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Previous: STRUCTURED ASSET SECURITIES CORP MO PA TH CE SE 1998-3 TR, 8-K, 1998-11-09 |
Next: STRUCTURED ASSET SEC CORP MORT PASS THRO CERT SERIES 1998-4, 8-K, 1998-11-09 |
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): October 26, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-1 Trust
New York (governing law of 333-39039 52-2095951
Pooling and Servicing Agreement) (Commission 52-2095952
(State or other File Number) IRS EIN
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 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 October 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: 11/4/98
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 October 26,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 9/30/98
Distribution Date: 10/26/98
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: (301) 815-6600
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 5.79375% 263,096,665.92 1,312,605.71 7,871,239.51
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% 36,689,323.81 198,733.84 1,644,314.97
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% 0.00 577,166.67 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 511,185,989.73 3,219,923.72 9,515,554.48
</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 0.00 255,225,426.41 9,183,845.22 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 35,045,008.84 1,843,048.81 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 0.00 577,166.67 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 501,670,435.25 12,735,478.20 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-1 300,000,000.00 263,096,665.92 182,323.09 7,688,916.42 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 36,689,323.81 76,977.20 1,567,337.77 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 555,000,000.00 511,185,989.73 259,300.29 9,256,254.19 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 7,871,239.51 255,225,426.41 0.85075142 7,871,239.51
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 1,644,314.97 35,045,008.84 0.80378461 1,644,314.97
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 9,515,554.48 501,670,435.25 0.90391069 9,515,554.48
</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-1 300,000,000.00 876.98888640 0.60774363 25.62972140 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 43,600,000.00 841.49825252 1.76553211 35.94811399 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 26.23746503 850.75142137 0.85075142 26.23746503
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 37.71364610 803.78460642 0.80378461 37.71364610
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 5.79375% 263,096,665.92 1,312,605.71 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% 36,689,323.81 198,733.84 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% 437,300,000.00 577,166.67 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 3,219,923.72 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 1,312,605.71 0.00 255,225,426.41
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 0.00 198,733.84 0.00 35,045,008.84
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 0.00 577,166.67 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 3,219,923.72 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 5.79375% 876.98888640 4.37535237 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% 841.49825252 4.55811560 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 1.31984146 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 4.37535237 0.00000000 850.75142137
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 4.55811560 0.00000000 803.78460642
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 1.31984146 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 13,043,387.65
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (30,194.20)
Total Deposits 13,013,193.45
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 277,715.25
Payment of Interest and Principal 12,735,478.20
Total Withdrawals (Pool Distribution Amount) 13,013,193.45
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 214,854.07
Trustee Fee 3,222.81
Group 1 Premium Amount 47,261.28
Group 2 Premium Amount 12,377.09
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 277,715.25
</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 354 29,340,313.76 6.320300% 5.785442%
60 Days 131 11,759,946.12 2.338868% 2.318874%
90+ Days 76 6,874,534.21 1.356901% 1.355549%
Foreclosure 355 33,518,266.20 6.338154% 6.609268%
REO 8 769,899.48 0.142832% 0.151812%
Totals 924 82,262,959.77 16.497054% 16.220944%
</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
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.551352%
Weighted AverageNet Coupon 10.051352%
Weighted Average Pass-Through Rate 9.905064%
Weighted Average Maturity(Stepdown Calculation ) 344
Begin Scheduled Collateral Loan Count 5,685
Number Of Loans Paid In Full 84
End Scheduled Collateral Loan Count 5,601
Begining Scheduled Collateral Balance 515,649,767.61
Ending Scheduled Collateral Balance 507,140,381.71
Ending Actual Collateral Balance at 30-Sep-1998 507,140,381.71
Monthly P &I Constant 4,793,302.03
Ending Scheduled Balance for Premium Loans 507,140,381.71
Scheduled Principal 259,300.29
Unscheduled Principal 8,250,085.61
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description 6 Month LIBOR ARM Mixed Fixed
Weighted Average Coupon Rate 10.408777 11.091235
Weighted Average Net Rate 9.901277 10.583734
Weighted Average Maturity 352.00 311.00
Begining Loan Count 4,035.00 1,650.00
Loans Paid In Full 66.00 18.00
Ending Loan Count 3,969.00 1,632.00
Begining Scheduled Balance 407,923,537.89 107,726,229.72
Ending Scheduled Balance 400,789,576.40 106,350,805.31
Record Date 98-09-30 98-09-30
Principal And Interest Constant 3,720,644.09 1,072,657.94
Scheduled Principal 182,323.09 76,977.20
Unscheduled Principal 6,951,638.40 1,298,447.21
Scheduled Interest 3,538,321.00 995,680.74
Servicing Fee 169,968.14 44,885.93
Other Fee 2,549.53 673.30
Net Interest 3,365,803.33 950,121.51
Realized Loss Amount 0.00 30,194.20
Cummulative Realized Loss 0.00 30,194.20
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 737,278.01 268,890.55
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 19,897,353.73 3,788,955.07
Overcollateralization Amount 3,564,149.98 1,905,796.46
Overcollateralization Deficiency Amount 16,333,203.75 1,883,158.61
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 737,278.01 268,890.55
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 265 23,959,463.26 92 9,299,499.57 53 5,464,455.10
2 89 5,380,850.50 39 2,460,446.55 23 1,410,079.11
Total 354 $29,340,313.76 131 $11,759,946.12 76 $6,874,534.21
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 270 28,037,396.94 5 643,406.67 43 3,854,443.17
2 85 5,480,869.26 3 126,492.81 11 923,059.23
TOTAL 355 33,518,266.20 8 769,899.48 54 4,777,502.40
</TABLE>
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