<PAGE>
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) December 15, 1999
Saxon Asset Securities Company
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(Exact name of registrant as specified in charter)
Virginia 34-0-20552 54-1810895
- ----------------------------- ---------------------------- -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
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(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code (804) 967-7400
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(Former name or former address, if changed since last report.)
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Item 1. Changes in Control of Registrant. Not Applicable.
Item 2. Acquisition or Disposition of Assets. Not Applicable.
Item 3. Bankruptcy or Receivership. Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant. Not Applicable.
Item 5. Other Events.
On December 15, 1999, the Registrant acquired a pool of mortgage loans
(the "Subsequent Mortgage Loans") from funds on hand in the pre-funding account
pursuant to the Trust Agreement dated as of November 1, 1999, among the
Registrant, Saxon Mortgage, Inc., as Master Servicer, and Chase Bank of Texas,
National Association, as Trustee (as amended by the First Amendment, the "Trust
Agreement"). The Subsequent Mortgage Loans were acquired by the Registrant from
Saxon Mortgage, Inc. ("SMI"), an affiliate of the Registrant which originated or
acquired the Subsequent Mortgage Loans from various mortgage banking
institutions. The Subsequent Mortgage Loans are secured by liens on single
family residential properties, including investment properties (which may be
condominiums, one family residences, one to four family residences or homes in
planned unit developments). The Subsequent Mortgage Loans will be serviced by
Meritech Mortgage Services, Inc., an affiliate of the Registrant.
The description of the Subsequent Mortgage Loans sold to the Trustee as
of December 15, 1999, pursuant to the Trust Agreement begins on the following
page. The amounts contained in the following tables have been rounded to the
nearest dollar amount and percentage, as applicable.
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Banc of America Securities LLC
Current Balance
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Principal Balance ($) Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
0.01 - 25,000.00 101 $ 2,278,468.30 0.76%
25,000.01 - 50,000.00 921 35,847,787.39 11.95
50,000.01 - 75,000.00 1,050 64,961,881.42 21.66
75,000.01 - 100,000.00 688 59,910,013.70 19.97
100,000.01 - 150,000.00 646 78,278,511.17 26.09
150,000.01 - 200,000.00 243 41,646,191.29 13.88
200,000.01 - 250,000.00 76 16,781,830.29 5.59
250,000.01 - 300,000.00 1 279,170.99 0.09
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TOTAL 3,726 $299,983,854.55 100.00%
=====================================================================================
</TABLE>
<PAGE>
Banc of America Securities LLC
Interest Rates
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Current Loan Rate (%) Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
6.51 - 7.00 3 $ 591,946.56 0.20%
7.01 - 7.50 5 556,043.87 0.19
7.51 - 7.75 9 1,090,870.28 0.36
7.76 - 8.00 43 4,990,656.17 1.66
8.01 - 8.25 38 3,837,682.70 1.28
8.26 - 8.50 110 11,536,845.57 3.85
8.51 - 8.75 116 11,986,925.66 4.00
8.76 - 9.00 214 21,503,364.43 7.17
9.01 - 9.25 131 12,478,164.52 4.16
9.26 - 9.50 216 18,187,417.09 6.06
9.51 - 9.75 254 22,101,190.49 7.37
9.76 - 10.00 343 30,730,130.27 10.24
10.01 - 10.25 188 14,798,351.80 4.93
10.26 - 10.50 294 23,381,501.57 7.79
10.51 - 10.75 230 18,641,008.88 6.21
10.76 - 11.00 301 23,463,724.65 7.82
11.01 - 11.25 160 10,983,139.19 3.66
11.26 - 11.50 200 14,311,332.47 4.77
11.51 - 11.75 154 10,128,972.49 3.38
11.76 - 12.00 211 14,846,942.15 4.95
12.01 - 12.25 71 4,549,049.39 1.52
12.26 - 12.50 119 7,261,670.80 2.42
12.51 - 12.75 66 3,941,751.76 1.31
12.76 - 13.00 83 4,523,174.69 1.51
13.01 - 13.25 31 1,666,624.07 0.56
13.26 - 13.50 40 2,256,586.30 0.75
