379.29 333,406.89
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 3,934.63 9,439.93 13,374.56
LESS: DELINQUENT SERVICE FEES: 14,603.64 10,311.27 24,914.91
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 115,489.33 179,628.09 295,117.42
BEGINNING NUMBER OF LOANS: 5,574 5,640 11,214
ENDING NUMBER OF LOANS: 5,524 5,559 11,083
BEGINNING LOAN BALANCE: 394,643,072.74 582,255,584.32 976,898,657.06
ENDING LOAN BALANCE: 391,588,118.01 572,714,030.62 964,302,148.63
BEGINNING PRE-FUNDING BALANCE 0.00 0.00 0.00
ENDING LOAN PRE-FUNDING BALANC 0.00 0.00 0.00
WEIGHTED AVERAGE COUPON RATE: 10.4650% 10.3040% 10.3690%
EXTRA PRINCIPAL DISTRIBUTION A 601,069.05 1,498,495.34 2,099,564.39
OVERCOLLATERALIZED AMOUNT 1,210,275.70 2,553,414.29 3,763,689.99
TARGETED OVERCOLLATERALIZATION 7,000,000.00 14,400,000.00 21,400,000.00
SUBSITIUTION AMOUNTS 0.00 0.00 0.00
LOAN PURCHASE PRICE AMOUNTS 0.00 0.00 0.00
SENIOR ENHANCEMENT PERCENTAGE 14.6098% 20.3511%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 20,704,346.35
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.6563%
NEXT PERIODS ONE-MONTH LIBOR 5.6484%
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT AND LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 90+ IN IN
INFORMATION DAYS DAYS DAYS DAYS BANKRUPTCY FORECLOSURE
GROUP 1 (Fixed Rate)
<S> <C> <C> <C> <C> <C> <C>
PRINCIPAL BALANCE 8,982,598.29 803,774.16 348,189.85 52,244.04 1,743,906.42 2,158,501.34
% OF TOTAL GROUP I LOAN BALANCE 2.29% 0.21% 0.09% 0.01% 0.45% 0.55%
NUMBER OF LOANS 141 13 5 1 25 35
% OF TOTAL GROUP I LOANS 2.55% 0.24% 0.09% 0.02% 0.45% 0.63%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 7,567,543.99 1,043,313.72 460,806.97 242,981.81 575,301.87 3,287,448.97
% OF TOTAL GROUP II LOAN BALANCE 1.32% 0.18% 0.08% 0.04% 0.10% 0.57%
NUMBER OF LOANS 98 12 7 4 9 41
% OF TOTAL GROUP 2 LOANS 1.76% 0.22% 0.13% 0.07% 0.16% 0.74%
TOTAL PRINCIPAL BALANCE 16,550,142.28 1,847,087.88 808,996.82 295,225.85 2,319,208.29 5,445,950.31
% OF TOTAL LOAN BALANCE 1.72% 0.19% 0.08% 0.03% 0.24% 0.56%
TOTAL NUMBER OF LOANS 239 25 12 5 34 76
% OF TOTAL LOAN BALANCE 2.16% 0.23% 0.11% 0.05% 0.31% 0.69%
</TABLE>
*Delinquencies are inclusive of Foreclosures, Bankruptcies And REO Property
<TABLE>
<S> <C> <C>
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 117,348.80 0.00
NUMBER OF LOANS 2 0.00
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 378,858.61 295,225.85
NUMBER OF LOANS 6 5
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 312,790.41 0.00
NUMBER OF LOANS 4 0
GROUP I 60+ DAY DELINQUENT BALANCE 1,204,208.05
GROUP II 60+ DAY DELINQUENT BALANCE 1,747,102.50
</TABLE>
<TABLE>
REO LOAN INFROMATION: GROUP I GROUP II TOTAL
<S> <C> <C> <C>
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 53,534.00 0.00 53,534.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS 0.00 183,124.65 183,127.65
