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 31,
1996
Ryland Mortgage Securities Corporation, Series 1995-1,
Mortgage Participation Securities
(Exact name of registrant as specified in its charter)
Virginia 0-15483/33-75416 N/A
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
Texas Commerce Bank, N.A.
P.O. Box 2558
Houston, TX
Attn: Joe Mustachio 77252-8039
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (713)
236-5094
Ryland Mortgage Securities Corporation, Series 1995-1,
Mortgage Participation Securities
Form 8-K
INDEX
Page Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Ryland Mortgage Securities Corporation, Series 1995-1,
Mortgage Participation Securities makes monthly remittances
to security holders. The latest remittance was made May 31,
1996. We have furnished a monthly remittance statement
delivered to the trustee with security holder payment
instructions.
Monthly Remittance
Statement...................................................
......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of May 31,
1996.
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 thereunto duly
authorized.
Ryland Mortgage Securities
Corporation,
Series 1995-1, Mortgage
Participation Securities
(Registrant)
By: Financial Asset
Securities, Inc.
(Formerly: Ryland Mortgage
Securities Corp)
Name: Jane M. Johnson
Title: President
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-12
as of May 31, 1996.
EXHIBIT 21.1 PAGE 6
DISTRIBUTION STATEMENT
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 5/31/96
Pooled Certificate Distribution Date:
5/28/96
Aggregate
Pass-Through Beginning Interest Interest
Principal Ending Total Realized
Class Rate Balance Accrual Distribution
Distribution Balance Distribution Losses
A 7.49679864% 93,468,308.00 583,927.57
583,927.57 0.00 93,468,308.00 583,927.57 0.00
TOTALS 93,468,308.00 583,927.57 583,927.57
0.00 93,468,308.00 583,927.57 0.00
Principal Interest
Class CUSIP Priority Type Type
A 783766RW0 Senior Single Class Pass-Through
5/30/96 4:18 PM Page
1
EXHIBIT 21.1 PAGE 7
PAYMENTS PER SECURITY DENOMINATION
NORWEST BANK MINNESOTA, N.A.
Contact:
Andy Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 5/31/96
Pooled Certificate Distribution Date:
5/28/96
AMOUNTS PER INDIVIDUAL
SECURITY Remaining
Original % of Integral Record Interest
Interest Principal Realized Ending Principal
Class Balance Pool Denomination Date Accrual
Distribution Distribution Losses Balance Factor
A 93,468,308.00 100.00% 1,000.00 04/30/96
6.24733220 6.24733220 0.00000000 0.00000000
93,468,308.00 1.0000000000
TOTALS 93,468,308.00
1.0000000000
5/30/96 4:19 PM
Page 2
EXHIBIT 21.1 PAGE 8
PRINCIPAL DISTRIBUTION DETAIL
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 5/31/96
Pooled Certificate Distribution Date:
5/28/96
Total
Beginning Principal ***Principal Realized
Ending Principal
Class Balance Distribution Adjustment
Losses Balance Distribution
A 93,468,308.00 0.00 0.00 0.00
93,468,308.00 0.00
TOTALS 93,468,308.00 0.00 0.00 0.00
93,468,308.00 0.00
***Principal adjustments consist of the
following: Negative Amortization 0.00
Capitalized Interest
0.00
5/30/96 4:19 PM Page
3
EXHIBIT 21.1 PAGE 9
INTEREST DISTRIBUTION DETAIL
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 5/31/96
Pooled Certificate Distribution Date:
5/28/96
Interest Total
Aggregate
Pass-Through Beginning Interest Shortfall
Other Interest Interest
Class Rate Balance Accrual (Recovery)
Interest Distribution Shortfall
A 7.49679864% 93,468,308.00 1.00 583,927.57
0.00 0.00 583,927.57 0.00
TOTALS 93,468,308.00 583,927.57 0.00
583,927.57 0.00
EXHIBIT 21.1 PAGE 10
FUND ACCOUNTS ACTIVITY SUMMARY
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 35216
Pooled Certificate Distribution Date: 35213
Proceeds Account
Beginning Balance 0
Deposits Withdrawals
Total Interest 602,621.23
Interest Payments -583927.57
Total Principal 0.00
Principal Payments 0
Fees and Expenses 0.00
Fees and Expenses -18693.66
Other Deposits 0.00 Other
Withdrawls 0
Total Deposits 602621.23 Total
Withdrawals -602621.23
Ending Balance 0
Other Accounts
Spread Reserve Expense Pool
Special
Account Fund 2 Fund Insurance
Hazard Other
Beginning Balance 0.00 0.00 0.00
0.00 0 0
Deposits 0.00 0.00 0.00
0.00 0 0
Earnings 0.00 0.00 0.00
0.00 0 0
Withdrawals 0.00 0.00 0.00
0.00 0 0
Ending Balance 0.00 0.00 0.00
0.00 0 0
Advances on Delinquencies
Beginning Balance N/A
Current Period N/A
Ending Balance N/A
35215.68338 35215.68338
Page 5
EXHIBIT 21.1 PAGE 11
COLLATERAL SUMMARY
NORWEST BANK MINNESOTA, N.A.
