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Previous: KENTUCKY FIRST BANCORP INC, DEF 14A, 1998-10-07 |
Next: SOUTHERN PACIFIC SECURED ASSETS CORP, 8-K, 1998-10-07 |
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): September 25, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Collaterized Asset-Backed Notes, Series 1998-H01 Trust
New York (governing law of 333-52577 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
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
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD. (Zip Code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On September 25, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Collateralized Asset-Backed Notes, Series 1998-
H01 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
Collateralized Asset-Backed Notes, Series
1998-H01 Trust, relating to the September 25,
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
Collateralized Asset-Backed Notes, Series 1998-H01 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 9/30/98
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Collateralized Asset-Backed
Notes, Series 1998-H01 Trust, relating to the September 25, 1998
distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 8/31/98
Distribution Date: 9/25/98
SPSAC Series: 1998-H01
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
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 843590CT5 SEQ 5.73844% 24,660,165.22 121,856.59 1,742,851.89
A-2 843590CU2 SEQ 6.31000% 10,800,000.00 56,790.00 0.00
A-3 843590CV0 SEQ 6.41000% 16,000,000.00 85,466.67 0.00
A-4 843590CW8 SEQ 6.61000% 10,000,000.00 55,083.33 0.00
A-5 843590CX6 SEQ 7.13000% 5,527,000.00 32,839.59 0.00
A-6 843590CY4 IO 0.50000% 0.00 43,978.82 0.00
M-1 843590CZ1 SEQ 7.49000% 10,555,000.00 65,880.79 0.00
M-2 843590DA5 SEQ 7.63000% 7,916,000.00 50,332.57 0.00
B-1 843590DB3 SEQ 9.01000% 11,346,000.00 85,189.55 0.00
B-2 SPS98H1B2 SEQ 11.01000% 5,541,000.00 50,838.68 0.00
X SPS98H01X CE 0.00000% 0.00 0.00 0.00
Totals 102,345,165.22 648,256.59 1,742,851.89
</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 22,917,313.33 1,864,708.48 0.00
A-2 0.00 10,800,000.00 56,790.00 0.00
A-3 0.00 16,000,000.00 85,466.67 0.00
A-4 0.00 10,000,000.00 55,083.33 0.00
A-5 0.00 5,527,000.00 32,839.59 0.00
A-6 0.00 0.00 43,978.82 0.00
M-1 0.00 10,555,000.00 65,880.79 0.00
M-2 0.00 7,916,000.00 50,332.57 0.00
B-1 0.00 11,346,000.00 85,189.55 0.00
B-2 0.00 5,541,000.00 50,838.68 0.00
X 0.00 0.00 0.00 0.00
Totals 0.00 100,602,313.33 2,391,108.48 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 27,600,000.00 24,660,165.22 198,436.53 1,544,415.36 0.00 0.00
A-2 10,800,000.00 10,800,000.00 0.00 0.00 0.00 0.00
A-3 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00
A-4 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00
A-5 5,527,000.00 5,527,000.00 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 0.00 0.00 0.00
M-1 10,555,000.00 10,555,000.00 0.00 0.00 0.00 0.00
M-2 7,916,000.00 7,916,000.00 0.00 0.00 0.00 0.00
B-1 11,346,000.00 11,346,000.00 0.00 0.00 0.00 0.00
B-2 5,541,000.00 5,541,000.00 0.00 0.00 0.00 0.00
X 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 105,285,000.00 102,345,165.22 198,436.53 1,544,415.36 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 1,742,851.89 22,917,313.33 0.83033744 1,742,851.89
A-2 0.00 10,800,000.00 1.00000000 0.00
A-3 0.00 16,000,000.00 1.00000000 0.00
A-4 0.00 10,000,000.00 1.00000000 0.00
A-5 0.00 5,527,000.00 1.00000000 0.00
A-6 0.00 0.00 0.00000000 0.00
M-1 0.00 10,555,000.00 1.00000000 0.00
M-2 0.00 7,916,000.00 1.00000000 0.00
B-1 0.00 11,346,000.00 1.00000000 0.00
B-2 0.00 5,541,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
X 0.00 0.00 0.00000000 0.00
Totals 1,742,851.89 100,602,313.33 0.95552371 1,742,851.89
</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 27,600,000.00 893.48424710 7.18972935 55.95707826 0.00000000
A-2 10,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 5,527,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 10,555,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,916,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 11,346,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 5,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1000 denominations.
