SUPPLEMENT
TO PROSPECTUS SUPPLEMENT DATED February 21, 1997 Rule 424(b)(5)
(To Prospectus dated February 21, 1997)
CWABS, INC.
Depositor
Countrywide
Home Loans, Inc.
Seller and Master Servicer
Revolving Home Equity Loan Asset Backed Certificates, Series 1997-A
-------------------------------
The Certificates
o This supplement relates to the offering of the certificates of the series
referenced above. This supplement does not contain complete information
about the offering of the certificates. Additional information is
contained in the prospectus supplement dated February 21, 1997 prepared
in connection with the offering of the offered certificates of the series
referenced above and in the prospectus of the depositor dated February
21, 1997. You are urged to read this supplement, the prospectus
supplement and the prospectus in full.
o As of March 15, 2000, the class certificate balance of the certificates
was approximately $40,882,470.
Neither the SEC nor any state securities commission has approved these
securities or determined that this supplement, the prospectus supplement or
the prospectus is accurate or complete. Any representation to the contrary is
a criminal offense.
This supplement is to be used by Countrywide Securities Corporation, an
affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection with
offers and sales relating to market making transactions in the certificates in
which Countrywide Securities Corporation acts as principal. Countrywide
Securities Corporation may also act as agent in such transactions. Sales will
be made at prices related to the prevailing prices at the time of sale.
April 10, 2000
<PAGE>
THE TRUST FUND
As of March 1, 2000 (the "Reference Date"), the Trust Fund included
approximately 2,157 Mortgage Loans having an aggregate Stated Principal
Balance of approximately $45,390,226.
The following table summarizes the delinquency and foreclosure
experience of the Mortgage Loans as of the Reference Date.
As of
March 1, 2000
-------------
Aggregate Stated Principal Balance of the Mortgage Loans........ $45,390,226
Delinquent Mortgage Loans and Pending Foreclosures at Period
End (1)
30-59 days............................................. 1.18%
60-90 days............................................. 0.50%
91 days or more (excluding pending foreclosures)....... 0.43%
-----
Total Delinquencies.................................... 2.11%
=====
Foreclosures Pending............................................ 0.00%
-----
Total Delinquencies and foreclosures pending................ 2.11%
=====
- --------------
(1) As a percentage of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Reference Date.
Certain information as to the Mortgage Loans as of the Reference Date
is set forth in Exhibit 1 in tabular format. Other than with respect to rates
of interest, percentages (approximate) are stated in such tables by Stated
Principal Balance of the Mortgage Loans as of the Reference Date and have been
rounded in order to total 100.00%.
SERVICING OF MORTGAGE LOANS
The Master Servicer
Countrywide Home Loans, Inc. ("Countrywide") will continue to act as
Master Servicer under the Agreement.
At December 31, 1999, Countrywide provided servicing for
approximately $245.6 billion aggregate principal amount of mortgage loans,
substantially all of which are being serviced for unaffiliated persons. At
December 31, 1999, Countrywide provided servicing for approximately $2.4
billion aggregate principal amount of first and second lien mortgage loans
originated under home equity lines of credit.
<PAGE>
Foreclosure and Delinquency Experience
The following table summarizes the delinquency and foreclosure
experience, respectively, on the dates indicated, of home equity loans
serviced by the Master Servicer. Since Countrywide only began servicing home
equity loans in October 1994, the delinquency and foreclosure percentages may
be affected by the size and relative lack of seasoning of the servicing
portfolio because many of such loans were not outstanding long enough to give
rise to some or all of the periods of delinquency indicated in the chart
below. Accordingly, the information should not be considered as a basis for
assessing the likelihood, amount or severity of delinquency or losses on the
Mortgage Loans and no assurances can be given that the foreclosure and
delinquency experience presented in the table below will be indicative of such
experience on the Mortgage Loans:
<TABLE>
<CAPTION>
Delinquency and Foreclosure Experience(1)
As of December 31, 1997 As of December 31, 1998 As of December 31, 1999
----------------------- ----------------------- -----------------------
<S> <C> <C> <C> <C> <C> <C>
Portfolio............. $1,062,794,424.18 100.00% $1,323,711,736.54 100.00% $2,412,534,167.47 100.00%
Delinquency percentage(1)
30-59 days..... $3,789,570.37 0.36% $4,483,412.01 0.34% $5,554,389.27 0.23%
60-89.......... $533,225.80 0.05% $747,337.11 0.06% $2,123,878.51 0.09%
90+ days....... $1,101,964.19 0.10% $2,439,328.76 0.18% $4,665,157.69 0.19%
-------------- ----- -------------- ----- -------------- -----
Total(2)... $5,424,760.36 0.51% $7,670,077.88 0.58% $12,343,425.47 0.51%
============= ===== ============= ===== =============== =====
Foreclosure Rate(3)... $1,166,826.32 0.11% $1,835,608.61 0.14% $646,956.56 0.03%
Bankruptcy Rate(4).... $3,071,686.84 0.29% $4,801,943.11 0.36% $7,706,013.75 0.32%
- --------------
</TABLE>
(1) The period of delinquency is based on the number of days payments are
contractually past due.
(2) Certain total percentages and dollar amounts may not equal the sum of the
percentages and dollar amounts indicated in the columns due to
differences in rounding.
(3) "Foreclosure Rate" is the dollar amount of mortgage loans in foreclosure
as a percentage of the total principal balance of mortgage loans
outstanding as of the date indicated.
(4) "Bankruptcy Rate" is the dollar amount of mortgage loans for which the
related borrower has declared bankruptcy as a percentage of the total
principal balance of mortgage loans outstanding as of the date indicated.
<PAGE>
DESCRIPTION OF THE CERTIFICATES
The Certificates will be allocated and entitled to receive interest
and principal payments as described in the Prospectus Supplement under
"Description of the Certificates-- Distributions on the Certificates".
As of March 15, 2000 (the "Certificate Date"), the Certificate
Principal Balance of the Certificates was approximately $40,882,470. As of the
Certificate Date the Pool Factor was approximately 0.3406872 and the Invested
Amount was approximately $40,882,470. For additional information with respect
to the Certificates, see "Description of the Certificates" in the Prospectus
Supplement.
Reports to Certificateholders
The most recent monthly statement that has been furnished to
Certificateholders of record on the most recent Distribution Date is included
herein as Exhibit 2.
