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
Saxon Mortgage Securities Corporation Series 1995-1 Trust
(Exact name of registrant as specified in its charter)
Virginia 34-0-20552 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
Saxon Mortgage Securities Corporation, Series 1995-1 Trust
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 Saxon Mortgage Securities Corporation, Series 1995-1
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.
Saxon Mortgage Securities
Corporation
Series 1995-1 Trust
(Registrant)
By: Saxon Mortgage Securities
Corporation
Name: Lisa R. Cooke
Title: Vice-President
INDEX OF EXHIBITS
'
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of November 25, 1996.
Exhibit 21.1 Page 6
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized Aggregate
Ending
Class
Original Principal Losses Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
____________________________________________________________
____________________________________________________________
_______________________________________________
A-1 Senior Pass Through Reduced PT
121,366,153.00 7.58494358% 0.00
0.00 0.00 0.6177938085
A-2 Senior Pass Through Reduced PT
58,000,454.00 7.74544904% 0.00
0.00 0.00 0.6204626448
I-1 Senior Interest Only Spread
0.00 0.38250000% 0.00 0.00
0.00 0.0000000000
I-2 Senior Interest Only Spread
0.00 0.37450000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
179,366,607.00 0.00
0.00 0.00 0.6186568104
Exhibit 21.1 Page 7
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance Distribution
____________________________________________________________
____________________________________________________________
____________________________________
A-1 10/31/1996 7.58494358%
76,902,032.82 486,081.32 1,922,774.93
0.00 74,979,257.89 2,408,856.25
A-2 10/31/1996 7.74544904%
36,406,777.23 234,989.03 419,662.14
0.00 35,987,115.09 654,651.17
I-1 10/31/1996 0.38250000%
0.00 24,512.52 0.00
0.00 0.00 24,512.52
I-2 10/31/1996 0.37450000%
0.00 11,361.95 0.00
0.00 0.00 11,361.95
____________________________________________________________
____________________________________________________________
____________________________________
Totals
113,308,810.05 756,944.82 2,342,437.07
0.00 110,966,372.98 3,099,381.89
Exhibit 21.1 Page 8
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: October 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway Distribution
Date: November 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Distribution
Per 1,000 of Original Balance
Total Other
Total
Interest Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
____________________________________________________________
____________________________________________________________
_____________________________
A-1 805570JF6 121,366,153.00
4.00508138 0.41721097 15.42554982 15.84276079
0.00000000 0.6177938085
A-2 805570JG4 58,000,454.00
4.05150329 0.40742595 6.82807155 7.23549750
0.00000000 0.6204626448
I-1 805570JH2 0.00
N/A N/A N/A N/A
N/A N/A
I-2 805570JJ8 0.00
N/A N/A N/A N/A
N/A N/A
____________________________________________________________
____________________________________________________________
_____________________________
Totals 179,366,607.00
0.6186568104
Exhibit 21.1 Page 9
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other Total
Principal Balance Principal Undistributed
Class Balance Principal
Principal Accretion Principal Distribution
Reduction* Balance Principal
____________________________________________________________
____________________________________________________________
____________________________________________
A-1 76,902,032.82 50,635.29
1,872,139.64 0.00 0.00
1,922,774.93 0.00 74,979,257.89
0.00
A-2 36,406,777.23 23,630.89
396,031.25 0.00 0.00
419,662.14 0.00 35,987,115.09
0.00
I-1 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
I-2 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 113,308,810.05 74,266.18
2,268,170.89 0.00 0.00
2,342,437.07 0.00 110,966,372.98
0.00
Exhibit 21.1 Page 10
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
Beginning
Negative Ending
Principal/
Interest Amortization
Principal/
Notional
Interest Shortfall/ Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
____________________________________________________________
____________________________________________________________
_____________________________________________
A-1 7.58494358% 76,902,032.82
486,081.32 0.00 0.00
0.00 0.00 486,081.32 74,979,257.89
A-2 7.74544904% 36,406,777.23
234,989.03 0.00 0.00
0.00 0.00 234,989.03 35,987,115.09
I-1 0.38250000% 76,902,032.82
24,512.52 0.00 0.00 0.00
0.00 24,512.52 74,979,257.89
