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Previous: ALLEGIANCE TELECOM INC, 10-Q, 1998-11-05 |
Next: SEACOAST FINANCIAL SERVICES CORP, 10-Q, 1998-11-05 |
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):
October 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 333-30759-12 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 September 1, 1998 to
September 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: November 5, 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-1 156,000,000.00 125,984,357.18 1,051,386.89 6,120,268.38 7,171,655.27 0.00 0.00 119,864,088.80
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-7 486,000,000.00 408,539,756.09 3,436,156.89 17,596,028.25 21,032,185.14 0.00 0.00 390,943,727.84
LT-M-1F 22,000,000.00 22,000,000.00 183,598.28 0.00 183,598.28 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 403,719.66 0.00 403,719.66 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 150,216.78 0.00 150,216.78 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 302,789.74 0.00 302,789.74 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 16,003,006.07 133,551.11 0.00 133,551.11 0.00 0.00 16,003,006.07
LT-B-1A 30,000,000.00 29,989,594.85 252,237.27 0.00 252,237.27 41,874.80 0.00 29,947,720.05
LT-R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 892,516,714.19 7,480,323.29 23,716,296.63 31,196,619.92 41,874.80 0.00 868,758,542.76
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-1 807.592033 6.739660 39.232490 45.972149 768.359544 10.014452% 9.999036%
LT-A-2 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.014452% 9.999036%
LT-A-3 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.014452% 9.999036%
LT-A-4 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.014452% 9.999036%
LT-A-5 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.014452% 9.999036%
LT-A-6 1,000.000000 8.333333 0.000000 8.333333 1,000.000000 10.014452% 9.999036%
LT-A-7 840.616782 7.070282 36.205819 43.276101 804.410963 10.092991% 10.059245%
LT-M-1F 1,000.000000 8.345376 0.000000 8.345376 1,000.000000 10.014452% 9.999036%
LT-M-1A 1,000.000000 8.410826 0.000000 8.410826 1,000.000000 10.092991% 10.059245%
LT-M-2F 1,000.000000 8.345377 0.000000 8.345377 1,000.000000 10.014452% 9.999036%
LT-M-2A 1,000.000000 8.410826 0.000000 8.410826 1,000.000000 10.092991% 10.059245%
LT-B-1F 1,000.187879 8.346944 0.000000 8.346944 1,000.187879 10.014452% 9.999036%
LT-B-1A 999.653162 8.407909 0.000000 8.407909 998.257335 10.092991% 10.059245%
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-1 156,000,000.00 122,529,040.53 664,720.04 6,652,513.41 7,317,233.45 0.00 0.00 115,876,527.12
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-7 486,000,000.00 400,133,528.64 1,996,291.18 18,951,038.79 20,947,329.97 0.00 0.00 381,182,489.85
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 48,000,000.00 248,981.67 0.00 248,981.67 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 36,000,000.00 193,556.25 0.00 193,556.25 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 30,000,000.00 175,505.21 0.00 175,505.21 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 66,000,000.00 387,542.23 0.00 387,542.23 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 66,076.58 0.00 66,076.58 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 880,662,569.17 5,595,085.66 25,603,552.20 31,198,637.86 0.00 0.00 855,059,016.97
*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 785.442568 4.261026 42.644317 46.905343 742.798251 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 823.320018 4.107595 38.993907 43.101502 784.326111 5.793750% 5.419380%
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 5.187118 0.000000 5.187118 1,000.000000 6.023750% 5.649380%
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 5.376563 0.000000 5.376563 1,000.000000 6.243750% 5.869380%
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 5.850174 0.000000 5.850174 1,000.000000 6.793750% 6.419380%
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 5.871852 0.000000 5.871852 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 0.066077 0.000000 0.066077 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: September 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: October 26, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: October 26, 1998
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 574,930.66 986,459.53 1,561,390.19
PRINCIPAL 37,722.94 45,925.95 83,648.89
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 125,611.08 178,532.52 304,143.60
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 125,611.08 178,532.52 304,143.60
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 5,360.47 20,072.24 25,432.71
LESS: DELINQUENT SERVICE FEES: 21,246.85 37,412.69 58,659.54
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 99,003.76 121,047.59 220,051.35
