-----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, CbkXdbxIssL0DZu/yKKPoUBFTNxtyUAjLWf4KNDFU35oWss+7r8NXXmDroItOyCS nMlhq4zsQOXMLDsgLDV5UA== 0001056404-98-000383.txt : 19981008 0001056404-98-000383.hdr.sgml : 19981008 ACCESSION NUMBER: 0001056404-98-000383 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980925 ITEM INFORMATION: FILED AS OF DATE: 19981007 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: 8-K SEC ACT: SEC FILE NUMBER: 033-91756 FILM NUMBER: 98721882 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 8-K 1 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, 1998 SOUTHERN PACIFIC SECURED ASSETS CORPORATION Mortgage Pass-Through Certificates, Series 1998-2 Trust New York (governing law of 333-52577 52-2112421 Pooling and Servicing Agreement) (Commission 52-2112424 (State or other File Number) IRS EIN jurisdiction c/o Norwest Bank Minnesota, N.A. 11000 Broken Land Parkway 21044 Columbia, MD (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (410) 884-2000 c/o Norwest Bank Minnesota, N.A. 7485 New Horizon Way 21703 Frederick, MD. (Zip Code) (Former name or former address, if changed since last report) ITEM 5. Other Events On September 25, 1998 a distribution was made to holders of SOUTHERN PACIFIC SECURED ASSETS CORPORATION, Mortgage Pass-Through Certificates, Series 1998- 2 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with 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 1998-2 Trust, relating to the September 25, 1998 distribution. 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. SOUTHERN PACIFIC SECURED ASSETS CORPORATION Mortgage Pass-Through Certificates, Series 1998-2 Trust By: Norwest Bank Minnesota, N.A., as Trustee By: /s/ Sherri J. Sharps, Vice president By: Sherri J. Sharps, Vice president Date: 9/29/98 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through Certificates, Series 1998-2 Trust, relating to the September 25, 1998 distribution. EX-99.1 2
Southern Pacific Secured Assets Corporation Mortgage Pass-Through Certificates Record Date: 8/31/98 Distribution Date: 9/25/98 SPSAC Series: 1998-2 Contact: Customer Service Norwest Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 843590DC1 SEQ 5.81844% 314,517,655.25 1,575,835.15 7,185,601.38 A-2 843590DD9 SEQ 6.28000% 162,000,000.00 847,800.00 0.00 A-3 843590DE7 SEQ 6.52000% 44,477,887.22 241,663.19 1,235,663.74 A-4 843590DF4 SEQ 6.26000% 39,685,000.00 207,023.42 0.00 A-5 843590DG2 SEQ 6.30000% 12,146,000.00 63,766.50 0.00 A-6 843590DH0 SEQ 6.45000% 37,336,000.00 200,681.00 0.00 A-7 843590DJ6 SEQ 6.74000% 12,035,000.00 67,596.58 0.00 A-8 843590DK3 SEQ 6.37000% 16,400,000.00 87,056.67 0.00 A-9 SPS9802A9 IO 1.51532% 0.00 634,413.53 0.00 R-I SPS9802R1 R 0.00000% 0.00 0.00 0.00 R-II SPS9802R2 R 0.00000% 0.00 0.00 0.00 Totals 638,597,542.47 3,925,836.04 8,421,265.12
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 307,332,053.87 8,761,436.53 0.00 A-2 0.00 162,000,000.00 847,800.00 0.00 A-3 0.00 43,242,223.48 1,477,326.93 0.00 A-4 0.00 39,685,000.00 207,023.42 0.00 A-5 0.00 12,146,000.00 63,766.50 0.00 A-6 0.00 37,336,000.00 200,681.00 0.00 A-7 0.00 12,035,000.00 67,596.58 0.00 A-8 0.00 16,400,000.00 87,056.67 0.00 A-9 0.00 0.00 634,413.53 0.00 R-I 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 Totals 0.00 630,176,277.35 12,347,101.16 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. Edward M. Frere, Jr. Vice President, Norwest Bank Minnesota, N.A.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 324,000,000.00 314,517,655.25 218,788.11 6,966,813.27 0.00 0.00 A-2 162,000,000.00 162,000,000.00 0.00 0.00 0.00 0.00 A-3 46,398,000.00 44,477,887.22 117,805.76 1,117,857.98 0.00 0.00 A-4 39,685,000.00 39,685,000.00 0.00 0.00 0.00 0.00 A-5 12,146,000.00 12,146,000.00 0.00 0.00 0.00 0.00 A-6 37,336,000.00 37,336,000.00 0.00 0.00 0.00 0.00 A-7 12,035,000.00 12,035,000.00 0.00 0.00 0.00 0.00 A-8 16,400,000.00 16,400,000.00 0.00 0.00 0.00 0.00 A-9 0.00 0.00 0.00 0.00 0.00 0.00 R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Totals 650,000,000.00 638,597,542.47 336,593.87 8,084,671.25 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 7,185,601.38 307,332,053.87 0.94855572 7,185,601.38 A-2 0.00 162,000,000.00 1.00000000 0.00 A-3 1,235,663.74 43,242,223.48 0.93198464 1,235,663.74 A-4 0.00 39,685,000.00 1.00000000 0.00 A-5 0.00 12,146,000.00 1.00000000 0.00 A-6 0.00 37,336,000.00 1.00000000 0.00 A-7 0.00 12,035,000.00 1.00000000 0.00 A-8 0.00 16,400,000.00 1.00000000 0.00 A-9 0.00 0.00 0.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-I 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 R-II 0.00 0.00 0.00000000 0.00 Totals 8,421,265.12 630,176,277.35 0.96950197 8,421,265.12
