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Previous: MORGAN J P COMM MORT FN COR COM MT PS THRU CERT SER 1997-C4, 8-K, 1998-12-07 |
Next: LINCOLN HERITAGE CORP, 10-Q, 1998-12-07 |
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):
November 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 333-30759-13 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 October 1, 1998 to
October 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: December 4, 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-1 156,000,000.00 119,864,088.80 998,687.42 6,701,275.91 7,699,963.33 0.00 0.00 113,162,812.89
LT-A-2 25,000,000.00 25,000,000.00 208,323.51 0.00 208,323.51 0.00 0.00 25,000,000.00
LT-A-3 78,500,000.00 78,500,000.00 654,135.85 0.00 654,135.85 0.00 0.00 78,500,000.00
LT-A-4 22,500,000.00 22,500,000.00 187,491.17 0.00 187,491.17 0.00 0.00 22,500,000.00
LT-A-5 32,000,000.00 32,000,000.00 266,654.11 0.00 266,654.11 0.00 0.00 32,000,000.00
LT-A-6 30,000,000.00 30,000,000.00 249,988.22 0.00 249,988.22 0.00 0.00 30,000,000.00
LT-A-7 486,000,000.00 390,943,727.84 3,293,520.20 18,236,998.86 21,530,519.06 0.00 0.00 372,706,728.98
LT-M-1F 22,000,000.00 22,000,000.00 183,300.30 0.00 183,300.30 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 404,377.82 0.00 404,377.82 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 149,972.97 0.00 149,972.97 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 303,283.36 0.00 303,283.36 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 16,003,006.07 133,334.36 0.00 133,334.36 50,275.79 0.00 15,952,730.28
LT-B-1A 30,000,000.00 29,947,720.05 252,295.70 0.00 252,295.70 84,014.45 0.00 29,863,705.60
LT-R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 868,758,542.76 7,285,364.99 24,938,274.77 32,223,639.76 134,290.24 0.00 843,685,977.75
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-1 768.359544 6.401842 42.956897 49.358739 725.402647 9.998669% 5.502343%
LT-A-2 1,000.000000 8.332940 0.000000 8.332940 1,000.000000 9.998669% 5.502343%
LT-A-3 1,000.000000 8.332941 0.000000 8.332941 1,000.000000 9.998669% 5.502343%
LT-A-4 1,000.000000 8.332941 0.000000 8.332941 1,000.000000 9.998669% 5.502343%
LT-A-5 1,000.000000 8.332941 0.000000 8.332941 1,000.000000 9.998669% 5.502343%
LT-A-6 1,000.000000 8.332941 0.000000 8.332941 1,000.000000 9.998669% 5.502343%
LT-A-7 804.410963 6.776791 37.524689 44.301480 766.886274 10.109922% 10.080526%
LT-M-1F 1,000.000000 8.331832 0.000000 8.331832 1,000.000000 9.998669% 5.502343%
LT-M-1A 1,000.000000 8.424538 0.000000 8.424538 1,000.000000 10.109922% 10.080526%
LT-M-2F 1,000.000000 8.331832 0.000000 8.331832 1,000.000000 9.998669% 5.502343%
LT-M-2A 1,000.000000 8.424538 0.000000 8.424538 1,000.000000 10.109922% 10.080526%
LT-B-1F 1,000.187879 8.333398 0.000000 8.333398 997.045643 9.998669% 5.502343%
LT-B-1A 998.257335 8.409857 0.000000 8.409857 995.456853 10.109922% 10.080526%
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-1 156,000,000.00 115,876,530.46 628,630.18 7,214,324.56 7,842,954.74 0.00 0.00 108,662,205.90
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-7 486,000,000.00 381,182,489.85 1,721,477.30 19,794,970.21 21,516,447.51 0.00 0.00 361,387,519.64
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 48,000,000.00 225,975.20 0.00 225,975.20 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 36,000,000.00 176,081.40 0.00 176,081.40 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 30,000,000.00 160,484.50 0.00 160,484.50 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 65,947,720.05 374,802.88 0.00 374,802.88 0.00 0.00 65,863,705.60
D 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
S 0.00 0.00 64,421.53 0.00 64,421.53 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 855,059,020.31 5,214,285.49 27,009,294.77 32,223,580.26 0.00 0.00 828,049,725.54
*Represents a Notional Balance **Reflects Change in Notional Balances of C-AIO
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 742.798272 4.029681 46.245670 50.275351 696.552602 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 784.326111 3.542134 40.730391 44.272526 743.595719 5.419380% 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 4.707817 0.000000 4.707817 1,000.000000 5.649380% 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 4.891150 0.000000 4.891150 1,000.000000 5.869380% 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 5.349483 0.000000 5.349483 1,000.000000 6.419380% 6.419380%
