-----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, V0wq0RF27rNy3qgucn9xx35/RRLnPj/4c8Q7XIRpFHls1x1CTT6ZZT+uR/LnAccw y6jEPgK0gFaXtKUXt0CASg== 0001056404-98-000487.txt : 19981207 0001056404-98-000487.hdr.sgml : 19981207 ACCESSION NUMBER: 0001056404-98-000487 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981125 ITEM INFORMATION: FILED AS OF DATE: 19981204 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: 98763985 BUSINESS ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 1100 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 BUSINESS PHONE: 4108842000 MAIL ADDRESS: STREET 1: C/O NORWEST BANK MINNESOTA NA STREET 2: 1100 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 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): November 25, 1998 SOUTHERN PACIFIC SECURED ASSETS CORPORATION Collaterized Asset-Backed Notes, Series 1998-H01 Trust New York (governing law of 333-91756 PENDING Pooling and Servicing Agreement) (Commission IRS EIN (State or other File Number) 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 (Former name or former address, if changed since last report) ITEM 5. Other Events On November 25, 1998 a distribution was made to holders of SOUTHERN PACIFIC SECURED ASSETS CORPORATION, Collaterized Asset-Backed Notes, Series 1998- H01 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description Monthly report distributed to holders of EX-99.1 Collaterized Asset-Backed Notes, Series 1998-H01 Trust, relating to the November 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 Collateralized Asset-Backed Notes, Series 1998-H01 Trust By: Norwest Bank Minnesota, N.A., as Trustee By: /s/ Sherri J. Sharps, Vice president By: Sherri J. Sharps, Vice president Date: 12/02/98 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Collaterized Asset- Backed Notes, Series 1998-H01 Trust, relating to the November 25, 1998 distribution. EX-99.1 2
Southern Pacific Secured Assets Corporation Mortgage Pass-Through Certificates Record Date: 10/30/98 Distribution Date: 11/25/98 SPSAC Series: 1998-H01 Contact: Customer Service - Columbia, MD Norwest Bank Minnesota, N.A. Securities Administration Services 11000 Broken Land Parkway Columbia, MD 21044 Telephone: (301) 815-6600 Fax: (410) 884-2369 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 843590CT5 SEQ 5.30938% 21,072,360.79 93,234.31 1,895,617.50 A-2 843590CU2 SEQ 6.31000% 10,800,000.00 56,790.00 0.00 A-3 843590CV0 SEQ 6.41000% 16,000,000.00 85,466.67 0.00 A-4 843590CW8 SEQ 6.61000% 10,000,000.00 55,083.33 0.00 A-5 843590CX6 SEQ 7.13000% 5,527,000.00 32,839.59 0.00 A-6 843590CY4 IO 0.50000% 0.00 43,978.82 0.00 M-1 843590CZ1 SEQ 7.49000% 10,555,000.00 65,880.79 0.00 M-2 843590DA5 SEQ 7.63000% 7,916,000.00 50,332.57 0.00 B-1 843590DB3 SEQ 9.01000% 11,346,000.00 85,189.55 0.00 B-2 SPS98H1B2 SEQ 11.01000% 5,541,000.00 50,838.68 0.00 X SPS98H01X OC 0.00000% 0.00 0.00 0.00 Totals 98,757,360.79 619,634.31 1,895,617.50
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 19,176,743.29 1,988,851.81 0.00 A-2 0.00 10,800,000.00 56,790.00 0.00 A-3 0.00 16,000,000.00 85,466.67 0.00 A-4 0.00 10,000,000.00 55,083.33 0.00 A-5 0.00 5,527,000.00 32,839.59 0.00 A-6 0.00 0.00 43,978.82 0.00 M-1 0.00 10,555,000.00 65,880.79 0.00 M-2 0.00 7,916,000.00 50,332.57 0.00 B-1 0.00 11,346,000.00 85,189.55 0.00 B-2 0.00 5,541,000.00 50,838.68 0.00 X 0.00 0.00 0.00 0.00 Totals 0.00 96,861,743.29 2,515,251.81 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 27,600,000.00 21,072,360.79 264,946.50 1,630,671.00 0.00 0.00 A-2 10,800,000.00 10,800,000.00 0.00 0.00 0.00 0.00 A-3 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00 A-4 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00 A-5 5,527,000.00 5,527,000.00 0.00 0.00 0.00 0.00 A-6 0.00 0.00 0.00 0.00 0.00 0.00 M-1 10,555,000.00 10,555,000.00 0.00 0.00 0.00 0.00 M-2 7,916,000.00 7,916,000.00 0.00 0.00 0.00 0.00 B-1 11,346,000.00 11,346,000.00 0.00 0.00 0.00 0.00 B-2 5,541,000.00 5,541,000.00 0.00 0.00 0.00 0.00 X 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 105,285,000.00 98,757,360.79 264,946.50 1,630,671.00 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 1,895,617.50 19,176,743.29 0.69480954 1,895,617.50 A-2 0.00 10,800,000.00 1.00000000 0.00 A-3 0.00 16,000,000.00 1.00000000 0.00 A-4 0.00 10,000,000.00 1.00000000 0.00 A-5 0.00 5,527,000.00 1.00000000 0.00 A-6 0.00 0.00 0.00000000 0.00 M-1 0.00 10,555,000.00 1.00000000 0.00 M-2 0.00 7,916,000.00 1.00000000 0.00 B-1 0.00 11,346,000.00 1.00000000 0.00 B-2 0.00 5,541,000.00 1.00000000 0.00 X 0.00 0.00 0.00000000 0.00 X 0.00 0.00 0.00000000 0.00 Totals 1,895,617.50 96,861,743.29 0.91999566 1,895,617.50
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 27,600,000.00 763.49133297 9.59951087 59.08228261 0.00000000 A-2 10,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-4 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-5 5,527,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000 M-1 10,555,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 7,916,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-1 11,346,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 B-2 5,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 X 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All classes are per $1000 denominations.