THE CERTIFICATE INSURER
Financial Security Assurance Inc. is the Certificate Insurer as
described in the Prospectus Supplement. See "The Certificate Insurer" in the
Prospectus Supplement.
Financial Security Assurance Inc. is a wholly owned subsidiary of
Financial Security Assurance Holdings Ltd., a New York Stock Exchange listed
company. Financial Security Assurance Holdings Ltd. files annual, quarterly
and special reports and other information with the Securities and Exchange
Commission (the "SEC"). These documents may be reviewed at the SEC's public
reference rooms in Washington, D.C., New York, New York and Chicago, Illinois.
Please call the SEC at 1-800-SEC-0330 for further information on the public
reference rooms. Financial Security Assurance Holdings Ltd.'s SEC filings are
also available to the public at the SEC's Web site at http://www.sec.gov.
CERTAIN FEDERAL INCOME TAX CONSEQUENCES
Prospective investors should consider carefully the income tax
consequences of an investment in the Certificates discussed under the sections
titled "Federal Income Tax Consequences" in the Prospectus Supplement and the
Prospectus, which the following discussion supplements. Prospective investors
should consult their tax advisors with respect to those consequences.
On December 30, 1997 the Internal Revenue Service (the "IRS") issued
final regulations (the "Amortizable Bond Premium Regulations") dealing with
amortizable bond premium. These regulations specifically do not apply to
prepayable debt instruments subject to Section 1272(a)(6). Absent further
guidance from the IRS, the Trustee intends to account for amortizable bond
premium in the manner described in the Prospectus. It is recommended that
prospective purchasers of the Certificates consult their tax advisors
regarding the possible application of the Amortizable Bond Premium
Regulations.
<PAGE>
The Taxpayer Relief Act of 1997 and the IRS Restructuring and Reform
Act of 1998 reduced the capital gains tax rates for certain noncorporate
taxpayers. Prospective investors should consult their tax advisors with
respect to these tax law changes.
The Small Business and Job Protection Act of 1996 and Taxpayer Relief
Act of 1997 modified the definition of U.S. person with regard to trusts. A
trust is a "U.S. Person" if a court within the United States is able to
exercise primary supervision over the administration of the trust and one or
more United States persons have authority to control all substantial decisions
of the trust. In addition, U.S. Persons include certain trusts that can elect
to be treated as U.S. Persons.
Final regulations dealing with backup withholding and information
reporting on income paid to foreign persons and related matters (the "New
Withholding Regulations") were published in the Federal Register on October
14, 1997. In general, the New Withholding Regulations do not significantly
alter the substantive withholding and information reporting requirements, but
do unify current certification procedures and forms and clarify reliance
standards. The New Withholding Regulations generally will be effective for
payments made after December 31, 2000, subject to certain transition rules.
ERISA CONSIDERATIONS
Prospective purchasers of the Certificates should consider carefully
the ERISA consequences of an investment in the Certificates discussed under
"ERISA Considerations" in the Prospectus, the Prospectus Supplement and
herein, and should consult their own advisors with respect to those
consequences. As described in the Prospectus Supplement and subject to the
qualifications and limitations set forth therein, it is believed that the
Exemption will apply to the acquisition and holding of the Certificates by
Plans and that all conditions of the Exemption other than those within the
control of investors will be met.
RATINGS
The Certificates are currently rated "AAA" by Standard & Poor's and
"Aaa" by Moody's. See "Ratings" in the Prospectus Supplement.
METHOD OF DISTRIBUTION
The Supplement is to be used by Countrywide Securities Corporation,
an affiliate of CWABS, Inc. and Countrywide Home Loans, Inc., in connection
with offers and sales relating to market making transactions in the
Certificates in which Countrywide Securities Corporation acts as principal.
Countrywide Securities Corporation may also act as agent in such transactions.
Sales will be made at prices relating to the prevailing prices at the time of
sale.
<PAGE>
EXHIBIT 1
LOAN TYPE
---------
LOAN TYPE CURRENT NUMBER OF PERCENTAGE OF
BALANCE LOANS TOTAL POOL
10 yr. Draw, 15 yr. Repay $41,279,964 1,942 90.94
3 yr. Draw, 10 yr. Repay $4,110,263 215 9.06
----------------------------------------------------------------
Total $45,390,226 2,157 100.00
PROPERTY TYPE
-------------
PROPERTY CURRENT NUMBER OF PERCENTAGE OF
TYPES BALANCE LOANS TOTAL POOL
Two-to-Four Family $356,316 17 0.79
Condominiums $1,023,651 71 2.26
PUD $3,701,462 167 8.15
Single Family Residence $40,308,798 1,902 88.81
-------------------------------------------------------------
Total $45,390,226 2,157 100.00
ORIGINATION YEAR
----------------
ORIGINATION CURRENT NUMBER OF PERCENTAGE OF
YEAR BALANCE LOANS TOTAL POOL
1996 $22,910,145 1,117 50.47
1997 $22,480,082 1,040 49.53
----------------------------------------------------------
Total $45,390,226 2,157 100.00
PRINCIPAL BALANCES
------------------
RANGE OF BALANCES CURRENT NUMBER OF PERCENTAGE OF
BALANCE LOANS TOTAL POOL
$ 0.00 to $ 10,000 $1,392,180 624 3.07
