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):
January 25, 1999
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 333-30759-15 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 December 1, 1998 to
December 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: February 3, 1999
<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-1 156,000,000.00 108,440,488.13 901,787.42 8,986,929.80 9,888,717.22 0.00 0.00 99,453,558.33
LT-A-2 25,000,000.00 25,000,000.00 208,249.94 0.00 208,249.94 0.00 0.00 25,000,000.00
LT-A-3 78,500,000.00 78,500,000.00 653,904.81 0.00 653,904.81 0.00 0.00 78,500,000.00
LT-A-4 22,500,000.00 22,500,000.00 187,424.94 0.00 187,424.94 0.00 0.00 22,500,000.00
LT-A-5 32,000,000.00 32,000,000.00 266,559.92 0.00 266,559.92 0.00 0.00 32,000,000.00
LT-A-6 30,000,000.00 30,000,000.00 249,899.93 0.00 249,899.93 0.00 0.00 30,000,000.00
LT-A-7 486,000,000.00 355,415,850.72 3,005,907.34 20,269,883.51 23,275,790.85 0.00 0.00 335,145,967.21
LT-M-1F 22,000,000.00 22,000,000.00 182,951.26 0.00 182,951.26 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 405,957.00 0.00 405,957.00 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 149,687.39 0.00 149,687.39 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 304,467.75 0.00 304,467.75 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 15,919,106.52 132,382.75 0.00 132,382.75 37,956.16 0.00 15,881,150.36
LT-B-1A 30,000,000.00 29,862,033.93 252,556.28 0.00 252,556.28 58,857.61 0.00 29,803.176.32
LT-R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 821,637,479.30 6,901,736.73 29,256,813.31 36,158,550.04 96,813.77 0.00 792,283,852.22
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-1 695.131334 5.780689 57.608524 63.389213 637.522810 9.983156% 0.000000%
LT-A-2 1,000.000000 8.329998 0.000000 8.329998 1,000.000000 9.983156% 0.000000%
LT-A-3 1,000.000000 8.329998 0.000000 8.329998 1,000.000000 9.983156% 0.000000%
LT-A-4 1,000.000000 8.329997 0.000000 8.329997 1,000.000000 9.983156% 0.000000%
LT-A-5 1,000.000000 8.329998 0.000000 8.329998 1,000.000000 9.983156% 0.000000%
LT-A-6 1,000.000000 8.329998 0.000000 8.329998 1,000.000000 9.983156% 0.000000%
LT-A-7 731.308335 6.184995 41.707579 47.892574 689.600756 10.152989% 10.106080%
LT-M-1F 1,000.000000 8.315966 0.000000 8.315966 1,000.000000 9.983156% 0.000000%
LT-M-1A 1,000.000000 8.457438 0.000000 8.457438 1,000.000000 10.152989% 10.106080%
LT-M-2F 1,000.000000 8.315966 0.000000 8.315966 1,000.000000 9.983156% 0.000000%
LT-M-2A 1,000.000000 8.457438 0.000000 8.457438 1,000.000000 10.152989% 10.106080%
LT-B-1F 994.944158 8.273922 0.000000 8.273922 992.571898 9.983156% 0.000000%
LT-B-1A 995.401131 8.418543 0.000000 8.418543 993.439211 10.152989% 10.106080%
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-1 156,000,000.00 103,445,650.66 561,192.65 9,468,081.45 10,029,274.10 0.00 0.00 93,977,569.21
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-7 486,000,000.00 342,764,303.13 1,552,747.43 21,742,824.43 23,295,571.86 0.00 0.00 321,021,478.70
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 48,000,000.00 226,030.19 0.00 226,030.19 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 36,000,000.00 175,682.64 0.00 175,682.64 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 30,000,000.00 159,235.53 0.00 159,235.53 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 65,862,033.93 349,361.50 0.00 349,361.50 0.00 0.00 65,803,176.32
D 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