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 68.68179348 694.80953949 0.69480954 68.68179348 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 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 0.00000000 0.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 X 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 27,600,000.00 5.30938% 21,072,360.79 93,234.23 0.00 0.00 A-2 10,800,000.00 6.31000% 10,800,000.00 56,790.00 0.00 0.00 A-3 16,000,000.00 6.41000% 16,000,000.00 85,466.67 0.00 0.00 A-4 10,000,000.00 6.61000% 10,000,000.00 55,083.33 0.00 0.00 A-5 5,527,000.00 7.13000% 5,527,000.00 32,839.59 0.00 0.00 A-6 0.00 0.50000% 105,549,157.47 43,978.82 0.00 0.00 M-1 10,555,000.00 7.49000% 10,555,000.00 65,880.79 0.00 0.00 M-2 7,916,000.00 7.63000% 7,916,000.00 50,332.57 0.00 0.00 B-1 11,346,000.00 9.01000% 11,346,000.00 85,189.55 0.00 0.00 B-2 5,541,000.00 11.01000% 5,541,000.00 50,838.67 0.00 0.00 X 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 105,285,000.00 619,634.22 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 93,234.31 0.00 19,176,743.29 A-2 0.00 0.00 56,790.00 0.00 10,800,000.00 A-3 0.00 0.00 85,466.67 0.00 16,000,000.00 A-4 0.00 0.00 55,083.33 0.00 10,000,000.00 A-5 0.00 0.00 32,839.59 0.00 5,527,000.00 A-6 0.00 0.00 43,978.82 0.00 105,549,157.47 M-1 0.00 0.00 65,880.79 0.00 10,555,000.00 M-2 0.00 0.00 50,332.57 0.00 7,916,000.00 B-1 0.00 0.00 85,189.55 0.00 11,346,000.00 B-2 0.00 0.00 50,838.68 0.00 5,541,000.00 X 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 619,634.31 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 27,600,000.00 5.30938% 763.49133297 3.37805181 0.00000000 0.00000000 A-2 10,800,000.00 6.31000% 1000.00000000 5.25833333 0.00000000 0.00000000 A-3 16,000,000.00 6.41000% 1000.00000000 5.34166687 0.00000000 0.00000000 A-4 10,000,000.00 6.61000% 1000.00000000 5.50833300 0.00000000 0.00000000 A-5 5,527,000.00 7.13000% 1000.00000000 5.94166637 0.00000000 0.00000000 A-6 0.00 0.50000% 999.99999498 0.41666671 0.00000000 0.00000000 M-1 10,555,000.00 7.49000% 1000.00000000 6.24166651 0.00000000 0.00000000 M-2 7,916,000.00 7.63000% 1000.00000000 6.35833375 0.00000000 0.00000000 B-1 11,346,000.00 9.01000% 1000.00000000 7.50833333 0.00000000 0.00000000 B-2 5,541,000.00 11.01000% 1000.00000000 9.17499910 0.00000000 0.00000000 X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All classes are per $1000 denominations.
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 3.37805471 0.00000000 694.80953949 A-2 0.00000000 0.00000000 5.25833333 0.00000000 1000.00000000 A-3 0.00000000 0.00000000 5.34166687 0.00000000 1000.00000000 A-4 0.00000000 0.00000000 5.50833300 0.00000000 1000.00000000 A-5 0.00000000 0.00000000 5.94166637 0.00000000 1000.00000000 A-6 0.00000000 0.00000000 0.41666671 0.00000000 999.99999498 M-1 0.00000000 0.00000000 6.24166651 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 6.35833375 0.00000000 1000.00000000 B-1 0.00000000 0.00000000 7.50833333 0.00000000 1000.00000000 B-2 0.00000000 0.00000000 9.17500090 0.00000000 1000.00000000 X 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.
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 2,578,936.70 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 Total Deposits 2,578,936.70 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 63,684.89 Payment of Interest and Principal 2,515,251.81 Total Withdrawals (Pool Distribution Amount) 2,578,936.70 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 63,054.35 Certificate Administration Fee 0.00 Trustee Fee 630.54 Master Servicing Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 63,684.89
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 34 1,189,153.75 1.112930% 1.195932% 60 Days 21 501,395.10 0.687398% 0.504253% 90+ Days 22 768,836.49 0.720131% 0.773219% Foreclosure 4 108,183.79 0.130933% 0.108800% REO 0 0.00 0.000000% 0.000000% Totals 81 2,567,569.13 2.651391% 2.582204%
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 0.00
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 13.730148% Weighted Average Net Coupon 12.692001% Weighted Average Pass-Through Rate 12.692001% Weighted Average Maturity(Stepdown Calculation 219 Beginning Scheduled Collateral Loan Count 3,093 Number Of Loans Paid In Full 38 Ending Scheduled Collateral Loan Count 3,055 Beginning Scheduled Collateral Balance 100,887,092.91 Ending Scheduled Collateral Balance 99,433,233.09 Ending Actual Collateral Balance at 30-Oct-1998 99,433,233.09 Monthly P &I Constant 1,332,626.62 Ending Scheduled Balance for Premium Loans 99,433,233.09 Scheduled Principal 264,946.50 Unscheduled Principal 1,630,671.00 Required Overcollateralization Amount 0.00 Overcollateralization Increase Amount 441,757.68 Overcollateralization reduction Amount 0.00 Specified O/C Amount 4,749,712.09 Overcollateralized Amount 2,571,489.83 Overcollateralized Deficiency Amount 2,178,222.26 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 441,757.68 Excess Cash Amount 441,757.68
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