PROSPECTUS SUPPLEMENT
(TO PROSPECTUS SUPPLEMENT DATED JUNE 23, 1998 AND PROSPECTUS DATED JUNE 23,
1998)
$99,744,000
SOUTHERN PACIFIC FUNDING CORPORATION
MASTER SERVICER
SOUTHERN PACIFIC SECURED ASSETS CORP.
COMPANY
SOUTHERN PACIFIC CMN TRUST SERIES 1998-H1,
COLLATERALIZED ASSET-BACKED NOTES, SERIES 1998-H1
The following statements in the Prospectus Supplement dated June 23, 1998
are added as indicated below:
1. The following Risk Factor should be added immediately following the Risk
Factor on "Underwriting Standards" on page S-13 of the Prospectus Supplement:
TRANSFER OF SERVICING
The primary servicing of Home Loans acquired in bulk purchases were
recently transferred to the Master Servicer. The Seller expects that a
higher than anticipated rate of delinquencies for a period of time may be
experienced on such Home Loans due to the implementation of such transfer.
2. The following sentence should be added to the end of the second full
paragraph on page S-28 of the Prospectus
Supplement:
The "Step-Up Date" is the first Payment Date on which the aggregate
Principal Balance of the Home Loans as of the end of the related
Collection Period is equal to or less than 10% of the Cut-off Date
Balance.
3. The proviso in the first sentence of the fourth full paragraph on page
S-29 of the Prospectus Supplement should be deleted.
4. The reference to "Overcollateralization Target Amount" in the first
full paragraph on page S-32 of the Prospectus Supplement should be
replaced with "Required Overcollateralization Amount."
GREENWICH CAPITAL
The date of this Prospectus Supplement is July 1, 1998.
