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 [FEE REQUIRED] *
For the fiscal year ended December 31, 1994
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File No.: 33-69738
Paine Webber Mortgage Acceptance Corporation IV, Mortgage Pass-Through
Certificates, Series 1994-7 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)
52-1880590
(I.R.S. Employer Identification No.)
c/o First Bank National Association
180 East Fifth Street
Corporate Trust, 2nd Floor
St. Paul, MN 55101
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (612) 244-6000
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
* Previously paid with Original Form 10-K.
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 30,
1995 by Securitized Asset Services Corporation (the "Reporting Person"), on
behalf of Paine Webber Mortgage Acceptance Corporation IV, Mortgage Pass-
Through Certificates, Series 1994-7 Trust (the "Trust"), established
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") among Paine Webber Mortgage Acceptance Corporation IV (the
"Company"), as depositor, a trustee and a master servicer (or, if
applicable, a servicer) and in some instances, a certificate administrator,
pursuant to which the Paine Webber Mortgage Acceptance Corporation IV,
Mortgage Pass-Through Certificates, Series 1994-7 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
In accordance with the no action letter from the Office of Chief
Counsel of the Division of Corporation Finance, Securities and
Exchange Commission (the "No Action Letter "), the following
exhibits are or will be provided:
99.1 Annual Report of Independent Public Accountants as to
master servicing activities or servicing activities, as
applicable, of:
(a) Chemical Mortgage Company, as Servicer<F1>
99.2 Annual Statement of Compliance with obligations under the
Pooling and Servicing Agreement or servicing agreement, as
applicable, of:
(a) Chemical Mortgage Company, as Servicer<F1>
(b) On May 26, 1994, a report on Form 8-K was filed by the Company in
order to provide the Pooling and Servicing Agreement for the
Certificates.
On October 7, 1994, November 8, 1994, and December 14, 1994, reports
on Form 8-K were filed by the Company in order to provide the
statements for the monthly distributions to holders of the
Certificates. No other reports on Form 8-K have been filed during the
last quarter for the period covered by the Original Form 10-K.
(c) Omitted pursuant to the No Action Letter.
(d) Omitted pursuant to the No Action Letter.
<F1> Filed herewith.
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:
PAINE WEBBER MORTGAGE ACCEPTANCE CORPORATION IV, MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 1994-7 TRUST
By: PAINE WEBBER MORTGAGE ACCEPTANCE CORPORATION IV,
as Issuer
Name: /s/Mark I. Tecotzky
Name: Mark I. Tecotzky
Title: Managing director
Dated: May 30, 1996
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants as to master
servicing activities or servicing activities, as applicable.
(a) Chemical Mortgage Company, as Servicer<F1>
99.2 Annual Statement of Compliance with obligations under the Pooling and
Servicing Agreement or servicing agreement, as applicable.
(a) Chemical Mortgage Company, as Servicer<F1>
<F1> Filed herewith.
The Huntington Center
41 South High Street
Columbus, OH 43215
Telephone 614 365 7000
Price Waterhouse LLP (PW logo)
REPORT OF INDEPENDENT ACCOUNTANTS
ON UNIFORM SINGLE AUDIT PROGRAM FOR MORTGAGE BANKERS
January 10, 1995
To the Board of Directors and Stockholder of
Chemical Mortgage Company
We have audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Chemical Mortgage
Company, a wholly owned subsidiary of Chemical Bank, as of December
31, 1994 and the related consolidated statements of income and
retained earnings and of cash flows for the year then ended, and have
issued our report thereon dated January 10, 1995.
The audit referred to above included tests of the records and
documents relating to mortgage loans serviced for others in
accordance with the requirements of the UNIFORM SINGLE AUDIT
PROGRAM FOR MORTGAGE BANKERS. Our audit disclosed no exceptions
or errors in the records relating to mortgage loans serviced for
others that, in our opinion, paragraph 4 of that Program requires
us to report, except as described in the following two
paragraphs.
Our review of twenty-nine loan files revealed nine loans for which escrow
analyses were not prepared within twelve months of the prior analyses, as
required by the Uniform Single Audit Program for Mortgage Bankers. Upon
further review, we discovered that Chemical Mortgage Company prepared no
escrow analyses from February 1994 through April 1994 as a result of a
conversion to a new computer system which occurred in February 1994.
Management recognizes the need to perform escrow analyses on an annual
basis, and since May 1994 has made system enhancements as well as
procedural changes in order to rectify the situation.
Our review of twenty trust fund bank account reconciliations, revealed that
fourteen of them were not prepared within 45 days of the investor cut-off
date. Management recognizes the need to perform timely account
reconciliations, and expects all trust accounts to be reconciled on a
current basis by June 1995.
Chemical Mortgage Company's insurance coverage includes a Mortgage Bankers
Blanket Bond of $160,000,000 and Errors and Omissions coverage of
$25,000,000. The premiums on these policies have been paid to March 31,
1995 and December 31, 1997, respectively. The current level of coverage is
adequate as it exceeds the $20,000,000 maximum coverage requirement
established by the U.S. Department of Housing and Urban Development. The
Company has received waivers from FNMA and FHLMC limiting the Errors &
Omissions coverage requirement to the current level of $25,000,000.
We are independent accountants with respect to Chemical Mortgage
Company within the meaning of the Code of Professional Conduct of
the American Institute of Certified Public Accountants.
This report is intended solely for the information and use of the Board of
Directors and management of Chemical Mortgage Company and for the investors
in loans serviced by Chemical Mortgage Company and the independent
auditors of those investors and should not be used for any other
purpose.
/s/ Price Waterhouse LLP
(logo) CHEMICAL
CHEMICAL RESIDENTIAL MORTGAGE CORPORATION
Chemical Residential Mortgage Corporation
200 Old Wilson Bridge Road
Worthington, OH 43085-8500
1-800-848-9136 Customer Service
1-800-582-0542 TDD/Text Telephone
April 11, 1995
Frances Hartley
SASCOR
7435 New Technology Way
Frederick, MD 21701
RE: SASCOR
To whom it may concern:
In compliance with the servicing agreement, please find enclosed
the 1994 Annual Certification on SASCOR for your files.
This certifies that Chemical Residential Mortgage Corporation has
reviewed the loans that we service for SASCOR and have found that
to the best of our knowledge and belief there is adequate fire and
extended coverage insurance in force for each loan to at least
the extent as is required by the various mortgage agreements.
Mortgagee endorsements are in place on the insurance policies for
the protection of SASCOR.
This further certifies that by examination of the loans, we have
found that to the best of our knowledge and belief all real
estate taxes, assessments, or other charges levied against the
various mortgaged properties have been paid.
If I may be of further service to you, please contact me at (614)
842-7722.
Very truly yours,
/s/Lucy P. Gambino
Lucy P. Gambino
Assistant Vice President
LPG/mmh
An affiliate of Chemical Bank
