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, 1995
| | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File No.: 33-76072-06
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates,
Series PHM/1995-6 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)
52-6768935
(I.R.S. Employer Identification No.)
c/o Firstar Trust Company
615 East Michigan Street
Lewis Center, 4th Floor
Milwaukee, WI 53202
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (414)-765-5000
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. 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 29,
1996, by Securitized Asset Services Corporation (the "Reporting Person"),
on behalf of Securitized Asset Sales, Inc., Mortgage Pass-Through
Certificates, Series PHM/1995-6 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
PHM/1995-6 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) BancBoston Mortgage Corporation, as Servicer<F2>
(b) Countrywide Funding Corporation, as Servicer<F2>
(c) FBS Mortgage Corporation, as Servicer<F2>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(g) SunTrust Mortgage, Inc., as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum
Servicing Standards
(a) BancBoston Mortgage Corporation, as Servicer<F2>
(b) Countrywide Funding Corporation, as Servicer<F1>
(c) FBS Mortgage Corporation, as Servicer<F2>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(g) SunTrust Mortgage, Inc., as Servicer<F2>
99.3 Annual Statement of Compliance with obligations under the
Pooling and Servicing Agreement or servicing agreement, as
applicable, of:
(a) BancBoston Mortgage Corporation, as Servicer<F1>
(b) Countrywide Funding Corporation, as Servicer<F2>
(c) FBS Mortgage Corporation, as Servicer<F1>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(g) SunTrust Mortgage, Inc., as Servicer<F2>
(b) On December 11, 1995, a report on Form 8-K was filed by the
Company in order to provide the Pooling and Servicing Agreement
for the Certificates.
(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> 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 PHM/1995-6 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: August 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) BancBoston Mortgage Corporation, as Servicer<F2>
(b) Countrywide Funding Corporation, as Servicer<F2>
(c) FBS Mortgage Corporation, as Servicer<F2>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(g) SunTrust Mortgage, Inc., as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards
(a) BancBoston Mortgage Corporation, as Servicer<F2>
(b) Countrywide Funding Corporation, as Servicer<F1>
(c) FBS Mortgage Corporation, as Servicer<F2>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(g) SunTrust Mortgage, Inc., as Servicer<F2>
99.3 Annual Statement of Compliance with obligations under the Pooling and
Servicing Agreement or servicing agreement, as applicable.
(a) BancBoston Mortgage Corporation, as Servicer<F1>
(b) Countrywide Funding Corporation, as Servicer<F2>
(c) FBS Mortgage Corporation, as Servicer<F1>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(g) SunTrust Mortgage, Inc., as Servicer<F2>
<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> Filed herewith.
(logo)
Coopers Coopers & Lybrand L.L.P.
& Lybrand a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
BancBoston Mortgage Corporation
We have examined management's assertion about BancBoston Mortgage
Corporation's compliance with the minimum servicing standards identified in
the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION
PROGRAM MORTGAGE BANKERS (USAP) as of and for the year ended December 31,
1995 included in the accompanying management assertion. Management is
responsible for BancBoston Mortgage Corporation'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 BancBoston Mortgage
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
BancBoston Mortgage Corporation's compliance with the minimum servicing
standards.
In our opinion, management's assertion that BancBoston Mortgage Corporation
complied with the aforementioned minimum servicing standards as of and for
the year ended December 31, 1995 is fairly stated, in all material
respects.
/s/Coopers & Lybrand L.L.P.
Jacksonville, Florida
March 22, 1996
Coopers & Lybrand L.L.P., a registered limited liability partnership. is a
member firm of Coopers & Lybrand (International).
Suite 700
1000 Wilshire Boulevard
Los Angeles, CA 90017-2464
213 627-1717
FAX 213 624-6793
Grant Thornton (logo)
Grant Thornton LLP Accountants and
Management Consultants
The U.S. Member Firm of
Grant Thornton International
REPORT OF INDEPENDENT ACCOUNTANTS ON MANAGEMENT'S ASSERTION ON
COMPLIANCE WITH MINIMUM SERVICING STANDARDS SET FORTH IN THE
UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
Board of Directors
Countrywide Credit Industries, Inc.
We have examined management's assertion about Countrywide Credit
Industries, Inc. and Subsidiaries (which includes wholly-owned subsidiary,
Countrywide Home Loans, Inc. formerly Countrywide Funding Corporation)
("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
February 29, 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 Countrywide Credit Industries,
Inc. and Subsidiaries (which includes wholly-owned subsidiary, Countrywide
Home Loans, Inc.) complied with the aforementioned minimum servicing
standards as of and for the year ended February 29, 1996 is fairly stated,
in all material respects.
