RESIDENTIAL ASSET FUNDING CORP
8-K, 1999-10-07
ASSET-BACKED SECURITIES
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                                  UNITED STATES
                       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):  September 27, 1999

                     MORTGAGE LENDERS HOME EQUITY LOAN TRUST
                 Asset Backed Certificates, Series 1999-1 Trust


New York (governing law of          333-64775      N/A
Pooling and Servicing Agreement)    (Commission    IRS EIN
(State or other                     File Number)
jurisdiction


        c/o Norwest Bank Minnesota, N.A.
        11000 Broken Land Parkway                            21044
        Columbia, MD                                        (Zip Code)
        (Address of principal executive offices)


       Registrant's telephone number, including area code:  (410) 884-2000



          Former name or former address, if changed since last report)


ITEM 5.  Other Events

On September 27, 1999 a distribution was made to holders of MORTGAGE LENDERS
HOME EQUITY LOAN TRUST, Asset Backed Certificates, Series 1999-1 Trust.



  ITEM 7.  Financial Statements and Exhibits

        (c)  Exhibits furnished in accordance with Item 601(a) of
  Regulation S-K

             Exhibit Number                      Description
                                 Monthly report distributed to holders of
             EX-99.1             Asset Backed Certificates, Series 1999-1
                                 Trust, relating to the September 27, 1999
                                  distribution.






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.



                      MORTGAGE LENDERS HOME EQUITY LOAN TRUST
                  Asset Backed Certificates, Series 1999-1 Trust

              By:   Wilmington Trust Company as Owner Trustee
              By:   /s/ Rosemary Pantano, Officer
              By:   Rosemary Pantano, Officer
              Date: 10/4/99


                                INDEX TO EXHIBITS

Exhibit Number                   Description

EX-99.1        Monthly report distributed to holders of Asset Backed
                Certificates, Series 1999-1 Trust, relating to the September
                27, 1999 distribution.






<TABLE>
<CAPTION>
Mortgage Lenders Network
Mortgage Pass-Through Certificates
Record Date:            8/31/99
Distribution Date:     9/27/99


MLN  Series: 1999-1
Contact: Customer Service
         Norwest Bank Minnesota, N.A.
         Securities Administration Services
         7485 New Horizon Way
         Frederick, MD 21703
         Telephone: (301) 846-8130
         Fax:       (301) 846-8152


                                             Certificateholder Distribution Summary

                       Certificate      Certificate          Beginning
                          Class        Pass-Through        Certificate         Interest      Principal
Class          CUSIP   Description             Rate           Balance        Distribution   Distribution
<S>          <C>        <C>            <C>            <C>               <C>             <C>
     A1        61913JAE6         SEN          6.94500%     98,245,676.74      568,596.85    1,036,348.77
     A2        61913JAF3         SEN          6.99500%     43,553,272.42      253,879.28      952,964.39
     OC        MLN9901OC         OC           0.00000%        651,089.29            0.00            0.00
     R         MLN99001R         RES          0.00000%              0.00            0.00            0.00
Totals                                                    142,450,038.45      822,476.13    1,989,313.16
</TABLE>
<TABLE>
<CAPTION>

                                       Certificateholder Distribution Summary (continued)


                          Current                Ending                                       Cumulative
                         Realized           Certificate                   Total                 Realized
Class                        Loss               Balance            Distribution                   Losses
<S>           <C>                  <C>                     <C>                      <C>
A1                             0.00          97,209,327.97             1,604,945.62                      0.00
A2                             0.00          42,600,308.03             1,206,843.67                      0.00
OC                             0.00             944,524.79                     0.00                      0.00
R                              0.00                   0.00                     0.00                      0.00
Totals                         0.00         140,754,160.79             2,811,789.29                      0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.

