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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):
September 25, 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 333-30759-11 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 August 1, 1998 to August
31, 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: October 2, 1998
<TABLE>
<CAPTION>
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1998-1
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-1 156,000,000.00 132,101,036.36 1,103,096.78 6,116,679.18 7,219,775.96 0.00 0.00 125,984,357.18
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-7 486,000,000.00 420,984,159.34 3,519,888.97 12,444,403.25 15,964,292.22 0.00 0.00 408,539,756.09
LT-M-1F 22,000,000.00 22,000,000.00 183,708.85 0.00 183,708.85 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 401,332.61 0.00 401,332.61 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 150,307.24 0.00 150,307.24 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 300,999.46 0.00 300,999.46 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 15,996,911.53 133,580.65 0.00 133,580.65 (6,094.54) 0.00 16,003,006.07
LT-B-1A 30,000,000.00 29,987,630.85 250,729.46 0.00 250,729.46 (1,964.00) 0.00 29,989,594.85
LT-R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 911,069,738.08 7,610,310.69 18,561,082.43 26,171,393.12 (8,058.54) 0.00 892,516,714.19
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-1 846.801515 7.071133 39.209482 46.280615 807.592033 10.020483% 10.014547%
LT-A-2 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.020483% 10.014547%
LT-A-3 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.020483% 10.014547%
LT-A-4 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.020483% 10.014547%
LT-A-5 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.020483% 10.014547%
LT-A-6 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.020483% 10.014547%
LT-A-7 866.222550 7.242570 25.605768 32.848338 840.616782 10.033315% 9.950099%
LT-M-1F 1,000.000000 8.350402 0.000000 8.350402 1,000.000000 10.020483% 10.014547%
LT-M-1A 1,000.000000 8.361096 0.000000 8.361096 1,000.000000 10.033315% 9.950099%
LT-M-2F 1,000.000000 8.350402 0.000000 8.350402 1,000.000000 10.020483% 10.014547%
LT-M-2A 1,000.000000 8.361096 0.000000 8.361096 1,000.000000 10.033315% 9.950099%
LT-B-1F 999.806971 8.348791 0.000000 8.348791 1,000.187879 10.020483% 10.014547%
LT-B-1A 999.587695 8.357649 0.000000 8.357649 999.653162 10.033315% 9.950099%
LT-R 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
Statement To Certificateholders
Distributions in Dollars
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED DEFERRRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
A-1 156,000,000.00 129,194,188.91 700,878.47 6,665,148.38 7,366,026.85 0.00 0.00 122,529,040.53
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-7 486,000,000.00 413,916,204.94 2,084,546.85 13,782,676.30 15,867,223.15 0.00 0.00 400,133,528.64
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 48,000,000.00 251,242.19 0.00 251,242.19 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 36,000,000.00 195,251.64 0.00 195,251.64 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 30,000,000.00 176,918.03 0.00 176,918.03 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 66,000,000.00 387,530.69 0.00 387,530.69 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 67,738.34 0.00 67,738.34 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 901,110,393.85 5,726,518.71 20,447,824.68 26,174,343.39 0.00 0.00 880,662,569.17
*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 828.167878 4.492811 42.725310 47.218121 785.442568 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 851.679434 4.289191 28.359416 32.648607 823.320018 5.848440% 5.793750%
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 5.234212 0.000000 5.234212 1,000.000000 6.078440% 6.023750%
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 5.423657 0.000000 5.423657 1,000.000000 6.298440% 6.243750%
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 5.897268 0.000000 5.897268 1,000.000000 6.848440% 6.793750%
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 5.871677 0.000000 5.871677 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 0.067738 0.000000 0.067738 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: August 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: September 25, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: September 25, 1998
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 569,287.37 948,739.53 1,518,026.90
PRINCIPAL 37,424.12 46,734.19 84,158.31
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 127,719.33 182,888.65 310,607.98
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 127,719.33 182,888.65 310,607.98
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 9,201.14 22,690.96 31,892.10
LESS: DELINQUENT SERVICE FEES: 20,806.93 36,507.22 57,314.15
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 97,711.26 123,690.47 221,401.73
BEGINNING NUMBER OF LOANS: 5,285 5,237 10,522
ENDING NUMBER OF LOANS: 5,204 5,141 10,345
BEGINNING LOAN BALANCE: 376,097,928.32 534,971,790.18 911,069,718.50