Grant Thornton LLP
Los Angeles, California
April 23,1996
(logo)ERNST & YOUNG LLP
1400 Pillsbury Center Phone: 612 343 1000
Minneapolis, Minnesota 55402
INDEPENDENT AUDITORS' REPORT ON MANAGEMENT'S ASSERTION ON
COMPLIANCE WITH MINIMUM SERVICING STANDARDS SET FORTH IN THE
UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
The Shareholder and Board of Directors
FBS Mortgage Corporation
We have examined management's assertion that FBS Mortgage Corporation
(FBSMC) 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,
1995, included in the accompanying report titled REPORT OF MANAGEMENT.
Management is responsible for FBSMC's compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about
FBSMC'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 FBSMC'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 FBSMC's compliance with specified requirements.
In our opinion, management's assertion that FBSMC complied with the
aforementioned requirements during the year ended December 31, 1995 is
fairly stated, in all material respects.
/s/Ernst & Young LLP
February 29, 1996
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
First Town Mortgage Corporation:
We have examined management's assertion about FIRST TOWN MORTGAGE
CORPORATION (a Georgia corporation) AND SUBSIDIARY's compliance with the
minimum servicing standards identified in the Mortgage Bankers Association
of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS
("USAP") and that the Company had in effect a fidelity bond and errors and
omissions policy in the amount of $2,275,000 as of and for the year ended
November 30,1995, included in the accompanying management assertion letter.
Management is responsible for the Company's compliance with those minimum
servicing standards and for maintaining a fidelity bond and errors and
omissions policy. Our responsibility is to express an opinion on
management's assertion about the entity's compliance with the minimum
servicing standards and maintenance of a fidelity bond and errors and
omissions policy 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 First Town Mortgage Corporation
complied with the aforementioned minimum servicing standards and that the
Company had in effect a fidelity bond and errors and omissions policy in
the amount of $2,275,000 as of and for the year ended November 30,1995 is
fairly stated in all material respects.
/s/Arthur Andersen LLP
Atlanta, Georgia
January 19,1996
(logo)ERNST & YOUNG LLP
One Columbus Phone: 614 224-5678
10 West Broad Street Fax: 614 222-3939
Columbus, OH 43215-3400
INDEPENDENT AUDITORS' REPORT ON MANAGEMENT'S ASSERTION
ON COMPLIANCE WITH SERVICING STANDARDS
Board of Directors
The Huntington Mortgage Company
We have examined management's assertion that The Huntington Mortgage
Company (HMC), a wholly-owned subsidiary of The Huntington National Bank,
complied with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS during the year ended December 31, 1995, included in the
accompanying report titled MANAGEMENT'S ASSERTION ON COMPLIANCE WITH
SERVICING STANDARDS. Management is responsible for HMC's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about HMC'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 HMC'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 HMC's compliance with specified requirements.
In our opinion, management's assertion that HMC complied with the
aforementioned requirements during the year ended December 31, 1995 is
fairly stated, in all material respects.
/s/Ernst & Young LLP
February 22, 1996
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
Deloitte &
Touche LLP
(logo) Two Hilton Court
P.O. Box 319
Parsippany, New Jersey 07054-0319
Telephone: (201) 631-7000
Facsimile: (201) 631-7459
INDEPENDENT ACCOUNTANTS' REPORT ON THE UNIFORM SINGLE ATTESTATION
PROGRAM FOR MORTGAGE BANKERS
Board of Directors
The Prudential Home Mortgage Company, Inc.
Frederick, Maryland
We have examined management's assertion about the compliance of
The Prudential Home Mortgage Company, Inc., and subsidiaries (the
Company) 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, 1995, 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 Prudential Home
Mortgage Company, Inc., and subsidiaries complied with the
aforementioned minimum servicing standards as of and for the year
ended December 31, 1995, is fairly stated, in all material
respects.
/s/Deloitte & Touche LLP
March 22, 1996
Deloitte Touche
Tohmatsu
International (logo)
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
SunTrust Mortgage, Inc.:
We have examined management's assertion about SUNTRUST MORTGAGE,
INC.'S compliance with the minimum servicing standards identified
in the Mortgage Bankers Association of America's UNIFORM SINGLE
ATTESTATION PROGRAM FOR MORTGAGE BANKS ("USAP") and that the
Company had in effect a fidelity bond and errors and omissions
policy in the amounts of $105,000,000 and $12,000,000,
respectively, as of and for the year ended December 31, 1995,
included in the accompanying management assertion. Management is
responsible for the Company's compliance with those minimum
servicing standards and for maintaining a fidelity bond and
errors and omissions policy. Our responsibility is to express an
opinion on management's assertion about the entity's compliance
with the minimum servicing standards and maintenance of a
fidelity bond and errors and omissions policy 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 and that the
Company had in effect a fidelity bond and errors and omissions
policy in the amounts of $105,000,000 and $12,000,000,
respectively, as of and for the year ended December 31, 1995 is
fairly stated in all material respects.
