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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):
December 28, 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 333-30759-14 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 November 1, 1998 to
November 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: January 6, 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-1 156,000,000.00 113,162,812.89 942,041.99 4,722,324.76 5,664,366.75 0.00 0.00 108,440,488.13
LT-A-2 25,000,000.00 25,000,000.00 208,291.08 0.00 208,291.08 0.00 0.00 25,000,000.00
LT-A-3 78,500,000.00 78,500,000.00 654,034.02 0.00 654,034.02 0.00 0.00 78,500,000.00
LT-A-4 22,500,000.00 22,500,000.00 187,461.98 0.00 187,461.98 0.00 0.00 22,500,000.00
LT-A-5 32,000,000.00 32,000,000.00 266,612.60 0.00 266,612.60 0.00 0.00 32,000,000.00
LT-A-6 30,000,000.00 30,000,000.00 249,949.31 0.00 249,949.31 0.00 0.00 30,000,000.00
LT-A-7 486,000,000.00 372,706,728.98 3,152,790.26 17,290,878.26 20,443,668.52 0.00 0.00 355,415,850.72
LT-M-1F 22,000,000.00 22,000,000.00 183,142.54 0.00 183,142.54 0.00 0.00 22,000,000.00
LT-M-1A 48,000,000.00 48,000,000.00 406,040.25 0.00 406,040.25 0.00 0.00 48,000,000.00
LT-M-2F 18,000,000.00 18,000,000.00 149,843.89 0.00 149,843.89 0.00 0.00 18,000,000.00
LT-M-2A 36,000,000.00 36,000,000.00 304,530.19 0.00 304,530.19 0.00 0.00 36,000,000.00
LT-B-1F 16,000,000.00 15,952,730.28 132,801.07 0.00 132,801.07 33,623.76 0.00 15,919,106.52
LT-B-1A 30,000,000.00 29,863,705.60 252,622.21 0.00 252,622.21 1,671.67 0.00 29,862,033.93
LT-R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 843,685,977.75 7,090,161.39 22,013,203.02 29,103,364.41 35,295.43 0.00 821,637,479.30
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-1 725.402647 6.038731 30.271313 36.310043 695.131334 9.991619% 0.000000%
LT-A-2 1,000.000000 8.331643 0.000000 8.331643 1,000.000000 9.991619% 0.000000%
LT-A-3 1,000.000000 8.331644 0.000000 8.331644 1,000.000000 9.991619% 0.000000%
LT-A-4 1,000.000000 8.331644 0.000000 8.331644 1,000.000000 9.991619% 0.000000%
LT-A-5 1,000.000000 8.331644 0.000000 8.331644 1,000.000000 9.991619% 0.000000%
LT-A-6 1,000.000000 8.331644 0.000000 8.331644 1,000.000000 9.991619% 0.000000%
LT-A-7 766.886274 6.487223 35.577939 42.065162 731.308335 10.153065% 10.082928%
LT-M-1F 1,000.000000 8.324661 0.000000 8.324661 1,000.000000 9.991619% 0.000000%
LT-M-1A 1,000.000000 8.459172 0.000000 8.459172 1,000.000000 10.153065% 10.082928%
LT-M-2F 1,000.000000 8.324661 0.000000 8.324661 1,000.000000 9.991619% 0.000000%
LT-M-2A 1,000.000000 8.459172 0.000000 8.459172 1,000.000000 10.153065% 10.082928%
LT-B-1F 997.045643 8.300067 0.000000 8.300067 994.944158 9.991619% 0.000000%
LT-B-1A 995.456853 8.420740 0.000000 8.420740 995.401131 10.153065% 10.082928%
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-1 156,000,000.00 108,662,205.90 589,492.47 5,216,555.24 5,806,047.71 0.00 0.00 103,445,650.66
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-7 486,000,000.00 361,387,519.64 1,736,639.90 18,623,216.51 20,359,856.41 0.00 0.00 342,764,303.13
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 48,000,000.00 240,782.96 0.00 240,782.96 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 36,000,000.00 187,847.22 0.00 187,847.22 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 30,000,000.00 171,664.35 0.00 171,664.35 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 65,863,705.60 411,757.93 0.00 411,757.93 0.00 0.00 65,862,033.93
