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 28,
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 May 28, 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 28,
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 May 28, 1996.
EXHIBIT 21.1 PAGE 6
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: May 28, 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
7.68147885% 0.00 0.00 0.00
0.7136252294
A-2 Senior Pass Through Reduced PT 58,000,454.00
7.73216384% 0.00 0.00 0.00
0.7310504871
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
0.7192599062
Report 1 05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 7
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting Month:
April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution Date: May
28, 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 04/30/1996
7.68147885% 89,675,102.65 574,031.17
3,065,153.88 0.00 86,609,948.77 3,639,185.05
A-2 04/30/1996 7.73216384% 43,254,876.57
278,711.49 853,616.42 0.00 42,401,260.15
1,132,327.91
I-1 04/30/1996 0.38250000% 0.00
28,583.94 0.00 0.00 0.00 28,583.94
I-2 04/30/1996 0.37450000% 0.00
13,499.13 0.00 0.00 0.00 13,499.13
____________________________________________________________
____________________________________________________________
____________________________________ Totals
132,929,979.22 894,825.73 3,918,770.30 0.00
129,011,208.92 4,813,596.03
Report 2 05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 8
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting Month:
April 1996 Phone: (410) 884-2120
11000 Broken Land Parkway Distribution Date:
May 28, 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 4.72974677 0.45725508
24.79817079 25.25542587 0.00000000 0.7136252294
A-2 805570JG4 58,000,454.00
4.80533290 0.46296017 14.25444911 14.71740928
0.00000000 0.7310504871
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 0.7192599062
Report 3 05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 9
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: May 28, 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
89,675,102.65 55,495.29 3,009,658.59 0.00 0.00
3,065,153.88 0.00 86,609,948.77 0.00
A-2 43,254,876.57 26,851.90 826,764.52
0.00 0.00 853,616.42 0.00 42,401,260.15
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
132,929,979.22 82,347.19 3,836,423.11 0.00 0.00
3,918,770.30 0.00 129,011,208.92 0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance Reduction
0.00
Other 0.00
Report 4 05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 10
SMSC
Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: May 28, 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
7.68147885% 89,675,102.65 574,031.17 0.00
0.00 0.00 0.00 574,031.17 86,609,948.77
A-2 7.73216384% 43,254,876.57 278,711.49
0.00 0.00 0.00 0.00 278,711.49 42,401,260.15
I-1 0.38250000% 89,675,102.65 28,583.94
0.00 0.00 0.00 0.00 28,583.94 86,609,948.77
I-2 0.37450000% 43,254,876.57 13,499.13
0.00 0.00 0.00 0.00 13,499.13 42,401,260.15
____________________________________________________________
____________________________________________________________
_____________________________________________ Totals
894,825.73 0.00 0.00 0.00 0.00 894,825.73
Report 5 05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 11
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting
Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway Distribution
Date: May 28, 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 964,337.23
Interest Payments 894,825.73
Scheduled Principal 82,347.19
Scheduled Principal Payment 82,347.19
Other Principal 3,836,423.11
Other Principal Payments 3,836,423.11
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 69,511.50
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit 4,883,107.53 Total
Withdrawals
4,883,107.53
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
05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 12
SMSC Series 1995-01
Norwest Bank Minnesota, N.A. Contact:
Lisa Wehrmeyer
Securities Administration Services
Reporting Month: April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: May 28, 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 29
5,481,174.35 6 1,310,000.80 8
1,187,998.27 18 3,093,333.04 1 268,685.13
62 11,341,191.59
2 7 813,823.20 5
1,277,282.38 3 482,508.10 5 760,813.15
1 107,949.93 21 3,442,376.76
____________________________________________________________
____________________________________________________________
________________________________________ Totals
36 6,294,997.55 11 2,587,283.18 11
1,670,506.37 23 3,854,146.19 2 376,635.06
83 14,783,568.35
Report 7 05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 13
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting Month:
April 1996 Phone: (410) 884-
2120
11000 Broken Land Parkway Distribution Date:
May 28, 1996 InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool
1 Pool 2
____________________________________________________________
_____________________________________________ Monthly P&I
Constant 1,088,225.20| 733,026.79
355,198.41
|
Positive Amortization 82,347.19|
55,495.29 26,851.90
Negative Amortization 0.00| 0.00
0.00
Regular Curtailments 10,101.16|
7,905.38 2,195.78
Regular Curtailment Interest 75.44| 59.09
16.35
Prepaid Curtailments 7,035.30|
3,322.90 3,712.40
Prepaid Curtailment Interest 1.46|
0.00 1.46
Liquidations 3,819,113.67| 2,998,317.11
820,796.56
Principal Adjustments 96.08| 54.11
41.97
Total Principal Trust Distribution
3,918,770.30| 3,065,153.88 853,616.42
|
Scheduled Interest 1,005,878.01| 677,531.50
328,346.51
Servicing Fee 41,540.78| 28,023.61
13,517.17
Master Servicing Fee 7,477.26|
5,044.26 2,433.00
Spread 0.00| 0.00 0.00
Total Pass-Through Interest
894,825.73| 602,615.11 292,210.62
|
Beginning Balance 132,929,979.22|
89,675,102.65 43,254,876.57
Ending Balance 129,011,208.92| 86,609,948.77
42,401,260.15
Gross P&I Distribution 4,883,107.53|
3,714,661.77 1,168,445.76
Realized Losses/(Gains) 0.00| 0.00
0.00
Net P&I Trust Distribution 4,883,107.53|
3,714,661.77 1,168,445.76
|
Beginning Loan Count 909| 606
303
Number of Loan Payoffs 24| 19
5
Ending Loan Count 885| 587 298
|
Weighted Average Maturity 341.7993156200|
341.9227455100 341.5434233700
Weighted Average Gross Rate 9.080371620%|
9.066483070% 9.109165090%
Weighted Average Net Rate 8.705370170%|
8.691481190% 8.734164510%
Weighted Average Pass-Through Rate 8.077868380%|
8.063978850% 8.106663840%
Weighted Average Margin 3.459400000%|
3.379700000% 3.618900000%
|
Advances on Delinquencies |
Current Period Principal 9,193.09|
7,314.18 1,878.91
Current Period Interest 105,550.94|
81,522.72 24,028.22
|
|
Report 8
05/21/96 -- 2:54pm
EXHIBIT 21.1 PAGE 14
SMSC Series
1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services Reporting Month:
April 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: May 28, 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 3,918,770.30 100.00000000% 100.00000000%
100.00000000%
Report 9 05/21/96 -- 2:54pm
Page 1 of 1
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