13.51 - 13.75 39 2,082,326.31 0.69
13.76 - 14.00 23 1,166,676.42 0.39
14.01 - 14.25 4 161,570.31 0.05
14.26 - 14.50 12 1,050,329.19 0.35
14.51 - 14.75 6 571,236.60 0.19
14.76 - 15.00 6 286,341.31 0.10
15.01 - 15.25 3 205,155.77 0.07
15.26 - 15.50 1 32,995.76 0.01
15.51 - 15.75 2 82,155.06 0.03
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TOTAL 3,726 $299,983,854.55 100.00%
=====================================================================================
</TABLE>
<PAGE>
Banc of America Securities LLC
Combined Original LTV
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Original LTV Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
10.001 - 15.000 2 $ 82,494.92 0.03%
15.001 - 20.000 4 164,878.49 0.05
20.001 - 25.000 13 512,488.43 0.17
25.001 - 30.000 10 356,638.05 0.12
30.001 - 35.000 20 888,196.34 0.30
35.001 - 40.000 41 1,953,487.42 0.65
40.001 - 45.000 44 2,221,706.87 0.74
45.001 - 50.000 87 4,912,995.99 1.64
50.001 - 55.000 71 4,372,995.61 1.46
55.001 - 60.000 142 9,669,060.58 3.22
60.001 - 65.000 228 17,458,671.18 5.82
65.001 - 70.000 372 28,347,357.64 9.45
70.001 - 75.000 460 34,414,495.88 11.47
75.001 - 80.000 981 83,576,852.81 27.86
80.001 - 85.000 555 49,607,589.84 16.54
85.001 - 90.000 637 55,221,583.00 18.41
90.001 - 95.000 59 6,222,361.50 2.07
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TOTAL 3,726 $299,983,854.55 100.00%
================================================================================
</TABLE>
Banc of America Securities LLC
Remaining Amortization Term
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Remaining Term (months) Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
37 - 48 1 $ 19,348.59 0.01%
109 - 120 17 896,032.17 0.30
133 - 144 13 610,877.33 0.20
157 - 168 3 117,661.22 0.04
169 - 180 390 22,884,937.13 7.63
229 - 240 80 5,235,378.75 1.75
289 - 300 10 547,568.72 0.18
313 - 324 1 22,256.72 0.01
325 - 336 5 446,059.34 0.15
337 - 348 20 1,675,858.16 0.56
349 - 360 3,186 267,527,876.42 89.18
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TOTAL 3,726 $299,983,854.55 100.00%
======================================================================================
</TABLE>
<PAGE>
Banc of America Securities LLC
Occupancy
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Stated Occupancy Status Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
Primary Home 3,272 $ 271,814,746.32 90.61%
Investor 424 25,609,996.06 8.54
Second Home 30 2,559,112.17 0.85
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TOTAL 3,726 $ 299,983,854.55 100.00%
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</TABLE>
Banc of America Securities LLC
Documentation
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Documentation Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
Full Documentation 3,060 $240,994,875.98 80.34%
Limited Documentation 159 15,610,895.11 5.20
Stated Documentation 476 41,050,302.96 13.68
No Ratio 31 2,327,780.50 0.78
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TOTAL 3,726 $299,983,854.55 100.00%
==============================================================================
</TABLE>
Banc of America Securities LLC
Purpose
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Purpose Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
Refinance(no cash out) 461 $ 42,680,329.14 14.23%
Refinance(cash out) 2,371 185,211,859.99 61.74
Purchase 894 72,091,665.42 24.03
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TOTAL 3,726 $ 299,983,854.55 100.00%
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</TABLE>
Banc of America Securities LLC
Property Type
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Property Type Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
DeMinimus PUD 1 $ 139,436.62 0.05%
Manufactured Housing 157 9,346,433.60 3.12
PUD 112 12,070,239.39 4.02
Townhouses 39 2,512,656.78 0.84
2-4 Family 245 21,373,302.64 7.12
High Rise Condo 16 1,346,303.20 0.45
Low Rise Condo 93 6,069,333.62 2.02
Single Family Detached 2,999 243,032,474.91 81.02
Single Family Attached 64 4,093,673.79 1.36
