-----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, FAy9FdICgF5GJDFTpZpGMZBQHR+dro9rAvSG6o4gIHotiiJqVZyPYWAuTA7pKZJD dRn83+FDpw3H74+GE3dAKA== 0001056404-98-000323.txt : 19980930 0001056404-98-000323.hdr.sgml : 19980930 ACCESSION NUMBER: 0001056404-98-000323 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980929 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: 330659688 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 033-91756 FILM NUMBER: 98716969 BUSINESS ADDRESS: STREET 1: 4949 MEADOWS ROAD STREET 2: SUITE 600 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5033035400 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DRIVE STREET 2: SUITE 500 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 10-K/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K/A Amendment No. 1 (Mark One) / x / Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 1997 / / Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No.:333-39039 Southern Pacific Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-04 Trust (Exact name of registrant as specified in its charter) NY 52-2073755 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) c/o Norwest Bank Minnesota, N.A. 7485 New Horizon Way Frederick, MD 21703 (Address of principal executive (Zip Code) offices) Registrant's telephone number, including area code (301) 696-7900 Securities registered pursuant to Section 12(b) of the Act: NONE Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No__ This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report on Form 10-K (the "Original Form 10-K") filed on March 26 1998, on behalf of Southern Pacific Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-04 Trust (the "Trust"), established pursuant to a Pooling and Servicing Agreement among, Southern Pacific Secured Assets Corporation, (the "Company"), and Southern Pacific Funding Corporation, as Master Servicer, and Norwest Bank Minnesota, N.A., as Trustee pursuant to which the Southern Pacific Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-04 registered under the Securities Act of 1933 (the "Certificates") were issued. Item 14 of the Original Form 10-K is amended to read in its entirety as follows: Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K. (a) Exhibits 99.1 Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 1997. (a) Advanta Mortgage Corp., USA, as Servicer 99.2 Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 1997. (a) Advanta Mortgage Corp., USA, as Servicer 99.3 Annual Statements of Compliance under the Pooling and Servicing Agreements for the year ended December 31, 1997. (a) Advanta Mortgage Copr., USA, as Servicer 99.4 Aggregate Statement of Principal and Interest Distributions to Certificate Holders. (b) No reports on Form 8-K have been filed during the last quarter of the period covered by this report. (c) Not applicable. (d) Omitted. Filed herewith. SIGNATURE Pursuant to the requirements of Section 13 or 15(d) 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 1997-04 Trust Signed NORWEST BANK MINNESOTA, N.A., as Trustee By: /s/Sherri J. Sharps By: Sherri J. Sharps Title: Vice President -- Securities Administration Services Dated: August 31, 1998 EXHIBIT INDEX Exhibit No. 99.1 Annual Independent Accountants' Servicing Reports concerning servicing activities for the year ended December 31, 1997. (a) Advanta Mortgage Corp., USA, as Servicer 99.2 Report of Management as to Compliance with Minimum Servicing Standards for the year ended December 31, 1997. (a) Advanta Mortgage Corp., as Servicer 99.3 Annual Statements of Compliance for the year ended December 31, 1997. (a) Advanta Mortgage Corp., as Servicer Filed herewith. EX-99.1(A) 2 ANNUAL INDEPENDENT ACCOUNTANT'S SERVICING REPORT ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To Advanta Mortgage Corp. USA: We have examined management's assertion about Advanta Mortgage Corp. USA's (the "Company"), an indirect wholly-owned subsidiary of Advanta Corp., compliance with the minimum servicing standards identified in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS (USAP) and that Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability protection coverage in the amount of $2 million as of and for the year ended December 31, 1997 included in the accompanying management assertion. Management is responsible for Advanta Mortgage Corp. USA's compliance with those minimum servicing standards and for maintaining a fidelity bond and errors and omissions policy. Our responsibility is to express an opinion on management's assertion about the entity's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants, and accordingly, included examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on Advanta Mortgage Corp. USA's compliance with the minimum servicing standards. In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability protection coverage in the amount of $2 million as of and for the year ended December 31, 1997 is fairly stated, in all material respects. /s/Arthur Anderson LLP Philadelphia, PA March 20, 1998 EX-99.2(A) 3 REPORT OF MANAGEMENT (LOGO) ADVANTA MORTGAGE P.O. Box 50911 San Diego, CA 92150-9011 16875 West Bernardo Drive San Diego, CA 92127 (619) 674-1800 REPORT OF MANAGEMENT ON COMPLIANCE WITH MINIMUM SERVICING STANDARDS As of and for the year ended December 31, 1997, Advanta Mortgage Corp., USA has complied with the minimum servicing standards set forth in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS. As of and for this same period, Advanta Mortgage Corp., USA had in effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability protection coverage in the amount of $2 million. /s/William P. Garland William P. Garland Senior Vice President Loan Servicing Officer /s/James L. Shreero James L. Sheero Senior Vice President Finance and Accounting EX-99.3(A) 4 ANNUAL STATEMENT OF COMPLIANCE (LOGO) March 20, 1998 Norwest Bank Minnesota, N.A. (338) Tim Knight 11000 Brokenland Parkway Columbia, MD 21004-3562 ADVANTA MORTGAGE P.O. BOX 509011 SAN DIEGO, CA 92150-9011 16875 WEST BERNARDO DRIVE SAN DIEGO. CA 92127 (619) 674-1800 RE: ANNUAL STATEMENT AS TO COMPLIANCE Pursuant to that certain LOAN SERVICING AGREEMENT ("Agreement") dated as of December 1, 1997, SOUTHERN PACIFIC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES SERIES 1997-4, I, William P. Garland, hereby certify that (I) a review of the activities of the Servicer during the preceding year and the performance under this Agreement has been made under my supervision, and (II) to the best of my knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement for such year. Sincerely, /s/William P. Garland William P. Garland Sr. Vice President, Loan Service WPG/cg cc: Mr. James L. Shreero Annette Aguirre, Esq. Mr. Mark Casale -----END PRIVACY-ENHANCED MESSAGE-----