SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 2
(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.: 33-63586-02
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates, Series
1993-6 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)
52-1860656, 52-1860654, 52-1860651, 52-1860650 52-1860647, 52-1860645
(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 offices (Zip Code)
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. 2 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 Securitized Asset Sales, Inc. Mortgage Pass-Through
Certificates, Series 1993-6 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 1993-6
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) Residential Funding Corporation, as Servicer<F3>
(b) Ryland Mortgage Company, as Master Servicer<F2>
(1) GE Capital Mortgage Services of California, Inc.,
as Servicer<F3>
(2) LaSalle Talman Home Mortgage Corporation (formerly
Metropolitan Service Corporation), as Servicer<F2>
(3) CrossLand Mortgage Corporation, as Servicer<F2>
(4) Victoria Mortgage Corporation, as Servicer<F2>
(5) Principal Residential Mortgage, Inc., as
Servicer<F2>
(c) PHH U.S. Mortgage Corporation, as Servicer<F3>
(d) Countrywide Funding Corporation, as Servicer<F3>
(e) CitiMae, Inc., as Servicer<F2>
(f) CenFed Federal Savings Bank, as Servicer<F3>
(g) ITT Residential Capital Corporation, as Servicer<F3>
99.2 Annual Statement of Compliance with obligations under
the Pooling and Servicing Agreement or servicing agreement,
as applicable, of:
(a) Residential Funding Corporation, as Servicer<F3>
(b) Ryland Mortgage Company, as Master Servicer<F2>
(1) GE Capital Mortgage Services of California, Inc.,
as Servicer<F3>
(2) LaSalle Talman Home Mortgage Corporation
(formerly Metropolitan Service Corporation), as
Servicer<F2>
(3) CrossLand Mortgage Corporation, as Servicer<F2>
(4) Victoria Mortgage Corporation, as Servicer<F2>
(5) Principal Residential Mortgage, Inc., as
Servicer<F2>
(c) PHH U.S. Mortgage Corporation, as Servicer<F3>
(d) Countrywide Funding Corporation, as Servicer<F3>
(e) CitiMae, Inc., as Servicer<F2>
(f) CenFed Federal Savings Bank, as Servicer<F3>
(g) ITT Residential Capital Corporation, 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
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.
<F2> Filed herewith.
<F3> Previously filed.
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 1993-6 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 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) Residential Funding Corporation, as Servicer<F3>
(b) Ryland Mortgage Company, as Master Servicer<F2>
(1) GE Capital Mortgage Services of California, Inc., as
Servicer<F3>
(2) LaSalle Talman Home Mortgage Corporation (formerly
Metropolitan Service Corporation), as Servicer<F2>
(3) CrossLand Mortgage Corporation, as Servicer<F2>
(4) Victoria Mortgage Corporation, as Servicer<F2>
(5) Principal Residential Mortgage, Inc., as Servicer<F2>
(c) PHH U.S. Mortgage Corporation, as Servicer<F3>
(d) Countrywide Funding Corporation, as Servicer<F3>
(e) CitiMae, Inc., as Servicer<F2>
(f) CenFed Federal Savings Bank, as Servicer<F3>
(g) ITT Residential Capital Corporation, as Servicer<F3>
99.2 Annual Statement of Compliance with obligations under the Pooling
and Servicing Agreement or servicing agreement, as applicable.
(a) Residential Funding Corporation, as Servicer<F3>
(b) Ryland Mortgage Company, as Master Servicer<F2>
(1) GE Capital Mortgage Services of California, Inc., as
Servicer<F3>
(2) LaSalle Talman Home Mortgage Corporation (formerly
Metropolitan Service Corporation), as Servicer<F2>
(3) CrossLand Mortgage Corporation, as Servicer<F2>
(4) Victoria Mortgage Corporation, as Servicer<F2>
(5) Principal Residential Mortgage, Inc., as Servicer<F2>
(c) PHH U.S. Mortgage Corporation, as Servicer<F3>
(d) Countrywide Funding Corporation, as Servicer<F3>
(e) CitiMae, Inc., as Servicer<F2>
(f) CenFed Federal Savings Bank, as Servicer<F3>
(g) ITT Residential Capital Corporation, as Servicer<F3>
<F2>Filed herewith.
<F3>Previously filed.
