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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 23, 1999
Saxon Asset Securities Company
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(Exact name of registrant as specified in charter)
Virginia 34-0-20552 54-1810895
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(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 23, 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 (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 23, 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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SAXON 1999-4
Prefund Collateral
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1. Summary for Prosup
Aggregate Scheduled Principal Balances: 119,507,322.24
Average Scheduled Principal Balance: 120,107.86
Min Scheduled Principal Balance: 16,446.27
Max Scheduled Principal Balance: 693,750.00
Weighted Average Coupon (One Year CMTs): 9.383
Weighted Average Coupon (2/28 LIBOR): 10.050
Weighted Average Coupon (3/27 LIBOR): 10.209
Weighted Average Coupon (4/26 LIBOR): 11.375
Weighted Average Coupon (Six Month LIBOR): 9.535
Weighted Average Margin (One Year CMTs): 6.346
Weighted Average Margin (2/28 LIBOR): 6.297
Weighted Average Margin (3/27 LIBOR): 6.373
Weighted Average Margin (4/26 LIBOR): 6.625
Weighted Average Margin (Six Month LIBOR): 5.740
Weighted Average Coupon: 10.123
Minimum Coupon: 7.350
Maximum Coupon: 13.375
Weighted Average Maximum Rate: 16.701
Min Maximum Rate: 13.350
Max Maximum Rate: 20.000
Weighted Average Minimum Rate: 10.048
Min Minimum Rate: 5.350
Max Minimum Rate: 13.375
Weighted Average Original LTV Ratio: 78.972
Weighted Average Remaining Amortization Term: 358.89
Min Remaining Amort Term: 179
Max Remaining Amort Term: 360
% 2nd Liens: 0.00
% Single Family Detached: 78.74
% Single Family Attached: 1.18
% PUD: 8.43
% Condominimum: 4.10
% 2-4 Family: 5.62
% Townhouses: 0.50
% Manufactured Home: 1.42
Weighted Average Total Servicing Fee Rate: 0.55
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2. Saxon Credit Grade
Saxon Credit Number of Number of Current Current
Grade Loans Loans(%) Balances($) Balance(%)
A+ 9 0.90 2,038,048 1.71
A 37 3.72 5,207,679 4.36
A- 418 42.01 56,141,209 46.98
B 279 28.04 31,471,149 26.33
C 212 21.31 20,937,572 17.52
D 40 4.02 3,711,665 3.11
Total: 995 100.00 119,507,322 100
3. Current Scheduled Principal Balance($)
Number of Scheduled
Current Scheduled Mortgage Principal
Principal Balance($) Loans(%) Balance(%)
0.01 - 25,000.00 1.51 0.29
25,000.01 - 50,000.00 10.75 3.62
50,000.01 - 75,000.00 20.00 10.34
75,000.01 - 100,000.00 17.69 12.85
100,000.01 - 150,000.00 25.33 25.89
150,000.01 - 200,000.00 12.06 17.16
200,000.01 - 250,000.00 6.43 11.89
250,000.01 - 300,000.00 2.91 6.67
300,000.01 - 350,000.00 1.21 3.25
350,000.01 - 400,000.00 0.80 2.54
400,000.01 - 450,000.00 0.50 1.77
450,000.01 - 500,000.00 0.30 1.21
500,000.01 - 550,000.00 0.10 0.44
550,000.01 - 600,000.00 0.20 0.97
600,000.01 - 650,000.00 0.10 0.54
650,000.01 - 700,000.00 0.10 0.58
Total: 100.00 100.00
Minimum: 16,446
Maximum: 693,750
Average: 120,108
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4. Current Mortgage Interest Rate(%)
Current Number of Scheduled
Mortgage Interest Mortgage Principal
Rate(%) Loans(%) Balance(%)
7.01 - 7.50 0.30 0.66
7.51 - 7.75 0.10 0.12
7.76 - 8.00 0.60 0.72
8.01 - 8.25 1.01 1.59
8.26 - 8.50 2.11 2.42
8.51 - 8.75 2.71 4.66
8.76 - 9.00 5.63 6.84
9.01 - 9.25 2.81 3.24
9.26 - 9.50 6.53 6.70
9.51 - 9.75 8.04 9.58
9.76 - 10.00 13.87 14.32
10.01 - 10.25 6.43 6.38
10.26 - 10.50 9.55 9.85
10.51 - 10.75 10.15 8.89
10.76 - 11.00 10.45 9.28
11.01 - 11.25 4.32 3.51
11.26 - 11.50 5.33 4.05
11.51 - 11.75 3.22 2.27
11.76 - 12.00 2.71 2.20
12.01 - 12.25 1.31 1.04
12.26 - 12.50 0.70 0.43
12.51 - 12.75 1.31 0.64
12.76 - 13.00 0.60 0.50
13.01 - 13.25 0.10 0.01
13.26 - 13.50 0.10 0.09
Total: 100.00 100.00
Minimum: 7.3500
Maximum: 13.3750
Weighted Average: 10.1232
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5. Maximum Lifetime Mortgage Interest Rate(%)
