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) August 26, 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 August 26, 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 August 26, 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.
September 4, 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 August 26, 1996
5
SAXON MORTGAGE SECURITIES CORPORATION
Payments per Bond Denomination
SMSC Series 1995-2--Pool One
Payment Date: 26-Aug-96
Reporting Month: July
<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> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $47,711,000.00 63.60% $1,000.00 31-Jul-96 5.48086500 5.48086500 7.66787932 $41,473,765.03 0.869270501
1A-2 $10,000,000.00 13.33% $1,000.00 31-Jul-96 6.25000000 6.25000000 0.00000000 $10,000,000.00 1.00000000
1A-3 $9,608,500.00 12.81% $1,000.00 31-Jul-96 6.24999948 6.24999948 0.00000000 $9,608,500.00 1.00000000
1B-1 $3,000,483.00 4.00% $1,000.00 31-Jul-96 6.21204653 6.21204653 0.65261493 $2,980,304.53 0.99327493
1B-2 $1,312,711.00 1.75% $1,000.00 31-Jul-96 6.21204515 6.21204515 0.65261128 $1,303,882.92 0.99327492
1B-3 $937,651.00 1.25% $1,000.00 31-Jul-96 6.21204478 6.21204478 0.65260955 $931,345.23 0.99327493
1B-4 $1,237,699.00 1.65% $1,000.00 31-Jul-96 6.21204348 6.21204348 0.65261425 $1,229,375.38 0.99327492
1B-5 $525,084.00 0.70% $1,000.00 31-Jul-96 6.21205369 6.21205369 0.65261939 $521,552.76 0.99327490
1B-6 $675,719.47 0.90% $1,000.00 31-Jul-96 6.21204536 6.21204536 0.65260810 $671,175.22 0.99327495
1I $0.00 0.00% $1,000.00 31-Jul-96 N/A N/A N/A $0.00 N/A
1P $3,138.94 0.00% $1,000.00 31-Jul-96 0.00000000 0.00000000 0.30902152 $3,109.32 0.99056369
1R $100.00 0.00% $1,000.00 31-Jul-96 146.50000000 287.50000000 7.70000000 $86.93 0.86930000
$75,012,086.41 $68,723,097.32
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Credit Enhancement Summary
SMSC Series 1995-2--Pool One
Payment Date: 26-Aug-96
Reporting Month July
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type Purpose
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Subordination 10.25% $7,689,347.47 11.06% $7,642,654.21 $0.00 $0.00 $68,723,097.30 11.11% $7,637,636.04
</TABLE>
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 9 $1,410,992 2.05%
60+ Days 2 $405,621 0.59%
90+ Days 6 $946,723 1.38%
Foreclosure 0 $0 0.00%
REO 0 $0 0.00%
Totals 17 $2,763,336 4.02%
Advances on Delinquencies $23,977.92
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: 26-Aug-96
Reporting Month:July
<TABLE>
<CAPTION>
Class Beginning Current Interest Scheduled Unscheduled Ending
Interest Principal/Notional Interest ShortFall/ Interest Principal Principal Total Realized Principal
Class Rate Balance Accrual (Recovery) Distribution Distribution Distribution Distribution Losses Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 7.500000% $41,839,607.22 $261,497.55 $0.00 $261,497.55 $40,346.89 $325,495.30 $627,339.74 $0.00 $41,473,765.03
1A-2 7.500000% $10,000,000.00 $62,500.00 $0.00 $62,500.00 $0.00 $0.00 $62,500.00 $0.00 $10,000,000.00
1A-3 7.500000% $9,608,500.00 $60,053.12 $0.00 $60,053.12 $0.00 $0.00 $60,053.12 $0.00 $9,608,500.00
1B-1 7.500000% $2,982,262.69 $18,639.14 $0.00 $18,639.14 $1,958.16 $0.00 $20,597.30 $0.00 $2,980,304.53
1B-2 7.500000% $1,304,739.61 $8,154.62 $0.00 $8,154.62 $856.69 $0.00 $9,011.31 $0.00 $1,303,882.92
1B-3 7.500000% $931,957.15 $5,824.73 $0.00 $5,824.73 $611.92 $0.00 $6,436.65 $0.00 $931,345.23
1B-4 7.500000% $1,230,183.12 $7,688.64 $0.00 $7,688.64 $807.74 $0.00 $8,496.38 $0.00 $1,229,375.38
1B-5 7.500000% $521,895.44 $3,261.85 $0.00 $3,261.85 $342.68 $0.00 $3,604.53 $0.00 $521,552.76
1B-6 7.500000% $671,616.20 $4,197.60 $0.00 $4,197.60 $440.98 $0.00 $4,638.58 $0.00 $671,175.22
1I 1.439871% $68,771,580.66 $82,518.49 $0.00 $82,504.39(1) $0.00 $0.00 $82,504.39 $0.00 $68,401,081.88
1P 0.000000% $3,110.29 $0.00 $0.00 $0.00 $0.97 $0.00 $0.97 $0.00 $3,109.32
1R 7.500000% $87.70 $14.65 $0.00 $28.75(2) $0.08 $0.69 $28.75 $0.00 $86.93
$69,093,959.42 $514,350.39 $0.00 $514,350.39 $45,366.11 $325,495.99 $885,212.49 $0.00 $68,723,097.32
</TABLE>
<TABLE>
<CAPTION>
Aggregate Aggregate
Class CUSIP Priority Principal Type Interest Type Realized Losses Interest Shortfall
<S> <C> <C> <C> <C> <C> <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
(1) $14.10 interest withheld to adjust for overpayment on July 25th payment
