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Previous: EQUIVANTAGE HOME EQUITY LN ASSET BKD CERT SERIES 1997-03 TR, 8-K, 1998-01-06 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1997-15 TRUST, 8-K, 1998-01-06 |
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 : December 26, 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)
52-2061103
52-2061104
(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 December 26, 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
December 26,1997 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
January 2, 1998 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
December 26,1997 distribution
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Statements to Certificateholders
Record Date: 28-Nov-1997
Distribution Date: 26-Dec-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 5.89750% 246,693,457.13 1,252,808.74 3,418,513.73 0.00
A-2 843590BW9 SEQ 5.88750% 87,017,878.17 441,162.51 1,280,193.33 0.00
A-3 843590BX7 SEQ 6.61000% 38,148,662.37 210,135.55 902,138.98 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 0.01 0.00 0.00
Totals 441,339,997.67 2,517,637.78 5,600,846.04 0.00
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
<S> <C> <C> <C>
A-1 243,274,943.40 4,671,322.47 0.00
A-2 85,737,684.84 1,721,355.84 0.00
A-3 37,246,523.39 1,112,274.53 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 0.01 0.00
Totals 435,739,151.63 8,118,483.82 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the Trustee.
</FN>
<PAGE>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Senior Certificates
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-1 252,306,000.00 246,693,457.13 106,003.81 3,312,509.92 0.00 0.00 3,418,513.73
A-2 88,232,000.00 87,017,878.17 43,117.49 1,237,075.84 0.00 0.00 1,280,193.33
A-3 39,982,000.00 38,148,662.37 76,845.30 825,293.68 0.00 0.00 902,138.98
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
Class A 450,000,000.00 441,339,997.67 225,966.60 5,374,879.44 0.00 0.00 5,600,846.04
<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)
Senior Certificates
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
<S> <C> <C> <C>
A-1 243,274,943.40 0.96420594 3,418,513.73
A-2 85,737,684.84 0.97173004 1,280,193.33
A-3 37,246,523.39 0.93158230 902,138.98
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
R-I 0.00 0.00000000 0.00
R-II 0.00 0.00000000 0.00
Class A 435,739,151.63 0.96830923 5,600,846.04
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Senior Certificate Factors
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class (3) Amount Balance Distribution Distribution Accretion Loss (4) Reduction
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 252,306,000.00 977.75501625 0.42013987 13.12893835 0.00000000 0.00000000 13.54907822
A-2 88,232,000.00 986.23943887 0.48868313 14.02071629 0.00000000 0.00000000 14.50939942
A-3 39,982,000.00 954.14592492 1.92199740 20.64163073 0.00000000 0.00000000 22.56362813
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-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3)All Classes are Per $1000 Denomination
(4) 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)
Senior Certificate Factors
Ending Ending Total
Certificate Certificate Principal
Class (3) Balance Percentage Distribution
<S> <C> <C> <C>
A-1 964.20593803 0.96420594 13.54907822
A-2 971.73003944 0.97173004 14.50939942
A-3 931.58229678 0.93158230 22.56362813
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>
(3)All Classes are Per $1000 Denomination
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Senior Certificates
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 5.89750% 246,693,457.13 1,252,808.74 0.00 0.00 0.00
A-2 88,232,000.00 5.88750% 87,017,878.17 441,162.51 0.00 0.00 0.00
A-3 39,982,000.00 6.61000% 38,148,662.37 210,135.55 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
Total Class A Interest Distribution 2,517,637.77 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Senior Certificates
