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, 1996
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 033-99598-02
Structured Asset Securities Corporation, Mortgage Pass-Through Certificates,
Series 1996-05 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-2016569, 52-2016570
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
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, 1997, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Structured Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 1996-05 Trust
(the "Trust"), established pursuant to a Trust Agreement (the "Trust Agreement")
among Structured Asset Securities Corporation, as Depositor, (the "Depositor"),
Norwest Bank Minnesota, N.A., as Master Servicer (the "Master Servicer"), and
First Bank National Association, as Trustee, ( the "Trustee"), pursuant to which
the Structured Asset Securities Corporation, Mortgage Pass-Through Certificates,
Series 1996-05 Trust, certificates 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 Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Chase Manhattan Mortgage Corporation, as Servicer <F1>
(c) Great Financial Bank, FSB, as Servicer<F1>
(d) Norwest Mortgage, Inc., as Servicer <F1>
(e) Ryland Mortgage Company, as Servicer <F1>
(f) Wells Fargo and Company, as Servicer <F1>
99.2 Management Assertion Letter:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Chase Manhattan Mortgage Corporation, as Servicer <F1>
(c) Great Financial Bank, FSB, as Servicer<F1>
(d) Norwest Mortgage, Inc., as Servicer <F1>
(e) Ryland Mortgage Company, as Servicer <F1>
(f) Wells Fargo and Companies, as Servicer <F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Chase Manhattan Mortgage Corporation, as Servicer <F1>
(c) Great Financial Bank, FSB, as Servicer<F1>
(d) Norwest Mortgage, Inc., as Servicer <F1>
(e) Ryland Mortgage Company, as Servicer <F1>
(f) Wells Fargo and Company, as Servicer <F1>
(b) No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.
(c) Omitted.
(d) Omitted.
<F1> 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:
Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 1996-05 Trust
By: First Bank, N.A.,
as Trustee
By: /s/ Eve D. Kaplan
By: Eve D. Kaplan
Title: Vice President
Dated: July 10, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Chase Manhattan Mortgage Corporation, as Servicer <F1>
(c) Great Financial Bank, FSB, as Servicer<F1>
(d) Norwest Mortgage, Inc., as Servicer <F1>
(e) Ryland Mortgage Company, as Servicer <F1>
(f) Wells Fargo and Company, as Servicer <F1>
99.2 Management Assertion Letter:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Chase Manhattan Mortgage Corporation, as Servicer <F1>
(c) Great Financial Bank, FSB, as Servicer<F1>
(d) Norwest Mortgage, Inc., as Servicer <F1>
(e) Ryland Mortgage Company, as Servicer <F1>
(f) Wells Fargo and Companies, as Servicer <F1>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) American Savings Bank, F.A., as Servicer<F1>
(b) Chase Manhattan Mortgage Corporation, as Servicer <F1>
(c) Great Financial Bank, FSB, as Servicer<F1>
(d) Norwest Mortgage, Inc., as Servicer <F1>
(e) Ryland Mortgage Company, as Servicer <F1>
(f) Wells Fargo Bank, as Servicer <F1>
<F1> Filed herewith.
Deloitte &
Touche LLP
(logo) Suite 1200 Telephone: (714) 436-7100
695 Town Center Drive Facsimile: (714) 436-7200
Costa Mesa, California 92626-1924
INDEPENDENT ACCOUNTANTS'REPORT
To American Savings Bank, F.A.
We have examined management's assertion about American Savings Bank, F.A.'s
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996 included in the
accompanying management assertion. Management is responsible for American
Savings Bank, F.A.'s compliance with those minimum 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 American Savings Bank, F.A.'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 American Savings Bank, F.A.'s compliance
with the minimum servicing standards.
