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
July 10, 1997
Date of Report
(Date of earliest event reported.)
SECURITY PACIFIC HOME EQUITY TRUST 1991-A
(Exact name of registrant as specified in its charter.)
California 33-38480 33-6097533
(State of Organization (Commission File (IRS Employer
of registrant) Number) Identification No.)
c/o Security Pacific Financial Services Inc., as Master
Servicer 10089 Willow Creek Road, San Diego, California 92131
(619) 578-6150
(Address of Registrant's principal executive office, including
Zip Code, and Registrant's telephone number, including area code)
Not Applicable
(Registrant's former name or address,
if changed since last report)
Total Number of Sequentially
Numbered Pages..................... 10
Exhibit Index Appears on Page...... 5
INTRODUCTORY NOTE
The Registrant, Security Pacific Home Equity Trust
1991-A (the "Trust"), is a trust formed pursuant to a Pooling and
Servicing Agreement"), by and among Security Pacific Financial
Services Inc., First Fenwick Mortgage Corporation, Security
Pacific Consumer Discount Company, Security Pacific Finance
Credit Corp., Security Pacific Financial Services of Des Moines
Inc., Security Pacific Financial Services of Iowa Inc., Security
Pacific Financial Services of Minnesota Inc., Security Pacific
Financial Services of West Virginia Inc., Security Pacific
Industrial Loan Company (now Security Pacific Financial Services
of Washington Inc.) and Security Pacific Realty Corp., as sellers
(the "Sellers"), Security Pacific Financial Services Inc., as
master servicer (the "Master Servicer"), and the First National
Bank of Chicago, as trustee (the "Trustee"). The Trust, which is
the issuer of Home Equity Loan Certificates, Class A-1, Class A-
2, Class B and Class R (the "Certificates"), became subject to
the reporting requirements under Section 13 of the Securities
Exchange Act of 1934 (the "Exchange Act") when the Registration
Statement (No. 33-38480) on Form S-11 (the "Registration
Statement"), filed by the Sellers on behalf of the Trust, became
effective.
Each Certificate evidences an undivided ownership
interest in the Trust. The property of the Trust consists of a
pool of fixed-rate, closed-end, simple interest home equity loans
(the "Home Equity Loans") originated or acquired by the Sellers,
most of which are secured by first, second or third priority
mortgages or deeds of trust on one- to four-family residential
properties and certain moneys received thereunder on and after
January 26, 1991, a collection account, a reserve account, and
certain other assets. The Sellers transferred Home Equity Loans
with an aggregate principal balance of $1,305,221,545.51 to the
Trust on February 25, 1991.
The Certificates consist of two classes of senior
certificates (the Class A-1 Certificates" and the "Class A-2
Certificates") and two classes of subordinated certificates (the
"Class B Certificates" and the "Class R Certificates"). The Class
A-1, Class A-2 and Class B Certificates, in an aggregate
principal amount of $1,305,221,545.51, were offered to the public
pursuant to a prospectus, dated February 20, 1991 ("the
"Prospectus").
The Trust filed an Application for Exemptive Order with
the Securities and Exchange Commission (the "Commission"),
pursuant to Section 12(h) of the Securities Exchange Act for an
exemption from certain reporting requirements under Section 13 of
the Exchange Act. A no-action letter was issued by the
Commission on September 30, 1991. The Trust is filing this Form
8-K in accordance with the terms of such no-action letter.
Item 7. Financial Statement and Exhibits
(c) Exhibits
The following exhibits are filed as part of this
report.
Exhibit No. Description
(21) Monthly Servicing Report covering the period
of May 26, 1997 through June 25, 1997.
(25) Power of Attorney of The First National Bank
of Chicago.*
*Previously filed as an exhibit to Registrant's Monthly
Report on Form 8-K dated January 6, 1994 and incorporated herein
by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this
Report to be signed on its behalf by the undersigned thereunto
duly authorized.
SECURITY PACIFIC HOME EQUITY
TRUST 1991-A
Date: July 2, 1997 THE FIRST NATIONAL BANK OF
CHICAGO, as Trustee
By /s/Michael H. Lutz
Michael H. Lutz
Vice President and Controller
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SECURITY PACIFIC FINANCIAL SERVICES INC.
