-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VIbTfr3+K/lodILu4jaYC3PS1SXTw6WzrdbOJYN4/6GidgCISFh53XRFgtMV1GtG f4VCZMHff3kBv5NlbS1Q/Q== 0001034225-97-000266.txt : 19971002 0001034225-97-000266.hdr.sgml : 19971002 ACCESSION NUMBER: 0001034225-97-000266 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970925 ITEM INFORMATION: FILED AS OF DATE: 19971001 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN PACIFIC SECURED ASSETS CORP CENTRAL INDEX KEY: 0000944743 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 522011594 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-91756 FILM NUMBER: 97689336 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA N A STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 MAIL ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA N A STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 8-K 1 8-K UNITED STATES 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 25, 1997 Southern Pacific Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust (Exact name of registrant as specified in its charter) New York (governing law of Pooling and Servicing Agreement) 333-15473-01 52-2011594 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) c/o Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway Columbia, Maryland 21044 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 ITEM 5. Other Events On September 25, 1997, a distribution was made to holders of Southern Pacific Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 -- Monthly report distributed to holders of Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust, relating to the September 25, 1997, distribution 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. Southern Pacific Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust (Registrant) By: Norwest Bank of Minnesota, N.A. as Trustee By: /s/Sherri J. Sharps Name: Sherri J. Sharps Title: Vice president Date: October 1, 1997 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 - Monthly report distributed to holders of Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust, relating to the September 25, 1997, distribution EX-99.1 2 Southern Pacific Secured Assets Corporation, Series 1996-04 Norwest Bank Minnesota, N.A. Securities Administration Services 11000 Broken Land Parkway Columbia, MD 21044-7800 Reporting Month: August 1997 Distribution Date: September 25, 1997 Contact: Ty Wilkins Phone: (410) 884-2120 InvestorDirect: (800) 605-4167 Cover Page Report Name Report Number - -------------------------------------------------------------------------------- Series Structure Summary 1 Class Distribution Summary 2 Class Distribution Per 1,000 of Original Balance 3 Class Principal Distribution 4 Class Interest Distribution 5 Fund Account Summary 6 Collateral Summary 8
Series Structure Summary Aggregate Realized Losses Original Principal Aggregate Aggregate Ending Class Interest Principal Pass Through Balance Interest Undistributed Principal Class Description Principal Type Type Balance Rate Reduction Shortfall Principal Factor - ------------------------------------------------------------------------------------------------------------------------------------ A-1 Senior Pass Through Variable 190,000,000.00 5.84000000% 0.00 0.00 0.00 0.8237456981 A-2 Senior Pass Through Fixed 50,000,000.00 6.80000000% 0.00 0.00 0.00 0.8714832812 I S Subordinate Support Accretion 0.00 4.19858377% 0.00 0.00 0.00 II S Subordinate Support Notional 0.00 4.47765854% 22,065.99 0.00 0.00 R Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000 - ------------------------------------------------------------------------------------------------------------------------------------ Totals 240,000,000.00 22,065.99 0.00 0.00 0.8590481030
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 08/29/1997 5.84000000% 160,599,955.75 807,639.33 4,088,273.12 0.00 156,511,682.63 4,895,912.45 A-2 08/29/1997 6.80000000% 44,982,392.74 254,900.23 1,408,228.68 0.00 43,574,164.06 1,663,128.91 I S 08/29/1997 4.19858377% 4,486,160.83 0.00 0.00 (1,668.81) 5,084,689.76 0.00 II S 08/29/1997 4.47765854% 827,986.61 0.00 0.00 (173,021.66) 1,001,008.27 0.00 R 08/29/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 - ----------------------------------------------------------------------------------------------------------------------------------- Totals 210,896,495.93 1,062,539.56 5,496,501.80 (174,690.47) 206,171,544.72 6,559,041.36
