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) April 30,
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 April 30,
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 April 30,
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 April 30, 1996.
DISTRIBUTION STATEMENT
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 4/30/96
Pooled Certificate Distribution Date: 4/25/96
Aggregate
Pass-Through Beginning Interest Interest
Principal Ending Total Realized
Class Rate Balance Accrual Distribution
Distribution Balance Distribution Losses
A 7.64982907% 93,468,308.00 595,847.15
595,847.15 0.00 93,468,308.00 595,847.15 0.00
TOTALS 93,468,308.00 595,847.15 595,847.15
0.00 93,468,308.00 595,847.15 0.00
Principal Interest
Class CUSIP Priority Type Type
A 783766RW0 Senior Single Class Pass-Through
5/10/96 11:18 AM Page 1
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: 4/30/96
Pooled Certificate Distribution Date: 35180
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 03/29/96
6.37485756 6.37485756 0.00000000 0.00000000
93468308.00000000 1.00
TOTALS 93468308
1
35195.47145 35195.47145
Page 2
PRINCIPAL DISTRIBUTION DETAIL
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 4/30/96
Pooled Certificate Distribution Date: 4/25/96
Total
Beginning Principal ***Principal Realized Ending
Principal
Class Balance Distribution Adjustment Losses
Balance Distribution
A 93,468,308.00 0.00 0 0 93468308 0
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
35195.47325 3519547.32453704%
Page 3
INTEREST DISTRIBUTION DETAIL
NORWEST BANK MINNESOTA, N.A.
Contact: Andy
Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 4/30/96
Pooled Certificate Distribution Date:
4/25/96
Interest Total
Aggregate
Pass-Through Beginning Interest Shortfall
Other Interest Interest
Class Rate Balance Accrual (Recovery)
Interest Distribution Shortfall
A 7.64982907% 93,468,308.00 1.00 595,847.15
0.00 0 595,847.15 0.00
TOTALS 93468308 595847.15 0
595847.15 0
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: 35185
Pooled Certificate Distribution Date: 35180
Proceeds Account
Beginning Balance 0.00
Deposits Withdrawals
Total Interest 614540.81 Interest
Payments (595,847.15)
Total Principal 0 Principal
Payments 0.00
Fees and Expenses 0 Fees and
Expenses (18,693.66)
Other Deposits 0.00 Other
Withdrawls 0.00
Total Deposits 614,540.81 Total
Withdrawals -614540.81
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 0.00 0
Deposits 0.00 0.00 0.00 0.00
0.00 0
Earnings 0.00 0.00 0.00 0.00
0.00 0
Withdrawals 0.00 0.00 0.00
0.00 0.00 0
Ending Balance 0 0 0 0 0 0
Advances on Delinquencies
Beginning Balance N/A
Current Period N/A
Ending Balance N/A
35195.47412 35195.47412
Page 5
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: 4/30/96
Pooled Certificate Distribution Date: 4/25/96
Record Date: 3/29/96
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 7.82636194%
196,368.99 0.00 196,368.99 0.00 0.00
6,021.77 30,108,854.00 190,347.22 0.00
RMSC Series 1992-9 Class B 26,201,000.00 8.00765991%
174,840.58 0.00 174,840.58 0.00 0.00
5,240.20 26,201,000.00 169,600.38 0.00
SMSC Series 1992-1 (Pool 1) Class B-1 18,300,000.00
7.85641013% 119,810.25 0.00 119,810.25 0.00
0.00 3,660.00 18,300,000.00 116,150.25 0.00
SMSC Series 1992-1 (Pool 2) Class B-2 8,858,454.00
7.91279905% 58,412.64 0.00 58,412.64 0.00
0.00 1,771.69 8,858,454.00 56,640.95 0.00
SMSC Series 1992-3 Class B 10,000,000.00 7.81300172%
65,108.35 0.00 65,108.35 0.00 0.00
2,000.00 10,000,000.00 63,108.35 0.00
TOTALS 93,468,308.00 614,540.81 0.00
614,540.81 0.00 0.00 18,693.66
93,468,308.00 595,847.15 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
Page 7
DELINQUENCY STATISTICS
NORWEST BANK MINNESOTA, N.A.
Contact: Andy Rosenfeld
RMSC Mortgage Participation Securities
Phone: (410) 884-2114
Series 1995-1
Distribution Date: 4/30/96
Pooled Certificate Distribution Date:
4/25/96
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 151,118,419.40
20 4.290678 2.84% 11 2.174684 1.44% 16
3.646468 2.41% 34 7.574092 5.01% 9 2.213966
1.47%
RMSC Series 1992-9 Class B 228,591,266.04
25 4.935669 2.16% 10 1.788315 0.78% 26
5.363878 2.35% 38 9.495914 4.15% 21 4.135339
1.81%
SMSC Series 1992-1 (Pool 1) Class B-1
157,108,172.61 27 4.770984 3.04% 12
2.140615 1.36% 19 3.686699 2.35% 36 6.669799
4.25% 7 1.768762 1.13%
SMSC Series 1992-1 (Pool 2) Class B-2
37,967,222.71 2 0.277843 0.73% 2 0.376704
0.99% 2 0.228887 0.60% 6 1.369841 3.61% 3
0.854571 2.25%
SMSC Series 1992-3 Class B 118,450,718.71
33 6.793602 5.74% 11 2.226183 1.88% 22
4.443558 3.75% 3 0.713961 0.60% 8 1.255553
1.06%
Totals 693,235,799.47 107 21.068776
3.04% 46 8.706501 1.26% 85 17.369490 2.51%
117 25.823607 3.73% 48 10.228191 1.48%
Delinquencies percentages are based on Cumulative Loan
Balances Outstanding
after giving effect Current Distribution.
MM = million
Page 6
