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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, as amended
Date of Report (Date of earliest event reported): November 17, 2000
FINANCIAL ASSET SECURITIES CORPORATION
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF OCTOBER 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES, SERIES 2000-5)
Financial Asset Securities Corporation
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(Exact name of registrant as specified in its charter)
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Delaware 333-84929 06-1442101
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(State or Other Jurisdiction of (Commission (I.R.S. Employer
Incorporation) File Number) Identification No.)
600 Steamboat Road
Greenwich, Connecticut 92618
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (203)625-2700
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pool
On November 1, 2000, a single series of certificates, entitled
Option One Mortgage Loan Trust 2000-5, Asset-Backed Certificates, Series 2000-5
(the "Certificates"), were issued pursuant to a pooling and servicing agreement,
dated as of October 1, 2000 (the "Agreement"), attached hereto as Exhibit 4.1,
among the Financial Asset Securities Corporation as depositor (the "Depositor"),
Option One Mortgage Corporation as master servicer and Wells Fargo Bank
Minnesota, N.A. as trustee. The Certificates consist of six classes of
certificates (collectively, the "Certificates"), designated as the "Class A
Certificates," the "Class S Certificates," the "Class P Certificates," the
"Class BIO Certificates," the "Class X Certificates" and the "Class R
Certificates." The Certificates evidence in the aggregate the entire beneficial
ownership interest in a trust fund (the "Trust Fund"), consisting primarily of a
segregated pool (the "Mortgage Pool") of conventional, one- to four- family,
fixed-rate, first lien mortgage loans having original terms to maturity not
greater than 30 years (the "Mortgage Loans"). The Mortgage Pool consists of
Mortgage Loans having an aggregate principal balance of $237,001,865 as of
October 1, 2000 (the "Cut-off Date"). The Mortgage Loans were purchased pursuant
to the Mortgage Loan Purchase Agreement, dated October 1, 2000, between the
Depositor and UBS Principal Finance LLC. The Class A Certificates (the
"Underwritten Certificates") were sold by the Depositor to Greenwich Capital
Markets, Inc. (the "Underwriter"), an affiliate of the Depositor, pursuant to an
Underwriting Agreement, dated October 27, 2000, between the Depositor and the
Underwriter.
The Underwritten Certificates, and the Mortgage Loans are more
particularly described in the Prospectus Supplement, dated October 27, 2000, and
the Prospectus, dated October 13, 2000 as previously filed with the Securities
and Exchange Commission pursuant to Rule 424(b). The Class S Certificates, the
Class P Certificates, the Class BIO Certificates and the Class R Certificates
have not been and will not be publicly offered by the Depositor. Capitalized
terms used but not otherwise defined herein shall have the meanings assigned to
them in the Prospectus Supplement.
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Initial Certificate Principal
Class Balance or Percentage Interest Pass-Through Rate
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A $237,001,000 LIBOR + 0.25%
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(1) Initial Notional Amount
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Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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4.1 Pooling and Servicing Agreement,, dated as
of October 1, 2000, among Financial Asset
Securities Corporation as depositor, Option
One Mortgage Corporation as master servicer
and Wells Fargo Bank Minnesota, N.A. as
trustee relating to the Series 2000-5
Certificates.
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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.
Dated: November 17, 2000
FINANCIAL ASSET SECURITIES
CORPORATION
By: /s/Frank Skibo
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Name: Frank Skibo
Title: Vice President
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Index to Exhibits
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Exhibit No. Description
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4.1 Pooling and Servicing Agreement,, dated as of
October 1, 2000, among Financial Asset Securities
Corporation as depositor, Option One Mortgage
Corporation as master servicer and Wells Fargo Bank
Minnesota, N.A. as trustee relating to the Series
2000-5 Certificates.