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Previous: STRUCTURED ASSET SECURITIES CORP MO PA TH CE SE 1998-3 TR, 8-K, 1998-06-05 |
Next: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SERIES 1998-4, 8-K, 1998-06-05 |
UNITED STATES
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 26, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-39039 52-2095952
Pooling and Servicing Agreement) (Commission (I.R.S. Employer
(State or other File Number) Identification No.)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way
Frederick, MD 21703
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (301) 846-8130
Former name or former address, if changed since last report)
ITEM 5. Other Events
On May 26, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Mortgage Pass-Through Certificates, Series 1998-
1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-
Through Certificates, Series 1998-1 Trust, relating to
the May 26, 1998 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
Mortgage Pass-Through Certificates, Series 1998-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 6/3/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-1 Trust, relating to the May 26,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 4/30/1998
Distribution Date: 5/26/1998
SPSAC Series: 1998-1
Contact: Customer Service - Columbia, MD
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
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 843590CK4 SEQ 5.85625% 299,007,198.10 1,410,576.84 7,504,465.12
A-2 843590CL2 SEQ 6.27000% 113,000,000.00 590,425.00 0.00
A-3 843590CM0 SEQ 6.52000% 29,000,000.00 157,566.67 0.00
A-4 843590CN8 SEQ 6.50000% 43,355,939.99 234,844.67 1,593,147.12
A-5 843590CP3 SEQ 6.46000% 40,000,000.00 215,333.33 0.00
A-6 843590CQ1 SEQ 7.08000% 18,100,000.00 106,790.00 0.00
A-7 843590CR9 SEQ 6.51000% 11,300,000.00 61,302.50 0.00
A-8 843590CS7 IO 2.23325% 0.00 813,833.33 0.00
R-I SPS9801R1 R 0.00000% 0.00 0.00 0.00
R-II SPS9801R2 R 0.00000% 0.00 0.00 0.00
Totals 553,763,138.09 3,590,672.34 9,097,612.24
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 291,502,732.98 8,915,041.96 0.00
A-2 0.00 113,000,000.00 590,425.00 0.00
A-3 0.00 29,000,000.00 157,566.67 0.00
A-4 0.00 41,762,792.87 1,827,991.79 0.00
A-5 0.00 40,000,000.00 215,333.33 0.00
A-6 0.00 18,100,000.00 106,790.00 0.00
A-7 0.00 11,300,000.00 61,302.50 0.00
A-8 0.00 0.00 813,833.33 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 544,665,525.85 12,688,284.58 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 300,000,000.00 299,007,198.10 196,269.39 7,308,195.73 0.00 0.00
A-2 113,000,000.00 113,000,000.00 0.00 0.00 0.00 0.00
A-3 29,000,000.00 29,000,000.00 0.00 0.00 0.00 0.00
A-4 43,600,000.00 43,355,939.99 75,158.53 1,517,988.59 0.00 0.00
A-5 40,000,000.00 40,000,000.00 0.00 0.00 0.00 0.00
A-6 18,100,000.00 18,100,000.00 0.00 0.00 0.00 0.00
A-7 11,300,000.00 11,300,000.00 0.00 0.00 0.00 0.00
A-8 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
R-II 0.00 0.00 0.00 0.00 0.00 0.00
Totals 555,000,000.00 553,763,138.09 271,427.92 8,826,184.32 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)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 7,504,465.12 291,502,732.98 0.97167578 7,504,465.12
A-2 0.00 113,000,000.00 1.00000000 0.00
A-3 0.00 29,000,000.00 1.00000000 0.00
A-4 1,593,147.12 41,762,792.87 0.95786222 1,593,147.12
A-5 0.00 40,000,000.00 1.00000000 0.00
A-6 0.00 18,100,000.00 1.00000000 0.00
A-7 0.00 11,300,000.00 1.00000000 0.00
A-8 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 9,097,612.24 544,665,525.85 0.98137933 9,097,612.24
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 300,000,000.00 996.69066033 0.65423130 24.36065243 0.00000000
A-2 113,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 29,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 43,600,000.00 994.40229335 1.72381950 34.81625206 0.00000000
A-5 40,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 18,100,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 11,300,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-8 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 25.01488373 971.67577660 0.97167578 25.01488373
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 36.54007156 957.86222179 0.95786222 36.54007156
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-8 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 300,000,000.00 5.85625% 299,007,198.10 1,410,576.84 0.00 0.00
A-2 113,000,000.00 6.27000% 113,000,000.00 590,425.00 0.00 0.00
A-3 29,000,000.00 6.52000% 29,000,000.00 157,566.67 0.00 0.00
A-4 43,600,000.00 6.50000% 43,355,939.99 234,844.67 0.00 0.00
A-5 40,000,000.00 6.46000% 40,000,000.00 215,333.33 0.00 0.00
A-6 18,100,000.00 7.08000% 18,100,000.00 106,790.00 0.00 0.00
A-7 11,300,000.00 6.51000% 11,300,000.00 61,302.50 0.00 0.00
A-8 0.00 2.23325% 437,300,000.00 813,833.33 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 555,000,000.00 3,590,672.34 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,410,576.84 0.00 291,502,732.98
