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Previous: SOUTHERN PACIFIC SECURED ASSETS CORP, 8-K, 1998-11-09 |
Next: NATIONAL VARIABLE LIFE INSURANCE ACCOUNT, S-6, 1998-11-09 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D. C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 333-52577 52-2112421
Pooling and Servicing Agreement) (Commission 52-2112424
(State or other File Number) IRS EIN
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On October 26, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Mortgage Pass-Through Certificates, Series 1998-
2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage
Pass-Through Certificates, Series 1998-2 Trust,
relating to the October 26, 1998 distribution.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 11/4/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1998-2 Trust, relating to the October 26,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 9/30/98
Distribution Date: 10/26/98
SPSAC Series: 1998-2
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 843590DC1 SEQ 5.76375% 307,332,053.87 1,525,359.41 4,714,059.37
A-2 843590DD9 SEQ 6.28000% 162,000,000.00 847,800.00 0.00
A-3 843590DE7 SEQ 6.52000% 43,242,223.48 234,949.41 1,372,056.65
A-4 843590DF4 SEQ 6.26000% 39,685,000.00 207,023.42 0.00
A-5 843590DG2 SEQ 6.30000% 12,146,000.00 63,766.50 0.00
A-6 843590DH0 SEQ 6.45000% 37,336,000.00 200,681.00 0.00
A-7 843590DJ6 SEQ 6.74000% 12,035,000.00 67,596.58 0.00
A-8 843590DK3 SEQ 6.37000% 16,400,000.00 87,056.67 0.00
A-9 SPS9802A9 IO 1.51547% 0.00 634,475.82 0.00
R-I SPS9802R1 R 0.00000% 0.00 0.00 0.00
R-II SPS9802R2 R 0.00000% 0.00 0.00 0.00
Totals 630,176,277.35 3,868,708.81 6,086,116.02
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 302,617,994.50 6,239,418.78 0.00
A-2 0.00 162,000,000.00 847,800.00 0.00
A-3 0.00 41,870,166.83 1,607,006.06 0.00
A-4 0.00 39,685,000.00 207,023.42 0.00
A-5 0.00 12,146,000.00 63,766.50 0.00
A-6 0.00 37,336,000.00 200,681.00 0.00
A-7 0.00 12,035,000.00 67,596.58 0.00
A-8 0.00 16,400,000.00 87,056.67 0.00
A-9 0.00 0.00 634,475.82 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 624,090,161.33 9,954,824.83 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 324,000,000.00 307,332,053.87 223,331.60 4,490,727.77 0.00 0.00
A-2 162,000,000.00 162,000,000.00 0.00 0.00 0.00 0.00
A-3 46,398,000.00 43,242,223.48 118,760.05 1,253,296.60 0.00 0.00
A-4 39,685,000.00 39,685,000.00 0.00 0.00 0.00 0.00
A-5 12,146,000.00 12,146,000.00 0.00 0.00 0.00 0.00
A-6 37,336,000.00 37,336,000.00 0.00 0.00 0.00 0.00
A-7 12,035,000.00 12,035,000.00 0.00 0.00 0.00 0.00
A-8 16,400,000.00 16,400,000.00 0.00 0.00 0.00 0.00
A-9 0.00 0.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 650,000,000.00 630,176,277.35 342,091.65 5,744,024.37 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 4,714,059.37 302,617,994.50 0.93400616 4,714,059.37
A-2 0.00 162,000,000.00 1.00000000 0.00
A-3 1,372,056.65 41,870,166.83 0.90241318 1,372,056.65
A-4 0.00 39,685,000.00 1.00000000 0.00
A-5 0.00 12,146,000.00 1.00000000 0.00
A-6 0.00 37,336,000.00 1.00000000 0.00
A-7 0.00 12,035,000.00 1.00000000 0.00
A-8 0.00 16,400,000.00 1.00000000 0.00
A-9 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
Totals 6,086,116.02 624,090,161.33 0.96013871 6,086,116.02
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 324,000,000.00 948.55572182 0.68929506 13.86027090 0.00000000
A-2 162,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 46,398,000.00 931.98464330 2.55959416 27.01186689 0.00000000
A-4 39,685,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 12,146,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 37,336,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 12,035,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-8 16,400,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-9 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 14.54956596 934.00615586 0.93400616 14.54956596
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 29.57146105 902.41318225 0.90241318 29.57146105
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-9 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 324,000,000.00 5.76375% 307,332,053.87 1,525,359.41 0.00 0.00
A-2 162,000,000.00 6.28000% 162,000,000.00 847,800.00 0.00 0.00
A-3 46,398,000.00 6.52000% 43,242,223.48 234,949.41 0.00 0.00
A-4 39,685,000.00 6.26000% 39,685,000.00 207,023.42 0.00 0.00
A-5 12,146,000.00 6.30000% 12,146,000.00 63,766.50 0.00 0.00
A-6 37,336,000.00 6.45000% 37,336,000.00 200,681.00 0.00 0.00
A-7 12,035,000.00 6.74000% 12,035,000.00 67,596.58 0.00 0.00
A-8 16,400,000.00 6.37000% 16,400,000.00 87,056.67 0.00 0.00
A-9 0.00 1.51547% 502,400,000.00 634,475.82 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 650,000,000.00 3,868,708.81 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,525,359.41 0.00 302,617,994.50
A-2 0.00 0.00 847,800.00 0.00 162,000,000.00
A-3 0.00 0.00 234,949.41 0.00 41,870,166.83
A-4 0.00 0.00 207,023.42 0.00 39,685,000.00
A-5 0.00 0.00 63,766.50 0.00 12,146,000.00
A-6 0.00 0.00 200,681.00 0.00 37,336,000.00
A-7 0.00 0.00 67,596.58 0.00 12,035,000.00
A-8 0.00 0.00 87,056.67 0.00 16,400,000.00