(2) $14.10 interest added to adjust for underpayment on July 25th payment
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Payments per Bond Denomination
SMSC Series 1995-2--Pool Two
Payment Date: 26-Aug-96
Reporting Month: July
<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> <C> <C> <C> <C> <C> <C> <C> <C>
2A $22,184,000.00 93.24% $1,000.00 31-Jul-96 5.38206590 5.38206590 12.35753336 $18,829,181.03 0.84877304
2B-1 $654,275.00 2.75% $1,000.00 31-Jul-96 6.06544649 6.06544649 3.12937221 $632,907.31 0.96734142
2B-2 $237,918.00 1.00% $1,000.00 31-Jul-96 6.06545112 6.06545112 3.12935549 $230,147.95 0.96734148
2B-3 $237,918.00 1.00% $1,000.00 31-Jul-96 6.06545112 6.06545112 3.12935549 $230,147.95 0.96734148
2B-4 $226,022.00 0.95% $1,000.00 31-Jul-96 6.06542726 6.06542726 3.12938564 $218,640.43 0.96734136
2B-5 $118,959.00 0.50% $1,000.00 31-Jul-96 6.06545112 6.06545112 3.12939752 $115,073.96 0.96734135
2B-6 $131,139.17 0.55% $1,000.00 31-Jul-96 6.06546465 6.06546465 3.12934724 $126,856.37 0.96734157
2I $0.00 0.00% $1,000.00 31-Jul-96 N/A N/A N/A $0.00 N/A
2P $1,515.51 0.01% $1,000.00 31-Jul-96 0.00000000 0.00000000 3.18044751 $1,464.13 0.96609722
2R $100.00 0.00% $1,000.00 31-Jul-96 5.40000000 5.40000000 12.40000000 $84.87 0.84870000
$23,791,846.68 $20,384,504.00
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Credit Enhancement Summary
SMSC Series 1995-2--Pool Two
Payment Date: 26-Aug-96
Reporting Month July
Reserve Funds and Subordination
<TABLE>
<CAPTION>
Initial Coverage Beginning Coverage Adjustments Losses Insured Balance Ending Coverage
Type Purpose
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Subordination 6.75% $1,606,231.17 7.54% $1,558,800.46 $0.00 $0.00 $20,384,503.99 7.62% $1,553,773.97
</TABLE>
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 6 $1,015,630 4.98%
60+ Days 0 $0 0.55%
90+ Days 0 $0 0.00%
Foreclosure 0 $0 0.00%
REO 0 $0 0.00%
Totals 6 $1,015,630 4.98%
Advances on Delinquencies $11,120.04
Non-Recoverable Advances on Delinquencies $0.00
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
SMSC Series 1995-2--Pool Two
Payment Date: 26-Aug-96
Reporting Month:July
<TABLE>
<CAPTION>
Class Beginning Current Interest Scheduled Unscheduled Ending
Interest Principal/Notional Interest ShortFall/ Interest Principal Principal Total Realized Principal
Class Rate Balance Accrual (Recovery) Distribution Distribution Distribution Distribution Losses Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2A 7.500000% $19,103,320.55 $119,395.75 $0.00 $119,395.75 $61,600.44 $212,539.08 $393,535.27 $0.00 $18,829,181.03
2B-1 7.500000% $634,954.78 $3,968.47 $0.00 $3,968.47 $2,047.47 $0.00 $6,015.94 $0.00 $632,907.31
2B-2 7.500000% $230,892.48 $1,443.08 $0.00 $1,443.08 $744.53 $0.00 $2,187.61 $0.00 $230,147.95
2B-3 7.500000% $230,892.48 $1,443.08 $0.00 $1,443.08 $744.53 $0.00 $2,187.61 $0.00 $230,147.95
2B-4 7.500000% $219,347.74 $1,370.92 $0.00 $1,370.92 $707.31 $0.00 $2,078.23 $0.00 $218,640.43
2B-5 7.500000% $115,446.23 $721.54 $0.00 $721.54 $372.27 $0.00 $1,093.81 $0.00 $115,073.96
2B-6 7.500000% $127,266.75 $795.42 $0.00 $795.42 $410.38 $0.00 $1,205.80 $0.00 $126,856.37
2I 1.322769% $20,296,434.24 $22,372.92 $0.00 $22,372.92 $0.00 $0.00 $22,372.92 $0.00 $20,018,467.25
2P 0.000000% $1,468.95 $0.00 $0.00 $0.00 $4.82 $0.00 $4.82 $0.00 $1,464.13
2R 7.500000% $86.11 $0.54 $0.00 $0.54 $0.28 $0.96 $1.78 $0.00 $84.87
$20,663,676.07 $151,511.72 $0.00 $151,511.72 $66,632.03 $212,540.04 $430,683.79 $0.00 $20,384,504.00
</TABLE>
<TABLE>
<CAPTION>
Aggregate Aggregate
Class CUSIP Priority Principal Type Interest Type Realized Losses Interest Shortfall
<S> <C> <C> <C> <C> <C> <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
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Funds Account Activity Report
SMSC Series 1995-2
Payment Date: 26-Aug-96
Report Date: July
Collateral Proceeds Account
Beginning Balance $0.00
<TABLE>
<S> <C>
Deposits Withdrawals
Interest Net of Servicing Fee, Master
Fee and Trustee Fee $665,862.11 Interest Distribution $665,862.11
Principal $650,034.17 Principal Distribution $650,034.17
Servicing Fee* $18,699.50 Servicing Fee* $18,699.50
Master Servicing and Trustee Fee* $2,243.95 Master Servicing and Trustee Fee$2,243.95
Deposits From Reserve Fund $0.00
Other Deposits $0.00
Total Deposit $1,336,839.73 Total Withdrawals $1,336,839.73
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>
