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Previous: AMERICAS SENIOR FINANCIAL SERVICES INC, 10SB12G/A, 1999-08-09 |
Next: JOHNSONFAMILY FUNDS INC, 497, 1999-08-09 |
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): July 26, 1999
MORTGAGE LENDERS HOME EQUITY LOAN TRUST
Asset Backed Notes, Series 1999-1
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 July 26, 1999 a distribution was made to holders of MORTGAGE LENDERS HOME
EQUITY LOAN TRUST, Asset Backed Notes, Series 1999-1.
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 Notes, Series 1999-1
relating to the July 26, 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 Notes, Series 1999-1
By: Wilmington Trust Company as Owner Trustee
By: /s/ Rosemary Pantano, Officer
By: Rosemary Pantano, Officer
Date: 8/6/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Notes, Series 1999-1, relating to the July 26, 1999 distribution.
<TABLE>
<CAPTION>
Mortgage Lenders Network
Mortgage Pass-Through Notes
Record Date: 6/30/99
Distribution Date: 7/26/99
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% 100,538,000.00 581,863.68 1,005,031.92
A2 61913JAF3 SEN 6.99500% 44,572,000.00 259,817.62 203,757.47
OC MLN9901OC OC 0.00000% 1,252.34 0.00 0.00
R MLN99001R RES 0.00000% 0.00 0.00 0.00
Totals 145,111,252.34 841,681.30 1,208,789.39
</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 99,532,968.08 1,586,895.60 0.00
A2 0.00 44,368,242.53 463,575.09 0.00
OC 0.00 333,671.36 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 144,234,881.97 2,050,470.69 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</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 100,538,000.00 100,538,000.00 85,907.75 919,124.17 0.00 0.00
A2 44,572,000.00 44,572,000.00 17,416.68 186,340.79 0.00 0.00
OC 1,252.34 1,252.34 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 145,111,252.34 145,111,252.34 103,324.43 1,105,464.96 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 1,005,031.92 99,532,968.08 0.99000346 1,005,031.92
A2 203,757.47 44,368,242.53 0.99542858 203,757.47
OC 0.00 333,671.36 266.43831547 0.00
R 0.00 0.00 0.00000000 0.00
Totals 1,208,789.39 144,234,881.97 0.99396070 1,208,789.39
</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 1000.00000000 0.85448040 9.14205743 0.00000000
A2 44,572,000.00 1000.00000000 0.39075384 4.18066925 0.00000000
OC 1,252.34 1000.00000000 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 9.99653783 990.00346217 0.99000346 9.99653783
A2 0.00000000 4.57142309 995.42857691 0.99542858 4.57142309
OC 0.00000000 0.00000000 266,438.31547343 266.43831547 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% 100,538,000.00 581,863.68 0.00 0.00
A2 44,572,000.00 6.99500% 44,572,000.00 259,817.62 0.00 0.00
OC 1,252.34 0.00000% 1,252.34 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 145,111,252.34 841,681.30 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 0.00 581,863.68 0.00 99,532,968.08
A2 0.00 0.00 259,817.62 0.00 44,368,242.53
OC 0.00 0.00 0.00 0.00 333,671.36
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 841,681.30 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% 1000.00000000 5.78750005 0.00000000 0.00000000
A2 44,572,000.00 6.99500% 1000.00000000 5.82916674 0.00000000 0.00000000
OC 1,252.34 0.00000% 1000.00000000 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 5.78750005 0.00000000 990.00346217
A2 0.00000000 0.00000000 5.82916674 0.00000000 995.42857691
OC 0.00000000 0.00000000 0.00000000 0.00000000 266438.31547343
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% 24,190.00 23,988.00 0.00 0.00 99.16494419%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
Certificateholder Account Statement
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 1,872,511.74
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 265,030.50
Realized Losses 0.00
Total Deposits 2,137,542.24
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 87,071.55
Payment of Interest and Principal 2,050,470.69
Total Withdrawals (Pool Distribution Amount) 2,137,542.24
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 60,463.03
