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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
Date of Report (Date of earliest Event
Reported) November 30, 2000
CWABS, INC. (as depositor under the Sale and Servicing Agreement, dated
as of November 28, 2000, relating to the Revolving Home Equity Loan Asset
Backed Notes, Series 2000-D).
CWABS, INC.
-----------
(Exact name of registrant as specified in its charter)
Delaware 333-38686 95-4596514
---------------------------- ----------- -----------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4500 Park Granada
Calabasas, California 91302
--------------------- --------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (818) 225-3240
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<PAGE>
ITEM 5. OTHER EVENTS.
---- ------------
Description of the Notes and the Mortgage Pool
----------------------------------------------
On November 30, 2000, CWABS, Inc. (the "Company") entered into a Sale and
Servicing Agreement dated as of November 28, 2000 (the "Sale and Servicing
Agreement"), by and among the Company, as depositor, Countrywide Home Loans,
Inc. ("CHL"), as sponsor and as master servicer, CWABS Master Trust (the
"Trust") and Bank One, National Association, as indenture trustee (the
"Indenture Trustee"), relating to the Revolving Home Equity Loan Asset Backed
Notes, Series 2000-D (the "Notes"). The Sale and Servicing Agreement is
annexed hereto as Exhibit 99.1.
The Company and CHL entered into a Purchase Agreement, dated as of
November 28, 2000 (the "Mortgage Loan Purchase Agreement"), providing for the
purchase and sale of the Mortgage Loans to be delivered pursuant to the Sale
and Servicing Agreement. The Mortgage Loan Purchase Agreement is annexed
hereto as Exhibit 99.2.
The Trust and the Indenture Trustee entered into an Indenture, dated as
of November 28, 2000 (the "Indenture"), providing for the issuance of the
Notes. The Indenture is annexed hereto as Exhibit 99.3.
Wilmington Trust Company, as owner trustee (the "Owner Trustee"), the
Company and Countrywide Home Loans, Inc., as master servicer, entered into a
Master Trust Agreement, dated as of August 28, 2000 (the "Master Trust
Agreement"), providing for the creation of the Trust. The Master Trust
Agreement is annexed hereto as Exhibit 99.4.
The Company and the Owner Trustee entered into a Series 2000-D Trust
Supplement, dated as of November 28, 2000 (the "Series Trust Supplement"),
providing for the creation of the Series 2000-D Subtrust under the CWABS
Master Trust. The Series Trust Supplement is annexed hereto as Exhibit 99.5.
In addition to the above agreements, Financial Guaranty Insurance Company
issued a Surety Bond, dated November 30, 2000 (the "Surety Bond"), providing
for the guarantee of certain payments with respect to the Notes upon certain
conditions. The Surety Bond is annexed hereto as Exhibit 99.6.*
--------
* Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to them in the Prospectus dated November 27,
2000 and the Prospectus Supplement dated November 27, 2000, of CWABS,
Inc., relating to its Revolving Home Equity Loan Asset Backed Notes,
Series 2000-D (the "Prospectus").
<PAGE>
Mortgage Loan Statistics
The following tables describe characteristics of the mortgage loans
included in the trust estate as of the cut-off date (as defined in the
Prospectus). All percentages set forth below have been calculated based on the
principal balance of the Mortgage Loans as of the cut-off date. The sum of the
columns may not equal the respective totals due to rounding.
