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-Nov-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-Nov-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-Nov-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-Nov-99
NEW CENTURY HOME EQUITY LOAN TRUST
ASSET BACKED PASS-THROUGH CERTIFICATES
SERIES 1999-NCA
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 11/26/99
Beginning
Certificate
Class Cusip Balance(1) Principal
A-1 64352VAU5 86,971,251.76 3,468,127.58
A-2 64352VAV3 49,991,804.47 0.00
A-3 64352VAW1 44,992,624.02 0.00
A-4 64352VAX9 49,991,804.47 0.00
A-5 64352VAY7 22,262,350.36 0.00
A-6 64352VAZ4 22,996,230.05 0.00
A-7 64352VBA8 37,152,579.08 347,354.62
A-8IO 64352VBB6 24,996,230.05 0.00
Total 314,358,644.21 3,815,482.20
Unpaid Ending
Interest Certificate
Class Interest Shortfall Balance
A-1 429,734.62 $0.00 83,503,124.18
A-2 278,287.71 $0.00 49,991,804.47
A-3 253,458.45 $0.00 44,992,624.02
A-4 300,784.02 $0.00 49,991,804.47
A-5 140,067.29 $0.00 22,262,350.36
A-6 136,252.66 $0.00 22,996,230.05
A-7 226,630.73 $0.00 36,805,224.46
A-8IO 40,306.61 $0.00 24,996,230.05
Total 1,805,522.09 $0.00 310,543,162.01
AMOUNTS PER $1,000 UNIT
Class Principal Interest Total
A-1 36.126329 4.476402 40.602731
A-2 0.000000 5.565754 5.565754
A-3 0.000000 5.632410 5.632410
A-4 0.000000 6.015680 6.015680
A-5 0.000000 6.290635 6.290635
A-6 0.000000 5.924029 5.924029
A-7 8.967693 5.850951 14.818644
A-8IO 0.000000 1.612264 1.612264
AMOUNTS PER $1,000 UNIT
Ending Unpaid Current Next
Certificate Interest Pass-Through Pass-Through
Class Balance Shortfall Interest Rate Interest Rate
A-1 869.824210 0.000000 5.55875% 5.74000%
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-7 950.204587 0.000000 7.32000% 7.32000%
A-8IO 999.849202 0.000000 1.93501% 1.93501%
Distribution Date: 26-Nov-99
Distribution Statement
Pooling and Servicing Agreement Dated June 1, 1999
Group 1 Group 2
a) Beginning Pool Principal Balance 279,786,855.61 37,380,862.92
Ending Pool Principal Balance 276,966,399.89 37,093,170.40
Beginning Pre-Funded Account Balance 0.00 0.00
W/Ds to purchase Subsequent Loans 0.00 0.00
Amount Distributed as Principal 0.00 0.00
Capitalized Interest Requirement 0.00 0.00
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-1 647,796.86 2,820,330.72
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 59,662.10 287,692.52
d) Available Funds Shortfall 0.00
Insured Distribution Amount 1,805,522.09
Insured Payment 0.00
Reimbursement Amount 0.00
Group 1 Group 2
e) Overcollateralized Amount 3,228,462.34 287,945.94
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 116,559.92 15,574.85
Trustee Fee 2,214.98 295.93
Insurer Premium 41,060.69 5,520.78
g) Weighted Average Rate Cap 7.56906%
Realized Losses 125.00
Cumulative Realized Losses 125.00
Cut-Off Date Pool Bal (includes prefunded loans) 324,946,138.40
Cumulative Realized Losses/Cut-Off Date Pool Bal 0.00004%
Cumulative Number of liquidated Loans 1
Cumulative Balance of liquidated Loans 31,888.21
Beginning Ending
h) Weighted Avg of rem terms of Loans 317 316
Weighted Avg Mortgage Rate of Loans 10.19357% 10.18959%
# of Mortgage Loans outstanding 4,050
i) Delinquency Adv's for current per 399,669.12
Servicing Adv's for current per 0.00
Agg Out Delinq Adv's made by Master Servicer 0.00*
Agg Nonrecov Delinq Adv's made by Master Servicer 0.00
Prepay Int Shortfalls advanced by Master Servicer 10,127.09
*As of the current distribution date,
information was not available from servicer.
Group 1 Group 2
j) Principal Distribution Amount 3,468,127.58 347,354.62
Interest Distribution Amount 1,574,516.36 231,005.73
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 1.26685%
Cumulative Loss Percentage 0.00004%
Annual Loss Percentage 0.00005%
l) Prepayment Penalties 71,935.31
Group 1 Group 2
Scheduled Principal 255,735.27 23,161.53
Full and Partial Prepayments 2,564,595.45 264,530.99
Liquidation Proceeds 0.00 0.00
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 71,935.31
Principal Distributions 0.00
71,935.31
o) Delinquency And Foreclosure Information:
Group 1
# of Accounts Principal Bal % of Total
30-59 Days Delinquent 49 3,295,966.19 1.190%
60-89 Days Delinquent 25 2,185,859.13 0.789%
90+ Days Delinquent 34 2,869,036.50 1.036%
Aggregate 108 8,350,861.82 3.015%
The above statistics include Mortgage Loans in foreclosure
and bankruptcy but exclude REO Properties
# of Accounts Principal Bal % of Total
Loans in foreclosure 41 3,400,867.92 1.228%
Loans in bankruptcy 14 977,967.27 0.353%
REO Properties 1 36,029.38 0.013%
Group 2
# of Accounts Principal Bal % of Total
30-59 Days Delinquent 3 998,071.56 2.691%
60-89 Days Delinquent 2 661,263.23 1.783%
90+ Days Delinquent 1 296,659.36 0.800%
Aggregate 6 1,955,994.15 5.273%
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 1 444,405.09 1.198%
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: 11/30/99