In our opinion, management's assertion that American Savings Bank, F.A. complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 14, 1997
Deloitte Touche
Tohmatsu
International
1177 Avenue of the Americas Telephone 212-596-7000
NEW York, NY 10036 Facsimile 212-596-8910
PRICE WATERHOUSE LLP (LOGO)
REPORT OF INDEPENDENT ACCOUNTANTS
March 28, 1997
To the Stockholder and Board of Directors
of Chase Manhattan Mortgage Corporation
We have examined management's assertion about Chase Manhattan Mortgage
Corporation's (the "Corporation") compliance with the minimum servicing
standards identified in the Mortgage Bankers Association of America's UNIFORM
SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS (USAP) as of and for the year
ended December 31, 1996 included in the accompanying management assertion (see
Exhibit 1). The Corporation performs loan subservicing functions for the
residential loan servicing portfolios of Chase Mortgage Services, Inc. and
Chemical Mortgage Company. Management is responsible for the Corporation's
compliance with the minimum 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 the Corporation'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 the Corporation's compliance with the minimum servicing
standards.
In our opinion, management's assertion that, except for instances of
noncompliance described in management's assertion, the Corporation complied with
the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
Instances of noncompliance which occurred during 1996 are more fully discussed
in management's assertion which is set forth in Exhibit I.
/s/ Price Waterhouse LLP
Deloitte &
Touche LLP
(logo) Suite 2100 Telephone: (502) 562-2000
220 West Main Street Facsimile: (502) 562-2073
Louisville, Kentucky 40202-5313
INDEPENDENT ACCOUNTANTS' REPORT
To the Stockholder of
Great Financial Bank, FSB
Louisville, Kentucky
We have examined management's assertion about Great Financial Bank, FSB's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996 included in the
accompanying management assertion report on compliance with minimum servicing
standards. Management is responsible for Great Financial Bank, FSB's compliance
with those minimum servicing standards. Our responsibility is to express an
opinion on management's assertion about the Bank'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 Great Financial Bank, FSB'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 Great Financial Bank, FSB's ' compliance
with the minimum servicing standards.
In our opinion, management's assertion that Great Financial Bank, FSB complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 10, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
KPMG Peat Marwick LLP
2500 Ruan Center
P.O. Box 772
Des Moines, IA 50303
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Norwest Mortgage, Inc.:
We have examined management's assertion about Norwest Mortgage Banking's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996, included in the
accompanying management assertion. Management is responsible for Norwest
Mortgage Banking's compliance with those minimum 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 Norwest Mortgage Banking'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 Norwest Mortgage Banking's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Norwest Mortgage Banking complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996, is fairly stated, in all material respects.
/s/ KPMG Peat Marwick LLP
January 15, 1997
Member Firm of
KPMG International
(logo) ERNST & YOUNG LLP
o One North Charles o Phone: 410 539-7940
Baltimore, Maryland 21201
REPORT ON MANAGEMENT'S ASSERTION ON COMPLIANCE WITH MINIMUM SERVICING
STANDARDS SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS
Independent Accountants' Report
Board of Directors
Ryland Mortgage Company
We have examined management's assertion that Ryland Mortgage Company (a
wholly-owned subsidiary of The Ryland Group, Inc.) and subsidiaries complied
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) during the year ended December 31, 1996, included in the accompanying
report titled REPORT OF MANAGEMENT. Management is responsible for the Company's
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about the Company'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 the Company's compliance with those
requirements 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 the
Company's compliance with specified requirements.
In our opinion, management's assertion that the Company complied with the
aforementioned requirements during the period ended December 31, 1996 is fairly
stated, in all material respects.
/s/ Ernst & Young LLP
January 31, 1997
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
(LOGO) KPMG Peat Marwick LLP
750 B Street
San Diego, CA 92101
INDEPENDENT ACCOUNTANT'S REPORT
The Board of Directors
Wells Fargo and Company:
We have examined the accompanying Management's Report on Compliance with Minimum
Servicing Standards (management's assertion) about Wells Fargo and Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP) as of and for the year ended December 31, 1996. Management is
responsible for Wells Fargo and Company's compliance with those minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Company'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 Wells Fargo and 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 Wells Fargo and Company's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Wells Fargo and Company complied
with the aforementioned minimum servicing standards as of and for the year ended
December 3l, 1996 is fairly stated in all material respects.
February 17,1997 /s/ KPMG Peat Marwick LLP
Member Firm of
Klynveld Peat Marwick Goerdeler
AMERICAN SAVINGS (logo) BANK
February 7, 1997
As of and for the twelve month period ended December 31, 1996, American Savings
Bank, F. A. has complied in all material respects 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,
American Savings Bank had in effect an errors and omissions policy in the amount
of $22,500,000. Also, American Savings Bank had in EFFECT a fidelity bond in the
amount of $35,000,000 from January 1, 1996 to December 19, 1996, and in the
amount of $60,000,000 for the period of December 20, 1996 to December 30, 1996.