ENDING LOAN BALANCE: 369,987,323.87 522,529,350.93 892,516,674.80
BEGINNING PRE-FUNDING BALANCE 0.00 0.00 0.00
ENDING LOAN PRE-FUNDING BALANCE 0.00 0.00 0.00
WEIGHTED AVERAGE COUPON RATE: 10.427523% 10.443554% 10.436936%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 548,449.39 1,338,273.05 1,886,722.44
OVERCOLLATERALIZED AMOUNT 3,458,283.34 8,395,822.29 11,854,105.63
TARGETED OVERCOLLATERALIZATION AMOUNT 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 16.0704% 23.4237%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 26,174,343.39
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.6484%
NEXT PERIODS ONE-MONTH LIBOR 5.5938%
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT AND LOANS LOANS
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 91+ IN IN
INFORMATION DAYS DAYS DAYS DAYS BANKRUPTCY FORECLOSURE
<S> <C> <C> <C> <C> <C> <C>
GROUP 1 (Fixed Rate)
PRINCIPAL BALANCE 6,402,502.26 5,479,163.02 4,021,360.20 12,455,845.38 4,255,559.04 16,356,448.60
% OF TOTAL GROUP I LOAN BALANCE 1.73% 1.48% 1.09% 3.37% 1.15% 4.42%
NUMBER OF LOANS 114 72 64 219 73 265
% OF TOTAL GROUP I LOANS 2.19% 1.38% 1.23% 4.21% 1.40% 5.09%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 13,884,247.75 10,517,995.76 8,964,357.03 26,005,723.91 9,416,727.74 31,027,752.12
% OF TOTAL GROUP II LOAN BALANCE 2.66% 2.01% 1.72% 4.98% 1.80% 5.94%
NUMBER OF LOANS 145 102 93 261 99 334
% OF TOTAL GROUP 2 LOANS 2.82% 1.98% 1.81% 5.08% 1.93% 6.50%
TOTAL PRINCIPAL BALANCE 20,286,750.01 15,997,158.78 12,985,717.23 38,461,569.29 13,672,286.78 47,384,200.72
% OF TOTAL LOAN BALANCE 2.27% 1.79% 1.45% 4.31% 1.53% 5.31%
TOTAL NUMBER OF LOANS 259 174 157 480 172 599
% OF TOTAL LOAN BALANCE 2.50% 1.68% 1.52% 4.64% 1.66% 5.79%
*Delinquencies are inclusive of Foreclosures, Bankruptcies And REO Proper Ty
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 6,701,377.42 26,923,179.44
NUMBER OF LOANS 70 316
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 765,247.78 1,108,996.09
NUMBER OF LOANS 7 14
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 5,519,092.03 10,429,393.76
NUMBER OF LOANS 80 150
GROUP I 60+ DAY DELINQUENT BALANCE 21,956,368.60
GROUP II 60+ DAY DELINQUENT BALANCE 45,488,076.70
REO LOAN INFROMATION: GROUP I GROUP II TOTAL
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 0.00 0.00 0.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS 1,327,918.07 3,052,377.22 4,380,295.29
NUMBER OF REO LOANS 24 25 49
ADVANTA 90+ DELINQUENT PERCENTAGE 6.59%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 1.48%
WENDOVER 90+ DELINQUENT PERCENTAGE 3.04%
GROUP I GROUP II TOTAL
ADVANTA ENDING LOAN BALANCE: 164,172,613.76 272,337,003.43 436,509,617.19
WENDOVER ENDING LOAN BALANCE: 178,431,031.64 197,919,507.40 376,350,539.04
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 284,266.39 252,182.99 536,449.38
PRINCIPAL PREPAYMENTS: 5,716,555.23 12,083,668.31 17,800,223.54
CURTAILMENTS: 109,782.83 106,587.95 216,370.78
REPURCHASES: 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS: 6,094.54 1,964.00 8,058.54
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 548,449.39 1,338,273.05 1,886,722.44
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
6,665,148.38 13,782,676.30 20,447,824.68
REALIZED LOSS INFORMATION: Group I Group II Total
CURRENT PERIODS REALIZED LOSS AMOUNT (6,094.54) (1,964.00) (8,058.54)
CUMULATIVE REALIZED LOSSES SINCE INCEPTION (3,006.07) 10,405.15 7,399.08
APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
ADVANTA AMERIQUEST WENDOVER
CURRENT PERIODS REALIZED LOSS AMOUNT 0.00 0.00 (8,058.54)
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 11,387.15 0.00 (4,029.27)
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
CASH REMITTANCE RECONCILIATION: ADVANTA AMERIQUEST WENDOVER TOTAL
SCHEDULED INTEREST AMOUNT: 3,875,227.93 697,438.39 3,351,202.62 7,923,868.95
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00 0.00
TOTAL INTEREST: 3,875,227.93 697,438.39 3,351,202.62 7,923,868.95
LESS: CURRENT SERVICING FEES (109,700.02) (14,513.07) (97,188.65) (221,401.74)
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 (1,068,791.21) (78,731.90) (427,817.95) (1,575,341.06)
LESS: PREPAYMENT INTEREST SHORTFALLS 0.00 (16,366.72) (15,525.38) (31,892.09)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 1,029,511.03 75,021.27 413,494.61 1,518,026.91
3,726,247.72 662,847.98 3,224,165.26 7,613,260.96
SCHEDULE PRINCIPAL: 252,460.69 60,416.59 223,552.29 536,429.57
PRINCIPAL PREPAYMENTS: 9,998,799.14 3,295,746.09 4,505,678.31 17,800,223.54
CURTAILMENTS: 179,738.72 4,306.86 32,325.20 216,370.78
LIQUIDATIONS: 0.00 0.00 8,058.54 8,058.54
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 10,430,998.55 3,360,469.54 4,769,614.34 18,561,082.43
LESS: DELINQUENT PRINCIPAL (60,596.32) (5,128.11) (18,433.88) (84,158.31)
PLUS: PRINCIPAL ADVANCED 60,596.32 5,128.11 18,433.88 84,158.31
10,430,998.55 3,360,469.54 4,769,614.34 18,561,082.43
TOTAL REMITTANCE AMOUNTS: 14,157,246.27 4,023,317.52 7,993,779.60 26,174,343.39
LIQUIDATED LOANS: TOTAL NUMBER 2
GROUP LOAN NUMBER ACQUISITION BALANCE REALIZED LOSS
1 10005015* 07/29/98 ($6,094.54)
2 10015071* 07/30/98 ($1,964.00)
</TABLE>
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