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) September 25, 1997
Dynex Financial, 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.)
10900 Nuckols Road
Glen Allen, Virginia
Attn: Vice President 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (804) 217-5800
<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 Dynex Financial Corporation, Series 1995-2 makes monthly
remittances to security holders. The latest remittance was made September 25,
1997. 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 September 25, 1997
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 29, 1997 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 September 25, 1997
5
SAXON MORTGAGE SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
SMSC Series 1995-2
Payment Date: 25-Sep-97
Reporting Month:August
<TABLE>
<CAPTION>
Class Beginning Current Scheduled Unscheduled Ending
Interest Principal 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% $33,032,706.31 $206,454.41 $0.00 $206,454.41 $39,379.11 $1,356,513.38 $1,602,346.90 $0.00 $31,636,813.82
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% $2,955,329.06 $18,470.81 $0.00 $18,470.81 $2,210.78 $0.00 $20,681.59 $0.00 $2,953,118.28
1B-2 7.500000% $1,292,956.15 $8,080.98 $0.00 $8,080.98 $967.22 $0.00 $9,048.20 $0.00 $1,291,988.93
1B-3 7.500000% $923,540.41 $5,772.13 $0.00 $5,772.13 $690.87 $0.00 $6,463.00 $0.00 $922,849.54
1B-4 7.500000% $1,219,073.01 $7,619.21 $0.00 $7,619.21 $911.95 $0.00 $8,531.16 $0.00 $1,218,161.06
1B-5 7.500000% $517,947.37 $3,237.17 $0.00 $3,237.17 $0.00 $0.00 $3,237.17 $0.00 $517,947.37
1B-6 7.500000% $365,837.98 $2,286.49 $0.00 $2,286.49 $0.00 $0.00 $2,286.49 $97,804.45 $268,033.53
1I 1.432331% $59,601,586.78 $71,161.02 $0.00 $71,161.02 $0.00 $0.00 $71,161.02 $0.00 $58,103,499.71
1P 0.000000% $3,097.16 $0.00 $0.00 $0.00 $1.06 $0.00 $1.06 $0.00 $3,096.10
1R 7.500000% $68.61 $14.53 $0.00 $14.53 $0.08 $3.02 $17.63 $0.00 $65.51
$59,919,056.06 $445,649.87 $0.00 $445,649.87 $44,161.07 $1,356,516.40 $1,846,327.34 $97,804.45 $58,420,574.14
</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 $399,464.33 $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
$399,464.33 $0.00
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
SMSC Series 1995-2--Pool Two
Payment Date: 25-Sep-97
Reporting Month:August
<TABLE>
<CAPTION>
Class Beginning Current Scheduled Unscheduled Ending
Interest Principal 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% $16,299,069.35 $101,869.18 $0.00 $101,869.18 $63,405.34 $477,827.48 $643,102.00 $0.00 $15,757,836.53
2B-1 7.500000% $606,559.03 $3,790.99 $0.00 $3,790.99 $2,359.59 $0.00 $6,150.58 $0.00 $604,199.44
2B-2 7.500000% $220,566.76 $1,378.54 $0.00 $1,378.54 $858.03 $0.00 $2,236.57 $0.00 $219,708.73
2B-3 7.500000% $220,566.76 $1,378.54 $0.00 $1,378.54 $858.03 $0.00 $2,236.57 $0.00 $219,708.73
2B-4 7.500000% $209,538.32 $1,309.61 $0.00 $1,309.61 $815.13 $0.00 $2,124.74 $0.00 $208,723.19
2B-5 7.500000% $110,283.37 $689.27 $0.00 $689.27 $429.02 $0.00 $1,118.29 $0.00 $109,854.35
2B-6 7.500000% $121,575.27 $759.85 $0.00 $759.85 $472.94 $0.00 $1,232.79 $0.00 $121,102.33
2I 1.297167% $17,438,681.99 $18,850.73 $0.00 $18,850.73 $0.00 $0.00 $18,850.73 $0.00 $16,892,959.02
2P 0.000000% $1,403.80 $0.00 $0.00 $0.00 $5.24 $0.00 $5.24 $0.00 $1,398.56
2R 7.500000% $73.45 $0.46 $0.00 $0.46 $0.29 $2.15 $2.90 $0.00 $71.01
$17,789,636.11$130,027.17 $0.00 $130,027.17 $69,203.61 $477,829.63 $677,060.41 $0.00 $17,242,602.87
</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
$0.00 $0.00
</TABLE>
SAXON MORTGAGE SECURITIES CORPORATION
Payments per Bond Denomination
SMSC Series 1995-2
Payment Date: 25-Sep-97
Reporting Month: August
<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-Aug-97 4.32718681 4.32718681 29.25724650 $31,636,813.82 0.66309266
1A-2 $10,000,000.00 13.33% $1,000.00 31-Aug-97 6.25000000 6.25000000 0.00000000 $10,000,000.00 1.00000000