/s/ Robert T. Barnum
Robert T. Barnum, President
/s/ Robert B. Henske
Robert B. Henske, Chief Financial Officer
We call to your attention that on 12/20/96
the Bank and certain related entities were
merged with Washington Mutual, Inc. ("WMI"),
and that on 12/31/96 Robert B. Henske ("Henske")
was terminated as Chief Financial Officer
of the Bank. Henske makes no representation
regarding any matter subsequent to 12/31/96.
17877 Van Karman Avenue 5th Floor Irvine, California 99714-6213
(logo) CHASE
EXHIBIT I
MANAGEMENT'S ASSERTION
As of and for the year ended December 31, 1996, except as specifically noted
below, Chase Manhattan Mortgage Corporation ("CMMC"), Chase Mortgage Services
incorporated ("CMSI") and Chemical Mortgage Company ("CMC") and their
subsidiaries (collectively, the "Group") has complied in all material respects,
with the minimum servicing standards (the "Standard(s)") set forth in the
Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS (USAP). During the year ended December 31, 1996, certain
instances of non-compliance with the Standards occurred. Except as specifically
noted, the following instances of non-compliance have been remedied and
procedural enhancements have been implemented.
BANK ACCOUNTS
STANDARD: CUSTODIAL BANK ACCOUNTS AND RELATED BANK CLEARING ACCOUNT
RECONCILIATION SHALL BE PREPARED WITHIN FORTY-FIVE (45) DAYS AFTER THE
CUTOFF DATE AND DOCUMENTED RECONCILING ITEMS SHALL BE RESOLVED FROM
THESE RECONCILIATIONS WITHIN NINETY (90) CALENDAR DAYS OF THEIR
ORIGINAL IDENTIFICATION.
Certain of the Group's custodial accounts and related bank clearing
accounts were not consistently reconciled within 45 days during the
year. In addition, reconciling items documented on the reconciliations
were not always resolved within 90 days after identification. Weekly
management reviews have been initiated for the higher volume accounts
to ensure reconciliations are performed and reconciling items are
cleared in accordance with the Standards and new company policy.
Specific project plans have been placed in operation to ensure that the
population of reconciling items is worked and eventually cleared.
Additionally, work orders for technological enhancements to facilitate
the reconciliation process are being developed.
DISBURSEMENTS
STANDARD: UNISSUED CHECKS SHALL BE SAFEGUARDED SO AS TO PREVENT
UNAUTHORIZED ACCESS.
Controls surrounding the Corporation's safeguarding of unissued checks
were determined to be inadequate. There was limited accountability for
checks printed and issued, and multiple employees had system access to
reprint checks. In addition, blank checks for various disbursing
amounts do not have pre-printed serial numbers which would enable area
management to effectively track missing and voided checks. Management
has requested new checks with pre-printed serial numbers on them.
Additionally, management has placed into operation new scanners to be
installed on the Corporation's check printers, which will enable
management to print detailed reports on check printing, handling and
reconciliation via the printer account logs.
(logo) CHASE
MORTGAGOR LOAN ACCOUNTING
STANDARD: ESCROW ACCOUNTS SHALL BE ANALYZED, IN ACCORDANCE WITH THE
MORTGAGOR'S LOAN DOCUMENTS, AT LEAST ON AN ANNUAL BASIS.
During 1996, there were instances in which an escrow analysis was not
performed on certain loans within the required 12-month cycle. These
exceptions were primarily attributed to missing tax or insurance
details required by area management to effectively perform an escrow
analysis. Management is currently utilizing tracking worksheets to
accelerate the information gathering process and is investigate system
upgrades to enable it to more efficiently perform the required escrow
analyses within the established timeframe.
Management believes it has taken definitive actions and implemented controls and
procedures to address and correct the instances of noncompliance which occurred
during 1996.
As of and for the year ended December 31, 1996, the Corporation had in effect
fidelity bond and errors and omissions policies in the amounts of $200,000,000
and $25,000,000, respectively.