POOLED MORTGAGE CERTIFICATES
Contact: Andy Rosenfeld
Phone:
(410) 884-2114
RMSC Mortgage Participation Securities
Series 1995-1
Distribution Date: 5/31/96
Pooled Certificate Distribution Date: 5/28/96
Record Date: 4/30/96
Total
Aggregate
Pooled Beginning Stated Interest Interest
Interest Principal Realized Expense ** Ending
Collateral Realized
Certificate Balance Rate Accrual Shortfall
Distribution Distribution Losses Strip Balance
Distribution Losses
RMSC Series 1992-6 Class B 30,108,854.00
7.49209167% 187,981.91 0.00 187,981.91 0.00
0.00 6,021.77 30,108,854.00 181,960.14 0.00
RMSC Series 1992-9 Class B 26,201,000.00
7.97931262% 174,221.64 0.00 174,221.64 0.00
0.00 5,240.20 26,201,000.00 168,981.44 0.00
SMSC Series 1992-1 (Pool 1) Class B-1 18,300,000.00
7.84860326% 119,691.20 0.00 119,691.20 0.00
0.00 3,660.00 18,300,000.00 116,031.20 0.00
SMSC Series 1992-1 (Pool 2) Class B-2 8,858,454.00
7.91388736% 58,420.67 0.00 58,420.67 0.00
0.00 1,771.69 8,858,454.00 56,648.98 0.00
SMSC Series 1992-3 Class B 10,000,000.00
7.47669661% 62,305.81 0.00 62,305.81 0.00
0.00 2,000.00 10,000,000.00 60,305.81 0.00
TOTALS 93,468,308.00 602,621.23 0.00
602,621.23 0.00 0.00 18,693.66
93,468,308.00 583,927.57 0.00
** The expense strip is the Securities Guaranty
and Administration Fee of .24% per annum.
Actual Begininng Principal
Certificate Balance Distribution
RMSC Series 1992-6 Class B 70,108,854.00 0.00
RMSC Series 1992-9 Class B 105,082,621.71 0.00
SMSC Series 1992-1 (Pool 1) Class B-1 64,300,000.00
0.00
SMSC Series 1992-1 (Pool 2) Class B-2 19,858,454.00
0.00
SMSC Series 1992-3 Class B 45,000,000.00 0.00
Page 7
EXHIBIT 21.1 PAGE 12
DELINQUENCY STATISTICS
NORWEST BANK MINNESOTA, N.A.
Contact: Andy Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 5/31/96
Pooled Certificate Distribution Date:
5/28/96
Subordinated Oustanding Principal 30
DAY 60 DAY 90 DAY F/C
REO
Mortgage Certificates on Underlying Securities
# $MM % # $MM % # $MM % # $MM %
# $MM %
RMSC Series 1992-6 Class B 149,150,972.71
24 4.042970 2.71% 9 2.116943 1.42% 15
3.135769 2.10% 48 11.117393 7.45% 9 2.213966
1.48%
RMSC Series 1992-9 Class B 223,693,882.04
26 4.713786 2.11% 6 1.549919 0.69% 12
2.241478 1.00% 59 14.737041 6.59% 17 3.048336
1.36%
SMSC Series 1992-1 (Pool 1) Class B-1
153,629,641.73 24 4.246588 2.76% 7
1.223436 0.80% 19 3.965305 2.58% 50 9.142608
5.95% 6 1.511072 0.98%
SMSC Series 1992-1 (Pool 2) Class B-2
37,219,548.06 5 0.987142 2.65% 1 0.145501
0.39% 3 0.459885 1.24% 6 1.369607 3.68%
2 0.639098 1.72%
SMSC Series 1992-3 Class B 115,613,930.18
23 3.781473 3.27% 7 2.204722 1.91% 24
4.764189 4.12% 5 1.027339 0.89% 8 1.255553
1.09%
Totals 679,307,974.72 102 17.771959
2.62% 30 7.240521 1.07% 73 14.566626 2.14%
168 37.393988 5.50% 42 8.668025 1.28%
Delinquencies percentages are based on Cumulative Loan
Balances Outstanding
after giving effect Current Distribution.
MM = million
Page 6
