UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark one)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2001
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number: 333-84929-07
Soundview Home Equity Loan Trust
Home Equity Loan Asset-Backed Certs.
Series 2001-1
(Exact name of registrant as specified in its charter)
New York 52-2316397
52-2316398
52-2316396
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
c/o Wells Fargo Bank Minnesota, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 884-2000
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 ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original
Annual Report on Form 10-K (the "Original Form 10-K") filed on
March 27, 2002 on behalf of Soundview Home Equity Loan Trust Home Equity
Loan Asset-Backed Certs., Series 2001-1 established pursuant to the Pooling
and Servicing Agreement among Financial Asset Securities Corporation as
Depositor, Saxon Mortgage Inc as Seller and Master Servicer, Meritech Mortgage
Services Inc as Servicer, and Wells Fargo Bank Minnesota, N.A. as Trustee
pursuant to which Soundview Home Equity Loan Trust, Home Equity Loan
Asset-Backed Certs., Series 2001-1 registered under the Securities Act of
1933 (the "Certificates") were issued.
Item 14 of the Original Form 10K is amended in its entirety to read as
follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2001.
a) Meritech Mortgage Services Inc., as Servicer <F1>
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2001.
a) Meritech Mortgage Services Inc., as Servicer <F1>
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2001.
a) Meritech Mortgage Services Inc., as Servicer <F1>
(99.4) Aggregate Statement of Principal and Interest Distributions to
Certificate Holders. <F2>
(b) On October 18, 2001, November 27, 2001, and December 27, 2001
reports on Form 8-K were filed by the Company in order to provide
the statements for the monthly distributions to holders of the
Certificates. No other reports on Form 8-K have been filed during
the last quarter of the period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
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:
Soundview Home Equity Loan Trust
Home Equity Loan Asset-Backed Certs.
Series 2001-1
(Registrant)
Signed: Wells Fargo Bank Minnesota, N.A. as Trustee
By: Kwan Lee, as Vice President
By: /s/ Kwan Lee
Dated: December 16, 2002
Sarbanes-Oxley Certification
I, Kwan Lee, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K containing distribution or servicing reports filed in respect of
periods included in the year covered by this annual report, of Soundview
Home Equity Loan Trust Home Equity Loan Asset-Backed Certs. Series 2001-1.
2. Based on my knowledge, the information in these reports, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of
the last day of the period covered by this annual report.
3. Based on my knowledge, the [distribution or servicing] information required
to be provided to the trustee by the servicer under the pooling and
servicing agreement is included in these reports.
Date: December 16, 2002
Kwan Lee
[Signature]
Vice President
[Title]
Exhibit Index
Exhibit No.
(99.1) Annual Independent Accountants' Servicing Reports concerning
servicing activities for the year ended December 31, 2001.
a) Meritech Mortgage Services Inc., as Servicer <F1>
(99.2) Report of Management as to Compliance with Minimum Servicing
Standards for the year ended December 31, 2001.
a) Meritech Mortgage Services Inc., as Servicer <F1>
(99.3) Annual Statements of Compliance under the Pooling and Servicing
Agreements for the year ended December 31, 2001.
a) Meritech Mortgage Services Inc., as Servicer <F1>
(99.4) Aggregate Statement of Principal and Interest Distributions
to Certificate Holders. <F2>
<F1> Filed herewith.
<F2> Previously filed.
EX 99.1 (a)
Deloitte & Touche LLP
Suite 500
Eighth & Main Building
707 East Main Street
Richmond, Virginia 23219
Tel: (804) 697-1500
Fax: (804) 697-1825
www.us.deloitte.com
Deloitte
&Touche (LOGO)
INDEPENDENT AUDITORS' REPORT
To the Board of Directors
Meritech Mortgage Services, Inc.
Fort Worth, Texas
We have examined management's assertion about Meritech Mortgage Services,
Inc.'s (the "Company"), 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, 2001 included in the accompanying management assertion.
Management is responsible for the 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 the 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 the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended
December 31, 2001 is fairly stated, in all material respects, except as noted
in the four succeeding paragraphs.
In five of the sixty tax or insurance payments selected for testing, the
Company did not make the escrow payment on or before the penalty or insurance
policy expiration dates, as indicated on tax bills and insurance premium
notices, respectively.
In eight of the thirty custodial bank accounts selected for testing for
May, the reconciliations included reconciling items which were older than 90
days. For October, there were two of the thirty custodial bank accounts
selected for testing included reconciling items that were older than 90 days.
In two of the thirty late payment penalties for tax and insurance payments
selected for testing, the Company charged the mortgagor for the late payment
penalties paid in conjunction with the payment of any tax bill or insurance
premium notice for amounts that should have been paid from the servicing
entity's funds.
In fifteen of the sixty escrow accounts selected for testing, the Company
did not complete the mortgagor's escrow account analysis within a year.
March 15, 2002
Deloitte
Touche
Tohmatsu
EX 99.2 (a)
Meritech
MORTGAGE SERVICES, INC. (LOGO)
March 15, 2002
As of and for the year ended December 31, 2001, Meritech Mortgage Services,
Inc (the "Company") has complied in all material respects with the minimum
servicing standards set forth in the Mortgage Bankers Association of America's
Uniform Single Attestation Program for Mortgage Bankers except as noted on the
attached Appendix A. As of and for this same period, the Company had in effect
a fidelity bond and errors and omissions policy in the amount of $15 million
and $10 million, respectively.
Dennis Stowe
President, Meritech Mortgage Services, Inc.
David Dill
Executive Vice President
Meritech Mortgage Services, Inc.
We are a debt collector. Any information obtained will be used for that
purpose.
Meritech Mortgage Services, Inc. * 4708 Mercantile Drive North *
Fort Worth, TX 76137-3605 P.O. Box 161489 * Fort Worth, TX 76161-1489 *
(817) 665-7200 * Fax (817) 665-7400
EX 99.3 (a)
Meritech
MORTGAGE SERVICES, INC. (LOGO)
Dear Sir/Madam:
The undersigned Officer certifies the following for the 2001 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. 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.
(g) All annual reports of Foreclosure and Abandonment of Mortgage Property
required per section 6050j/6050p of the Internal Revenue Code, respectively,
have been prepared and filed.
Certified By:
David Dill
Executive Vice President
March 30, 2002
We are a debt collector. Any information obtained will be used for that
purpose.
Meritech Mortgage Services, Inc. * 4708 Mercantile Drive North *
Fort Worth, TX 76137-3605
PO. Box 161489 * Fort Worth, TX 76161-1489
(817) 665-7200 * Fax (817) 665-7400