Amresco Residential Securities Corp Mortgage Loan Tr 1997-2 – ‘8-K’ for 6/12/97

As of:  Friday, 6/27/97   ·   For:  6/12/97   ·   Accession #:  891092-97-244   ·   File #:  333-08687-03

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         6     17K 
 2: EX-1.1      Underwriting Agreement                                27    124K 
 3: EX-4.1      Pooling and Servicing Agreeement                     296   1.09M 

8-K   —   Current Report
Document Table of Contents

8-K
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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)
 June 12, 1997

 AMRESCO Residential Securities Corporation Mortgage Loan Trust 1997-2
(Exact name of registrant as specified in its charter)

           New York                 333-8687-04              Application Pending
(State or Other Jurisdiction        (Commission               (I.R.S. Employer  
      of Incorporation)             File Number)             Identification No.)

c/o The Bank of New York                                                        
101 Barclay Street                                                      
New York, NY                                                    10286   
(Address of Principal                                        (Zip Code) 
Executive Offices)                                                      

Registrant's telephone number, including area code (212) 485-1784 

No Change 
(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 issuances of up to
$2,000,000,000 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. 333-8687) (as amended,  the  "Registration  Statement").
Pursuant  to  the  Registration   Statement,   AMRESCO  Residential   Securities
Corporation  Mortgage Loan Trust 1997-2 (the "Registrant" or the "Trust") issued
$740,000,000  in aggregate  principal  amount of its Mortgage Loan  Pass-Through
Certificates, Series 1997-2 (the "Certificates"), on June 12, 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  June  1,  1997,  among  AMRESCO  Residential   Securities  Corporation  (the
"Depositor"),  AMRESCO Residential Capital Markets, Inc. (the "Seller"), Advanta
Mortgage Corp. USA, as a Servicer,  Ameriquest  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 and
Class A-9 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"),   Class  B-1F  and  Class  B-1A
Certificates  (the "Class B Certificates"),  Class S Interest-Only  Certificates
(the  "Class  S   Certificates"),   the  Class  C  Certificates  (the  "Class  C
Certificates")  and the Class R Certificates  (the "Class R  Certificates"  and,
together with the Class A Certificates the Mezzanine  Certificates,  the Class B
Certificates,  the  Class S  Certificates  and the  Class  C  Certificates,  the
"Certificates").  Only the Class A Certificates,  the Mezzanine Certificates and
the Class B 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 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, 6.800%;  Class A-2, 6.700%;  Class A-3,
6.795%;  Class A-4,  6.930%;  Class A-5, 7.100%;  Class A-6, 7.210%;  Class A-7,
7.570%;  Class A-8,  7.175%;  and Class  A-9, a variable  rate as defined in the
Pooling and Servicing Agreement; Class M-1F, 7.430%; Class M-1A, a variable rate
as defined in the Pooling and Servicing  Agreement;  Class M-2F,  7.665%;  Class
M-2A, a variable rate as defined in the Pooling and Servicing  Agreement,  Class
B-1F,  7.975%;  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, $48,800,000; Class A-2, $44,500,000; Class       

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A-3,  $68,100,000;  Class A-4, $27,900,000;  Class A-5, $21,300,000;  Class A-6,
$14,900,000;   Class  A-7,  $36,975,000;  Class  A-8,  $28,900,000;  Class  A-9,
$334,757,000;  Class M-1F,  $12,487,000;  Class M-1A,  $25,438,000;  Class M-2F,
$18,315,000;  Class M-2A, $24,420,000;  Class B-1F, $10,823,000; and Class B-1A,
$22,385,000.                                                                    

     As of the Cut-Off Date,  the Mortgage Loans  possessed the  characteristics
described in the Prospectus  dated July 29, 1996 and the  Prospectus  Supplement
dated June 5, 1997 filed pursuant to Rule 424(b)(5) of the Act on June 12, 1997.

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Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.    

(a)  Not applicable                                                             

(b)  Not applicable                                                             

(c)  Exhibits:                                                                  

     1.1  Underwriting Agreement dated June 5, 1997, between AMRESCO Residential
          Securities  Corporation  and Prudential  Securities  Incorporated,  as
Representative of the Several Underwriters.                 

     4.1  Pooling  and  Servicing  Agreement  dated as of June 1, 1997,  AMRESCO
          Residential  Securities   Corporation,   AMRESCO  Residential  Capital
          Markets,  Inc., Advanta Mortgage Corp. USA, as a Servicer,  Ameriquest
          Mortgage Company,  as a Servicer and Option One Mortgage  Corporation,
as a Servicer and The Bank of New York, as Trustee.         

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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 hereunto duly authorized.                                           

              AMRESCO RESIDENTIAL SECURITIES
                      CORPORATION MORTGAGE LOAN TRUST 1997-2

                                By:  AMRESCO Residential Securities Corporation,
          as Depositor

          By: \s\ Ronald B. Kirkland
                                   -------------------------------------------
                 Name:  Ronald B. Kirkland
                          Title: Chief Financial Officer and
                              Chief Accounting Officer

Dated:  June 24, 1997                                                           

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EXHIBIT INDEX 

Exhibit No. Description                                                 Page No.

1.1     Underwriting Agreement dated June 5, 1997, between              
AMRESCO Residential Securities Corporation and          
Prudential Securities Incorporated, as Representative   
           of the Several Underwriters.                                  _____

4.1     Pooling and Servicing Agreement dated as of June 1, 1997,       
AMRESCO Residential Securities Corporation, AMRESCO     
 Residential Capital Markets, Inc., Advanta Mortgage Corp.
USA, as a Servicer, Ameriquest Mortgage Company, as a   
Servicer and Option One Mortgage Corporation, as a      
           Servicer and The Bank of New York, as Trustee.                _____

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		6/27/97							8-K
		6/24/97		5
For Period End:		6/12/97		1		3			8-K,  8-K/A
		6/5/97		3		6
		6/1/97		2		6
		7/29/96		3
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