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 843590AY6 190,000,000.00 4.25073332 0.36636884 18.00070579 21.51722695 0.00000000 0.8237456981 A-2 843590AZ3 50,000,000.00 5.09800460 0.57936540 24.12477520 28.16457360 0.00000000 0.8714832812 I S N/A 0.00 N/A N/A N/A N/A N/A N/A II S N/A 0.00 N/A N/A N/A N/A N/A N/A R N/A 0.00 N/A N/A N/A N/A N/A N/A - ----------------------------------------------------------------------------------------------------------------------------------- Totals 240,000,000.00 0.8590481030
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-1 160,599,955.75 69,610.08 3,420,134.10 598,528.94 0.00 4,088,273.12 0.00 156,511,682.63 0.00 A-2 44,982,392.74 28,968.27 1,206,238.76 173,021.65 0.00 1,408,228.68 0.00 43,574,164.06 0.00 I S 4,486,160.83 0.00 0.00 (596,860.12) 0.00 0.00 (1,668.81) 5,084,689.76 0.00 II S 827,986.61 0.00 0.00 0.00 0.00 0.00 (173,021.66) 1,001,008.27 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ Totals 210,896,495.93 98,578.35 4,626,372.86 174,690.47 0.00 5,496,501.80 (174,690.47) 206,171,544.72 0.00 *Principal Balance Reduction Realized Losses Principal Balance Reduction (174,690.47) Negative Amortization Principal Balance Reduction 0.00 Other 0.00
Class Interest Distribution Beginning Negative Ending Principal/ Interest Amortization Principal/ Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance - ------------------------------------------------------------------------------------------------------------------------------------ A-1 5.84000000% 160,599,955.75 807,639.33 0.00 0.00 0.00 0.00 807,639.33 156,511,682.63 A-2 6.80000000% 44,982,392.74 254,900.23 0.00 0.00 0.00 0.00 254,900.23 43,574,164.06 I S 4.19858377% 165,086,116.58 596,860.12 0.00 596,860.12 0.00 0.00 0.00 161,596,372.40 II S 4.47765854% 45,857,392.74 171,111.45 171,111.45 0.00 0.00 0.00 0.00 44,622,185.71 R 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ Totals 1,830,511.13 171,111.45 596,860.12 0.00 0.00 1,062,539.56 Notes: The current Accrual Period for Class A-1 Certificates is 28 days.
Fund Account Summary Proceeds Account Beginning Balance 0.00 DEPOSITS: Interest Net of Servicing Fee 1,861,106.34 Scheduled Principal 98,578.35 Other Principal 4,626,372.86 Negative Amortization 0.00 Deposits from Reserve Fund 0.00 Gain/Loss Adjustment 0.00 Other Deposits 0.00 Total Deposit 6,586,057.55 WITHDRAWALS: Interest Payments 1,062,539.56 Scheduled Principal Payment 98,578.35 Other Principal Payments 5,397,923.45 Reserve Fund 1 0.00 Fees and Expenses 27,016.19 Other Withdrawals 0.00 Total Withdrawals 6,586,057.55 Ending Balance 0.00
Collateral Summary Total| Pool 1 Pool 2 ------------------------------------------------------------------------------------- Monthly P&I Constant 2,044,265.21| 1,564,002.20 480,263.01 | Positive Amortization 98,578.35| 69,610.08 28,968.27 Negative Amortization 0.00| 0.00 0.00 Regular Curtailments 26,767.75| 23,170.22 3,597.53 Regular Curtailment Interest 0.00| 0.00 0.00 Prepaid Curtailments 0.00| 0.00 0.00 Prepaid Curtailment Interest 0.00| 0.00 0.00 Liquidations 4,599,482.48| 3,396,846.63 1,202,635.85 Principal Adjustments 122.63| 117.25 5.38 Total Principal Trust Distribution 4,724,951.21| 3,489,744.18 1,235,207.03 | Scheduled Interest 1,945,686.86| 1,494,392.12 451,294.74 Servicing Fee 87,893.12| 68,785.88 19,107.24 Master Servicing Fee 1,318.40| 1,031.79 286.61 Spread 0.00| 0.00 0.00 Total Pass-Through Interest 1,830,777.55| 1,404,499.46 426,278.09 | Beginning Balance 210,943,509.32| 165,086,116.58 45,857,392.74 Ending Balance 206,218,558.11| 161,596,372.40 44,622,185.71 Gross P&I Distribution 6,582,744.95| 4,915,350.42 1,667,394.53 Realized Losses/(Gains) 0.00| 0.00 0.00 Net P&I Trust Distribution 6,582,744.95| 4,915,350.42 1,667,394.53 | Beginning Loan Count 2062| 1405 657 Number of Loan Payoffs 41| 29 12 Ending Loan Count 2021| 1376 645 | Weighted Average Maturity 295.8500000000| 293.4300000000 304.6400000000 Weighted Average Gross Rate 11.069741040%| 10.862636910% 11.809517620% Weighted Average Net Rate 10.569684160%| 10.362636920% 11.309517810% Weighted Average Pass-Through Rate 10.415978950%| 10.209213140% 11.154879880% Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000% | Advances on Delinquencies | Current Period Principal 0.00| 0.00 0.00 Current Period Interest 0.00| 0.00 0.00 Notes: Total Pass-Through Interest = Scheduled Interest less Servicing Fee, Trustee Fee, & MBIA Premium.
