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): October 27, 1997
Southern Pacific Secured Assets Corporation,
Mortgage Loan Asset-Backed Pass-Through Certificates, Series 1997-01 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling
and Servicing Agreement) 333-15473-02 52-2030350, 52-2030351
(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 October 27, 1997, a distribution was made to holders of Southern Pacific
Secured Assets Corporation, Mortgage Loan Asset-Backed Pass-Through
Certificates, Series 1997-01 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 1997-01 Trust, relating to
the October 27,1997, 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 1997-01 Trust
(Registrant)
By: Norwest Bank of Minnesota, N.A.
as Trustee
By: /s/Sherri J. Sharps
Name: Sherri J. Sharps
Title: Vice President
Date: November 3, 1997
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 -- Monthly report distributed to holders of Mortgage Loan
Asset-Backed Pass-Through Certificates, Series 1997-01 Trust,
relating to the October 27, 1997, distribution
Southern Pacific Secured Assets Corporation, Series 1997-1
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044-7800
Reporting Month: September 1997
Distribution Date: October 27, 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
Realized
Losses
Original Principal Aggregate Aggregate Ending
Class Principal Pass Through Balance Interest Undistributed Principal
Class Description Principal Type Interest Type Balance Rate Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 211,250,000.00 5.85625000% 0.00 0.00 0.00 0.8689418898
A-2 Senior Sequential Pay Fixed 46,000,000.00 6.60000000% 0.00 0.00 0.00 0.7640726461
A-3 Senior Sequential Pay Fixed 29,000,000.00 6.85000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Sequential Pay Fixed 11,000,000.00 7.20000000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential Pay Fixed 16,000,000.00 7.50000000% 0.00 0.00 0.00 1.0000000000
A-6 Senior Priority Pay Fixed 11,750,000.00 7.15000000% 0.00 0.00 0.00 1.0000000000
A-7 Senior Interest Only Interest Only 0.00 5.00000000% 0.00 0.00 0.00 0.0000000000
II-S Subordinate Support Accretion 0.00 4.83656686% 952.61 0.00 0.00
R-I Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
R-II Residual Residual Residual 0.00 0.00000000% 0.00 0.00 0.00 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 325,000,000.00 952.61 0.00 0.00 0.8883483173
</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 09/30/1997 5.85625000% 188,935,865.30 983,516.14 5,371,891.07 0.00 183,563,974.23 6,355,407.21
A-2 09/30/1997 6.60000000% 37,391,380.32 205,652.59 2,244,038.60 0.00 35,147,341.72 2,449,691.19
A-3 09/30/1997 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 29,000,000.00 165,541.67
A-4 09/30/1997 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 11,000,000.00 66,000.00
A-5 09/30/1997 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 16,000,000.00 100,000.00
A-6 09/30/1997 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 11,750,000.00 70,010.42
A-7 09/30/1997 5.00000000% 0.00 136,979.17 0.00 0.00 0.00 136,979.17
II-S 09/30/1997 4.83656686% 1,939,963.34 0.00 0.00 0.00 2,251,887.16 0.00
R-I 09/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
R-II 09/30/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 296,017,208.96 1,727,699.99 7,615,929.67 0.00 288,713,203.11 9,343,629.66
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
Total 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 843590BA7 211,250,000.00 4.65569770 0.40043915 22.61044715 25.42907015 0.00000000 0.8689418898
A-2 843590BB5 46,000,000.00 4.47070848 1.52343717 40.47905804 48.78344783 0.00000000 0.7640726461
A-3 843590BC3 29,000,000.00 5.70833345 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-4 843590BD1 11,000,000.00 6.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-5 843590BE9 16,000,000.00 6.25000000 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-6 843590BF6 11,750,000.00 5.95833362 0.00000000 0.00000000 0.00000000 0.00000000 1.0000000000