A-9 0.00 0.00 634,475.82 0.00 502,400,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,868,708.81 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 324,000,000.00 5.76375% 948.55572182 4.70789941 0.00000000 0.00000000
A-2 162,000,000.00 6.28000% 1000.00000000 5.23333333 0.00000000 0.00000000
A-3 46,398,000.00 6.52000% 931.98464330 5.06378314 0.00000000 0.00000000
A-4 39,685,000.00 6.26000% 1000.00000000 5.21666675 0.00000000 0.00000000
A-5 12,146,000.00 6.30000% 1000.00000000 5.25000000 0.00000000 0.00000000
A-6 37,336,000.00 6.45000% 1000.00000000 5.37500000 0.00000000 0.00000000
A-7 12,035,000.00 6.74000% 1000.00000000 5.61666639 0.00000000 0.00000000
A-8 16,400,000.00 6.37000% 1000.00000000 5.30833354 0.00000000 0.00000000
A-9 0.00 1.51547% 1000.00000000 1.26288977 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.70789941 0.00000000 934.00615586
A-2 0.00000000 0.00000000 5.23333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.06378314 0.00000000 902.41318225
A-4 0.00000000 0.00000000 5.21666675 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.25000000 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.37500000 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 5.61666639 0.00000000 1000.00000000
A-8 0.00000000 0.00000000 5.30833354 0.00000000 1000.00000000
A-9 0.00000000 0.00000000 1.26288977 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notational Notational Component Component Component
Class Rate Balance Balance Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-9 IO 1.70000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000%
A-9 IO 1.00000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000%
A-9 IO 1.00000% 162,000,000.00 162,000,000.00 0.00 0.00 100.00000000%
A-9 IO 9.87628% 16,400,000.00 16,400,000.00 0.00 0.00 100.00000000%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 10,295,974.92
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 10,295,974.92
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 341,150.09
Payment of Interest and Principal 9,954,824.83
Total Withdrawals (Pool Distribution Amount) 10,295,974.92
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 263,674.42
Trustee Fee 3,955.10
MBIA GROUP 1 PREMIUM 54,755.41
MBIA GROUP 2 PREMIUM 18,765.16
Spread 3 Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 341,150.09
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 329 26,981,132.84 4.751589% 4.297009%
60 Days 210 18,367,966.58 3.032929% 2.925278%
90+ Days 12 766,781.72 0.173310% 0.122117%
Foreclosure 97 8,631,513.14 1.400924% 1.374653%
REO 0 0.00 0.000000% 0.000000%
Totals 648 54,747,394.28 9.358752% 8.719057%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
Class R-I 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
Class R-II 0.00 0.00000000% 0.00 0.00000000% 0.000000% 0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 9.706975%
Weighted AverageNet Coupon 9.706975%
Weighted Average Pass-Through Rate 9.699478%
Weighted Average Maturity(Stepdown Calculation ) 355
Begin Scheduled Collateral Loan Count 6,973
Number Of Loans Paid In Full 49
End Scheduled Collateral Loan Count 6,924
Begining Scheduled Collateral Balance 632,818,321.02
Ending Scheduled Collateral Balance 627,905,005.67
Ending Actual Collateral Balance at 30-Sep-1998 628,256,143.20
Monthly P &I Constant 5,461,076.80
Ending Scheduled Balance for Premium Loans 627,905,005.67
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Group 1 MBIA Premium 54,755.41
Group 2 MBIA Premium 18,765.45
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.598600 10.023189
Weighted Average Net Rate 9.591100 10.015689
Weighted Average Maturity 355.00 355.00
Begining Loan Count 4,679.00 2,294.00
Loans Paid In Full 38.00 11.00
Ending Loan Count 4,641.00 2,283.00
Begining Scheduled Balance 471,292,630.23 161,525,690.79
Ending Scheduled Balance 467,418,026.86 160,486,978.81
Record Date 98-09-30 98-09-30
Principal And Interest Constant 3,993,147.99 1,467,928.81
Scheduled Principal 223,356.82 118,760.05
Unscheduled Principal 3,651,271.77 919,951.93
Scheduled Interest 3,769,791.17 1,349,168.76
Other Fee 2,945.57 1,009.53
Net Interest 3,766,845,60 1,348,159.23
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 839,430.78 333,344.67
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 21,389,487.07 6,473,057.17
Overcollateralization Amount 2,800,032.36 1,014,811.98
Overcollateralization Deficiency Amount 18,589,454.71 5,458,245.19
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 839,430.78 333,344.67
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
Groups 30 Days 60 Days 90 + Days
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 214 19,963,623.39 154 15,234,248.43 4 209,082.65
2 115 7,017,509.45 56 3,133,718.15 8 557,699.07
Total 329 $26,981,132.84 210 $18,367,966.58 12 $766,781.72
</TABLE>
<TABLE>
Delinquency Status By Groups (Continued)
<CAPTION>
Group ID Foreclosures REOs Bankruptcy
Number Balance Number Balance Number Balance
<S> <C> <C> <C> <C> <C> <C>
1 79 7,413,806.83 0 0.00 17 1,489,916.11
2 18 1,217,706.31 0 0.00 24 1,495,463.75
TOTAL 97 8,631,513.14 0 0.00 41 2,985,379.86
</TABLE>
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