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): 26-Jul-99
FINANCIAL ASSET SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF JUNE 1, 1999, PROVIDING FOR THE ISSUANCE OF
NEW CENTURY HOME EQUITY LOAN TRUST, ASSET BACKED PASS-
THROUGH CERTIFICATES, SERIES 1999-NCA)
Financial Asset Securities Corp.
(Exact name of registrant as specified in its charter)
Delaware 333-84929 06-1442101
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
600 Steamboat Road
Greenwich, Connecticut 06830
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: 203-625-2700
Item 5. Other Events
On 26-Jul-99 a scheduled distribution was made from the
trust to holders of the certificates. The Trustee has caused
to be filed with the commission, the Monthly Report dated
26-Jul-99 The Monthly Report is filed pursuant to and
in accordance with (1) numerous no-action letters (2) current
Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated 26-Jul-99
NEW CENTURY HOME EQUITY LOAN TRUST
ASSET BACKED PASS-THROUGH CERTIFICATES
SERIES 1999-NCA
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 7/26/99
Beginning
Certificate
Class Cusip Balance(1) Principal
A-1 64352VAU5 96,000,000.00 1,968,737.82
A-2 64352VAV3 50,000,000.00 8,195.53
A-3 64352VAW1 45,000,000.00 7,375.98
A-4 64352VAX9 50,000,000.00 8,195.53
A-5 64352VAY7 22,266,000.00 3,649.64
A-6 64352VAZ4 23,000,000.00 3,769.95
A-7 64352VBA8 38,734,000.00 396,700.28
A-8IO 64352VBB6 25,000,000.00 0.00
Total 325,000,000.00 2,396,624.73
Unpaid Ending
Interest Certificate
Class Interest Shortfall Balance
A-1 444,586.67 $0.00 94,031,262.18
A-2 278,333.33 $0.00 49,991,804.47
A-3 253,500.00 $0.00 44,992,624.02
A-4 300,833.33 $0.00 49,991,804.47
A-5 140,090.25 $0.00 22,262,350.36
A-6 136,275.00 $0.00 22,996,230.05
A-7 236,277.40 $0.00 38,337,299.72
A-8IO 40,312.50 $0.00 24,996,230.05
Total 1,830,208.48 $0.00 322,603,375.27
AMOUNTS PER $1,000 UNIT
Class Principal Interest Total
A-1 20.507686 4.631111 25.138797
A-2 0.163911 5.566667 5.730577
A-3 0.163911 5.633333 5.797244
A-4 0.163911 6.016667 6.180577
A-5 0.163911 6.291667 6.455578
A-6 0.163911 5.925000 6.088911
A-7 10.241655 6.100000 16.341655
A-8IO 0.000000 1.612500 1.612500
AMOUNTS PER $1,000 UNIT
Ending Unpaid Current Next
Certificate Interest Pass-Through Pass-Through
Class Balance Shortfall Interest Rate Interest Rate
A-1 979.492314 0.000000 5.21000% 5.31375%
A-2 999.836089 0.000000 6.68000% 6.68000%
A-3 999.836089 0.000000 6.76000% 6.76000%
A-4 999.836089 0.000000 7.22000% 7.22000%
A-5 999.836089 0.000000 7.55000% 7.55000%
A-6 999.836089 0.000000 7.11000% 7.11000%
A-7 989.758345 0.000000 7.32000% 7.32000%
A-8IO 999.849202 0.000000 1.93500% 1.93500%
Distribution Date: 26-Jul-99
Distribution Statement
Pooling and Servicing Agreement Dated June 1, 1999
Group 1 Group 2
a) Beginning Pool Principal Balance 219,008,212.32 29,633,223.38
Ending Pool Principal Balance 284,790,406.94 38,382,514.21
Beginning Pre-Funded Account Balance 67,257,787.68 9,100,776.62
W/Ds to purchase Subsequent Loans 67,210,865.62 9,093,837.08
Amount Distributed as Principal 46,922.06 6,939.54
Capitalized Interest Requirement 384,014.57 57,965.85
b) Interest from Purchased Loans 0.00
Principal from Purchased Loans 0.00
Substitution Shortfall Amount 0.00