(Firm 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
(Firm Logo) ERNST & YOUNG LLP
One Oxford Centre
Pittsburgh, Pennsylvania 15219
Phone: 412.644.7800
Report of Independent Auditors on Compliance With the
Uniform Single Audit Program for Mortgage Bankers
Board of Directors
LaSalle Talman Home Mortgage Corporation
We have audited, in accordance with generally accepted auditing standards,
the balance sheet of LaSalle Talman Home Mortgage Corporation (LTHMC) 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 January 20, 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 4 of that Program requires us to
report.
We are independent auditors with respect to LTHMC 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, management,
and those investors for which LTHMC services loans and should not be used
for any other purpose.
/s/ Ernst & Young LLP
January 20, 1995
(firm logo) Deloitte & Touche LLP
Suite 1800 Telephone: (801) 328-4706
50 South Main Street Facsimile: (801) 355-7515
Salt Lake City, Utah 84144-0458
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
CrossLand Mortgage Corp.
We have audited, in accordance with generally accepted auditing standards,
the balance sheet of CrossLand Mortgage Corp. (the Company) (a wholly-owned
subsidiary of CrossLand Mortgage Acquisition Corporation) as of December
31, 1994, and the related statements of operations, stockholder's equity,
and cash flows for the period April 29, 1994 (date of acquisition) to
December 31, 1994, and have issued our report thereon dated March 13, 1995.
In connection with our audit, which included tests relating to mortgage
loans serviced for others in accordance with the requirements of the UNIFORM
SINGLE AUDIT PROGRAM FOR MORTGAGE BANKERS, no errors or exceptions relating
to mortgage loans serviced for others came to our attention that paragraph
4 of that Program requires us to report.
This report is intended solely for the information and use of the board of
directors and management of CrossLand Mortgage Corp. and others for whom
the Company services mortgage loans and should not be used for any other
purpose.
/s/ Deloitte & Touche LLP
March 13, 1995
(Logo) Deloitte Touche Tohmatsu International
(logo) KPMG Peat Marwick LLP
112 East Pecan, Suite 2400
San Antonio, TX 78205-1585
INDEPENDENT AUDITORS' REPORT
ON THE UNIFORM SINGLE AUDIT PROGRAM
FOR MORTGAGE BANKERS
Board of Directors
Victoria Mortgage Corp.:
We have audited, in accordance with generally accepted auditing standards,
the statement of financial condition of Victoria Mortgage Corp. (the
"Company") as of December 31, 1994, and the related statements of
operations, stockholder's equity, and cash flows for the year then ended,
and have issued our report thereon dated March 17, 1995.
Our 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 4 of the Uniform Single Audit
Program for Mortgage Bankers requires us to report.
We are independent Certified Public Accountants 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 solely for the use of the Board of Directors and
management of the Company and the investors in the mortgage loans 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) KPMG Peat Marwick LLP
2500 Ruan Center
P.O. Box 772
Des Moines, IA 50303
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Principal Residential Mortgage, Inc.:
We have audited, in accordance with generally accepted auditing standards,
the balance sheet of Principal Residential Mortgage, Inc. (the Company) as
of December 31, 1994, and the related statements of operations,
stockholders' equity, and cash flows for the year then ended, and have
issued our report thereon dated February 24, 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 (the Program). Our audit
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 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.
The Company maintains a blanket bond (fidelity) policy of $20,000,000 and
errors and omissions coverage of $21,000,000.
This report is intended for the information and use of the board of
directors and management of the Company, investors in the mortgage loans
serviced for others by the Company, and the independent auditors of such
investors and should not be used for any other purpose.
/s/ KPMG Peat Marwick LLP
February 24, 1995
(Logo) Member firm of Klynveld Peat Marwick Goerdeler
(logo) KPMG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
Citimae, Inc.:
We have audited, in accordance with generally accepted auditing standards,
the statement of financial condition of CitiMae, Inc. (a wholly owned
subsidiary of Citibank, N.A.) as of December 31, 1994 and the related
statements of operations and retained earnings, and cash flows for the year
then ended, and have issued our report thereon dated September 20, 1995.
Our audit referred to above included tests relating to mortgage servicing
operations in accordance with the requirements of the Uniform Single Audit
Program ("USAP") for Mortgage Bankers. In as much as CitiMae, Inc. does
not service mortgage loans directly, our procedures relative to sections
6(B)(2) and (3), 6(C)(1) , 7(B) and 7(C), 8, 9, and 10 of the USAP involved
obtaining the most recently available reports on the subservicers'
independent auditors' single audits and review of internal accounting
controls of the mortgage servicing operations. In this regard, we obtained
reports on approximately 85% of the subservicers. These subservicers
service loans which comprised in excess of 95% of the unpaid principal
amount of loans outstanding as of December 31, 1994. Our opinion as
expressed herein, insofar as it relates to such subservicers, is based
solely upon the reports of the respective independent auditors.