$ 10,000.01 to $ 20,000 $9,871,643 637 21.75
$ 20,000.01 to $ 30,000 $10,626,718 432 23.41
$ 30,000.01 to $ 40,000 $7,100,622 205 15.64
$ 40,000.01 to $ 50,000 $5,353,861 118 11.80
$ 50,000.01 to $ 60,000 $2,371,082 43 5.22
$ 60,000.01 to $ 70,000 $1,806,475 28 3.98
$ 70,000.01 to $ 80,000 $1,513,825 20 3.34
$ 80,000.01 to $ 90,000 $1,444,301 17 3.18
$ 90,000.01 to $100,000 $1,738,854 18 3.83
$100,000.01 to $125,000 $444,141 4 0.98
$125,000.01 to $150,000 $1,136,785 8 2.50
$175,000.01 to $200,000 $385,196 2 0.85
$200,000.01 to $225,000 $204,545 1 0.45
-------------------------------------------------------------
Total $45,390,226 2,157 100.00
LIEN PRIORITY
-------------
LIEN CURRENT NUMBER OF PERCENTAGE OF
POSITION BALANCE LOANS TOTAL POOL
1st Liens $1,928,773 53 4.25
2nd Liens $43,461,453 2,104 95.75
--------------------------------------------------------
Total $45,390,226 2,157 100.00
<PAGE>
GEOGRAPHIC DISTRIBUTION
-----------------------
STATE CURRENT NUMBER OF PERCENTAGE OF
BALANCE LOANS TOTAL POOL
Alabama $741,259 46 1.63
Arizona $1,609,514 67 3.55
California $10,971,416 449 24.17
Colorado $1,707,816 73 3.76
Connecticut $420,538 21 0.93
Delaware $32,797 2 0.07
District of Columbia $19,422 3 0.04
Florida $3,120,016 192 6.87
Georgia $659,923 36 1.45
Idaho $1,203,029 46 2.65
Illinois $2,126,844 116 4.69
Indiana $752,990 30 1.66
Iowa $166,154 12 0.37
Kansas $298,952 16 0.66
Kentucky $309,507 20 0.68
Louisiana $707,464 44 1.56
Maine $16,574 3 0.04
Maryland $693,016 38 1.53
Massachusetts $1,105,649 50 2.44
Michigan $1,314,937 72 2.90
Mississippi $146,620 7 0.32
Missouri $846,873 48 1.87
Montana $304,526 12 0.67
Nebraska $111,747 9 0.25
Nevada $1,057,188 40 2.33
New Hampshire $24,968 2 0.06
New Jersey $1,438,195 81 3.17
New Mexico $450,612 15 0.99
New York $1,201,326 52 2.65
North Carolina $556,157 37 1.23
North Dakota $15,595 1 0.03
Ohio $1,374,704 82 3.03
Oklahoma $245,588 12 0.54
Oregon $2,051,207 64 4.52
Pennsylvania $1,404,565 73 3.09
Rhode Island $144,774 9 0.32
South Carolina $161,499 8 0.36
Tennessee $600,607 39 1.32
Texas $27,146 3 0.06
Utah $1,822,354 67 4.01
Vermont $107,917 8 0.24
Virginia $544,447 35 1.20
Washington $2,101,916 83 4.63
Wisconsin $448,113 23 0.99
Wyoming $223,766 11 0.49
----------------------------------------------------------
Total $45,390,226 2,157 100.00
LOAN RATES
----------
RANGE OF CURRENT NUMBER OF PERCENTAGE OF
LOAN RATES BALANCE LOANS TOTAL POOL
8.001% - 8.500% $23,966 1 0.05
8.501% - 9.000% $8,276,403 417 18.23
9.001% - 9.500% $3,243,894 98 7.15
9.501% - 10.000% $5,164,786 263 11.38
10.001% - 10.500% $2,904,128 129 6.40
10.501% - 11.000% $7,444,440 377 16.40
11.001% - 11.500% $8,303,010 375 18.29
11.501% - 12.000% $3,615,387 172 7.97
12.001% - 12.500% $3,479,504 162 7.67
12.501% - 13.000% $2,338,907 122 5.15
13.001% - 13.500% $458,119 29 1.01
13.501% - 14.000% $97,856 8 0.22
14.001% - 14.500% $39,826 4 0.09
--------------------------------------------------------
Total $45,390,226 2,157 100.00
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
-----------------------------
RANGE OF COMBINED CURRENT NUMBER OF PERCENTAGE OF
Loan-to-Value Ratios BALANCE LOANS TOTAL POOL
- -------------------- ------- ----- ----------
0.00%-10.00% $83,738 4 0.18
10.01%-20.00% $144,892 9 0.32
20.01%-30.00% $351,935 16 0.78
30.01%-40.00% $763,741 25 1.68
40.01%-50.00% $1,178,650 51 2.60
50.01%-60.00% $1,853,729 77 4.08
60.01%-70.00% $7,160,779 309 15.78
70.01%-80.00% $10,897,208 539 24.01
80.01%-90.00% $18,893,262 913 41.62
90.01%-100.00% $4,062,292 214 8.95
------------------------------------------------------
Total $45,390,226 2,157 100.00
CREDIT LIMIT UTILIZATION RATES
------------------------------
RANGE OF CREDIT LIMIT CURRENT NUMBER OF PERCENTAGE OF
UTILIZATION RATES BALANCE LOANS TOTAL POOL
0.00% $0 373 0.00
0.01% - 10.00% $129,507 53 0.29
10.01% - 20.00% $248,470 49 0.55
20.01% - 30.00% $694,949 64 1.53
30.01% - 40.00% $559,024 44 1.23
40.01% - 50.00% $1,081,826 60 2.38
50.01% - 60.00% $1,167,909 59 2.57
60.01% - 70.00% $2,029,769 90 4.47
70.01% - 80.00% $2,543,567 109 5.60
80.01% - 90.00% $5,032,972 177 11.09
90.01% - 100.00% $31,359,977 1,065 69.09
100.00% and up $542,255 14 1.19
--------------------------------------------------------
Total $45,390,226 2,157 100.00
MAXIMUM RATES
-------------
MAXIMUM CURRENT NUMBER OF PERCENTAGE OF
RATES BALANCE LOANS TOTAL POOL
12.250% $547,710 38 1.21
15.000% $304,526 12 0.67
16.000% $575,994 38 1.27
17.000% $4,854,977 268 10.70
18.000% $39,107,018 1,801 86.16
--------------------------------------------------------
Total $45,390,226 2,157 100.00
MONTHS REMAINING TO MATURITY
----------------------------
RANGE OF mONTHS REMAINING CURRENT NUMBER OF PERCENTAGE OF
TO SCHEDULED MATURITY BALANCE LOANS TOTAL POOL
109 - 120 $4,110,263 215 9.06
253 - 264 $41,279,964 1,942 90.94
---------------------------------------------------------
Total $45,390,226 2,157 100.00
<PAGE>
MARGINS
-------
RANGE OF CURRENT NUMBER OF PERCENTAGE OF
MARGINS BALANCE LOANS TOTAL POOL
0.000% $23,966 1 0.05
0.001% - 0.250% $23,861 4 0.05
0.251% - 0.500% $8,252,542 413 18.18
0.501% - 0.750% $512,530 22 1.13
0.751% - 1.000% $2,731,364 76 6.02
1.001% - 1.250% $1,953,478 76 4.30
1.251% - 1.500% $3,211,309 187 7.07
1.501% - 1.750% $1,393,404 79 3.07
1.751% - 2.000% $1,510,724 50 3.33
2.001% - 2.250% $5,988,987 326 13.19
2.251% - 2.500% $1,455,453 51 3.21
2.501% - 2.750% $3,321,447 144 7.32
2.751% - 3.000% $4,981,563 231 10.97
