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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):
September 17, 1997
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AMRESCO Residential Securities Corporation Mortgage Loan Trust 1997-3
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(Exact name of registrant as specified in its charter)
New York 333-30759-01 Application Pending
(State or Other Jurisdiction of (Commission File (I.R.S. Employer
Incorporation) Number) Identification No.)
c/o The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (214) 953-7700
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No Change
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
Description of the Certificates and the Mortgage Loans
AMRESCO Residential Securities Corporation registered the issuance of
up to $4,000,000,000.00 principal amount of Mortgage Loan Pass-Through
Certificates on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, as amended (the "Act"), by a Registration Statement on
Form S-3 (Registration File No. 333-30759) (as amended, the "Registration
Statement"). Pursuant to the Registration Statement, AMRESCO Residential
Securities Corporation Mortgage Loan Trust 1997-3 (the "Registrant" or the
"Trust") issued $950,000,000 in aggregate principal amount of its Mortgage Loan
Pass-Through Certificates, Series 1997-3 (the "Certificates"), on September 17,
1997. This Current Report on Form 8-K is being filed to satisfy an undertaking
to file copies of certain agreements executed in connection with the issuance
of the Certificates, the forms of which were filed as Exhibits to the
Registration Statement.
The Certificates were issued pursuant to a Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement") attached hereto as Exhibit
4.1, dated as of September 1, 1997, among AMRESCO Residential Securities
Corporation (the "Depositor"), AMRESCO Residential Capital Markets, Inc. (the
"Seller"), Advanta Mortgage Corp. USA, as a Servicer, Long Beach Mortgage
Company, as a Servicer and Option One Mortgage Corporation, as a Servicer
(collectively, the "Servicers") and The Bank of New York, in its capacity as
trustee (the "Trustee"). The Certificates consist of the following classes:
the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
A-7, Class A-8, Class A-9 and Class A-10 Certificates (the "Class A
Certificates"), Class M-1F and Class M-1A Certificates (the "Class M-1
Certificates"), Class M-2F and Class M-2A Certificates (the "Class M-2
Certificates" and collectively with the Class M-1 Certificates, the "Mezzanine
Certificates"), the Class B-1F and Class B-1A Certificates (the "Class B-1
Certificates") the Class B-2F Certificates, Class C-FIO and Class C-AIO
Certificates (the "Class C-IO Certificates"), Class S Interest Only
Certificates (the "Class S Certificates"), the Class D Certificates (the "Class
D Certificates") and the Class R Certificates (the "Class R Certificates" and,
together with the Class A Certificates, the Mezzanine Certificates, the Class
B-1 Certificates, the Class B-2F Certificates, the Class C-IO Certificates, the
Class S Certificates and the Class D Certificates, the "Certificates"). Only
the Class A Certificates, the Mezzanine Certificates and the Class B-1
Certificates (collectively, the "Offered Certificates") were offered pursuant
to the Registration Statement. The Certificates evidence, in the aggregate,
100% of the undivided beneficial ownership interests in the Trust.
The assets of the Trust initially include a pool of closed-end
mortgage loans (the " Mortgage Loans") secured by the mortgages or deeds of
trust primarily on one-to-four family residential properties. Interest
distributions on the Offered Certificates are based on the Certificate
Principal Balance thereof and the applicable Pass-Through Rate thereof. The
Pass-Through Rates for the Offered Certificates are as follows: Class A-1,
6.75 %; Class A-2, 6.61%; Class A-3, 6.60%; Class A-4, 6.68%; Class A-5, 6.88%;
Class A-6, 6.98%; Class A-7, 7.14%; Class A-8, 7.68%: Class A-9, 6.96%; and
Class A-10, a variable rate as defined in the Pooling and Servicing Agreement;
Class M-1F, 7.24%; Class M-1A, a variable rate as defined in
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the Pooling and Servicing Agreement; Class M-2F, 7.47%; Class M-2A, a variable
rate as defined in the Pooling and Servicing Agreement; Class B-1F, 7.77%; and
Class B-1A, a variable rate as defined in the Pooling and Servicing Agreement.
The Offered Certificates have initial aggregate principal amounts as follows:
Class A-1, $31,500,000; Class A-2, $36,000,000; Class A-3, $41,800,000; Class
A-4, $29,100,000; Class A-5, $14,600,000; Class A-6, $14,200,000; Class A-7,
$15,300,000; Class A-8, $19,790,000; Class A-9, $22,480,000; Class A-10,
$554,040,000; Class M-1F, $14,630,000; Class M-1A, $54,720,000; Class M-2F,
$11,970,000; Class M-2A, $41,040,000; Class B-1F, $10,640,000; and Class B-1A,
$34,200,000.
As of the Cut-Off Rate, the Mortgage Loans possessed the
characteristics described in the Prospectus dated September 5, 1997 and the
Prospectus Supplement dated September 5, 1997 filed pursuant to Rule 424(b)(5)
of the Act on September 18, 1997.
Item 7. Financial Statements. Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement dated September 5, 1997, between AMRESCO
Residential Securities Corporation and Morgan Stanley & Co. Incorporated, as
Representative of the Several Underwriters.
4.1 Pooling and Servicing Agreement dated as of September 1, 1997,
between; AMRESCO Residential Securities Corporation, AMRESCO Residential
Capital Markets, Inc., Advanta Mortgage Corp. USA, as a Servicer, Long Beach
Mortgage Company as a Servicer and Option One Mortgage Corporation, as a
Servicer and The Bank of New York, as Trustee.
SIGNATURE
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 hereunto duly authorized.
By: AMRESCO Residential Securities Corporation
Mortgage Loan Trust 1997-3
By: /s/ Ronald B. Kirkland
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Name: Ronald B. Kirkland
Title: Vice President and
Chief Accounting Officer
Dated: September 30, 1997
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EXHIBIT INDEX
1.1 Underwriting Agreement dated September 5, 1997, between AMRESCO
Residential Securities Corporation and Morgan Stanley & Co. Incorporated, as
Representative of the Several Underwriters.
4.1 Pooling and Servicing Agreement dated as of September 1, 1997,
between; AMRESCO Residential Securities Corporation, AMRESCO Residential
Capital Markets, Inc., Advanta Mortgage Corp. USA, as a Servicer, Long Beach
Mortgage Company as a Servicer and Option One Mortgage Corporation, as a
Servicer and The Bank of New York, as Trustee.