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (7) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00 1,252,808.74 0.00 243,274,943.40
A-2 0.00 441,162.51 0.00 85,737,684.84
A-3 0.00 210,135.55 0.00 37,246,523.39
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 0.01 0.00 0.00
Total Class A Interest Distribution 0.00 2,517,637.78 0.00
<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>
<PAGE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Senior Certificate Factors
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 252,306,000.00 5.89750% 977.75501625 4.96543380 0.00000000 0.00000000 0.00000000
A-2 88,232,000.00 5.88750% 986.23943887 5.00002845 0.00000000 0.00000000 0.00000000
A-3 39,982,000.00 6.61000% 954.14592492 5.25575384 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% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(9) All Classes are Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Senior Certificate Factors
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses (10) Distribution Shortfall Balance
<S> <C> <C> <C> <C>
A-1 0.00000000 4.96543380 0.00000000 964.20593803
A-2 0.00000000 5.00002845 0.00000000 971.73003944
A-3 0.00000000 5.25575384 0.00000000 931.58229678
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 2500.00000000 0.00000000 0.00000000
<FN>
(10) 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 8,361,157.40
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 8,361,157.40
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 242,673.58
Payment of Interest and Principal 8,118,483.82
__________________
Total Withdrawals (Pool Distribution Amount) 8,361,157.40
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 184,732.02
Trustee Fee 2,774.07
Pool Insurance Fee 55,167.49
Supported Prepayment/Curtailment Interest Shortfall 0.00
__________________
Net Servicing Fee 242,673.58
__________________
__________________
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Account Beginning Current Period Current Period Ending
Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.01 0.00 0.00
</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 90 11,351,732.00 4.19% 4.63%
60 Days 33 4,558,261.00 1.54% 1.86%
90+ Days 3 380,455.00 0.14% 0.16%
Bankruptcy 1 441,360.00 0.05% 0.18%
Foreclosure 20 2,321,899.00 0.93% 0.95%
REO 0 0.00 0.00% 0.00%
Totals 147 19,053,707.00 6.84% 7.76%
</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 22 2,270,264.00 2.88% 2.63%
60 Days 8 810,977.00 1.05% 0.94%
90+ Days 0 0.00 0.00% 0.00%
Bankruptcy 3 364,719.00 0.39% 0.42%
Foreclosure 6 642,859.00 0.78% 0.74%
REO 0 0.00 0.00% 0.00%
Totals 39 4,088,819.00 5.10% 4.74%
</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 71 4,293,509.00 3.98% 3.99%
60 Days 12 667,460.00 0.67% 0.62%
90+ Days 6 450,125.00 0.34% 0.42%
Bankruptcy 9 615,627.00 0.50% 0.57%
Foreclosure 19 1,611,431.00 1.06% 1.50%
REO 0 0.00 0.00% 0.00%
Totals 117 7,638,152.00 6.55% 7.10%
</TABLE>
<TABLE>
<CAPTION>
Group 1 Group 2 Group 3
Collateral Description ARM ARM FIXED
<S> <C> <C> <C>
Monthly P&I Constant 2,288,962.81 760,316.05 1,136,677.91
Weighted Average Gross Coupon 10.555949% 9.843884% 11.747311%
Weighted Average Net Rate 9.899552% 9.187906% 11.091812%
Weighted Average Maturity 279 356 300
Beginning Collateral Loan Count 2171 773 1795
Number of Loan Payoffs 23 8 10
Ending Collateral Loan Count 2148 765 1785
Beginning Scheduled Collateral Balance 248,158,723.47 87,428,726.60 108,262,998.89
Principal Remittance Amount 2,739,745.96 1,092,389.73 569,031.54
Ending Scheduled Collateral Balance 245,418,977.51 86,336,336.87 107,693,967.35
Gross Scheduled Interest 2,182,959.00 717,198.56 1,059,832.61
Servicing Fee 103,354.57 36,369.12 45,008.33
Trustee Fee 1,550.99 546.43 676.64
Net Scheduled Interest 2,078,053.44 680,283.01 1,014,147.64
Group Required Subordinated Amount 10,218,386.75 3,573,413.42 3,338,788.68
Group Subordinated Amount 2,144,034.11 598,652.03 967,343.96
Group Subordination Increase Amount 678,767.77 187,803.60 333,107.44
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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