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 324,000,000.00 970.73350386 0.67527194 21.50251009 0.00000000 A-2 162,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 46,398,000.00 958.61647528 2.53902668 24.09280529 0.00000000 A-4 39,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 12,146,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-6 37,336,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-7 12,035,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-8 16,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-9 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 All denominations are per $1000
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 22.17778204 948.55572182 0.94855572 22.17778204 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 26.63183198 931.98464330 0.93198464 26.63183198 A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-9 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 324,000,000.00 5.81844% 314,517,655.25 1,575,835.15 0.00 0.00 A-2 162,000,000.00 6.28000% 162,000,000.00 847,800.00 0.00 0.00 A-3 46,398,000.00 6.52000% 44,477,887.22 241,663.19 0.00 0.00 A-4 39,685,000.00 6.26000% 39,685,000.00 207,023.42 0.00 0.00 A-5 12,146,000.00 6.30000% 12,146,000.00 63,766.50 0.00 0.00 A-6 37,336,000.00 6.45000% 37,336,000.00 200,681.00 0.00 0.00 A-7 12,035,000.00 6.74000% 12,035,000.00 67,596.58 0.00 0.00 A-8 16,400,000.00 6.37000% 16,400,000.00 87,056.67 0.00 0.00 A-9 0.00 1.51532% 502,400,000.00 634,413.53 0.00 0.00 R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 650,000,000.00 3,925,836.04 0.00 0.00
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 1,575,835.15 0.00 307,332,053.87 A-2 0.00 0.00 847,800.00 0.00 162,000,000.00 A-3 0.00 0.00 241,663.19 0.00 43,242,223.48 A-4 0.00 0.00 207,023.42 0.00 39,685,000.00 A-5 0.00 0.00 63,766.50 0.00 12,146,000.00 A-6 0.00 0.00 200,681.00 0.00 37,336,000.00 A-7 0.00 0.00 67,596.58 0.00 12,035,000.00 A-8 0.00 0.00 87,056.67 0.00 16,400,000.00 A-9 0.00 0.00 634,413.53 0.00 502,400,000.00 R-I 0.00 0.00 0.00 0.00 0.00 R-II 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 3,925,836.04 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 324,000,000.00 5.81844% 970.73350386 4.86368873 0.00000000 0.00000000 A-2 162,000,000.00 6.28000% 1000.00000000 5.23333333 0.00000000 0.00000000 A-3 46,398,000.00 6.52000% 958.61647528 5.20848291 0.00000000 0.00000000 A-4 39,685,000.00 6.26000% 1000.00000000 5.21666675 0.00000000 0.00000000 A-5 12,146,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000 A-6 37,336,000.00 6.45000% 1000.00000000 5.37500000 0.00000000 0.00000000 A-7 12,035,000.00 6.74000% 1000.00000000 5.61666639 0.00000000 0.00000000 A-8 16,400,000.00 6.37000% 1000.00000000 5.30833354 0.00000000 0.00000000 A-9 0.00 1.51532% 1000.00000000 1.26276578 0.00000000 0.00000000 R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 All denominations are per $1000
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 4.86368873 0.00000000 948.55572182 A-2 0.00000000 0.00000000 5.23333333 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 5.20848291 0.00000000 931.98464330 A-4 0.00000000 0.00000000 5.21666675 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 5.25000000 0.00000000 1000.00000000 A-6 0.00000000 0.00000000 5.37500000 0.00000000 1000.00000000 A-7 0.00000000 0.00000000 5.61666639 0.00000000 1000.00000000 A-8 0.00000000 0.00000000 5.30833354 0.00000000 1000.00000000 A-9 0.00000000 0.00000000 1.26276578 0.00000000 1000.00000000 R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
