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.: 33-76072-01
Securitized Asset Sales, Inc. Mortgage Pass-Through Certificates,
Series PHM/1995-1 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)
52-1946471, 52-1939357
(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/1995-1 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/1995-1 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) Columbia Equities, LTD., 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) Lomas Mortgage USA, as Servicer<F2>
(g) Metropolitan Savings Bank, as Servicer<F1>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(j) Weyerhaeuser Mortgage Company, as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum
Servicing Standards
(a) BancBoston Mortgage Corporation, as Servicer<F2>
(b) Columbia Equities, LTD., 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) Metropolitan Savings Bank, as Servicer<F1>
(g) National City Mortgage Company, as Servicer<F2>
(h) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(i) Weyerhaeuser Mortgage Company, 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) Columbia Equities, LTD., as Servicer<F1>
(c) FBS Mortgage Corporation, as Servicer<F1>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) Lomas Mortgage USA, as Servicer<F2>
(g) Metropolitan Savings Bank, as Servicer<F1>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(j) Weyerhaeuser Mortgage Company, as Servicer<F2>
(b) On October 19, 1995, a report on Form 8-K was filed by the
Company in order to provide the Pooling and Servicing Agreement
for the Certificates.
On October 6, 1995, November 8, 1995, and December 6, 1995,
reports on Form 8-K were filed by the Company in order to provide
the statements for the monthly distributions to holders of the
Certificates. No other reports on Form 8-K have been filed
during the last quarter of the period covered by this report.
(c) Omitted pursuant to the No Action Letter.
(d) Omitted pursuant to the No Action Letter.
<F1> Pursuant to the No Action Letter, such document (i) is not filed
herewith since such document was not received by the Reporting Person at
least three business days prior to the due date of the Original Form 10-K;
and (ii) will be included in a further amendment to the Original Form 10-K
to be filed within 30 days of the Reporting Person's receipt of such
document.
<F2> 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/1995-1 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) Columbia Equities, LTD., 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) Lomas Mortgage USA, as Servicer<F2>
(g) Metropolitan Savings Bank, as Servicer<F1>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(j) Weyerhaeuser Mortgage Company, as Servicer<F2>
99.2 Report of Management as to Compliance with Minimum Servicing
Standards
(a) BancBoston Mortgage Corporation, as Servicer<F2>
(b) Columbia Equities, LTD., as Servicer<F1>
(c) FBS Mortgage Corporation, as Servicer<F1>
(d) First Town Mortgage Corporation, as Servicer<F2>
(e) Huntington Mortgage Company, as Servicer<F2>
(f) Metropolitan Savings Bank, as Servicer<F1>
(g) National City Mortgage Company, as Servicer<F2>
(h) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(i) Weyerhaeuser Mortgage Company, 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) Columbia Equities, LTD., 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) Lomas Mortgage USA, as Servicer<F2>
(g) Metropolitan Savings Bank, as Servicer<F1>
(h) National City Mortgage Company, as Servicer<F2>
(i) The Prudential Home Mortgage Company, Inc.,
as Servicer<F2>
(j) Weyerhaeuser Mortgage Company, 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.
Coopers Coopers & Lybrand LLP.
& 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 FOR 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
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.
(Logo) KPMG Peat Marwick LLP
200 Crescent Court
Suite 300
Dallas, TX 75201-1885
INDEPENDENT ACCOUNTANTS' REPORT
The Board of Directors
Lomas Mortgage USA, Inc.:
We have audited, in accordance with generally accepted auditing standards,
the consolidated balance sheet of Lomas Mortgage USA, Inc. (a wholly owned
subsidiary of Lomas Financial Corporation), and subsidiaries (the Company)
as of June 30, 1995, and the related statements of consolidated operations,
stockholder's equity and cash flows for the year then ended, and have
issued our report thereon dated October 11, 1995. Our report disclaims an
opinion on the 1995 consolidated financial statements because of
substantial doubt about the Company's ability to continue as a going
concern.
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 (the Program). Our audit
disclosed one instance of noncompliance that, in our opinion, is reportable
in accordance with paragraph 4 of the Program. The instance of
noncompliance and management's response is described in the accompanying
Schedule of Findings.
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 Pubic Accountants.
This report is intended solely for the use of the board of directors, audit
committee, management 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
October 11, 1995
(logo)Member Firm of
Klynveld Peat Marwick Goerdeler
SCHEDULE OF FINDINGS
FINDING
While performing procedures on trust funds, it was determined that
principal and interest (P&I) custodial accounts for private investors
contained unexplained reconciling items between the adjusted expected and
the reported P&I balances.
MANAGEMENT RESPONSE
A research project was completed prior to year end and accounts were fully
funded by June 30, 1995. Discrepancies were a result of a system
conversion which caused various funding errors.