</FN>
</TABLE>
<TABLE>
<CAPTION>

                                                Principal Distribution Statement

                        Original         Beginning         Scheduled       Unscheduled
                            Face       Certificate         Principal        Principal                     Realized
Class                     Amount           Balance      Distribution       Distribution     Accretion       Loss (1)
<S>             <C>               <C>                 <C>               <C>             <C>             <C>
A1                  100,538,000.00      98,245,676.74          73,805.98      962,542.79           0.00            0.00
A2                   44,572,000.00      43,553,272.42          27,808.94      925,155.45           0.00            0.00
OC                        1,252.34         651,089.29               0.00            0.00           0.00            0.00
R                             0.00               0.00               0.00            0.00           0.00            0.00
Totals              145,111,252.34     142,450,038.45         101,614.92    1,887,698.24           0.00            0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                          Principal Distribution Statement (continued)

                                   Total               Ending              Ending             Total
                               Principal          Certificate         Certificate         Principal
Class                          Reduction              Balance          Percentage        Distribution
<S>               <C>                     <C>                    <C>                 <C>
A1                            1,036,348.77         97,209,327.97           0.96689140      1,036,348.77
A2                              952,964.39         42,600,308.03           0.95576389        952,964.39
OC                                    0.00            944,524.79         754.20795471              0.00
R                                     0.00                  0.00           0.00000000              0.00
Totals                        1,989,313.16        140,754,160.79           0.96997413      1,989,313.16
</TABLE>
<TABLE>
<CAPTION>


                                              Principal Distribution Factors Statement
                         Original            Beginning           Scheduled          Unscheduled
                           Face            Certificate           Principal           Principal
Class (2)                 Amount              Balance          Distribution        Distribution        Accretion

<S>                   <C>                   <C>                  <C>                 <C>               <C>
A1                    100,538,000.00        977.19943444         0.73411029          9.57392021        0.00000000
A2                     44,572,000.00        977.14422552         0.62391053         20.75642668        0.00000000
OC                          1,252.34     519898.18260217         0.00000000          0.00000000        0.00000000
R                               0.00          0.00000000         0.00000000          0.00000000        0.00000000
<FN>
(2) Per $1,000 Denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                      Principal Distribution Factors Statement (continued)

                                              Total                Ending              Ending             Total
                        Realized          Principal           Certificate         Certificate         Principal
Class                   Loss (3)          Reduction               Balance          Percentage      Distribution

<S>            <C>                 <C>                 <C>                    <C>                 <C>
A1                      0.00000000         10.30803050            966.89140395          0.96689140        10.30803050
A2                      0.00000000         21.38033721            955.76388832          0.95576389        21.38033721
OC                      0.00000000          0.00000000        754,207.95470879        754.20795471         0.00000000
R                       0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
    Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                                 Interest Distribution Statement

                                                         Beginning                            Payment of
                      Original          Current        Certificate/           Current           Unpaid             Current
                          Face       Certificate         Notional             Accrued           Interest          Interest
Class                   Amount           Rate            Balance              Interest         Shortfall         Shortfall
<S>               <C>                   <C>           <C>                    <C>                  <C>              <C>
A1                100,538,000.00        6.94500%      98,245,676.74          568,596.85           0.00             0.00
A2                 44,572,000.00        6.99500%      43,553,272.42          253,879.28           0.00             0.00
OC                      1,252.34        0.00000%         651,089.29                0.00           0.00             0.00
R                           0.00        0.00000%               0.00                0.00           0.00             0.00
Totals            145,111,252.34                                             822,476.13           0.00             0.00

</TABLE>
 <TABLE>
 <CAPTION>

                                            Interest Distribution Statement (continued)

                                                                                        Remaining             Ending
                           Non-Supported                              Total              Unpaid         Certificate/
                              Interest            Realized          Interest             Interest           Notional
 Class                       Shortfall           Losses (4)       Distribution          Shortfall            Balance
<S>                             <C>                 <C>            <C>                       <C>       <C>
 A1                             0.00                0.00           568,596.85                0.00      97,209,327.97
 A2                             0.00                0.00           253,879.28                0.00      42,600,308.03
 OC                             0.00                0.00                 0.00                0.00         944,524.79
 R                              0.00                0.00                 0.00                0.00               0.00
 Totals                         0.00                0.00           822,476.13                0.00
 <FN>
 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
     Please Refer to the Prospectus Supplement for a Full Description.
 </FN>
 </TABLE>
<TABLE>
<CAPTION>

