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) June
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)
2365094
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 June 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 June 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 June 25, 1996.
EXHIBIT 21.1 PAGE 6
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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 7.57192978% 0.00
0.00 0.00 0.6870456891
A-2 Senior Pass Through Reduced
PT 58,000,454.00 7.72276651%
0.00 0.00 0.00 0.6841054398
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 0.6860949224
Report 1
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 7
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 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 05/31/1996 7.57192978%
86,609,948.77 546,503.71
3,225,856.55
0.00 83,384,092.22 3,772,360.26
A-2 05/31/1996 7.72276651%
42,401,260.15 272,879.19
2,722,834.06
0.00 39,678,426.09 2,995,713.25
I-1 05/31/1996
0.38250000%
0.00 27,606.92
0.00
0.00 0.00
27,606.92
I-2 05/31/1996
0.37450000%
0.00 13,232.73
0.00
0.00 0.00
13,232.73
__________________________________________________________
__
__________________________________________________________
__ ____________________________________
Totals
129,011,208.92 860,222.55 5,948,690.61
0.00 123,062,518.31 6,808,913.16
Report 2
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 8
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting
Month: May 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution
Date: June 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
4.50293345 0.45686494 26.12267532 26.57954026
0.00000000 0.6870456891
A-2 805570JG4 58,000,454.00
4.70477679 0.45279835 46.49224901 46.94504736
0.00000000 0.6841054398
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
0.6860949224
Report 3
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 9
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa
Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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 86,609,948.77 55,447.94
3,170,408.61 0.00
0.00
3,225,856.55 0.00
83,384,092.22
0.00
A-2 42,401,260.15
26,262.51 2,696,571.55 0.00
0.00
2,722,834.06 0.00
39,678,426.09
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 129,011,208.92 81,710.45
5,866,980.16 0.00 0.00
5,948,690.61 0.00 123,062,518.31
0.00
*Principal Balance Reduction
Realized Losses Principal Balance Reduction
0.00
Negative Amortization Principal Balance
Reduction 0.00
Other
0.00
Report 4
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 10
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 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 7.57192978% 86,609,948.77
546,503.71 0.00 0.00
0.00 0.00 546,503.71
83,384,092.22 A-2 7.72276651%
42,401,260.15
272,879.19 0.00 0.00
0.00 0.00 272,879.19 39,678,426.09 I-
1 0.38250000% 86,609,948.77
27,606.92 0.00 0.00
0.00
0.00 27,606.92 83,384,092.22
I-2 0.37450000% 42,401,260.15
13,232.73 0.00 0.00
0.00
0.00 13,232.73 39,678,426.09
__________________________________________________________
__
__________________________________________________________
__ _____________________________________________
Totals
860,222.55 0.00 0.00
0.00 0.00 860,222.55
Report 5
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 11
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa
Wehrmeyer Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120 11000 Broken Land Parkway
Distribution Date: June 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
927,684.43 Interest Payments
860,222.55
Scheduled Principal
81,710.45
Scheduled Principal Payment
81,710.45 Other Principal
5,866,980.16
Other Principal Payments
5,866,980.16 Negative Amortization
0.00
Reserve Fund 1
0.00
Deposits from Reserve Fund
0.00
Fees and Expenses
67,461.88 Gain/Loss Adjustment
0.00
Other Withdrawals
0.00
Other Deposits
0.00
Total Deposit
6,876,375.04 Total Withdrawals
6,876,375.04
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
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 12
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120 11000 Broken Land Parkway
Distribution Date: June 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 26 4,235,505.97 7
1,150,043.50
7 1,093,469.55 20 3,502,082.97 0
0.00 60 9,981,101.99
2 9 1,146,925.86 2
592,158.12
6 1,144,604.38 4 530,951.48 1
107,949.93 22 3,522,589.77
__________________________________________________________
__
__________________________________________________________
__ ________________________________________
Totals 35 5,382,431.83 9
1,742,201.62
13 2,238,073.93 24 4,033,034.45 1
107,949.93 82 13,503,691.76
Report 7
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 13
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa Wehrmeyer
Securities Administration Services
Reporting Month: May 1996 Phone:
(410) 884-2120
11000 Broken Land Parkway
Distribution Date: June 25, 1996
InvestorDirect: (800) 605-
4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool
2
__________________________________________________________
__ _____________________________________________
Monthly P&I Constant
1,049,710.83| 701,913.89 347,796.94
|
Positive Amortization
81,710.45| 55,447.94 26,262.51
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
9,113.62| 6,700.56 2,413.06
Regular Curtailment Interest
68.55| 50.30 18.25
Prepaid Curtailments
4,144.31| 3,687.84 456.47
Prepaid Curtailment Interest
1.23| (0.23) 1.46
Liquidations
5,853,682.87| 3,159,992.88 2,693,689.99
Principal Adjustments
(30.42)| (22.74) (7.68)
Total Principal Trust Distribution
5,948,690.61| 3,225,856.55 2,722,834.06
|
Scheduled Interest
968,000.38| 646,465.95 321,534.43
Servicing Fee
40,315.95| 27,065.58 13,250.37
Master Servicing Fee
7,256.85| 4,871.73 2,385.12
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
860,222.55| 574,110.63 286,111.92
|
Beginning Balance
129,011,208.92| 86,609,948.77
42,401,260.15
Ending Balance
123,062,518.31| 83,384,092.22
39,678,426.09
Gross P&I Distribution
6,876,375.04| 3,845,256.92 3,031,118.12
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
6,876,375.04| 3,845,256.92 3,031,118.12
|
Beginning Loan Count
885| 587 298
Number of Loan Payoffs
35| 19 16
Ending Loan Count
850| 568 282
|
Weighted Average Maturity
340.7994953700| 340.9313900300
340.5300838000
Weighted Average Gross Rate
9.003872340%| 8.956928740% 9.099760580%
Weighted Average Net Rate
8.628872830%| 8.581929140% 8.724761260%
Weighted Average Pass-Through Rate
8.001374980%| 7.954429780% 8.097266510%
Weighted Average Margin
3.463000000%| 3.385800000% 3.615100000%
|
Advances on Delinquencies
|
Current Period Principal
8,789.68| 6,637.84 2,151.84
Current Period Interest
96,937.77| 70,960.73 25,977.04
|
|
Report 8
06/19/96 -- 11:54am
Page 1 of 1
EXHIBIT 21.1 PAGE 14
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Lisa
Wehrmeyer
Securities Administration Services
Reporting Month: May 1996
Phone: (410) 884-
2120
11000 Broken Land Parkway
Distribution Date: June 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 5,948,690.61 100.00000000%
100.00000000% 100.00000000%
Report 9
06/19/96 -- 11:55am
Page 1 of 1
