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) May 25, 1996
Saxon Mortgage Securities Corporation, Series 1995-2
(Exact name of registrant as specified in charter)
Virginia 34-0-20552 54-1785164
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4880 Cox Road
Glen Allen, Virginia
Attn: Vice President 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (804) 967-7400
<PAGE>
Saxon Mortgage Securities Corporation, Series 1995-2
Form 8-K
INDEX
Page Number
Item 5. Other Events 3
Item 7. Financial Statements and Exhibits 3
SIGNATURES 4
INDEX OF EXHIBITS 5
2
<PAGE>
ITEM 5. OTHER EVENTS
The Saxon Mortgage Securities Corporation, Series 1995-2 makes monthly
remittances to security holders. The latest remittance was made May 25, 1996. We
have furnished a monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance Statement.......................................Exhibit 1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
1. Monthly Remittance Statement dated as of May 25, 1996
3
Signatures
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
June 5, 1996 SAXON MORTGAGE SECURITIES
CORPORATION
By:______________________________
Name: Lisa R. Cooke
Title: Vice President
4
<PAGE>
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
1. Monthly Remittance Statement dated 6-14
as of May 25, 1996
5
SAXON MORTGAGE SECURITIES CORPORATION
PAYMENTS PER BOND DENOMINATION
SMSC SERIES 1995-2--POOL ONE
Payment Date: 25-May-96
Reporting Month: April
<TABLE>
<CAPTION>
Interest Interest Principal Remaining
Original Original Integral Record Accrual Payment Payment Ending Principal
Class Balance Pct Pool Denomination Date Factor Factor Factor Balance Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
1A-1 $47,711,000.00 63.60% $1,000.00 30-Apr-96 5.77930708 5.77930708 9.11313177 $43,683,046.90 0.91557601
1A-2 $10,000,000.00 13.33% $1,000.00 30-Apr-96 6.25000000 6.25000000 0.00000000 $10,000,000.00 1.00000000
1A-3 $9,608,500.00 12.81% $1,000.00 30-Apr-96 6.25000052 6.25000052 0.00000000 $9,608,500.00 1.00000000
1B-1 $3,000,483.00 4.00% $1,000.00 30-Apr-96 6.22408126 6.22408126 0.62610253 $2,986,161.25 0.99522685
1B-2 $1,312,711.00 1.75% $1,000.00 30-Apr-96 6.22408131 6.22408131 0.62610125 $1,306,445.23 0.99522685
1B-3 $937,651.00 1.25% $1,000.00 30-Apr-96 6.22408551 6.22408551 0.62610716 $933,175.45 0.99522685
1B-4 $1,237,699.00 1.65% $1,000.00 30-Apr-96 6.22408195 6.22408195 0.62610538 $1,231,791.27 0.99522684
1B-5 $525,084.00 0.70% $1,000.00 30-Apr-96 6.22408986 6.22408986 0.62610935 $522,577.69 0.99522684
1B-6 $675,719.47 0.90% $1,000.00 30-Apr-96 6.22407698 6.22407698 0.62610302 $672,494.17 0.99522687
1I $0.00 0.00% $1,000.00 30-Apr-96 N/A N/A N/A $0.00 N/A
1P $3,138.94 0.00% $1,000.00 30-Apr-96 0.00000000 0.00000000 0.30264994 $3,112.21 0.99148439
1R $100.00 0.00% $1,000.00 30-Apr-96 5.80000000 5.80000000 9.10000000 $91.56 0.91560000
$75,012,086.41 $70,947,395.73
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Credit Enhancement Summary
SMSC SERIES 1995-2--POOL ONE
Payment Date: 27-May-96
Reporting Month April
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type Purpose % $ % $ $ $ $ % $
