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):
June 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 333-30759-7 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 May 1, 1998 to May 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: July 2, 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-1 156,000,000.00 147,588,118.00 1,236,396.79 4,527,113.63 5,763,510.42 0.00 0.00 143,061,004.37
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-7 486,000,000.00 458,714,030.63 3,814,921.12 10,154,170.61 13,969,091.73 0.00 0.00 448,559,860.02
LT-M-1F 22,000,000.00 22,000,000.00 184,301.62 0.00 184,301.62 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 399,194.71 0.00 399,194.71 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 150,792.24 0.00 150,792.24 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 299,396.03 0.00 299,396.03 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 16,000,000.00 134,037,54 0.00 134,037.54 0.00 0.00 16,000,000.00
LT-B-1A 30,000,000.00 30,000,000.00 249,496.69 0.00 249,496.69 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 1,000,000,000.00 964,302,148.63 8,035,203.41 14,681,284.24 22,716,487.65 0.00 0.00 949,620,864.39
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-1 946.077679 7.925620 29.019959 36.945580 917.057720 10.052816% 10.041151%
LT-A-2 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.052816% 10.041151%
LT-A-3 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.052816% 10.041151%
LT-A-4 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.052816% 10.041151%
LT-A-5 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.052816% 10.041151%
LT-A-6 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.052816% 10.041151%
LT-A-7 943.856030 7.849632 20.893355 28.742987 922.962675 9.979868% 9.906029%
LT-M-1F 1,000.000000 8.377346 0.000000 8.377346 1,000.000000 10.052816% 10.041151%
LT-M-1A 1,000.000000 8.316556 0.000000 8.316556 1,000.000000 9.979868% 9.906029%
LT-M-2F 1,000.000000 8.377347 0.000000 8.377347 1,000.000000 10.052816% 10.041151%
LT-M-2A 1,000.000000 8.316556 0.000000 8.316556 1,000.000000 9.979868% 9.906029%
LT-B-1F 1,000.000000 8.377346 0.000000 8.377346 1,000.000000 10.052816% 10.041151%
LT-B-1A 1,000.000000 8.316556 0.000000 8.316556 1,000.000000 9.979868% 9.906029%
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-1 156,000,000.00 146,377,842.31 794,099.79 5,121,228.72 5,915,328.51 0.00 0.00 141,256,613.59
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-7 486,000,000.00 456,160,616.33 2,069,060.18 11,893,167.47 13,962,227.65 0.00 0.00 444,267,448.86
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 48,000,000.00 226,865.93 0.00 226,865.93 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 36,000,000.00 176,309.45 0.00 176,309.45 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 30,000,000.00 159,757.88 0.00 159,757.88 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 66,000,000.00 350,093.33 0.00 350,093.33 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 71,744.24 0.00 71,744.24 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 960,538,458.64 5,710,343.30 17,014,396.19 22,724,739.49 0.00 0.00 943,524,062.45
*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 938.319502 5.090383 32.828389 37.918773 905.491113 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 938.602091 4.257325 24.471538 28.728863 914.130553 5.848440% 5.856250%
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 4.726374 0.000000 4.726374 1,000.000000 6.078440% 6.086250%
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 4.897485 0.000000 4.897485 1,000.000000 6.298440% 6.306250%
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 5.325263 0.000000 5.325263 1,000.000000 6.848440% 6.856250%
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 5.304444 0.000000 5.304444 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 0.071744 0.000000 0.071744 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: May 31, 1998 Irvine, CA 92714
DISTRIBUTION DATE: June 25, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: June 25, 1998
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 722,937.80 1,293,357.02 2,016,294.82
PRINCIPAL 59,338.83 74,772.71 134,111.54
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 132,995.57 196,050.00 329,045.57
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 132,995.57 196,050.00 329,045.57
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 4,336.83 18,022.31 22,359.14