</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 63.14680761 830.33743949 0.83033744 63.14680761
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
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 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 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 27,600,000.00 5.73844% 24,660,165.22 121,856.59 0.00 0.00
A-2 10,800,000.00 6.31000% 10,800,000.00 56,790.00 0.00 0.00
A-3 16,000,000.00 6.41000% 16,000,000.00 85,466.67 0.00 0.00
A-4 10,000,000.00 6.61000% 10,000,000.00 55,083.33 0.00 0.00
A-5 5,527,000.00 7.13000% 5,527,000.00 32,839.59 0.00 0.00
A-6 0.00 0.50000% 105,549,157.47 43,978.82 0.00 0.00
M-1 10,555,000.00 7.49000% 10,555,000.00 65,880.79 0.00 0.00
M-2 7,916,000.00 7.63000% 7,916,000.00 50,332.57 0.00 0.00
B-1 11,346,000.00 9.01000% 11,346,000.00 85,189.55 0.00 0.00
B-2 5,541,000.00 11.01000% 5,541,000.00 50,838.67 0.00 0.00
X 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 105,285,000.00 648,256.58 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 0.00 121,856.59 0.00 22,917,313.33
A-2 0.00 0.00 56,790.00 0.00 10,800,000.00
A-3 0.00 0.00 85,466.67 0.00 16,000,000.00
A-4 0.00 0.00 55,083.33 0.00 10,000,000.00
A-5 0.00 0.00 32,839.59 0.00 5,527,000.00
A-6 0.00 0.00 43,978.82 0.00 105,549,157.47
M-1 0.00 0.00 65,880.79 0.00 10,555,000.00
M-2 0.00 0.00 50,332.57 0.00 7,916,000.00
B-1 0.00 0.00 85,189.55 0.00 11,346,000.00
B-2 0.00 0.00 50,838.68 0.00 5,541,000.00
X 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 648,256.59 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 27,600,000.00 5.73844% 893.48424710 4.41509384 0.00000000 0.00000000
A-2 10,800,000.00 6.31000% 1000.00000000 5.25833333 0.00000000 0.00000000
A-3 16,000,000.00 6.41000% 1000.00000000 5.34166687 0.00000000 0.00000000
A-4 10,000,000.00 6.61000% 1000.00000000 5.50833300 0.00000000 0.00000000
A-5 5,527,000.00 7.13000% 1000.00000000 5.94166637 0.00000000 0.00000000
A-6 0.00 0.50000% 999.99999498 0.41666671 0.00000000 0.00000000
M-1 10,555,000.00 7.49000% 1000.00000000 6.24166651 0.00000000 0.00000000
M-2 7,916,000.00 7.63000% 1000.00000000 6.35833375 0.00000000 0.00000000
B-1 11,346,000.00 9.01000% 1000.00000000 7.50833333 0.00000000 0.00000000
B-2 5,541,000.00 11.01000% 1000.00000000 9.17499910 0.00000000 0.00000000
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All classes are per $1000 denominations.
</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 4.41509384 0.00000000 830.33743949
A-2 0.00000000 0.00000000 5.25833333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.34166687 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.50833300 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.94166637 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 0.41666671 0.00000000 999.99999498
M-1 0.00000000 0.00000000 6.24166651 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 6.35833375 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 7.50833333 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 9.17500090 0.00000000 1000.00000000
X 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,456,479.41
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 2,456,479.41
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 65,370.93
Payment of Interest and Principal 2,391,108.48
Total Withdrawals (Pool Distribution Amount) 2,456,479.41
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 64,723.69
Certificate Administration Fee 0.00
Trustee Fee 647.24
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 65,370.93
</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 43 1,243,705.84 1.372486% 1.215906%
60 Days 9 367,286.13 0.287265% 0.359076%
90+ Days 1 19,946.64 0.031918% 0.019501%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 53 1,630,938.61 1.691669% 1.594483%
</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
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 13.735320%
Weighted AverageNet Coupon 12.985291%
Weighted Average Pass-Through Rate 12.977791%
Weighted Average Maturity(Stepdown Calculation ) 221
Begin Scheduled Collateral Loan Count 3,172
Number Of Loans Paid In Full 39
End Scheduled Collateral Loan Count 3,133
Begining Scheduled Collateral Balance 103,557,529.86
Ending Scheduled Collateral Balance 102,286,378.05
Ending Actual Collateral Balance at 31-Aug-1998 102,286,378.05
Monthly P &I Constant 1,319,040.42
Ending Scheduled Balance for Premium Loans 102,286,378.05
Scheduled Principal 198,436.53
Unscheduled Principal 1,544,415.36
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 471,700.08
Overcollateralization reduction Amount 0.00
Specified O/C Amount 4,749,712.10
Overcollateralized Amount 1,684,064.74
Overcollateralized Deficiency Amount 3,065,647.36
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 471,700.08
Excess Cash Amount 471,700.08
</TABLE>
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