SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 033-99598
Structured Asset Securities Corporation, Mortgage Pass-Through Certificates,
Series 1996-01 Trust
(Exact name of registrant as specified in its charter)
New York (governing law of pooling and servicing agreement)
State or other jurisdiction of incorporation or organization)
52-1982287
(I.R.S. Employer Identification No.)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (410) 884-2000
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
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 26, 1997, by Norwest Bank
Minnesota, N.A. (the "Reporting Person"), on behalf of Structured Asset
Securities Corporation, Mortgage Pass-Through Certificates, Series 1996-01 Trust
(the "Trust"), established pursuant to a Trust Agreement (the "Trust Agreement")
among Structured Asset Securities Corporation, as Depositor, (the "Depositor")
and The Chase Manhattan Bank, N.A., as Trustee, (the "Trustee"), pursuant to
which the Structured Asset Securities Corporation, Mortgage Pass-Through
Certificates, Series 1996-01 Trust, certificates registered under the Securities
Act of 1933 (the "Certificates") were issued. Item 14 of the Original Form 10-K
is amended to read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) American City Mortgage Corproation, as Servicer<F2>
(b) America First Credit Union, as Servicer<F1>
(c) BancOklahoma Mortgage Corp., as Servicer <F1>
(d) Bank of America, as Servicer <F2>
(e) Chase Manhattan Mortgage, as Servicer <F1>
(f) Flagship Bank fsb, as Servicer<F1>
(g) GMAC Mortgage Corporation, as Servicer <F1>
(h) Knutson Mortgage Corporation, as Servicer <F1>
(i) Navy Federal Credit Union, as Servicer <F2>
(j) Norwest Mortgage, Inc., as Servicer <F1>
(k) Ryland Mortgage Company, as Servicer <F1>
(l) Seattle Mortgage Company, as Servicer <F1>
(m) The Greater New York Savings Bank, as Servicer <F1>
99.2 Management Assertion Letter:
(a) American City Mortgage Corproation, as Servicer<F2>
(b) America First Credit Union, as Servicer<F1>
(c) BancOklahoma Mortgage Corp., as Servicer <F1>
(d) Bank of America, as Servicer <F2>
(e) Chase Manhattan Mortgage, as Servicer <F1>
(f) Flagship Bank fsb, as Servicer<F1>
(g) GMAC Mortgage Corporation, as Servicer <F1>
(h) Knutson Mortgage Corporation, as Servicer <F1>
(i) Navy Federal Credit Union, as Servicer <F2>
(j) Norwest Mortgage, Inc., as Servicer <F1>
(k) Ryland Mortgage Company, as Servicer <F1>
(l) Seattle Mortgage Company, as Servicer <F1>
(m) The Greater New York Savings Bank, as Servicer <F2>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) American City Mortgage Corproation, as Servicer<F1>
(b) America First Credit Union, as Servicer<F1>
(c) BancOklahoma Mortgage Corp., as Servicer <F1>
(d) Bank of America, as Servicer <F2>
(e) Chase Manhattan Mortgage, as Servicer <F1>
(f) Flagship Bank fsb, as Servicer<F1>
(g) GMAC Mortgage Corporation, as Servicer <F1>
(h) Knutson Mortgage Corporation, as Servicer <F1>
(i) Navy Federal Credit Union, as Servicer <F2>
(j) Norwest Mortgage, Inc., as Servicer <F1>
(k) Ryland Mortgage Company, as Servicer <F1>
(l) Seattle Mortgage Company, as Servicer <F1>
(m) The Greater New York Savings Bank, as Servicer <F1>
(b) On November 13, 1996, and December 13, 1996, reports on Form 8-K were
filed in order to provide the statements for the monthly distributions
to holders of the Certificates. No reports on Form 8-K have been filed
during the last quarter of the period covered by this report.
(c) Omitted.
(d) Omitted.
<F1> Filed herewith.
<F2> Such document (i) is not filed herewith since such document was not
received by the Reporting Person at least three business days prior to the due
date of this report; and (ii) will be included in a further amendment to the
Original Form 10-K to be filed within 30 days of the Reporting Person's receipt
of such document.
