RESIDENTIAL ASSET FUNDING CORP
8-K, 1999-10-12
ASSET-BACKED SECURITIES
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<PAGE>   1


                       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.


                 NovaStar Mortgage Funding Trust, Series 1999-1
           (Issuer in respect of the NovaStar Home Equity Loan Asset-
                           Backed Bonds Series 1999-1)
           ----------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware               333-64775               51-6512366
  ------------------------------------------------------------------------
  (State or other jurisdiction    (Commission            (IRS Employer
       of incorporation)          File Number)         Identification No.)

                         c/o First Union National Bank,
            230 S. Tryon Street, 9th Floor, Charlotte, NC 28288-1179
            --------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

        Registrant's telephone number, including area code (704) 383-9568

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


<PAGE>   2

Item 5.  See the monthly statement to Bondholders attached as Exhibit 20.1
hereto reflecting the required information for the SEPTEMBER 1999 payment
to the NovaStar Home Equity Loan Asset-Backed Bonds Series 1999-1

Item 7.     Financial Statements and Exhibits.

(c) Exhibits.

Item 601 (a) of Regulation.
S-K Exhibit Number.
- ------------------

20.1  Monthly statement to holders of NovaStar Home Equity Loan Asset-Backed
Bonds Series 1999-1 relating to the SEPTEMBER 27, 1999 Payment Date.



                                      -2-


<PAGE>   3

                                   Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on behalf of NovaStar
Mortgage Funding Trust Series 1999-1 by the undersigned thereunto duly
authorized.



Dated:  OCTOBER 8, 1999            By:   First Union National Bank, as Indenture
                                         Trustee and on behalf of NovaStar Home
                                         Mortgage Funding Trust Series 1999-1

                                         BY:       Robert Ashbaugh
                                                   ---------------
                                                   Vice President


                                      -3-


<PAGE>   4


                                  EXHIBIT INDEX




20.1  Monthly statement to holders of NovaStar Home Equity Loan Asset-Backed
Bonds Series 1999-1 relating to the SEPTEMBER 27, 1999 Payment Date.




                                      -4-



<PAGE>   1

                         NOVASTAR MORTGAGE FUNDING TRUST
                  NOVASTAR HOME EQUITY LOAN ASSET-BACKED BONDS
                                  SERIES 1999-1

                             STATEMENT TO BONDHOLDER
<TABLE>
<CAPTION>
==================================================================================================================================
                                                  DISTRIBUTIONS IN DOLLARS

                              PRIOR                                                            CUMULATIVE               CURRENT
             ORIGINAL       PRINCIPAL                                               REALIZED    REALIZED   DEFERRED    PRINCIPAL
 CLASS      FACE VALUE       BALANCE        INTEREST    PRINCIPAL       TOTAL        LOSSES      LOSSES    INTEREST     BALANCE
- ----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>              <C>          <C>          <C>            <C>        <C>         <C>       <C>
  A-1     75,000,000.00   70,637,154.34    350,892.52   823,865.66   1,174,758.18     0.00        0.00       0.00    69,813,288.68
  A-2     20,000,000.00   18,071,949.10     91,173.61   458,874.05     550,047.66     0.00        0.00       0.00    17,613,075.05
  A-3     45,000,000.00   42,901,242.01    224,695.26   453,733.83     678,429.09     0.00        0.00       0.00    42,447,508.18
  A-4     20,000,000.00   18,128,719.02     96,475.00   454,845.49     551,320.49     0.00        0.00       0.00    17,673,873.53
  B-1      2,197,208.51    2,197,208.51     10,914.71         0.00      10,914.71     0.00        0.00       0.00     2,197,208.51
  B-2        585,922.27      585,922.27      2,956.00         0.00       2,956.00     0.00        0.00       0.00       585,922.27
  B-3      1,318,325.11    1,318,325.11      6,904.73         0.00       6,904.73     0.00        0.00       0.00     1,318,325.11
  B-4        585,922.27      524,965.13      2,793.69         0.00       2,793.69     0.00        0.00       0.00       524,965.13
  IO-1    77,519,379.85   73,156,534.34    189,170.27         0.00     189,170.27     0.00        0.00       0.00    73,156,534.34
  IO-2    20,671,834.62   18,743,784.10     52,434.56         0.00      52,434.56     0.00        0.00       0.00    18,743,784.10
  IO-3    46,035,805.62   43,937,048.01     89,596.41         0.00      89,596.41     0.00        0.00       0.00    43,937,048.01
  IO-4    20,460,358.06   18,589,077.02     34,874.88         0.00      34,874.88     0.00        0.00       0.00    18,589,077.02

