SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the period from August 15, 1996 (Commencement
of Operations) to December 31, 1996
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 34-020552
Saxon Asset Securities Trust 1996-2
Mortgage Loan Asset Backed Certificates, Series 1996-2
(Exact name of registrant as specified in its charter)
Virginia 52-1785164
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
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
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
Documents incorporated by reference: None
Page 1 of 3 This report consists of 9
consecutively numbered pages.
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AMENDMENT NUMBER 1 OF 1
<PAGE>
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.
Saxon Asset Securities Trust 1996-2
Mortgage Loan Asset Backed Certificates
1996-2
Date: June 4, 1997 By: /s/ Brad Adams
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Brad Adams
Vice President
<PAGE>
EXHIBIT 99.1
ANNUAL STATEMENT OF COMPLIANCE
<PAGE>
ANNUAL STATEMENT OF COMPLIANCE
I, Nelda Roberts, hereby certify that I am a Vice President of Texas Commerce
Bank National Association, ("the Master Servicer") acting as Master Servicer,
pursuant to a Trust Agreement ("Agreement") with Saxon Asset Securities Trust
1996-2, and further certify to the best of my knowledge and after due inquiry,
the following:
I have reviewed the activities of the Master Servicer, during the preceding
calendar year and the performance under the Agreement. To the best of my
knowledge, based on such review, Texas Commerce Bank, as Master Servicer,
has performed and fulfilled its duties, responsibilities and obligations
under the Agreement in all material respects during the applicable period.
I have conducted an examination of the activities of each Servicer during
the preceding calendar year and the performance of such Servicer under the
related Servicing Agreement.
I have examined each Servicer's Fidelity Bond and Errors and Omissions
Policy and each such bond or policy is in effect and conforms to the
requirements of the related Servicing Agreement.
I have received from each Servicer such Servicer's annual audited financial
statements and such other information as is required by the Guide and to
the best of my knowledge, based on such examination, each Servicer has
performed and fulfilled its duties, responsibilities and obligations under
its Servicing Agreement in all material respects throughout such year.
/s/ Nelda C. Roberts
Nelda C. Roberts
Title: Vice President and Trust Officer
Date: June 3, 1997
<PAGE>
EXHIBIT 99.2
ANNUAL SERVICING REPORTS
<PAGE>
OFFICERS CERTIFICATE ANNUAL
ANNUAL STATEMENT OF COMPLIANCE
MORTGAGE PASS THROUGH CERTIFICATES RESIDENTIAL MORTGAGE LOANS SERIES
1999-LB2 AND 1997-LB1
IN ACCORDANCE WITH THE APPROPRIATE SECTION OF THE ABOVE CAPTIONED POOLING AND
SERVICING AGREEMENTS, I, PATRICIA L. WAYMAN AND SHAWNA R. OGILVIE OF LONG
BEACH MORTGAGE COMPANY, (THE "SERVICER") HEREBY CERTIFY:
(i) A REVIEW OF THE ACTIVITIES OF THE SERVICER DURING THE PRECEDING
CALENDAR YEAR, AND OF PERFORMANCE UNDER THESE AGREEMENTS HAVE BEEN
MADE UNDER OUR SUPERVISION.
(II) TO THE BEST OF OUR KNOWLEDGE, BASED ON SUCH REVIEW, THE SERVICER
HAS FULFILLED ALL ITS OBLIGATIONS UDNER THESE AGREEMENTS THROUGHOUT
SUCH YEAR.
CERTIFIED THIS 18TH DAY OF MARCH, 1997.
BY: /s/PATRICIA L. WAYMAN
PATRICIA L. WAYMAN
PRESIDENT
BY: /s/SHAWNA R. OGILVIE
SHAWNA R. OGILVIE
Vice President
<PAGE>
EXHIBIT 99.4
ANNUAL STATEMENT OF INDEPENDENT ACCOUNTANTS FOR EACH SERVICER
<PAGE>
DELOITTE & TOUCHE LLP
Suite 1200
695 Town Center Drive
Costa Mesa, California 92626-1924
Telephone: (714) 436-7100
Facsimile: (714) 436-7200
INDEPENDENT ACCOUNTANTS REPORT
To Long Beach Mortgage Company
We have examined management's assertion about Long Beach Mortgage Company's
compliance with the minimum servicing standards identified in Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP). Management is responsible for Long Beach Mortgage Company's
compliance with those servicing standards. 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 Long Beach Mortgage
Company'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 Long Beach Mortgage
Company's compliance with the minimum servicing standards.
In our opinion, management's assertion that Long Beach Mortgage company complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
Deloitte & Touche LLP
March 28, 1997
file=f:finrpt\secrpt\issuers\saxon\96-210ka
