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): March 25, 1997
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling
and Servicing Agreement) 333-15473-01 52-2011594
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
ITEM 5. Other Events
On March 25, 1997, a distribution was made to holders of Southern Pacific
Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through
Certificates, Series 1996-04 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
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 1996-04 Trust, relating to the
March 25,1997, distribution
SIGNATURES
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 thereunto duly authorized.
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1996-04 Trust
(Registrant)
By: Norwest Bank of Minnesota,
N.A. as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice president
Date: April 4, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 -- Monthly report distributed to holders of Mortgage Loan Asset-Backed
Pass-Through Certificates, Series 1996-04 Trust, relating to the
March 25,1997, distribution.
Southern Pacific Secured Assets Corporation, Series 1996-04
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: February 1997
Distribution Date: March 25, 1997
Contact: Tim Knight
Phone: (410) 884-2098
InvestorDirect: (800) 605-4167
Cover Page
Report Name Report Number
- --------------------------------------------------------------
Series Structure Summary 1
Class Distribution Summary 2
Class Distribution Per 1,000 of Original Balance 3
Class Principal Distribution 4
Class Interest Distribution 5
Fund Account Summary 6
Collateral Summary 8
<TABLE>
<CAPTION>
Series Structure Summary
Aggregate Ending
Class Original Principal Interest Principal
Class Description Principal Type Interest Type Balance Pass Through Rate Shortfall Factor
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 190,000,000.00 5.59000000% 0.00 0.9609983178
A-2 Senior Pass Through Fixed 50,000,000.00 6.80000000% 0.00 0.9685758634
I S Subordinate Support Accretion 0.00 4.92087954% 0.00
II S Subordinate Support Accretion 0.00 4.38344396% 0.00
R Residual Residual Residual 0.00 0.00000000% 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------
Totals 240,000,000.00 0.00 0.9702960133
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary
Beginning Principal Ending
Pass Through Principal Total Interest Total Principal Balance Principal Total
Class Record Date Rate Balance Distribution Distribution Reduction Balance Distribution
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 02/28/1997 5.59000000% 186,079,543.47 809,032.50 3,489,863.09 0.00 182,589,680.38 4,298,895.59
A-2 02/28/1997 6.80000000% 49,332,640.38 279,551.63 903,847.21 0.00 48,428,793.17 1,183,398.84
I S 02/28/1997 4.92087954% 690,665.14 0.00 0.00 0.00 1,405,500.24 0.00
II S 02/28/1997 4.38344396% 265,892.42 0.00 0.00 0.00 447,069.41 0.00
R 02/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Totals 236,368,741.41 1,088,584.13 4,393,710.30 0.00 232,871,043.20 5,482,294.43
<FN>
Notes:
The current Accrual Per Class A-1 Certificates is 29 days.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
tal Interest Scheduled Principal Total Principal Principal Ending
Distribution Principal Distribution Distribution Balance Principal
Class Cusip Original Balance Factor Factor Factor Factor Reduction Factor
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 843590AY6 190,000,000.00 4.25806579 0.42411547 14.18129500 18.36770047 0.00000000 0.9609983178
A-2 843590AZ3 50,000,000.00 5.59103260 0.58239840 13.87100600 18.07694420 0.00000000 0.9685758634
I S N/A 0.00 N/A N/A N/A N/A N/A N/A
II S N/A 0.00 N/A N/A N/A N/A N/A N/A
R N/A 0.00 N/A N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------------
Totals 240,000,000.00 0.9702960133
</TABLE>
<TABLE>
<CAPTION>