1A-3 $9,608,500.00 12.81% $1,000.00 31-Aug-97 6.24999948 6.24999948 0.00000000 $9,608,500.00 1.00000000
1B-1 $3,000,483.00 4.00% $1,000.00 31-Aug-97 6.15594556 6.15594556 0.73680804 $2,953,118.28 0.98421430
1B-2 $1,312,711.00 1.75% $1,000.00 31-Aug-97 6.15594750 6.15594750 0.73681107 $1,291,988.93 0.98421429
1B-3 $937,651.00 1.25% $1,000.00 31-Aug-97 6.15594715 6.15594715 0.73680932 $922,849.54 0.98421432
1B-4 $1,237,699.00 1.65% $1,000.00 31-Aug-97 6.15594745 6.15594745 0.73681081 $1,218,161.06 0.98421430
1B-5 $525,084.00 0.70% $1,000.00 31-Aug-97 6.16505169 6.16505169 0.00000000 $517,947.37 0.98640859
1B-6 $675,719.47 0.90% $1,000.00 31-Aug-97 3.38378588 3.38378588 0.00000000 $268,033.53 0.39666391
1I $0.00 0.00% $1,000.00 31-Aug-97 N/A N/A N/A $0.00 N/A
1P $3,138.94 0.00% $1,000.00 31-Aug-97 0.00000000 0.00000000 0.33769362 $3,096.10 0.98635208
1R $100.00 0.00% $1,000.00 31-Aug-97 145.30000000 145.30000000 31.00000000 $65.51 0.65510000
$75,012,086.41 $58,420,574.14
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Payments per Bond Denomination
SMSC Series 1995-2--Pool Two
Payment Date: 25-Sep-97
Reporting Month: August
<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-Aug-97 4.59201136 4.59201136 24.39744050 $15,757,836.53 0.71032440
2B-1 $654,275.00 2.75% $1,000.00 31-Aug-97 5.79418440 5.79418440 3.60641932 $604,199.44 0.92346405
2B-2 $237,918.00 1.00% $1,000.00 31-Aug-97 5.79418119 5.79418119 3.60641061 $219,708.73 0.92346409
2B-3 $237,918.00 1.00% $1,000.00 31-Aug-97 5.79418119 5.79418119 3.60641061 $219,708.73 0.92346409
2B-4 $226,022.00 0.95% $1,000.00 31-Aug-97 5.79417048 5.79417048 3.60641884 $208,723.19 0.92346404
2B-5 $118,959.00 0.50% $1,000.00 31-Aug-97 5.79418119 5.79418119 3.60645264 $109,854.35 0.92346397
2B-6 $131,139.17 0.55% $1,000.00 31-Aug-97 5.79422609 5.79422609 3.60639769 $121,102.33 0.92346421
2I $0.00 0.00% $1,000.00 31-Aug-97 N/A N/A N/A $0.00 N/A
2P $1,515.51 0.01% $1,000.00 31-Aug-97 0.00000000 0.00000000 3.45758194 $1,398.56 0.92283126
2R $100.00 0.00% $1,000.00 31-Aug-97 4.60000000 4.60000000 24.40000000 $71.01 0.71010000
$23,791,846.68 $17,242,602.87
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Funds Account Activity Report
SMSC Series 1995-2
Payment Date: 25-Sep-97
Report Date: August
Collateral Proceeds Account
<TABLE>
<S> <C> <C>
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee, Master
Fee and Trustee Fee $575,677.04 Interest Distribution $575,677.04
Principal $1,947,710.71 Principal Distribution $1,947,710.71
Servicing Fee* $16,189.31 Servicing Fee* $16,189.31
Master Servicing and Trustee $1,942.72 Master Servicing and $1,942.72
Deposits From Reserve Fund $0.00
Other Deposits $0.00
Total Deposit $2,541,519.78 Total Withdrawals $2,541,519.78
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
Credit Enhancement Summary
SMSC Series 1995-2
Payment Date: 25-Sep-97
Reporting Month August
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 12.14% $7,274,683.98 $0.00 $97,804.45 $58,420,574.15 12.28% $7,172,098.71
</TABLE>
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 9 $922,762 1.58%
60+ Days 0 $0 0.00%
90+ Days 4 $668,083 1.14%
Foreclosure 6 $914,794 1.57%
REO 3 $456,378 0.78%
Totals 22 $2,962,017 5.07%
Advances on Delinquencies $25,794.71
Non-Recoverable Advances on Delinquencies $0.00
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Credit Enhancement Summary
SMSC Series 1995-2--Pool Two
Payment Date: 25-Sep-97
Reporting Month August
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 8.37% $1,489,089.51 $0.00 $0.00 $17,242,602.84 8.60% $1,483,296.77
</TABLE>
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 2 $181,051 1.05%
60+ Days 1 $41,261 0.24%
90+ Days 0 $0 0.00%
Foreclosure 2 $206,002 1.19%
REO 1 $403,495 2.34%
Totals 6 $831,810 4.82%
Advances on Delinquencies $9,404.06
Non-Recoverable Advances on Delinquencies $0.00