Loan Programs
<TABLE>
<CAPTION>
Number of Percentage of
Mortgage Aggregate Unpaid Aggregate Principal
Description Loans Principal Balance Balance
--------------------------------------------------------------------- ------------ ------------------- ---------------------
<S> <C> <C> <C>
3 Yr Draw, 10 Yr Repay.............................................. 1 $ 74,049 0.03%
5 Yr Draw, 5 Yr Repay............................................... 18 174,343 0.06
5 Yr Draw, 10 Yr Repay.............................................. 14 492,992 0.17
10 Yr Draw, 10 Yr Repay............................................. 128 2,445,596 0.87
10 Yr Draw, 15 Yr Repay............................................. 9,580 275,380,001 97.73
15 Yr Draw, 0 Yr Repay.............................................. 24 859,886 0.31
15 Yr Draw, 10 Yr Repay............................................. 39 2,352,886 0.84
------------ ------------------- --------------------
Total............................................................... 9,804 $281,779,754 100.00%
============ =================== ====================
Principal Balances
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
Range of Principal Balances Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
$ 0.00 to $ 10,000........................................... 2,777 $ 13,180,702 4.68%
$ 10,000.01 to $ 20,000........................................... 2,490 38,665,890 13.72
$ 20,000.01 to $ 30,000........................................... 1,938 50,247,033 17.83
$ 30,000.01 to $ 40,000........................................... 847 29,890,577 10.61
$ 40,000.01 to $ 50,000........................................... 576 26,510,466 9.41
$ 50,000.01 to $ 60,000........................................... 283 15,757,687 5.59
$ 60,000.01 to $ 70,000........................................... 170 11,109,863 3.94
$ 70,000.01 to $ 80,000........................................... 148 11,193,529 3.97
$ 80,000.01 to $ 90,000........................................... 95 8,164,763 2.90
$ 90,000.01 to $100,000........................................... 157 15,403,770 5.47
$100,000.01 to $125,000........................................... 88 10,066,682 3.57
$125,000.01 to $150,000........................................... 105 14,817,019 5.26
$150,000.01 to $175,000........................................... 23 3,876,212 1.38
$175,000.01 to $200,000........................................... 30 5,755,729 2.04
$200,000.01 to $225,000........................................... 9 1,955,353 0.69
$225,000.01 to $250,000........................................... 17 4,122,750 1.46
$250,000.01 to $275,000........................................... 6 1,588,977 0.56
$275,000.01 to $300,000........................................... 15 4,432,759 1.57
$300,000.01 to $325,000........................................... 5 1,561,006 0.55
$325,000.01 to $350,000........................................... 6 2,041,500 0.72
$375,000.01 to $400,000........................................... 6 2,356,626 0.84
$450,000.01 to $475,000........................................... 1 470,000 0.17
$475,000.01 to $500,000........................................... 4 1,994,458 0.71
$500,000.01 to $525,000........................................... 1 512,870 0.18
$525,000.01 to $550,000........................................... 1 525,205 0.19
$575,000.01 to $600,000........................................... 1 600,000 0.21
$675,000.01 to $700,000........................................... 1 678,326 0.24
$775,000.01 to $800,000........................................... 1 800,000 0.28
$975,000.01 to $1,000,000......................................... 2 2,000,000 0.71
> $1,000,000........................................................ 1 1,500,000 0.53
------------ ------------------- --------------------
Total............................................................... 9,804 $281,779,754 100.00%
============ =================== ====================
<PAGE>
Loan Rates
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
Range of Loan Rates Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
5.501 - 6.000%..................................................... 116 $ 6,502,737 2.31%
6.001 - 6.500...................................................... 1 50,000 0.02
6.501 - 7.000...................................................... 34 1,583,727 0.56
7.501 - 8.000...................................................... 7 222,978 0.08
8.001 - 8.500...................................................... 8,866 239,729,096 85.08
9.001 - 9.500...................................................... 4 109,635 0.04
9.501 - 10.000..................................................... 58 4,732,646 1.68
10.001 - 10.500..................................................... 96 5,506,258 1.95
10.501 - 11.000..................................................... 52 1,767,414 0.63
11.001 - 11.500..................................................... 135 5,169,860 1.83
11.501 - 12.000..................................................... 140 5,790,492 2.05
12.001 - 12.500..................................................... 154 6,384,820 2.27
12.501 - 13.000..................................................... 61 1,855,333 0.66
13.001 - 13.500..................................................... 59 1,848,146 0.66
13.501 - 14.000..................................................... 4 34,733 0.01
15.501 - 16.000..................................................... 17 491,878 0.17
------------ ------------------- --------------------
Total............................................................... 9,804 $281,779,754 100.00
============ =================== ====================
Months Remaining to Scheduled Maturity
Aggregate
Range of Months Number of Unpaid Percentage of
Remaining to Mortgage Principal Aggregate Principal