S 0.00 0.00 60,981.72 0.00 60,981.72 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 804,209,953.79 4,947,644.16 31,210,905.88 36,158,550.04 0.00 0.00 772,999,047.91
*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 663.113145 3.597389 60.692830 64.290219 602.420315 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 705.276344 3.194954 44.738322 47.933275 660.538022 5.824380% 5.139690%
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 4.708962 0.000000 4.708962 1,000.000000 6.054380% 5.369690%
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 4.880073 0.000000 4.880073 1,000.000000 6.274380% 5.589690%
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 5.307851 0.000000 5.307851 1,000.000000 6.824380% 6.139690%
C-FIO* AO9801114 1,000.000000 12.500000 0.000000 12.500000 1,000.000000 15.000000% 15.000000%
C-AIO** AO9801115 997.909605 5.293356 0.000000 5.293356 997.017823 6.820000% 6.820000%
D AO9801116 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
S AO9801117 0.000000 0.060982 0.000000 0.060982 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: Hermi A. Alignay
SERVICER: Advanta/Ameriquest/Wendover Funding, Inc. Bankers Trust Company
LEAD UNDERWRITER: Credit Suisse First Boston 3 Park Plaza
RECORD DATE: December 31,, 1998 Irvine, CA 92614
DISTRIBUTION DATE: January 25, 1999 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: January 25, 1999
Group I Group II Totals
<S> <C> <C> <C>
SERVICER ADVANCES:
INTEREST 629,456.16 1,045,272.39 1,674,728.55
PRINCIPAL 42,686.72 52,214.38 94,901.10
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 119,604.95 159,745.20 279,350.15
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 119,604.95 159,745.20 279,350.15
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 18,694.61 25,415.09 44,109.70
LESS: DELINQUENT SERVICE FEES: 23,307.81 39,706.12 63,013.93
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 77,602.53 94,623.99 172,226.52
BEGINNING NUMBER OF LOANS: 4,954 4,690 9,644
ENDING NUMBER OF LOANS: 4,817 4,508 9,325
BEGINNING LOAN BALANCE: 352,359,594.66 469,277,884.64 821,637,479.30
ENDING LOAN BALANCE: 343,334,708.70 448,949,143.52 792,283,852.22
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: 10.390058% 10.561477% 10.487964%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 481,151.65 1,472,940.92 1,954,092.57
OVERCOLLATERALIZED AMOUNT 5,357,139.49 13,927,664.82 19,284,804.31
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 17.8709% 28.4949%
IS TRIGGER EVENT OCCURRING? No Yes
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 36,158,550.04
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.6244%
NEXT PERIODS ONE-MONTH LIBOR 4.9397%
</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 10,115,326.96 4,895,012.80 2,735,410.51 20,599,268.21 6,926,915.40 18,464,068.72
% OF TOTAL GROUP I LOAN BALANCE 2.95% 1.43% 0.80% 6.00% 2.02% 5.38%
NUMBER OF LOANS 146 73 53 345 123 281
% OF TOTAL GROUP I LOANS 3.03% 1.52% 1.10% 7.16% 2.55% 5.83%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 14,302,914.47 9,067,440.33 5,345,437.64 43,888,696.04 12,753,635.05 38,672,575.12
% OF TOTAL GROUP II LOAN BALANCE 3.19% 2.02% 1.19% 9.78% 2.84% 8.61%
NUMBER OF LOANS 141 93 59 478 142 418
% OF TOTAL GROUP 2 LOANS 3.13% 2.06% 1.31% 10.60% 3.15% 9.27%
TOTAL PRINCIPAL BALANCE 24,418,241.43 13,962,453.13 8,080,848.15 64,487,964.25 19,680,550.45 57,136,643.84
% OF TOTAL LOAN BALANCE 3.08% 1.76% 1.02% 8.14% 2.48% 7.21%
TOTAL NUMBER OF LOANS 287 166 112 823 265 699
% OF TOTAL LOAN BALANCE 3.08% 1.78% 1.20% 8.83% 2.84% 7.50%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 4,348,164.94 37,358,703.32