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Subordination 10.25% $7,689,347.47 10.73% $7,657,459.39 $0.00 $0.00 $70,947,395.72 10.79% $7,652,645.06
</TABLE>
DELINQUENCY STATISTICS
Current % of
# of Loans Balance Current Balance
30+ Days 6 $653,590 0.92%
60+ Days 4 $639,474 0.90%
90+ Days 3 $581,829 0.82%
Foreclosure 0 $0 0.00%
REO 0 $0 0.00%
Totals 13 $1,874,893 2.64%
Advances on Delinquencies $15,935.45
Non-Recoverable Advances on Delinquencies $0.00
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
MONTHLY PAYMENT REPORT
Payment Statement
SMSC SERIES 1995-2--POOL ONE
Payment Date: 25-May-96
Reporting Month: April
<TABLE>
<CAPTION>
Class Beginning Current Interest Scheduled Unscheduled
Interest Principal/Notional Interest ShortFall/ Interest Principal Principal Total
Class Rate Balance Accrual (Recovery) Distribution Distribution Distribution Distribution
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
1A-1 7.500000% $44,117,843.53 $275,736.52 $0.00 $275,736.52 $40,065.42 $394,731.21 $710,533.15
1A-2 7.500000% $10,000,000.00 $62,500.00 $0.00 $62,500.00 $0.00 $0.00 $62,500.00
1A-3 7.500000% $9,608,500.00 $60,053.13 $0.00 $60,053.13 $0.00 $0.00 $60,053.13
1B-1 7.500000% $2,988,039.86 $18,675.25 $0.00 $18,675.25 $1,878.61 $0.00 $20,553.86
1B-2 7.500000% $1,307,267.12 $8,170.42 $0.00 $8,170.42 $821.89 $0.00 $8,992.31
1B-3 7.500000% $933,762.52 $5,836.02 $0.00 $5,836.02 $587.07 $0.00 $6,423.09
1B-4 7.500000% $1,232,566.20 $7,703.54 $0.00 $7,703.54 $774.93 $0.00 $8,478.47
1B-5 7.500000% $522,906.45 $3,268.17 $0.00 $3,268.17 $328.76 $0.00 $3,596.93
1B-6 7.500000% $672,917.24 $4,205.73 $0.00 $4,205.73 $423.07 $0.00 $4,628.80
1I 0.010050% $71,063,553.71 $85,698.62 $0.00 $85,698.62 $0.00 $0.00 $85,698.62
1P 0.000000% $3,113.16 $0.00 $0.00 $0.00 $0.95 $0.00 $0.95
1R 7.500000% $92.47 $0.58 $0.00 $0.58 $0.08 $0.83 $1.49
$71,387,008.55 $531,847.98 $0.00 $531,847.98 $44,880.78 $394,732.04 $971,460.80
</TABLE>
Ending
Realized Principal
Class Losses Notional Balance
- -----------------------------------
1A-1 $0.00 $43,683,046.90
1A-2 $0.00 $10,000,000.00
1A-3 $0.00 $9,608,500.00
1B-1 $0.00 $2,986,161.25
1B-2 $0.00 $1,306,445.23
1B-3 $0.00 $933,175.45
1B-4 $0.00 $1,231,791.27
1B-5 $0.00 $522,577.69
1B-6 $0.00 $672,494.17
1I $0.00 $70,624,297.29
1P $0.00 $3,112.21
1R $0.00 $91.56
$0.00 $70,947,395.73
<TABLE>
<CAPTION>
Aggregate Aggregate
Class CUSIP Priority Principal Type Interest Type Realized Losses Interest Shortfall
- -------------------------------------------------------------------------------------------------------------------------
<S> <C>
1A-1 805570JK5 Senior Pro Rata Fixed $0.00 $0.00
1A-2 805570JL3 Senior Sequential Fixed $0.00 $0.00
1A-3 805570JM1 Senior Sequential Fixed $0.00 $0.00
1B-1 805570JN9 Subordinate Pro Rata Fixed $0.00 $0.00
1B-2 805570JP4 Subordinate Pro Rata Fixed $0.00 $0.00
1B-3 805570JQ2 Subordinate Pro Rata Fixed $0.00 $0.00
1B-4 N/A Subordinate Pro Rata Fixed $0.00 $0.00
1B-5 N/A Subordinate Pro Rata Fixed $0.00 $0.00
1B-6 N/A Subordinate Pro Rata Fixed $0.00 $0.00
1I 805570JV1 Senior Interest Only Interest Only $0.00 $0.00