A-7 843590BG4 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-I N/A 0.00 N/A N/A N/A N/A N/A N/A
R-II N/A 0.00 N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 325,000,000.00 0.8883483173
</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-1 188,935,865.30 84,592.77 4,776,456.96 510,841.34 0.00 5,371,891.07 0.00 183,563,974.23 0.00
A-2 37,391,380.32 70,078.11 1,862,036.67 311,923.82 0.00 2,244,038.60 0.00 35,147,341.72 0.00
A-3 29,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 29,000,000.00 0.00
A-4 11,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 11,000,000.00 0.00
A-5 16,000,000.00 0.00 0.00 0.00 0.00 0.00 0.00 16,000,000.00 0.00
A-6 11,750,000.00 0.00 0.00 0.00 0.00 0.00 0.00 11,750,000.00 0.00
A-7 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
II-S 1,939,963.34 0.00 0.00 (311,923.82) 0.00 0.00 0.00 2,251,887.16 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 296,017,208.96 154,670.88 6,638,493.63 510,841.34 0.00 7,615,929.67 0.00 288,713,203.11 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/
Pass Through Notional Interest Shortfall/ Other Interest Total Interest Notional
Class Rate Balance Accrual (Recovery) Accretion Interest Reduction Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 5.85625000% 188,935,865.30 983,516.14 0.00 0.00 0.00 0.00 983,516.14 183,563,974.23
A-2 6.60000000% 37,391,380.32 205,652.59 0.00 0.00 0.00 0.00 205,652.59 35,147,341.72
A-3 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 0.00 0.00 165,541.67 29,000,000.00
A-4 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 0.00 0.00 66,000.00 11,000,000.00
A-5 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 0.00 0.00 100,000.00 16,000,000.00
A-6 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 0.00 0.00 70,010.42 11,750,000.00
A-7 5.00000000% 32,875,000.00 136,979.17 0.00 0.00 0.00 0.00 136,979.17 32,875,000.00
II-S 4.83656686% 77,391,380.32 311,923.82 0.00 311,923.82 0.00 0.00 0.00 75,147,341.72
R-I 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 2,039,623.81 0.00 311,923.82 0.00 0.00 1,727,699.99
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 2,589,096.91
Scheduled Principal 154,670.88
Other Principal 6,638,493.63
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 9,382,261.42
WITHDRAWALS:
Interest Payments 1,727,699.99
Scheduled Principal Payment 154,670.88
Other Principal Payments 7,461,258.79
Reserve Fund 1 0.00
Fees and Expenses 38,631.76
Other Withdrawals 0.00
Total Withdrawals 9,382,261.42
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,868,574.67| 1,771,982.65 1,096,592.02
|
Positive Amortization 154,670.88| 84,592.77 70,078.11
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 12,532.66| 7,449.37 5,083.29
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 6,626,879.01| 4,770,045.48 1,856,833.53
Principal Adjustments (918.04)| (1,037.89) 119.85
Total Principal Trust Distribution 6,793,164.51| 4,861,049.73 1,932,114.78
|
Scheduled Interest 2,713,903.79| 1,687,389.88 1,026,513.91
Servicing Fee 124,806.88| 80,191.70 44,615.18
Master Servicing Fee 1,872.11| 1,202.88 669.23
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 2,550,465.15| 1,582,378.32 968,086.83
|
Beginning Balance 299,536,503.58| 192,460,069.64 107,076,433.94
Ending Balance 292,743,339.07| 187,599,019.91 105,144,319.16
Gross P&I Distribution 9,382,261.42| 6,468,247.91 2,914,013.51
Realized Losses/(Gains) 0.00| 0.00 0.00
Net P&I Trust Distribution 9,382,261.42| 6,468,247.91 2,914,013.51
|
Beginning Loan Count 3019| 1491 1528
Number of Loan Payoffs 54| 35 19
Ending Loan Count 2965| 1456 1509
|
Weighted Average Maturity 277.2100000000| 282.9500000000 266.9800000000
Weighted Average Gross Rate 10.872412910%| 10.520976420% 11.504087740%