- ----------------------------------------------------------------------------------------------------------------------------------
TOTALS   162,197,208.51  151,936,272.98  1,152,881.64 2,191,319.03   3,344,200.67     0.00        0.00       0.00   149,744,953.95
==================================================================================================================================
</TABLE>










<TABLE>
<CAPTION>
==================================================================================================================================
                                FACTOR INFORMATION PER $1000 OF ORIGINAL FACE                               PASS-THROUGH RATES

                               PRIOR                                                   CURRENT
                             PRINCIPAL                                                PRINCIPAL
 CLASS       CUSIP            BALANCE        INTEREST    PRINCIPAL       TOTAL         BALANCE           CURRENT           NEXT
- ----------------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>               <C>         <C>            <C>         <C>                 <C>              <C>
  A-1      66987WAC1         941.828725      4.678567    10.984875      15.663442     930.843849        5.768750%        5.812500%
  A-2      66987WAD9         903.597455      4.558681    22.943703      27.502383     880.653753        5.858750%        5.902500%
  A-3      66987WAE7         953.360934      4.993228    10.082974      15.076202     943.277960        6.285000%        6.285000%
  A-4      66987WAF4         906.435951      4.823750    22.742275      27.566025     883.693677        6.386000%        6.386000%
  B-1                        999.999999      4.967535     0.000000       4.967535     999.999999        5.768750%        5.812500%
  B-2                      1,000.000000      5.045038     0.000000       5.045038   1,000.000000        5.858750%        5.902500%
  B-3                      1,000.000002      5.237502     0.000000       5.237502   1,000.000002        6.285000%        6.285000%
  B-4                        895.963777      4.768022     0.000000       4.768022     895.963777        6.386000%        6.386000%
  IO-1                       943.719293      2.440296     0.000000       2.440296     943.719293        5.768750%        5.812500%
  IO-2                       906.730556      2.536522     0.000000       2.536522     906.730556        5.858750%        5.902500%
  IO-3                       954.410321      1.946233     0.000000       1.946233     954.410321        6.285000%        6.285000%
  IO-4                       908.541139      1.704510     0.000000       1.704510     908.541139        6.386000%        6.386000%
- ----------------------------------------------------------------------------------------------------------------------------------
Seller:                                               NovaStar Financial, Inc.
Servicer:                                           NovaStar Mortgage Corporation
Record Date:                                             September 30, 1999
Distribution Date:                                       September 27, 1999
==================================================================================================================================
</TABLE>


<PAGE>   2

                         NOVASTAR HOME EQUITY LOAN TRUST
                  NOVASTAR HOME EQUITY LOAN ASSET-BACKED BONDS
                                  SERIES 1999-1

                        STATEMENT TO BONDHOLDER - POOL I

<TABLE>
==================================================================================================================================
<S>                                                                <C>
Distribution Date:      September 27, 1999
- ----------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------
AGGREGATE COLLECTIONS FROM THE MORTGAGE LOANS IN POOL I
- ------------------------------------------------------------------------------

Total Collection on Pool                                          1,434,635.64
Total Servicer Advances                                                   0.00
Total Compensating Interest                                               0.00
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                  <C>
AVAILABLE CARRY-FORWARD AMOUNT                                                                                                0.00
AGGREGATE UNPAID CARRY-FORWARD AMOUNT                                                                                         0.00

