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.: 33-55638-07
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates, Series
1993-8 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)
52-1860637, 52-1860660,
52-1860658, 52-1860657
(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 1993-8 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 1993-8 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) The Prudential Home Mortgage Company, Inc., as
Servicer<F2>
(b) GMAC Mortgage Corporation of Pennsylvania, as
Servicer <F2>
(c) Ryland Mortgage Company, as Master Servicer<F3>
(1) GE Capital Mortgage Services, Inc., as
Servicer<F3>
(2) Western Financial Savings Bank, as
Servicer<F2>
(d) Countrywide Funding Corporation, as Servicer<F2>
(e) PHH U.S. Mortgage Corporation, as Servicer<F2>
(f) Providian Capital Management Real Estate Services
(formerly Capital Holding Corporation), as
Servicer<F3>
(g) North American Mortgage Company, as Servicer<F2>
99.2 Annual Statement of Compliance with obligations under the
Pooling and Servicing Agreement or servicing agreement, as
applicable, of:
(a) The Prudential Home Mortgage Company, Inc., as
Servicer<F2>
(b) GMAC Mortgage Corporation of Pennsylvania, as
Servicer<F2>
(c) Ryland Mortgage Company, as Master Servicer<F3>
(1) GE Capital Mortgage Services, Inc., as
Servicer<F3>
(2) Western Financial Savings Bank, as
Servicer<F3>
(d) Countrywide Funding Corporation, as Servicer<F2>
(e) PHH U.S. Mortgage Corporation, as Servicer<F2>
(f) Providian Capital Management Real Estate Services
(formerly Capital Holding Corporation), as
Servicer<F3>
(g) North American Mortgage Company, as Servicer<F2>
(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.
<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
1993-8 TRUST
By: NORWEST BANK MINNESOTA, N.A.
as Master Servicer
Name: /s/Sherri J. Sharps, as attorney-in-fact
Name: Sherri J. Sharps, as attorney-in-fact
Title: Vice President - Securities Administration Services
Dated: May 31, 1996
EXHIBIT INDEX
Exhibit No.
99.1 Annual Report of Independent Public Accountants as to
master servicing activities or servicing activities, as
applicable, of:
(a) The Prudential Home Mortgage Company, Inc., as
Servicer<F2>
(b) GMAC Mortgage Corporation of Pennsylvania, as
Servicer <F2>
(c) Ryland Mortgage Company, as Master Servicer<F3>
(1) GE Capital Mortgage Services, Inc., as
Servicer<F3>
(2) Western Financial Savings Bank, as Servicer<F2>
(d) Countrywide Funding Corporation, as Servicer<F2>
(e) PHH U.S. Mortgage Corporation, as Servicer<F2>
(f) Providian Capital Management Real Estate Services
(formerly Capital Holding Corporation), as Servicer<F3>
(g) North American Mortgage Company, as Servicer<F2>
99.2 Annual Statement of Compliance with obligations under the
Pooling and Servicing Agreement or servicing agreement, as
applicable, of:
(a) The Prudential Home Mortgage Company, Inc., as
Servicer<F2>
(b) GMAC Mortgage Corporation of Pennsylvania, as
Servicer<F2>
(c) Ryland Mortgage Company, as Master Servicer<F3>
(1) GE Capital Mortgage Services, Inc., as
Servicer<F3>
(2) Western Financial Savings Bank, as Servicer<F3>
(d) Countrywide Funding Corporation, as Servicer<F2>
(e) PHH U.S. Mortgage Corporation, as Servicer<F2>
(f) Providian Capital Management Real Estate Services
(formerly Capital Holding Corporation), as Servicer<F3>
(g) North American Mortgage Company, as Servicer<F2>
<F2> Previously filed.
<F3> Filed herewith.
(logo) ERNST & YOUNG LLP
One North Charles
Baltimore, Maryland 21201
Phone: 410.539.7940
Report of Independent Auditors
Board of Directors
Ryland Mortgage Company
We have audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Ryland Mortgage
Company ( a wholly owned subsidiary of The Ryland Group, Inc.)
and subsidiaries as of December 31, 1994, and the related
statements of income, stockholder's equity, and cash flows for
the year then ended, and have issued our report thereon dated
February 1, 1995.