Maximum Lifetime Number of Scheduled
Mortgage Interest Mortgage Principal
Rate(%) Loans(%) Balance(%)
13.000 - 13.499 0.20 0.46
13.500 - 13.999 0.30 0.55
14.000 - 14.499 1.81 2.24
14.500 - 14.999 5.03 6.22
15.000 - 15.499 6.53 8.30
15.500 - 15.999 12.56 14.02
16.000 - 16.499 8.94 8.39
16.500 - 16.999 19.30 20.42
17.000 - 17.499 10.65 9.72
17.500 - 17.999 18.09 16.36
18.000 - 18.499 7.04 6.14
18.500 - 18.999 5.53 4.07
19.000 - 19.499 2.21 2.06
19.500 - 19.999 1.61 0.89
20.000 - 20.499 0.20 0.15
Total: 100.00 100.00
Minimum: 13.3500
Maximum: 20.0000
Weighted Average: 16.7010
6. Minimum Lifetime Mortgage Interest Rate(%)
Minimum Lifetime Number of Scheduled
Mortgage Interest Mortgage Principal
Rate(%) Loans(%) Balance(%)
5.000 - 5.499 0.10 0.27
5.500 - 5.999 0.10 0.09
6.000 - 6.499 0.40 0.34
6.500 - 6.999 0.60 0.72
7.000 - 7.499 0.40 0.98
7.500 - 7.999 1.21 1.35
8.000 - 8.499 2.51 3.13
8.500 - 8.999 7.14 9.24
9.000 - 9.499 8.64 9.79
9.500 - 9.999 22.11 24.19
10.000 - 10.499 12.76 12.59
10.500 - 10.999 23.22 21.41
11.000 - 11.499 9.25 7.46
11.500 - 11.999 6.43 4.65
12.000 - 12.499 2.61 2.23
12.500 - 12.999 2.11 1.28
13.000 - 13.499 0.40 0.26
Total: 100.00 100.00
Minimum: 5.3500
Maximum: 13.3750
Weighted Average: 10.047584
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7. Next Interest Adjustment Date
Number of Scheduled
Next Interest Mortgage Principal
Adjustment Date Loans(%) Balance(%)
2000-04 0.10 0.06
2000-05 0.40 0.27
2000-06 0.20 0.15
2000-07 0.10 0.10
2000-11 0.20 0.21
2000-12 0.30 0.39
2001-01 0.10 0.09
2001-04 0.20 0.08
2001-05 0.40 0.38
2001-06 0.10 0.12
2001-07 0.80 0.85
2001-08 0.90 0.63
2001-09 2.51 2.14
2001-10 9.95 9.12
2001-11 18.79 18.45
2001-12 18.49 17.33
2002-01 0.50 0.97
2002-03 0.10 0.13
2002-04 0.10 0.05
2002-07 0.40 0.40
2002-08 0.40 0.58
2002-09 2.41 2.98
2002-10 5.13 4.96
2002-11 13.07 15.19
2002-12 20.80 20.46
2003-01 3.42 3.81
2003-12 0.10 0.09
Total: 100.00 100.00
Minimum: 2000-04-01
Maximum: 2003-12-01
Weighted Average: 2002-04-25
8. Gross Margin (%)
Number of Scheduled
Mortgage Principal
Gross Margin (%) Loans(%) Balance(%)
3.000 - 3.999 0.30 0.42
4.000 - 4.999 2.41 2.86
5.000 - 5.999 22.41 23.92
6.000 - 6.999 49.65 49.03
7.000 - 7.999 24.02 23.05
8.000 - 8.999 1.21 0.72
Total: 100.00 100.00
Minimum: 3.3500
Maximum: 8.8500
Weighted Average: 6.3310
9. Original Loan-to-Value Ratio (%)
Original Number of Scheduled
Loan-to-Value Mortgage Principal
Ratio (%) Loans(%) Balance(%)
10.001 - 15.000 0.10 0.03
20.001 - 25.000 0.10 0.04
25.001 - 30.000 0.30 0.15
30.001 - 35.000 0.40 0.19
35.001 - 40.000 0.80 0.34
40.001 - 45.000 0.90 0.71
45.001 - 50.000 1.51 1.08
50.001 - 55.000 1.21 0.79
55.001 - 60.000 1.91 1.31
60.001 - 65.000 4.82 3.40
65.001 - 70.000 9.05 9.44
70.001 - 75.000 13.57 14.04
75.001 - 80.000 28.94 29.97
80.001 - 85.000 17.49 17.78
85.001 - 90.000 18.59 20.34
90.001 - 95.000 0.30 0.41
Total: 100.00 100.00
Minimum: 12.07
Maximum: 94.98
Weighted Average by Original Balance: 78.9710
Weighted Average by Current Balance: 78.9718
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10. Occupancy Type
Number of Scheduled
Mortgage Principal
Occupancy Type Loans(%) Balance(%)
Primary Home 92.96 95.07
Second Home 0.10 0.33
Investor 6.93 4.60
Total: 100.00 100.00
11. Origination Program
Number of Scheduled
Mortgage Principal
Origination Program Loans(%) Balance(%)
Full Documentation 76.88 73.93
Limited Documentation 4.62 6.80
No Documentation 0.40 0.30
Stated Documentation 18.09 18.97
Total: 100.00 100.00
12. Mortgage Loan Purpose
Number of Scheduled
Mortgage Principal
Mortgage Loan Purpose Loans(%) Balance(%)
Purchase 35.48 34.54
Refinance (cash-out) 51.56 52.06
Refinance (no cash-out) 12.96 13.39
Total: 100.00 100.00
13. Property Type
Number of Scheduled
Mortgage Principal
Property Type Loans(%) Balance(%)
Single Family Attached 1.71 1.18
Single Family Detached 79.30 78.74
Townhouses 0.50 0.50
Low-Rise Condo 3.92 3.80
High-Rise Condo 0.30 0.30
2-4 Family 6.23 5.62
PUD 5.83 8.43
Manufactured Housing 2.21 1.42
Total: 100.00 100.00