BEGINNING NUMBER OF LOANS: 5,204 5,141 10,345
ENDING NUMBER OF LOANS: 5,118 4,996 10,114
BEGINNING LOAN BALANCE: 369,987,323.87 522,529,350.93 892,516,674.80
ENDING LOAN BALANCE: 363,867,035.38 504,891,447.88 868,758,483.26
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: 10.421417% 10.502995% 10.469178%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 532,245.03 1,355,010.54 1,887,255.57
OVERCOLLATERALIZED AMOUNT 3,990,508.26 9,708,958.03 13,699,466.29
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 16.4869% 24.5021%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 31,198,637.86
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.5938%
NEXT PERIODS ONE-MONTH LIBOR 5.2194%
</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
GROUP 1 (Fixed Rate)
<S> <C> <C> <C> <C> <C> <C>
PRINCIPAL BALANCE 8,176,884.20 2,582,973.39 4,465,183.85 14,997,488.91 5,071,773.21 16,140,029.60
% OF TOTAL GROUP I LOAN BALANCE 2.25% 0.71% 1.23% 4.12% 1.39% 4.44%
NUMBER OF LOANS 108 56 56 260 90 266
% OF TOTAL GROUP I LOANS 2.11% 1.09% 1.09% 5.08% 1.76% 5.20%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 11,572,033.21 7,666,025.96 8,548,561.94 32,171,615.71 10,053,166.12 33,977,495.51
% OF TOTAL GROUP II LOAN BALANCE 2.29% 1.52% 1.69% 6.37% 1.99% 6.73%
NUMBER OF LOANS 139 89 90 327 108 369
% OF TOTAL GROUP 2 LOANS 2.78% 1.78% 1.80% 6.55% 2.16% 7.39%
TOTAL PRINCIPAL BALANCE 19,748,917.41 10,248,999.35 13,013,745.79 47,169,104.62 15,124,939.33 50,117,525.11
% OF TOTAL LOAN BALANCE 2.27% 1.18% 1.50% 5.43% 1.74% 5.77%
TOTAL NUMBER OF LOANS 247 145 146 587 198 635
% OF TOTAL LOAN BALANCE 2.44% 1.43% 1.44% 5.80% 1.96% 6.28%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 6,278,671.52 30,629,189.12
NUMBER OF LOANS 64 354
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 1,285,280.29 1,654,028.64
NUMBER OF LOANS 14 18
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 5,449,793.98 14,885,886.86
NUMBER OF LOANS 68 215
GROUP I 60+ DAY DELINQUENT BALANCE 22,045,646.15
GROUP II 60+ DAY DELINQUENT BALANCE 48,386,203.61
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 1,876,840.47 3,708,877.19 5,585,717.66
NUMBER OF REO LOANS 35 35 70
ADVANTA 90+ DELINQUENT PERCENTAGE 7.47%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 2.55%
WENDOVER 90+ DELINQUENT PERCENTAGE 4.15%
GROUP I GROUP II TOTAL
ADVANTA ENDING LOAN BALANCE: 160,551,885.03 262,267,417.76 422,819,302.79
WENDOVER ENDING LOAN BALANCE: 176,169,350.07 193,930,352.06 370,099,702.13
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 282,899.11 243,396.74 526,295.85
PRINCIPAL PREPAYMENTS: 5,659,991.78 16,978,335.92 22,638,327.70
CURTAILMENTS: 177,377.49 75,917.77 253,295.26
REPURCHASES: 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS: 0.00 298,377.82 298,377.82
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 532,245.03 1,355,010.54 1,887,255.57
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
6,652,513.41 18,951,038.79 25,603,552.20
REALIZED LOSS INFORMATION: Group I Group II Total
CURRENT PERIODS REALIZED LOSS AMOUNT 0.00 41,874.80 41,874.80
CUMULATIVE REALIZED LOSSES SINCE INCEPTION (3,006.07) 52,279.95 49,273.88
APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
ADVANTA AMERIQUEST WENDOVER
CURRENT PERIODS REALIZED LOSS AMOUNT 41,874.80 0.00 0.00
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 53,261.95 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: 3,803,935.78 668,995.22 3,310,849.49 7,783,780.48
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 2,704.39 0.00 0.00 2,704.39
TOTAL INTEREST: 3,806,640.17 668,995.22 3,310,849.49 7,786,484.88
LESS: CURRENT SERVICING FEES (105,894.02) (19,699.65) (94,457.69) (220,051.36)
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 (1,087,027.24) (87,346.94) (445,675.59) (1,620,049.77)
LESS: PREPAYMENT INTEREST SHORTFALLS 0.00 (9,374.68) (16,058.02) (25,432.70)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 1,047,418.01 83,231.06 430,741.12 1,561,390.19
3,661,136.92 635,805.00 3,185,399.31 7,482,341.23
SCHEDULE PRINCIPAL: 245,559.50 58,806.24 221,930.11 526,295.85
PRINCIPAL PREPAYMENTS: 12,891,260.13 3,749,952.89 5,997,114.68 22,638,327.70
CURTAILMENTS: 213,222.04 8,281.10 31,792.12 253,295.26
LIQUIDATIONS: 298,377.82 0.00 0.00 298,377.82
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 13,648,419.49 3,817,040.23 6,250,836.91 23,716,296.63
LESS: DELINQUENT PRINCIPAL (58,991.40) (5,545.84) (19,111.65) (83,648.89)
PLUS: PRINCIPAL ADVANCED 58,991.40 5,545.84 19,111.65 83,648.89
13,648,419.49 3,817,040.23 6,250,836.91 23,716,296.63
TOTAL REMITTANCE AMOUNTS: 17,309,556.41 4,452,845.23 9,436,236.22 31,198,637.86
LIQUIDATED LOANS: TOTAL NUMBER 2
GROUP LOAN NUMBER ACQUISITION BALANCE REALIZED LOSS
2 10171155 09/30/98 $62,197.00 $68.38
2 10243392 09/30/98 $277,866.23 $41,806.42
</TABLE>
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