The audit referred to above included tests 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 records relating to mortgage
loans serviced for others that, in our opinion, paragraph four of
that Program requires us to report.
We are independent auditors with respect to Ryland Mortgage
Company within the meaning of the Code of Professional Conduct of
the American Institute of Certified Public Accountants.
This report is intended for the use of the board of directors and
management of Ryland Mortgage Company and those investors for
which Ryland Mortgage Company services loans and should not be
used for any other purpose.
/s/ Ernst & Young LLP
February 1, 1995
(logo) KPMG Peat Marwick LLP
1600 Market Street
Philadelphia, PA 19103-7212
Independent Auditors' Report
The Board of Directors
GE Capital Mortgage Services, Inc.
We have audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of GE Capital Mortgage
Services, Inc. and subsidiaries (a wholly-owned subsidiary of GE
Capital Mortgage Corporation)(the Company) as of December 31, 1994
and the related consolidated statements of earnings,
stockholder's equity, and cash flows for the year then ended, and
have issued our report thereon dated January 20, 1995.
Our audit referred to above included tests relating to mortgage
loans master 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 records
relating to mortgage loans serviced for others that, in our
opinion, paragraph 4 of UNIFORM SINGLE AUDIT PROGRAM FOR MORTGAGE
BANKERS requires us to report.
The Company is covered under Fidelity Bond and Errors and
Omissions insurance policies. The amounts of such coverage are
$100,000,000 and $20,000,000, respectively.
We are independent Certified Public Accountants with respect to
the Company 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 the Company and the investors in mortgage loans
master serviced for others by the Company and should not be used
for any other purpose.
/s/ KPMG Peat Marwick LLP
March 17, 1995
(logo) Member Firm of Klynveld Peat Marwick Goerdeler
(logo) ERNST & YOUNG LLP
Suite 2100
400 West Market Street
Louisville, Kentucky 40202
Phone: 502.585.1400
Fax: 502.584.4221
Report of Independent Auditors on
Compliance with Fannie Mae Requirements
Providian Corporation
We have audited, in accordance with generally accepted auditing
standards, the consolidated statement of financial condition of
Providian Corporation (the "Company") and subsidiaries as of December 31,
1994, and the related consolidated statements of income, shareholders'
equity, and cash flows for the year then ended, and have issued
our report thereon dated February 8, 1995.
The audit referred to above included tests for the Company relating to
fidelity and errors and omissions insurance compliance matters
comprehended in the UNIFORM SINGLE AUDIT PROGRAM FOR MORTGAGE
BANKERS (the "Program"). Our audit tests disclosed no exceptions
or errors in records relating to mortgage loans serviced for
others that, in our opinion, paragraph 4 of the Program requires
us to report.
We are independent auditors with respect to the Company within
the meaning of the Code of Professional Conduct of the American
Institute of Certified Public Accountants.
This report is intended for the use of management of the Company and Fannie
Mae and should not be used for any other purpose.
/s/ Ernst & Young LLP
February 8, 1995
RYLAND MORTGAGE
11000 Broken Land Parkway
Columbia, Maryland
21044-3562
410 715-7500 Tel
Ryland Mortgage Company
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Joy Altenburg
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the fiscal
year ending December 31, 1994:
(A) 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;
(B) 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 Mortgage Property, the reason for the non-payment has been
reported to Ryland Mortgage Company;
(C) that he/she has 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 my
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 Ryland Mortgage
Company;
(D) that he/she has 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;
(E) that the Servicer is currently and approved FNMA or FHLMC
servicer in good standing; or an FDIC insured institution that is
a member of SAIF or BIF and is compliance with all capital
requirements and other requirements from time to time specified
by the Office of Thrift Supervision, the FDIC or the Office of
the Comptroller of the Currency that are applicable to the
Seller/Servicer;
(F) that the Servicer is a HUD-approved originator; and
(G) that the custodial P&I and T&I accounts have been reconciled
in accordance with the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer
Guide.
Certified By:
/s/Walter Z. Kepler
Serving Officer Name
Senior Vice President
Title
March 13, 1995
Date
GE CAPITAL
GE Capital Mortgage Services, Inc.