C-FIO* AO9801114 1,000.000000 12.500000 0.000000 12.500000 1,000.000000 15.000000% 15.000000%
C-AIO* AO9801115 999.207880 5.678832 0.000000 5.678832 997.934933 6.820000% 6.820000%
D AO9801116 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
S AO9801117 0.000000 0.064422 0.000000 0.064422 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: October 31, 1998 Irvine, CA 92614
DISTRIBUTION DATE: November 25, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: November 25, 1998
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 589,225.21 967,697.86 1,556,923.07
PRINCIPAL 39,620.27 46,864.93 86,485.20
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 123,547.75 172,354.95 295,902.70
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 123,547.75 172,354.95 295,902.70
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 4,797.98 23,815.29 28,613.27
LESS: DELINQUENT SERVICE FEES: 21,750.57 36,760.61 58,511.18
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 96,999.20 111,779.05 208,778.25
BEGINNING NUMBER OF LOANS: 5,118 4,996 10,114
ENDING NUMBER OF LOANS: 5,023 4,839 9,862
BEGINNING LOAN BALANCE: 363,867,035.38 504,891,447.88 868,758,483.26
ENDING LOAN BALANCE: 357,115,543.18 486,570,434.57 843,685,977.75
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: 10.405676% 10.519566% 10.471865%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 513,108.15 1,557,971.35 2,071,079.50
OVERCOLLATERALIZED AMOUNT 4,453,337.28 11,182,914.93 15,636,252.21
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 16.9282% 25.7276%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 32,223,580.26
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.2194%
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 7,002,704.27 4,553,645.76 2,061,937.45 17,861,896.38 6,446,660.78 16,784,550.81
% OF TOTAL GROUP I LOAN BALANCE 1.96% 1.28% 0.58% 5.00% 1.81% 4.70%
NUMBER OF LOANS 120 52 43 294 108 257
% OF TOTAL GROUP I LOANS 2.39% 1.04% 0.86% 5.85% 2.15% 5.12%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 13,318,905.55 6,412,257.89 5,631,908.16 37,059,533.36 11,763,464.02 31,392,160.71
% OF TOTAL GROUP II LOAN BALANCE 2.74% 1.32% 1.16% 7.62% 2.42% 6.45%
NUMBER OF LOANS 133 77 64 393 125 354
% OF TOTAL GROUP 2 LOANS 2.75% 1.59% 1.32% 8.12% 2.58% 7.32%
TOTAL PRINCIPAL BALANCE 20,321,609.82 10,965,903.65 7,693,845.61 54,921,429.74 18,210,124.80 48,176,711.52
% OF TOTAL LOAN BALANCE 2.41% 1.30% 0.91% 6.51% 2.16% 5.71%
TOTAL NUMBER OF LOANS 253 129 107 687 233 611
% OF TOTAL LOAN BALANCE 2.57% 1.31% 1.08% 6.97% 2.36% 6.20%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 4,000,344.58 33,327,943.25
NUMBER OF LOANS 42 390
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 426,405.41 2,374,130.77
NUMBER OF LOANS 8 28
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 3,267,095.62 19,219,355.72
NUMBER OF LOANS 57 269
GROUP I 60+ DAY DELINQUENT BALANCE 24,477,479.59
GROUP II 60+ DAY DELINQUENT BALANCE 49,103,699.41
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 2,479,181.13 4,002,919.86 6,482,100.99
NUMBER OF REO LOANS 49 39 88
ADVANTA 90+ DELINQUENT PERCENTAGE 8.27%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 3.21%
WENDOVER 90+ DELINQUENT PERCENTAGE 5.22%
GROUP I GROUP II TOTAL
ADVANTA ENDING LOAN BALANCE: 156,205,547.36 253,333,829.08 409,539,376.44
WENDOVER ENDING LOAN BALANCE: 174,234,358.55 189,284,670.20 363,519,028.75
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 280,291.49 236,086.43 516,377.92
PRINCIPAL PREPAYMENTS: 6,264,254.93 17,414,820.17 23,679,075.10
CURTAILMENTS: 47,314.67 41,512.58 88,827.25
REPURCHASES: 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS: 109,355.32 544,579.68 653,935.00
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 513,108.15 1,557,971.35 2,071,079.50
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
7,214,324.56 19,794,970.21 27,009,294.77
REALIZED LOSS INFORMATION: Group I Group II Total
CURRENT PERIODS REALIZED LOSS AMOUNT 50,275.79 84,014.45 134,290.24
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 47,269.72 136,294.40 183,564.12
APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
ADVANTA AMERIQUEST WENDOVER
CURRENT PERIODS REALIZED LOSS AMOUNT 97,762.33 0.00 36,527.91
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 151,024.28 0.00 32,498.64
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>
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