(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)
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Weyerhaeuser Mortgage Company:
We have examined management's assertion about Weyerhaeuser
Mortgage Company 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 a fidelity bond policy of $15,000,000 as of and for the
year ended December 31, 1995 and an errors and omissions policy
in the amount of $12,000,000 for the four month period ended
April 30, 1995 and $15,000,000 for the eight month period ended
December 31, 1995, included in the accompanying Management's
Assertion on Compliance With Minimum Servicing Standards.
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 the
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 as of and for the year ended December 31, 1995 is fairly
stated, in all material respects.
/s/ Arthur Andersen LLP
Los Angeles, California
February 13, 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
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
WEYERHAEUSER P.O. Box 54089 (logo)
MORTGAGE COMPANY Los Angeles, California 90054
MANAGEMENT'S ASSERTION ON COMPLIANCE WITH
MINIMUM SERVICING STANDARDS
As of and for the year ended December 31, 1995, Weyerhaeuser
Mortgage Company and subsidiaries (the Company) 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, the Company had in effect a fidelity bond
policy in the amount of $15,000,000. The Company also had an
errors and omissions policy in the amount of $12,000,000 for the
4 month period ended April 30, 1995 and $15,000,000 for the 8
month period ended December 31, 1995.
/s/ Donald Lange
Donald Lange, President
/s/ Thomas L. Grainger
Thomas L. Grainger, Chief Operating Officer
/s/ Timothy A. Breedlove
Timothy A. Breedlove
Chief Accounting Officer/Controller
Equal Housing Lender (logo) MBA Member (logo)
(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
LOMAS (logo) LOMAS MORTGAGE USA
A member of the
Lomas Financial Group
Investor Accounting Department
1600 Viceroy Drive
Post Office Box 226655
Dallas, Texas 75222-6655
Telephone (214) 879-4000
ANNUAL CERTIFICATION TO INVESTORS FOR CALENDAR YEAR 1995
In connection with the single family residential mortgage loans serviced
for you on December 31, 1995, we certify to the best of our knowledge that:
(1) all property taxes, special assessments, sewer/water charges, if any,
as well as all charges and claims assessed or levied by any lawful
authority which would have become delinquent on January 1, 1996, (a). have
been paid with respect to mortgage loans that have escrow/impound (trust
fund) deposits, and, (b) have been ascertained by us as having been paid
with respect to mortgage loans without escrow/impound (trust fund) deposits
by having the mortgagors furnish us with paid receipts or relying on
exception reports produced by our tax service contractor;
(2) all mortgage insurance premiums due during 1995 under the contract of
insurance with the Federal Housing Administration or private mortgage
insurance companies have been paid;
(3) all mortgage loans have hazard insurance in force as required by the
servicing agreement(s);
(4) all flood insurance required at origination of the mortgage loan is in
full force and effect;
(5) all required property inspections have been completed and your office
has been notified of any unsatisfactory findings;
(6) all FHA 235/265 mortgage loans have been properly recertified;
(7) all P&I payment adjustments on ARM loans have been made as provided in
loan agreements;
(8) all interest has been paid on mortgagors' escrow/impound accounts as
required by law;
(9) all actions have been taken to comply with I.R.S. regulations required
by the Tax Deficit Reduction Act of 1984;
Lomas Mortgage USA, Inc.,
Annual Certification 1995
Page 2 of 2
(10) we are in compliance with all provisions of the Truth in Lending Act
and Regulation Z, as well as other regulatory directives;
(11) we have Fidelity Bond Coverage for thirty five million dollars and
Errors & Omissions Coverage for thirty five million dollars; certificates
of insurance coverage are mailed to investors following renewal dates of
policies;
(12) original mortgage documents are held by the investors unless
exceptions exist in specific servicing agreements; and,
(13) Lomas Mortgage USA, Inc., is audited by KPMG Peat Marwick LLP after
the close of its fiscal year on June 30. Annual Reports and Uniform
Single Audit Program Letters are mailed according to investor guidelines.
/s/Robin L. Rohmer
Robin L. Rohmer
Vice President
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 1995-1
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
WEYERHAEUSER P.O. Box 54089 (logo)
MORTGAGE COMPANY Los Angeles, California 90054
OFFICER'S ANNUAL COMPLIANCE CERTIFICATE
FISCAL YEAR DECEMBER 31, 1995
The undersigned, a Vice President, respectively, of Weyerhaeuser
Mortgage Company, (the "Servicer") under the Prudential Home
Mortgage Company, Inc. Servicing Agreement (the "Agreement")
entered into by and among the Servicer and the Prudential Home
Mortgage Company, Inc., hereby certify to Securitized Assets
Servicers Corporation that:
(i) a review of the activities of the Servicer during
the preceding calendar year and of its performance
under the 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 of its
obligations under the Agreement throughout such
year.
Or,
there has been failure by the Servicer to fulfill
any duty, responsibility or obligation under this
Agreement, as specified in the attached document.
Dated: March 28, 1996
By: /s/ Timothy A. Breedlove
Name: Timothy A. Breedlove
Title: VP/Chief Accounting Officer
Equal Housing Lender (logo) MBA Member (logo)