A Unit of General Electric Mortgage
Capital Corporation
4680 Hallmark Parkway
San Bernardino, CA 92407
800-222-0238
OFFICER'S CERTIFICATION
The undersigned officer of GE Capital Mortgage Services, Inc.
hereby certifies, that:
a) Such servicing officer has reviewed the activities of the
Master Servicer during the preceding calendar year or portion
thereof and its performance under the Agreement;
b) To the best of such servicing officer's knowledge, based on
such review, the Master Servicer has performed and fulfilled its
duties, responsibilities and obligations under the Agreement in
all material respects throughout such year;
c) An officer has conducted an examination of the activities of
each Servicer during the preceding calendar year and its
performance under the related servicing agreement;
d) The Master Servicer has received from each Servicer such
Servicer's Annual Certification of Compliance;
e) To the best of such officer's knowledge, based on such
examination, the Servicer has performed and fulfilled its duties,
responsibilities and obligations under its Servicing Agreement in
all material respects throughout such year;
f) All premiums for each Standard Federal Hazard Insurance
Policy, Flood insurance Policy (if any), Primary Mortgage
Insurance Policy (if any), and FHA Certificate of Mortgage
Insurance (if any), with respect to each Mortgage loan and each
Mortgaged Property have been paid and that such insurance
policies are in full force and effect; and
g) Such officer has confirmed that the Fidelity Bond and Errors
and Omissions Insurance Policy are in full force and effect and
meet the requirements of the definitions of such terms.
GE CAPITAL MORTGAGE SERVICES, INC.
March 31, 1995 /s/Karol A. Mason
Date Karol A. Mason, Vice President
Western Financial Savings Bank
Ryland Mortgage Company
11000 Broken Land Parkway
Columbia, MD 21044-3562
Attention: Joy Altenburg
RE: Officer's Certificate
Dear Master Servicer:
The undersigned Officer certifies the following for the fiscal
year ending December 31, 1994:
(A) 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;
(B) 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 Mortgage Property, the reason for the non-payment has been
reported to Ryland Mortgage Company;
(C) that he/she has 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 my
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 Ryland Mortgage
Company;
(D) that he/she has 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;
(E) that the Servicer is currently and approved FNMA or FHLMC
servicer in good standing; or an FDIC insured institution that is
a member of SAIF or BIF and is compliance with all capital
requirements and other requirements from time to time specified
by the Office of Thrift Supervision, the FDIC or the Office of
the Comptroller of the Currency that are applicable to the
Seller/Servicer;
(F) that the Servicer is a HUB-approved originator; and
(G) that the custodial P&I and T&I accounts have been reconciled
in accordance with the terms of the Servicing Agreement, Trust
Agreement, Pooling and Servicing Agreement and/or Seller/Servicer
Guide.
Certified By:
/s/Barbara J. Darling
Servicing Officer Name: Barbara J. Darling
Vice President, Loan Administration
Title
March 28, 1995
Date
(logo) PROVIDIAN
Capital Management
Real Estate Services
Providian Capital Management
Real Estate Services
400 West Market Street
Louisville, Kentucky 40202
502 560-2000
February 26, 1996
Securitized Asset Services Corporation
5325 Spectrum Drive
Frederick, MD 21701
Attn: Master Servicing
RE: Annual Statement of Compliance: Officer's Certificate
Fiscal Year Ending 12/31/94
Providian Capital Management Real Estate Services
To whom it may concern,
The undersigned servicing officer certifies the following:
I am an officer of the above named institution, and I am
authorized to issue this Officer's Certificate;
Providian Capital Management (PCMRES) is in full compliance
with the provisions of Article V of the Seller's Warranties
and Servicing Agreement dated November 1, 1993 between
Lehman Capital Corporation and Capital Holding Corporation
(former name of Providian Corporation);
The officer signing this certificate has reviewed the
activities and performance of the Servicer during the
preceding year under the Seller's Warranties and Servicing
Agreement and, to the best of the officer's knowledge, the
Servicer has fulfilled all of its duties, responsibilities
and obligations under said agreement throughout such year,
or,
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 are documented and attached hereto;
This officer has confirmed that the Fidelity Bond and Errors
and Omissions Insurance Policy are in full force and meet
the requirements as outlined in the Seller's Warranties and
Servicing Agreement; and
All filings required by any taxing authority for any
Mortgage Loan have been completed and delivered as required
by law.
/s/ Wayne R. Nelis
Officer Signature
Wayne R. Nelis, Vice President 2/26/96
Name and Title Date