Page 1
MONTHLY SERVICING REPORT-Security Pacific Home Equity Trust 1991-A
May 26, 1997 through June 25, 1997
A. ORIGINAL DEAL PARAMETER INPUTS
(A) Original Total Portfolio
$1,305,221,545.51
(B) Original Class A-1 Certificate Balance
$1,000,000,000.00
(C) Class A-1 Certificate Rate
8.25%
(D) Original Class A-2 Certificate Balance
$171,436,000.00
(E) Class A-2 Certificate Rate
8.90%
(F) Original Class B Certificate Balance
$133,785,545.51
(G) Class B Certificate Rate
10.50%
(H) Servicing Fee Rate
1.50%
(I) Original Weighted Average Coupon (WAC)
14.86%
(J) Original Weighted Average Remaining Term (WAM)
133.58 months
(K) Number of Contracts
51,552
(L) Reserve Account
(i) Initial Reserve Account Deposit Percentage
1.25%
(ii) Initial Reserve Account Deposit
$16,315,269.32
(iii) Initial Reserve Account Required Amount Percentage
8.75%
(iv) Initial Reserve Account Required Amount
$114,206,885.23
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
(A) Total Portfolio Outstanding
$117,976,446.34
(B) Total Portfolio Pool Factor
0.0903881
(C) Class A-1 Certificate Balance
$0.00
(D) Class A-1 Principal Factor
0.0000000
(E) Class A-2 Certificate Balance
$0.00
(F) Class A-2 Principal Factor
0.0000000
(G) Class B Certificate Balance
$64,421,772.75
(H) Class B Principal Factor
0.4815301
(I) Reserve Account Balance
$0.00
(J) Cumulative Net Losses for All Prior Periods
$84,991,421.61
(K) Weighted Average Coupon of Remaining Portfolio (WAC)
14.44%
(L) Weighted Average Remaining Term of Remaining Portfolio (WAM)
80.05 months
(M) Number of Contracts
6,209
C. INPUTS FROM THE MAINFRAME
(A) Ending Total Portfolio Outstanding
$114,202,525.71
(B) Ending Total Portfolio Pool Factor
0.0874967
(C) Ending Class A-1 Certificate Balance
$0.00
(D) Ending Class A-1 Principal Factor
0.0000000
(E) Ending Class A-2 Certificate Balance (B(E)-I(I))
$0.00
(F) Ending Class A-2 Principal Factor
0.0000000
(G) Ending Class B Certificate Balance
$60,517,796.73
(H) Ending Class B Principal Factor
0.4523493
(I) Simple Interest Mortgage Loans
(i) Principal Payments Received
$3,190,701.91
(ii) Interest Payments Received
$1,430,328.22
(iii) Repurchased Mortgage Loans Principal
$0.00
(iv) Repurchased Mortgage Loans Interest
$0.00
(J) Weighted Average Coupon of Remaining Portfolio (WAC)
14.42%
(K) Weighted Average Remaining Maturity of Remaining Portfolio (WAM)
79.45 months
(L) Remaining Number of Mortgage Loans
6,018
(M) Delinquent Mortgage Loans
Contracts Amount
(i) 30-59 Days Delinquent
414 6.88% $9,948,742.28 8.71%
(ii) 60-89 Days Delinquent
49 0.81% $983,897.31 0.86%
(iii) 90 Days or More Delinquent
114 1.89% $3,585,538.26 3.14%
(iv) Real Estate Owned
47 0.78% $2,147,860.00 1.88%
Total: ##### 14.59%
D. INPUTS DERIVED FROM OTHER SOURCES
(A) Collection Account Investment Income -- Paid to Servicer
$0.00
(B) Reserve Account Investment Income -- Paid to Servicer
$0.00
(C) Aggregate Net Losses for Collection Period
$583,218.72
(D) Liquidated Mortgage Loans
(i) Gross Principal Losses on Liquidated Mortgage Loans and Partial
$643,610.77
Chargeoffs
(ii) Liquidation Proceeds Received during the Collection Period
$35,146.00
(iii) Liquidation Expenses Deducted from Liquidation Proceeds
$0.00
(iv) Net Liquidation Proceeds on Liquidated Mortgage Loans
$35,146.00
(v) Liquidation Expenses not Deducted From Liquidation Proceeds
$149,453.00
(vi) Recoveries on Previously Liquidated Mortgage Loans
$25,246.05
(vii) Liquidation Expenses in excess of Liquidation Proceeds
$0.00
(viii) Liquidation Expenses not previously Deducted from Liquidation
Proceeds for Real Estate Sold During the Collection Period
$30,396.00
(ix) Liquidation Expenses not previously Deducted from Liquidation
Proceeds for Real Estate Sold Prior to the Collection Period
($24,502.96)
Information Security Classification: Public
SECURITY PACIFIC FINANCIAL SERVICES INC.
