SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
November 30, 1999
AMRESCO Residential Securities Corporation (as Depositor under the Pooling and
Servicing Agreement, dated as of September 1, 1999, providing for the issuance
of AMRESCO Residential Securities Corporation Mortgage Loan Trust, Series
1999-1)
AMRESCO Residential Securities Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-30759 75-2620414
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State or Other Jurisdiction (Commission (I.R.S. Employer
Of Incorporation) File Number) Identification No.)
700 North Pearl Street
Suite 2400, LB #342
Dallas, Texas 75201
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (214) 953-7700
No Change
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(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 2. Acquisition or Disposition of Assets
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On November 30, 1999, AMRESCO Residential Securities Corporation Mortgage
Loan Trust 1999-1 acquired $386,490 of Subsequent Mortgage Loans pursuant to
the terms of the Pooling and Servicing Agreement dated as of September 1,
1999, among AMRESCO Residential Capital Markets, Inc., AMRESCO Residential
Mortgage Corporation, as Originator (the "Originator"), AMRESCO Residential
Securities Corporation, as Depositor (the "Depositor"), Ocwen Federal Bank
FSB, as Servicer, Finance America, LLC, as Seller (the "Seller"), and Norwest
Bank Minnesota, National Association, in its capacity as Trustee (the
"Trustee") and a Subsequent Transfer Agreement dated as of November 30, 1999
(the "Subsequent Transfer Agreement"), among the Depositor, the Originator,
the Seller, and the Trustee. The Subsequent Mortgage Loans possess the
characteristics required by the Prospectus dated October 18, 1999, and the
Prospectus Supplement dated October 18, 1999 (the "Prospectus Supplement").
The Prospectus Supplement was filed pursuant to Rule 424(b)(5) of the Act on
October 22, 1999. The Schedule of Subsequent Mortgage Loans is attached to the
Subsequent Transfer Agreement.
<PAGE>
Item 7. Financial Statements; Pro Forma Financial
Information and Exhibits
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(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
4.1 Subsequent Transfer Agreement, dated as of November 30, 1999,
among AMRESCO Residential Securities Corporation, as Depositor,
AMRESCO Residential Mortgage Corporation, as Originator, Finance
America, LLC, as Seller, and Norwest Bank Minnesota, National
Association, as Trustee.
<PAGE>
SIGNATURES
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.
AMRESCO RESIDENTIAL SECURITIES
CORPORATION
By: /s/ Janice M. Cott
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Name: Janice M. Cott
Title: Vice President
Dated: December 8, 1999
<PAGE>
EXHIBIT INDEX
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Exhibit No. Description Page No.
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4.1 Subsequent Transfer Agreement, dated as of 7
November 30, 1999, among AMRESCO
Residential Securities Corporation, as Depositor,
AMRESCO Residential Mortgage Corporation, as
Originator, Finance America, LLC, as Seller, and
Norwest Bank Minnesota, National Association, as
Trustee.
<PAGE>
Exhibit 4.1 Subsequent Transfer Agreement
<PAGE>
SUBSEQUENT TRANSFER AGREEMENT
AMRESCO Residential Mortgage Corporation (the "Originator"), Finance
America, LLC (the "Seller"), AMRESCO Residential Securities Corporation (the
"Depositor") and Norwest Bank Minnesota, National Association, as Trustee (the
"Trustee") under the Pooling and Servicing Agreement (as defined below)
relating to AMRESCO Residential Securities Corporation Mortgage Loan Trust
1999-1 pursuant to the Pooling and Servicing Agreement dated as of September
1, 1999 (the "Pooling and Servicing Agreement"), among the Depositor, the
Originator, the Seller, Ocwen Federal Bank FSB, as Servicer, AMRESCO
Residential Capital Markets, Inc., and the Trustee, each hereby confirm their
understanding with respect to the sale by the Originator and the purchase by
the Seller, the sale by the Seller and the purchase by the Depositor, and the
sale by the Depositor and the purchase by the Trustee, of those Subsequent
Mortgage Loans (the "Subsequent Mortgage Loans") listed on the attached
Schedule of Subsequent Mortgage Loans.
Section 1. Conveyance of Subsequent Mortgage Loans. As of November 30,
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1999 (the "Subsequent Transfer Date"), the Originator hereby bargains, sells,
conveys, assigns and transfers to the Seller; the Seller, in turn, hereby
bargains, sells, conveys, assigns and transfers to the Depositor; and the
Depositor, in turn, hereby bargains, sells, conveys, assigns and transfers to
the Trustee, without recourse (except as otherwise explicitly provided for in
the Pooling and Servicing Agreement), for the exclusive benefit of the Owners
of the Certificates, each of their respective rights, title and interest in
and to any and all benefits accruing from the Subsequent Mortgage Loans (other
than any principal and interest payments due thereon on or prior to October
31, 1999, whether or not received) (such date, the "Subsequent Cut-Off Date")
which the Originator is causing to be delivered to the Seller; the Seller, in
turn, is causing to be delivered to the Depositor; and the Depositor, in turn,
is hereby causing to be delivered to the Trustee (and all substitutions
therefor as provided for by Sections 3.06, 3.07, 3.08 and 3.09 of the Pooling
and Servicing Agreement), together with the related Subsequent Mortgage Loan
documents and each of the Originator's, the Seller's, and the Depositor's
respective interest in any Property which secured the Subsequent Mortgage
Loan, and all payments thereon and proceeds of the conversion, voluntary or
involuntary, of the foregoing (including, but not by way of limitation, all
proceeds of any mortgage insurance, hazard insurance and title insurance
policy relating to the Subsequent Mortgage Loans, cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, rights to payment of any and every kind, and other forms of
obligations and receivables which at any time constitute all or part of or are
included in the proceeds of any of the foregoing). The Depositor shall deliver
the original Mortgage or mortgage assignment with evidence of recording
thereon (except as otherwise provided by the Pooling and Servicing Agreement)
and other required documentation in accordance with the terms set forth in
Sections 3.06, 3.07, 3.08 and 3.09 of the Pooling and Servicing Agreement.