                                            Interest Distribution Factors Statement

                                                            Beginning                            Payment of
                       Original            Current        Certificate/          Current           Unpaid              Current
                         Face           Certificate          Notional           Accrued          Interest            Interest
Class (5)               Amount              Rate             Balance            Interest         Shortfall          Shortfall
<S>                 <C>                   <C>              <C>                 <C>               <C>               <C>
A1                  100,538,000.00        6.94500%         977.19943444        5.65554169        0.00000000        0.00000000
A2                   44,572,000.00        6.99500%         977.14422552        5.69593646        0.00000000        0.00000000
OC                        1,252.34        0.00000%      519898.18260217        0.00000000        0.00000000        0.00000000
R                             0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
<FN>
(5) Per $1,000 Denomination.

</FN>

</TABLE>
<TABLE>
<CAPTION>
                                       Interest Distribution Factors Statement (continued)

                                                                            Remaining              Ending
                  Non-Supported                               Total            Unpaid        Certificate/
                       Interest         Realized           Interest          Interest            Notional
Class                 Shortfall       Losses (6)       Distribution         Shortfall             Balance
<S>           <C>               <C>               <C>                 <C>                 <C>
A1                    0.00000000        0.00000000         5.65554169          0.00000000          966.89140395
A2                    0.00000000        0.00000000         5.69593646          0.00000000          955.76388832
OC                    0.00000000        0.00000000         0.00000000          0.00000000       754207.95470879
R                     0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
    Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                             Certificateholder Component Statement
                    Component        Beginning            Ending         Beginning            Ending          Ending
                  Pass-Through        Notional          Notional         Component         Component       Component
                    Rate              Balance            Balance          Balance            Balance        Percentage
Class
<S>             <C>             <C>               <C>               <C>               <C>               <C>
MBIA             1,200.00000%        23,638.00          23,306.00             0.00            0.00       96.34559735%
</TABLE>
<TABLE>
<CAPTION>
                                             CERTIFICATEHOLDER ACCOUNT STATEMENT
                                                      CERTIFICATE ACCOUNT

<S>                                                                                   <C>
Beginning Balance                                                                                        0.00
Deposits
    Payments of Interest and Principal                                                           2,564,147.90
    Liquidations, Insurance Proceeds, Reserve Funds                                                      0.00
    Proceeds from Repurchased Loans                                                                      0.00
    Other Amounts (Servicer Advances)                                                              333,007.73
    Realized Losses                                                                                      0.00
Total Deposits                                                                                   2,897,155.63

Withdrawals
    Reimbursement for Servicer Advances                                                                  0.00
    Payment of Service Fee                                                                          85,366.34
    Payment of Interest and Principal                                                            2,811,789.29
Total Withdrawals (Pool Distribution Amount)                                                     2,897,155.63

Ending Balance                                                                                           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            PREPAYMENT/CURTAILMENT INTEREST SHORTFALL


<S>                                                                                   <C>
Total Prepayment/Curtailment Interest Shortfall                                                          0.00
Servicing Fee Support                                                                                    0.00

Non-Supported Prepayment/Curtailment Interest Shortfall                                                  0.00
</TABLE>
<TABLE>
<CAPTION>

                                                         SERVICING FEES


<S>                                                                                   <C>
Gross Servicing Fee                                                                                 59,354.18
MBIA Insurance Premium                                                                              23,638.00
Trustee Fee                                                                                          2,374.16
Supported Prepayment/Curtailment Interest Shortfall                                                      0.00
Net Servicing Fee                                                                                   85,366.34