Page 2
MONTHLY SERVICING REPORT-Security Pacific Home Equity Trust 1991-A
May 26, 1997 through June 25, 1997
I. COLLECTIONS
(A) Principal Payments Received
$3,190,701.91
(B) Interest Payments Received
$1,430,328.22
(C) Aggregate Net Liquidation Proceeds Received (included in I(A))
$35,146.00
(D) Aggregate Insurance Proceeds Received (included in I(A))
$0.00
(E) Aggregate Purchase Price of Home Equity Loans Repurchased from Trust
$0.00
(included in I(A))
(F) Interest on Repurchased Home Equity Loans (included in I(B))
$0.00
(G) Recoveries on previously liquidated mortgage loans (included in I(A))
$25,246.05
(H) Total Collections (A+B)
$4,621,030.13
(I) Total Principal Collections & Net Losses (A+D(C))
$3,773,920.63
(J) Available Funds (H-II(A)-II(B))
$4,467,666.53
II. DISTRIBUTIONS
(A) Servicing Fee (A(H)/12*III(A)i)
$147,470.56
(B) Reimbursement of Master Servicer-Liquidation Expenses Not Deducted
$5,893.04
From Proceeds(D(D)(viii)+D(D)(ix))
(C) Class A-1 Monthly Interest Payment (A(C)/12*III(A)iii)
$0.00
(D) Class A-2 Monthly Interest Payment (A(E)12*III(A)v)
$0.00
(E) Monthly Principal to Class A-1
$0.00
(F) Monthly Principal to Class A-2 (I(I))
$0.00
(G) Class B Monthly Interest Payment (A(G)/12*III(A)vii)
$563,690.51
(H) Deposit to Reserve Account to Maintain Required Amount (IV(G))
$0.00
(I) Monthly Principal to Class B -- Excess above Reserve Account Required
$3,903,976.02
Amount
(J) Total Amount Distributed (C+D+E+F+G+H+I)
$4,467,666.53
(K) Excess Collections -- Additional Amount Remitted to Class B
Certificateholder $130,055.39
MAX(0,(I(J)-I(J)-II(G)))
III. POOL BALANCES AND PORTFOLIO INFORMATION
(A) Beginning Balances and Principal Factors
(i) Total Pool Balance
$117,976,446.34
(ii) Total Pool Factor
0.0903881
(iii) Class A-1 Certificate Balance
$0.00
(iv) Class A-1 Principal Factor
0.0000000
(v) Class A-2 Certificate Balance
$0.00
(vi) Class A-2 Principal Factor
0.0000000
(vii) Class B Certificate Balance
$64,421,772.75
(viii) Class B Principal Factor
0.4815301
(B) Ending Balances and Principal Factors
(i) Total Pool Balance
$114,202,525.71
(ii) Total Pool Factor
0.0874967
(iii) Class A-1 Certificate Balance (A(iii)-II(D))
$0.00
(iv) Class A-1 Principal Factor
0.0000000
(v) Class A-2 Certificate Balance (A(v)-II(E))
$0.00
(vi) Class A-2 Principal Factor
0.0000000
(vii) Class B Certificate Balance (A(vii)-II(H))
$60,517,796.73
(viii) Class B Principal Factor
0.4523493
(C) Beginning of Period Portfolio Information
(i) Weighted Average Coupon (WAC)
14.44%
(ii) Weighted Average Remaining Maturity (WAM)
80.05 months
(iii) Remaining Number of Contracts
6,209
(D) End of Period Portfolio Information
(i) Weighted Average Coupon (WAC)
14.42%
(ii) Weighted Average Remaining Maturity (WAM)
79.45 months
(iii) Remaining Number of Contracts
6,018
Information Security Classification: Public
SECURITY PACIFIC FINANCIAL SERVICES INC.