Weighted Average Net Rate 10.372412890%| 10.020976400% 11.004087750%
Weighted Average Pass-Through Rate 10.217646750%| 9.866223090% 10.849298510%
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>
<TABLE>
<CAPTION>
DELINQUENCY SUMMARY
$MM $MM $MM $MM $MM $MM $MM
POOL 0 - 59 DAYS 60 - 89 DAYS 90 + DAYS BANKRUPTCY REO FORECLOSURE TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unpaid Principal Balance 1 5.506735 2.231821 1.145745 0.719643 0.243461 10.327401 20.174806
Percentage 1 2.93% 1.19% 0.61% 0.38% 0.13% 5.50% 10.75%
Number of Loans 1 47 17 5 8 2 46 125
Percentage 1 3.23% 1.17% 0.34% 0.55% 0.14% 3.16% 8.59%
Unpaid Principal Balance 2 3.934222 1.663757 0.926032 1.336844 0.000000 3.591604 11.452459
Percentage 2 3.74% 1.58% 0.88% 1.27% 0.00% 3.41% 10.88%
Number of Loans 2 66 21 8 20 0 40 155
Percentage 2 4.37% 1.39% 0.53% 1.33% 0.00% 2.65% 10.27%
Unpaid Principal Balance Total 9.440957 3.895578 2.071777 2.056487 0.243461 13.919005 31.627265
Percentage Total 3.22% 1.33% 0.71% 0.70% 0.08% 4.75% 10.80%
Number of Loans Total 113 38 13 28 2 86 280
Percentage Total 3.81% 1.28% 0.44% 0.94% 0.07% 2.90% 9.44%
Aggregate Realized Losses 1 0.000000
Aggregate Realized Losses 2 0.000953
<FN>
***Delinquency numbers and percentages are based on Actual UPB at Month-End***
***30-59 day, 60-89 day, and 90+ day delinquencies DO NOT include Bankruptcies,
REOs, or Foreclosures***
</FN>
</TABLE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT SUPPLEMENT
ORIGINAL AGENCY RATINGS
S&P / DCR MOODY'S CLASSES
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
AAA Aaa A-1,A-2,A-3,A-4,A-5,A-6,A-7 (except S&P)
AAAr Aaa A-1,A-2,A-3,A-4,A-5,A-6,A-7 (except DCR)
Not Rated Not Rated II-S, R
</TABLE>
<TABLE>
<CAPTION>
SUBORDINATION
CURRENT CURRENT CURRENT
PERIOD PERIOD POOL
INITIAL COVERAGE ADDITIONS LOSSES BALANCE CURRENT COVERAGE
-------------------- --------------------
TYPE POOL CARRIER/HOLDER % ($MM) ($MM) ($MM) ($MM) % ($MM) NOTES
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Group I Sub. Amt. 1 N/A 0.00% 0.0000 0.510841 0.00 187.599020 2.15% 4.035046 N/A
Group II Sub. Amt. 2 N/A 0.00% 0.0000 0.311924 0.00 105.144319 2.14% 2.251887 N/A
</TABLE>
<TABLE>
<CAPTION>
ADDITIONAL SUBORDINATED AMOUNT INFORMATION
<S> <C>
Group I Required Subordination Amount 8,554,229.96
Group I Subordinated Amount (beginning) 3,524,204.34
Group I Subordination Increase Amount 510,841.34
GROUP I SUBORDINATED AMOUNT (ending) 4,035,045.68
Group II Required Subordination Amount 3,444,840.08
Group II Subordinated Amount (beginning) 1,939,963.34
Group II Subordination Increase Amount 311,923.82
GROUP II SUBORDINATED AMOUNT (ending) 2,251,887.16
ADDITIONAL CREDIT INFORMATION
Insured Payments 0.00
Substitution Amount 0.00
Loan Purchase Price 0.00
Group I Pre-Funding Account Balance 0.00
Group II Pre-Funding Account Balance 0.00
Group I Interest Coverage Account Balance 0.00
Group II Interest Coverage Account Balance 0.00
Group I Interest Coverage Addition 0.00
Group II Interest Coverage Addition 0.00
Group I Class A Available Funds Cap Carry-Forward Amount 0.00
Group I Subsequent Mortgage Loans Added 0 0.00
Group II Subsequent Mortgage Loans Added 0 0.00
<FN>
PLEASE SEE THE PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR DETAILED DESCRIPTIONS
OF THE CREDIT ENHANCEMENTS.
</FN>
</TABLE>
<TABLE>
<CAPTION>
COMPONENT DISTRIBUTION STATEMENT
BEGINNING ENDING
PASS-THROUGH NOTIONAL INTEREST INTEREST NOTIONAL
COMPONENT RATE BALANCE ACCRUAL DISTRIBUTION BALANCE
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-7-A 1.50000000% 21,125,000.00 26,406.25 26,406.25 21,125,000.00
A-7-B 1.00000000% 21,125,000.00 17,604.17 17,604.17 21,125,000.00
A-7-C 1.00000000% 21,125,000.00 17,604.17 17,604.17 21,125,000.00
A-7-D 1.50000000% 21,125,000.00 26,406.25 26,406.25 21,125,000.00
A-7-E 5.00000000% 11,750,000.00 48,958.33 48,958.33 11,750,000.00
TOTALS 32,875,000.00 136,979.17 136,979.17 32,875,000.00
</TABLE>