</TABLE>
<TABLE>
<CAPTION>

                                                         OTHER ACCOUNTS
                                               Beginning          Current          Current          Ending
Account Type                                     Balance      Withdrawals         Deposits         Balance
<S>                                    <C>                 <C>               <C>              <C>
Group 1 MBIA Financial Guaranty                       0.00              0.00              0.00             0.00
Group 2 MBIA Financial Guaranty                       0.00              0.00              0.00             0.00
Reserve Fund                                          0.00              0.00              0.00             0.00

</TABLE>
<TABLE>
<CAPTION>                           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                                                       DELINQUENCY STATUS

                                                                            Percentage Delinquent
                                                                                  Based On
                                   Current           Unpaid
                                    Number        Principal                 Number            Unpaid
                                  Of Loans          Balance               Of Loans           Balance
<S>                        <C>                 <C>                   <C>                <C>
30 Days                                  77      4,367,978.00               3.746959%          3.103267%
60 Days                                  19      1,200,487.00               0.924574%          0.852896%
90+ Days                                  0              0.00               0.000000%          0.000000%
Foreclosure                              43      2,871,167.00               2.092457%          2.039845%
REO                                       0              0.00               0.000000%          0.000000%
Totals                                  139      8,439,632.00               6.763990%          5.996009%
</TABLE>
<TABLE>
<CAPTION>

                                                       OTHER INFORMATION
<S>                                                                             <C>
Current Period Realized Loss - Includes Interest Shortfall                                           0.00
Cumulative Realized Losses - Includes Interest Shortfall                                             0.00
Principal Balance of Contaminated Properties                                                         0.00
Current Period Class A Insufficient Funds                                                            0.00
Periodic Advance                                                                               333,007.73
</TABLE>
<TABLE>

<S>                         <C>       <C>                       <C>     <C>               <C>            <C>
Class    OC                 0.00      0.00000000%               0.00    0.00000000%       0.671046%      0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>



 <TABLE>
 <CAPTION>
                               COLLATERAL STATEMENT
 <S>                                                                       <C>
 Collateral Description                                         Mixed Fixed & Arm

 Weighted Average Gross Coupon                                        10.119573%
 Weighted Average Net Coupon                                           9.619574%
 Weighted Average Pass-Through Rate                                    9.599575%
 Weighted Average Maturity(Stepdown Calculation )                            268
 Beginning Scheduled Collateral Loan Count                                 2,081

 Number Of Loans Paid In Full                                                 26
 Ending Scheduled Collateral Loan Count                                    2,055
 Beginning Scheduled Collateral Balance                           142,450,038.45
 Ending Scheduled Collateral Balance                              140,754,160.79
 Ending Actual Collateral Balance at 31-Aug-1999                  140,815,552.43
 Monthly P &I Constant                                              1,301,928.47
 Ending Scheduled Balance for Premium Loans                       140,754,160.79
 </TABLE>
<TABLE>
<CAPTION>
           <S>                                        <C>
Principal Balance of Three largest Loans                          709,722.19
- - Group 1
Principal Balance of Three Largest Loans                        1,129,698.47
- - Group 2
Delinquency Percentage - Group 1                                   1.723277%
Delinquency Percentage - Group 2                                   1.674447%
Rolling Loss Percentage - Group 1                                          0
Rolling Loss Percentage - Group 2                                          0
Servicer Advances - Group 1                                       232,420.41
Servicer Advances - Group 2                                       100,587.32
</TABLE>
 <TABLE>
 <CAPTION>
                                      Group Level Collateral Statement
 <S>                                                                <C>
 Group ID                                                                     1                         2                   Total
 Collateral Description                                       Fixed 15/30 & ARM         Fixed 15/30 & ARM
 Weighted Average Coupon Rate                                         10.055984                 10.262842
 Weighted Average Net Rate                                             9.535984                  9.742842
 Weighted Average Maturity                                               266.00                    271.00
 Beginning Loan Count                                                     1,524                       557                   2,081
 Loans Paid In Full                                                          17                         9                      26
 Ending Loan Count                                                        1,507                       548                   2,055
 Beginning Scheduled Balance                                      98,660,119.71             43,789,918.74          142,450,038.45
 Ending scheduled Balance                                         97,822,813.83             42,931,346.96          140,754,160.79
 Record Date                                                            8/31/99                   8/31/99
 Principal And Interest Constant                                     899,771.84                402,156.63            1,301,928.47
 Scheduled Principal                                                  73,805.98                 27,808.94              101,614.92
 Unscheduled Principal                                               763,499.90                830,762.84            1,594,262.74
 Scheduled Interest                                                  826,770.45                374,507.52            1,201,277.97


