|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: COOPERATIVE COMPUTING INC /DE/, S-1, 1998-04-03 |
Next: FOCAL COMMUNICATIONS CORP, S-4, 1998-04-03 |
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):
March 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 333-30759-3 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 February 12, 1998 to
February 28, 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: March 30, 1998
AMRESCO Residential Securities Corporation
Mortgage Loan Trust
Series 1998-1
Remic LT
Statement to Certificateholders
Distributions in Dollars
<TABLE>
<CAPTION>
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-1 156,000,000.00 156,000,000.00 1,165,279.06 2,225,164.64 3,390,443.70 0.00 0.00 153,774,835.36
LT-A-2 25,000,000.00 25,000,000.00 185,786.48 0.00 185,786.48 0.00 0.00 25,000,000.00
LT-A-3 78,500,000.00 78,500,000.00 583,369.56 0.00 583,369.56 0.00 0.00 78,500,000.00
LT-A-4 22,500,000.00 22,500,000.00 167,207.83 0.00 167,207.83 0.00 0.00 22,500,000.00
LT-A-5 32,000,000.00 32,000,000.00 237,806.70 0.00 237,806.70 0.00 0.00 32,000,000.00
LT-A-6 30,000,000.00 30,000,000.00 222,943.78 0.00 222,943.78 0.00 0.00 30,000,000.00
LT-A-7 486,000,000.00 486,000,000.00 3,521,859.77 8,270,329.21 11,792,188.98 0.00 0.00 477,729,670.79
LT-M-1F 22,000,000.00 22,000,000.00 164,334.23 0.00 164,334.23 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 347,838.01 0.00 347,838.01 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 134,455.28 0.00 134,455.28 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 260,878.50 0.00 260,878.50 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 16,000,000.00 119,515.80 0.00 119,515.80 0.00 0.00 16,000,000.00
LT-B-1A 30,000,000.00 30,000,000.00 217,398.75 0.00 217,398.75 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 1,000,000,000.00 7,328,673.75 10,495,493.85 17,824,167.60 0.00 0.00 989,504,506.15
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 1,000.000000 7.469738 14.263876 21.733613 985.736124 10.051509% 10.044680%
LT-A-2 1,000.000000 7.431459 0.000000 7.431459 1,000.000000 10.051509% 10.044680%
LT-A-3 1,000.000000 7.431459 0.000000 7.431459 1,000.000000 10.051509% 10.044680%
LT-A-4 1,000.000000 7.431459 0.000000 7.431459 1,000.000000 10.051509% 10.044680%
LT-A-5 1,000.000000 7.431459 0.000000 7.431459 1,000.000000 10.051509% 10.044680%
LT-A-6 1,000.000000 7.431459 0.000000 7.431459 1,000.000000 10.051509% 10.044680%
LT-A-7 1,000.000000 7.246625 17.017138 24.263763 982.982862 9.751281% 9.746758%
LT-M-1F 1,000.000000 7.469738 0.000000 7.469738 1,000.000000 10.051509% 10.044680%
LT-M-1A 1,000.000000 7.246625 0.000000 7.246625 1,000.000000 9.751281% 9.746758%
LT-M-2F 1,000.000000 7.469738 0.000000 7.469738 1,000.000000 10.051509% 10.044680%
LT-M-2A 1,000.000000 7.246625 0.000000 7.246625 1,000.000000 9.751281% 9.746758%
LT-B-1F 1,000.000000 7.469738 0.000000 7.469738 1,000.000000 10.051509% 10.044680%
LT-B-1A 1,000.000000 7.246625 0.000000 7.246625 1,000.000000 9.751281% 9.746758%
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-1 156,000,000.00 156,000,000.00 846,300.00 2,225,344.45 3,071,644.45 0.00 0.00 153,774,655.55
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-7 486,000,000.00 486,000,000.00 3,224,137.50 8,270,979.15 11,495,116.65 0.00 0.00 477,729,020.85
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 48,000,000.00 331,006.67 0.00 331,006.67 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 36,000,000.00 257,275.00 0.00 257,275.00 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-1 30,000,000.00 30,000,000.00 233,187.50 0.00 233,187.50 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 66,000,000.00 512,636.66 0.00 512,636.66 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 60,888 0.00 60,888 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 1,000,000,000.00 7,327,844.00 10,496,323.60 17,824,167.60 0.00 0.00 989,503,676.40
*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 1,000.000000 5.425000 14.265029 19.690029 985.734971 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 1,000.000000 6.634028 17.018476 23.652503 982.981524 5.825000% 5.887500%
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 6.895972 0.000000 6.895972 1,000.000000 6.055000% 6.117500%
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 7.146528 0.000000 7.146528 1,000.000000 6.275000% 6.337500%
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 7.772917 0.000000 7.772917 1,000.000000 6.825000% 6.887500%
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 7.767222 0.000000 7.767222 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 0.060888 0.000000 0.060888 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: February 28, 1998 Irvine, CA 92714