CURRENT PERIOD INSURED PAYMENTS PAID BY INSURER                                                                               0.00
AGGREGATE UNREIMBURSED INSURED AMOUNTS PAYABLE TO INSURER                                                                     0.00
AGGREGATE BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                              73,156,534.34
AGGREGATE ENDING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                                 72,332,668.68
NUMBER OF LOANS AT MONTH END                                                                                                   790
REQUIRED SUBORDINATION AMOUNT                                                                                         2,519,380.00
CURRENT SUBORDINATION AMOUNT                                                                                          2,519,380.00
SUBORDINATION INCREASE AMOUNT                                                                                                 0.00
SUBORDINATION REDUCTION AMOUNT                                                                                                0.00
NET MONTHLY EXCESS CASHFLOW                                                                                                   0.00
UNPAID ACCRUED INTEREST                                                                                                       0.00
CURRENT REALIZED LOSS ON MORTGAGE LOANS                                                                                       0.00
AGGREGATE REALIZED LOSS ON MORTGAGE LOANS                                                                                     0.00
PREPAYMENTS                                                                                                             786,411.00
PREPAYMENT PENALTIES                                                                                                     24,909.71
WEIGHTED AVERAGE MORTGAGE RATE                                                                                         9.60997304%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
DELINQUENCY               DELINQUENT     DELINQUENT    DELINQUENT     LOANS IN         REO
INFORMATION               30-59 DAYS     60-89 DAYS    90 + DAYS    FORECLOSURE      PROPERTY
- -------------------------------------------------------------------------------------------------
<S>                      <C>             <C>           <C>          <C>            <C>
PRINCIPAL BALANCE        1,428,505.06    350,817.64    128,214.22   2,601,175.76   1,283,323.12
NUMBER OF LOANS                    17             4             2             24             17
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
REPURCHASE                  CURRENT             CUMULATIVE
INFORMATION                 PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                  0.00
NUMBER OF LOANS                 0                     0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
CONVERTED MTGE              CURRENT             CUMULATIVE
LOANS INFO                  PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                       <C>
CUMULATIVE LOSS PERCENTAGE                                                                                                0.00000%
DELINQUENCY PERCENTAGE                                                                                                    5.54758%
ROLLING DELINQUENCY PERCENTAGE                                                                                            5.13226%

PREPAYMENT INTEREST SHORTFALLS                                                                                                0.00
RELIEF ACT SHORTFALLS                                                                                                         0.00
MI INSURER INSOLVENCY EVENT OCCURRED                                                                                            No

==================================================================================================================================
</TABLE>



<PAGE>   3

                         NOVASTAR HOME EQUITY LOAN TRUST
                  NOVASTAR HOME EQUITY LOAN ASSET-BACKED BONDS
                                  SERIES 1999-1

                        STATEMENT TO BONDHOLDER - POOL II
<TABLE>
==================================================================================================================================
<S>                                                                  <C>
Distribution Date:      September 27, 1999
- ----------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------

AGGREGATE COLLECTIONS FROM THE MORTGAGE LOANS IN POOL II
- ------------------------------------------------------------------------------

Total Collection on Pool                                            620,916.32
Total Servicer Advances                                                   0.00
Total Compensating Interest                                               0.00
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                  <C>
AVAILABLE CARRY-FORWARD AMOUNT                                                                                                0.00
AGGREGATE UNPAID CARRY-FORWARD AMOUNT                                                                                         0.00

CURRENT PERIOD INSURED PAYMENTS PAID BY INSURER                                                                               0.00
AGGREGATE UNREIMBURSED INSURED AMOUNTS PAYABLE TO INSURER                                                                     0.00