A-2 0.00 0.00 590,425.00 0.00 113,000,000.00
A-3 0.00 0.00 157,566.67 0.00 29,000,000.00
A-4 0.00 0.00 234,844.67 0.00 41,762,792.87
A-5 0.00 0.00 215,333.33 0.00 40,000,000.00
A-6 0.00 0.00 106,790.00 0.00 18,100,000.00
A-7 0.00 0.00 61,302.50 0.00 11,300,000.00
A-8 0.00 0.00 813,833.33 0.00 437,300,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,590,672.34 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 300,000,000.00 5.85625% 996.69066033 4.70192280 0.00000000 0.00000000
A-2 113,000,000.00 6.27000% 1000.00000000 5.22500000 0.00000000 0.00000000
A-3 29,000,000.00 6.52000% 1000.00000000 5.43333345 0.00000000 0.00000000
A-4 43,600,000.00 6.50000% 994.40229335 5.38634564 0.00000000 0.00000000
A-5 40,000,000.00 6.46000% 1000.00000000 5.38333325 0.00000000 0.00000000
A-6 18,100,000.00 7.08000% 1000.00000000 5.90000000 0.00000000 0.00000000
A-7 11,300,000.00 6.51000% 1000.00000000 5.42500000 0.00000000 0.00000000
A-8 0.00 2.23325% 1000.00000000 1.86104123 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are Per $1000 Denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.70192280 0.00000000 971.67577660
A-2 0.00000000 0.00000000 5.22500000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.43333345 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.38634564 0.00000000 957.86222179
A-5 0.00000000 0.00000000 5.38333325 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.90000000 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 5.42500000 0.00000000 1000.00000000
A-8 0.00000000 0.00000000 1.86104123 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-8 IO 3.40000% 142,000,000.00 142,000,000.00 0.00 0.00 100.00000000%
A-8 IO 1.00000% 142,000,000.00 142,000,000.00 0.00 0.00 100.00000000%
A-8 IO 2.00000% 142,000,000.00 142,000,000.00 0.00 0.00 100.00000000%
A-8 IO 6.00000% 11,300,000.00 11,300,000.00 0.00 0.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 12,884,554.96
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 12,884,554.96
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 233,210.74
Payment of Interest and Principal 12,688,285.57
Total Withdrawals (Pool Distribution Amount) 12,921,496.31
Ending Balance 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 229,749.03
Trustee Fee 3,461.71
Spread 1 Fee 0.00
Spread 2 Fee 0.00
Spread 3 Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 233,210.74
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account 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
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 133 13,966,716.83 2.235294% 2.558444%
60 Days 31 3,243,945.00 0.521008% 0.594231%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 8 1,122,206.00 0.134454% 0.205567%
REO 0 0.00 0.000000% 0.000000%
Totals 172 18,332,867.83 2.890756% 3.358242%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
Collateral Description Fixed Mixed & ARM & Balloon
<S> <C>
Weighted Average Gross Coupon 10.606579%
Weighted AverageNet Coupon 10.313189%
Weighted Average Pass-Through Rate 9.888079%
Weighted Average Maturity(Stepdown Calculation ) 1
Begin Scheduled Collateral Loan Count 6,010
Number Of Loans Paid In Full 72
End Scheduled Collateral Loan Count 5,950
Begining Scheduled Collateral Balance 554,029,690.76
Ending Scheduled Collateral Balance 545,906,646.39
Ending Actual Collateral Balance at 30-Apr-1998 0.00
Monthly P &I Constant 5,266,149.25
Ending Scheduled Balance for Premium Loans 545,906,646.39
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
Group ID 1 2
Collateral Description 6 Month LIBOR Mixed Fixed
<S> <C> <C>
Weighted Average Net Rate 10.245802 10.569840
Weighted Average Maturity 357.00 316.00
Begining Loan Count 4,286.00 1,724.00
Loans Paid In Full 44.00 16.00
Ending Loan Count 4,242.00 1,708.00
Begining Scheduled Balance 441,170,614.34 112,859,076.42
Ending Scheduled Balance 434,320,766.58 111,585,879.81
Record Date 98-04-30 98-04-30
Principal And Interest Constant 4,148,913.41 1,117,235.84
Scheduled Principal 196,269.39 75,158.53
Unscheduled Principal 6,653,578.37 1,198,038.08
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 654,617.36 319,950.51
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 19,897,353.73 3,788,955.07
Overcollateralization Amount 818,033.50 423,087.04
Overcollateralization Deficiency Amount 19,079,320.23 3,365,868.03
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 654,617.36 319,950.51
</TABLE>
<TABLE>
<CAPTION>
Delinquincy Status By Groups
30 Days 60 Days 90 + Days Foreclosures REOs
Group Number Amount Number Amount Number Amount Number Amount Number Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 104 11,818,848.92 22 2,758,246.00 0 0.00 8 1,122,206.00 0 0.00
2 29 2,147,867.91 9 485,699.00 0 0.00 0 0.00 0 0.00
Total 133 $13,966,716.83 31 $3,243,945.00 0 $0.00 8 $1,122,206.00 0 $0.00
</TABLE>
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