/s/ Arthur Andersen LLP
Atlanta, Georgia
February 2, 1996
(logo)BANCBOSTON MORTGAGE CORPORATION
A BANK OF BOSTON COMPANY
As of, and for the year ended December 31, 1995, BancBoston 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 FOR MORTGAGE BANKERS. As of,
and for this same period, BancBoston Mortgage Corporation had in effect a
fidelity bond and errors and omissions policy in the amount of $75 million
and $20 million, respectively.
/s/William Glasgow, Jr.
William Glasgow, Jr.
Executive Vice President
3/27/96
Date
Post Office Box 44090, Jacksonville, Florida 32231-4090 (904) 2814-3000
(logo)FBS
Mortgage
Suite 200
1010 South Seventh Street
Minneapolis, MN 55415-1749
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 FBS Mortgage Corporation (FBSMC), 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 those standards. We have performed an evaluation of FBSMC's
compliance with the minimum servicing standards as set forth in the USAP as
of December 31, 1995 and for the year then ended. Based on this
evaluation, we assert that during the year ended December 31, 1995, FBSMC
complied with the minimum servicing standards set forth in the USAP.
As of and for this same period, FBSMC had primary coverage under First Bank
System, Inc.'s fidelity bond and errors and omissions policies in the
amounts of $75,000,000 and $25,000,000, respectively.
/s/Duane E. White
Duane E. White
President
/s/Kathy M. Bevis
Kathy M. Bevis
Senior Vice President
(Logo)
FIRST
TOWN Peter R. Norden
MORTGAGE President
CORPORATION
January 19, 1996
Arthur Andersen LLP
133 Peachtree Street
Atlanta, Georgia 30303
Dear Sirs:
As of and for the year ended November 30, 1995, First Town 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 FOR MORTGAGE BANKERS. As of
and for this same period, First Town Mortgage Corporation had in effect a
fidelity bond and errors and omissions policy in the amount of $2,275,000.
Very truly yours,
/s/ Peter R. Norden
Peter R. Norden
President
/s/ Martin J. Levine
Martin J. Levine
Executive Vice President
PRN/MJL/jr
andersen
(Mortgage Bankers Association logo)
100 Plaza Drive, Secaucus, New Jersey 07094
(201) 863-1200 Fax: (201) 863-5759
Equal Housing Opportunity (logo)
(logo)
THE HUNTINGTON MORTGAGE COMPANY HUNTINGTON
PO Box 182440 MORTGAGE
Columbus, Ohio 43218-2440 COMPANY
MANAGEMENT'S ASSERTION ON COMPLIANCE WITH
SERVICING STANDARDS
We, as members of management of The Huntington Mortgage Company (HMC), a
wholly-owned subsidiary of The Huntington National Bank, are responsible
for complying with the minimum servicing standards 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 HMC's compliance
with the minimum servicing standards as set forth in the USAP as of
December 31, 1995 and for the year then ended. Based on this evaluation,
we assert that during the year ended December 31, 1995, HMC complied with
the minimum servicing standards set forth in the USAP.
As of and for this same period, HMC had in effect a fidelity bond in the
amount of $40,000,000 and an errors and omissions policy in the amount of
$7,500,000.
/s/ R. Frederick Taylor
R. Frederick Taylor, President
/s/ Irving A. Adler
Irving A. Adler, Senior Vice President
A subsidiary of The Huntington National Bank
Prudential Home Mortgage (logo)
The Prudential Home Mortgage
Company, Inc.
7485 New Horizon Way
Frederick, MD 21701
(301) 696-7900
December 31, 1995
As of and for the year ended December 31, 1995, The Prudential
Home Mortgage Company, Inc. had 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 with respect to its mortgage
servicing operations. As of and for the same period, The
Prudential Home Mortgage Company, Inc. had in effect a fidelity
bond and errors and omissions policy in the amount of $178
million.
/s/Marvin Moskowitz
Marvin Moskowitz
Chief Executive Officer and Director
/s/Jerry Halbrook
Jerry Halbrook
Executive Vice President, Senior
Financial Officer & Controller
/s/Brian Bartlett
Brian Bartlett
Vice President
An Affiliate of The Prudential Insurance Company of America
doing business as P.H. Mortgage Company, Inc. in Ohio
SUNTRUST MORTGAGE, INC. ROBERT W. HEARN, JR.
Post Office Box 4333 President
Atlanta. GA 30302-4333
Tel (404) 955-6000
SUNTRUST (logo)
February 2, 1996
Arthur Andersen LLP
133 Peachtree Street, NE
Atlanta, GA 30303
Dear Sirs:
As of and for the year ended December 31, 1995, SunTrust
Mortgage, Inc. 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, SunTrust
Mortgage, Inc. had in effect a fidelity bond and errors and
omissions policy in the amounts of $105,000,000 and $12,000,000
respectively.
