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.: 33-76072-07
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates,
Series PHM/1995-7 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)
52-1955007, 52-1955009
(I.R.S. Employer Identification No.)
c/o First Bank National Association
180 East Fifth
St. Paul, MN 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. 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/1995-7 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/1995-7 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) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum
Servicing Standards
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F1>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, 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) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F1>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F1>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(b) No 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> 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/1995-7 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) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F2>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F1>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
99.3 Annual Statement of Compliance with obligations under the Pooling and
Servicing Agreement or servicing agreement, as applicable.
(a) American Home Funding, Inc., as Servicer<F2>
(b) BancBoston Mortgage Corporation, as Servicer<F1>
(c) Bank of Hawaii, as Servicer <F2>
(d) Barnett Mortgage Corporation, as Servicer<F2>
(e) Countrywide Funding Corporation, as Servicer<F2>
(f) First Town Mortgage Corporation, as Servicer<F2>
(g) GMAC Mortgage Corporation of PA, as Servicer<F2>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, 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)KPMG Peat Marwick LLP
Suite 1900
1021 East Cary Street
Richmond, VA 23219-4023
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Stockholder
American Home Funding, Inc.:
We have examined management's assertion about American Home Funding, Inc.'s
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 November 30, 1995
included in the accompanying management assertion. Management is
responsible for American Home Funding, Inc.'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 American Home Funding
Inc.'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 American Home
Funding Inc.'s compliance with the minimum servicing standards.
In our opinion, management's assertion that American Home Funding, Inc.
complied with the aforementioned minimum servicing standards as of and for
the year ended November 30, 1995 is fairly stated, in all material
respects.
/s/KPMG Peat Marwick LLP
January 3, 1996
(logo)Member Firm of
Klynveld Peat Marwick Goerdeler
(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).
(Logo)ERNST & YOUNG LLP 240O Pauahi Tower Phone: 808 531 2037
1001 Bishop Street
Honolulu, Hawaii 96813
INDEPENDENT ACCOUNTANTS' REPORT
Audit Committee
Bank of Hawaii
We have examined management's assertion that Bank of Hawaii (the Bank)
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 the Bank's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Bank'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 Bank'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 the Bank's compliance with specified
requirements.
In our opinion, management's assertion that the Bank complied with the
aforementioned requirements during the year ended December 31, 1995 is
fairly stated, in all material respects.
/s/Ernst & Young LLP
February 15, 1996
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Board of Directors and Stockholder of
Barnett Mortgage Company:
We have examined management's assertion about BARNETT MORTGAGE COMPANY (a
Florida corporation and a wholly owned subsidiary of Barnett Banks, Inc.)
AND SUBSIDIARIES' (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") and that
the Company had in effect fidelity bond and errors and omissions policies
in the amount of $75,000,000 and $35,000,000, respectively, as of and for
the year ended December 31, 1995 included in the accompanying management
compliance 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 fidelity bond and
errors and omissions policies 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 fidelity bond and errors and omissions policies in the amount of
$75,000,000 and $35,000,000, respectively, as of and for the year ended
December 31, 1995 is fairly stated in all material respects.
/s/ Arthur Andersen LLP
Jacksonville, Florida
March 8,1996
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
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
Deloitte &
Touche LLP
(logo) Twenty-Fourth Floor Telephone: (215) 246-2300
1700 Market Street Facsimile: (215) 569-2441
Philadelphia, Pennsylvania 19103-3984
INDEPENDENT ACCOUNTANTS' REPORT
To the Board of Directors
GMAC Mortgage Corporation of PA
We have examined management's assertion about GMAC Mortgage Corporation of
PA's (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 ten-month
period ended October 31, 1995 included in the accompanying management
assertion. Management is responsible for GMAC Mortgage Corporation of PA's
compliance with those standards. Our responsibility is to express an
opinion on management's assertion about the Company'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 GMAC Mortgage
Corporation of PA'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
GMAC Mortgage Corporation of PA's compliance with the minimum servicing
standards.
In our opinion, management's assertion that except for noncompliance with
item I(1) of USAP, GMAC Mortgage Corporation of PA complied with the
aforementioned minimum servicing standards as of and for the ten months
ended October 31, 1995, as described in management's report, is fairly
stated in all material respects.
/s/Deloitte & Touche LLP
February 16, 1996
Deloitte Touche
Tohmatsu
International (logo)
(logo)ERNST & YOUNG LLP
1300 Huntington Building Phone: 216 861 5000
925 Euclid Avenue
Cleveland, Ohio 44115-1405
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
National City Mortgage Co.
We have examined management's assertion that National City Mortgage Co.
(NCM) 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 NCM's compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about
NCM'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 NCM'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 NCM's compliance with specified requirements.
In our opinion, management's assertion that NCM complied with the
aforementioned requirements during the year ended December 31, 1995 is
fairly stated, in all material respects.