c) Extra Basic
Principal Principal
Class Distribution Distribution
A-1 524,331.39 1,428,671.00
A-2 0.00 0.00
A-3 0.00 0.00
A-4 0.00 0.00
A-5 0.00 0.00
A-6 0.00 0.00
A-7 45,214.49 344,546.25
d) Available Funds Shortfall 0.00
Insured Distribution Amount 1,830,208.48
Insured Payment 0.00
Reimbursement Amount 0.00
Group 1 Group 2
e) Overcollateralized Amount 524,331.39 45,214.49
Overcollateralization Target Amount 10,017,667.73 1,355,447.12
Overcollateralization Release Amount 0.00 0.00
Group 1 Group 2
f) Servicing Fee 91,253.42 12,347.18
Trustee Fee 2,266.27 306.64
Insurer Premium 42,639.91 5,750.59
g) Weighted Average Rate Cap 7.57012%
Realized Losses 0.00
Cumulative Realized Losses 0.00
Cut-Off Date Pool Bal (includes prefunded loans) 324,946,138.40
Cumulative Realized Losses/Cut-Off Date Pool Bal 0.00000%
Cumulative Number of liquidated Loans 0
Cumulative Balance of liquidated Loans 0.00
Beginning Ending
h) Weighted Avg of rem terms of Loans 321 319
Weighted Avg Mortgage Rate of Loans 10.19462% 10.19164%
# of Mortgage Loans outstanding 4,153
i) Delinquency Adv's for current per 48,456.82
Servicing Adv's for current per 0.00
Agg Out Delinq Adv's made by Master Servicer 48,456.82*
Agg Nonrecov Delinq Adv's made by Master Servicer 0.00
Prepay Int Shortfalls advanced by Master Servicer 127.89
*As of the current distribution date,
information was not available from servicer.
Group 1 Group 2
j) Principal Distribution Amount 1,953,002.39 389,760.74
Interest Distribution Amount 1,589,556.08 240,652.40
k) Has the Stepdown Requirement been satisfied? NO
Has the Servicer Termination Test been violated? NO
Performance Measures used in above tests:
Rolling Delinquency Percentage 0.01296%
Cumulative Loss Percentage 0.00000%
Annual Loss Percentage 0.00000%
l) Prepayment Penalties 5,612.62
Group 1 Group 2
Scheduled Principal 193,356.50 19,473.29
Full and Partial Prepayments 1,235,314.50 325,072.96
m) Original Cut-off Loan Balance of modified or extended Loans:
Loan # Original Bal Current Bal
n) Residual Class Total Distribution 0.00
Class P Total Distribution
Prepayment Penalties 5,612.62
Principal Distributions 0.00
5,612.62
o) Delinquency And Foreclosure Information:
Group 1
# of Accounts Principal Bal % of Total
30-59 Days Delinquent 8 672,983.10 0.236%
60-89 Days Delinquent 1 31,994.97 0.011%
90+ Days Delinquent 0 0.00 0.000%
Aggregate 9 704,978.07 0.248%
The above statistics include Mortgage Loans in foreclosure
and bankruptcy but exclude REO Properties
# of Accounts Principal Bal % of Total
Loans in foreclosure 0 0.00 0.000%
Loans in bankruptcy 2 244,330.16 0.086%
REO Properties 0 0.00 0.000%
Group 2
# of Accounts Principal Bal % of Total
30-59 Days Delinquent 0 0.00 0.000%
60-89 Days Delinquent 0 0.00 0.000%
90+ Days Delinquent 0 0.00 0.000%
Aggregate 0 0.00 0.000%
The above statistics include Mortgage Loans in foreclosure
and bankruptcy but exclude REO Properties
# of Accounts Principal Bal % of Total
Loans in foreclosure 0 0.00 0.000%
Loans in bankruptcy 0 0.00 0.000%
REO Properties 0 0.00 0.000%
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 thereunto duly authorized.
FINANCIAL ASSET SECURITIES
CORPORATION
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
U.S. Bank National Association
Dated: 7/31/99
