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) November
25, 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
November 25, 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 November
25, 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 November 25, 1996.
MORTGAGE
PARTICIPATION SERIES: Series 1995-1
RE
COLLATERAL SUMMARY
"NORWEST BANK MINNESOTA, N.A."
STATUS PAGE 11/29/96
WANR Calculation
RM9501
POOLED MORTGAGE CERTIFICATES
Contact: Brad Davis
Phone: (410) 884-2084 Collateral Ending Balance:
"93,468,308.00 "
RMSC Mortgage Participation Securities
RMSC Mortgage Participation Securities
Security Ending Balance: 0.00
Administration Fees
(Series Total):
Pooled Certificate Distribution Date: 11/25/96
Pooled Certificate Distribution Date: 11/25/96
Norwest: "1,557.80 "
RMSC Series 1992-6 Class B "30,108,854.00 "
7.91931873% "198,701.34 " 0.00 "198,701.34 " 0.00
0.00 "6,021.77 " "30,108,854.00 " "192,679.57 "
0.00 RMSC Series 1992-6 Class B "30,108,854.00
" 7.67931873% 0.024737314 RMSC Series
1992-9 Class B "26,201,000.00 " 7.51612030%
"164,108.22 " 0.00 "164,108.22 " 0.00 0.00
"5,240.20 " "26,201,000.00 " "158,868.02 " 0.00
RMSC Series 1992-9 Class B "26,201,000.00 "
7.27612030% 0.020396392 SMSC Series 1992-1
(Pool 1) Class B-1 "18,300,000.00 " 7.63020278%
"116,360.59 " 0.00 "116,360.59 " 0.00 0.00
"3,660.00 " "18,300,000.00 " "112,700.59 " 0.00
SMSC Series 1992-1 (Pool 1) Class B-1 "18,300,000.00 "
7.39020278% 0.014469151
SMSC Series 1992-1 (Pool 2) Class B-2 "8,858,454.00 "
7.56092298% "55,815.07 " 0.00 "55,815.07 " 0.00
0.00 "1,771.69 " "8,858,454.00 " "54,043.38 "
0.00
SMSC Series 1992-1 (Pool 2) Class B-2 "8,858,454.00 "
7.32092298% 0.006938401
SMSC Series 1992-3 Class B "10,000,000.00 "
7.85110529% "65,425.88 " 0.00 "65,425.88 " 0.00
0.00 "2,000.00 " "10,000,000.00 " "63,425.88 "
0.00 SMSC Series 1992-3 Class B "10,000,000.00
" 7.61110529% 0.00814298
TOTALS "93,468,308.00 " "600,411.10 " 0.00
"600,411.10 " 0.00 0.00 "18,693.66 "
"93,468,308.00 " "581,717.44 " 0.00
"93,468,308.00 " 0.074684238
PRINCIPAL DISTRIBUTION DETAIL
"NORWEST BANK MINNESOTA, N.A."
Contact: Brad Davis
INTEREST DISTRIBUTION DETAIL
"NORWEST BANK MINNESOTA, N.A."
Pass-Through Beginning Interest Shortfall
Other Interest Interest
Class Rate Balance Accrual (Recovery)
Interest Distribution Shortfall
A 7.46842371% "93,468,308.00 " 1.00
"581,717.44 " 0.00 0.00 "581,717.44 " 0.00
TOTALS "93,468,308.00 " "581,717.44 "
0.00 "581,717.44 " 0.00
DISTRIBUTION STATEMENT
"NORWEST BANK MINNESOTA, N.A."
Contact: Brad
Davis
RMSC Mortgage Participation Securities
Phone: (410) 884-2084
Series 1995-1
Distribution Date: 11/29/96
Pooled Certificate Distribution Date:
11/25/96
Aggregate
Pass-Through Beginning Interest Interest
Principal Ending Total Realized
Class Rate Balance Accrual Distribution
Distribution Balance Distribution Losses
A 7.46842371% "93,468,308.00 " "581,717.44 "
"581,717.44 " 0.00 "93,468,308.00 " "581,717.44 "
0.00
TOTALS "93,468,308.00 " "581,717.44 "
"581,717.44 " 0.00 "93,468,308.00 " "581,717.44 "
0.00
Principal Interest
Class CUSIP Priority Type Type
A 783766RW0 Senior Single Class Pass-Through
PAYMENTS PER SECURITY DENOMINATION
"NORWEST BANK MINNESOTA, N.A."
Contact:
Brad Davis
RMSC Mortgage Participation Securities
Phone: (410) 884-2084
Series 1995-1
Distribution Date: 11/29/96
Pooled Certificate Distribution Date:
11/25/96
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 "
10/31/96 6.22368643 6.22368643 0.00000000
0.00000000 "93,468,308.00 " 1.0000000000
TOTALS "93,468,308.00 "
1.0000000000
FUND ACCOUNTS ACTIVITY SUMMARY
"NORWEST BANK MINNESOTA, N.A."
Contact: Brad
Davis
RMSC Mortgage Participation Securities
Phone: (410) 884-2084
Series 1995-1
Distribution Date: 11/29/96
Pooled Certificate Distribution Date:
11/25/96
Proceeds Account
Beginning Balance 0.00
Deposits Withdrawals
Total Interest "600,411.10 "
Interest Payments "(581,717.44)"
Total Principal 0.00
Principal Payments 0.00
Fees and Expenses 0.00
Fees and Expenses "(18,693.66)"
Other Deposits 0.00 Other
Withdrawls 0.00
Total Deposits "600,411.10 " Total
Withdrawals "(600,411.10)"
Ending Balance 0.00
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 0.00
Deposits 0.00 0.00 0.00
0.00 0.00 0.00
Earnings 0.00 0.00 0.00
0.00 0.00 0.00
Withdrawals 0.00 0.00 0.00
0.00 0.00 0.00
Ending Balance 0.00 0.00 0.00
0.00 0.00 0.00
Advances on Delinquencies
Beginning Balance N/A
Current Period N/A
Ending Balance N/A
ADMINISTRATION FEE
"NORWEST BANK MINNESOTA, N.A."
Contact: Brad
Davis
RMSC Mortgage Participation Securities
Phone: (410) 884-2084
Series 1995-1
Distribution Date: 11/29/96
Pooled Certificate Distribution Date:
11/25/96
Securities Guaranty and
Administration Fees Due This Period:
A. "*Norwest Bank Minnesota, N.A."
Securities Administration
0.02000000% "$1,557.80 "
B. FGIC 0.22000000%
"$17,135.86 "
C. Total Administration Fee (A+B)
"$18,693.66 "
Annual Administration Fees Earned To Date:
Norwest
D. Beginning Balance
"$15,578.00 "
E. Due This Period (A or B)
"1,557.80 "
F. Ending Balance (D+E)
"$17,135.80 "