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:
Structured Asset Securities Corporation Mortgage Pass-Through Certificates,
Series 1996-01 Trust
By: Chase Manhattan Bank, N.A., as Trustee
By: Norwest Bank Minnesota, N.A., as Agent for the Trustee
By: /s/ Sherri J. Sharps
By: Sherri J. Sharps
Title: Vice President
Dated: June 24, 1997
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants' as to master
servicing activities or servicing activities as applicable:
(a) American City Mortgage Corproation, as Servicer<F2>
(b) America First Credit Union, as Servicer<F1>
(c) BancOklahoma Mortgage Corp., as Servicer <F1>
(d) Bank of America, as Servicer <F2>
(e) Chase Manhattan Mortgage, as Servicer <F1>
(f) Flagship Bank fsb, as Servicer<F1>
(g) GMAC Mortgage Corporation, as Servicer <F1>
(h) Knutson Mortgage Corporation, as Servicer <F1>
(i) Navy Federal Credit Union, as Servicer <F2>
(j) Norwest Mortgage, Inc., as Servicer <F1>
(k) Ryland Mortgage Company, as Servicer <F1>
(l) Seattle Mortgage Company, as Servicer <F1>
(m) The Greater New York Savings Bank, as Servicer <F1>
99.2 Management Assertion Letter:
(a) American City Mortgage Corproation, as Servicer<F2>
(b) America First Credit Union, as Servicer<F1>
(c) BancOklahoma Mortgage Corp., as Servicer <F1>
(d) Bank of America, as Servicer <F2>
(e) Chase Manhattan Mortgage, as Servicer <F1>
(f) Flagship Bank fsb, as Servicer<F1>
(g) GMAC Mortgage Corporation, as Servicer <F1>
(h) Knutson Mortgage Corporation, as Servicer <F1>
(i) Navy Federal Credit Union, as Servicer <F2>
(j) Norwest Mortgage, Inc., as Servicer <F1>
(k) Ryland Mortgage Company, as Servicer <F1>
(l) Seattle Mortgage Company, as Servicer <F1>
(m) The Greater New York Savings Bank, as Servicer <F2>
99.3 Annual Statements of Compliance with obligations under the
Pooling Agreement or servicing agreement, as applicable, of:
(a) American City Mortgage Corproation, as Servicer<F1>
(b) America First Credit Union, as Servicer<F1>
(c) BancOklahoma Mortgage Corp., as Servicer <F1>
(d) Bank of America, as Servicer <F2>
(e) Chase Manhattan Mortgage, as Servicer <F1>
(f) Flagship Bank fsb, as Servicer<F1>
(g) GMAC Mortgage Corporation, as Servicer <F1>
(h) Knutson Mortgage Corporation, as Servicer <F1>
(i) Navy Federal Credit Union, as Servicer <F2>
(j) Norwest Mortgage, Inc., as Servicer <F1>
(k) Ryland Mortgage Company, as Servicer <F1>
(l) Seattle Mortgage Company, as Servicer <F1>
(m) The Greater New York Savings Bank, as Servicer <F1>
<F1> Filed herewith.
<F2> Such document (i) is not filed herewith since such document was not
received by the Reporting Person at least three business days prior to the due
date of this report; and (ii) will be included in a further amendment to the
Original Form 10-K to be filed within 30 days of the Reporting Person's receipt
of such document.
Deloitte &
Touche LLP
(logo) Suite 1800 Telephone: (801) 328-4706
50 South Main Street Facsimile: (801) 355-7515
Salt Lake City, Utah 84144-0458
INDEPENDENT ACCOUNTANTS' REPORT
To America First Credit Union:
We have examined management's assertion about America First Credit Union's
(AFCU) compliance with the minimum servicing standards identified in the
Mortgage Bankers Association of America (UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS (USAP) as of and for the year ended December 31, 1996 included
in the accompanying management assertion. Management is responsible for AFCU's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about AFCU'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 AFCU'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 AFCU's compliance with the minimum servicing standards.
In our opinion. management's assertion that AFCU complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 1996 is fairly stated, in all material respects.
/s/ Deloitte & Touche LLP
February 19, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
(LOGO) ERNST & YOUNG LLP
3900 One Williams Ctr. (74172) Phone: 918 560 3600
P.O. Box 1529 Fax: 918 560 3691
Tulsa, Oklahoma 74101
Report of Independent Auditors on
Management's Assertion on Compliance with Minimum
Servicing Standards Set Forth in the UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKERS
The Board of Directors
BancOklahoma Mortgage Corp.
We have examined management's assertion that BancOklahoma Mortgage Corp. and
subsidiary (the "Corporation") complied with the minimum servicing standards set
forth in the Mortgage Bankers Association of America's UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKERS ("USAP") during the year ended December
31, 1996, included in the accompanying report titled REPORT OF MANAGEMENT.
Management is responsible for the Corporation's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Corporation'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 the Corporation's compliance with
those requirements 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 the Corporation's compliance with specified requirements.
In our opinion, management's assertion that the Corporation complied with the
aforementioned requirements during the year ended December 31, 1996 is fairly
stated, in all material respects.
/s/ Ernst & Young LLP
March 7, 1997
Ernst & Young LLP is a member of Ernst&Young International, Ltd.
1177 Avenue of the Americas Telephone 212-596-7000
New York, NY 10036 Facsimile 212-596-8910
PRICE WATERHOUSE LLP (LOGO)
REPORT OF INDEPENDENT ACCOUNTANTS
March 28, 1997
To the Stockholder and Board of Directors
of Chase Manhattan Mortgage Corporation
We have examined management's assertion about Chase Manhattan Mortgage
Corporation's (the "Corporation") 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, 1996 included in the accompanying management assertion (see
Exhibit I). The Corporation performs loan subservicing functions for the
residential loan servicing portfolios of Chase Mortgage Services, Inc. and
Chemical Mortgage Company. Management is responsible for the Corporation's
compliance with the 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 the Corporation'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 the Corporation's compliance with the minimum servicing
standards.
In our opinion, management's assertion that, except for instances of
noncompliance described in management's assertion, the Corporation complied with
the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996 is fairly stated, in all material respects.
Instances of noncompliance which occurred during 1996 are more fully discussed
in management's assertion which is set forth in Exhibit I.
/s/ Price Waterhouse LLP
(Logo)
GEO. S. OLIVE & CO. LLC
CERTIFIED PUBLIC ACCOUNTANTS
Independent Accountant's Report
Board of Directors
Flagship Bank fsb
San Diego, California
We have examined management's assertion about Flagship Bank fsb'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 June 30, 1996 included in the accompanying
management assertion. Management is responsible for Flagship Bank fsb'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 Flagship Bank fsb'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 Flagship Bank fsb's Compliance with the minimum servicing
standards.
