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 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 April 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 April 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 April 25, 1996.
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Cover Page
Report Name
Report Number
______________________________________________________________
________________
Series Structure Summary
1
Class Distribution Summary
2
Class Distribution Per 1,000 of
Original Balance 3
Class Principal Distribution
4
Class Interest Distribution
5
Fund Account Summary
6
Loss/Delinquency Detail
7
Collateral Summary
8
Credit Enhancement Summary
9
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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 7.73798545% 0.00
0.00 0.00 0.7388806552
A-2 Senior Pass Through Reduced PT
58,000,454.00 7.74302282% 0.00
0.00 0.00 0.7457678964
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 0.7411077315
Report 1
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SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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 03/29/1996 7.73798545% 93,281,404.89
601,508.46 3,606,302.24 0.00
89,675,102.65 4,207,810.70
A-2 03/29/1996 7.74302282% 45,226,167.65
291,822.71 1,971,291.08 0.00
43,254,876.57 2,263,113.79
I-1 03/29/1996 0.38250000% 0.00
29,733.45 0.00 0.00
0.00 29,733.45
I-2 03/29/1996 0.37450000% 0.00
14,114.33 0.00 0.00
0.00 14,114.33
______________________________________________________________
______________________________________________________________
________________________________
Totals 138,507,572.54
937,178.95 5,577,593.32 0.00
132,929,979.22 6,514,772.27
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SMSC
Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: April 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
4.95614671 0.46529620 29.24893755 29.71423375
0.00000000 0.7388806552
A-2 805570JG4 58,000,454.00
5.03138665 0.47525559 33.51225561 33.98751120
0.00000000 0.7457678964
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
0.7411077315
Report 3
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SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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 93,281,404.89 56,471.21 3,549,831.03
0.00 0.00 3,606,302.24 0.00
89,675,102.65 0.00
A-2 45,226,167.65 27,565.04 1,943,726.04
0.00 0.00 1,971,291.08 0.00
43,254,876.57 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 138,507,572.54 84,036.25 5,493,557.07
0.00 0.00 5,577,593.32 0.00
132,929,979.22 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other
0.00
Report 4
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SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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 7.73798545% 93,281,404.89
601,508.46 0.00 0.00 0.00
0.00 601,508.46 89,675,102.65
A-2 7.74302282% 45,226,167.65
291,822.71 0.00 0.00 0.00
0.00 291,822.71 43,254,876.57
I-1 0.38250000% 93,281,404.89
29,733.45 0.00 0.00 0.00
0.00 29,733.45 89,675,102.65
I-2 0.37450000% 45,226,167.65
14,114.33 0.00 0.00 0.00
0.00 14,114.33 43,254,876.57
______________________________________________________________
______________________________________________________________
_________________________________________
Totals
937,178.95 0.00 0.00 0.00
0.00 937,178.95
Report 5
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SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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 1,009,606.99
Interest Payments 937,178.95
Scheduled Principal 84,036.25
Scheduled Principal Payment 84,036.25
Other Principal 5,493,557.07
Other Principal Payments 5,493,557.07
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 72,428.04
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
6,587,200.31 Total Withdrawals
6,587,200.31
Ending Balance
0.00
______________________________________________________________
______________________________________________________________
__________________________________________________
Initial Balance
Requirement Beginning Balance Deposits
Earnings Withdrawals Ending Balance
______________________________________________________________
______________________________________________________________
_________
Reserve Fund - Credit Losses 896,833.00
0.00 896,833.00 0.00 0.00
0.00 896,833.00
Reserve Fund - Bankruptcy Losses 100,000.00
0.00 100,000.00 0.00 0.00
0.00 100,000.00
______________________________________________________________
______________________________________________________________
__________________________________________________
Report 6
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SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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 23 4,083,619.79 12 1,873,414.79
12 1,644,839.70 12 2,637,032.27 1
268,685.13 60 10,507,591.68
2 16 2,407,996.40 0 0.00
6 861,792.26 2 270,663.64 1
107,949.93 25 3,648,402.23
______________________________________________________________
______________________________________________________________
____________________________________
Totals 39 6,491,616.19 12 1,873,414.79
18 2,506,631.96 14 2,907,695.91 2
376,635.06 85 14,155,993.91
Report 7
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SMSC
Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: March 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: April 25, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
______________________________________________________________
___________________________________________
Monthly P&I Constant
1,136,926.89| 765,642.01 371,284.88
|
Positive Amortization
84,036.25| 56,471.21 27,565.04
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
18,508.72| 14,095.62 4,413.10
Regular Curtailment Interest
139.32| 105.77 33.55
Prepaid Curtailments
5,372.12| 4,743.68 628.44
Prepaid Curtailment Interest
2.66| 0.40 2.26
Liquidations
5,469,571.67| 3,530,912.63 1,938,659.04
Principal Adjustments
(37.42)| (27.07) (10.35)
Total Principal Trust Distribution
5,577,593.32| 3,606,302.24 1,971,291.08
|
Scheduled Interest
1,052,890.64| 709,170.80 343,719.84
Servicing Fee
43,283.65| 29,150.46 14,133.19
Master Servicing Fee
7,791.09| 5,247.12 2,543.97
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
937,178.95| 631,241.91 305,937.04
|
Beginning Balance
138,507,572.54| 93,281,404.89 45,226,167.65
Ending Balance
132,929,979.22| 89,675,102.65 43,254,876.57
Gross P&I Distribution
6,587,200.31| 4,286,322.58 2,300,877.73
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
6,587,200.31| 4,286,322.58 2,300,877.73
|
Beginning Loan Count
947| 629 318
Number of Loan Payoffs
38| 23 15
Ending Loan Count
909| 606 303
|
Weighted Average Maturity
342.8093368700| 342.9159178000 342.5895079700
Weighted Average Gross Rate
9.122019430%| 9.122986090% 9.120025620%
Weighted Average Net Rate
8.747019130%| 8.747985820% 8.745025290%
Weighted Average Pass-Through Rate
8.119518080%| 8.120485450% 8.117522820%
Weighted Average Margin
3.467400000%| 3.387700000% 3.625100000%
|
Advances on Delinquencies
|
Current Period Principal
8,579.92| 6,394.38 2,185.54
Current Period Interest
101,835.34| 74,871.10 26,964.24
|
|
Report 8
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Page 1 of 1
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: March 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: April 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
0.00 0.00 0.00 0.00000000%
896,833.00 0.00
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 5,577,593.32 100.00000000%
100.00000000% 100.00000000%
Report 9
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