/s/ Thomas Jacob 3-25-97
Thomas Jacob Date
Chief Executive Officer
/s/ Steve Rotella 3-24-97
Steve Rotella Date
Executive Vice President
/s/ Glenn Mouridy 3-25-97
Glenn Mouridy Date
Executive Vice President
Chief Financial Officer
/s/ Lucy Gambino 3-24-97
Lucy Gambino Date
Asisstant Vice President - Risk Management
(logo)
GREAT
FINANCIAL
BANK Suite 1900
(logo) 329 West Main Street
Louisvilie, KY 40202-4240
February 7, 1997
Re: Management's Assertion Report on Compliance with Minimum Servicing Standards
To the Stockholder:
As of and for the year ended December 31, 1996, Great Financial Bank, FSB has
complied in all material respects 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 year, Great Financial
Bank, FSB had in effect a fidelity bond and errors and omissions policy in the
amount of $9,000,000.
/s/ Paul M. Baker
Paul M. Baker
Chairman and Chief Executive Officer
/s/ Richard M. Klapheke
Richard M. Klapheke
Executive Vice President
Chief Financial Officer
/s/ Arthur L. Harreld
Arthur L. Harreld
Executive Vice President
/s/ William L. Boue'
William L. Boue'
Senior Vice President - Loan Administration
(logo) NORWEST MORTGAGE Norwest Mortgage, Inc.
Home Campus
Des Moines, IA 50328
515/221-7300
Management Assertion
As of and for the period ended December 31, 1996, Norwest Mortgage Banking has
complied in all material respects 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, Norwest Mortgage
Banking had in effect a fidelity bond and errors and omissions policy in the
amount of $20 Million.
/s/ Mark Oman January 15, 1997
Mark Oman, President and CEO Date
/s/ Alta Jones January 15, 1997
Alta Jones, Senior Vice President & CFO Date
/s/ Cara Heiden January 15, 1997
Cara Heiden, Executive Vice President, Loan Admin. Date
NMFL #0820H 5/96
(logo) RYLAND
MORTGAGE
11000 Broken Land Parkway
Columbia, Maryland
21044-3562
410 715-7500 Tel
410 715-7905 Fax
MANAGEMENT'S ASSERTION ON COMPLIANCE WITH MINIMUM SERVICING
STANDARDS SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS
REPORT OF MANAGEMENT
We, as members of management of Ryland Mortgage Company (a wholly-owned
subsidiary of The Ryland group, Inc.) and subsidiaries, are responsible for
complying with the minimum servicing standards as set forth in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP). We are also responsible for establishing and maintaining
effective internal control over compliance with these standards. We have
performed an evaluation of the Company's compliance with the minimum servicing
standards as set forth in the USAP as of December 31, 1996 and for the year then
ended. Based on this evaluation, we assert that during the year ended December
31, 1996, the Company complied with the minimum servicing standards set forth in
the USAP.
As of and for this same period, Ryland Mortgage Company had in effect a fidelity
bond and errors and omissions policy in the amounts of $15 million and $10
million respectively.
Very truly yours,
/s/ Michael C. Brown
Michael C. Brown
President of Ryland Mortgage Company and Subsidiaries
/s/ Walter Z. Rigsbee
Walter Z. Rigsbee
Senior Vice President of Ryland Mortgage Company
/s/ Patricia S. Gloth
Patricia S. Gloth
Vice President of Financial Operations
(logo)
WELLS FARGO BANK
Management's Report on Compliance
with Minimum Servicing Standards
As of and for the year ended December 31, 1996, Wells Fargo and Companies has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION FOR
MORTGAGE BANKERS. As of and for this same period, Wells Fargo and Companies had
in effect a fidelity bond in the amount of $105,000,000 and errors and omissions
policy in the amount of $55,000,000.