In our opinion, management's assertion that Flagship Bank fsb complied with the
aforementioned minimum servicing standards as of and for the year ended June 30,
1996 is fairly stated, in all material respects.
/s/Geo. S. Olive & Co. LLC
Evansville, Indiana
August 9, 1996
14TH FLOOR, CITIZENS BANK BUILDING, P.O. BOX 628, EVANSVILLE, INDIANA 47704-0628
(812)428-6500 FAX:(8l2)428-6545
OFFICES LOCATED IN INDIANA AND ILLINOIS MEMBER OF MOORES ROWLAND INTERNATIONAL
Deloitte &
Touche LLP
(logo) Twenty-Fourth Floor Telephone: (215) 246-2300
1700 Market Street Facsimile: (215) 569-2441
Philadelphia, Pennsylvania 19103-3984
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
GMAC Mortgage Corporation:
We have examined management's assertion about GMAC Mortgage Corporation's (the
"Company") 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, 1996 included
in the accompanying management assertion and appendix. Management is responsible
for the Company's compliance with those standards. Our responsibility is to
express an opinion on management's assertion about the Company'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 the 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 the Company's compliance with the minimum servicing
standards.
In our opinion, except as noted in the following paragraph and in the appendix
to management's assertion letter, management's assertion that the Company
complied with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1996, is fairly stated in all material respects.
In two of thirty-two selections made for collections testing, the Company did
not satisfy its modification of the USAP minimum servicing standard for
contacting delinquent mortgagors within the prescribed time frames.
/s/ Deloitte & Touche LLP
February 28, 1997
DELOITTE TOUCHE
TOHMATSU
INTERNATIONAL
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON COMPLIANCE
WITH MINIMUM SERVICING STANDARDS (USAP)
To the Board of Directors of
Knutson Mortgage Corporation:
We have examined management's assertion about Knutson Mortgage Corporation's
(the Company) 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 September 30, 1996 included
in the accompanying management assertion. Management is responsible for the
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 the 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 the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
September 30, 1996 is fairly stated, in all material respects.
/s/ Arthur Andersen LLP
Minneapolis, Minnesota,
December 23, 1996
KNUTSON MORTGAGE CORPORATION
Schedule of USAP Findings and Questioned Costs
September 30, 1996
1. FINDING:
Reconciling items are not being resolved within 90 days of identification
- Account l6OO3
- Account 10099
MANAGEMENT RESPONSE
It is the Company's policy to adhere to all USAP requirements in the
reconciling process. The specific reconciling items found to be in
noncompliance were to be resolved by September 15, 1996. To comply with
this requirement going forward, the Company has implemented new
procedures for resolving reconciling items. Monthly meetings are held
to discuss any items still outstanding in their reviews for items
they fail to resolve within 90 days. Internal audit will continue to
monitor for compliance with USAP requirements through the course of our
regularly scheduled audits.
KPMG Peat Marwick LLP
2500 Ruan Center
P.O. Box 772
Des Moines, IA 50303
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Norwest Mortgage, Inc.:
We have examined management's assertion about Norwest Mortgage Banking'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, 1996, included in the
accompanying management assertion. Management is responsible for Norwest
Mortgage Banking'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 Norwest Mortgage Banking'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 Norwest Mortgage Banking's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Norwest Mortgage Banking complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31, 1996, is fairly stated, in all material respects.
/s/ KPMG Peat Marwick LLP
January 15, 1997
Member Firm of
KPMG International
(logo) ERNST & YOUNG LLP
o One North Charles o Phone: 410 539-7940
Baltimore, Maryland 21201
REPORT ON MANAGEMENT'S ASSERTION ON COMPLIANCE WITH MINIMUM SERVICING
STANDARDS SET FORTH IN THE UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS
Independent Accountants' Report
Board of Directors
Ryland Mortgage Company
We have examined management's assertion that Ryland Mortgage Company (a
wholly-owned subsidiary of The Ryland Group, Inc.) and subsidiaries complied
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
(USAP) during the year ended December 31, 1996, included in the accompanying
report titled REPORT OF MANAGEMENT. Management is responsible for the Company's
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about the Company'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 the Company's compliance with those
requirements 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 the
Company's compliance with specified requirements.
In our opinion, management's assertion that the Company complied with the
aforementioned requirements during the period ended December 31, 1996 is fairly
stated, in all material respects.
/s/ Ernst & Young LLP
January 31, 1997
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
Coopers Coopers & Lybrand L.L.P
& Lybrand a professional services firm
Report of Independent Accountants
on Uniform Single Attestation Program
The Board of Directors
Seattle Mortgage Company
We have examined management's assertion about Seattle Mortgage Company and its
subsidiary's (the "Company") 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
June 30, 1996 included in the accompanying management assertion. Management is
responsible for the 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.
Except as explained in the following paragraph, 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 the 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 the
Company's compliance with the minimum servicing standards.
The procedures employed by the Company do not include maintaining a copy of
property insurance policies for mortgage loans serviced for others; therefore,
our tests did not include tests relating to property insurance policies.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended June 30,
1996 is fairly stated, in all material respects. Because of the matters
discussed in the preceding paragraph, the scope of our work was not sufficient
to express, and we do not express, an opinion on the appropriateness of
maintaining copies of property insurance policies for mortgage loans serviced
for others.