Our audit, and our review of the other independent auditors' reports as
discussed above, disclosed no exceptions or errors in records relating to
mortgage servicing operations that, in our opinion, section 4 of the USAP
requires us to report, except as noted below:
1. Several reports obtained from the subservicers' independent
auditors contained exceptions, which in their opinion, section 4
of the USAP for Mortgage Bankers required them to report, which
we list in Exhibit A.
2. Three reports obtained from the subservicers' independent
auditors contained exceptions based on their review of operations
in accordance with general procedures included in the COMPLIANCE
REPORTING GUIDE (a Guide for use by Independent Public
Accountants in Attestation Engagements of Freddie Mac Approved
Seller/Servicers), which we list in Exhibit B.
We are independent Certified Public Accountants with respect to
CitiMae, Inc. within the meaning of the Code of Professional Conduct 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 CitiMae, Inc., and investors in the mortgage
loans serviced for others by CitiMae, Inc. and should not be used for
any other purpose.
/s/ KPMG Peat Marwick LLP
September 20, 1995
(logo) Member Firm of Klynveld Peat Marwick Goerdeler
Exhibit A
CitiMae, Inc. USAP
Reports Containing Exceptions
12/31/94
The following summarizes the findings from those reports obtained from the
subservicers' independent auditors which disclosed exceptions or errors
based on such independent auditors' review of internal accounting controls
of the subservicer's mortgage servicing operations in accordance with
Uniform Single Audit Program (USAP) for Mortgage Bankers (the Program).
SERVICER EXCEPTIONS
1st 2nd Mortgage Co. of
NJ., Inc.
The custodial bank account reconciliations were not being
dated to indicate the date of preparation and did not
document that an independent review was performed.
Two custodial bank accounts, Number 8195609 (FBS - P&I) and
8195617 (FBS - T&I), remained open while no bank account or
mortgage loan activity was occurring. These accounts were
not being reconciled to the Company's books each month.
The Company does not maintain a comprehensive listing of all
of their custodial bank accounts to ensure accurate control
over these accounts by the mortgage loan servicing
department.
Berkeley Federal Bank &
Trust FSB
The Bank did not prepare account reconciliations for each
principal and interest account and each escrow account.
For 6 investors, although separate accounts were maintained
for each investor, these accounts were not separate
depository bank accounts in the name of the mortgage banker
as trustee. (however, the servicing agreement for 4 of
these investors did not explicitly require a separate
custodial account).
Cenlar Federal Savings
Bank
In four instances, bank accounts relating to mortgages
serviced for others were not properly titles "as
custodian" or "in trust for" the applicable investor.
Chase Manhattan Mortgage
Corporation
The Corporation did not perform escrow analyses within the
prescribed 12 month period for mortgage loans in 3 locations
(New Jersey, Virginia, and U.S. Virgin Islands) primarily due to
delayed releases of tax bills.
In September 1994 the Corporation purchased American Residential
Mortgage Corporation. For 9 days of American Residential cash
receipts activity reviewed, the mortgagee's cash receipt
records did not equal the bank deposit records for the
corresponding date. This discrepancy was due to the recording
of the lock-box account ledger balance rather than the available
funds balance obtained from the bank for daily processing.
However, all investor custodial accounts were fully funded upon
conversion to the Corporation's servicing system on November 1,
1994.
American Residential did not maintain sufficient fidelity bond
and errors and omissions insurance coverage for the quarter ended
March 31, 1994, as it was under-insured by approximately $1.4
million for each policy. Additional fidelity bond insurance was
purchased in the second quarter of 1994, however, errors and
omissions coverage remained out of compliance by approximately $1
million at June 30, 1994.
Chemical Mortgage Company
The review of 29 loan files revealed 9 loans for which escrow
analyses were not prepared within 12 months of the prior
analyses. In addition, Chemical Mortgage Company did not prepare
escrow analyses from February 1994 through April 1994 as a result
of the conversion to a new computer system which occurred in
February 1994.
The review of 20 trust fund bank account reconciliations revealed
that 14 of them were not prepared within 45 days of the investor
cut-off date.