Sincerely,
/s/ Robert W. Hearn
Robert W. Hearn
President/CEO
RWH:r
OFFICER'S CERTIFICATE
I, Joseph Candelario, hereby certify that I am the First Vice President,
Loan Administration of Countrywide Home Loans, Inc., fka Countrywide
Funding Corporation and further certify with respect to the Pooling and
Servicing Agreements for Fixed Rate Mortgage Loans (Investor #751) by and
among The Prudential Home Mortgage Company, Inc., and Countrywide Funding
Corporation, as Servicer, as follows:
I have reviewed the activities and performance of the Servicer during the
fiscal year ended February 29, 1996 under the Agreements and, to the best
of my knowledge, based on my review, the Servicer has fulfilled all of its
duties, responsibilities or obligations under the Agreements throughout the
fiscal year.
/s/Joseph Candelario 5/28/96
Joseph Candelario Date
First Vice President
Loan Administration
Inv #751
(logo) 400 Interstate North Parkway, Suite 1100, Atlanta, GA 30339
FIRST Tel: (770) 916-0500/FAX: (770) 916-0506
TOWN
MORTGAGE
CORPORATION
FIRST TOWN MORTGAGE CORPORATION
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE
The undersigned, a First Vice President of First Town Mortgage Corporation,
(the "Servicer") under a Servicing Agreement (the "Agreement") entered into
between the Servicer and Securitized Asset Sales, Inc., (the "Principal"),
hereby certify to the Master Servicer that:
1. a review of the activities of the Servicer during the
preceding calendar year and of its performance under this
Agreement has been made under the undersigned's supervision, and
2. to the best of the undersigned's knowledge, based on such
review, the Servicer has fulfilled all its obligations under
this Agreement throughout such year.
Capitalized terms used in the Agreement but not defined herein shall have
the same meaning given to them in the Agreement.
Date: 6/7/96
By: /s/Lucin Gilliland
Lucin Gilliland, First Vice President
(logo)
THE HUNTINGTON MORTGAGE COMPANY HUNTINGTON
PO Box 182440 MORTGAGE
Columbus, Ohio 43218-2440 COMPANY
March 26, 1996
Sascor
Attn: Master Servicing Dept.
7435 New Technology Way
Frederick, MD 21701
RE: 1995 Annual Reporting
Dear Master Servicing Dept.:
Enclosed is the Huntington Bancshares Incorporated and the Huntington
Mortgage Company annual reports for 1995. This letter will also certify
that all taxes and insurance have been paid for all loans serviced on your
behalf. Additionally, enclosed please find Fidelity Bond Certificates and
E & 0 Insurance declarations to further protect your interest.
The Huntington Mortgage Company is pleased to be of service to you and we
look forward to continuing our valued business relationship.
If you have any questions regarding the enclosed statements, please call me
directly at (614) 480-6680.
Sincerely,
/s/ Bradford C. Northcraft
Bradford C. Northcraft
Assistant Vice President
Enclosures
A subsidiary of The Huntington National Bank
PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE
SASI 1995-1
The undersigned, a Vice President of the Prudential Home Mortgage
Company, Inc., (the "Servicer") under a Servicing Agreement (the
"Agreement") entered into between the Servicer and Securitized
Asset Sales, Inc., (the "Principal"), hereby certify to the
Master Servicer that:
(i) a review of the activities of the Servicer during the
preceding calendar year and of its performance under
this Agreement has been made under the undersigned's
supervision, and
(ii) to the best of the undersigned's knowledge, based on
such review, the Servicer has fulfilled all its
obligations under this Agreement throughout such year.
Capitalized terms used in the Agreement but not defined herein
shall have the same meaning given to them in the Agreement.
Date: March 20, 1996
By: /s/ Brian Bartlett
Name: Brian Bartlett
Title: Vice President, Investor Services
SUNTRUST MORTGAGE, INC.
Post Office Box 105621
Atlanta, GA 30348
1-800-634-7928
Fax (770) 916-5671
SUNTRUST (logo)
June 10, 1996
Mr. Robert Perett
Norwest Bank
5325 Spectrum Drive
Frederick, Md 21703
RE: ANNUAL CERTIFICATION
Dear Mr. Perett:
In accordance with 4.2.3 of the Servicing Agreement, we enclose
the following certification:
1. Financials for period ending 1995
2. "USAP" from independent accountants
3. Certification as follows:
The undersigned hereby certifies that SunTrust
Mortgage, Inc. has fulfilled all of it's duties
and obligations specified in the Servicing
Agreement.
Please advise should you require further documentation regarding
annual certification.
Sincerely,
/s/ Rod Hartman
Rod Hartman
First Vice President
RH/cc