/s/ Coopers & Lybrand LLP
Seattle, Washington
August 30, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
(LOGO) KPMG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
INDEPENDENT ACCOUNTANTS' REPORT
The Board of Directors
The Greater New York Savings Bank:
We have examined management's assertion about The Greater New York Savings Bank
and Subsidiaries' (the "Bank") 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, 1996, included in the accompanying management assertion. Management
is responsible for the Bank's compliance with those minimum servicing standards.
Our responsibility is to express an opinion on management's assertion about the
Bank'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 the Bank'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 of the Bank's compliance with the minimum servicing
standards.
In our opinion, management's assertion that The Greater New York Savings Bank
compiled with the aforementioned minimum servicing standards as of and for the
year ended December 31, 1996 is fairly stated, in all materia1 respects.
/s/ KPMG Peat Marwick LLP
February 21, 1997
(logo) Member Firm of KPMG International
(logo)
AMERICA FIRST
CREDIT UNION
As of and for the year ended December 31, 1996, America First Credit Union
(AFCU) has complied in all material respects with the minimum servicing
standards set forth in the Mortgage Bankers Association of America's UNIFORM
SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS. As of and for this same year,
AFCU had in effect a fidelity bond and errors and omissions policy in the amount
of $10,000,000 and $500,000, respectively.
/s/ Rick Craig
Rick Craig, Executive Vice President February 19, 1997
/s/ Richard Syme February 19, 1997
Richard Syme, Vice President, Controller
/s/ Ron Dille
Ron Dille, Mortgage Servicing Department Manager February 19, 1997
WITH YOU IN MIND
P.O. BOX 9199, OGDEN, UT 84409 (801) 627-0900 SALT LAKE CITY, UT (801) 966-5553
WATS-IN-STATE AND OUT-OF-STATE 1-800-999-3961
www.americafirst.com
(LOGO) BANCOKLAHOMA MORTGAGE CORP.
P.O. Box 35688
7060 South Yale
Tulsa, Oklahoma 74153
Report of Management on Compliance with Minimum
Servicing Standards Set Forth in the UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKERS
The Board of Directors
BancOklahoma Mortgage Corp.
We, as members of management of BancOklahoma Mortgage Corp. and subsidiary (the
"Corporation"), are responsible for complying with the minimum servicing
standards as set forth in the Mortgage Bankers Association of America's UNIFORM
SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS ("USAP"). We are also
responsible for establishing and maintaining effective internal control over
compliance with these standards. We have performed an evaluation of the
Corporation's compliance with the minimum servicing standards as set forth in
the USAP as of December 31, 1996 and for the year then ended. Based on this
evaluation, we assert that during the year ended December 31, 1996, the
Corporation complied with the minimum servicing standards set forth in the USAP.
As of and for the same period, the Corporation had in effect a fidelity bond and
errors and omissions policy in the amount of $15,000,000.
March 7, 1997
/s/ David L. Laughlin /s/ James S. Marshall, Jr.
David L. Laughlin James S. Marshall, Jr.
President Senior Vice President & CFO
17
(logo) CHASE
EXHIBIT I
MANAGEMENT'S ASSERTION
As of and for the year ended December 31, 1996, except as specifically noted
below, Chase Manhattan Mortgage Corporation ("CMMC"), Chase Mortgage Services
Incorporated ("CMSI") and Chemical Mortgage Company ("CMC") and their
subsidiaries (collectively, the "Group") has complied in all material respects
with the minimum servicing standards (the "Standard(s)") set forth in the
Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS (USAP). During the year ended December 31, 1996, certain
instances of non-compliance with the Standards occurred. Except as specifically
noted, the following instances of non-compliance have been remedied and
procedural enhancements have been implemented.
BANK ACCOUNTS
STANDARD: CUSTODIAL BANK ACCOUNTS AND RELATED BANK CLEARING ACCOUNT
RECONCILIATION SHALL BE PREPARED WITHIN FORTY-FIVE (45) DAYS AFTER THE
CUTOFF DATE AND DOCUMENTED RECONCILING ITEMS SHALL BE RESOLVED FROM
THESE RECONCILIATIONS WITHIN NINETY (90) CALENDAR DAYS OF THEIR
ORIGINAL IDENTIFICATION.
Certain of the Group's custodial accounts and related bank clearing
accounts were not consistently reconciled within 45 days during the
year. In addition, reconciling items documented on the reconciliations
were not always resolved within 90 days after identification. Weekly
management reviews have been initiated for the higher volume accounts
to ensure reconciliations are performed and reconciling items are
cleared in accordance with the Standards and new company policy.
Specific project plans have been placed in operation to ensure that the
population of reconciling items is worked and eventually cleared.
Additionally, work orders for technological enhancements to facilitate
the reconciliation process are being developed.
DISBURSEMENTS
STANDARD: UNISSUED CHECKS SHALL BE SAFEGUARDED SO AS TO PREVENT
UNAUTHORIZED ACCESS.
Controls surrounding the Corporation's safeguarding of unissued checks
were determined to be inadequate. There was limited accountability for
checks printed and issued, and multiple employees had system access to
reprint checks. In addition, blank checks for various disbursing
amounts do not have pre-printed serial numbers which would enable area
management to effectively track missing and voided checks. Management
has requested new checks with pre-printed serial numbers on them.