Downey Savings and Loan
Association
The Company's errors and omissions insurance policy did not meet
the Federal Home Loan Mortgage Corporation coverage requirement
for the quarters ended June 30, 1994, September 30, 1994 and
December 31, 1994. The required amount was determined to be $5
million as of December 31, 1994, while the Company's coverage was
$4 million.
First Nationwide Mortgage
Corporation
The account titles of 44 bank accounts were not in the name of
the mortgage banker in trust for the applicable investor in
accordance with the investor's servicing agreements. These
account titles were corrected by the Company in December, 1994.
The account titles of 2 bank accounts did not have the current
investor name in accordance with the investors' servicing
agreements. These account titles were corrected by the Company
in December, 1994.
For 3 investors, the Company's Fidelity Bond
deductible exceeded the maximum allowable according to the
respective investor's servicing guides.
Golden National Mortgage
Banking Corp.
Out of the 7 loans tested for taxes and insurance, 1 loan tested
had no documentation for its annual school tax paid.
Harbor Financial Mortgage
Corporation
Many custodial account reconciling items did not clear within
90 days.
1 significant reconciling item in a custodial account
reconciliation was carried forward from a previous acquisition.
The Company has been unable to identify the nature of the
reconciling item.
Headlands Mortgage Company
The account titles of 4 bank accounts were not in the name of the
mortgage banker in trust for the applicable investor in
accordance with the investor's servicing agreements.
The account titles of 3 bank accounts where investor's funds were
commingled with those of the other investors were not in the name
of the Company as trustee.
For 1 of the 25 selected mortgages, the mortgagee clause did not
identify the Company as the mortgagee.
For 1 of the 25 selected delinquent mortgages, the breach letter
was not delivered within the required time frame of the
investor.
For 1 of the 25 selected delinquent mortgages, a property
inspection was not performed in accordance with the investor
requirement.
For 3 investors, the Company's Fidelity Bond and Errors and
Omission deductible exceeded the maximum allowable according to
the respective investor's servicing guide. The Company received
a waiver of the requirement for two of the three investors. To
ensure compliance with the third investor, the Company amended
the deductibles on the related insurance policies in accordance
with the investor's servicing guide.
Home Mortgage Company
In 1 out of 60 loans examined, the last escrow analysis is more
than 1 year old.
In 1 out of 13 investors confirmed, a difference of $3,375,452
between a FNMA confirmation reply and the "Monthly Statement of
Mortgage Accounts" was noted and pending to reconcile.
In 4 out of 60 loans examined, the property inspections were not
performed within the required time frames.
In 3 out of 60 loans examined, the company did not complete the
foreclosure proceedings within the required period.
In 5 out of 18 accounts reviewed, the account reconciliation and
analysis were not adequately prepared in that there was an
unidentified net difference of $2,159 in the clearing account,
there were reconciling items outstanding for more than 1 year,
and an account analysis was not prepared on a timely basis.
In 3 out of 60 cash receipts examined, the deposit to the
custodial accounts was not made on a timely basis.
Mellon Mortgage Company
Of the 101 account reconciliations reviewed during the audit,
23 contained stale dated reconciling items or unidentified
differences.
Of the 101 custodial accounts reviewed during the audit, 10 had
incorrect bank account titles.
Management was unable to provide a copy of the note and deed of
trust for 3 of 50 loans reviewed during our delinquency test
work. For these particular loans, copies of the legal documents
were not maintained in the servicing files, nor were they
available from the Company's document custodian. Copies of the
legal instruments should be obtained from the investor and
maintained in the servicing file for all loans serviced.
MidCoast Mortgage Corporation
Custodial bank account reconciliations were not dated, and it
therefore could not be determined whether the reconciliations
were prepared, reviewed and approved within the 45 day
investor cut-off date.
Roosevelt Savings Bank
Per review of the Seller/Servicer Agreements entered into with
investors by the Bank, there were 3 instances where the title of
the custodial accounts did not match the required title per the
Seller/Servicer Agreement.
Sunbelt National Mortgage
Corporation
During 1994, the Company did not remit private mortgage
insurance (PMI) premiums to PMI companies within the required
time period.
During an inventory of loan files conducted in prior years, the
Company noted certain of these files were missing (currently 73
of which are serviced for private investors).
For a period in 1994, the Company's fidelity bond coverage and
mortgage servicing errors and omissions coverage were under the
minimum coverage required.