Page 3
MONTHLY SERVICING REPORT-Security Pacific Home Equity Trust 1991-A
May 26, 1997 through June 25, 1997
IV. RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Reserve Account Balance
$0.00
(B) Reserve Account Draw for Class A Formula Amount and Class B Interest
-- (Max(0,II(C)+II(D)+II(E)+II(F)+II(G)-I(J))
$0.00
(C) Reserve Account Balance Prior to Release or Deposits (A-B)
$0.00
(D) Reserve Account Required Amount (See Reduction Tests in VI)
$0.00
(E) Amount Necessary to Reach Reserve Account Required Amount
$0.00
(F) Excess of Reserve Account over Reserve Account Required Amount
$0.00
(G) Deposit to Reserve Account to Maintain Required Amount --
$0.00
(Min(E,I(J)-II(B)-II(C)-II(D)-II(E)-II(F)))
(H) Release to Class B Certificateholder from Reserve Account Excess (F)
$0.00
(I) Ending Reserve Account Balance (C+G-H)
$0.00
V. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
(A) Aggregate Net Losses for Collection Period
$583,218.72
(B) Liquidated Mortgage Loans
(i) Gross Principal Losses on Liquidated Mortgage Loans
$643,610.77
(ii) Net Liquidation Proceeds on Liquidated Mortgage Loans
$35,146.00
(iii) Recoveries on Previous Liquidated Mortgage Loans
$25,246.05
(C) Cumulative Net Losses for all Periods
$85,574,640.33
(D) Delinquent Mortgage Loans
Contracts Amount
(i) 30-59 Days Delinquent
414 6.88% $9,948,742.28 8.71%
(ii) 60-89 Days Delinquent
49 0.81% $983,897.31 0.86%
(iii) 90 Days or More Delinquent
114 1.89% $3,585,538.26 3.14%
(iv) Real Estate Owned
47 0.78% $2,147,860.00 1.88%
VI. TESTS FOR DECLINE OF RESERVE ACCOUNT REQUIRED AMOUNT
(A) Ratio of Defaulted Home Equity Loans plus Real Estate Owned to Pool
Balance
(i) First Collection Period Preceding the Anniversary Date
6.70%
(ii) Second Collection Period Preceding the Anniversary Date
6.53%
(iii) Third Collection Period Preceding the Anniversary Date
6.65%
(iv) Three Month Average (Avg(i,ii,iii))
6.63%
(B) Principal Balance of Home Equity Loans Delinquent 30 Days or More plus
Real Estate Owned as a Percentage of Total Pool Balance
(i) First Collection Period Preceding the Anniversary Date
15.71%
(ii) Second Collection Period Preceding the Anniversary Date
14.64%
(iii) Third Collection Period Preceding the Anniversary Date
15.23%
(iv) Three Month Average (Avg(i,ii,iii))
15.19%
(C) Aggregate Net Losses on Liquidated Home Equity Loans for the Period
from the Cut-Off Date to the Anniversary Dates as a Percentage of
the Cut-Off Date Pool Balance
(i) Cumulative for all Collection Periods (V(C)/A(A))
6.56%
(ii) March 1995 Anniversary Date
5.43%
(iii) March 1996 Anniversary Date
6.08%
(iv) March 1997 Anniversary Date
0.00%
Information Security Classification: Public
SECURITY PACIFIC FINANCIAL SERVICES INC.
Page 4
MONTHLY SERVICING REPORT-Security Pacific Home Equity Trust 1991-A
May 26, 1997 through June 25, 1997
VII. STATEMENT TO CERTIFICATEHOLDERS -
INFORMATION PER SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT
Total Amount Per $1000
(A) Principal Payments to Class A-1 Certificateholders for Current
Distribution Date.
(i) Class A-1 Monthly Principal Distributed
$0.00 $0.00000000
(ii) Unpaid Monthly Principal Shortfall Included in such
Distribution
0.00 0.00000000
(iii) Monthly Principal Shortfall for Current Distribution Date
0.00 0.00000000
(iv) Remaining Unpaid Monthly Principal Shortfall
0.00 0.00000000
(B) Interest Payments to Class A-1 Certificateholders for Current
Distribution Date.
(i) Class A-1 Monthly Interest Distributed
$0.00 $0.00000000
(ii) Unpaid Class A-1 Interest Shortfall Included in such
Distribution
0.00 0.00000000
(iii) Class A-1 Interest Shortfall for Current Distribution Date
0.00 0.00000000
(iv) Remaining Unpaid Class A-1 Interest Shortfall
0.00 0.00000000
(C) Class A-1 Certificate Balance and Class A-1 Principal Factor after
Distribution of Principal.
(i) Class A-1 Certificate Balance
$0.00 $0.00000000
(ii) Class A-1 Principal Factor
0.0000000
(D) Principal Payments to Class A-2 Certificateholders for Current
Distribution Date.
(i) Class A-2 Monthly Principal Distributed
$0.00 $0.00000000
(ii) Unpaid Monthly Principal Shortfall Included in such
Distribution
0.00 0.00000000
(iii) Monthly Principal Shortfall for Current Distribution Date
0.00 0.00000000
(iv) Remaining Unpaid Monthly Principal Shortfall
0.00 0.00000000
(E) Interest Payments to Class A-2 Certificateholders for Current
Distribution Date.