/s/Ernst & Young LLP
January 18, 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)
(logo)American Home Funding
A subsidiary of Rochester Community Savings Bank
January 3, 1996
KPMG Peat Marwick
1021 East Cary Street
Suite 1900
Richmond, VA 23219
Dear Sirs:
As of and for the year ended November 30, 1995, American Home Funding, Inc.
has complied in ail 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,
American Home Funding, Inc. had in effect fidelity bond and errors and
omissions policies in the amount of $10,000,000 per loss each.
/s/Paul S. Reid 1/26/96
Paul S. Reid Date
President and Chief Executive Officer
/s/ Julie A. Hendricks 1/29/96
Julie A. Hendricks Date
Senior Vice President and Chief Financial Officer
/s/ Paul J. Bailey 1/26/96
Paul J. Bailey Date
Executive Vice President, Loan Administration
2812 Emerywood Parkway, PO Box 32095, Richmond, Virginia 23294,
(804) 756-6800
(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)BANK OF HAWAII
REPORT OF MANAGEMENT
We, as members of management of the Bank of Hawaii and it's Mortgage Loan
Servicing Department, 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 these standards. We have performed an
evaluation of Bank of Hawaii'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, Bank of Hawaii complied with the minimum servicing
standards set forth in the USAP.
/s/Denis K. Isono
Denis K. Isono
Senior Vice President and Controller
Bank of Hawaii
/s/Shari Murata
Shari Murata, Manager
Mortgage Loan Servicing Department
Bank of Hawaii
February 15, 1996
MORTGAGE LOAN SERVICING DEPARTMENT P0 BOX 3650 HONOLULU HAWAII 96811-3650
TELEPHONE (808) 524-7976
BARNETT MORTGAGE COMPANY
Post Office Box 40843
Jacksonville, Florida 32203-0843
Barnett Bank (logo)
A Subsidiary of Barnett Banks, Inc.
As of and for the year ended December 31, 1995, Barnett Mortgage Company
and Subsidiaries have complied 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,
Barnett Mortgage Company and Subsidiaries had in effect fidelity bond and
errors and omissions policies in the amount of $75,000,000 and $35,000,000,
respectively.
/s/ Francis G. Seabrook
Francis G. Seabrook
Chairman and Chief Executive Officer
March 8, 1996
Date
/s/ Stephen B. Matheson
Stephen B. Matheson
Chief Financial Officer
March 8, 1996
Date
(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)
GMAC Mortgage Corporation
8360 Old York Road
Elkins Park, PA 19027-1590
December 1, 1995
GMAC
MORTGAGE
As of and for the ten month period ended October 31, 1995, except as
described below, GMAC Mortgage Corporation of PA 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 time, GMAC Mortgage
Corporation of PA had in effect a fidelity bond and errors and omissions
policy, which as of the date of this assertion was in the amount of
$60,000,000.
Item I 1 of USAP requires that every custodial reconciliation be reviewed
and approved every month by someone other than the person who prepared the
reconciliation. Due to the large number of reconciliations prepared each
month, GMACM has implemented a rotational plan for review and approval of
custodial reconciliations by someone other than the person who prepared the
reconciliation. The rotation and frequency of review is based upon the
complexity, risk and size of each account.
/s/Edward D. Hughes /s/George M. Wessel
Edward D. Hughes George M. Wessel
Managing Director Managing Director
Investor Services Administration Residential Servicing
NATIONAL CITY NATIONAL CITY MORTGAGE CO.
MORTGAGE 3232 Newmark Drive,
Miamisburg, Ohio 45342
Telephone (513) 436-3025
MAILING ADDRESS:
P.O. Box 1820
Dayton, Ohio 45401-1820
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 National City Mortgage Co. (NCM), 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 these standards. We have performed an evaluation of NCM'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, NCM complied with
the minimum servicing standards set forth in the USAP.
As of and for this same period, NCM had in effect a fidelity bond policy in
the amount of $50 million and an errors and omissions policy in the amount
of $20 million.
/s/ Leo E. Knight, Jr.
Leo E. Knight, Jr., President
/s/ T. Jackson Case, Jr.
T. Jackson Case, Jr., Senior Vice President
January 18, 1996
No one Cares More!