NUMBER OF REO LOANS 0 1 1
ADVANTA 90+ DELINQUENT PERCENTAGE 1.34%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 0.34%
WENDOVER 90+ DELINQUENT PERCENTAGE 0.10%
ADVANTA ENDING LOAN BALANCE: 176,467,986.98 299,081,549.31 475,549,536.29
WENDOVER ENDING LOAN BALANCE: 185,525,658.88 211,888,559.59 397,414,218.47
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 288,400.20 280,857.53 569,257.73
PRINCIPAL PREPAYMENTS: 2,885,504.13 9,200,380.12 12,085,884.25
CURTAILMENTS: (118,949.59) 60,316.04 (58,633.55)
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 601,069.05 1,498,495.34 2,099,564.39
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
3,656,023.79 11,040,049.03 14,696,072.82
REALIZED LOSS INFORMATION: Group I Group II Total
CURRENT PERIODS REALIZED LOSS AMOUNT 0.00 0.00 0.00
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 0.00 0.00 0.00
APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
UNPAID REALIZED LOSS AMOUNT 0.00 0.00 0.00
ANNUAL LOSS PERCENTAGE 0.00% 0.00%
ADVANTA AMERIQUEST WENDOVER
CURRENT PERIODS REALIZED LOSS AMOUNT 0.00 0.00 0.00
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 0.00 0.00 0.00
ANNUAL LOSS PERCENTAGE 0.00% 0.00% 0.00%
INTEREST CARRY-FORWARD AMOUNT
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 0.00
Class A-5 0.00
Class A-6 0.00
Class A-7 0.00
Class M-1F 0.00
Class M-1A 0.00
Class M-2F 0.00
Class M-2A 0.00
Class B-1F 0.00
Class B-1A 0.00
Class C-FIO 0.00
Class C-AIO 0.00
0.00
</TABLE>
<TABLE>
<CAPTION>
CASH REMITTANCE RECONCILIATION: ADVANTA AMERIQUEST WENDOVER TOTAL
<S> <C> <C> <C> <C>
SCHEDULED INTEREST AMOUNT: 4,175,180.93 754,157.75 3,511,906.13 8,441,244.81
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00 0.00
TOTAL INTEREST: 4,175,180.93 754,157.75 3,511,906.13 8,441,244.81
LESS: CURRENT SERVICING FEE (145,858.96) (36,096.23) (113,162.22) (295,117.41)
LESS: CURRENT TRUSTEE FEES 0.00 0.00 0.00 0.00
LESS: CURRENT INSURANCE PREMIUM 0.00 0.00 0.00 0.00
LESS: DELINQUENT INTEREST (366,952.28) (22,740.71) (321,461.03) (711,154.02)
LESS: PREPAYMENT INTEREST SHORTFALLS (2,002.51) (1,688.56) (9,683.49) (13,374.56)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 353,895.60 21,655.52 310,687.99 686,239.11
4,014,262.78 715,287.78 3,378,287.38 8,107,837.93
SCHEDULED PRINCIPAL: 265,130.34 76,132.35 227,995.047 569,257.74
PRINCIPAL PREPAYMENTS: 6,916,200.87 1,873,503.07 3,296,180.31 12,085,884.25
CURTAILMENTS: 23,594.55 (86.31) (82,141.79) (58,633.55)
LIQUIDATIONS: 0.00 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 7,204,925.76 1,949,549.11 3,442,033.57 12,596,508.44
LESS: DELINQUENT PRINCIPAL (23,421.17) (2,588.17) (13,868.22) (39,877.57)
PLUS: PRINCIPAL ADVANCED 23,421.17 2,588.17 13,868.22 39,877.57
7,204,925.76 1,949,549.11 3,442,033.57 12,596,508.44
TOTAL REMITTANCE AMOUNTS: 11,219,188.54 2,664,836.89 6,820,320.94 20,704,346.37
</TABLE>
