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 1997-01 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of Pooling
and Servicing Agreement) 333-15473-02 Applied For
(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 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 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 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: 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 1997-01 Trust,
relating to the March 25, 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: 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 Realized Aggregate Aggregate Ending
Class Original Principal Pass Losses Principal Interest Undistrib Principal
Class Description Principal TypeInterest Type Balance Through Rate Balance Reduction Shortfall Principal Factor
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 Senior Pass Through Variable 211,250,000.00 5.63750000% 0.00 0.00 0.00 0.9966356845
A-2 Senior Sequential PayFixed 46,000,000.00 6.60000000% 0.00 0.00 0.00 0.9961643052
A-3 Senior Sequential PayFixed 29,000,000.00 6.85000000% 0.00 0.00 0.00 1.0000000000
A-4 Senior Sequential PayFixed 11,000,000.00 7.20000000% 0.00 0.00 0.00 1.0000000000
A-5 Senior Sequential PayFixed 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 1.71612497% 0.00 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 0.00 0.00 0.00 0.9976487242
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Summary
Beginning Principal Ending
Pass Through PrincipalTotal 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 5.63750000% 211,250,000.00 595,460.94 710,711.65 0.00 210,539,288.35 1,306,172.59
A-2 02/28/1997 6.60000000% 46,000,000.00 253,000.00 176,441.96 0.00 45,823,558.04 429,441.96
A-3 02/28/1997 6.85000000% 29,000,000.00 165,541.67 0.00 0.00 29,000,000.00 165,541.67
A-4 02/28/1997 7.20000000% 11,000,000.00 66,000.00 0.00 0.00 11,000,000.00 66,000.00
A-5 02/28/1997 7.50000000% 16,000,000.00 100,000.00 0.00 0.00 16,000,000.00 100,000.00
A-6 02/28/1997 7.15000000% 11,750,000.00 70,010.42 0.00 0.00 11,750,000.00 70,010.42
A-7 02/28/1997 5.00000000% 0.00 136,979.17 0.00 0.00 0.00 136,979.17
II-S 02/28/1997 1.71612497% 0.00 0.00 0.00 0.00 122,988.97 0.00
R-I 02/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
R-II 02/28/1997 0.00000000% 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Totals 325,000,000.00 1,386,992.20 887,153.61 0.00 324,235,835.36 2,274,145.81
</TABLE>
<TABLE>
<CAPTION>
Class Distribution Per 1,000 of Original Balance
Total Other
Total Interest Scheduled Principal Total Principal Principal Ending
Distribution PrincipalDistribution 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 2.81875001 0.36275030 0.00000000 3.36431550 0.00000000 0.9966356845
A-2 843590BB5 46,000,000.00 5.50000000 1.16202174 0.00000000 3.83569478 0.00000000 0.9961643052
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 0.9976487242
</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-1 211,250,000.00 76,631.00 0.00 634,080.65 0.00 710,711.65 0.00 210,539,288.35 0.00
A-2 46,000,000.00 53,453.00 0.00 122,988.96 0.00 176,441.96 0.00 45,823,558.04 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 0.00 0.00 0.00 (122,988.96) 0.00 0.00 0.00 122,988.97 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 325,000,000.00 130,084.00 0.00 634,080.65 0.00 887,153.61 0.00 324,235,835.36 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 5.63750000% 211,250,000.00 926,272.57 330,811.63 0.00 0.00 0.00 595,460.94 210,539,288.35
A-2 6.60000000% 46,000,000.00 253,000.00 0.00 0.00 0.00 0.00 253,000.00 45,823,558.04
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 1.71612497% 86,000,000.00 122,988.96 0.00 122,988.96 0.00 0.00 0.00 85,823,558.04
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 1,840,792.79 330,811.63 122,988.96 0.00 0.00 1,386,992.20
</TABLE>
<TABLE>
<CAPTION>
Fund Account Summary
- ------------------------------------------------------------------------------------------------------------------------------------
Proceeds Account
<S> <C>
Beginning Balance 0.00
DEPOSITS:
Interest Net of Servicing Fee 2,146,093.04
Scheduled Principal 130,084.00
Other Principal 0.00
Negative Amortization 0.00
Deposits from Reserve Fund 0.00
Gain/Loss Adjustment 0.00
Other Deposits 0.00
Total Deposit 2,276,177.04
WITHDRAWALS:
Interest Payments 1,386,992.20
Scheduled Principal Payment 130,084.00
Other Principal Payments 757,069.61
Reserve Fund 1 0.00
Fees and Expenses 2,031.23
Other Withdrawals 0.00
Total Withdrawals 2,276,177.04
Ending Balance 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Collateral Summary
Total| Pool 1 Pool 2
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
Monthly P&I Constant 2,382,930.49| 1,464,701.79 918,228.70
|
Positive Amortization 130,084.00| 76,631.00 53,453.00
Negative Amortization 0.00| 0.00 0.00
Regular Curtailments 0.00| 0.00 0.00
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 0.00| 0.00 0.00
Principal Adjustments 0.00| 0.00 0.00
Total Principal Trust Distribution 130,084.00| 76,631.00 53,453.00
|
Scheduled Interest 2,252,846.49| 1,388,070.79 864,775.70
Servicing Fee 106,753.45| 69,188.06 37,565.39
Master Servicing Fee 2,031.25| 1,320.31 710.94
Spread 0.00| 0.00 0.00
Total Pass-Through Interest 2,144,061.79| 1,317,562.42 826,499.37
|
Beginning Balance 325,000,000.00| 211,250,000.00 113,750,000.00
Ending Balance 324,869,916.53| 211,173,369.09 113,696,547.44
Gross P&I Distribution 2,276,177.04| 1,395,513.73 880,663.31
Realized Losses/(Gains) 0.00| 0.00 0.00
Net P&I Trust Distribution 2,276,177.04| 1,395,513.73 880,663.31
|
Beginning Loan Count 1818| 1262 556
Number of Loan Payoffs 0| 0 0
Ending Loan Count 1818| 1262 556
|
Weighted Average Maturity 0.0000000000| 0.0000000000 0.0000000000
Weighted Average Gross Rate 8.318202444%| 7.884899148% 9.122908440%
Weighted Average Net Rate 7.924035816%| 7.491878220% 8.726614224%
Weighted Average Pass-Through Rate 7.916535816%| 7.484378232% 8.719114188%
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>
|