DELINQUENCY SUMMARY $MM $MM $MM $MM $MM $MM $MM POOL 30 - 59 DAYS 60 - 89 DAYS 90 + DAYS BANKRUPTCY REO FORECLOSURE TOTAL - ----------------------------------------------------------------------------------------------------------------------------------- Unpaid Principal Balance 1 5.472070 5.531796 0.863519 1.896526 0.247086 11.321090 25.332087 Percentage 1 3.39% 3.42% 0.53% 1.17% 0.15% 7.01% 15.68% Number of Loans 1 60 31 9 16 4 65 185 Percentage 1 4.36% 2.25% 0.65% 1.16% 0.29% 4.72% 13.44% Unpaid Principal Balance 2 1.562069 0.499540 0.208213 0.634445 0.280341 1.290739 4.475347 Percentage 2 3.50% 1.12% 0.47% 1.42% 0.63% 2.89% 10.03% Number of Loans 2 24 6 4 8 4 14 60 Percentage 2 3.72% 0.93% 0.62% 1.24% 0.62% 2.17% 9.30% Unpaid Principal Balance Total 7.034139 6.031336 1.071732 2.530971 0.527427 12.611829 29.807434 Percentage Total 3.41% 2.92% 0.52% 1.23% 0.26% 6.12% 14.45% Number of Loans Total 84 37 13 24 8 79 245 Percentage Total 4.16% 1.83% 0.64% 1.19% 0.40% 3.91% 12.12% Realized Losses 1 0.000000 Realized Losses 2 0.022066 ***30-39 day, 60-89 day, and 90+ day delinquencies DO NOT include Bankruptcies, REOs, or Foreclosures***
CREDIT ENHANCEMENT SUPPLEMENT ORIGINAL AGENCY RATINGS S&P / DCR MOODY'S CLASSES - ------------------------------------------------------------------------------- AAA Aaa A-1,A-2 Not Rated Not Rated I-S, II-S, R
SUBORDINATION CURRENT CURRENT CURRENT PERIOD PERIOD POOL INITIAL COVERAGE ADDITIONS LOSSES BALANCE CURRENT COVERAGE -------------------- ---------------- TYPE POOL CARRIER/HOLDER % ($MM) ($MM) ($MM) ($MM) % ($MM) NOTES - ------------------------------------------------------------------------------------------------------------------------------------ Group I Sub. Amt. 1 N/A 0.00% 0.0000 0.598529 0.000000 161.596372 3.15% 5.084690 N/A Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.173022 0.000000 44.622186 2.35% 1.048022 N/A
ADDITIONAL SUBORDINATED AMOUNT INFORMATION Group I Required Subordination Amount 9,706,310.28 Group I Subordinated Amount (beginning) 4,486,160.83 Group I Subordination Increase Amount 598,528.93 GROUP I SUBORDINATED AMOUNT (ending) 5,084,689.76 Group II Required Subordination Amount 1,097,036.30 Group II Subordinated Amount (beginning) 875,000.00 Group II Subordination Increase Amount 173,021.65 GROUP II SUBORDINATED AMOUNT (ending) 1,048,021.65 ADDITIONAL CREDIT INFORMATION Group I Net Monthly Excess Cashflow 596,860.12 Group II Net Monthly Excess Cashflow 171,111.45 Group I Four Largest Loan Balances 2,819,133.36 Group II Four Largest Loan Balances 1,578,628.14 Group I Overcollateralization Amount 0.00 Group II Overcollateralization Amount 47,013.39 Insured Payments 0.00 Substitution Amount 0.00 Loan Purchase Price 0.00 Group I Pre-Funding Account Balance 0.00 Group II Pre-Funding Account Balance 0.00 Group I Interest Coverage Account Balance 0.00 Group II Interest Coverage Account Balance 0.00 Group I Interest Coverage Addition 0.00 Group II Interest Coverage Addition 0.00 Group I Class A Available Funds Cap Carry-Forward Amount 0.00 Group I Subsequent Mortgage Loans Added 0 0.00 Group II Subsequent Mortgage Loans Added 0 0.00 Group I Servicer Non Advance Amount (1,668.81) Group II Servicer Non Advance Amount (1,643.79) Group I Cumulative Non Advance Amt 0.00 Group II Cumulative Non Advance Amt 489.48 PLEASE SEE THE PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR DETAILED DESCRIPTIONS OF THE CREDIT ENHANCEMENTS.
-----END PRIVACY-ENHANCED MESSAGE-----