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) March 28, 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 April 28,
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 April 28, 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.
April 31, 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 April 28, 1997
5
SAXON MORTGAGE SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
SMSC Series 1995-2--Pool One
Payment Date: 25-Apr-97
Reporting Month:March
<TABLE>
<CAPTION>
Class Beginning Current Interest Scheduled Unscheduled Ending
Interest Principal Interest ShortFall/ Interest Principal Principal Total Realized Principal/
Class Rate Balance Accrual (Recovery) Distribution Distribution Distribution Distribution Losses Notional Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 7.500000% $36,090,424.14 $225,565.15 $0.00 $225,565.15 $39,690.64 $564,035.47 $829,291.26 $0.00 $35,486,698.03
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% $2,966,089.08 $18,538.06 $0.00 $18,538.06 $2,113.61 $0.00 $20,651.67 $0.00 $2,963,975.47
1B-2 7.500000% $1,297,663.67 $8,110.40 $0.00 $8,110.40 $924.71 $0.00 $9,035.11 $0.00 $1,296,738.96
1B-3 7.500000% $926,902.92 $5,793.14 $0.00 $5,793.14 $660.50 $0.00 $6,453.64 $0.00 $926,242.42
1B-4 7.500000% $1,223,511.52 $7,646.95 $0.00 $7,646.95 $871.87 $0.00 $8,518.82 $0.00 $1,222,639.65
1B-5 7.500000% $519,065.07 $3,244.16 $0.00 $3,244.16 $369.88 $0.00 $3,614.04 $0.00 $518,695.19
1B-6 7.500000% $667,973.85 $4,174.84 $0.00 $4,174.84 $475.99 $0.00 $4,650.83 $0.00 $667,497.86
1I 1.425038% $62,983,902.18 $74,795.35 $0.00 $74,795.35 $0.00 $0.00 $74,795.35 $0.00 $62,375,139.63
1P 0.000000% $3,102.34 $0.00 $0.00 $0.00 $1.02 $0.00 $1.02 $0.00 $3,101.32
1R 7.500000% $75.63 $14.57 $0.00 $14.57 $0.08 $1.19 $15.84 $0.00 $74.36
$63,303,308.22 $470,435.74 $0.00 $470,435.74 $45,108.30 $564,036.66 $1,079,580.70 $0.00 $62,694,163.26
</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
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Monthly Payment Report
Payment Statement
SMSC Series 1995-2--Pool Two
Payment Date: 25-Apr-97
Reporting Month:March
<TABLE>
<CAPTION>
Class Beginning Current Interest Scheduled Unscheduled Ending
Interest Principal Interest ShortFall/ Interest Principal Principal Total Realized Principal/
Class Rate Balance Accrual (Recovery) Distribution Distribution Distribution Distribution Losses Notional Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2A 7.500000% $17,379,707.87 $108,623.17 $0.00 $108,623.17 $62,812.26 $165,923.12 $337,358.55 $0.00 $17,150,972.49
2B-1 7.500000% $617,955.26 $3,862.22 $0.00 $3,862.22 $2,233.36 $0.00 $6,095.58 $0.00 $615,721.90
2B-2 7.500000% $224,710.85 $1,404.44 $0.00 $1,404.44 $812.13 $0.00 $2,216.57 $0.00 $223,898.72
2B-3 7.500000% $224,710.85 $1,404.44 $0.00 $1,404.44 $812.13 $0.00 $2,216.57 $0.00 $223,898.72
2B-4 7.500000% $213,475.19 $1,334.22 $0.00 $1,334.22 $771.52 $0.00 $2,105.74 $0.00 $212,703.67
2B-5 7.500000% $112,355.40 $702.22 $0.00 $702.22 $406.07 $0.00 $1,108.29 $0.00 $111,949.33
2B-6 7.500000% $123,859.47 $774.12 $0.00 $774.12 $447.64 $0.00 $1,221.76 $0.00 $123,411.83
2I 1.315504% $18,540,902.30 $20,325.53 $0.00 $20,325.53 $0.00 $0.00 $20,325.53 $0.00 $18,307,946.73
2P 0.000000% $1,429.51 $0.00 $0.00 $0.00 $5.08 $0.00 $5.08 $0.00 $1,424.43
2R 7.500000% $78.33 $0.49 $0.00 $0.49 $0.28 $0.75 $1.52 $0.00 $77.30
$18,898,282.73 $138,430.85 $0.00 $138,430.85 $68,300.47 $165,923.87 $372,655.19 $0.00 $18,664,058.39
</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>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Payments per Bond Denomination
SMSC Series 1995-2--Pool One
Payment Date: 25-Apr-97
Reporting Month: March
<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
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1A-1 $47,711,000.00 63.60% $1,000.00 31-Mar-97 4.72773889 4.72773889 12.6538138 $35,486,698.03 0.74378441