Additionally, management has placed into operation new scanners to be
installed on the Corporation's check printers, which will enable
management to print detailed reports on check printing, handling and
reconciliation via the printer account logs.
(logo) CHASE
MORTGAGOR LOAN ACCOUNTING
STANDARD: ESCROW ACCOUNTS SHALL BE ANALYZED, IN ACCORDANCE WITH THE
MORTGAGOR'S LOAN DOCUMENTS, AT LEAST ON AN ANNUAL BASIS.
During 1996, there were instances in which an escrow analysis was not
performed on certain loans within the required 12-month cycle. These
exceptions were primarily attributed to missing tax or insurance
details required by area management to effectively perform an escrow
analysis. Management is currently utilizing tracking worksheets to
accelerate the information gathering process and is investigate system
upgrades to enable it to more efficiently perform the required escrow
analyses within the established timeframe.
Management believes it has taken definitive actions and implemented controls and
procedures to address and correct the instances of noncompliance which occurred
during 1996.
As of and for the year ended December 31, 1996, the Corporation had in effect
fidelity bond and errors and omissions policies in the amounts of $200,000,000
and $25,000,000, respectively.
/s/ Thomas Jacob 3-25-97
Thomas Jacob Date
Chief Executive Officer
/s/ Steve Rotella 3-24-97
Steve Rotella Date
Executive Vice President
/s/ Glenn Mouridy 3-25-97
Glenn Mouridy Date
Executive Vice President
Chief Financial Officer
/s/ Lucy Gambino 3-24-97
Lucy Gambino Date
Asisstant Vice President - Risk Management
As of and for the year ended June 30, 1996, Flagship Bank fsb has complied in
all material respects with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS. As of and for this same period, Flagship Bank fsb had in
effect a fidelity bond and errors and omissions policy in the amount of
$1,500,000.
/s/ Vincent Kasperick
Vincent Kasperick
President/Chief Executive Officer
SEPTEMBER 24, 1996
Date
/s/ Leslie Levinson
Leslie Levinson
Senior Vice President/Chief Financial Officer
SEPTEMBER 6, 1996
Date
/s/ Sheryl Thomas
Sheryl Thomas
Assistant Vice President/Loan Servicing
SEPTEMBER 24, 1996
Date
GMAC MORTGAGE CORPORATION
100 Witmer Road
P.O. Box 963
Horsham, PA 19044-0963
GMAC
MORTGAGE
February 28, 1997
As of and for the year ended December 31, 1996, except as described in the
attached appendix, GMAC Mortgage Corporation has complied in all material
respects with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program (USAP) for Mortgage
Bankers. As of and for this same period, GMAC Mortgage Corporation had in effect
a fidelity bond and errors and omissions policy in the amount of $60,000,000.
/s/ Edward D. Hughes
Edward D. Hughes
Senior Vice President
Servicing Administration
APPENDIX
Management's assertions are modified by the following items which are derived
from USAP to standards consistent with Company policy, or were noted in the
audit of management's assertions by our independent certified public
accountants.
* The company completes the overwhelming majority (although not all) of its
reconciliations in accordance with USAP procedure I.1 (subpoint 2). During
1996, over 95% of all reconciliations were completed within 45 days of the
related cutoff date.
* The company modifies USAP procedure I. 1 (subpoint 4) to be consistent with
our practice of delaying reconciling item resolution beyond ninety days of
their original identification, if certain prudent criteria are met. If a
reconciling item is being pursued with another party, and has received the
assigned manager's concurrence as a valid outstanding item, it is not cleared
from the reconciliation until the amount is resolved with the applicable
party.
* GMAC Mortgage contacts delinquent customers at various intervals during the
month. Individual contact with all delinquent customers may not fall strictly
within the timeframes published in investor guidelines, however, required
contacts are initiated by each month end and continued as appropriate
thereafter. The majority of contacts and the overall process of initiating
contact with delinquent customers does generally meet stated investor
timeframes.
(logo)
KNUTSON
MORTGAGE CORPORATION
As of and for the year ended September 30, 1996, Knutson Mortgage Corporation
has complied with the minimum servicing standards set forth in the Mortgage
Bankers Association of Americas UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS. As of and for this same period, Knutson Mortgage Corporation had in
effect a fidelity bond and errors and omissions policy in the amount of
$9,000,000.
/s/ Douglas M. Winn
Douglas M. Winn
Senior Vice President
Chief Financial Officer
December 30, 1996
Date
3001 METRO DRIVE / SUITE 400 / MINNEAPOLIS, MINNESOTA 55425 / (612) 204-2600
(logo) NORWEST MORTGAGE Norwest Mortgage, Inc.
Home Campus
Des Moines, IA 50328
515/221-7300
Management Assertion
As of and for the period ended December 31, 1996, Norwest Mortgage Banking has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers. As of and for this same period, Norwest Mortgage
Banking had in effect a fidelity bond and errors and omissions policy in the
amount of $20 Million.