AGGREGATE BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                              18,743,784.10
AGGREGATE ENDING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                                 18,284,910.05
NUMBER OF LOANS AT MONTH END                                                                                                   112
REQUIRED SUBORDINATION AMOUNT                                                                                           671,835.00
CURRENT SUBORDINATION AMOUNT                                                                                            671,835.00
SUBORDINATION INCREASE AMOUNT                                                                                                 0.00
SUBORDINATION REDUCTION AMOUNT                                                                                                0.00
NET MONTHLY EXCESS CASHFLOW                                                                                                   0.00
UNPAID ACCRUED INTEREST                                                                                                       0.00
CURRENT REALIZED LOSS ON MORTGAGE LOANS                                                                                       0.00
AGGREGATE REALIZED LOSS ON MORTGAGE LOANS                                                                                     0.00
PREPAYMENTS                                                                                                             449,314.04
PREPAYMENT PENALTIES                                                                                                     12,506.52
WEIGHTED AVERAGE MORTGAGE RATE                                                                                         9.57346174%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
DELINQUENCY               DELINQUENT     DELINQUENT    DELINQUENT     LOANS IN         REO
INFORMATION               30-59 DAYS     60-89 DAYS    90 + DAYS    FORECLOSURE      PROPERTY
- -------------------------------------------------------------------------------------------------
<S>                       <C>            <C>           <C>          <C>              <C>
PRINCIPAL BALANCE         190,874.36          0.00    366,668.92     513,099.99     833,281.06
NUMBER OF LOANS                    2             0             1              3              5
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
REPURCHASE                  CURRENT             CUMULATIVE
INFORMATION                 PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
CONVERTED MTGE              CURRENT             CUMULATIVE
LOANS INFO                  PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                       <C>
CUMULATIVE LOSS PERCENTAGE                                                                                                0.00000%
DELINQUENCY PERCENTAGE                                                                                                    9.36865%
ROLLING DELINQUENCY PERCENTAGE                                                                                            8.85264%

PREPAYMENT INTEREST SHORTFALLS                                                                                                0.00
RELIEF ACT SHORTFALLS                                                                                                         0.00
MI INSURER INSOLVENCY EVENT OCCURRED                                                                                            No

==================================================================================================================================
</TABLE>



<PAGE>   4

                         NOVASTAR HOME EQUITY LOAN TRUST
                  NOVASTAR HOME EQUITY LOAN ASSET-BACKED BONDS
                                  SERIES 1999-1

                       STATEMENT TO BONDHOLDER - POOL III
<TABLE>
==================================================================================================================================
<S>                                                                 <C>
Distribution Date:      September 27, 1999
- ----------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------
AGGREGATE COLLECTIONS FROM THE MORTGAGE LOANS IN POOL III
- ------------------------------------------------------------------------------

Total Collection on Pool                                            810,957.83
Total Servicer Advances                                                   0.00
Total Compensating Interest                                               0.00
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                  <C>
AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT                                                                                      0.00
AGGREGATE UNPAID AVAILABLE FUNDS CAP CARRY-FORWARD AMOUNT                                                                     0.00

AVAILABLE CARRY-FORWARD AMOUNT                                                                                                0.00
AGGREGATE UNPAID CARRY-FORWARD AMOUNT                                                                                         0.00

AGGREGATE BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                              43,937,048.01
AGGREGATE ENDING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                                 43,483,314.18
NUMBER OF LOANS AT MONTH END                                                                                                   576
REQUIRED SUBORDINATION AMOUNT                                                                                         1,035,806.00
CURRENT SUBORDINATION AMOUNT                                                                                          1,035,806.00
SUBORDINATION INCREASE AMOUNT                                                                                                 0.00
SUBORDINATION REDUCTION AMOUNT                                                                                                0.00
NET MONTHLY EXCESS CASHFLOW                                                                                                   0.00
UNPAID ACCRUED INTEREST                                                                                                       0.00
CURRENT REALIZED LOSS ON MORTGAGE LOANS                                                                                       0.00
AGGREGATE REALIZED LOSS ON MORTGAGE LOANS                                                                                     0.00
PREPAYMENTS                                                                                                             408,308.25
PREPAYMENT PENALTIES                                                                                                      7,294.91
WEIGHTED AVERAGE MORTGAGE RATE                                                                                         9.55719437%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
DELINQUENCY               DELINQUENT     DELINQUENT    DELINQUENT     LOANS IN         REO
INFORMATION               30-59 DAYS     60-89 DAYS    90 + DAYS    FORECLOSURE      PROPERTY
- -------------------------------------------------------------------------------------------------
<S>                       <C>            <C>           <C>          <C>              <C>
PRINCIPAL BALANCE         627,875.03     275,942.65    63,717.19    1,267,089.17     172,321.57
NUMBER OF LOANS                   10              5            1              14              3
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
REPURCHASE                  CURRENT             CUMULATIVE
INFORMATION                 PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
CONVERTED MTGE              CURRENT             CUMULATIVE
LOANS INFO                  PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                       <C>
CUMULATIVE LOSS PERCENTAGE                                                                                                0.00000%
DELINQUENCY PERCENTAGE                                                                                                    3.45679%
ROLLING DELINQUENCY PERCENTAGE                                                                                            2.53706%

