<PAGE>
_______________________________________________________________________________
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) May 18, 1998
WMC SECURED ASSETS CORP. (as company under the Pooling and Servicing Agreement,
dated as of June 1, 1998, providing for the issuance of Mortgage Pass-Through
Certificates, Series 1998-A)
WMC Secured Assets Corp.
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(Exact name of registrant as specified in its charter)
United States 333-41173 95-4683489
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
6320 Canoga Avenue
Woodland Hills, California 91367
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 592-2610
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_______________________________________________________________________________
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Item 5. Other Events.
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On or about June 5, 1998 (the "Closing Date"), the Registrant intends
to cause the issuance and sale of approximately $796,000,000 initial
principal amount of Mortgage Pass-Through Certificates, Series 1998-A,
Class A, Class M-1, Class M-2, Class B, Class C, Class R-I and Class R-II
(collectively, the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of June 1, 1998, by and between the Registrant, as
company, WMC Mortgage Corp., as master servicer, and The First National
Bank of Chicago, as trustee.
In connection with the sale of Mortgage Pass-Through Certificates,
Series 1998-A, Class A, Class M-1, Class M-2 and Class B (collectively, the
"Underwritten Certificates"), the Registrant has been advised by
NationsBanc Montgomery Securities LLC, Bear Stearns & Co. Inc., Lehman
Brothers Inc., Credit Suisse First Boston Corporation and First Union
Capital Markets (together, the "Underwriters") that the Underwriters have
furnished to prospective investors a collateral term sheet (the "Collateral
Term Sheet") which sets forth certain of the characteristics of a portion
of the pool of mortgage loans which will constitute the Trust Fund from
which distributions are to be made to the holders of the Underwritten
Certificates. The Collateral Term Sheet also advises prospective investors
that the information contained therein is solely based upon those mortgage
loans identified as of the date of such Collateral Term Sheet as comprising
the Trust Fund. However, certain of such mortgage loans may not be
included in the final pool of mortgage loans and additional mortgage loans
will be transferred to the Trust Fund on the Closing Date or within 90 days
thereafter. No information has been provided in the Collateral Term Sheet
with respect to such additional mortgage loans. The Collateral Term Sheet
with respect to the Underwritten Certificates following the effective date
of Registration Statement No. 333-41173 is being filed as an exhibit to
this report.
The information in the Collateral Term Sheet will be superseded by
the Prospectus Supplement relating to the Certificates and by any other
information subsequently filed with the Securities and Exchange Commission.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Financial Statements.
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Not Applicable.
(b) Pro Forma Financial Information.
--------------------------------
Not Applicable.
<PAGE>
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(c) Exhibits
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Item 601(a) of
Regulation S-K
Exhibit No. Description
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99.1 Collateral Term Sheet
<PAGE>
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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.
WMC SECURED ASSETS CORP
By:/s/ Todd Wallace
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Name: Todd Wallace
Title: Vice President, Treasurer and
Director
Dated: May 20, 1998
<PAGE>
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EXHIBIT INDEX
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Exhibit No. Description Page
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99.1 Collateral Term Sheet 6
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<PAGE>
EXHIBIT 1
NationsBanc Montgomery Securities LLC Mortgage Finance
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WMC MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-A
Loans with Original Balance greater than or equal to $500,000.00. All
information is reported as an assumed June 1, 1998 Cut-Off Date.