DISTRIBUTION DATE: March 25, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: March 25, 1998
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 350,305.64 619,828.19 970,133.83
PRINCIPAL 22,478.73 32,779.79 55,258.52
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 102,023.04 159,632.09 261,655.13
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 102,023.04 159,632.09 261,655.13
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 2,119.56 8,037.75 10,157.31
LESS: DELINQUENT SERVICE FEES: 12,798.25 24,748.11 37,546.36
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 87,105.23 126,846.23 213,951.46
BEGINNING NUMBER OF LOANS: 4,225 4,455 8,680
ENDING NUMBER OF LOANS: 4,186 4,384 8,570
BEGINNING LOAN BALANCE: 302,426,527.47 473,668,841.72 776,095,369.19
ENDING LOAN BALANCE: 300,201,362.83 465,398,512.51 765,599,875.34
BEGINNING PRE-FUNDING BALENCE 97,573,472.53 126,331,158.28 223,904,630.81
ENDING LOAN PRE-FUNDING BALANCE 97,573,472.53 126,331,158.28 223,904,630.81
WEIGHTED AVERAGE COUPON RATE: 10.5515% 10.2513% 10.3683%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 179.81 649.94 829.75
OVERCOLLATERALIZED AMOUNT 179.81 649.94 829.75
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 14.0784% 19.2657%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 17,824,167.60
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.6250%
NEXT PERIODS ONE-MONTH LIBOR 5.6875%
</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 5,737,383.31 3,881,292.82 1,909,412.42 107,410.37 690,741.09 1,700,957.25
% OF TOTAL GROUP I LOAN BALANCE 1.90% 1.28% 0.63% 0.00% 0.23% 0.56%
NUMBER OF LOANS 87 55 36 2 9 31
% OF TOTAL GROUP I LOANS 2.06% 1.30% 0.85% 0.00% 0.21% 0.73%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 10,604,212.56 8,504,993.01 5,651,560.97 0.00 920,714.40 3,054,723.69
% OF TOTAL GROUP II LOAN BALANCE 2.24% 1.80% 1.19% 0.00% 0.19% 0.64%
NUMBER OF LOANS 108 79 53 0 8 33
% OF TOTAL GROUP 2 LOANS 2.42% 1.77% 1.19% 0.00% 0.18% 0.74%
TOTAL PRINCIPAL BALANCE 16,341,595.87 12,386,285.83 7,560,973.39 107,410.37 1,611,455.49 4,755,680.94
% OF TOTAL LOAN BALANCE 2.11% 1.60% 0.97% 0.01% 0.21% 0.61%
TOTAL NUMBER OF LOANS 195 134 89 2 17 64
% OF TOTAL LOAN BALANCE 2.25% 1.54% 1.03% 0.02% 0.20% 0.74%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 6,767,871.53 107,410.37
NUMBER OF LOANS 78 2
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 221,631.48 0.00
NUMBER OF LOANS 3 0
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 571,470.38 0.00
NUMBER OF LOANS 8 0
GROUP I 60+ DAY DELINQUENT BALANCE 5,898,115.61
GROUP II 60+ DAY DELINQUENT BALANCE 14,156,553.98
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 0.00 0.00 0.00
NUMBER OF REO LOANS 0 0 0
ADVANTA 90+ DELINQUENT PERCENTAGE 0.47%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 0.21%
WENDOVER 90+ DELINQUENT PERCENTAGE 0.08%
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 212,886.38 216,920.67 429,807.05
PRINCIPAL PREPAYMENTS: 1,896,905.70 7,998,706.86 9,895,612.56
CURTAILMENTS: 62,882.68 54,701.68 117,584.36
REPURCHASES: 52,489.88 0.00 52,489.88
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 179.81 649.94 829.75
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
2,225,344.45 8,270,979.15 10,496,323.60
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
</TABLE>
<TABLE>
<CAPTION>
0.00
CASH REMITTANCE RECONCILIATION: ADVANTA AMERIQUEST WENDOVER TOTAL
<S> <C> <C> <C> <C>
SCHEDULED INTEREST AMOUNT: 4,174,287.99 289,087.16 2,241,663.98 6,705,039.12
REPURCHASE INTEREST: 0.00 0.00 601.45 601.45
LIQUIDATION INTEREST: 0.00 0.00 0.00 0.00
TOTAL INTEREST: 4,174,287.99 289,087.16 2,242,265.42 6,705,640.57
LESS: CURRENT SERVICING FEES (124,780.07) (13,382.94) (75,788.45) (213,951.46)
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 (941,117.65) (22,180.70) (44,381.85) (1,007,680.20)
LESS: PREPAYMENT INTEREST SHORTFALLS (2,661.78) (332.89) (7,162.64) (10,157.31)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 906,328.44 21,113.15 42,692.25 970,133.84
4,012,056.93 274,303.78 2,157,624.72 6,443,985.44
SCHEDULED PRINCIPAL: 266,279.59 27,326.04 136,201.4179 429,807.04
PRINCIPAL PREPAYMENTS: 7,078,720.90 510,892.77 2,305,998.89 9,895,612.56
CURTAILMENTS: 52,225.94 6.61 65,351.81 117,584.37
LIQUIDATIONS: 0.00 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 52,489.88 52,489.88
TOTAL PRINCIPAL: 7,397,226.43 538,225.42 2,560,042.00 10,495,493.85
LOSS: DELINQUENT PRINCIPAL (50,984.58) (1,725.23) (2,548.72) (55,258.52)
PLUS: PRINCIPAL ADVANCED 50,984.58 1,725.23 2,548.72 55,258.52
7,397,226.43 538,225.42 2,560,042.00 10,495,493.85
TOTAL REMITTANCE AMOUNTS: 11,409,283.36 812,529.20 4,717,666.72 16,939,479.29
</TABLE>
|
|