-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BgIkuYIcU5HApHbtrVzAqJKiGPgkmlVMaaWxS4CkjrlkLUiyWQvnqMm47BhPQryP BXuicZKzEtCw9JktEcBwYw== 0001051170-99-000102.txt : 19991021 0001051170-99-000102.hdr.sgml : 19991021 ACCESSION NUMBER: 0001051170-99-000102 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19991020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAXON ASSET SECURITIES TRUST 1998-1 CENTRAL INDEX KEY: 0001059069 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 521785164 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 333-04127-05 FILM NUMBER: 99731176 BUSINESS ADDRESS: STREET 1: 4880 COX ROAD CITY: GLEN ALLEN STATE: VA ZIP: 23060 BUSINESS PHONE: 5049677400 MAIL ADDRESS: STREET 1: 4880 COX ROAD CITY: GLEN ALLEN STATE: VA ZIP: 23060 10-K/A 1 FORM 10-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K/A [X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 1998 [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number 333-04127-05 Saxon Asset Securities Trust 1998-1 Mortgage Loan Asset Backed Certificates, Series 1998-1 (Exact name of registrant as specified in its charter) Virginia 52-1785164 (State or other jurisdiction of I.R.S. Employer incorporation or organization) Identification No.) 4880 Cox Road, Glen Allen, Virginia 23060 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code : (804) 967-7400 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[ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K/A or any amendment to this Form 10-K/A. [X] Documents incorporated by reference: None SAXON ASSET SECURITIES TRUST 1998-1 - ----------------------------------- AMENDMENT NUMBER 1 OF 1 -2- PART IV Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K (a) The following documents are filed as part of this report: (1) Financial Statements: Omitted. (2) Financial Statement Schedules: Omitted. (3) Listed below are the documents filed as a part of this report: Exhibit Number -------------- 99.1 Annual Statement of Compliance by Master Servicer 99.2 Annual Certificate of Compliance 99.3 Annual Statement of Independent Accountants (b) Reports on Form 8-K: The following Current Reports on Form 8-K were filed by the Registrant during the last quarter of 1998. Current Reports on Form 8-K, dated October 27, 1998, November 25, 1998 and December 28, 1998 were filed for the purpose of filing the Monthly Statement sent to the Holders of the Offered Certificates for payments made on the same dates. The items reported in such Current Report were Item 5 (Other Events). (c) Exhibits to this report are listed in Item (14)(a)(3) above. -3- 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. Saxon Asset Securities Trust 1998-1 Mortgage Loan Asset Backed Certificates 1998-1 Date: October 20, 1999 By: /s/ Bradley D. Adams --------------- Bradley D. Adams Vice President -4- EXHIBIT 99.1 Annual Statement of Compliance by Master Servicer -5- ANNUAL STATEMENT OF COMPLIANCE I, Linda G. Warman, hereby certify that I am a Vice President of Chase Bank of Texas, National Association, ("the Master Servicer") acting as Master Servicer, pursuant to a Trust Agreement ("Agreement") with Saxon Asset Securities Trust 1996-2, 1997-1, 1997-2, 1997-3, 1998-1 and further certify to the best of my knowledge and after due inquiry, the following: I have reviewed the activities of the Master Servicer, during the preceding calendar year and the performance under the Agreement. To the best of my knowledge, based on such review, Chase Bank of Texas, as Master Servicer, has performed and fulfilled its duties, responsibilities and obligations under the Agreement in all material respects during the applicable period. I have conducted an examination of the activities of each Servicer during the preceding calendar year and the performance of such Servicer under the related Servicing Agreement. I have examined each Servicer's Fidelity Bond and Errors and Omissions Policy and each such bond or policy is in effect and conforms to the requirements of the related Servicing Agreement. I have received from each Servicer such Servicer's annual audited financial statements and such other information as is required by the Guide and to the best of my knowledge, based on such examination, each Servicer has performed and fulfilled its duties, responsibilities and obligations under its Servicing Agreement in all material respects throughout such year. /s/ Linda G. Warman Title: Vice President and Trust Officer Date: October 20, 1999 -6- EXHIBIT 99.2 Annual Certificate of Compliance -7- MERITECH MORTGAGE SERVICES, INC. ONe Ridgmar Centre 6500 West Freeway, Ste 400 Fort Worth, TX 76116 Dear Master Servicer: The undersigned officer certifies the following for the 1998 fiscal year: (a) I have reviewed the activities and performance of the Servicer during the preceding fiscal year under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer guide. To the best of this Officers' knowledge, the Servicer has fulfilled all of its duties, responsibilities or obligations under these Agreements throughout such year, or if there has been a default or failure of the