Scheduled Maturity Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
109 - 120........................................................... 18 $ 174,343 0.06%
145 - 156........................................................... 1 74,049 0.03
169 - 180........................................................... 38 1,352,878 0.48
229 - 240........................................................... 128 2,445,596 0.87
265 - 276........................................................... 1 8,302 0.00
289 - 300........................................................... 9,160 266,934,312 94.73
301 - 312........................................................... 458 10,790,273 3.83
------------ ------------------- --------------------
Total............................................................... 9,804 $281,779,754 100.00%
============ =================== ====================
Combined Loan-to-Value Ratios
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
Range of Combined Loan-to-Value Ratios Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
20.01-30.00......................................................... 75 $ 3,156,655 1.12%
30.01-40.00......................................................... 143 6,000,863 2.13
40.01-50.00......................................................... 207 8,714,947 3.09
50.01-60.00......................................................... 443 14,709,153 5.22
60.01-70.00......................................................... 1,172 36,909,103 13.10
70.01-80.00......................................................... 1,742 57,561,899 20.43
80.01-90.00......................................................... 3,448 87,573,833 31.08
90.01-100.00........................................................ 2,574 67,153,300 23.83
------------ ------------------- --------------------
Total............................................................... 9,804 $281,779,754 100.00%
============ =================== ====================
Geographic Distribution
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
State Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
AK.................................................................. 37 $ 1,059,213 0.38%
AL.................................................................. 264 5,948,638 2.11
AZ.................................................................. 360 7,818,843 2.77
CA.................................................................. 2,214 102,584,855 36.41
CO.................................................................. 477 14,403,990 5.11
CT.................................................................. 76 2,070,632 0.73
DC.................................................................. 12 288,419 0.10
DE.................................................................. 20 396,150 0.14
FL.................................................................. 497 10,043,616 3.56
GA.................................................................. 271 7,100,401 2.52
HI.................................................................. 95 2,357,615 0.84
IA.................................................................. 28 480,816 0.17
ID.................................................................. 95 2,326,053 0.83
IL.................................................................. 476 10,991,847 3.90
IN.................................................................. 151 2,396,828 0.85
KS.................................................................. 135 2,888,236 1.02
KY.................................................................. 58 1,331,499 0.47
LA.................................................................. 86 1,462,235 0.52
MA.................................................................. 257 7,657,981 2.72
MD.................................................................. 150 3,181,740 1.13
ME.................................................................. 43 636,094 0.23
MI.................................................................. 584 15,462,749 5.49
MN.................................................................. 103 2,395,282 0.85
MO.................................................................. 178 3,416,504 1.21
MS.................................................................. 35 544,109 0.19
MT.................................................................. 41 1,107,747 0.39
NC.................................................................. 229 4,272,970 1.52
ND.................................................................. 6 138,247 0.05
NE.................................................................. 50 982,646 0.35
NH.................................................................. 64 1,320,843 0.47
NJ.................................................................. 310 8,614,735 3.06
NM.................................................................. 50 1,661,110 0.59
NV.................................................................. 91 2,224,526 0.79
NY.................................................................. 222 6,911,925 2.45
OH.................................................................. 251 4,880,074 1.73
OK.................................................................. 118 2,487,745 0.88
OR.................................................................. 180 4,540,384 1.61
PA.................................................................. 338 6,682,618 2.37
RI.................................................................. 28 812,317 0.29
SC.................................................................. 93 1,666,403 0.59
SD.................................................................. 11 224,000 0.08
TN.................................................................. 128 2,445,596 0.26
TX.................................................................. 23 734,350 0.26
UT.................................................................. 154 3,542,549 1.26
