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Previous: VAN KAMPEN AMERICAN CAPITAL SENIOR INCOME TRUST, 8-A12B/A, 1998-09-03 |
Next: PATHNET INC, 424B3, 1998-09-03 |
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): August 25, 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.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
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 August 25, 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 distribution to holders of Mortgage
Pass-Through Certificates, Series 1998-1 Trust,
relating to the August 25, 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: 8/27/98
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 August 25,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 7/31/98
Distribution Date: 8/25/98
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 5.85625% 278,656,310.17 1,314,570.82 9,048,158.51
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% 39,642,609.40 214,730.80 1,552,102.13
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 529,698,919.57 3,474,552.45 10,600,260.64
</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 0.00 269,608,151.66 10,362,729.33 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 38,090,507.27 1,766,832.93 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 0.00 519,098,658.93 14,074,813.09 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-1 300,000,000.00 278,656,310.17 189,723.70 8,858,434.81 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 39,642,609.40 76,579.07 1,475,523.06 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 555,000,000.00 529,698,919.57 266,302.77 10,333,957.87 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 9,048,158.51 269,608,151.66 0.89869384 9,048,158.51
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 1,552,102.13 38,090,507.27 0.87363549 1,552,102.13
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 10,600,260.64 519,098,658.93 0.93531290 10,600,260.64
</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-1 300,000,000.00 928.85436723 0.63241233 29.52811603 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 43,600,000.00 909.23416055 1.75640069 33.84227202 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 30.16052837 898.69383887 0.89869384 30.16052837
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 35.59867271 873.63548784 0.87363549 35.59867271
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% 278,656,310.17 1,314,570.82 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% 39,642,609.40 214,730.80 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 3,474,552.45 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 1,314,570.82 0.00 269,608,151.66
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 0.00 214,730.80 0.00 38,090,507.27
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 3,474,552.45 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% 928.85436723 4.38190273 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% 909.23416055 4.92501835 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 4.38190273 0.00000000 898.69383887
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 4.92501835 0.00000000 873.63548784
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 14,361,812.38
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 14,361,812.38
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 286,999.29
Payment of Interest and Principal 14,074,813.09
Total Withdrawals (Pool Distribution Amount) 14,361,812.38
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 221,872.98
Trustee Fee 3,328.10
Spread 1 Fee 49,076.57
Spread 2 Fee 12,721.64
Spread 3 Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 286,999.29
</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 0.01 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 279 25,148,247.97 4.850487% 4.810523%
60 Days 59 4,759,074.76 1.025730% 0.910347%
90+ Days 16 1,652,488.18 0.278164% 0.316099%
Foreclosure 326 30,214,472.99 5.667594% 5.779624%
REO 0 0.00 0.000000% 0.000000%
Totals 680 61,774,283.90 11.821975% 11.816594%
</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
<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 10.461785%
Weighted AverageNet Coupon 9.961785%
Weighted Average Pass-Through Rate 9.815020%
Weighted Average Maturity(Stepdown Calculation ) 346
Begin Scheduled Collateral Loan Count 5,832
Number Of Loans Paid In Full 80
End Scheduled Collateral Loan Count 5,752
Begining Scheduled Collateral Balance 532,495,149.82
Ending Scheduled Collateral Balance 522,775,712.18
Ending Actual Collateral Balance at 31-Jul-1998 522,775,712.18
Monthly P &I Constant 4,908,677.51
Ending Scheduled Balance for Premium Loans 522,775,712.18
Scheduled Principal 266,302.77
Unscheduled Principal 9,453,134.87
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C> <C>
Group ID 1 2
Collateral Description 6 Month LIBOR ARM Mixed Fixed
Weighted Average Coupon Rate 10.290682 11.118426
Weighted Average Net Rate 9.643767 10.472235
Weighted Average Maturity 354.00 313.00
Beginning Loan Count 4,143.00 1,689.00
Loans Paid In Full 61.00 19.00
Ending Loan Count 4,082.00 1,670.00
Begining Scheduled Balance 422,422,989.19 110,072,160.63
Ending Scheduled Balance 413,949,725.66 108,825,986.52
Record Date 98-07-31 98-07-31
Principal And Interest Constant 3,812,240.79 1,096,436.72
Scheduled Principal 189,723.70 76,579.07
Unscheduled Principal 8,283,539.83 1,169,595.04
Scheduled Interest 3,622,517.09 1,019,857.65
Servicing Fee 176,009.58 45,863.40
Other Fee 2,640.14 687.96
Spread 1 49,076.57 0.00
Spread 2 0.00 12,721.64
Net Interest 3,394,790.80 960,584.65
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 574,894.97 305,928.02
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 19,897,353.73 3,788,955.07
Overcollateralization Amount 2,341,573.99 1,335,479.25
Overcollateralization Deficiency Amount 17,555,779.73 2,453,475.83
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 574,894.97 305,928.02
</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>
1 203 20,804,968.02 36 3,512,984.97 15 1,545,050.14
2 76 4,343,279.95 23 1,246,089.79 1 107,438.04
Total 279 $25,148,247.97 59 $4,759,074.76 16 $1,652,488.18
</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>
1 251 24,785,051.13 0 0.00 11 723,810.09
2 75 5,429,421.86 0 0.00 3 187,685.26
TOTAL 326 30,214,472.99 0 0.00 14 911,495.35
</TABLE>
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