I-2 0.37450000% 36,406,777.23
11,361.95 0.00 0.00 0.00
0.00 11,361.95 35,987,115.09
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
756,944.82 0.00 0.00
0.00 0.00 756,944.82
Exhibit 21.1 Page 11
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary
Proceeds Account
Beginning Balance
(0.00)
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee 816,195.85
Interest Payments 756,944.82
Scheduled Principal 74,266.18
Scheduled Principal Payment 74,266.18
Other Principal 2,268,170.89
Other Principal Payments 2,268,170.89
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 59,251.03
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
3,158,632.92 Total Withdrawals
3,158,632.92
Ending Balance
(0.00)
____________________________________________________________
____________________________________________________________
______________________________________________________
Beginning Current Other Current
Other
Initial Balance
Requirement Balance Deposit Deposit
Withdrawal Withdrawal Ending Balance
____________________________________________________________
____________________________________________________________
________
Reserve Fund - Credit Losses 896,833.00
0.00 626,116.85 0.00 0.00
48,549.55 0.00 577,567.30
Reserve Fund - Bankruptcy Losses 100,000.00
0.00 100,000.00 0.00 0.00
0.00 0.00 100,000.00
Exhibit 21.1 Page 12
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Loss/Delinquency Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
____________________________________________________________
____________________________________________________________
_________________________________________________
1 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
2 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_________________________________________________
Totals 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
1 33 5,421,392.22 7 1,275,665.91
15 2,156,541.43 5 793,366.05 5
822,353.08 65 10,469,318.69
2 18 3,499,991.33 4 449,309.35
5 956,719.56 4 900,842.21 3
379,668.79 34 6,186,531.24
____________________________________________________________
____________________________________________________________
________________________________________
Totals 51 8,921,383.55 11 1,724,975.26
20 3,113,260.99 9 1,694,208.26 8
1,202,021.87 99 16,655,849.93
Exhibit 21.1 Page 13
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: October 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
____________________________________________________________
_____________________________________________
Monthly P&I Constant
925,870.87| 625,474.07 300,396.80
|
Positive Amortization
74,266.18| 50,635.29 23,630.89
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
33,078.63| 32,079.76 998.87
Regular Curtailment Interest
225.13| 226.12 (0.99)
Prepaid Curtailments
8,750.38| 6,025.48 2,724.90
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
2,226,148.75| 1,833,845.74 392,303.01
Principal Adjustments
(31.99)| (37.46) 5.47
Total Principal Trust Distribution
2,342,437.08| 1,922,774.93 419,662.15
|
Scheduled Interest
851,604.69| 574,838.78 276,765.91
Servicing Fee
35,408.84| 24,031.72 11,377.12
Master Servicing Fee
6,373.70| 4,325.76 2,047.94
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
756,944.82| 510,593.84 246,350.98
|
Beginning Balance
113,308,810.05| 76,902,032.82 36,406,777.23
Ending Balance
110,966,372.98| 74,979,257.89 35,987,115.09
Gross P&I Distribution
3,158,632.93| 2,473,581.99 685,050.94
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
3,158,632.93| 2,473,581.99 685,050.94
|
Beginning Loan Count
788| 528 260
Number of Loan Payoffs
15| 11 4
Ending Loan Count
773| 517 256
|
Weighted Average Maturity
335.8230172800| 335.9193292000 335.6195776300
Weighted Average Gross Rate
9.018942370%| 8.969938900% 9.122452380%
Weighted Average Net Rate
8.643944090%| 8.594941480% 8.747452310%
Weighted Average Pass-Through Rate
8.016444470%| 7.967443580% 8.119949040%
Weighted Average Margin
3.448900000%| 3.370700000% 3.607800000%
|
Advances on Delinquencies
|
Current Period Principal
10,558.99| 6,703.99 3,855.00
Current Period Interest
120,348.86| 74,256.17 46,092.69
Exhibit 21.1 Page 14
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: October 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: November 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Reserve Fund - Bankruptcy Losses
100,000.00 0.00 0.00 0.00
0.00000000% 100,000.00 0.00
Reserve Fund - Credit Losses
896,833.00 48,549.55 0.00 48,549.55
0.00000000% 577,567.30 0.00
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 2,342,437.07 100.00000000%
100.00000000% 100.00000000%