VA.................................................................. 166 3,974,082 1.41
VT.................................................................. 9 91,297 0.03
WA.................................................................. 374 9,820,462 3.49
WI.................................................................. 113 2,343,735 0.83
WV.................................................................. 18 174,343 0.06
WY.................................................................. 35 880,705 0.31
------------ ------------------- --------------------
Total............................................................... 9,804 $281,779,754 100.00%
============ =================== ====================
Property Type
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
Property Type Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
2-4Units........................................................ 60 $1,779,769 0.63%
Lo Condo........................................................ 635 $15,286,280 5.42
PUD............................................................. 1,419 $44,594,071 15.83
SinglFam........................................................ 7,690 $220,119,634 78.12
------------ ------------------- --------------------
Total........................................................... 9,804 $281,779,754 100.00
============ =================== ====================
Margins
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
Range of Margins (%) Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
<0.0............................................................ 1 $28,000 0.01%
0.000........................................................... 642 $24,434,112 8.67
0.001 - 0.250................................................... 126 $6,769,083 2.40
0.251 - 0.500................................................... 741 $32,384,161 11.49
0.501 - 0.750................................................... 39 $1,751,344 0.62
0.751 - 1.000................................................... 731 $22,956,537 8.15
1.001 - 1.250................................................... 333 $9,690,988 3.44
1.251 - 1.500................................................... 680 $18,561,502 6.59
1.501 - 1.750................................................... 163 $5,221,548 1.85
1.751 - 2.000................................................... 1,346 $27,888,769 9.90
2.001 - 2.250................................................... 620 $15,817,270 5.61
2.251 - 2.500................................................... 781 $25,025,746 8.88
2.501 - 2.750................................................... 159 $6,201,562 2.20
2.751 - 3.000................................................... 740 $18,453,859 6.55
3.001 - 3.250................................................... 317 $7,676,889 2.72
3.251 - 3.500................................................... 1,080 $27,323,041 9.70
3.501 - 3.750................................................... 180 $4,011,857 1.42
3.751 - 4.000................................................... 256 $7,334,465 2.60
4.001 - 4.250................................................... 72 $1,417,347 0.50
4.251 - 4.500................................................... 541 $13,763,397 4.88
4.501 - 4.750................................................... 136 $2,560,032 0.91
4.751 - 5.000................................................... 9 $198,767 0.07
5.001 - 5.250................................................... 28 $304,315 0.11
5.251 - 5.500................................................... 52 $1,243,876 0.44
5.501 - 5.750................................................... 9 $247,150 0.09
6.001 - 6.250................................................... 15 $363,286 0.13
6.251 - 6.500................................................... 7 $150,851 0.05
------------ ------------------- --------------------
Total........................................................... 9,804 $281,779,754 100.00
============ =================== ====================
Credit Limit Utilization Rates
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate Principal
Range of Credit Limit Utilization Rates Loans Balance Balance
---------------------------------------------------------------------- ------------ -------------------- ---------------------
0.00%........................................................... 1,044 $1 0.00%
0.01% - 10.00%.................................................. 185 $793,835 0.28
10.01% - 20.00%................................................. 221 $2,476,566 0.88
20.01% - 30.00%................................................. 310 $3,890,486 1.38
30.01% - 40.00%................................................. 406 $5,932,366 2.11
40.01% - 50.00%................................................. 659 $11,253,945 3.99
50.01% - 60.00%................................................. 472 $10,009,601 3.55
60.01% - 70.00%................................................. 509 $12,568,232 4.46
70.01% - 80.00%................................................. 574 $16,403,322 5.82
80.01% - 90.00%................................................. 493 $17,027,547 6.04
90.01% - 100.00%................................................ 4,931 $201,423,853 71.48
------------ ------------------- --------------------
Total........................................................... 9,804 $281,779,754 100.00
============ =================== ====================
</TABLE>
<TABLE>
<CAPTION>
Credit Limits
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate
Range of Credit Limits Loans Balance Principal Balance
---------------------------------------------------------- ------------ -------------------- ---------------------
<S> <C> <C> <C>
$ 0.00 to $ 10,000........................ 342 $2,082,234 0.74%
$ 10,000.01 to $ 20,000........................ 2,861 $31,984,618 11.35