3.001% - 3.250% $466,049 31 1.03
3.251% - 3.500% $3,149,337 141 6.94
3.501% - 3.750% $3,288,312 147 7.24
3.751% - 4.000% $191,192 15 0.42
4.001% - 4.250% $937,490 44 2.07
4.251% - 4.500% $1,401,417 78 3.09
4.501% - 4.750% $242,916 14 0.54
4.751% - 5.000% $215,203 15 0.47
5.001% - 5.250% $48,970 3 0.11
5.251% - 5.500% $48,887 5 0.11
5.501% - 5.750% $30,172 2 0.07
5.751% - 6.000% $9,654 2 0.02
--------------------------------------------------------
Total $45,390,226 2,157 100.00
CREDIT LIMITS
-------------
RANGE OF CURRENT NUMBER OF PERCENTAGE OF
CREDIT LIMITS BALANCE LOANS TOTAL POOL
$ 0.00 to $ 10,000 $231,188 31 0.51
$ 10,000.01 to $ 20,000 $8,609,940 763 18.97
$ 20,000.01 to $ 30,000 $10,618,427 594 23.39
$ 30,000.01 to $ 40,000 $6,837,669 290 15.06
$ 40,000.01 to $ 50,000 $6,108,070 207 13.46
$ 50,000.01 to $ 60,000 $2,298,293 63 5.06
$ 60,000.01 to $ 70,000 $2,159,462 56 4.76
$ 70,000.01 to $ 80,000 $1,686,145 35 3.71
$ 80,000.01 to $ 90,000 $1,247,501 20 2.75
$ 90,000.01 to $100,000 $3,072,507 63 6.77
$100,000.01 to $125,000 $636,458 11 1.40
$125,000.01 to $150,000 $852,133 12 1.88
$175,000.01 to $200,000 $235,105 6 0.52
$200,000.01 to $225,000 $441,495 3 0.97
$225,000.01 to $250,000 $191,396 1 0.42
$300,000.01 to $325,000 $26,631 1 0.06
$475,000.01 to $500,000 $137,808 1 0.30
-----------------------------------------------------------
Total $45,390,226 2,157 100.00
<PAGE>
EXHIBIT 2
Report to Certificateholders
<TABLE>
<CAPTION>
===================================================================================================
<S> <C> <C> <C>
Countrywide Home Loans, Inc. Date of Report: 3/30/00
Countrywide Home Equity Loan Trust - Series 1997-A Time of Report: 5:50 PM
P & S Agreement Date: February 25, 1997
Original Settlement Date: February 28, 1997
CUSIP Number of Certificates:
Original Sale Balance: 120,000,000 Investor 8001003
====================================================================================================
</TABLE>
CERTIFICATES INFORMATION
BALANCE MARGIN
Investors $120,000,000.00 0.15%
Transferor $2,448,980.48
OTHER INFORMATION
Original Pool Balance @ Cut-Off Date $122,448,980.48
Servicing Fee 0.500%
Original Settlement Date 2/28/97
First Payment Date 4/15/97
Long Interest Period Days 46
Managed Amortization Period (Months) 60
OC Lockout (Months) 30
Spread Carveout Begins (Month) 6
Initial Insured Amount $120,000,000.00
Fixed Allocation Percentage 98.00%
Investor Certificate Principal Balance 0.00%
Minimum Transferor Interest Percentage 5.00%
Credit Enhancement Fee 0.180%
Rapid Amortization Event Trigger
(% of Original Pool Balance) 1.000%
Tail Adjustment $0.00
===============================================================================
<PAGE>
<TABLE>
<CAPTION>
INPUT SECTION (PAGE 1 of 1)
<S> <C> <C>
MONTH: 35 36
DISTRIBUTION DATE: 2/15/00 3/15/00
DETERMINATION DATE: 2/10/00 3/10/00
MORTGAGE LOANS PAYMENT SUMMARY
COLLECTION PERIOD:
MTGE LOANS INTEREST RECEIVED $430,116.01 $424,530.56
MTGE LOANS PRINCIPAL RECEIVED $1,607,053.27 $1,790,214.01
MTGE LOANS NET LIQUIDATION PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS NET LIQUIDATION PROCEEDS (NET OF FORECL. PROFIT & ALLOC. TO PRINCIPAL) ($12,108.90) ($14,623.44)
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS INSURANCE PROCEEDS (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS SERVICER OPTIONAL ADVANCES (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO INTEREST) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS PURCHASE PRICE (ALLOC. TO PRINCIPAL) (Section 2.02(a)) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO INTEREST) $0.00 $0.00
MTGE LOANS (90+ DAY DELINQUENT) PURCHASE PRICE (ALLOC. TO PRINCIPAL) $0.00 $0.00
MTGE LOANS REMOVED FROM THE TRUST BY THE SERVICER (Section 2.06) $0.00 $0.00
MTGE LOANS TRANSFER DEPOSIT AMOUNT (ALLOC. TO PRINCIPAL)(Sections 2.02(a)) $0.00 $0.00
MTGE LOANS DRAWS (ADDITIONAL BALANCES) $553,845.07 $794,535.62
MTGE LOANS LIQUIDATION LOSS AMOUNT (NET LOSSES) $78,448.89 $55,209.96
MTGE LOANS TOTAL ENDING PRINCIPAL BALANCE (NET OF SERVICER REMOVALS) $46,426,491.35 $45,390,226.44
AVERAGE MTGE LOANS RATE 10.655% 10.653%
AVERAGE MTGE LOANS DAILY BALANCE $47,338,183.64 46,340,478.27
DELINQUENCY & REO SUMMARY
DEL STAT 1 - NO. OF ACCTS 20 21
DEL STAT 1 - CURRENT BALANCE $459,341.34 $533,589.06
DEL STAT 2 - NO. OF ACCTS 3 9
DEL STAT 2 - CURRENT BALANCE $92,298.66 $225,705.81
DEL STAT 1+ - NO. OF ACCTS 37 38
DEL STAT 1+ - CURRENT BALANCE $896,542.65 $955,764.67
DEL STAT 3+ - NO. OF ACCTS 14 8
DEL STAT 3+ - CURRENT BALANCE $344,902.65 $196,469.80
DEL STAT 9+ - NO. OF ACCTS 11 13
DEL STAT 9+ - CURRENT BALANCE $432,659.38 $478,892.10
REO - NO. OF ACCTS 0 0
REO - CURRENT BOOK BALANCE (UNPAID PRINC. BALANCE) $0.00 $0.00
LOAN MODIFICATION SUMMARY
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV<80%) $0.00 $0.00
MTGE LOANS W/ SR. LIEN BALANCE MODIFICATION (CLTV>80%) $0.00 $0.00
MTGE LOANS W/ CREDIT LIMIT MODIFICATION $0.00 $0.00
MTGE LOANS W/ GROSS MARGIN MODIFICATION $0.00 $0.00
OTHER INFORMATION
LIBOR RATE FOR CURRENT INTEREST PERIOD 5.78125% 5.88500%
AMOUNT OWED TO CREDIT ENHANCER DUE TO PREPAYMENT SHORTFALL $0 $0
FSA'S SURETY BOND IN FORCE ? (YES=1; NO=0) 1 1
================================================================================================================================
<PAGE>
Detailed Information (Page 1 of 5)
Distribution Date: 2/15/00 3/15/00
LIBOR Rate (Adjusted two business days prior to previous Distribution Date) 5.78125% 5.88500%
