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Previous: DEFINED ASSET FUNDS MUNICIPAL STATE SERIES 3, 485BPOS, 1998-12-04 |
Next: SOUTHERN PACIFIC SECURED ASSETS CORP, 8-K, 1998-12-04 |
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): November 25, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Mortgage Pass-Through Certificates, Series 1998-2 Trust
New York (governing law of 333-91756 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 November 25, 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
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1998-2 Trust, relating to the November 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
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: 12/02/98
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 November 25,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Mortgage Pass-Through Certificates
Record Date: 10/30/98
Distribution Date: 11/25/98
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 5.38938% 302,617,994.50 1,359,102.81 6,733,086.99
A-2 843590DD9 SEQ 6.28000% 162,000,000.00 847,800.00 0.00
A-3 843590DE7 SEQ 6.52000% 41,870,166.83 227,494.57 2,288,181.58
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 1.51509% 0.00 634,318.72 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 624,090,161.33 3,694,840.27 9,021,268.57
</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 0.00 295,884,907.51 8,092,189.80 0.00
A-2 0.00 162,000,000.00 847,800.00 0.00
A-3 0.00 39,581,985.25 2,515,676.15 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 0.00 634,318.72 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
Totals 0.00 615,068,892.76 12,716,108.84 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-1 324,000,000.00 302,617,994.50 216,032.10 6,517,054.89 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 41,870,166.83 118,807.68 2,169,373.90 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 650,000,000.00 624,090,161.33 334,839.78 8,686,428.79 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 6,733,086.99 295,884,907.51 0.91322502 6,733,086.99
A-2 0.00 162,000,000.00 1.00000000 0.00
A-3 2,288,181.58 39,581,985.25 0.85309680 2,288,181.58
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 9,021,268.57 615,068,892.76 0.94625984 9,021,268.57
</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-1 324,000,000.00 934.00615586 0.66676574 20.11436694 0.00000000
A-2 162,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 46,398,000.00 902.41318225 2.56062072 46.75576318 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 20.78113269 913.22502318 0.91322502 20.78113269
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 49.31638390 853.09679835 0.85309680 49.31638390
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 5.38938% 302,617,994.50 1,359,102.81 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% 41,870,166.83 227,494.57 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 1.51509% 502,400,000.00 634,318.72 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 3,694,840.27 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 1,359,102.81 0.00 295,884,907.51
A-2 0.00 0.00 847,800.00 0.00 162,000,000.00
A-3 0.00 0.00 227,494.57 0.00 39,581,985.25
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 0.00 634,318.72 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 3,694,840.27 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 5.38938% 934.00615586 4.19476176 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% 902.41318225 4.90311156 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 1.51509% 1000.00000000 1.26257707 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 4.19476176 0.00000000 913.22502318
A-2 0.00000000 0.00000000 5.23333333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 4.90311156 0.00000000 853.09679835
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 1.26257707 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 Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<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 9.86479% 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 13,056,216.29
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 13,056,216.29
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 340,107.45
Payment of Interest and Principal 12,716,108.84
Total Withdrawals (Pool Distribution Amount) 13,056,216.29
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 0.00
Trustee Fee 3,923.29
MBIA GROUP 1 PREMIUM 54,205.09
MBIA GROUP 2 PREMIUM 18,605.09
Extra Ordinary Expenses 1,836.86
Master Servicing Fee 261,537.12
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 340,107.45
</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 369 28,413,977.57 5.386075% 4.581414%
60 Days 205 17,380,172.38 2.992264% 2.802345%
90+ Days 105 8,636,246.09 1.532623% 1.392492%
Foreclosure 193 17,550,279.35 2.817107% 2.829773%
REO 1 40,875.00 0.014596% 0.006591%
Totals 873 72,021,550.39 12.742665% 11.612615%
</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 9.728942%
Weighted Average Net Coupon 9.725431%
Weighted Average Pass-Through Rate 9.717931%
Weighted Average Maturity(Stepdown Calculation 354
Beginning Scheduled Collateral Loan Count 6,924
Number Of Loans Paid In Full 73
Ending Scheduled Collateral Loan Count 6,851
Beginning Scheduled Collateral Balance 627,905,005.67
Ending Scheduled Collateral Balance 620,200,989.44
Ending Actual Collateral Balance at 30-Oct-1998 620,584,838.67
Monthly P &I Constant 5,423,716.41
Ending Scheduled Balance for Premium Loans 620,200,989.44
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed ARM Mixed Fixed
Weighted Average Coupon Rate 9.627244 10.011399
Weighted Average Net Rate 9.619744 10.003899
Weighted Average Maturity 354.00 354.00
Beginning Loan Count 4,641 2,283
Loans Paid In Full 49 24
Ending Loan Count 4,592 2,259
Beginning Scheduled Balance 467,418,026.86 160,486,978.81
Ending scheduled Balance 461,671,366.42 158,529,623.02
Record Date 10/30/98 10/30/98
Principal And Interest Constant 3,965,992.68 1,457,723.73
Scheduled Principal 216,036.33 118,807.68
Unscheduled Principal 5,530,623.92 1,838,503.45
Scheduled Interest 3,749,956.35 1,338,916.05
Servicing Fees 0.00 0.00
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 2,921.37 1,003.05
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 3,747,034.98 1,337,913.00
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 986,426.74 330,870.45
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 21,389,487.07 6,473,057.17
Overcollateralization Amount 3,786,458.91 1,345,637.77
Overcollateralization Deficiency Amount 17,603,028.16 5,127,419.40
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 0.00 0.00
Excess Cash Amount 986,426.74 330,870.45
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 22,877,865.34 12,794,323.30 6,860,060.67 14,985,109.54 0.00 2,761,085.64
Percentage Of Balance 4.955% 2.771% 1.486% 3.246% 0.000% 0.598%
Loan Count 268 129 73 152 0 31
Percentage Of Loans 5.836% 2.809% 1.590% 3.310% 0.000% 0.675%
2 Principal Balance 5,536,112.23 4,585,849.08 1,776,185.42 2,565,169.81 40,875.00 1,672,487.16
Percentage Of Balance 3.492% 2.893% 1.120% 1.618% 0.026% 1.055%
Loan Count 101 76 32 41 1 26
Percentage Of Loans 4.471% 3.364% 1.417% 1.815% 0.044% 1.151%
</TABLE>
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