(i) Class A-2 Monthly Interest Distributed
$0.00 $0.00000000
(ii) Unpaid Class A-2 Interest Shortfall Included in such
Distribution
0.00 0.00000000
(iii) Class A-2 Interest Shortfall for Current Distribution Date
0.00 0.00000000
(iv) Remaining Unpaid Class A-2 Interest Shortfall
0.00 0.00000000
(F) Class A-2 Certificate Balance and Class A-2 Principal Factor after
Distribution of Principal.
(i) Class A-2 Certificate Balance
$0.00 $0.00
(ii) Class A-2 Principal Factor
0.0000000
(G) Principal Payments to Class B Certificateholders for Current
Distribution Date.
(i) Class B Monthly Principal Distributed
$3,903,976.02 ###########
(ii) Unpaid Monthly Principal Shortfall Included in such
Distribution
$0.00 $0.00000000
(iii) Monthly Principal Shortfall for Current Distribution Date
$0.00 $0.00000000
(iv) Remaining Unpaid Monthly Principal Shortfall
$0.00 $0.00000000
(H) Interest Payments to Class B Certificateholders for Current
Distribution Date.
(i) Class B Monthly Interest Distributed
$563,690.51 $4.21338873
(ii) Unpaid Class B Interest Shortfall Included in such Distribution
0.00 $0.00000000
(iii) Class B Interest Shortfall for Current Distribution Date
0.00 $0.00000000
(iv) Remaining Unpaid Class B Interest Shortfall
0.00 $0.00000000
(I) Class B Certificate Balance and Class B Principal Factor after
Distribution of Principal.
(i) Class B Certificate Balance
$60,517,796.73 $452.35
(ii) Class B Principal Factor
0.4523493
(J) Beginning Total Pool Balance and Total Pool Factor for the Next
Collection Period.
(i) Beginning Total Portfolio Pool Balance
$114,202,525.71
(ii) Beginning Total Portfolio Pool Factor
0.0874967
(K) Number and Aggregate Principal Balance of Home Equity Loans which are
delinquent 30 Days or More at the End of the Current Collection
Period.
Contracts Amount
(i) 30-59 Days Delinquent
414 6.88% $9,948,742.28 8.71%
(ii) 60-89 Days Delinquent
49 0.81% $983,897.31 0.86%
(iii) 90 Days or More Delinquent
114 1.89% $3,585,538.26 3.14%
(iv) Real Estate Owned
47 0.78% $2,147,860.00 1.88%
Information Security Classification: Public
SECURITY PACIFIC FINANCIAL SERVICES INC.
Page 5
MONTHLY SERVICING REPORT-Security Pacific Home Equity Trust 1991-A
May 26, 1997 through June 25, 1997
(L) Number and Aggregate Principal Balances of Home Equity Loans in
Foreclosure and the Book Value of any Real Estate Acquired through
Foreclosure or a Deed in Lieu of Foreclosure.
(i) Number of Home Equity Loans in Foreclosure
164
(ii) Aggregate Principal Balance of Loans in Foreclosure
$6,419,334.88
(iii) Book Value of any Real Estate Acquired or Deed in Lieu of
$2,891,321.00
Foreclosure
(M) Number and Aggregate Principal Balances of Home Equity Loans Including
the Home Equity Loans as to which the Trust has Acquired by
Foreclosure or Deed in Lieu of Foreclosure.
(i) Number of Home Equity Loans (C(L))
6,018
(ii) Aggregate Principal Balance of Home Equity Loans (C(A))
$114,202,525.71
(N) Number and Aggregate Principal Balances of Home Equity Loans
Repurchased by any Seller or the Master Servicer during the
Current Collection Period.
(i) Number of Home Equity Loans Repurchased
0
(ii) Aggregate Principal Balance of Home Equity Loans Repurchased
$0.00
(C(I)(iii))
(O) Amount of Monthly Servicing Fee Paid to the Master Servicer and the
Amount Reimbursed to the Master Servicer in Respect of Liquidation
Expenses
(i) Amount of Monthly Servicing Fee Paid (II(A))
$147,470.56
(ii) Amount Reimbursed (D(D)(iii)+D(D)(viii)+D(D)(ix))
$5,893.04
(P) Amount of Withdrawal from the Reserve Account included in the
Amounts Distributed to the Class A or the Class B Certificateholders
and the Amount in the Reserve Account After Giving Effect to such
Distribution.
(i) Amount of Withdrawal from the Reserve Account
$0.00
(ii) Amount in the Reserve Account after such Withdrawal
$0.00
OFFICER'S CERTIFICATE
All computations reflected in this Distribution Date Monthly Servicing
Report were made in conformity with the Pooling and Servicing Agreement.
____________________________
Michael H. Lutz
Vice President and Controller
Information Security Classification: Public
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