D 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
S 0.00 0.00 62,995.33 0.00 62,995.33 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 1,000,000,000.00 828,049,725.54 5,263,592.66 23,839,771.75 29,103,364.41 0.00 0.00 804,209,953.79
*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 696.552602 3.778798 33.439457 37.218255 663.113145 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 743.595719 3.573333 38.319376 41.892709 705.276344 5.242340% 5.824380%
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 5.016312 0.000000 5.016312 1,000.000000 5.472340% 6.054380%
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 5.217978 0.000000 5.217978 1,000.000000 5.692340% 6.274380%
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 5.722145 0.000000 5.722145 1,000.000000 6.242340% 6.824380%
C-FIO* AO9801114 1,000.000000 12.500000 0.000000 12.500000 1,000.000000 15.000000% 15.000000%
C-AIO* AO9801115 997.934933 6.238757 0.000000 6.238757 997.909605 6.820000% 6.820000%
D AO9801116 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000% 0.000000%
S AO9801117 0.000000 0.062995 0.000000 0.062995 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: November 30, 1998 Irvine, CA 92614
DISTRIBUTION DATE: December 28, 1998 FACTOR INFORMATION: (800) 735-7777
Statement To Certificateholders
Distribution Date: December 28, 1998
Group I Group II Totals
<S> <C> <C>
SERVICER ADVANCES:
INTEREST 616,670.41 1,010,923.00 1,627,593.41
PRINCIPAL 40,883.47 47,307.34 88,190.81
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 121,258.15 165,852.80 287,110.95
PLUS ADDITIONAL SERVICING COMPENSATION: 0.00 0.00 0.00
TOTAL SERVICING FEES DUE MASTER SERVICER: 121,258.15 165,852.80 287,110.95
LESS: AMOUNTS TO COVER INTEREST SHORTFALLS: 9,925.74 38,211.98 48,137.72
LESS: DELINQUENT SERVICE FEES: 22,715.85 38,309.11 61,024.96
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 88,616.56 89,331.71 177,948.27
BEGINNING NUMBER OF LOANS: 5,023 4,839 9,862
ENDING NUMBER OF LOANS: 4,954 4,690 9,644
BEGINNING LOAN BALANCE: 357,115,543.18 486,570,434.57 843,685,977.75
ENDING LOAN BALANCE: 352,359,594.66 469,277,884.64 821,637,479.30
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: 10.398657% 10.562098% 10.492917%
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 494,230.48 1,332,338.25 1,826,568.73
OVERCOLLATERALIZED AMOUNT 4,913,944.00 12,513,581.51 17,427,525.51
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 17.2874% 26.9592%
IS TRIGGER EVENT OCCURRING? No No
AGGREGATE AMOUNT ON DEPOSIT IN CERTIFICATE ACCOUNT 29,103,364.41
CLASS D DISBRIBUTION AMOUNT 0.00
CURRENT PERIODS ONE-MONTH LIBOR 5.0423%
NEXT PERIODS ONE-MONTH LIBOR 5.6244%
</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 8,852,201.38 3,954,189.27 2,777,026.33 19,085,743.12 7,221,269.25 16,403,703.60
% OF TOTAL GROUP I LOAN BALANCE 2.51% 1.12% 0.79% 5.42% 2.05% 4.66%
NUMBER OF LOANS 139 71 38 323 124 256
% OF TOTAL GROUP I LOANS 2.81% 1.43% 0.77% 6.52% 2.50% 5.17%
GROUP II (Adjustable Rate)
PRINCIPAL BALANCE 16,642,575.09 6,874,401.73 4,766,261.74 41,041,810.16 13,293,801.33 34,481,797.68
% OF TOTAL GROUP II LOAN BALANCE 3.55% 1.46% 1.02% 8.75% 2.83% 7.35%
NUMBER OF LOANS 160 71 63 439 140 379
% OF TOTAL GROUP 2 LOANS 3.41% 1.51% 1.34% 9.36% 2.99% 8.08%
TOTAL PRINCIPAL BALANCE 25,494,776.47 10,828,591.00 7,543,288.07 60,127,553.28 20,515,070.58 50,885,501.28
% OF TOTAL LOAN BALANCE 3.10% 1.32% 0.92% 7.32% 2.50% 6.19%
