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: February 25, 1997
(Date of earliest event reported)
Commission File No.: 333-15473-01
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)
(State or other jurisdiction of incorporation or organization)
Applied For
(IRS Employer Identification Number)
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 February 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 February 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: March 12, 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 February 25,1997, distribution
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation, Series 1996-04
Securities Administration Services
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: January 1997
Distribution Date: February 25, 1997
Contact: Tim Knight
Phone: (410) 884-2098
InvestorDirect: (800) 605-4167
Series Structure Summary
Class Prin Interest Original Principal Pass
Class Description Type Type Balance Through Rate
<S> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 190,000,000.00 5.65250000%
A-2 Senior Pass Through Fixed 50,000,000.00 6.80000000%
I S Subordinate Support Accretion 0.00 4.55767399%
II S Subordinate Support Accretion 0.00 4.39043681%
R Residual Residual Residual 0.00 0.00000000%
Totals 240,000,000.00 0.00
<CAPTION>
Aggregate Realized Aggregate Ending
Losses Principal AggregateInterest Undistributed Principal
Class Balance Reduction Shortfall Principal Factor
<S> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 0.9793660183
A-2 0.00 0.00 0.00 0.9866528076
I S 0.00 0.00 0.00 0.00
II S 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.0000000000
Totals 0.00 0.00 0.9848697559
<CAPTION>
Class Distribution Summary
Beginning
Pass Through Principal Total Interest
Class Record Date Rate Balance Distribution
<S> <C> <C> <C> <C>
A-1 01/31/1997 5.65250000% 187,947,872.37 855,802.36
A-2 01/31/1997 6.80000000% 49,685,788.74 281,552.80
I S 01/31/1997 4.55767399% 134,974.92 0.00
II S 01/31/1997 4.39043681% 148,344.32 0.00
R 01/31/1997 0.00000000% 0.00 0.00
Totals 237,916,980.35 1,137,355.16
<CAPTION>
Principal Ending
Total Principal Balance Principal Total
Cls Distribution Reduction Balance Distribution
<S> <C> <C> <C> <C>
A-1 1,868,328.90 0.00 186,079,543.47 2,724,131.26
A-1 353,148.36 0.00 49,332,640.38 634,701.16
I S 0.00 134,848.37 690,665.14 0.00
II S 0.00 64,779.93 265,892.42 0.00
R 0.00 0.00 0.00 0.00
Totals 2,221,477.26 199,628.30 236,368,741.41 3,358,832.42
<CAPTION>
Class Principal Distribution
Beginning
Principal Scheduled Unscheduled
Class Balance Principal Principal Accretion
<S> <C> <C> <C> <C>
A-1 187,947,872.37 80,986.70 1,231,651.97 555,690.23
A-2 49,685,788.74 28,946.97 206,653.30 117,548.09
I S 134,974.92 0.00 0.00 690,538.58)
II S 148,344.32 0.00 0.00 (182,328.01)
R 0.00 0.00 0.00 0.00
Totals 237,916,980.35 109,933.67 1,438,305.27 (199,628.27)
<CAPTION>
*Principal Balance Reduction
<S> <C>
Realized Losses Principal Balance Reduction 199,628.30
Negative Amortization Principal Balance Reduction 0.00
Other 0.00
<CAPTION>
Principal Ending Current
Other Total Principal Balance Principal Undistributed
Class Principal Distribution Reduction* Balance Principal
<S> <C> <C> <C> <C> <C>
A-1 0.00 1,868,328.90 0.00 186,079,543.47 0.00
A-2 0.00 353,148.36 0.00 49,332,640.38 0.00
I S 0.00 0.00 134,848.37 690,665.14 0.00
II S 0.00 0.00 64,779.93 265,892.42 0.00
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 2,221,477.26 199,628.30 236,368,741.41 0.00
<CAPTION>
Class Interest Distribution
Beginning
Principal/ Interest
Notional Interest Shortfall
