SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 3
(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.: 33-63586-08
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates, Series
1994-5 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)
52-1880589
(I.R.S. Employer Identification No.)
c/o First Bank National Association
180 East Fifth Street
Corporate Trust, 2nd Floor
St. Paul, Minnesota 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 the Original Form 10-K.
This Amendment No. 3 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, 1994 by Securitized Asset Services Corporation (the "Reporting
Person"), on behalf of Securitized Asset Sales, Inc. Mortgage Pass-Through
Certificates, Series 1994-5 Trust (the "Trust"), established pursuant to a
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement")
among Securitized Asset Sales, Inc. (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 Securitized
Asset Sales, Inc. Mortgage Pass-Through Certificates, Series 1994-5
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 Corporate Finance, Securities and
Exchange Commission dated May 11, 1994 (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) Chase Manhattan Mortgage Corporation (Formerly
American Residential Mortgage Corporation), as
Servicer<F2>
(b) Arbor National Mortgage, Inc., as Servicer<F1>
(c) BancBoston Mortgage Corporation, as Servicer<F2>
(d) Imperial Credit Industries, Inc., as Servicer<F3>
99.2 Annual Statement of Compliance with obligations under the
Pooling and Servicing Agreement or servicing agreement, as
applicable, of:
(a) Chase Manhattan Mortgage Corporation (Formerly
American Residential Mortgage Corporation), as
Servicer<F2>
(b) Arbor National Mortgage, Inc., as Servicer<F1>
(c) BancBoston Mortgage Corporation, as Servicer<F3>
(d) Imperial Credit Industries, Inc., as Servicer<F3>
(b) 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 of the period covered by this report.
(c) Omitted pursuant to the No Action Letter.
(d) Omitted pursuant to the No Action Letter.
<F1> Pursuant to the No Action Letter, 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 the Original Form 10-K; 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.
<F2> Previously filed.
<F3> 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:
SECURITIZED ASSET SALES, INC. MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 1994-5 TRUST
By: NORWEST BANK MINNESOTA, N.A.,
as Master Servicer
By: /s/Sherri J. Sharps, as attorney-in-fact
By: Sherri J. Sharps, as attorney-in-fact
Title: Vice President - Securities Administration Services
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) Chase Manhattan Mortgage Corporation (Formerly American
Residential Mortgage Corporation), as Servicer<F2>
(b) Arbor National Mortgage, Inc., as Servicer<F1>
(c) BancBoston Mortgage Corporation, as Servicer<F2>
(d) Imperial Credit Industries, Inc., as Servicer<F3>
99.2 Annual Statement of Compliance with obligations under the Pooling and
Servicing Agreement or servicing agreement, as applicable.
(a) Chase Manhattan Mortgage Corporation (Formerly American
Residential Mortgage Corporation), as Servicer<F2>
(b) Arbor National Mortgage, Inc., as Servicer<F1>
(c) BancBoston Mortgage Corporation, as Servicer<F3>
(d) Imperial Credit Industries, Inc., as Servicer<F3>
<F1> Pursuant to the No Action Letter, 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 the Original Form 10-K;
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.
<F2> Previously filed.
<F3> Filed herewith.
(Logo) KPMG Peat Marwick LLP
725 South Figueroa Street
Los Angeles, CA 90017
The Board of Directors
Imperial Credit Industries, Inc.:
We have audited, in accordance with generally accepted auditing standards,
the consolidated balance sheet of Imperial Credit Industries, Inc. and
subsidiaries as of December 31, 1994, and the related consolidated
statements of income, changes in shareholders' equity and cash flows for
the year then ended, and have issued our report thereon dated April 14,
1995.
Our audit referred to above included tests relating to mortgage loans
serviced for others in accordance with requirements of the Uniform Single
Audit Program for Mortgage Bankers (the "Program"). Our audit disclosed
no items of non-compliance that, in our opinion, are reportable in
accordance with paragraph 4 of the Program, except for:
As of December 31, 1994, the Company was required by the Federal Home
Loan Mortgage Corporation to have fidelity insurance with a maximum
deductible of $270,989. The Company's policy reflected a deductible
of $325,000. Management has informed us that they intend to lower the
deductible on the Company's policy in compliance with the
requirements.
On the September 15, 1994 P&I custodial reconciliations we noted
several items totaling $1,502,765 not clearing within 90 days. On the
T&I custodial reconciliation for August 15, 1994, we noted an
unidentified difference of $118,406. In subsequent reconciliations,
all items were identified and cleared. On an August 31, 1994 P&I
custodial reconciliation we noted an item for $98,081 not clearing
with 90 days.
We are independent Certified Public Accountants with respect to Imperial
Credit Industries, Inc. within the meaning of the Code of Professional
Ethics of the American Institute of Certified Public Accountants.
This report is intended for the information and use of the Board of
Directors and management of Imperial Credit Industries, Inc., investors in
the mortgage loans serviced for others by Imperial Credit Industries, Inc.
and the independent auditors of such investors and should not be used for
any other purpose.
/S/KPMG Peat Marwick LLP
April 14, 1995
(logo) Member firm of Klynveld Peat Marwick Goerdeler
(logo) BancBoston Mortgage Corporation
A Bank of Boston Company
February 22, 1996
Ms. Francis Hartley
Securitized Asset Services Corporation
5325 Spectrum Drive
Frederick, MD 21701
Re: Annual Compliance Certification
For the Period June 1 - December 31, 1994
Dear Ms. Hartley:
BancBoston Mortgage Corporation (BBMC) has reviewed its servicing
activities on the residential mortgage loans BBMC services on behalf of
Securitized Asset Services Corporation. This review was conducted for the
purpose of determining if the servicer has met all servicing obligations
under the agreement covering these mortgage loans.
BBMC, upon my investigation and to the best of my knowledge, has conducted
its servicing activities in compliance with the agreement and is not in
default in the fulfillment of any obligations of the agreement. Further,
all real estate taxes and hazard insurance premiums have been paid as and
when due.
Should you have any questions please contact Lynda M. Powhat at (904) 281-
3526.
Sincerely,
/s/ Megan E. Fanin
First Vice President
lp
7301 Baymeadows Way, Jacksonville, Florida 32256, Post Office Box 44090,
Jacksonville, Florida 32231-4090
Imperial Credit Industries Inc.
Certification for SASCOR
Effective date 3-27-96
I, the undersigned, hereby certify as to each Mortgage Loan being serviced
by Imperial Credit Industries, Inc. the following:
I am an officer of Imperial Credit Industries, Inc. and I am empowered
and authorized to issue this Certification.
All taxes, ground rents and assessments for the Mortgages and/or
REO have been paid.
All insurance premiums for flood or other casualty insurance have been
paid and all necessary policies to ensure insurance coverage for the
mortgage loans and/or REO are in force.
All bonds, mortgages, and title policies are held by Imperial Credit
Industries, Inc.
SIGNATURE OF OFFICER: /s/ Lito Ora
TYPED NAME OF AUTHORIZED OFFICER: Lito Ora
TITLE OF SAME OFFICER: Investor Reporting Manager
DATE OF SIGNATURE: 3-27-96