Class Principal Distribution
Beginning Principal Ending Current
Principal Scheduled Unscheduled Other Total Principal Balance Principal Undistributed
Class Balance Principal Principal Accretion Principal Distribution Reduction* Balance Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 186,079,543.47 80,581.942,694,446.05 714,835.10 0.00 3,489,863.09 0.00 182,589,680.38 0.00
A-2 49,332,640.38 29,119.92 693,550.30 181,176.99 0.00 903,847.21 0.00 48,428,793.17 0.00
I S 690,665.14 0.00 0.00 (714,835.10) 0.00 0.00 0.00 1,405,500.24 0.00
II S 265,892.42 0.00 0.00 (181,176.99) 0.00 0.00 0.00 447,069.41 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 236,368,741.41 109,701.863,387,996.35 0.00 0.00 4,393,710.30 0.00 232,871,043.20 0.00
<FN>
*Principal Balance Reduction
Realized Losses Principal Balance Reduction 0.00
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
</FN>
</TABLE>
<TABLE>
<CAPTION>
Class Interest Distribution
Beginning Negative Ending
Principal/ Interest Amortization Principal/
Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Pass-Through Rate Balance Accrual Recovery) Accretion Interest Reduction Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.59000000% 186,079,543.47 809,032.50 0.00 0.00 0.00 0.00 809,032.50 182,589,680.38
A-2 6.80000000% 49,332,640.38 279,551.63 0.00 0.00 0.00 0.00 279,551.63 48,428,793.17
I S 4.92087954% 186,770,208.61 714,835.10 0.00 714,835.10 0.00 0.00 0.00 183,995,180.62
II S 4.38344396% 49,598,532.80 181,176.99 0.00 181,176.99 0.00 0.00 0.00 48,875,862.58
R 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 1,984,596.22 0.00 896,012.09 0.00 0.00 1,088,584.13
<FN>
Notes:
The current Accrual Perid for Class A-1 Certificates is 29 days.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
- ----------
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 2,015,500.04
Scheduled Principal 109,701.86
Other Principal 3,387,996.35
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 5,513,198.25
WITHDRAWALS:
Interest Payments 1,088,584.13
Scheduled Principal Payment 109,701.86
Other Principal Payments 4,284,008.44
Reserve Fund 1 0.00
Fees and Expenses 30,903.82
Other Withdrawals 0.00
Total Withdrawals 5,513,198.25
Ending Balance 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,223,586.68| 1,706,675.65 516,911.03
|
Positive Amortization 109,701.86| 80,581.94 29,119.92
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 9,970.33| 5,355.45 4,614.88
Regular Curtailment Interest 0.00| 0.00 0.00
Prepaid Curtailments 0.00| 0.00 0.00
Prepaid Curtailment Interest 0.00| 0.00 0.00
Liquidations 3,378,140.83| 2,689,236.94 688,903.89
Principal Adjustments (114.81)| (146.34) 31.53
Total Principal Trust Distribution 3,497,698.21| 2,775,027.99 722,670.22
|
Scheduled Interest 2,113,884.82| 1,626,093.71 487,791.11
Servicing Fee 98,384.78| 77,798.86 20,585.92
Master Servicing Fee 1,477.30| 1,167.31 309.99
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 1,984,596.22| 1,523,867.60 460,728.62
|
Beginning Balance 236,368,741.41| 186,770,208.61 49,598,532.80
Ending Balance 232,871,043.20| 183,995,180.62 48,875,862.58
Gross P&I Distribution 5,513,198.25| 4,323,322.84 1,189,875.41
Realized Losses/(Gains) 0.00| 0.00 0.00
Net P&I Trust Distribution 5,513,198.25| 4,323,322.84 1,189,875.41
|
Beginning Loan Count 2260| 1554 706
Number of Loan Payoffs 21| 14 7
Ending Loan Count 2239| 1540 699
|
Weighted Average Maturity 296.9700000000| 293.5300000000 309.8000000000
Weighted Average Gross Rate 10.731798830%| 10.447664350% 11.801746920%
Weighted Average Net Rate 10.232317660%| 9.947806090% 11.303685740%
Weighted Average Pass-Through Rate 10.075424724%| 9.790860828% 11.146989888%
Weighted Average Margin 0.000000000%| 0.000000000% 0.000000000%
|
Advances on Delinquencies |
Current Period Principal 0.00| 0.00 0.00
Current Period Interest 0.00| 0.00 0.00
|
</TABLE>
|