Acknowledged: /s/ Joan Coppenrath
Joan Coppenrath, Vice President
February 17, 1997
P.O. Box 85071 San Diego, CA 92186-5071
AMERICAN SAVINGS (logo) BANK
Candy Knisely
Ryland Mortgage Company
11000 Broken Land Parkway
Columbia, NC 21044-3562
OFFICER'S CERTIFICATE
The undersigned Officer certifies the following for the fiscal year:
(A) That to the best of this Officer's knowledge, all premiums for each Hazard
Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage
Insurance Policy (if applicable), with respect to each Mortgaged Property, have
been paid and that all such insurance policies are in full force and effect;
(B) That all accrued and due real estate taxes, governmental assessments and any
other expenses, that if not paid could result in a lien or encumbrance on any
Mortgaged Property, have been paid, or if any such costs or expenses have not
been paid with respect to any Mortgaged Property, the reason for the non-payment
has been reported to Ryland Mortgage Company;
(C) To the best of this Officer's knowledge, the Servicer has fulfilled all of
its duties, responsibilities or obligations under these Agreements throughout
such year, or if there has been a default or failure of the servicer to perform
any of such duties, responsibilities or obligations, a description of each
default or failure and the nature and status thereof has been reported to Ryland
Mortgage Company;
(D) That this Officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or
Seller/Servicer Guide are in full force and effect.
Certified By:
/s/ Karen Moran
Karen Moran
Asst. Vice President
March 20, 1997
400 E. Main Street, Department 4026, Stockton, California 95290-4026
(209) 546-2065 (2O9) 546-2690 Fax
(logo) CHASE
CHASE MANHATTAN MORTGAGE CORPORATION
200 Old Wilson Bridge Road
Worthington, OH 43085-8500
1-800-848-9136 Customer Service
1-800-582-0542 TDD / Text Telephone
Ms Kristen Cronin
Norwest Bank Minnesota, N. A.
Attn: Master Servicing Department
11000 Broken Land Parkway
Columbia, MD 21044
RE: ANNUAL CERTIFICATION
Dear Ms Cronin:
Pursuant to the servicing agreement, the undersigned Officer certifies to the
following:
a) All hazard (or mortgage impairment, if applicable) flood or other
casualty insurance and primary mortgage guaranty insurance premiums,
taxes, ground rents, assessments and other changes have been paid by/in
connection with the Mortgaged Properties;
b) All property inspections have been completed;
c) Compliance relative to Adjustable Rate Mortgages have been met;
d) Compliance with IRS Foreclosure reporting regulations enacted as
IRS Section 6060J by the Deficit Reduction Act, regarding Acquired
and/or Abandonment property have been completed;
e) All loans CMMC services in state that have statutes requiring payment
of interest on escrow/impound accounts have been completed;
f) That such officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy, and any other bonds required under the
terms of the Servicing Agreement are in full force and effect.
g) Enclosed is a copy of our most recent independent audit statement.
CERTIFIED BY: /s/ Lucy P. Gambino DATE: March 28, 1997
Lucy P. Gambino
Assistant Vice President
Chase Manhattan Mortgage Corporation
200 Old Wilson Bridge Road
Worthington, OH 43085
S:/rishare/offcert.doc
(logo)
GREAT
FINANCIAL
4801 Frederica Street
P.O. Box 20005
Owensboro, KY 42304-0005
502-685-7100
March 11, 1997
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 fical year:
(A) I have reviewed the activities and performance of the Servicer during
the preceding fiscal year under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer
Guide and to the best of these Officers' knowledge, the Servicer has
fulfilled all of its duties, responsibilities or obligations under these
Agreements throughout such year, or if there has been a default or
failure of the servicer to perform any such duties, responsibilities or
obligations, a description of each default or failure and the nature and
status thereof has been reported to Norwest Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or
FHLMC servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions
Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement
and/or Seller/Servicer Guide are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy
(if applicable) and Primary Mortgage Insurance Policy (if applicable),
with respect to each Mortgaged Property, have been paid and that all
such insurance policies are in full force and effect;
(E) All real estate taxes governmental assessments and any other expenses
accrued and due that if not paid could result in a lien or encumbrance
on any Mortgaged Property, have been paid or if any such costs or
expenses have not been paid with respect to any Mortgaged Property, the
reason for the non-payment has been reported to Norwest Bank Minnesota,
N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ Lotus B Dixon
Officer
VICE PRESIDENT
Title
MARCH 11, 1997
Date
NORWEST MORTGAGE, INC.