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
(logo) American Home Funding
A Subsidiary of Rochester Community Savings Bank
February 28, 1996
Securitized Asset Services Corporation
5325 Spectrum Drive
Frederick, Maryland
Attn: Master Servicing
Re: Officer Certificate
To Whom it may concern:
In accordance with the Servicing Agreement dated July 31, 1995, I, the
undersigned,hereby certify that I have supervised a review as to each
mortgage loan being serviced by American Home Funding during the preceding
fiscal year under this Agreement and to the best of my knowledge, based on
this review, American Home Funding has fulfilled its duties,
responsibilities and obligations under this Agreement throughout the
year, or, if there has been failure by the Servicer to fulfill any duty,
responsibility or obligation under this Agreement, they are set forth
below:
EXCEPTIONS (if any) None
Signature of Officer /s/ Janice P. Layne
Title of Office Vice President, Investor Reporting
Date February 28, 1996
2812 Emerywood Parkway, P.O. Box 31034, Richmond, Virginia 23294
(logo)BANK OF HAWAII
OFFICER'S CERTIFICATE
The undersigned officer hereby certifies that I have supervised a review of
the activities of Bank of Hawaii, servicer, during the preceding fiscal
year and of the Bank's performance during the most recently closed fiscal
year and that to the best of my knowledge, based on such review, the Bank
has fulfilled its duties, responsibilities and obligations under the
servicing agreement between The Prudential Home Mortgage Company, Inc. and
Bank of Hawaii.
/s/Glen Chong
By GLEN CHONG
INVESTOR ACCOUNTING MANAGER
Title
(808) 693-1353
Telephone No.
March 18, 1996
Date
MORTGAGE LOAN SERVICING DEPARTMENT P0 BOX 3650 HONOLULU, HAWAII 96811-3650
TELEPHONE (808) 524-7976
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
GMAC Mortgage Corporation
8360 Old York Road
Elkins Park, PA 19027-1590
March 18, 1996
GMAC
MORTGAGE
SECURITIZED ASSET SERVICES CORP
MASTER SERVICING DEPARTMENT
7435 NEW TECHNOLOGY WAY
FREDERICK, MD 21701
SCOTT RUNKLES
RE: CONTROL # 3843
ANNUAL STATEMENT OF COMPLIANCE
This is to certify that a review of the activities of GMAC Mortgage
Corporation of PA for the calendar year 1995 has been made and to the best
of my knowledge, GMAC Mortgage Corporation of PA has fulfilled all its
obligations under the terms of the Servicing Agreement.
/s/ Joanne Moore-Baird
Joanne Moore-Baird
Assistant Vice President
Contract Administration
NATIONAL CITY MORTGAGE CO.
3232 NEWMARK DRIVE
MIAMISBURG, OH 45342
SERVICER'S ANNUAL CERTIFICATION
January 1, 1995 through December 31, 1995
Dear Sir/Madam:
The undersigned hereby certifies with respect to each and every mortgage
serviced under the Servicing Agreement between Securitized Asset Services
Corporation as follows:
1 . There are no outstanding unpaid installments of taxes,
special assessments, or insurance unless otherwise
reported.
2. There has been no notice of cancellation received for any
hazard or other insurance incident to any mortgage,
without the Servicer obtaining proper coverage to protect
the security interest in the property of Securitized
Asset Services Corporation.
3. Private mortgage insurance, as required, remains in full
force and effect.
4. All notices detrimental to Securitized Asset Services
Corporation security interest have been forwarded to
Securitized Asset Services Corporation.
5. All ARM and GPM loan adjustments have been made in
accordance with the mortgage terms with timely proper
notice provided to the mortgagors as required by the terms
of the note and by regulatory guidelines.
6. The needed internal controls are in place to insure that
all index changes, made either manually or by automation,
reflect the accurate index for that period.
7. All loan documents pertaining mortgage loans are held by
National City Bank, Kentucky, our document custodian.
8. All mortgage insurance premiums due under the contract of
insurance with the Federal Housing Administration or
private mortgage insurance companies have been paid.
9. All FHA 235/265 mortgage loans have been property
recertified.
10. Fidelity Bond Coverage and Error's & Omissions Coverage is
in full force and effect.
11. A Form 1099 was filed with the Internal Revenue Service
for all interest paid to mortgagors over $10.00 on their
escrow/impound accounts (IRS Code 6049).
12. A Form 1099-A was filed with the Internal Revenue Service
for all Securitized Asset Services Corporation property
foreclosure acquisitions and abandonments (IRS Code
60500).
13. A Form 1099-C was filed with the Internal Revenue Service
for all Securitized Asset Services Corporation accounts
that had forgiveness of debt.
14. A Form 1098 was filed with the Internal Revenue Service
for all Securitized Asset Services Corporation accounts
for interest paid by the borrowers in excess of $600.00
15. We have established policies, procedures and
responsibilities for comprehensive contingency planning,
to minimize financial loss and disruption of service to
the institution and its customers and ensure timely
resumptions in the event of a disaster.
16. We acknowledge that the institution's contingency plan is
reviewed and approved annually by management.
17. All requirements of Regulation Z have been met.
BY /s/ Patricia A. Maynard
Patricia A. Maynard
Vice President
Date: 2/20/96
PRUDENTIAL HOME MORTGAGE COMPANY, INC.
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE
SASI 1995-7
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
