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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31, 1998
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 for the transition period from to
Commission File Number 333-04127-05
Saxon Asset Securities Trust 1998-1
Mortgage Loan Asset Backed Certificates, Series 1998-1
(Exact name of registrant as specified in its charter)
Virginia 52-1785164
(State or other jurisdiction of I.R.S. Employer
incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No[ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K/A or any
amendment to this Form 10-K/A. [X]
Documents incorporated by reference: None
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SAXON ASSET SECURITIES TRUST 1998-1
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AMENDMENT NUMBER 1 OF 1
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PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements:
Omitted.
(2) Financial Statement Schedules:
Omitted.
(3) Listed below are the documents filed as a part of this report:
Exhibit Number
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99.1 Annual Statement of Compliance by Master Servicer
99.2 Annual Certificate of Compliance
99.3 Annual Statement of Independent Accountants
(b) Reports on Form 8-K: The following Current Reports on Form 8-K were
filed by the Registrant during the last quarter of 1998.
Current Reports on Form 8-K, dated October 27, 1998, November 25, 1998
and December 28, 1998 were filed for the purpose of filing the Monthly
Statement sent to the Holders of the Offered Certificates for payments
made on the same dates. The items reported in such Current Report were
Item 5 (Other Events).
(c) Exhibits to this report are listed in Item (14)(a)(3) above.
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SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) 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.
Saxon Asset Securities Trust 1998-1
Mortgage Loan Asset Backed Certificates
1998-1
Date: October 20, 1999 By: /s/ Bradley D. Adams
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Bradley D. Adams
Vice President
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EXHIBIT 99.1
Annual Statement of Compliance by Master Servicer
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ANNUAL STATEMENT OF COMPLIANCE
I, Linda G. Warman, hereby certify that I am a Vice President of Chase Bank
of Texas, National Association, ("the Master Servicer") acting as Master
Servicer, pursuant to a Trust Agreement ("Agreement") with Saxon Asset
Securities Trust 1996-2, 1997-1, 1997-2, 1997-3, 1998-1 and further certify to
the best of my knowledge and after due inquiry, the following:
I have reviewed the activities of the Master Servicer, during the preceding
calendar year and the performance under the Agreement. To the best of my
knowledge, based on such review, Chase Bank of Texas, as Master Servicer,
has performed and fulfilled its duties, responsibilities and obligations
under the Agreement in all material respects during the applicable period.
I have conducted an examination of the activities of each Servicer during
the preceding calendar year and the performance of such Servicer under the
related Servicing Agreement.
I have examined each Servicer's Fidelity Bond and Errors and Omissions
Policy and each such bond or policy is in effect and conforms to the
requirements of the related Servicing Agreement.
I have received from each Servicer such Servicer's annual audited financial
statements and such other information as is required by the Guide and to
the best of my knowledge, based on such examination, each Servicer has
performed and fulfilled its duties, responsibilities and obligations under
its Servicing Agreement in all material respects throughout such year.
/s/ Linda G. Warman
Title: Vice President and Trust Officer
Date: October 20, 1999
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EXHIBIT 99.2
Annual Certificate of Compliance
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MERITECH MORTGAGE SERVICES, INC.
ONe Ridgmar Centre
6500 West Freeway, Ste 400
Fort Worth, TX 76116
Dear Master Servicer:
The undersigned officer certifies the following for the 1998 fiscal year:
(a) I have reviewed the activities and performance of the Servicer during
the preceding fiscal year under the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer guide. To
the best of this Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these Agreements throughout
such year, or if there has been a default or failure of the servicer to
perform any of such duties, responsibilities or obligations a description
of each default or failure and the nature and status.
