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Previous: SIERRA PRIME INCOME FUND, NSAR-B, 1997-11-25 |
Next: ROCKY MOUNTAIN INTERNET INC, PRE 14A, 1997-11-25 |
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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 24, 1997
FINANCIAL ASSET SECURITIES CORP.
--------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 333-29381 06-1442101
- ---------------------------- ------------- ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 06830
-----------------------------
(Address of Principal Executive
Offices and Zip Code)
Registrant's telephone number, including area code (203) 625-2700
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Item 5. Other Events
- ---- ------------
Filing of Collateral Term Sheets.
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In connection with the proposed offering of New Century Home Equity Loan
Trust, Series 1997-NC6, Asset-Backed Certificates, Greenwich Capital Markets,
Inc. (the "Underwriter"), has prepared certain materials (the "Collateral
Term Sheets") for distribution to its potential investors. Although the
Registrant provided the Underwriter with certain information regarding the
characteristics of the mortgage loans in the related portfolio, it did not
participate in the preparation of the Collateral Term Sheets.
The Collateral Term Sheets are attached hereto as Exhibit 99. These
Collateral Term Sheets supersede any prior collateral information which may
have been previously filed with the Securities and Exchange Commission.
Item 7. Financial Statements, Pro Forma Financial
- ---- -----------------------------------------
Information and Exhibits.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds with
Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99 Collateral Term Sheets
SIGNATURES
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.
FINANCIAL ASSET SECURITIES CORP.
By: /s/ Peter McMullin
------------------------
Peter McMullin
Dated: November 24, 1997
Exhibit Index
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Exhibit Page
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99. Collateral Term Sheets 6
EXHIBIT 99
ALL AMOUNTS SUBJECT TO CHANGE
PRELIMINARY TERM SHEET
11/20/97
NEW CENTURY HOME EQUITY LOAN TRUST 1997-NC6
Scheduled 12/1/97 Balances
<TABLE>
<CAPTION>
INDEX: Fixed Rate
<S> <C> <C> <C>
TOTAL CUT-OFF DATE PRINCIPAL BALANCE: $133,408,139.24
NUMBER OF LOANS: 1,635
AVERAGE CUT-OFF DATE PRINCIPAL BALANCE: $ 81,595.19 RANGE: $ 10,031.69 - $ 749,784.92
WEIGHTED AVERAGE MORTGAGE RATE: 9.63% RANGE: 6.75 - 16.75%
WEIGHTED AVERAGE COMBINED LTV: 70.66% RANGE: 7.00 - 100.00%
WEIGHTED AVERAGE ORIGINAL STATED TERM: 328 months RANGE: 180 - 360 months
WEIGHTED AVERAGE REMAINING TERM: 327 months RANGE: 171 - 360 months
WEIGHTED AVERAGE MONTHS SEASONED: 2 months RANGE: 0 - 15 months
TOP STATE CONCENTRATIONS ($): 50.05% California, 5.04% Arizona, 4.43% Hawaii
FIRST PAY DATE: Oct 01, 1996 - Feb 01, 1998
MATURE DATE: Mar 01, 2012 - Jan 01, 2028
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CURRENT
PRINCIPAL BALANCE PCT($) # OF LOANS PCT(#)
----------------- ------ ---------- ------
<S> <C> <C> <C> <C> <C>
AMORTIZATION: Balloon 1,612,975.74 1.21 26 1.59
Fully Amortizing 131,795,163.50 8.79 1,609 98.41