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TOTAL 3,726 $ 299,983,854.55 100.00%
============================================================================
</TABLE>
<PAGE>
Banc of America Securities LLC
State
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortage the Statistical the Statistical
State or Territory Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
Alaska 6 $ 786,476.91 0.26%
Arizona 84 7,685,585.64 2.56
Arkansas 39 2,208,004.85 0.74
California 331 38,809,691.85 12.94
Colorado 72 7,561,433.92 2.52
Connecticut 54 4,724,816.76 1.58
Deleware 27 2,066,958.53 0.69
District of Comumbia 6 531,244.63 0.18
Florida 263 19,257,303.97 6.42
Georgia 219 16,872,456.77 5.62
Hawaii 35 4,851,262.42 1.62
Idaho 33 2,092,369.60 0.70
Illinois 169 14,193,251.85 4.73
Indiana 160 9,055,709.07 3.02
Iowa 54 3,613,836.47 1.20
Kansas 41 2,943,147.06 0.98
Kentucky 42 2,509,889.52 0.84
Louisiana 101 5,927,804.90 1.98
Maine 4 418,945.25 0.14
Maryland 42 4,010,954.12 1.34
Massachusetts 14 1,477,203.05 0.49
Michigan 178 12,431,752.52 4.14
Minnesota 66 6,556,901.02 2.19
Mississippi 31 1,957,115.57 0.65
Missouri 124 8,509,099.11 2.84
Montana 6 413,152.37 0.14
Nebraska 26 1,866,659.93 0.62
Nevada 26 2,205,205.92 0.74
New Hampshire 2 174,146.99 0.06
New Jersey 61 7,008,022.47 2.34
New Mexico 32 2,781,041.28 0.93
New York 56 6,541,454.71 2.18
North Carolina 104 7,408,335.71 2.47
North Dakota 2 80,160.39 0.03
Ohio 211 14,789,853.18 4.93
Oklahoma 55 3,584,633.04 1.19
Oregon 49 4,783,822.46 1.59
Pennsylvania 180 12,744,077.96 4.25
Rhode Island 8 680,678.01 0.23
South Carolina 34 2,656,370.13 0.89
Tennessee 175 10,854,691.66 3.62
Texas 217 15,774,143.20 5.26
Utah 32 3,617,073.30 1.21
Vermont 1 84,839.44 0.03
Virginia 113 9,284,144.67 3.09
Washington 57 6,290,332.60 2.10
West Virginia 22 1,329,994.01 0.44
Wisconsin 62 3,977,805.76 1.33
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TOTAL 3,726 $299,983,854.55 100.00%
======================================================================================
</TABLE>
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Banc of America Securities LLC
Credit Grade
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
of Mortgage the Statistical the Statistical
Credit Grade Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
A+ 439 $ 39,288,886.20 13.10%
A 521 45,856,026.45 15.29
A- 1,366 114,375,879.17 38.13
B 809 62,319,158.99 20.77
C 520 33,362,752.45 11.12
D 71 4,781,151.29 1.59
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TOTAL 3,726 $ 299,983,854.55 100.00%
=========================================================================
</TABLE>
Banc of America Securities LLC
Fico Scores
Sast 99-5
Fixed Rate Mortgage Loan Group
<TABLE>
<CAPTION>
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% of Current
Principal Balance Principal Balance
Number Outstanding as of Outstanding as of
Range of of Mortgage the Statistical the Statistical
Fico Scores Loans Calculation Date Calculation Date
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<S> <C> <C> <C>
801 to 850 3 $ 149,865.28 0.05%
751 to 800 44 3,623,745.26 1.21
701 to 750 130 10,704,855.49 3.57
651 to 700 358 31,265,325.84 10.42
601 to 650 784 69,684,629.93 23.23
551 to 600 1,148 90,339,144.31 30.11
501 to 550 840 62,792,542.78 20.93
451 to 500 182 14,231,121.07 4.74
401 to 450 10 976,232.82 0.33
Unknown Scores 227 16,216,391.77 5.41
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TOTAL 3,726 $ 299,983,854.55 100.00%
=============================================================================
</TABLE>
<PAGE>
Item 6. Resignations of Registrant's Directors. Not Applicable.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Exhibits. Not Applicable.
Item 8. Change in Fiscal Year. Not Applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S. Not Applicable.
<PAGE>
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.
SAXON ASSET SECURITIES COMPANY
By: /s/ Bradley D. Adams
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Bradley D. Adams, Vice President
December 17, 1999