servicer to perform any of such duties, responsibilities or obligations a description of each default or failure and the nature and status. (b) I have confirmed that the Servicer is currently an approved FNMA or FHLMC servicer in good standing: (c) I have confirmed that the Fidelity Bond, the Errors and Omissions Insurance Policy and any other bonds required under the terms of the Servicing Agreement, Trust Agreement, Pooling and Servicing Agreement and/or Seller/Servicer Guide are in full force and effect; (d) All premiums for each Hazard Insurance Policy, Flood Insurance Policy (if applicable) and Primary Mortgage Insurance Policy (if applicable), with respect to each Mortgaged Property, have been paid and that all such insurance policies are in full force and effect; (e) All real estate taxes, governmental assessments and any other expenses accrued and due, that if not paid could result in a lien or encumbrance on any Mortgaged Property, have been paid, or if any such costs or expenses have not been paid with respect to any Mortgaged Property, the reason for the non-payment has been reported. (f) All Custodial Accounts have been reconciled and are properly funded: and (g) All annual reports of Foreclosure and Abandonment of Mortgage Property required per section 6050j and 6050p of the Internal Revenue Code, respectively have been prepared and filed. Certified by: /s/ Susan Figiel Senior Vice President Investor Accounting and Compliance June 11, 1999 -8- ANNUAL CERTIFICATION OF COMPLIANCE PURSUANT TO THE SALE SERVICING AND ADMINISTRATION AGREEMENT(S) In accordance with the Agreement(s), I, the undersigned, hereby certify as to each Mortgage Loan being serviced by the below names institution that: 1. I am an "Officer" as defined in the above referenced Agreement, and am empowered and authorized to issues this Annual Certification. 2. To the best of my knowledge and upon reasonable investigation, the servicing of the Mortgage Loans during the year preceding the last Anniversary Date of the Agreement has been conducted in compliance with the Agreement except for such exceptions as I am setting forth below: Exceptions (if any): __________ 3. A review of activities with respect to performances under the Agreement during the year preceding the last Anniversary Date of the Agreement has been made under my supervision and to the best of my knowledge, based on such review, no default exists as of the above date in the fulfullment of any obligations under the Agreement other than the events of default, if any, which I am listing below with the nature and status whereof. Events of Default (if any): ______________ This certification covers the period of January 1, 1998 through December 31 1998 AMERIQUEST MORTGAGE COMPANY By: Elaine Stangle Title: Executive Vice President, Loan Servicing -9- EXHIBIT 99.3 Annual Statement of Independent Accountants -10- DELOITTE & TOUCHE LLP Suite 500 Eighth & Main Building 707 East Main Street Richmond, Virginia 23219 Telephone: (804) 697-1500 Facsimile: (804) 697-1825 INDEPENDENT ACCOUNTANTS' REPORT To the Board of Directors Meritech Mortgage Services, Inc. Fort Worth, Texas We have examined management's assertion about Meritech Mortgage Services, Inc. ("Meritech"), compliance with servicing standards identified in the Appendix as of and for the year ended December 31, 1998, included in the accompanying management assertion. Such standards were established by Meritech's management based on the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP). Management is responsible for Meritech's compliance with these 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 Meritech's compliance with the 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 Meritech's compliance with the servicing standards or its servicing agreements. In our opinion, management's assertion that Meritech complied with its established servicing standards identified in the Appendix as of and for the year ended December 31, 1998, is fairly stated, in all material respects. /s/ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP March 1, 1999 -11- DELOITTE & TOUCHE LLP Suite 1200 695 Town Center Drive Costa Mesa, California 92626-1924 Telephone: (714) 436-7100 Facsimile: (714) 436-7200 INDEPENDENT ACCOUNTANTS' REPORT To Ameriquest Mortgage Company: We have examined management's assertion about Ameriquest Mortgage Company'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, 1998, included in the accompanying management assertion. Management is responsible for Ameriquest Mortgage 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 Ameriquest Mortgage 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 Ameriquest Mortgage Company's compliance with the servicing standards or its servicing agreements. In our opinion, management's assertion that Ameriquest Mortgage Company complied with the aforementioned minimum servicing standards as of and for the year ended December 31, 1998, is fairly stated, in all material respects. /s/ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP March 12, 1999 -12- -----END PRIVACY-ENHANCED MESSAGE-----