<TABLE>
<CAPTION>
Seller Original Cut-Off Current Gross Original Current Credit
Loan Number Balance Balance Interest Rate LTV LTV Grade Margin
----------- ------- ------- ------------- --- --- ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
10044879 $750,000.00 $747,810.75 8.750% 53.60% 53.44% A- 6.125%
10149234 $720,000.00 $719,030.56 8.000% 60.00% 59.92% A- 6.125%
10102462 $679,000.00 $677,990.10 9.500% 70.40% 70.30% A- 6.750%
10136871 $631,875.00 $631,307.59 9.950% 75.00% 74.93% A- 6.125%
10130112 $620,000.00 $619,163.52 7.990% 51.70% 51.63% B 6.250%
10065105 $600,000.00 $597,302.70 8.990% 75.00% 74.66% A- 6.625%
10125790 $600,000.00 $599,340.70 8.990% 68.60% 68.52% B 6.500%
10127711 $600,000.00 $599,340.70 8.990% 75.00% 74.92% A- 6.875%
10084151 $595,000.00 $594,412.34 9.500% 79.33% 79.25% A- 6.250%
10125776 $581,250.00 $580,096.95 10.500% 77.50% 77.35% B 6.375%
10113592 $544,315.00 $543,805.04 9.750% 45.40% 45.36% A- 7.875%
10060215 $540,000.00 $537,657.44 9.750% 80.00% 79.65% A- 6.500%
10103805 $525,000.00 $524,259.18 9.750% 75.00% 74.89% B 7.500%
10127812 $520,000.00 $519,715.37 8.990% 65.00% 64.96% A- 6.625%
10130664 $518,500.00 $518,185.89 8.500% 85.00% 84.95% A- 6.750%
10155024 $510,000.00 $509,691.04 8.500% 75.00% 74.95% A- 6.250%
10103931 $500,000.00 $499,360.13 8.250% 79.40% 79.30% A- 6.500%
10121611 $500,000.00 $499,130.66 8.750% 54.10% 54.01% B 5.875%
10154912 $500,000.00 $499,712.32 8.750% 65.40% 65.36% A- 6.500%
------------ ------------ ------ ------ ------ ------
$11,034,940.00 $11,017,312.98 9.060% 68.59% 68.48% 6.530%
=============== =============== ====== ====== ====== ======
</TABLE>
NationsBanc Montgomery Securities LLC
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
<PAGE>
NationsBanc Montgomery Securities LLC Mortgage Finance
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WMC MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-A
All information is reported as an assumed June 1, 1998 Cut-Off Date.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
Weighted Average
----------------------------------------------------------------------------------------
Initial Interim
Product Loans Balance Coupon RTerm Age OTerm AmTerm Margin Cap Cap Ceiling Floor Rollterm
------- ----- ------- ------ ----- --- ----- ------ ------ ---- ---- ------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2/28 ARM 4,577 $465,288,359.35 10.03% 357.94 2.06 360.00 360.00 6.77% 3.00% 1.00% 16.53% 10.03% 21.94
3/27 ARM 330 $39,697,322.80 9.77% 358.24 1.76 360.00 360.00 6.74% 3.00% 1.00% 16.28% 9.77% 34.24
5/25 ARM 59 $7,919,379.14 9.27% 357.10 2.90 360.00 360.00 6.53% 3.00% 1.00% 15.76% 9.27% 57.10
6 M ARM 938 $109,275,845.27 9.42% 356.45 2.03 358.48 358.48 6.55% 1.00% 1.00% 15.91% 9.42% 4.16
--- ---------------- ----- ------ ---- ------ ------ ----- ----- ----- ------ ----- ----
TOTAL 5,904 $622,180,906.56 9.90% 357.68 2.05 359.73 359.73 6.72% 2.65% 1.00% 16.40% 9.90% 20.05
- ----- ===== ================ ===== ====== ==== ====== ====== ===== ===== ===== ====== ===== =====
</TABLE>
NationsBanc Montgomery Securities LLC
- --------------------------------------------------------------------------------
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), is for your private information and NationsBanc
Montgomery Securities LLC (the "Underwriter") is not soliciting any action based
upon it. This material is not to be construed as an offer to sell or the
solicitation of any offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. This material is based on information
that the Underwriter considers reliable, but the Underwriter does not represent
that it is accurate or complete and it should not be relied upon as such. By
accepting this material the recipient agrees that it will not distribute or
provide the material to any other person. The information contained in this
material may pertain to securities that ultimately are not sold. The information
contained in this material may be based on assumptions regarding market
conditions and other matters as reflected herein. The Underwriter makes no
representation regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. The Underwriter and its affiliates, officers, directors, partners and
employees, including persons involved in the preparation or issuance of this
material may, from time to time, have long or short positions in, and buy and
sell, the securities mentioned therein or derivatives thereof (including
options). This material may be filed with the Securities and Exchange Commission
(the "SEC") and incorporated by reference into an effective registration
statement previously filed with the SEC under Rule 415 of the Securities Act of
1933, including all cases where the material does not pertain to securities that
are ultimately offered for sale pursuant to such registration statement.
Information contained in this material is current as of the date appearing on
this material only. Information in this material regarding any assets backing
any securities discussed herein supersedes all prior information regarding such
assets. Any information in the material, whether regarding the assets backing
any securities discussed herein or otherwise, will be superseded by the
information contained in any final prospectus for any securities actually sold
to you. This material is furnished solely by the Underwriter and not by the
issuer of the securities. The issuer of the securities has not prepared,
reviewed or participated in the preparation of this material, is not responsible
for the accuracy of this material and has not authorized the dissemination of
this material. The Underwriter is acting as underwriter and not acting as agent
for the issuer in connection with the proposed transaction.
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