LIEN PRIORITY: First Lien 126,295,497.82 94.67 1,450 88.69
Second Lien 7,112,641.42 5.33 185 11.31
PROPERTY TYPE: Single Family 113,768,776.51 85.28 1,433 87.65
2-4 Units 9,651,776.25 7.23 91 5.57
PUD 7,619,282.92 5.71 72 4.40
Condominium 2,069,589.16 1.55 34 2.08
Manufactured Housing 298,714.40 0.22 5 0.31
OCCUPANCY STATUS: Owner Occupied 116,397,634.45 87.25 1,371 83.85
Investor 16,160,073.76 12.11 250 15.29
Second Home 850,431.03 0.64 14 0.86
PURPOSE: Cash Out Refinance 83,950,165.01 62.93 1,074 65.69
Rate/Term Refinance 40,191,351.77 30.13 426 26.06
Purchase 9,266,622.46 6.95 135 8.26
LOAN PROGRAMS: Full Documentation 92,154,879.54 69.08 1,143 69.91
Limited Documentation 6,690,689.59 5.02 81 4.95
Stated Income 34,562,570.11 25.91 411 25.14
RISK CATEGORIES: A+ 42,869,593.46 32.13 504 30.83
A+MO 2,207,219.53 1.65 31 1.90
A- 51,529,874.34 38.63 577 35.29
A-MO 1,892,783.48 1.42 20 1.22
B 19,741,879.96 14.80 267 16.33
C 8,182,568.10 6.13 138 8.44
C- 6,418,973.93 4.81 90 5.50
C-HS 565,246.44 0.42 8 0.49
PREPAY PENALTY (yrs): 0 20,904,735.23 15.67 337 20.61
1 2,258,643.91 1.69 35 2.14
2 4,842,820.35 3.63 52 3.18
3 8,428,677.69 6.32 121 7.40
4 463,653.79 0.35 5 0.31
5 96,420,640.28 72.27 1,083 66.24
6 88,967.99 0.07 2 0.12
STATE: Arizona 6,726,347.19 5.04 109 6.67
Arkansas 83,980.09 0.06 3 0.18
California 66,767,244.29 50.05 673 41.16
Colorado 3,753,136.10 2.81 46 2.81
Delaware 74,916.66 0.06 2 0.12
Florida 5,615,005.25 4.21 77 4.71
Georgia 1,676,133.80 1.26 23 1.41
Hawaii 5,904,576.11 4.43 40 2.45
Idaho 699,187.32 0.52 9 0.55
Illinois 4,155,539.25 3.11 63 3.85
Indiana 963,934.67 0.72 24 1.47
Iowa 341,285.97 0.26 7 0.43
Kansas 285,012.95 0.21 7 0.43
Kentucky 117,510.15 0.09 2 0.12
Louisiana 639,937.81 0.48 11 0.67
Maryland 355,403.62 0.27 9 0.55
Michigan 207,045.50 0.16 2 0.12
Minnesota 1,147,366.12 0.86 19 1.16
Mississippi 126,341.77 0.09 3 0.18
Missouri 2,143,392.47 1.61 51 3.12
Montana 449,295.57 0.34 8 0.49
Nevada 4,947,802.88 3.71 57 3.49
New Jersey 782,187.49 0.59 11 0.67
New Mexico 1,948,349.61 1.46 28 1.71
North Carolina 835,124.34 0.63 16 0.98
Ohio 4,529,448.11 3.40 76 4.65
Oklahoma 318,450.96 0.24 9 0.55
Oregon 3,455,986.67 2.59 35 2.14
Pennsylvania 3,641,898.76 2.73 59 3.61
Rhode Island 183,151.43 0.14 2 0.12
South Carolina 1,340,733.26 1.00 15 0.92
South Dakota 48,382.70 0.04 1 0.06
Tennessee 534,932.26 0.40 5 0.31
Texas 3,144,369.30 2.36 58 3.55
Utah 2,251,433.30 1.69 37 2.26
Washington 2,592,545.63 1.94 25 1.53
Wisconsin 620,749.88 0.47 13 0.80
CUT-OFF DATE BALANCE: 10,031.69 - 50,000.00 20,489,589.70 15.36 592 36.21
50,000.01 - 100,000.00 45,476,375.46 34.09 633 38.72
100,000.01 - 150,000.00 30,915,602.09 23.17 253 15.47
150,000.01 - 200,000.00 13,949,649.24 10.46 81 4.95
200,000.01 - 250,000.00 7,721,554.43 5.79 35 2.14
250,000.01 - 300,000.00 2,996,681.68 2.25 11 0.67
300,000.01 - 350,000.00 6,462,960.36 4.84 20 1.22
350,000.01 - 400,000.00 718,151.68 0.54 2 0.12
400,000.01 - 450,000.00 855,758.62 0.64 2 0.12
500,000.01 - 550,000.00 524,393.68 0.39 1 0.06
550,000.01 - 600,000.00 1,798,461.52 1.35 3 0.18
700,000.01 - 749,784.92 1,498,960.78 1.12 2 0.12
MORTGAGE RATE: 6.7500 - 6.7500 300,056.34 0.22 1 0.06
6.7501 - 7.0000 434,712.86 0.33 4 0.24
7.0001 - 7.2500 144,776.66 0.11 2 0.12