1P 805570JW9 Senior Principal Only Principal Only $0.00 $0.00
1R 805570JX7 Senior Pro Rata Fixed $0.00 $0.00
$0.00 $0.00
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
PAYMENTS PER BOND DENOMINATION
SMSC SERIES 1995-2--POOL TWO
Payment Date: 25-May-96
Reporting Month: April
<TABLE>
<CAPTION>
Interest Interest Principal
Original Original Integral Record Accrual Payment Payment Ending Remaining
Class Balance Pct Pool Denomination Date Factor Factor Factor Balance Principal Factor
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
2A $22,184,000.00 93.24% $1,000.00 30-Apr-96 5.53926704 5.53926704 6.67080554 $19,513,311.13 0.87961193
2B-1 $654,275.00 2.75% $1,000.00 30-Apr-96 6.12306752 6.12306752 3.04587521 $638,993.64 0.97664383
2B-2 $237,918.00 1.00% $1,000.00 30-Apr-96 6.12307602 6.12307602 3.04588135 $232,361.16 0.97664389
2B-3 $237,918.00 1.00% $1,000.00 30-Apr-96 6.12307602 6.12307602 3.04588135 $232,361.16 0.97664389
2B-4 $226,022.00 0.95% $1,000.00 30-Apr-96 6.12307651 6.12307651 3.04589819 $220,742.98 0.97664378
2B-5 $118,959.00 0.50% $1,000.00 30-Apr-96 6.12303399 6.12303399 3.04583932 $116,180.57 0.97664380
2B-6 $131,139.17 0.55% $1,000.00 30-Apr-96 6.12303708 6.12303708 3.04584816 $128,076.27 0.97664390
2I $0.00 0.00% $1,000.00 30-Apr-96 N/A N/A N/A $0.00 N/A
2P $1,515.51 0.01% $1,000.00 30-Apr-96 0.00000000 0.00000000 3.12106156 $1,478.50 0.97557918
2R $100.00 0.00% $1,000.00 30-Apr-96 5.50000000 5.50000000 6.70000000 $87.96 0.87960000
$23,791,846.68 $21,083,593.37
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Credit Enhancement Summary
SMSC SERIES 1995-2--POOL TWO
Payment Date: 27-May-96
Reporting Month April
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type Purpose % $ % $ $ $ $ % $
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Subordination 6.75% $1,606,231.17 7.41% $1,573,608.16 $0.00 $0.00 $21,083,593.36 7.44% $1,568,715.78
</TABLE>
DELINQUENCY STATISTICS
Current % of
# of Loans Balance Current Balance
30+ Days 1 $236,927 1.12%
60+ Days 1 $111,835 0.53%
90+ Days 0 $0 0.00%
Foreclosure 0 $0 0.00%
REO 0 $0 0.00%
Totals 2 $348,762 1.65%
Advances on Delinquencies $3,682.03
Non-Recoverable Advances on Delinquencies $0.00
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
FUNDS ACCOUNT ACTIVITY REPORT
SMSC SERIES 1995-2
PAYMENT DATE: 25-MAY-96
REPORT DATE: APRIL
COLLATERAL PROCEEDS ACCOUNT
Beginning Balance $0.00
<TABLE>
<S> <C>
DEPOSITS WITHDRAWALS
Interest Net of Servicing Fee, Master Servicing
Fee and Trustee Fee $687,670.54 Interest Distribution $687,670.54
Principal $592,495.75 Principal Distribution $592,495.75
Servicing Fee* $19,296.56 Servicing Fee* $19,296.56
Master Servicing and Trustee Fee* $2,315.58 Master Servicing and TrusteeFee* $2,315.58
Deposits From Reserve Fund $0.00
Other Deposits $0.00
TOTAL DEPOSIT $1,301,778.43 TOTAL WITHDRAWALS $1,301,778.43
Ending Balance $0.00
</TABLE>
Note: "Principal" and Interest Net of Servicing Fee" includes Advances on
Delinquencies
* Actual cash deposited and withdrawn from the Trust Account may not include
Servicing Fee, Master Servicing Fee and Trustee Fee.