MBIA Insurance Premium 24,190.00
Trustee Fee 2,418.52
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 87,071.55
</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 Deliquency / 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 64 5,070,681.00 3.044719% 3.515572%
60 Days 29 1,871,968.00 1.379638% 1.297861%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 4 186,804.00 0.190295% 0.129514%
REO 0 0.00 0.000000% 0.000000%
Totals 97 7,129,453.00 4.614653% 4.942946%
</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
Periodic Advance 265,030.50
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Class OC 0.00 0.00000000% 0.00 0.00000000% 0.231339% 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 10.449282%
Weighted Average Net Coupon 9.929282%
Weighted Average Pass-Through Rate 9.949281%
Weighted Average Maturity(Stepdown Calculation ) 270
Beginning Scheduled Collateral Loan Count 2,113
Number Of Loans Paid In Full 11
Ending Scheduled Collateral Loan Count 2,102
Beginning Scheduled Collateral Balance 145,111,252.34
Ending Scheduled Collateral Balance 144,234,881.96
Ending Actual Collateral Balance at 30-Jun-1999 144,288,039.84
Monthly P &I Constant 1,366,914.81
Ending Scheduled Balance for Premium Loans 144,234,881.96
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Principal Balance of Three largest Loans 710,400.93
- - Group 1
Principal Balance of Three Largest Loans 1,130,788.42
- - Group 2
Delinquency Percentage - Group 1 0.457920%
Delinquency Percentage - Group 2 0.257299%
Rolling Loss Percentage - Group 1 0.000000%
Rolling Loss Percentage - Group 2 0.000000%
Servicer Advances - Group 1 189,243.12
Servicer Advances - Group 2 75,787.38
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 Totals
Collateral Description Fixed 15/30 & ARM Fixed 15/30 & ARM
Weighted Average Coupon Rate 10.449061 10.449781
Weighted Average Net Rate 9.929061 9.929780
Weighted Average Maturity 268.00 273.00
Beginning Loan Count 1,549 564 2,113
Loans Paid In Full 9 2 11
Ending Loan Count 1,540 562 2,102
Beginning Scheduled Balance 100,497,751.59 44,613,500.75 145,111,252.34
Ending scheduled Balance 99,723,961.31 44,510,920.65 144,234,881.96
Record Date 6/30/99 6/30/99
Principal And Interest Constant 949,638.00 417,276.81 1,366,914.81
Scheduled Principal 74,548.70 28,775.73 103,324.43
Unscheduled Principal 699,241.58 73,804.37 773,045.95
Scheduled Interest 875,089.30 388,501.08 1,263,590.38
Servicing Fees 41,874.06 18,588.97 60,465.03
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 1,674.96 743.56 2,418.52
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 13,991.54 6,202.94 20,194.48
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 831,540.28 369,168.55 1,200,708.83
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cummulative Losses 0.00 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 6,382,333.52 2,848,698.92 9,231,032.44
Overcollateralization Increase Amount 231,241.64 101,177.37 332,419.02
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 6,382,333.52 2,848,698.92 9,231,032.44
Overcollateralization Amount 190,993.23 142,678.12 333,671.36
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 231,241.64 101,177.37 332,419.02
Excess Cash Amount 231,241.64 101,177.37 332,419.02
</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 3,238,750.00 1,331,932.00 0.00 186,804.00 0.00 300,177.00
Percentage Of Balance 3.248% 1.336% 0.000% 0.187% 0.000% 0.301%
Loan Count 44 18 0 4 0 5
Percentage Of Loans 2.857% 1.169% 0.000% 0.260% 0.000% 0.325%
2 Principal Balance 1,831,931.00 540,036.00 0.00 0.00 0.00 114,526.00
Percentage Of Balance 4.116% 1.213% 0.000% 0.000% 0.000% 0.257%
Loan Count 20 11 0 0 0 3
Percentage Of Loans 3.559% 1.957% 0.000% 0.000% 0.000% 0.534%
Totals
Principal Balance 5,070,681.00 1,871,968.00 0.00 186,804.00 0.00 414,703.00
Percentage Of Balance 3.516% 1.298% 0.000% 0.130% 0.000% 0.288%
Loan Count 64 29 0 4 0 8
Percentage Of Loans 3.045% 1.380% 0.000% 0.190% 0.000% 0.381%
</TABLE>
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