TOTAL NUMBER OF LOANS 299 142 101 762 264 635
% OF TOTAL LOAN BALANCE 3.10% 1.47% 1.05% 7.90% 2.74% 6.58%
*Delinquencies are inclusive of Foreclosures, Bankruptcies and REO Property
MORTGAGE LOAN SERVICING GROUP: ADVANTA
PRINCIPAL BALANCE 3,086,981.34 35,724,387.56
NUMBER OF LOANS 36 412
MORTGAGE LOAN SERVICING GROUP: AMERIQUEST
PRINCIPAL BALANCE 584,912.72 2,601,130.65
NUMBER OF LOANS 9 33
MORTGAGE LOAN SERVICING GROUP: WENDOVER
PRINCIPAL BALANCE 3,871,394.01 21,802,035.07
NUMBER OF LOANS 56 317
GROUP I 60+ DAY DELINQUENT BALANCE 25,816,958.72
GROUP II 60+ DAY DELINQUENT BALANCE 52,682,473.63
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 3,007,142.01 5,210,029.42 8,217,171.43
NUMBER OF REO LOANS 60 55 115
ADVANTA 90+ DELINQUENT PERCENTAGE 8.92%
AMERIQUEST 90+ DELINQUENT PERCENTAGE 3.96%
WENDOVER 90+ DELINQUENT PERCENTAGE 6.18%
GROUP I GROUP II TOTAL
ADVANTA ENDING LOAN BALANCE: 153,785,525.95 244,575,827.59 398,361,353.54
WENDOVER ENDING LOAN BALANCE: 172,713,162.85 184,869,480.26 357,582,643.11
GROUP I GROUP II TOTAL
CLASS A PRINCIPAL DISTRIBUTION BREAKDOWN:
SCHEDULED PRINCIPAL: 279,621.61 226,747.53 506,369.14
PRINCIPAL PREPAYMENTS: 4,163,178.95 16,935,342.67 21,098,521.62
CURTAILMENTS: 259,832.81 130,459,73 390,292.54
REPURCHASES: 0.00 0.00 0.00
NET LIQUIDATION PROCEEDS: 19,691.39 (1,671.67) 18,019.72
EXTRA PRINCIPAL DISTRIBUTION AMOUNT 494,230.48 1,332,338.25 1,826,568.73
PRE-FUNDED AMOUNTS DISTRIBUTED AS PREPAYMENTS: 0.00 0.00 0.00
5,216,555.24 18,623,216.51 23,839,771.75
REALIZED LOSS INFORMATION: Group I Group II Total
CURRENT PERIODS REALIZED LOSS AMOUNT 33,623.76 1,671.67 35,295.43
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 80,893.48 137,966.07 218,859.55
APPLIED REALIZED LOSS AMOUNT 0.00 0.00 0.00
ADVANTA AMERIQUEST WENDOVER
CURRENT PERIODS REALIZED LOSS AMOUNT 35,295.43 0.00 0.00
CUMULATIVE REALIZED LOSSES SINCE INCEPTION 186,319.71 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
0.00
CASH REMITTANCE RECONCILLIATION: ADVANTA AMERIQUEST WENDOVER TOTAL
SCHEDULED INTEREST AMOUNT: 3,569,800.55 609,842.29 3,197,141.21 7,376,784.06
REPURCHASE INTEREST: 0.00 0.00 0.00 0.00
LIQUIDATION INTEREST: 488.25 0.00 0.00 488.28
TOTAL INTEREST: 3,570,288.83 609,842.29 3,197,141.21 7,377,272.34
LESS: CURRENT SERVICING FEES (97,436.55) (422.86) (80,088.86) (177,948.28)
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 (1,076,041.36) (106,010.87) (506,566.14) (1,688,618.37)
LESS: PREPAYMENT INTEREST SHORTFALLS 0.00 (24,234.09) (23,903.63) (48,137.72)
LESS: NON RECOVERABLE ADVANCES 0.00 0.00 0.00 0.00
PLUS: INTEREST ADVANCED 1,036,968.12 101,239.67 489,385.62 1,627,593.41
3,433,779.04 580,414.13 3,075,968.21 7,090,161.38
SCHEDULED PRINCIPAL: 235,799.59 50,835.58 219,733.97 506,369.14
PRINCIPAL PREPAYMENTS: 10,604,654.19 4,878,609.52 5,615,257.91 21,098,521.62
CURTAILMENTS: 284,253.97 4,644.81 101,393.76 390,292.54
LIQUIDATIONS: 18,019.72 0.00 0.00 18,019.72
REPURCHASES: 0.00 0.00 0.00 0.00
TOTAL PRINCIPAL: 11,142,727.47 4,934,089.91 5,936,385.64 22,013,203.02
LESS: DELINQUENT PRINCIPAL (60,043.22) (5,852.83) (22,294.76) (88,190.81)
PLUS: PRINCIPAL ADVANCED 60,043.22 5,852.83 22,294.76 88,190.81
11,142,727.47 4,934,089.91 5,936,385.64 22,013,203.02
TOTAL REMITTANCE AMOUNTS: 14,576,506.51 5,514,504.04 9,012,353.85 29,103,364.40
LIQUIDATED LOANS: TOTAL NUMBER: 0
GROUP LOAN NUMBER ACQUISITION BALANCE REALIZED LOSS
</TABLE>
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