LESS: DELINQUENT SERVICE FEES: 30,312.73 55,174.90 85,487.63
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 98,346.01 122,852.79 221,198.80
BEGINNING NUMBER OF LOANS: 5,524 5,559 11,083
ENDING NUMBER OF LOANS: 5,451 5,475 10,926
BEGINNING LOAN BALANCE: 391,588,118.01 572,714,030.62 964,302,148.63
ENDING LOAN BALANCE: 387,061,004.38 562,559,860.01 949,620,864.39
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: 10,460304% 10.390649% 10.418935%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 594,115.09 1,519,491.83 2,113,606.92
OVERCOLLATERALIZED AMOUNT 1,804,390.79 4,292,411.15 6,096,801.94
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 14.9342% 21.0275%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 22,724,739.49
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.6484%
NEXT PERIODS ONE-MONTH LIBOR 5.6563%
</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 31,597,245.34 5,507,933.17 3,027,588.94 5,427,803.75 2,215,210.12 10,264,842.74
% OF TOTAL GROUP I LOAN BALANCE 8.16% 1.42% 0.78% 1.40% 0.57% 2.65%
NUMBER OF LOANS 432 93 55 94 38 187
% OF TOTAL GROUP I LOANS 7.93% 1.71% 1.01% 1.72% 0.70% 3.43%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 60,212,013.35 13,316,851.37 6,355,307.90 12,358,445.72 3,422,525.08 22,341,822.00
% OF TOTAL GROUP II LOAN BALANCE 10.70% 2.37% 1.13% 2.20% 0.61% 3.97%
NUMBER OF LOANS 640 144 43 114 36 223
% OF TOTAL GROUP 2 LOANS 11.69% 2.63% 0.79% 2.08% 0.66% 4.07%
TOTAL PRINCIPAL BALANCE 91,809,258.69 18,824,784.54 9,382,896.84 17,786,249.47 5,637,735.20 32,606,664.74
% OF TOTAL LOAN BALANCE 9.67% 1.98% 0.99% 1.87% 0.59% 3.43%
TOTAL NUMBER OF LOANS 1072 237 98 208 74 410
% OF TOTAL LOAN BALANCE 9.81% 2.17% 0.90% 1.90% 0.68% 3.75%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 7,360,959.50 16,348,628.96
NUMBER OF LOANS 76 190
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 817,694.59 1,124,918.47
NUMBER OF LOANS 7 14
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 1,204,242.75 312,702.04
NUMBER OF LOANS 15 4
GROUP I 60+ DAY DELINQUENT BALANCE 13,963,325.86
GROUP II 60+ DAY DELINQUENT BALANCE 32,030,604.99
REO LOAN INFROMATION: GROUP I GROUP II TOTAL
BOOK VALUE OF REAL ESTATE ACQUIRED THROUGH FORECLOSURE: 113,332.00 0.00 113,332.00
AGGREGATE PRINCIPAL BALANCE OF REO LOANS 139,676.70 183,063.52 322,740.22
NUMBER OF REO LOANS 3 1 4
ADVANTA 90+ DELINQUENT PERCENTAGE 3.76%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 1.05%
WENDOVER 90+ DELINQUENT PERCENTAGE 0.15%
ADVANTA ENDING LOAN BALANCE: 173,694,842.52 293,310,489.23 467,005,331.75
WENDOVER ENDING LOAN BALANCE: 184,137,125.84 209,788,463.40 393,925,589.24
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 286,954.33 266,181.48 553,135.81
PRINCIPAL PREPAYMENTS: 4,171,334.23 9,865,102.46 14,036,436.69
CURTAILMENTS: 68,825.07 22,886.67 91,711.74
REPURCHASES: 0.00 0.00 0.00
LIQUIDATION PROCEEDS: 0.00 0.00 0.00
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 594,115.09 1,519,491.83 2,113,606.92
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
5,121,228.72 11,673,662.44 16,794,891.16
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>
CASH REMITTANCE RECONCILIATION: ADVANTA AMERIQUEST WENDOVER TOTAL
<S> <C> <C> <C> <C>
SCHEDULED INTEREST AMOUNT: 4,116,833.25 768,299.48 3,487,368.11 8,372,500.84
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 0.00 0.00 0.00 0.00
TOTAL INTEREST: 4,116,833.25 768,299.48 3,487,368.11 8,372,500.84
LESS: CURRENT SERVICING FEES (120,869.89) 9,525.34 (109,854.26) (221,198.81)
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 (1,030,317.89) (742,350.42) (329,114.16) (2,101,782.46)
LESS: PREPAYMENT INTEREST SHORTFALLS 0.00 (10,796.02) (11,563.12) (22,359.13)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 992,671.26 705,563.44 318,060.13 2,016,294.83
3,958,316.74 730,241.82 3,354,896.70 8,043,455.26
SCHEDULED PRINCIPAL: 262,224.84 64,079.54 226,831.4327 553,135.81
PRINCIPAL PREPAYMENTS: 8,228,440.42 2,579,167.33 3,228,828.94 14,036,436.69
CURTAILMENTS: 53,539.28 5,203.60 32,968.86 91,711.74
LIQUIDATIONS: 0.00 0.00 0.00 0.00
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 8,544,204.54 2,648,450.47 3,488,629.23 14,681,284.24
LESS: DELINQUENT PRINCIPAL (56,186.62) (63,818.29) (14,106.63) (134,111.54)
PLUS: PRINCIPAL ADVANCED 56,186.62 63,818.29 14,106.63 134,111.54
8,544,204.54 2,648,450.47 3,488,629.23 14,681,284.24
TOTAL REMITTANCE AMOUNTS: 12,502,521.28 3,378,692.29 6,843,525.93 22,724,739.50
</TABLE>