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
SMSC Series 1995-2--Pool Two
Payment Date: 25-May-96
Reporting Month: April
<TABLE>
<CAPTION>
Class Beginning Current Interest Scheduled Unscheduled
Interest Principal/Notional Interest ShortFall/ Interest Principal Principal Total
Class Rate Balance Accrual (Recovery) Distribution Distribution Distribution Distribution
<S> <C>
2A 7.500000% $19,661,296.28 $122,883.10 $0.00 $122,883.10 $61,127.40 $86,857.75 $270,868.25
2B-1 7.500000% $640,986.48 $4,006.17 $0.00 $4,006.17 $1,992.84 $0.00 $5,999.01
2B-2 7.500000% $233,085.83 $1,456.79 $0.00 $1,456.79 $724.67 $0.00 $2,181.46
2B-3 7.500000% $233,085.83 $1,456.79 $0.00 $1,456.79 $724.67 $0.00 $2,181.46
2B-4 7.500000% $221,431.42 $1,383.95 $0.00 $1,383.95 $688.44 $0.00 $2,072.39
2B-5 7.500000% $116,542.90 $728.39 $0.00 $728.39 $362.33 $0.00 $1,090.72
2B-6 7.500000% $128,475.70 $802.97 $0.00 $802.97 $399.43 $0.00 $1,202.40
2I 0.009227% $20,865,665.43 $23,103.85 $0.00 $23,103.85 $0.00 $0.00 $23,103.85
2P 0.000000% $1,483.23 $0.00 $0.00 $0.00 $4.73 $0.00 $4.73
2R 7.500000% $88.63 $0.55 $0.00 $0.55 $0.28 $0.39 $1.22
$21,236,476.30 $155,822.56 $0.00 $155,822.56 $66,024.79 $86,858.14 $308,705.49
</TABLE>
Ending
Realized Principal
Class Losses Notional Balance
2A $0.00 $19,513,311.13
2B-1 $0.00 $638,993.64
2B-2 $0.00 $232,361.16
2B-3 $0.00 $232,361.16
2B-4 $0.00 $220,742.98
2B-5 $0.00 $116,180.57
2B-6 $0.00 $128,076.27
2I $0.00 $20,713,964.53
2P $0.00 $1,478.50
2R $0.00 $87.96
$0.00 $21,083,593.37
<TABLE>
<CAPTION>
Aggregate Aggregate
Class CUSIP Priority Principal Type Interest Type Realized Losses Interest Shortfall
<S> <C>
2A 805570JR0 Senior Pro Rata Fixed $0.00 $0.00
2B-1 805570JS8 Subordinate Pro Rata Fixed $0.00 $0.00
2B-2 805570JT6 Subordinate Pro Rata Fixed $0.00 $0.00
2B-3 805570JU3 Subordinate Pro Rata Fixed $0.00 $0.00
2B-4 N/A Subordinate Pro Rata Fixed $0.00 $0.00
2B-5 N/A Subordinate Pro Rata Fixed $0.00 $0.00
2B-6 N/A Subordinate Pro Rata Fixed $0.00 $0.00
2I 805570JY5 Senior Interest Only Interest Only $0.00 $0.00
2P 805570JZ2 Senior Principal Only Principal Only $0.00 $0.00
2R 805570KA5 Senior Pro Rata Fixed $0.00 $0.00
$0.00 $0.00
</TABLE>