Average Mtge Loans Net Loan Rate (Effective Rate;Multiply by 360/365) 9.32904% 9.32707%
Maximum Rate 9.32904% 9.32707%
Investor Certificate Rate (LIBOR + 15 bps) 5.93125% 6.03500%
Investor Certificate Rate Capped at Maximum Rate? (Y=1; N=0) 0 0
Interest Period (Days) 28 29
Beginning Pool Balance 47,546,039.54 46,426,491.35
Beginning Investor Certificate Principal Balance 43,025,456.92 41,913,367.49
Beginning Transferor Principal Balance 4,520,582.62 4,513,123.86
Beginning Invested Amount 43,025,456.92 41,913,367.49
Investor Floating Allocation Percentage 90.4922% 90.2790%
Liquidation Loss Amount 78,448.89 55,209.96
Servicing Fee 19,810.85 19,344.37
Mtge Loans Interest (Net of Cut-Off Date Overdue Interest) 430,116.01 424,530.56
Mtge Loans Principal 1,607,053.27 1,790,214.01
Mtge Loans Net Liquidation Proceeds (12,108.90) (14,623.44)
Mtge Loans Insurance Proceeds 0.00 0.00
Mtge Loans Optional Servicer Advances 0.00 0.00
Mtge Loans Purchase Price (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Available Funds 2,025,060.38 2,200,121.13
Mtge Loans Interest 430,116.01 424,530.56
Mtge Loans Net Liquidations Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Optional Servicer Advances (Alloc. to Int.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Int.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price (Alloc. to Int.) 0.00 0.00
Mtge Loans Interest Collections 430,116.01 424,530.56
Mtge Loans Principal 1,607,053.27 1,790,214.01
Mtge Loans Net Liquidaton Proceeds (Alloc. to Princ.& Net of Forecl. Profits) (12,108.90) (14,623.44)
Mtge Loans Insurance Proceeds (Alloc. to Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Day Delinquent) Purchase Price (Alloc. to Princ.) 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Mtge Loans Principal Collections 1,594,944.37 1,775,590.57
Interest Collections 430,116.01 424,530.56
Principal Collections 1,594,944.37 1,775,590.57
Investor & Transferor Interest & Principal Allocation
Investor Interest Collections 389,221.44 383,261.90
Investor Principal Collections 1,563,045.48 1,740,078.76
Transferor Interest Collections 40,894.57 41,268.66
Transferor Principal Collections 31,898.89 35,511.81
(check) 0.00 0.00
Investor Loss Amout 70,990.13 49,842.99
Transferor Loss Amount 7,458.76 5,366.97
=============================================================================================================================
<PAGE>
Detailed Information (Page 2 of 5)
Distribution Date: 2/15/00 3/15/00
Investor Interest Collections 389,221.44 383,261.90
less Investor Servicing Fee 17,927.27 17,463.90
less Unpaid Servicing Fee 0.00 0.00
less Credit Enhancement Premium 6,023.56 6,077.44
less Investor Certificate Interest 198,484.80 203,763.00
less Unpaid Investor Certificate Interest Shortfall 0.00 0.00
less Investor Loss Amount 70,990.13 49,842.99
less Unpaid Investor Loss Amount 0.00 0.00
less Unreimbursed Draw Amounts 0.00 0.00
Excess Interest 95,795.68 106,114.57
less Accelerated Principal Distribution Amount 0.00 0.00
Remaining Excess Interest 95,795.68 106,114.57
Investor Distributions
Investor Certificate Interest 198,484.80 203,763.00
Managed Amortization Period? (Y=1; N=0) 1 1
Rapid Amortization Event? (Y=1; N=0) 0 0
Rapid Amortization Period? (Y=1; N=0) 0 0
Principal Collections less Additional Balances 1,041,099.30 981,054.95
Alternative Principal Payment 1,041,099.30 981,054.95
Maximum Principal Collections 1,563,045.48 1,740,078.76
Principal Distribution Amount 1,041,099.30 981,054.95
Investor Loss Amount Distributed to Investors 70,990.13 49,842.99
Excess Interest Paid as Principal 0.00 0.00
Transferor Distributions
Transferor Interest Collections (net of Transferor Servicing Fee) 39,011.00 39,388.19
Excess Interest remaining from Collection Account 95,795.68 106,114.57
Principal Distributions (including Transferor Principal Collections) 553,845.07 794,535.62
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Excess Int. (Shortfall) a/ Premium 365,270.60 359,720.56
Excess Int. (Shortfall) a/ Interest 166,785.80 155,957.56
Excess Int. (Shortfall) a/ Losses 95,795.68 106,114.57
Required Amount 0.00 0.00
Required Amount Applied to Overcollateralization Amount 0.00 0.00
Subordinated Transferor Collections Applied to Required Amount 0.00 0.00
Required Amount Applied to Transferor Balance 0.00 0.00
Draw on Policy 0.00 0.00
Investor Certificate Distribution Amount (Excluding Credit Enhancement Draw Amount) 1,310,574.22 1,234,660.94
Credit Enhancement Draw Amount (Excluding writedowns of OC) 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
=============================================================================================================================
<PAGE>
Detailed Information (Page 3 of 5)
Distribution Date: 2/15/00 3/15/00
Beginnining Pool Balance 47,546,039.54 46,426,491.35
Interest Distribution 430,116.01 424,530.56
Principal Distribution 1,594,944.37 1,775,590.57
Servicer Account Removals (Section 2.06) 0.00 0.00
Additional Balances 553,845.07 794,535.62
Liquidation Loss Amount 78,448.89 55,209.96
Ending Pool Balance 46,426,491.35 45,390,226.44
Beginning Investor Certificate Principal Balance 43,025,456.92 41,913,367.49
Investor Certificate Interest 198,484.80 203,763.00
Unpaid Investor Certificate Interest Shortfall distributed 0.00 0.00
Investor Certificate Principal 1,112,089.43 1,030,897.94
Ending Investor Certificate Principal Balance 41,913,367.49 40,882,469.55
