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Previous: EQUIVANTAGE HOME EQUITY LN ASSET BKD CERT SERIES 1997-03 TR, 8-K, 1997-11-10 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1997-14 TRUST, 8-K, 1997-11-10 |
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 : October 27, 1997
(Date of earliest event reported)
Commission File No.: 333-26215
Southern Pacific Secured Assets Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-3 Trust
New York (governing law of Pooling and Servicing Agreement)
(State of Incorporation)
PENDING
(I.R.S. Employer Identification No.)
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive offices) (Zip Code)
(410) 884-2000
Registrant's Full Telephone Number
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On October 27, 1997 a distribution was made to holders of
Southern Pacific Secured Assets Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-3 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 Home Equity Loan
Asset-Backed Certs., Series 1997-3 Trust, relating to the
October 27,1997 distribution
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 hereunto duly authorized.
Southern Pacific Secured Assets Corporation,
Home Equity Loan Asset-Backed Certs., Series 1997-3 Trust
November 10, 1997 by Norwest Bank Minnesota, N.A., as Master Servicer
/s/ Sherri J. Sharps, Vice President
INDEX TO EXHIBITS
Exhibit Number Description
(EX-99.1) Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1997-3 Trust, relating to the
October 27,1997 distribution
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 30-Sep-1997
Distribution Date: 27-Oct-1997
SPSAC Series 1997-3
Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone:(410) 884-2173
Fax:(410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 843590BV1 SEQ 5.86625% 252,306,000.00 1,274,522.01 1,445,005.80 0.00
A-2 843590BW9 SEQ 5.85625% 88,232,000.00 444,943.56 622,059.32 0.00
A-3 843590BX7 SEQ 6.61000% 39,982,000.00 220,234.18 537,100.95 0.00
A-4 843590BY5 SEQ 6.66000% 34,467,000.00 191,291.85 0.00 0.00
A-5 843590BZ2 SEQ 7.19000% 24,067,000.00 144,201.44 0.00 0.00
A-6 843590CA6 SEQ 6.87000% 10,946,000.00 62,665.85 0.00 0.00
A-7 843590CB4 IO 2.28496% 0.00 215,371.83 0.00 0.00
R-I SPS9703R1 R 0.00000% 0.00 0.00 0.00 0.00
R-II SPS9703R2 R 0.00000% 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 250,860,994.20 2,719,527.81 0.00
A-2 87,609,940.68 1,067,002.88 0.00
A-3 39,444,899.05 757,335.13 0.00
A-4 34,467,000.00 191,291.85 0.00
A-5 24,067,000.00 144,201.44 0.00
A-6 10,946,000.00 62,665.85 0.00
A-7 0.00 215,371.83 0.00
R-I 0.00 0.00 0.00
R-II 0.00 0.00 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator
on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 252,306,000.00 252,306,000.00 102,597.70 1,342,408.10 0.00 0.00 1,445,005.80
A-2 88,232,000.00 88,232.000.00 41,668.71 580,390.61 0.00 0.00 622,059.32
A-3 39,982,000.00 39,982,000.00 68,450.96 468,549.99 0.00 0.00 537,100.95
A-4 34,467,000.00 34,467,000.00 0.00 0.00 0.00 0.00 0.00
A-5 24,067,000.00 24,067,000.00 0.00 0.00 0.00 0.00 0.00
A-6 10,946,000.00 10,946,000.00 0.00 0.00 0.00 0.00 0.00
A-7 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-I 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
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 250,860,994.20 0.99427280 1,445,005.80
A-2 87,609,940.68 0.99294973 622,059.32
A-3 39,444,899.05 0.98656643 537,100.95
A-4 34,467,000.00 1.00000000 0.00
A-5 24,067,000.00 1.00000000 0.00
A-6 10,946,000.00 1.00000000 0.00
A-7 0.00 0.00000000 0.00
A-IO 0.00 0.00000000 0.00
R-I 0.00 0.00000000 0.00
R-II 0.00 0.00000000 0.00
