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) December
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 December 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 December
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 December 25, 1996.
Exhibit 21.1 Page 6
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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 7.69110228% 0.00
0.00 0.00 0.6072198141
A-2 Senior Pass Through Reduced PT
58,000,454.00 7.78006796% 0.00
0.00 0.00 0.5786774871
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 0.5979902928
Exhibit 21.1 Page 7
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: November 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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 11/29/1996 7.69110228%
74,979,257.89 480,560.95 1,283,325.03
0.00 73,695,932.86 1,763,885.98
A-2 11/29/1996 7.78006796%
35,987,115.09 233,318.50 2,423,558.12
0.00 33,563,556.97 2,656,876.62
I-1 11/29/1996 0.38250000%
0.00 23,899.64 0.00
0.00 0.00 23,899.64
I-2 11/29/1996 0.37450000%
0.00 11,230.98 0.00
0.00 0.00 11,230.98
____________________________________________________________
____________________________________________________________
____________________________________
Totals
110,966,372.98 749,010.07 3,706,883.15
0.00 107,259,489.83 4,455,893.22
Exhibit 21.1 Page 8
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway Distribution
Date: December 26, 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
3.95959613 0.40499488 10.16899959 10.57399446
0.00000000 0.6072198141
A-2 805570JG4 58,000,454.00
4.02270127 0.39239176 41.39276599 41.78515775
0.00000000 0.5786774871
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
0.5979902928
Exhibit 21.1 Page 9
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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 74,979,257.89 49,152.67
1,234,172.36 0.00 0.00
1,283,325.03 0.00 73,695,932.86
0.00
A-2 35,987,115.09 22,758.90
2,400,799.22 0.00 0.00
2,423,558.12 0.00 33,563,556.97
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 110,966,372.98 71,911.57
3,634,971.58 0.00 0.00
3,706,883.15 0.00 107,259,489.83
0.00
Exhibit 21.1 Page 10
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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 7.69110228% 74,979,257.89
480,560.95 0.00 0.00
0.00 0.00 480,560.95 73,695,932.86
A-2 7.78006796% 35,987,115.09
233,318.50 0.00 0.00
0.00 0.00 233,318.50 33,563,556.97
I-1 0.38250000% 74,979,257.89
23,899.64 0.00 0.00 0.00
0.00 23,899.64 73,695,932.86
I-2 0.37450000% 35,987,115.09
11,230.98 0.00 0.00 0.00
0.00 11,230.98 33,563,556.97
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
749,010.07 0.00 0.00
0.00 0.00 749,010.07
Exhibit 21.1 Page 11
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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 807,036.25
Interest Payments 749,010.07
Scheduled Principal 71,911.57
Scheduled Principal Payment 71,911.57
Other Principal 3,634,971.58
Other Principal Payments 3,634,971.58
Negative Amortization 0.00
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 58,026.18
Gain/Loss Adjustment 0.00
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
4,513,919.40 Total Withdrawals
4,513,919.40
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
0.00 577,567.30 0.00 0.00
0.00 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: November 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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 37 5,414,973.18 5 789,097.86
5 723,966.39 16 2,307,871.90 6
874,144.78 69 10,110,054.11
2 13 1,495,660.41 10 2,547,836.67
5 861,125.54 3 795,567.05 4
483,400.75 35 6,183,590.42
____________________________________________________________
____________________________________________________________
________________________________________
Totals 50 6,910,633.59 15 3,336,934.53
10 1,585,091.93 19 3,103,438.95 10
1,357,545.53 104 16,293,644.53
Exhibit 21.1 Page 13
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
Monthly P&I Constant
913,624.72| 616,252.15 297,372.57
|
Positive Amortization
71,911.57| 49,152.67 22,758.90
Negative Amortization
0.00| 0.00 0.00
Regular Curtailments
10,932.54| 9,626.05 1,306.49
Regular Curtailment Interest
77.89| 68.26 9.63
Prepaid Curtailments
682.44| 105.31 577.13
Prepaid Curtailment Interest
0.00| 0.00 0.00
Liquidations
3,623,377.51| 1,224,503.16 2,398,874.35
Principal Adjustments
(98.80)| (130.42) 31.62
Total Principal Trust Distribution
3,706,883.15| 1,283,325.03 2,423,558.12
|
Scheduled Interest
841,713.15| 567,099.48 274,613.67
Servicing Fee
34,676.90| 23,431.01 11,245.89
Master Servicing Fee
6,241.81| 4,217.63 2,024.18
Spread
0.00| 0.00 0.00
Total Pass-Through Interest
749,010.07| 504,460.59 244,549.48
|
Beginning Balance
110,966,372.98| 74,979,257.89 35,987,115.09
Ending Balance
107,259,489.83| 73,695,932.86 33,563,556.97
Gross P&I Distribution
4,513,919.40| 1,826,993.50 2,686,925.90
Realized Losses/(Gains)
0.00| 0.00 0.00
Net P&I Trust Distribution
4,513,919.40| 1,826,993.50 2,686,925.90
|
Beginning Loan Count
773| 517 256
Number of Loan Payoffs
19| 8 11
Ending Loan Count
754| 509 245
|
Weighted Average Maturity
334.8299910400| 334.9164965500 334.6497565600
Weighted Average Gross Rate
9.102359140%| 9.076101780% 9.157066440%
Weighted Average Net Rate
8.727360130%| 8.701101900% 8.782069220%
Weighted Average Pass-Through Rate
8.099859980%| 8.073602280% 8.154567960%
Weighted Average Margin
3.449600000%| 3.369900000% 3.610500000%
|
Advances on Delinquencies
|
Current Period Principal
10,172.45| 6,340.36 3,832.09
Current Period Interest
118,845.48| 72,641.86 46,203.62
Exhibit 21.1 Page 14
SMSC Series 1995-01
Norwest Bank Minnesota, N.A.
Contact: Tim Knight
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 884-2098
11000 Broken Land Parkway
Distribution Date: December 26, 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% 577,567.30 0.00
Principal
Distribution
Scheduled Unscheduled
Amount Percentage
Payment Payment
___________________________________________________________
Senior 3,706,883.15 100.00000000%
100.00000000% 100.00000000%