Pool Factor 0.3492781 0.3406872
Beginnining Transferor Balance 4,520,582.62 4,513,123.86
Interest Distribution (including funds released from Collection Account) 136,690.25 147,383.22
Principal Distribution (including Unallocated Transferor Principal Collections) 553,845.07 794,535.62
Additional Balances 553,845.07 794,535.62
Principal Balance of Loans Removed from the Trust by the Servicer (Section 2.06) 0.00 0.00
Losses allocated to Transferor 7,458.76 5,366.97
Ending Transferor Balance 4,513,123.86 4,507,756.89
Minimum Transferor Interest 2,321,324.57 2,269,511.32
Transferor Principal Collections Unallocated due to Minimum Transferor Interest
(held in Coll. Acct.) 0.00 0.00
Total Unallocated Transferor Principal Collections held in Collection Account 0.00 0.00
Beginning Invested Amount 43,025,456.92 41,913,367.49
Principal Distribution Amount 1,041,099.30 981,054.95
Investor Loss Reduction Amount 70,990.13 49,842.99
Ending Invested Amount 41,913,367.49 40,882,469.55
Required OC Amount 0.00 0.00
Beginning OC Amount 0.00 0.00
Ending OC Amount 0.00 0.00
Ending OC Amount (% of Original Pool Balance) 0.00% 0.00%
Current Month Excess Spread 3.398% 3.292%
Rolling Three-Month Excess Spread 3.215% 3.139%
Excess Spread Trigger Step-Up Percentage 0.000% 0.000%
Delinquency Step-Up Amount 216,329.69 239,446.05
Required Subordinated Percentage 2.000% 2.000%
Initial Subordinated Amount 2,448,979.61 2,448,979.61
Trigger Date Step-Down Subordinated Amount 0.00 0.00
Preliminary Step-Down Subordinated Amount 1,901,841.58 1,857,059.65
Step-Down Subordinated Amount 1,901,841.58 1,857,059.65
Preliminary Transferor Subordinated Amount 2,118,171.27 2,096,505.70
Can the Required Transferor Subordinated Amount be Reduced? Y Y
Required Transferor Subordinated Amount 2,118,171.27 2,096,505.70
Available Transferor Subordinated Amount 2,118,171.27 2,096,505.70
Subordinated Transferor Collections 39,011.00 39,388.19
Annualized Six-Month Rolling Losses After a Rapid Amortization Event
Trigger (Y=1; N=0) 0 0
Step-Up Cumulative Loss Trigger (Y=1; N=0) 0 0
Six-Month Rolling Loss and Rapid Amortization Event Trigger Violated? (Y=1; N=0) 0 0
==============================================================================================================================
<PAGE>
Detailed Information (Page 4 of 5)
Distribution Date: 2/15/00 3/15/00
Step-Down Cumulative Loss Test Violated? (Y=1; N=0) 0 0
Step-Down Rolling Twelve-Month Delinquency Rate Test Violated? (Y=1; N=0) 0 0
Current 60+ Day Delinquency Rate 1.87% 1.99%
Rolling Twelve-Month Delinquency Rate 1.80% 1.87%
Rolling Six-Month Loss Rate 0.22% 0.25%
Ending Unreimbursed Draw on Surety Bond 0.00 0.00
Beginning Insured Principal Amount $43,025,456.92 $ 41,913,367.49
Ending Insured Principal Amount $41,913,367.49 $ 40,882,469.55
Available Credit Enhancement 0.00% 0.00%
Investor Distribution Amount 1,310,574.22 1,234,660.94
Transferor Distribution Amount (incl. Excess Cash Rel. From Collection Account) 688,651.74 940,038.38
Investor Loss Amount Reimbursed from Excess Interest 70,990.13 49,842.99
Investor Loss Amount Allocated to OC 0.00 0.00
Investor Loss Amount Reimbursed from Subordinated Transferor Collections 0.00 0.00
Investor Loss Amount Reimbursed from Transferor Balance 0.00 0.00
Investor Loss Amount Reimbursed from Policy Draw 0.00 0.00
Investor Loss Amount Unreimbursed 0.00 0.00
Unreimbursed Loss Amount Distributed 0.00 0.00
Cum. Accelerated Principal Distribution Amount 0.00 0.00
Cum. Principal Payments (Including ECPB & APDA) 78,086,632.51 79,117,530.45
Cum. Principal Payments (Excluding ECPB & APDA) 78,086,632.51 79,117,530.45
Cum. OC Amount 0.00 0.00
Cum. Liquidation Losses 736,152.71 791,362.67
Cum. Investor Loss Reduction Amount 0.00 0.00
Cum. Purchase Price of Repurchased Loans (Alloc. to Principal) 0.00 0.00
Cum. Guaranteed Principal Distribution Amount 0.00 0.00
Cum. Credit Enhancement Draw Amount Amount 0.00 0.00
Cum. Servicer Removals from Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV<80%) 941,699.43 941,699.43
Cum. Modifications to Sr. Lien Balance (CLTV<80%) (% of Initial Pool) 0.77 % 0.77%
Cum. Modifications to Sr. Lien Balance (CLTV>80%) 2,017,329.84 2,017,329.84
Cum. Modifications to Sr. Lien Balance (CLTV>80%) (% of Initial Pool) 1.65 % 1.65%
Cum. Modifications to Credit Limit 1,137,852.72 1,137,852.72
Cum. Modifications to Credit Limit (% of Initial Pool) 0.93 % 0.93%
Cum. Modifications to Gross Margin 280,450.51 280,450.51
Cum. Modifications to Gross Margin (% of Initial Pool) 0.23 % 0.23%
==============================================================================================================================
<PAGE>
Detailed Information (Page 5 of 5)
Distribution Date: 2/15/00 3/15/00
Accrued but Unpaid a/ Distribution
Servicing Fee 0.00 0.00
Investor Certificate Interest 0.00 0.00
Credit Enhancement Premium 0.00 0.00
Unreimbursed Draw Amounts 0.00 0.00
SOURCES OF FUNDS:
Mtge Loans Interest 430,116.01 424,530.56
Mtge Loans Net Liq. Proceeds (Alloc. to Int. & Incl. Rec. Charge-Offs) 0.00 0.00
Mtge Loans Insurance Proceeds (Alloc. to Int.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Int.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) Purchase Price (Alloc. to Int.) 0.00 0.00
Mtge Loan Principal 1,607,053.27 1,790,214.01
Mtge Loans Net Liq. Proceeds (Alloc. to Princ.) (12,108.90) (14,623.44)
Mtge Loans Insurance Proceeds (Alloc. to Princ.) 0.00 0.00