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (2) Amount Balance Distribution Distribution Accretion Loss (3) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 252,306,000.00 1000.00000000 0.40663995 5.32055560 0.00000000 0.00000000 5.72719555
A-2 88,232,000.00 1000.00000000 0.47226301 6.57800583 0.00000000 0.00000000 7.05026884
A-3 39,982,000.00 1000.00000000 1.71204442 11.71902331 0.00000000 0.00000000 13.43356886
A-4 34,467,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-5 24,067,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-6 10,946,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-7 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-11 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1,000 denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless
Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Ending Ending Total
Certificate Certificate Principal
Class (4) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 994.27280445 0.99427280 5.72719555
A-2 992.94973116 0.99294973 7.05026884
A-3 986.56643114 0.98656643 13.43356886
A-4 1000.00000000 1.00000000 0.00000000
A-5 1000.00000000 1.00000000 0.00000000
A-6 1000.00000000 1.00000000 0.00000000
A-7 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000
<FN>
(4) All classes are per $1,000 denomination.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 252,306,000.00 5.86625% 252,306,000.00 1,274,522.01 0.00 0.00 0.00
A-2 88,232,000.00 5.85625% 88,232,000.00 444,943.56 0.00 0.00 0.00
A-3 39,982,000.00 6.61000% 39,982,000.00 220,234.18 0.00 0.00 0.00
A-4 34,467,000.00 6.66000% 34,467,000.00 191,291.85 0.00 0.00 0.00
A-5 24,067,000.00 7.19000% 24,067,000.00 144,201.44 0.00 0.00 0.00
A-6 10,946,000.00 6.87000% 10,946,000.00 62,665.85 0.00 0.00 0.00
A-7 0.00 2.28496% 45,000,000.00 215,371.83 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (5) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 1,274,522.01 0.00 250,860,994.20
A-2 0.00 444,943.56 0.00 87,609,940.68
A-3 0.00 220,234.18 0.00 39,444,899.05
A-4 0.00 191,291.85 0.00 34,467,000.00
A-5 0.00 144,201.44 0.00 24,067,000.00
A-6 0.00 62,665.85 0.00 10,946,000.00
A-7 0.00 215,371.83 0.00 45,000,000.00
R- I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
<FN>
(5) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer
To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class(6) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 252,306,000.00 5.86625% 1000.00000000 5.05149307 0.00000000 0.00000000 0.00000000
A-2 88,232,000.00 5.85625% 1000.00000000 5.04288195 0.00000000 0.00000000 0.00000000
A-3 39,982,000.00 6.61000% 1000.00000000 5.50833325 0.00000000 0.00000000 0.00000000
A-4 34,467,000.00 6.66000% 1000.00000000 5.55000000 0.00000000 0.00000000 0.00000000
A-5 24,067,000.00 7.19000% 1000.00000000 5.99166660 0.00000000 0.00000000 0.00000000
A-6 10,946,000.00 6.87000% 1000.00000000 5.72500000 0.00000000 0.00000000 0.00000000
A-7 0.00 2.28496% 1000.00000000 4.78604067 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 0.0000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.0000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) All classes are per $1000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (Continued)
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 5.05149307 0.00000000 994.27280445
A-2 0.00000000 5.04288195 0.00000000 992.94973116
A-3 0.00000000 5.50833325 0.00000000 986.56643114
A-4 0.00000000 5.55000000 0.00000000 1000.00000000
A-5 0.00000000 5.99166660 0.00000000 1000.00000000
A-6 0.00000000 5.72500000 0.00000000 1000.00000000
A-7 0.00000000 4.78604067 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed.