$ 20,000.01 to $ 30,000........................ 2,694 $51,824,593 18.39
$ 30,000.01 to $ 40,000........................ 1,131 $30,253,140 10.74
$ 40,000.01 to $ 50,000........................ 905 $27,545,375 9.78
$ 50,000.01 to $ 60,000........................ 398 $16,468,996 5.84
$ 60,000.01 to $ 70,000........................ 250 $11,910,629 4.23
$ 70,000.01 to $ 80,000........................ 219 $11,255,957 3.99
$ 80,000.01 to $ 90,000........................ 148 $9,130,501 3.24
$ 90,000.01 to $100,000........................ 355 $20,544,073 7.29
$100,000.01 to $125,000........................ 103 $8,819,675 3.13
$125,000.01 to $150,000........................ 173 $17,888,173 6.35
$150,000.01 to $175,000........................ 29 $3,089,975 1.10
$175,000.01 to $200,000........................ 63 $7,819,191 2.77
$200,000.01 to $225,000........................ 16 $2,379,868 0.84
$225,000.01 to $250,000........................ 25 $4,250,117 1.51
$250,000.01 to $275,000........................ 8 $1,403,065 0.50
$275,000.01 to $300,000........................ 31 $6,009,740 2.13
$300,000.01 to $325,000........................ 5 $1,561,006 0.55
$325,000.01 to $350,000........................ 8 $1,980,623 0.70
$350,000.01 to $375,000........................ 1 $40,000 0.01
$375,000.01 to $400,000........................ 7 $1,941,685 0.69
$400,000.01 to $425,000........................ 2 $280,000 0.10
$425,000.01 to $450,000........................ 3 $395,487 0.14
$450,000.01 to $475,000........................ 3 $737,500 0.26
$475,000.01 to $500,000........................ 12 $3,060,463 1.09
$500,000.01 to $525,000........................ 1 $512,870 0.18
$525,000.01 to $550,000........................ 1 $98,646 0.04
$575,000.01 to $600,000........................ 1 $600,000 0.21
$625,000.01 to $650,000........................ 1 $525,205 0.19
$725,000.01 to $750,000........................ 2 $694,323 0.25
$775,000.01 to $800,000........................ 2 $1,192,026 0.42
$975,000.01 to $1,000,000...................... 2 $2,000,000 0.71
> $1,000,000..................................... 2 $1,500,000 0.53
------------ -------------------- ---------------------
Total............................................ 9,804 $281,779,754 100.00
============ ==================== =====================
Lien Priority
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate
Lien Priority Loans Balance Principal Balance
---------------------------------------------------------- ------------ -------------------- ---------------------
1st Liens....................................... 109 $6,184,618 2.19
2nd Liens....................................... 9,695 $275,595,136 97.81
------------ -------------------- ---------------------
Total........................................... 9,804 $281,779,754 100.00
============ ==================== =====================
Delinquency Status
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate
Number of Days Delinquent Loans Balance Principal Balance
---------------------------------------------------------- ------------ -------------------- ---------------------
30 - 59 DAYS..................................... 2 $10,507 0.00
CURRENT.......................................... 9,802 $275,595,136 97.81
------------ -------------------- ---------------------
Total............................................ 9,804 $281,779,754 100.00
============ ==================== =====================
Origination Year
Aggregate
Number of Unpaid Percentage of
Mortgage Principal Aggregate
Origination Year Loans Balance Principal Balance
---------------------------------------------------------- ------------ -------------------- ---------------------
1998............................................. 1 $8,302 0.00
2000............................................. 9,803 $281,771,451 100.00
------------ -------------------- ---------------------
Total............................................ 9,804 $281,779,754 100.00
============ ==================== =====================
</TABLE>
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
---- -----------------------------------------
INFORMATION AND EXHIBITS.
------------------------
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 The Sale and Servicing Agreement, dated as of November 28,
2000, by and among the Company, CHL, the Trust and the
Indenture Trustee.
99.2 The Purchase Agreement, dated as of November 28, 2000, by and
between the Company and CHL.
99.3 The Indenture, dated as of November 28, 2000, by and between
the Trust and the Indenture Trustee.
99.4 The Master Trust Agreement, dated as of August 28, 2000, by
and among the Company, CHL, as master servicer, and the Owner
Trustee.
99.5 The Series 2000-D Trust Supplement, dated as of November 28,
2000, by and between the Company and the Owner Trustee.
99.6 The Note Guaranty Surety Bond, dated as of November 30, 2000,
issued by Financial Guaranty Insurance Company.
<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 hereunto duly authorized.
CWABS, INC.
By: /s/ Michael Muir
-----------------------
Michael Muir
Vice President
Dated: December 15, 2000
<PAGE>
EXHIBIT INDEX
Exhibit Description
99.1 The Sale and Servicing Agreement, dated as of November 28,
2000, by and among the Company, CHL, the Trust and the
Indenture Trustee.
99.2 The Purchase Agreement, dated as of November 28, 2000, by and
between the Company and CHL.
99.3 The Indenture, dated as of November 28, 2000, by and between
the Trust and the Indenture Trustee.
99.4 The Master Trust Agreement, dated as of August 28, 2000, by
and among the Company, CHL, as master servicer, and the Owner
Trustee.
99.5 The Series 2000-D Trust Supplement, dated as of November 28,
2000, by and between the Company and the Owner Trustee.
99.6 The Note Guaranty Surety Bond, dated as of November 30, 2000,
issued by Financial Guaranty Insurance Company.
<PAGE>
EXHIBIT 99.1
<PAGE>