Ulster Savings Bank
The Bank did not maintain Errors and Omissions insurance
coverage equal to the Fidelity insurance coverage required
by certain investors. The Bank's Errors and Omissions
insurance coverage was consistent, however, with the level
required by Freddie Mac.
Wilmington Trust Company
The Company was not in compliance with FNMA and FHLMC investor
requirements regarding insurance coverage to protect against
errors and omissions in maintaining FHA insurance, VA guaranty,
FmHA loan guarantee, or other conventional mortgage insurance.
Exhibit B
CitiMae, Inc. USAP
Reports Containing Exceptions
12/31/94
The following summarizes the findings from those reports obtained from the
subservicers' independent auditors which disclosed exceptions or errors
based on such independent auditors' review of internal accounting controls
of the subservicer's mortgage servicing operations in accordance with the
Compliance Reporting Guide ( a Guide for use by Independent Public
Accountants in Attestation Engagements of Freddie Mac Approved
Seller/Servicers).
SERVICER EXCEPTIONS
Bankers Corp.
The Bank is required to maintain a $100,000 deductible for
fidelity insurance, however, the Bank's deductible was $300,000.
The Bank's written quality control policies and procedures did
not include the following procedures as required by the
COMPLIANCE REPORTING GUIDE: For nine out of every ten mortgages
selected, reverification of credit by obtaining a new in-file
credit report to reverify the borrower's credit information, and
reverification of collateral value by performing an in-house desk
review of the original appraisal information.
Imperial Credit Indus-
tries, Inc.,
The maximum deductible per the insurance calculation at December
31, 1994 was $270,989 and the Company's insurance policy had a
deductible of $325,000.
The Company's written quality control policies and procedures did
not contain certain criteria, however, it was noted that the
Company performed these quality control procedures.
The following items were not included in the Company's written
policies and procedures: it is not specifically stated that the
income is reverified or that the source of funds documentation
includes deposit records, gift letters and proof of liquidation
of assets; it is not specifically stated that security
instruments and assignments, modification or assumption
agreements, surveys, HUD-1 settlement or refinance closing
statement, leasehold estate documents, and closing instructions
are reviewed where applicable to determine the information is
accurate, complete and consistent with other documents; and it is
not specifically stated that the review appraisal must be
prepared by a qualified appraiser not affiliated with the
original appraiser or appraisal firm and that the review
appraisal evaluation must establish value and marketability of
the mortgaged premises as of the date of the original appraisal
and not as of the date of the quality control review.
For the first 5 months of 1994, findings and corrective actions
were not reported to senior management within the 90 days
required FHMLC. For 7 files, there was no reverification of
employment and income. For 3 files there was no reverification
of deposit or the reverification was not complete. During the
months of January and February of 1994, closing conditions were
not reviewed, but as of March 1994, had become a part of the
Quality Control procedure. For 6 of the files selected, there
was no HUD-1 statement.
On the September 15, 1994 P&I custodial reconciliation, several
items totaling $1,502,765 were not clearing within 90 days. On
the T&I custodial reconciliation for August 15, 1994, an
unidentified difference of $118,406 was noted. In subsequent
reconciliations, all items were identified and cleared.
The Company did not have the original note date in the system for
26 of the loan files selected for review. On loan number
330000616, the Freddie Mac number on the note did not match the
number on the Company's listing. On loan number 650006360, the
borrower's name on the note did not match the name on the
Company's listing. On loan number 870148267, the assignment was
to FNMA, not FHLMC.
The Company did not have the original note date in the system for
21 of the loan files selected for review. On loan number
230018560, the address listed on FHLMC form 1034 did not agree to
the address on the Company's listing. On loans 230058724 and
530003653, the zip code did not agree from the FHLMC form 1034 to
the Company's listing.
A non-third party custodian was approved to sign the form 1034.
Mutual Savings Bank, f.s.b.
The September principal and interest custodial account
reconciliation included a cumulative reconciling item that had
not been resolved within 90 days. This cumulative reconciling
item was resolved as of the December cutoff date.
The bank amended signature cards in November 1994 in order to
conform the account titles to the wording specified on page 17 of
the Freddie Mac March 1993 Compliance Reporting Guide.
For each of the 100 loans selected, one instance was noted in
which the Form 1034 included the improper original note date and
address.