NUMBER OF LOANS 60 431
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 1,142,794.36 2,922,772.20
NUMBER OF LOANS 14 38
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 2,589,888.85 24,206,488.73
NUMBER OF LOANS 38 354
GROUP I 60+ DAY DELINQUENT BALANCE 28,229,691.52
GROUP II 60+ DAY DELINQUENT BALANCE 58,301,574.01
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 3,817,559.65 6,859,797.99 10,677,357.64
NUMBER OF REO LOANS 75 79 154
ADVANTA 90+ DELINQUENT PERCENTAGE 9.59%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 4.80%
WENDOVER 90+ DELINQUENT PERCENTAGE 6.88%
GROUP I GROUP II TOTAL
ADVANTA ENDING LOAN BALANCE: 149,409,399.84 234,882,735.26 384,292,135.10
WENDOVER ENDING LOAN BALANCE: 168,616,929.40 178,871,679.41 347,488,608.81
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 275,193.24 220,250.13 495,443.37
PRINCIPAL PREPAYMENTS: 8,518,889.79 19,671,773.89 28,190,663.68
CURTAILMENTS: 19,492.60 13,427.66 32,920.26
REPURCHASES: 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS: 173,354.17 364,431.83 537,786.00
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 481,151.65 1,472,940.92 1,954,092.57
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
9,468,081.45 21,742,824.43 31,210,905.88
REALIZED LOSS INFORMATION: Group I Group II Total
CURRENT PERIODS REALIZED LOSS AMOUNT 37,956.16 58,857.61 96,813.77
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 118,849.64 196,823.68 315,673.32
APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
ADVANTA AMERIQUEST WENDOVER
CURRENT PERIODS REALIZED LOSS AMOUNT 29,711.85 0.00 67,101.92
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 216,031.56 0.00 99,600.56
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>
<S> <C> <C> <C> <C>
CASH REMITTANCE RECONCILLIATION: ADVANTA AMERIQUEST WENDOVER TOTAL
SCHEDULED INTEREST AMOUNT: 3,469,274.46 566,718.11 3,138,935.45 7,174,928.02
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 2,449.94 0.00 3,709.04 6,158.99
TOTAL INTEREST: 3,471,724.40 566,718.11 3,142,644.50 7,181,087.01
LESS: CURRENT SERVICING FEES (92,909.54) (7,991.71) (71,325.27) (172,226.52)
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 (1,094,707.93) (110,671.87) (532,362.81) (1,737,742.62)
LESS: PREPAYMENT INTEREST SHORTFALLS 0.00 (14,360.50) (29,749.20) (44,109.70)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 1,054,833.68 105,651.80 514,243.07 1,674,728.55
3,338,940.61 539,345.83 3,023,450.28 6,901,736.72
SCHEDULED PRINCIPAL: 230,163.86 48,594.29 216,685.22 495,443.37
PRINCIPAL PREPAYMENTS: 13,584,583.89 5,137,991.18 9,468,088.61 28,190,663.68
CURTAILMENTS: 9,635.09 3,788.87 19,496.30 32,920.26
LIQUIDATIONS: 215,123.75 0.00 322,662.25 537,786.00
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 14,039,506.59 5,190,374.34 10,026,932.38 29,256,813.31
LESS: DELINQUENT PRINCIPAL (62,607.29) (7,492.57) (24,801.24) (94,901.10)
PLUS: PRINCIPAL ADVANCED 62,607.29 7,492.57 24,801.24 94,901.10
14,039,506.59 5,190,374.34 10,026,932.38 29,256,813.31
TOTAL REMITTANCE AMOUNTS: 17,378,447.20 5,729,720.17 13,050,382.66 36,158,550.03
LIQUIDATED LOANS: TOTAL NUMBER: 8
GROUP LOAN NUMBER ACQUISITION BALANCE REALIZED LOSS
1 10012193 12/22/98 $95,987.35 $34,892.67
1 10199842* 10/31/98 $405.23
1 2042067 01/01/99 $82,487.35 $2,182.50
1 10618577 01/01/99 $32,783.40 $475.76
2 10006591 12/30/98 $116,663.21 ($8,504.77)
2 10057222 12/22/98 $89,677.02 $7,982.36
2 10264893* 10/31/98 $69.07
2 10226363 01/01/99 $129,475.01 $26,579.29
</TABLE>