Please Refer To The Prospectus Supplement For A Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Beginning Pass-Through Interest Ending
Component Notional Balance Rate Accrual Notional Balance
<S> <C> <C> <C> <C>
A-7 Comp. A 25,230,600.00 2.5000% 52,563.75 25,230,600.00
A-7 Comp. B 25,230,600.00 1.5000% 31,538.25 25,230,600.00
A-7 Comp. C 25,230,600.00 1.5000% 31,538.25 25,230,600.00
A-7 Comp. D 8,823,200.00 2.5000% 18,381.67 8,823,200.00
A-7 Comp. E 8,823,200.00 1.5000% 11,029.00 8,823,200.00
A-7 Comp. F 8,823,200.00 1.5000% 11,029.00 8,823,200.00
A-7 Comp. G 10,946,200.00 6.5000% 59,291.92 10,946,200.00
Class A-7 $45,000,000.00 5.74325% $215,371.83 $45,000,000.00
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,340,471.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
______________
Total Deposits 5,340,471.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 183,074.21
Payment of Interest and Principal 5,157,396.79
_______________
Total Withdrawals (Pool Distribution Amount) 5,340,471.00
Ending Balance 0.00
_______________
_______________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
_________
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
_________
_________
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 180,261.66
Certificate Administration Fee 0.00
Trustee Fee 2,812.54
Special Hazard Fee 0.00
Pool Insurance Fee 0.00
Spread 1 Fee 0.00
Spread 2 Fee 0.00
Spread 3 Fee 0.00
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________
Net Servicing Fee 183,074.21
__________
__________
</TABLE>
<TABLE>
<CAPTION>
GROUP 1 MORTGAGE LOANS: DELINQUENCY STATUS
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 26 3,341,346.00 1.19% 1.33%
60 Days 0 0.00 0.00 0.00%
90+ Days 0 0.00 0.00% 0.00%
Bankruptcy 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 26 3,341,346.00 1.19% 1.33%
</TABLE>
<TABLE>
<CAPTION>
GROUP 2 MORTGAGE LOANS: DELINQUENCY STATUS
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 5 514,450.00 0.64% 0.59%
60 Days 0 0.00 0.00% 0.00%
90+ Days 0 0.00 0.00% 0.00%
Bankruptcy 0 0.00 0.00% 0.00%
Foreclosure 1 100,000.00 0.13% 0.11%
REO 0 0.00 0.00% 0.00%
Totals 6 614,450.00 0.77% 0.70%
</TABLE>
<TABLE>
<CAPTION>
GROUP 3 MORTGAGE LOANS: DELINQUENCY STATUS
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 44 3,415,713.00 2.43% 3.13%
60 Days 0 0.00 0.00% 0.00%
90+ Days 0 0.00 0.00% 0.00%
Bankruptcy 6 0.00 0.33% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 50 3,415,713.00 0.00% 0.00%
<FN>
Bankruptcy, Foreclosure, and Loans in REO are not included in their respective 30, 60, 90+ aging categories.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Group I Group 2 Group 3
Collateral Description ARM ARM FIXED
<S> <C> <C>
Monthly P&I Constant 4,016,396.55 743,960.72 1,012,773.28
Weighted Average Gross Coupon 10.259286% 9.551481% 10.963835%
Weighted Average Net Rate 9.766034% 9.058352% 10.491290%
Weighted Average Maturity 359 358 312
Beginning Collateral Loan Count 2194 779 1812
Number of Loan Payoffs 4 3 3
Ending Collateral Loan Count 2190 776 1809
Beginning Scheduled Collateral Balance 252,305,845.70 88,232,430.20 109,468,481.20
Principal Remittance Amount 781,811.78 441,408.91 257,731.51
Ending Scheduled Collateral Balance 251,524,033.92 87,791,021.29 109,210,749.69
Gross Scheduled Interest 2,157,064.85 702,292.01 1,000,161.93
Servicing Fee 102,131.66 35,706.92 42,423.08
Trustee Fee 1,576.91 551.45 684.18
Net Scheduled Interest 2,053,356.28 666,033.64 957,054.67
Group Required Subordinated Amount 10,218,386.75 3,573,413.42 3,338,788.68
Group Subordinated Amount 663,039.72 181,080.61 285,750.64
Group Subordination Increase Amount 663,194.02 180,650.41 279,269.44
Amount of Insured Payment inc. in Distribution 0.00 0.00 0.00
Class A Available Funds Carry-Forward Amt. 0.00 0.00 n/a
</TABLE>
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