1A-2 $10,000,000.00 13.33% $1,000.00 31-Mar-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-Mar-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-Mar-97 6.17835862 6.17835862 0.70442325 $2,963,975.47 0.98783278
1B-2 $1,312,711.00 1.75% $1,000.00 31-Mar-97 6.17835914 6.17835914 0.70442771 $1,296,738.96 0.98783278
1B-3 $937,651.00 1.25% $1,000.00 31-Mar-97 6.17835421 6.17835421 0.70441987 $926,242.42 0.98783281
1B-4 $1,237,699.00 1.65% $1,000.00 31-Mar-97 6.17836001 6.17836001 0.70442814 $1,222,639.65 0.98783278
1B-5 $525,084.00 0.70% $1,000.00 31-Mar-97 6.17836384 6.17836384 0.70442063 $518,695.19 0.98783278
1B-6 $675,719.47 0.90% $1,000.00 31-Mar-97 6.17836275 6.17836275 0.70441954 $667,497.86 0.98783281
1I $0.00 0.00% $1,000.00 31-Mar-97 N/A N/A N/A $0.00 N/A
1P $3,138.94 0.00% $1,000.00 31-Mar-97 0.00000000 0.00000000 0.32495046 $3,101.32 0.98801506
1R $100.00 0.00% $1,000.00 31-Mar-97 145.70000000 145.70000000 12.70000000 $74.36 0.74360000
$75,012,086.41 $62,694,163.26
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Payments per Bond Denomination
SMSC Series 1995-2--Pool Two
Payment Date: 25-Apr-97
Reporting Month: March
<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
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2A $22,184,000.00 93.24% $1,000.00 31-Mar-97 4.89646457 4.89646457 10.31082670 $17,150,972.49 0.77312353
2B-1 $654,275.00 2.75% $1,000.00 31-Mar-97 5.90305300 5.90305300 3.41348821 $615,721.90 0.94107508
2B-2 $237,918.00 1.00% $1,000.00 31-Mar-97 5.90304222 5.90304222 3.41348700 $223,898.72 0.94107516
2B-3 $237,918.00 1.00% $1,000.00 31-Mar-97 5.90304222 5.90304222 3.41348700 $223,898.72 0.94107516
2B-4 $226,022.00 0.95% $1,000.00 31-Mar-97 5.90305369 5.90305369 3.41347302 $212,703.67 0.94107507
2B-5 $118,959.00 0.50% $1,000.00 31-Mar-97 5.90304222 5.90304222 3.41352903 $111,949.33 0.94107491
2B-6 $131,139.17 0.55% $1,000.00 31-Mar-97 5.90304178 5.90304178 3.41347288 $123,411.83 0.94107527
2I $0.00 0.00% $1,000.00 31-Mar-97 N/A N/A N/A $0.00 N/A
2P $1,515.51 0.01% $1,000.00 31-Mar-97 0.00000000 0.00000000 3.35200692 $1,424.43 0.93990142
2R $100.00 0.00% $1,000.00 31-Mar-97 4.90000000 4.90000000 10.3000000 $77.30 0.77300000
$23,791,846.68 $18,664,058.39
</TABLE>
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Funds Account Activity Report
SMSC Series 1995-2
Payment Date: 25-Apr-97
Report Date: March
Collateral Proceeds Account
<TABLE>
<S> <C> <C>
Beginning Balance $0.00
Deposits Withdrawals
Interest Net of Servicing Fee, Master
Fee and Trustee Fee $608,866.59 Interest Distribution $608,866.59
Principal $843,369.30 Principal Distribution $843,369.30
Servicing Fee* $17,125.33 Servicing Fee* $17,125.33
Master Servicing and Trustee $2,055.04 Master Servicing and Trustee Fee $2,055.04
Deposits From Reserve Fund $0.00
Other Deposits $0.00
Total Deposit $1,471,416.26 Total Withdrawals $1,471,416.26
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--Pool One
Payment Date: 25-Apr-97
Reporting Month March
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 12.01% $7,601,206.11 $0.00 $0.00 $62,694,163.26 12.12% $7,595,789.55
</TABLE>
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 7 $759,241 1.21%
60+ Days 2 $125,105 0.20%
90+ Days 5 $658,092 1.05%
Foreclosure 2 $455,605 0.73%
REO 4 $1,203,424 1.92%
Totals 20 $3,201,466 5.11%
Advances on Delinquencies $24,133.74
Non-Recoverable Advances on Delinquencies $0.00
<PAGE>
SAXON MORTGAGE SECURITIES CORPORATION
Credit Enhancement Summary
SMSC Series 1995-2--Pool Two
Payment Date: 25-Apr-97
Reporting Month March
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 8.03% $1,517,067.02 $0.00 $0.00 $18,664,058.36 8.10% $1,511,584.17
</TABLE>
Delinquency Statistics
Current % of
# of Loans Balance Current Balance
30+ Days 2 $202,435 1.08%
60+ Days 1 $107,978 0.58%
90+ Days 1 $168,200 0.90%
Foreclosure 1 $410,927 2.20%
REO 0 $0 0.00%
Totals 5 $889,541 4.77%
Advances on Delinquencies $9,783.34
Non-Recoverable Advances on Delinquencies $0.00
<PAGE>