PREPAYMENT INTEREST SHORTFALLS                                                                                                0.00
RELIEF ACT SHORTFALLS                                                                                                         0.00
URER INSOLVENCY EVENT OCCURRED                                                                                                  No

==================================================================================================================================
</TABLE>


<PAGE>   5

                         NOVASTAR HOME EQUITY LOAN TRUST
                  NOVASTAR HOME EQUITY LOAN ASSET-BACKED BONDS
                                  SERIES 1999-1

                        STATEMENT TO BONDHOLDER - POOL IV
<TABLE>
==================================================================================================================================
<S>                                                                 <C>
Distribution Date:      September 27, 1999
- ----------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------
AGGREGATE COLLECTIONS FROM THE MORTGAGE LOANS IN POOL IV
- ------------------------------------------------------------------------------

Total Collection on Pool                                            604,753.61
Total Servicer Advances                                                   0.00
Total Compensating Interest                                               0.00
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                   <C>
AVAILABLE CARRY-FORWARD AMOUNT                                                                                                0.00
AGGREGATE UNPAID CARRY-FORWARD AMOUNT                                                                                         0.00

CURRENT PERIOD INSURED PAYMENTS PAID BY INSURER                                                                               0.00
AGGREGATE UNREIMBURSED INSURED AMOUNTS PAYABLE TO INSURER                                                                     0.00

AGGREGATE BEGINNING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                              18,589,077.02
AGGREGATE ENDING PRINCIPAL BALANCE OF MORTGAGE LOANS                                                                 18,134,231.53
NUMBER OF LOANS AT MONTH END                                                                                                   162
REQUIRED SUBORDINATION AMOUNT                                                                                           460,358.00
CURRENT SUBORDINATION AMOUNT                                                                                            460,358.00
SUBORDINATION INCREASE AMOUNT                                                                                                 0.00
SUBORDINATION REDUCTION AMOUNT                                                                                                0.00
NET MONTHLY EXCESS CASHFLOW                                                                                                   0.00
UNPAID ACCRUED INTEREST                                                                                                       0.00
CURRENT REALIZED LOSS ON MORTGAGE LOANS                                                                                       0.00
AGGREGATE REALIZED LOSS ON MORTGAGE LOANS                                                                                     0.00
PREPAYMENTS                                                                                                             395,574.74
PREPAYMENT PENALTIES                                                                                                      3,509.23
WEIGHTED AVERAGE MORTGAGE RATE                                                                                         9.45063963%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
DELINQUENCY               DELINQUENT     DELINQUENT    DELINQUENT     LOANS IN         REO
INFORMATION               30-59 DAYS     60-89 DAYS    90 + DAYS    FORECLOSURE      PROPERTY
- -------------------------------------------------------------------------------------------------
<S>                      <C>             <C>           <C>          <C>              <C>
PRINCIPAL BALANCE        1,365,464.25    142,204.03       0.00      683,648.21       48,730.62
NUMBER OF LOANS                     5             1          0               8               1
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
REPURCHASE                  CURRENT             CUMULATIVE
INFORMATION                 PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
CONVERTED MTGE              CURRENT             CUMULATIVE
LOANS INFO                  PERIOD               HISTORY
- -------------------------------------------------------------------
<S>                         <C>                 <C>
PRINCIPAL BALANCE            0.00                 0.00
NUMBER OF LOANS                 0                    0
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<S>                                                                                                                       <C>
CUMULATIVE LOSS PERCENTAGE                                                                                                0.00000%
DELINQUENCY PERCENTAGE                                                                                                    4.03865%
ROLLING DELINQUENCY PERCENTAGE                                                                                            3.65303%

PREPAYMENT INTEREST SHORTFALLS                                                                                                0.00
RELIEF ACT SHORTFALLS                                                                                                         0.00
MI INSURER INSOLVENCY EVENT OCCURRED                                                                                            No

==================================================================================================================================
</TABLE>




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