(b) I have confirmed that the Servicer is currently an approved FNMA or
FHLMC servicer in good standing:
(c) I have confirmed that the Fidelity Bond, the Errors and Omissions
Insurance Policy and any other bonds required under the terms of the
Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement
and/or Seller/Servicer Guide are in full force and effect;
(d) All premiums for each Hazard Insurance Policy, Flood Insurance Policy
(if applicable) and Primary Mortgage Insurance Policy (if applicable), with
respect to each Mortgaged Property, have been paid and that all such
insurance policies are in full force and effect;
(e) All real estate taxes, governmental assessments and any other expenses
accrued and due, that if not paid could result in a lien or encumbrance on
any Mortgaged Property, have been paid, or if any such costs or expenses
have not been paid with respect to any Mortgaged Property, the reason for
the non-payment has been reported.
(f) All Custodial Accounts have been reconciled and are properly funded:
and
(g) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050j and 6050p of the Internal Revenue Code,
respectively have been prepared and filed.
Certified by:
/s/ Susan Figiel
Senior Vice President
Investor Accounting and Compliance
June 11, 1999
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ANNUAL CERTIFICATION OF COMPLIANCE
PURSUANT TO THE SALE SERVICING AND ADMINISTRATION AGREEMENT(S)
In accordance with the Agreement(s), I, the undersigned, hereby certify as
to each Mortgage Loan being serviced by the below names institution that:
1. I am an "Officer" as defined in the above referenced Agreement, and am
empowered and authorized to issues this Annual Certification.
2. To the best of my knowledge and upon reasonable investigation, the
servicing of the Mortgage Loans during the year preceding the last
Anniversary Date of the Agreement has been conducted in compliance with the
Agreement except for such exceptions as I am setting forth below:
Exceptions (if any): __________
3. A review of activities with respect to performances under the Agreement
during the year preceding the last Anniversary Date of the Agreement has
been made under my supervision and to the best of my knowledge, based on
such review, no default exists as of the above date in the fulfullment of
any obligations under the Agreement other than the events of default, if
any, which I am listing below with the nature and status whereof.
Events of Default (if any): ______________
This certification covers the period of January 1, 1998 through December 31 1998
AMERIQUEST MORTGAGE COMPANY
By: Elaine Stangle
Title: Executive Vice President,
Loan Servicing
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EXHIBIT 99.3
Annual Statement of Independent Accountants
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DELOITTE & TOUCHE LLP
Suite 500
Eighth & Main Building
707 East Main Street
Richmond, Virginia 23219
Telephone: (804) 697-1500
Facsimile: (804) 697-1825
INDEPENDENT ACCOUNTANTS' REPORT
To the Board of Directors
Meritech Mortgage Services, Inc.
Fort Worth, Texas
We have examined management's assertion about Meritech Mortgage Services, Inc.
("Meritech"), compliance with servicing standards identified in the Appendix as
of and for the year ended December 31, 1998, included in the accompanying
management assertion. Such standards were established by Meritech's management
based on the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers (USAP). Management is responsible for
Meritech's compliance with these servicing standards. Our responsibility is to
express an opinion on management's assertion about the entity's compliance based
on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly included
examining, on a test basis, evidence about Meritech's compliance with the
servicing standards and performing such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion. Our examination does not provide a legal
determination on Meritech's compliance with the servicing standards or its
servicing agreements.
In our opinion, management's assertion that Meritech complied with its
established servicing standards identified in the Appendix as of and for the
year ended December 31, 1998, is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
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Deloitte & Touche LLP
March 1, 1999
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DELOITTE & TOUCHE LLP
Suite 1200
695 Town Center Drive
Costa Mesa, California 92626-1924
Telephone: (714) 436-7100
Facsimile: (714) 436-7200
INDEPENDENT ACCOUNTANTS' REPORT
To Ameriquest Mortgage Company:
We have examined management's assertion about Ameriquest Mortgage Company's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) as of and for the year ended December 31, 1998, included in the
accompanying management assertion. Management is responsible for Ameriquest
Mortgage Company's compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly included
examining, on a test basis, evidence about Ameriquest Mortgage Company's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on Ameriquest Mortgage Company's compliance
with the servicing standards or its servicing agreements.
In our opinion, management's assertion that Ameriquest Mortgage Company
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1998, is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
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Deloitte & Touche LLP
March 12, 1999
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