405 S.W. 5th Street
Des Moines, IA 50328
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during
the preceding fiscal year under the terms of the Servicing Agreement,
Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer
Guide and to the best of these Officers' knowledge, the Servicer has
fulfilled all of its duties, responsibilities or obligations under these
Agreements throughout such year, or if there has been a default or
failure of the servicer to perform any of such duties, responsibilities
or obligations, a description of each default or failure and the nature
and status thereof has been reported to Norwest Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or
FHLMC servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions
Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement
and/or Seller/Servicer Guide are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy
(if applicable) and Primary Mortgage Insurance Policy (if applicable),
with respect to each Mortgaged Property, have been paid and that all
such insurance policies are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance
on any Mortgaged Property, have been paid, or if any such costs or
expenses have not been paid with respect to any Mortgaged Property, the
reason for the non-payment has been reported to Norwest Bank Minnesota,
N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and filed.
Certified By:
/s/ John B. Brown
Officer
Vice President
Title
3-18-97
Date
(logo) RYLAND
MORTGAGE
11000 Broken Land Parkway
Columbia, Maryland
21044-3562
410 715-7500 Tel
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 fiscal year:
(A) I have reviewed the activities and performance of the Servicer during the
preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide and
to the best of these Officers' knowledge, the Servicer has fulfilled all of
its duties, responsibilities or obligations under these Agreements
throughout such year, or if there has been a default or failure of the
servicer to perform any of such duties, responsibilities or obligations, a
description of each default or failure and the nature and status thereof has
been reported to Norwest Bank Minnesota, N.A.;
(B) I have confirmed that the Servicer is currently an approved FNMA or FHLMC
servicer in good standing;
(C) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance
Policy and any other bonds required under the terms of the Servicing
Agreement Trust Agreement, Pooling and Servicing Agreement and/or Seller/
Servicer Guide are in full force and effect;
(D) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if
applicable) and Primary Mortgage Insurance Policy (if applicable), with
respect to each Mortgaged Property, have been paid and that all such
insurance policies are in full force and effect;
(E) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on
any Mortgaged Property, have been paid, or if any such costs or expenses
have not been paid with respect to any Mortgaged Property, the reason for
the non-payment has been reported to Norwest Bank Minnesota, N.A.;
(F) All Custodial Accounts have been reconciled and are properly funded; and
(G) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050J and 6050P of the Internal Revenue Code,
respectively, have been prepared and Filed.
Certified By:
/s/ Michele Drury
Officer MICHELE DRURY
Title VICE PRESIDENT OF LOAN ADMIN.
MAY 13, 1997
Date
(Logo)
WELLS FARGO BANK
Annual Certification for Calendar Year 1996
Dear Investor:
This is to certify the following items with respect to real estate loans we
service on your behalf.
We have complied with all applicable provisions of the executed servicing
agreement and/or servicing guidelines.
Servicing is in compliance with applicable state and federal laws, HUD or VA
regulations, and all the terms of the loan documents.
Taxes, mortgage insurance, flood and/or hazard insurance and assessments have
been paid, if applicable, by Wells Fargo Bank as required by escrow
agreements and regulations. Payment of taxes and insurance by borrowers, if
applicable, is tracked and verified using normal industry methods and
standards.
Insurance policies are in possession of Wells Fargo Bank, or its authorized
insurance vendor, as required by the terms of our mortgage impairment
coverage.
ARM rate and payment changes are made according to contractual and regulatory
requirements, and payment change notices sent as required by law. An ongoing
audit process ensures the integrity of our on-line information.
Interest is paid on escrow funds in compliance with all federal and state
laws, regulations, and contracts.
Loan documents are held in our vault, at 401 West 24th Street, National City,
California, 91950, or by a document custodian pursuant to applicable
servicing contracts.
All IRS information returns, including IRS Forms, 1098 Mortgage Interest
Statement, and 1099-A Acquisition or Abandonment are filed pursuant to IRS
regulations.
Certified by: /s/ Joan M. Coppenrath
Joan M. Coppenrath, Vice President
Loan Servicing Manager, Mortgage Lending Servicing
certific.doc
P.O. BOX 85071 San Diego, CA 92186-5071