/s/ Mark Oman January 15, 1997
Mark Oman, President and CEO Date
/s/ Alta Jones January 15, 1997
Alta Jones, Senior Vice President & CFO Date
/s/ Cara Heiden January 15, 1997
Cara Heiden, Executive Vice President, Loan Admin. Date
NMFL #0820H 5/96
(logo) RYLAND
MORTGAGE
11000 Broken Land Parkway
Columbia, Maryland
21044-3562
410 715-7500 Tel
410 715-7905 Fax
Management's Assertion on Compliance with Minimum Servicing
Standards Set Forth in the UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS
REPORT OF MANAGEMENT
We, as members of management of Ryland Mortgage Company (a wholly-owned
subsidiary of The Ryland group, Inc.) and subsidiaries, are responsible for
complying with the minimum servicing standards as set forth in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE
BANKERS (USAP). We are also responsible for establishing and maintaining
effective internal control over compliance with these standards. We have
performed an evaluation of the Company's compliance with the minimum servicing
standards as set forth in the USAP as of December 31, 1996 and for the year then
ended. Based on this evaluation, we assert that during the year ended December
31, 1996, the Company complied with the minimum servicing standards set forth in
the USAP.
As of and for this same period, Ryland Mortgage Company had in effect a fidelity
bond and errors and omissions policy in the amounts of $15 million and $10
million respectively.
Very truly yours,
/s/ Michael C. Brown
Michael C. Brown
President of Ryland Mortgage Company and Subsidiaries
/s/ Walter Z. Rigsbee
Walter Z. Rigsbee
Senior Vice President of Ryland Mortgage Company
/s/ Patricia S. Gloth
Patricia S. Gloth
Vice President of Financial Operations
(logo) SEATTLE Administrative Office
MORTGAGE 229 Queen Anne Avenue North
A MORTGAGE BANKER Seattle, WA 98109
Toll Free 1-800-643-6610
(206) 281-1500
Fax (206) 281-5315
http://www.seattlemortgage.com
Management Assertion
Except for as stated in the following paragraph, Seattle Mortgage Company and
Subsidiary (the "Company") has complied in all material respects with the
minimum servicing standards set forth in the Mortgage Bankers Association of
America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS as for the
year ended June 30, 1996.
The procedures employed by the Company do not include maintaining a copy of
property insurance policies for mortgage loans serviced for others; therefore,
our tests did not include tests relating to property insurance policies.
As of and for this same period, the Company had in effect a fidelity bond in the
amount of $1,750,000 and an errors and omissions policy in the amount of
$2,000,000.
/s/ Randall L. Weber
Randall L. Weber
Executive Vice President, Seattle Mortgage Company
/s/Don Delzell
Don Delzell
Vice President Servicing, Seattle Mortgage Company
Dated: September 20, 1996
AMERICAN
CITY MORTGAGE
CORPORATION
Norwest Bank Minnesota, N.A.
11000 Broken Land Pkwy
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 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/Servicng Guide and
to the best of these 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 thereof
has been reported to Norwest Bank Minnesota, N.A.;
(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 Mortgage Property, have been paid and that all such
insurance policies are in full force and effect;
(E) All real estate taxes, governmental assessment 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 to Norwest Bank Minnesota, N.A.;
(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/ Lee M. Gross
Officer
CFO
Title
5/22/97
Date
FHA O VA O CONVENTIONAL
CORPORATE OFFICE: 20501 SOUTH AVALON BOULEVARD, CARSON, CA 90746
310/380-6300 800/366-2262
(logo)
AMERICA FIRST
CREDIT UNION
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 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 and to the best of these 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 thereof has been reported to Norwest Bank Minnesota, N.A.;
(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 to Norwest Bank Minnesota,
N.A.;
(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/Rex Rollo
Officer
Vice President
Title
18 April 1997
Date
WE BELONG TOGETHER!
P.O. BOX 9199, OGDEN, UT 84409 (801) 627-0900 SALT LAKE CITY, UT (801) 966-5553
WATS-IN-STATE AND OUT-OF-STATE 1-800-999-3961
(logo) BANCOKLAHOMA MORTGAGE CORP.
P.O. Box 35688
7060 South Yale
Tulsa, Oklahoma 74153
May 20, 1997
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD
Attn: Tracey Waldman
Re: Officers Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 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 and to
the best of these Officers' knowledge, the Servicer has fulfilled all of its
duties, responsibilities or obligations under these agreements throughout such
year, or it 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 thereof has been reported to Norwest Bank
Minnesota, N.A.;
(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 (if
applicable) and Primary Mortgage Insurance (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 to Norwest Bank Minnesota, N.A.;
(logo)
(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/ Barry Bell
Barry Bell
Sr. Vice President
Title
May 20, 1997
Date
(logo) CHASE
CHASE MANHATTAN MORTGAGE CORPORATION
200 Old Wilson Bridge Road
Worthington, OH 43085-8500
1-800-848-9136 Customer Service
1-800-582-0542 TDD / Text Telephone
Ms Kristen Cronin
Norwest Bank Minnesota, N. A.
Attn: Master Servicing Department
11000 Broken Land Parkway
Columbia, MD 21044
RE: ANNUAL CERTIFICATION
Dear Ms Cronin:
Pursuant to the servicing agreement, the undersigned Officer certifies to the
following:
a) All hazard (or mortgage impairment, if applicable) flood or other
casualty insurance and primary mortgage guaranty insurance premiums,
taxes, ground rents, assessments and other changes have been paid by/in
connection with the Mortgaged Properties;
b) All property inspections have been completed;
c) Compliance relative to Adjustable Rate Mortgages have been met;
d) Compliance with IRS Foreclosure reporting regulations enacted as
IRS Section 6060J by the Deficit Reduction Act, regarding Acquired
and/or Abandonment property have been completed;
e) All loans CMMC services in state that have statutes requiring payment
of interest on escrow/impound accounts have been completed;
f) That such officer has confirmed that the Fidelity Bond, the Errors and
Omissions Insurance Policy, and any other bonds required under the
terms of the Servicing Agreement are in full force and effect.
g) Enclosed is a copy of our most recent independent audit statement.