Mtge Loans Purchase Price (Alloc. to Princ.) (Section 2.02(a)) 0.00 0.00
Mtge Loans (90+ Days Delinquent) Purchase Price (Alloc. to Princ.) 0.00 0.00
Mtge Loans Transfer Deposit Amount (Section 2.02(a)) 0.00 0.00
Draw on Policy 0.00 0.00
Unallocated Transferor Collections 0.00 0.00
Total 2,025,060.38 2,200,121.13
USES OF FUNDS
Servicing Fee 19,810.85 19,344.37
Investor Interest Distribution 198,484.80 203,763.00
Accrued and Unpaid Investor Interest Distributed 0.00 0.00
Investor Principal Distribution 1,112,089.43 1,030,897.94
Transferor Distribution (not including Cash Released to Transferor) 592,856.07 833,923.81
Unallocated Transferor Principal Collections 0.00 0.00
Accrued and Unpaid Servicing Fee Distributed 0.00 0.00
Payment of Unreimbursed Surety Bond Draw Amounts 0.00 0.00
Credit Enhancement Premium Distributed 6,023.56 6,077.44
Cash Released to Transferor (Including OC Step-Down Release) 95,795.68 106,114.57
Total 2,025,060.38 2,200,121.13
- ------------------------------------------------------------------------------------------------------------------------------
ERROR CHECK
Sources & Uses OK OK
Pool Balance OK OK
Transferor Balance (Will indicate "VIOLATION" if Servicer has viloated Min.
Transferor Int.) OK OK
Loss Allocation OK OK
Overcollateralization OK OK
Balance Reduction OK OK
- ---------------------------------------------------------------------------------------------------------------------------------
Distribution List:
Richard Pohl - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago Lupe Montero - Countrywide Home Loans
Ora Melamed - Prudential Securities Richard Marron - Countrywide Home Loans
Margarette Carrette - Moody's Investors Service Dave Walker - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp. Jose Baltasar - Countrywide Home Loans
Director, IPM - Financial Security Assurance Dianne Barrella - Countrywide Home Loans
=============================================================================================================================
<PAGE>
Servicer Certificate (Page 1 of 3)
Distribution Date: 2/15/00 3/15/00
A.POOL INFORMATION
Aggregate Amount of Collections 2,025,060.38 2,200,121.13
Aggregate Amount of Interest Collections 430,116.01 424,530.56
Aggregate Amount of Principal Collections 1,594,944.37 1,775,590.57
Transfer Deposit Amount (Sections 2.02(a) & 2.06) 0.00 0.00
Beginning Pool Balance 47,546,039.54 46,426,491.35
Ending Pool Balance 46,426,491.35 45,390,226.44
Additional Balances 553,845.07 794,535.62
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Cum. Modifications to Sr. Lien Balance (CLTV<80%) 941,699.43 941,699.43
Cum. Modifications to Sr. Lien Balance (CLTV<80%) (% of Initial Pool) 0.77% 0.77%
Cum. Modifications to Sr. Lien Balance (CLTV>80%) 2,017,329.84 2,017,329.84
Cum. Modifications to Sr. Lien Balance (CLTV>80%) (% of Initial Pool) 1.65% 1.65%
Cum. Modifications to Credit Limit 1,137,852.72 1,137,852.72
Cum. Modifications to Credit Limit (% of Initial Pool) 0.93% 0.93%
Cum. Modifications to Gross Margin 280,450.51 280,450.51
Cum. Modifications to Gross Margin (% of Initial Pool) 0.23% 0.23%
Servicing Fee 19,810.85 19,344.37
Unpaid Servicing Fee Received 0.00 0.00
Remaining Accrued and Unpaid Servicing Fee 0.00 0.00
B.INTEREST, PRINCIPAL & LOSS ALLOCATION
Investor Certificateholder Floating Allocation Percentage 90.49% 90.28%
Investor Certificateholder Fixed Allocation Percentage 98.00% 98.00%
Investor Interest Collections 389,221.44 383,261.90
Investor Principal Collections 1,563,045.48 1,740,078.76
Transferor Interest Collections 40,894.57 41,268.66
Transferor Principal Collections 31,898.89 35,511.81
Investor Loss Amount 70,990.13 49,842.99
Beginning Invested Amount 43,025,456.92 41,913,367.49
Ending Invested Amount 41,913,367.49 40,882,469.55
C.INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 198,484.80 203,763.00
Investor Certificate Interest Shortfall b/ any Draw on Policy 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Received 0.00 0.00
Unpaid Investor Certificate Interest Shortfall Remaining 0.00 0.00
Principal Distribution Amount 1,041,099.30 981,054.95
Managed Amortization Period? (Yes=1; No=0) 1 1
Rapid Amortization Period? (Yes=1; No=0) 0 0
Maximum Principal Collections Payment 1,563,045.48 1,740,078.76
Alternative Principal Payment 1,041,099.30 981,054.95
Principal Collections less Additional Balances 1,041,099.30 981,054.95
Investor Loss Amount Distributed to Investors 70,990.13 49,842.99
Accelerated Principal Distribution Amount 0.00 0.00
=============================================================================================================================
<PAGE>
Servicer Certificate (Page 2 of 3)
Distribution Date: 2/15/00 3/15/00
D.INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Certificate Principal Balance 43,025,456.92 41,913,367.49
Ending Certificate Principal Balance 41,913,367.49 40,882,469.55
Pool Factor 0.3492781 0.3406872
E.DISTRIBUTIONS TO TRANSFEROR
Interest Distribution 136,690.25 147,383.22
Principal Distribution 553,845.07 794,535.62
Amount Distributed to Transferor pursuant to Section 5.01 (a) (x) (included in
Interest Distribution) 95,795.68 106,114.57
F.TRANSFEROR BALANCE
Beginning Transferor Principal Balance 4,520,582.62 4,513,123.86
Ending Transferor Principal Balance 4,513,123.86 4,507,756.89
Servicer Removals from the Trust (Section 2.06) 0.00 0.00
Minimum Transferor Balance 2,321,324.57 2,269,511.32
G.INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.93125% 6.03500%