(logo)Ryland Mortgage
11000 Broken Land Parkway
Columbia, Maryland
21044-3562
410 715-7500 Tel
Ryland Mortgage Company
11000 Broken Lank 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 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 an approved FNMA or FHLMC servicer in
good standing; or an FDIC insured institution that is a member of SAIF or
BIF and is in 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
Servicing Officer Name
Senior Vice President
Title
March 13, 1995
Date
LASALLE BANKS
LaSalle Talman Home Mortgage Corporation
Norridge Office
4242 North Harlem Avenue
Norridge, Illinois 60634-1283
(708) 456-0400
ANNUAL SERVICING CERTIFICATION
Gentlemen:
Pursuant to the Servicing (s) between us, we certify with respect to each
mortgage loan serviced for you, that as of December 31, 1994, except as
otherwise noted below:
1. All (a) taxes, assesments and other governmental charges
levied against the mortgaged premises, (b) ground rents payable
with respect to the mortgaged premises, if any, and (c)
premiums on applicable FHA or private mortgage insurance, if any which
would be delinquent if not paid, have been paid.
2. Hazard insurance coverage on the improvements on the mortgaged
premises in the form and amount and with the coverage required
by the Servicing Agreement is in effect.
EXCEPTIONS
None
Yours Very Truly,
LaSalle Talman Home Mortgage Corporation
/s/ Mary P. Sperlik
Mary P. Sperlik
Vice President
Section Manger
CrossLand Mortgage Corp.
A financial services company of
First Security Bank
Ryland Mortgage Company
11000 Broken Lank 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 an approved FNMA or FHLMC servicer in
good standing; or an FDIC insured institution that is a member of SAIF or
BIF and is in 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/Y______ B_____
Servicing Officer Name
Vice President
Title
March 28, 1995
Date
CrossLand Mortgage Corporation
3902 South State Street
Salt Lake City, Utah 84107
Telephone 801-269-7600
A financial services company of First Security Bank
(logo)
VICTORIA
MORTGAGE
ANNUAL CERTIFICATION
RAC Mortgage Funding Corp
Inv. # 483
In accordance with our Servicing Contract (Contract), I hereby certify as
to each mortgage loan being serviced by Victoria Mortgage Corp. ("VMC")
that as of the preceding anniversary date of the Contract:
1. I am an officer of VMC, as such term is defined in the Contract and I
am authorized to issue this Annual Certification.
2. All real estate taxes and special assessments of any nature, relating
to the mortgage loans, have been paid as and when due.
3. The insurance policies are fully paid and comply with the Contract.
4. All inspections have been made as required by the Contract.
5. Analysis has been made to ensure sufficient monies are being collected
in escrow for the current year.
I FURTHER CERTIFY:
A. To the best of my knowledge and upon reasonable investigation, the
servicing of the Mortgage Loans during the year preceding the last
anniversary date of the Contract has been conducted in compliance with the
Contract except for such exceptions as to have set forth below:
Exceptions: None
B. A review of activities with respect to performance under the Contract
during the year preceding the last anniversary date of the Contract has
been under my supervision and to the best of my knowledge, based on such
review, no default exists as of the above date of fulfillment of any
obligations under the Contract other than the events of default, if any,
which I have listed below with the nature and status there of:
Events of default: None
SERVICER: VICTORIA MORTGAGE CORP.
Signed by:
/s/ Deborha Harrington 3-31-95
Deborha Harrington, Vice President Date
P. O. Box 34777 (78265)
4406 Piedras Drive West
San Antonio, Texas 78228
An Equal Opportunity Employer
Principal Residential Mortgage, Inc.
(Logo) a Member of the Principal Financial Group
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 an approved FNMA or FHLMC servicer in
good standing; or an FDIC insured institution that is a member of SAIF or
BIF and is in 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/Steven K. Olson
Servicing Officer Name Steven K. Olson
Senior V. P. & Secretary - Servicing
Title
March 14, 1995
Date
Mailing Address: Des Moines, IA 50392-0820
Officer's Certification
Conduit Series
1993-6
Pursuant to Article VI of the Participation and Servicing Agreement, the
undersigned Officer of Citibank, N.A. certifies to the following:
1. A review of the activities of CitiMae, Inc. During the preceding
calendar year and of its performance under the Servicing
Agreement has been made under such Officer's supervision.
2. To the best of such Officer's knowledge based on such review,
CitiMae, Inc. has fulfilled all its obligations under this
Servicing Agreement.
Certified By: /s/Thomas Fenlon Date: September 30, 1995
Thomas Fenlon
Assistant Vice President
/s/Edward Pennisi Date: September 30, 1995
Edward Pennisi
Vice President