CERTIFIED BY: /s/ Lucy P. Gambino DATE: March 28, 1997
Lucy P. Gambino
Assistant Vice President
Chase Manhattan Mortgage Corporation
200 Old Wilson Bridge Road
Worthington, OH 43085
S:/rishare/offcert.doc
(logo) Norwest FORM 3000
ANNUAL CERTIFICATIONS FOR
MORTGAGES SERVICED FOR NORWEST
I HEREBY CERTIFY THAT THIS COMPANY'S MORTGAGE OPERATIONS HAVE BEEN EXAMINED
BY AN INDEPENDENT ACCOUNTANT AND AM PROVIDING A COPY OF THE REPORT.
I HEREBY CERTIFY THAT THIS COMPANY HAS THE REQUIRED FIDELITY AND ERRORS AND
OMISSIONS COVERAGE AND THAT NONE OF OUR PRINCIPAL OFFICERS HAVE BEEN
REMOVED FROM THE COVERAGE - OR, IF SO, THAT A DIRECT SURETY BOND HAS BEEN
OBTAINED;
I HEREBY CERTIFY THAT THIS COMPANY HAS REPORTED INFORMATION PERTAINING TO
CERTAIN REAL ESTATE TRANSACTIONS IN COMPLIANCE WITH IRS REQUIREMENTS;
I HEREBY CERTIFY THAT THIS COMPANY HAS PAID ALL HAZARD, FLOOD, OR OTHER
CASUALTY INSURANCE OR MORTGAGE INSURANCE PREMIUMS, TAXES, GROUND RENT,
ASSESSMENTS AND OTHER CHARGES;
I HEREBY CERTIFY THAT THIS COMPANY IS IN COMPLIANCE WITH ANY LAWS,
REGULATIONS, OR CONTACTS THAT REQUIRE PAYMENT OF INTEREST ON THE
MORTGAGORS' ESCROW DEPOSIT ACCOUNTS;
I HEREBY CERTIFY THAT THIS COMPANY HAS REPORTED CERTAIN INFORMATION THAT
PERTAINS TO DELINQUENT AND FORECLOSED MORTGAGES TO THE APPROPRIATE CREDIT
BUREAUS AS REQUIRED;
I HEREBY CERTIFY THAT THIS COMPANY IS COMPLYING WITH THE REQUIREMENTS OF
EXECUTIVE ORDER 11246 AS IT RELATES TO EQUAL EMPLOYMENT OPPORTUNITY AND
NONDISCRIMINATION AGAINST DISABLED VETERANS, VETERANS OF THE VIETNAM ERA,
AND HANDICAPPED INDIVIDUALS;
I HEREBY CERTIFY THAT THIS COMPANY IS COMPLYING WITH 12 U.S.C. SECTION
17O1X WHICH REQUIRES SERVICERS TO NOTIFY ELIGIBLE DELINQUENT BORROWERS
WHOSE MORTGAGES ARE SECURED BY SINGLE-FAMILY PROPERTIES OF THE AVAILABILITY
OF HOMEOWNERSHIP COUNSELLING SERVICES THAT CAN ASSIST THEM IN BECOMING
CURRENT IN THEIR MONTHLY PAYMENTS AND IN OBTAINING INFORMATION ABOUT OTHER
ASPECTS OF FINANCIAL MANAGEMENT;
I HEREBY CERTIFY THAT THIS COMPANY IS PROPERLY LICENSED (OR OTHERWISE
AUTHORIZED) TO ORIGINATE, SELL, OR SERVICE RESIDENTIAL MORTGAGES IN EACH OF
THE JURISDICTIONS IN WHICH IT DOES BUSINESS;
I HEREBY CERTIFY THAT THE CUSTODIAL DEPOSITORIES THAT THIS COMPANY USES
MEET NORWEST ELIGIBILITY CRITERIA.
* USE ADDITIONAL SHEET TO EXPLAIN EXCEPTION(S) TO ANY
CERTIFICATION MADE ABOVE.
SERVICER Flagship Bank, FSB
BY /s/ X
TITLE Asst. V.P. Loan Service Manager
DATE 9-3-96
NORWEST FORM #3000 8/94
GMAC Mortgage Corporation
100 Witmer Road
P.O. Box 963
Horsham, PA 19044-0963
GMAC
MORTGAGE
March 31, 1997
Norwest Bank Minnesota, N.A.
Andy Rosenfeld
Securities Administration Services
11000 Broken Land Parkway
Columbia, Md 21044-3562
Control3O87
ANNUAL STATEMENT OF COMPLIANCE
This is to certify that a review of the activities of GMAC Mortgage Corporation
for the calendar year 1996 has been made and to the best of my knowledge, GMAC
Mortgage Corporation has fulfilled all its obligations under the terms of the
Servicing Agreement.
/s/ Joanne Moore-Baird
Joanne Moore-Baird
Assistant Vice President
Contract Administration
KNUTSON MORTGAGE CORPORATION
3001 METRO DR #400
BLOOMINGTON MN 55425
RE: Officer's Certificate
Dear Master Servicer :
The undersigned Officer certifies the following for the fiscal year ending
September 30, 1996:
(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 and to the best of these 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 thereof has been reported to Norwest Bank Minnesota, N.A;
(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 to Norwest Bank Minnesota,
N.A.;
(F) All Custodial Accounts have been reconciled and are property 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/ Mary L. Sullivan
Officer Mary L. Sullivan
Vice President
Title
1-9-97
Date
NORWEST MORTGAGE, INC.