7.2501 - 7.5000 1,749,806.50 1.31 14 0.86
7.5001 - 7.7500 3,379,638.04 2.53 32 1.96
7.7501 - 8.0000 4,537,827.22 3.40 42 2.57
8.0001 - 8.2500 7,809,992.81 5.85 64 3.91
8.2501 - 8.5000 8,594,014.27 6.44 82 5.02
8.5001 - 8.7500 11,172,895.15 8.37 90 5.50
8.7501 - 9.0000 19,753,523.81 14.81 197 12.05
9.0001 - 9.2500 6,494,947.49 4.87 71 4.34
9.2501 - 9.5000 11,434,073.67 8.57 136 8.32
9.5001 - 9.7500 8,677,975.26 6.50 94 5.75
9.7501 - 10.0000 13,770,047.50 10.32 176 10.76
10.0001 - 10.2500 2,630,514.07 1.97 42 2.57
10.2501 - 10.5000 5,537,848.04 4.15 79 4.83
10.5001 - 10.7500 4,480,114.72 3.36 68 4.16
10.7501 - 11.0000 5,470,984.16 4.10 88 5.38
11.0001 - 11.2500 1,647,449.39 1.23 39 2.39
11.2501 - 11.5000 2,849,128.25 2.14 51 3.12
11.5001 - 11.7500 1,573,779.60 1.18 32 1.96
11.7501 - 12.0000 2,929,881.79 2.20 52 3.18
12.0001 - 12.2500 1,304,090.03 0.98 29 1.77
12.2501 - 12.5000 1,592,345.07 1.19 35 2.14
12.5001 - 12.7500 1,930,418.74 1.45 38 2.32
12.7501 - 13.0000 1,181,250.31 0.89 29 1.77
13.0001 - 13.2500 552,682.43 0.41 14 0.86
13.2501 - 13.5000 581,222.21 0.44 13 0.80
13.5001 - 13.7500 332,908.40 0.25 5 0.31
13.7501 - 14.000 118,814.64 0.09 3 0.18
14.0001 - 14.2500 51,754.61 0.04 2 0.12
14.2501 - 14.5000 101,215.76 0.08 2 0.12
14.5001 - 14.7500 156,736.67 0.12 5 0.31
14.7501 - 15.0000 16,749.36 0.01 1 0.06
15.2501 - 15.5000 17,449.86 0.01 1 0.06
15.5001 - 15.7500 34,591.35 0.03 1 0.06
16.5001 - 16.7500 61,922.20 0.05 1 0.06
COMBINED ORIGINAL LTV: 7.00 - 10.00 91,437.35 0.07 3 0.18
10.01 - 15.00 94,692.26 0.07 5 0.31
15.01 - 20.00 421,892.45 0.32 12 0.73
20.01 - 25.00 465,809.98 0.35 10 0.61
25.01 - 30.00 825,751.79 0.62 14 0.86
30.01 - 35.00 1,435,517.28 1.08 25 1.53
35.01 - 40.00 2,258,300.23 1.69 39 2.39
40.01 - 45.00 2,627,458.21 1.97 43 2.63
45.01 - 50.00 3,847,946.48 2.88 58 3.55
50.01 - 55.00 6,421,051.44 4.81 83 5.08
55.01 - 60.00 8,208,460.26 6.15 89 5.44
60.01 - 65.00 10,360,734.14 7.77 125 7.65
65.01 - 70.00 19,368,017.51 14.52 207 12.66
70.01 - 75.00 24,105,727.12 18.07 329 20.12
75.01 - 80.00 26,952,584.51 20.20 313 19.14
80.01 - 85.00 21,249,398.10 15.93 201 12.29
85.01 - 90.00 3,693,379.56 2.77 55 3.36
90.01 - 95.00 479,061.69 0.36 11 0.67
95.01 - 100.00 500,918.88 0.38 13 0.80
</TABLE>
The information contained in the attached tables has been prepared based on
information provided by New Century and or one or more of its affiliates.
See also Disclaimer on Page 1 of this Preliminary Term Sheet.
BROWN & WOOD LLP
One World Trade Center
New York, New York 10048
Telephone: (212) 839-5300
Facsimile: (212) 839-5599
November 24, 1997
BY MODEM
- --------
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Financial Asset Securities Corp.,
New Century Home Equity Loan Trust, Series 1997-NC6
Asset-Backed Pass-Through Certificates
---------------------------------------------------
Ladies and Gentlemen:
On behalf of Financial Asset Securities Corp. (the "Company"), we
enclose herewith for filing, pursuant to the Securities and Exchange Act of
1934, the Company's Current Report on Form 8-K, for Collateral Term Sheets in
connection with the above-referenced transaction.
Very truly yours,
/s/ Bruce S. Kaiserman
Bruce S. Kaiserman
Enclosure
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