Certificateholder Component Statement Component Beginning Ending Beginning Ending Ending Pass-Through Notational Notational Component Component Component Class Rate Balance Balance Balance Balance A-9 IO 1.70000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000% A-9 IO 1.00000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000% A-9 IO 1.00000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000% A-9 IO 9.87172% 16,400,000.00 16,400,000.00 0.00 0.00 100.00000000%
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 12,421,604.20 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 353,422.10 Realized Losses 0.00 Total Deposits 12,775,026.30 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 270,695.19 Payment of Interest and Principal 12,421,604.20 Total Withdrawals (Pool Distribution Amount) 12,692,299.39 Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES Gross Servicing Fee 266,694.77 Trustee Fee 0.00 Spread 1 Fee 0.00 Spread 2 Fee 0.00 Spread 3 Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 266,694.77
OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance Financial Guaranty 0.00 0.00 0.00 0.00 Financial Guaranty 0.00 0.00 0.00 0.00
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 356 29,222,734.13 5.105407% 4.617871% 60 Days 16 1,840,105.61 0.229456% 0.290779% 90+ Days 2 72,506.87 0.028682% 0.011458% Foreclosure 62 5,944,750.16 0.889144% 0.939409% REO 0 0.00 0.000000% 0.000000% Totals 436 37,080,096.77 6.252689% 5.859517%
OTHER INFORMATION Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 353,422.10
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000% Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
COLLATERAL STATEMENT Collateral Description Fixed Mixed & ARM & Balloon Weighted Average Gross Coupon 10.204883% Weighted Average Net Coupon 9.697383% Weighted Average Pass-Through Rate 0.000000% Weighted Average Maturity(Stepdown Calculation ) 356 Begin Scheduled Collateral Loan Count 7,037 Number Of Loans Paid In Full 64 End Scheduled Collateral Loan Count 6,973 Begining Scheduled Collateral Balance 640,067,442.56 Ending Scheduled Collateral Balance 632,818,321.02 Ending Actual Collateral Balance at 31-Aug-1998 632,818,321.02 Monthly P &I Constant 5,779,771.73 Ending Scheduled Balance for Premium Loans 632,818,321.02
Group Level Collateral Statement Group 1 2 Collateral Description Mixed ARM Mixed Fixed Weighted Average Coupon Rate 10.098090 10.518922 Weighted Average Net Rate 9.590590 10.011422 Weighted Average Maturity 356.00 356.00 Begining Loan Count 4,729.00 2,308.00 Loans Paid In Full 50.00 14.00 Ending Loan Count 4,679.00 2,294.00 Begining Scheduled Balance 477,639,589.30 162,427,853.26 Ending Scheduled Balance 471,292,630.23 161,525,690.79 Record Date 08-31-98 08-31-98 Principal And Interest Constant 4,238,161.04 1,541,610,69 Scheduled Principal 218,788.11 117,805,76 Unscheduled Principal 6,128,170.96 784,356.71 Scheduled Interest 4,019,372.93 1,423,804.93 Servicing Fee 199,016.50 67,678.27 Other Fee 2,985.25 1,015.18 Net Interest 3,817,371.18 1,355,111.48 Group 1 2 Required Overcollateralization Amount 0.00 0.00 Overcollateralization Increase Amount 838,642.31 333,501.27 Overcollateralization Reduction Amount 0.00 0.00 Specified Overcollateralization Amount 21,389,487.07 6,473,057.17 Overcollateralization Amount 1,960,576.36 681,467.31 Overcollateralization Deficiency Amount 19,428,910.71 5,791,589.86 Base Overcollateralization Amount 0.00 0.00 Extra Principal Distribution Amount 0.00 0.00 Excess Cash Amount 838,642.31 333,501.27
Delinquency Status By Groups Groups 30 Days 60 Days 90 + Days Number Balance Number Balance Number Balance 1 254 23,320,835.66 9 1,294,079.99 0 0.00 2 102 5,901,898.47 7 546,025.62 2 72,506.87 Total 356 $29,222,734.13 16 $1,840,105.61 2 $72,506.87
Delinquency Status By Groups (Continued)
Group ID Foreclosures REOs Bankruptcy Number Balance Number Balance Number Balance 1 52 5,296,684.24 0 0.00 9 796,762.49 2 10 648,065.92 0 0.00 3 127,495.98 TOTAL 62 5,944,750.16 0 0.00 12 924,258.47
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