The costs relating to the delivery of the documents specified in this
Subsequent Transfer Agreement and the Pooling and Servicing Agreement shall be
borne by the Seller.
Section 2. Reaffirmation of Representations and Warranties. The
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Originator hereby affirms the representations and warranties set forth in the
Pooling and Servicing Agreement made by it that relate to it and the
Subsequent Mortgage Loans as of the date hereof. The Depositor hereby delivers
notice and confirms that each of the conditions set forth in Section 3.09(b)
and 3.09(c) to the Pooling and Servicing Agreement are satisfied as of the
date hereof.
Section 3. Release from Pre-Funding Account. Pursuant to Section 3.09(a)
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of the Pooling and Servicing Agreement, the Depositor hereby instructs the
Trustee to withdraw one-hundred percent of the aggregate principal balances of
the Subsequent Mortgage Loans so transferred from the Pre-Funding Account,
$386,490 pursuant to this Subsequent Transfer Agreement and to include
$386,490 of the Subsequent Mortgage Loans listed in the Schedule attached
hereto and to pay such amount to the Originator pursuant to wire transfer
instructions provided by it to the Trustee.
All terms and conditions of the Pooling and Servicing Agreement are
hereby ratified, confirmed and incorporated herein, provided that in the event
of any conflict the provisions of this Subsequent Transfer Agreement shall
control over the conflicting provisions of the Pooling and Servicing
Agreement.
Terms capitalized herein and not defined herein shall have their
respective meanings as set forth in the Pooling and Servicing Agreement.
<PAGE>
IN WITNESS WHEREOF, this Subsequent Transfer Agreement is executed as of
the 30th day of November, 1999.
AMRESCO RESIDENTIAL MORTGAGE
CORPORATION, as Originator
By: /s/ Janice M. Cott
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Name: Janice M. Cott
Title: Senior Vice President
FINANCE AMERICA, LLC, as Seller
By: /s/ Peter J. Levasseur
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Name: Peter J. Levasseur
Title: President
AMRESCO RESIDENTIAL SECURITIES
CORPORATION, as Depositor
By: /s/ Janice M. Cott
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Name: Janice M. Cott
Title: Vice President
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION, as Trustee under the Pooling and
Servicing Agreement
By: /s/ Amy Wahl
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Name: Amy Wahl
Title: Assistant Vice President
<PAGE>
SCHEDULE OF SUBSEQUENT MORTGAGE LOANS
PREFUND 2 MORTGAGE SCHEDULE FOR SECURITY 1999-1
CLOSED ON 11/30/99
<TABLE>
<CAPTION>
LOAN_NO_ORIGINATOR LOAN_NO_OCWEN FULL_ADDRESS CITY STATE ZIP_CODE PROPERTY_TYPE
<S> <C> <C> <C> <C> <C> <C>
0011415262 0035019041 3112 CANTERBURY FLOWER MOUND TX 75028 Single Family Dwelling
0035050749 0035050749 8370 DARA WAY SACRAMENTO CA 95828 Single Family Dwelling
0035059211 0035059211 414 WEST 8TH STREET TARENTUM PA 15084 Single Family Dwelling
0035060011 0035060011 1213 SCOTTY COURT SOUTHWEST ALBUQUERQUE NM 87121 Single Family Dwelling
0035060052 0035060052 2641 WEST 65TH PLACE DENVER CO 80221 Single Family Dwelling
</TABLE>
<TABLE>
<CAPTION>
LOAN_NO_ORIGINATOR MATURITY_DT ORIGINAL_TERM OCCUPANCY_STATUS_FLG Int Rate P&I PtD Due Date Prin Balance LTV
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0011415262 9/1/29 360 Primary Single Family 11.125 858.39 9/1/99 10/01/99 89,250.00 85
0035050749 9/1/29 360 Primary Single Family 9.875 855.84 9/1/99 10/01/99 98,560.00 88
0035059211 9/1/29 360 Primary Single Family 9.625 490.27 9/1/99 10/01/99 57,680.00 82.4
0035060011 9/1/14 180 Primary Single Family 8.375 439.84 9/1/99 10/01/99 45,000.00 56.25
0035060052 9/1/29 360 Primary Single Family 11.875 978.24 9/1/99 10/01/99 96,000.00 80
386,490.00
</TABLE>