LIBOR Rate 5.78125% 5.88500%
Maximum Rate 9.32904% 9.32707%
Weighted Average Mortgage Net Loan Rate 9.32904% 9.32707%
H.CREDIT ENHANCEMENT
Credit Enhancement Fee 6,023.56 6,077.44
Beginning OC Amount 0.00 0.00
Ending OC Amount 0.00 0.00
Guaranteed Amount 0.00 0.00
Guaranteed Principal Distribution Amount 0.00 0.00
Credit Enhancement Draw Amount 0.00 0.00
J.DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 20 21
Trust Balances 459,341.34 533,589.06
Delinquent 60-89 days
No. of Accounts 3 9
Trust Balances 92,298.66 225,705.81
Delinquent 90+ days
No. of Accounts 14 8
Trust Balances 344,902.65 196,469.80
Delinquent 9+ months
No. of Accounts 11 13
Trust Balances 432,659.38 478,892.10
REO
No. of Accounts 0 0
Trust Balances 0.00 0.00
=============================================================================================================================
<PAGE>
Servicer Certificate (Page 3 of 3)
Distribution Date: 2/15/00 3/15/00
K.EVENT OF DEFAULT TRIGGERS 0 0
Failure by Seller to make payment within 5 Business Days of Required Date ? 0 0
Failure by Seller to perform any covenants described in the Agreement ? 0 0
Bankruptcy or Insolvency relating to Servicer ? 0 0
L.RAPID AMORTIZATION EVENT TRIGGERS 0 0
Failure by Seller to make payment within 3 Business Days of Required Date ? 0 0
Breach of Representation or Warranty by Seller or Depositor? 0 0
Bankruptcy or Insolvency relating to Transferor ? 0 0
Subject to Investment Company Act of 1940 Regulation ? 0 0
Any Event of Default ? 0 0
Draws Under Policy are Greater than 1% of Initial Pool Principal Balance? 0 0
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed
this 9th day of March, 2000
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
_______________________________________
Lupe Montero
Vice-President
Distribution List:
Director, IPM - FSA Lupe Montero - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago Richard Marron - Countrywide Home Loans
Ora Melamed - Prudential Securities Dave Walker - Countrywide Home Loans
Margarette Carette - Moody's Investors Service Jose Baltasar - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp. Richard Phol - Countrywide Home Loans
Dianne Barrella - Countrywide Home Loans
===============================================================================================================================
<PAGE>
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 2/15/00 3/15/00
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY (PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A.INTEREST & PRINCIPAL DISTRIBUTIONS TO INVESTORS
Investor Certificate Interest Distributed 1.654040 1.698025
Investor Certificate Interest Shortfall Distributed 0.000000 0.000000
Remaining Unpaid Investor Certificate Interest Shortfall 0.000000 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1 1
Investors Certificate Principal Distributed 9.267412 8.590816
Principal Distribution Amount 8.675828 8.175458
Maximum Principal Payment 13.025379 14.500656
Alternative Principal Payment 8.675828 8.175458
Principal Collections less Additional Balances 8.675828 8.175458
Investor Loss Amount Distributed to Investors 0.591584 0.415358
Accelerated Principal Distribution Amount 0.000000 0.000000
Credit Enhancement Draw Amount 0.00 0.00
Total Amount Distributed to Certificateholders (P & I) 10.921452 10.288841
B.INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance 43,025,456.92 41,913,367.49
Ending Investor Certificate Balance 41,913,367.49 40,882,469.55
Beginning Invested Amount 43,025,456.92 41,913,367.49
Ending Invested Amount 41,913,367.49 40,882,469.55
Investor Certificateholder Floating Allocation Percentage 90.4922% 90.2790%
Pool Factor 0.3492781 0.3406872
Liquidation Loss Amount for Liquidated Loans 78,448.89 55,209.96
Unreimbursed Liquidation Loss Amount 0.00 0.00
C.POOL INFORMATION
Beginning Pool Balance 47,546,039.54 46,426,491.35
Ending Pool Balance 46,426,491.35 45,390,226.44
Servicer Removals form the Trust (Section 2.06) 0.00 0.00
Servicing Fee 19,810.85 19,344.37
D.INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.931250% 6.035000%
LIBOR Rate 5.781250% 5.885000%
Maximum Rate 9.329041% 9.327068%
E.DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 20 21
Trust Balances 459,341.34 533,589.06
Delinquent 60-89 days
No. of Accounts 3 9
Trust Balances 92,298.66 225,705.81
Delinquent 90+ days
No. of Accounts 14 8
Trust Balances 344,902.65 196,469.80
Delinquent 9+ Months
No. of Accounts 11 13
Trust Balances 432,659 478,892
REO
No. of Accounts 0 0
Trust Balances 0.00 0.00
=============================================================================================================================
<PAGE>
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 2/15/00 3/15/00
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly executed
this 9th day of March, 2000
Countrywide Home Loans Formerly Known as Countrywide Funding Corporation
as Servicer
_______________________________________
Lupe Montero
Vice-President
Distribution List:
Dianne Barrella - Countrywide Home Loans
Director, IPM - FSA Lupe Montero - Countrywide Home Loans
Barbara Grosse - First National Bank of Chicago Richard Marron - Countrywide Home Loans
Ora Melamed - Prudential Securities Dave Walker - Countrywide Home Loans
Margarette Carette - Moody's Investors Service Mar Luciano - Countrywide Home Loans
Gail Brennan - Standard & Poor's Corp. Richard Pohl - Countrywide Home Loans
</TABLE>