Class Pass-Through Rate Balance Accrual (Recovery)
<S> <C> <C> <C> <C>
A-1 5.65250000% 187,947,872.37 855,802.36 0.00
A-2 6.80000000% 49,685,788.74 281,552.80 0.00
I S 4.55767399% 188,082,847.29 690,538.58 0.00
II S 4.39043681% 49,834,133.06 182,328.01 0.00
R 0.00000000% 0.00 0.00 0.00
Totals 2,010,221.75 0.00
<CAPTION>
Negative Ending
Amortization Principal/
Class Other Interest Total Interest Notional
Accretion Interest Reduction Distribution Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 855,802.36 186,079,543.47
A-2 0.00 0.00 0.00 281,552.80 49,332,640.38
I S 690,538.58 0.00 0.00 0.00 186,770,208.61
II S 182,328.01 0.00 0.00 0.00 49,598,532.80
R 0.00 0.00 0.00 0.00 0.00
Totals 872,866.59 0.00 0.00 1,137,355.16
<CAPTION>
Fund Account Summary
<S> <C>
Proceeds Account
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 1,812,080.46
Scheduled Principal 109,933.67
Other Principal 1,438,305.27
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 3,360,319.40
WITHDRAWALS:
Interest Payments 1,137,355.16
Scheduled Principal Payment 109,933.67
Other Principal Payments 2,111,543.59
Reserve Fund 1 0.00
Fees and Expenses 1,486.98
Other Withdrawals 0.00
Total Withdrawals 3,360,319.40
Ending Balance 0.00
<CAPTION>
Collateral Summary
Total|
<S> <C>
Monthly P&I Constant 2,223,480.10|
Positive Amortization 109,933.67|
Negative Amortization 0.00|
Regular Curtailments 12,005.02|
Regular Curtailment Interest 0.00|
Prepaid Curtailments 0.00|
Prepaid Curtailment Interest 0.00|
Liquidations 1,459,694.10|
Principal Adjustments (33,393.85)|
Total Principal Trust Distribution 1,548,238.94|
Scheduled Interest 2,113,546.43|
Servicing Fee 101,837.70|
Master Servicing Fee 1,486.98|
Spread 0.00|
Total Pass-Through Interest 2,010,221.75|
Beginning Balance 237,916,980.35|
Ending Balance 236,368,741.41|
Gross P&I Distribution 3,559,947.67|
Realized Losses/(Gains) 0.00|
Net P&I Trust Distribution 3,559,947.67|
Beginning Loan Count 1670|
Number of Loan Payoffs (590)|
Ending Loan Count 2260|
Weighted Average Maturity 353.3400000000|
Weighted Average Gross Rate 10.660255150%|
Weighted Average Net Rate 10.146608580%|
Weighted Average Pass-Through Rate 10.139108590%|
Weighted Average Margin 0.000000000%|
|
Advances on Delinquencies |
Current Period Principal 0.00|
Current Period Interest 0.00|
|
|
Collateral Summary
Pool 1 Pool 2
Monthly P&I Constant 1,708,387.11 515,092.99
Positive Amortization 80,986.70 28,946.97
Negative Amortization 0.00 0.00
Regular Curtailments 8,296.03 3,708.99
Regular Curtailment Interest 0.00 0.00
Prepaid Curtailments 0.00 0.00
Prepaid Curtailment Interest 0.00 0.00
Liquidations 1,252,216.05 207,478.05
Principal Adjustments (28,860.10) (4,533.75)
Total Principal Trust Distribution 1,312,638.68 235,600.26
Scheduled Interest 1,627,400.41 486,146.02
Servicing Fee 79,883.96 21,953.74
Master Servicing Fee 1,175.52 311.46
Spread 0.00 0.00
Total Pass-Through Interest 1,546,340.93 463,880.82
Beginning Balance 188,082,847.29 49,834,133.06
Ending Balance 186,770,208.61 49,598,532.80
Gross P&I Distribution 2,860,155.13 699,792.54
Realized Losses/(Gains) 0.00 0.00
Net P&I Trust Distribution 2,860,155.13 699,792.54
Beginning Loan Count 1141 529
Number of Loan Payoffs (413) (177)
Ending Loan Count 1554 706
Weighted Average Maturity 359.3000000000 331.3900000000
Weighted Average Gross Rate 10.383086600% 11.706338370%
Weighted Average Net Rate 9.873413580% 11.177694920%
Weighted Average Pass-Through Rate 9.865913570% 11.170195000%
Weighted Average Margin 0.000000000% 0.000000000%
Advances on Delinquencies
Current Period Principal 0.00 0.00
Current Period Interest 0.00 0.00
</TABLE>