405 S.W. 5th Street
Des Moines, IA 50328
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 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 and to the best of these 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 thereof has been reported to Norwest Bank Minnesota, N.A.;
(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 to Norwest Bank Minnesota,
N.A.;
(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/ John B. Brown
Officer
Vice President
Title
3-18-97
Date
(logo) RYLAND
MORTGAGE
11000 Broken Land Parkway
Columbia, Maryland
21044-3562
410 715-7500 Tel
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 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 and
to the best of these 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 thereof has
been reported to Norwest Bank Minnesota, N.A.;
(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 to Norwest Bank Minnesota, N.A.;
(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/ Michele Drury
Officer MICHELE DRURY
TITLE VICE PRESIDENT OF LOAN ADMIN.
MAY 13, 1997
Date
(logo) Norwest FORM 3000
Annual Certifications For
Mortgages Serviced For Norwest
I HEREBY CERTIFY THAT THIS COMPANY'S MORTGAGE OPERATIONS HAVE BEEN EXAMINED
BY AN INDEPENDENT ACCOUNTANT AND AM PROVIDING A COPY OF THE REPORT;
I HEREBY CERTIFY THAT THIS COMPANY HAS THE REQUIRED FIDELITY AND ERRORS AND
OMISSIONS COVERAGE AND THAT NONE OF OUR PRINCIPAL OFFICERS HAVE BEEN REMOVED
FROM THE COVERAGE - OR, IF SO, THAT A DIRECT SURETY BOND HAS BEEN OBTAINED;
I HEREBY CERTIFY THAT THIS COMPANY HAS REPORTED INFORMATION PERTAINING TO
CERTAIN REAL ESTATE TRANSACTIONS IN COMPLIANCE WITH IRS REQUIREMENTS;
I HEREBY CERTIFY THAT THIS COMPANY HAS PAID ALL HAZARD, FLOOD, OR OTHER
CASUALTY INSURANCE OR MORTGAGE INSURANCE PREMIUMS, TAXES, GROUND RENTS,
ASSESSMENTS AND OTHER CHARGES;
I HEREBY CERTIFY THAT THIS COMPANY IS IN COMPLIANCE WITH ANY LAWS,
REGULATIONS, OR CONTRACTS THAT REQUIRE PAYMENT OF INTEREST ON THE
MORTGAGORS' ESCROW DEPOSIT ACCOUNTS;
I HEREBY CERTIFY THAT THIS COMPANY HAS REPORTED CERTAIN INFORMATION THAT
PERTAINS TO DELINQUENT AND FORECLOSED MORTGAGES TO THE APPROPRIATE CREDIT
BUREAUS AS REQUIRED;
I HEREBY CERTIFY THAT THIS COMPANY IS COMPLYING WITH THE REQUIREMENTS OF
EXECUTIVE ORDER 11246 AS IT RELATES TO EQUAL EMPLOYMENT OPPORTUNITY AND
NONDISCRIMINATION AGAINST DISABLED VETERANS, VETERANS OF THE VIETNAM ERA,
AND HANDICAPPED INDIVIDUALS;
I HEREBY CERTIFY THAT THIS COMPANY IS COMPLYING WITH 12 U.S.C. SECTION 1701X
WHICH REQUIRES SERVICERS TO NOTIFY ELIGIBLE DELINQUENT BORROWERS WHOSE
MORTGAGES ARE SECURED BY SINGLE-FAMILY PROPERTIES OF THE AVAILABILITY OF
HOMEOWNERSHIP COUNSELLING SERVICES THAT CAN ASSIST THEM IN BECOMING CURRENT
IN THEIR MONTHLY PAYMENTS AND IN OBTAINING INFORMATION ABOUT OTHER ASPECTS
OF FINANCIAL MANAGEMENT;
I HEREBY CERTIFY THAT THIS COMPANY IS PROPERLY LICENSED (OR OTHERWISE
AUTHORIZED) TO ORIGINATE, SELL, OR SERVICE RESIDENTIAL MORTGAGES IN EACH OF
THE JURISDICTIONS IN WHICH IT DOES BUSINESS;
I HEREBY CERTIFY THAT THE CUSTODIAL DEPOSITORIES THAT THIS COMPANY USES MEET
NORWEST ELIGIBILITY CRITERIA.
* USE ADDITIONAL SHEET TO EXPLAIN EXCEPTION(S) TO ANY CERTIFICATION MADE
ABOVE.
SERVICER SEATTLE MORTGAGE COMPANY
BY /s/ Don Delzell
TITLE Vice President
Loan Servicing Department
DATE 10-2-96
NORWEST FORM #3000 6/94
(logo) THE GREATER
The Greater New York Savings Bank
211 Station Road
Mineola, NY 11501
Telephone 516 663-6700
Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Tracey Waldman
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the 1996 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 and
to the best of these 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 thereof has
been reported to Norwest Bank Minnesota, N.A.;
(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 Mortgage 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 to Norwest Bank Minnesota, N.A.;
(F) All Custodian 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/ Maryann Capone
Maryann Capone
First Vice President
May 22, 1997