 Servicing Fees                                                       41,108.38                 18,245.80               59,354.18
 Master Servicing Fees                                                     0.00                      0.00                    0.00
 Trustee Fee                                                               0.00                      0.00                    0.00
 FRY Amount                                                                0.00                      0.00                    0.00
 Special Hazard Fee                                                        0.00                      0.00                    0.00
 Other Fee                                                             1,644.33                    729.83                2,374.16
 Pool Insurance Fee                                                        0.00                      0.00                    0.00
 Spread Fee 1                                                              0.00                      0.00                    0.00
 Spread Fee 2                                                              0.00                      0.00                    0.00
 Spread Fee 3                                                              0.00                      0.00                    0.00
 Net Interest                                                        784,017.74                355,531.89            1,139,549.63
 Realized Loss Amount                                                      0.00                      0.00                    0.00
 Cumulative Realized Loss                                                  0.00                      0.00                    0.00
 % of Cumulative Losses                                                    0.00                      0.00                    0.00

 Group ID                                                                     1                         2                   Total
 Overcollateralization Increase Amount                             6,431,856.10              2,855,264.05            9,287,120.15
 Overcollateralization Increase Amount                               199,042.89                 94,392.61              293,435.49
 Overcollateralization Reduction Amount                                    0.00                      0.00                    0.00
 Specified Overcollateralization Amount                            6,431,856.10              2,855,264.05            9,287,120.15
 Overcollateralization Amount                                        613,485.86                331,038.93              944,524.79
 Overcollateralization Deficiency Amount                                   0.00                      0.00                    0.00
 Base Overcollateralization Amount                                 6,431,856.10              2,855,264.05            9,287,120.15
 Extra Principal Distribution Amount                                 199,042.89                 94,392.61              293,435.49
 Excess Cash Amount                                                  199,042.89                 94,392.61              293,435.49

 </TABLE>

    <TABLE>
    <CAPTION>                                           Delinquency Status By Groups

       <S>                          <C>             <C>             <C>             <C>             <C>            <C>
 Group                             30 Days        60 Days         90 + Days     Foreclosure           REO         Bankruptcy
  1     Principal Balance      2,459,442.00    1,036,024.00             0.00   2,128,589.00            0.00       740,036.00
        Percentage Of Balanc         2.514%          1.059%           0.000%         2.176%          0.000%           0.757%
        Loan Count                       48              15                0             30               0               13
        Percentage Of Loans          3.185%          0.995%           0.000%         1.991%          0.000%           0.863%

  2     Principal Balance      1,908,536.00      164,463.00             0.00     742,578.00            0.00       390,778.00
        Percentage Of Balanc         4.446%          0.383%           0.000%         1.730%          0.000%           0.910%
        Loan Count                       29               4                0             13               0                6
        Percentage Of Loans          5.292%          0.730%           0.000%         2.372%          0.000%           1.095%

 Totals:Principal Balance      4,367,978.00    1,200,487.00             0.00   2,871,167.00            0.00     1,130,814.00
        Percentage of Balanc         3.103%          0.853%           0.000%         2.040%          0.000%           0.803%
        Loan Count                       77              19                0             43               0               19
        Percentage Of Loans          3.747%          0.925%           0.000%         2.092%          0.000%           0.925%

 </TABLE>









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