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Previous: RESIDENTIAL ASSET FUNDING CORP, 8-K, 1999-11-05 |
Next: SHERWOOD BRANDS INC, 10KSB40/A, 1999-11-05 |
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): October 25, 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 October 25, 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 October 25, 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/ Irene A. Lennon, Officer
By: Irene A. Lennon, Officer
Date: 11/4/99
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 October 25,
1999 distribution.
<TABLE>
<CAPTION>
Mortgage Lenders Network
Mortgage Pass-Through Certificates
Record Date: 9/30/99
Distribution Date: 10/25/99
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% 97,209,327.97 562,598.99 1,543,152.96
A2 61913JAF3 SEN 6.99500% 42,600,308.03 248,324.30 792,641.58
OC MLN9901OC OC 0.00000% 944,524.79 0.00 0.00
R MLN99001R RES 0.00000% 0.00 0.00 0.00
Totals 140,754,160.79 810,923.29 2,335,794.54
</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 95,666,175.01 2,105,751.95 0.00
A2 0.00 41,807,666.44 1,040,965.88 0.00
OC 0.00 1,257,439.94 0.00 0.00
R 0.00 0.00 0.00 0.00
Totals 0.00 138,731,281.39 3,146,717.83 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 97,209,327.97 73,590.83 1,469,562.13 0.00 0.00
A2 44,572,000.00 42,600,308.03 27,389.62 765,251.96 0.00 0.00
OC 1,252.34 944,524.79 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
Totals 145,111,252.34 140,754,160.79 100,980.45 2,234,814.09 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 1,543,152.96 95,666,175.01 0.95154245 1,543,152.96
A2 792,641.58 41,807,666.44 0.93798049 792,641.58
OC 0.00 1,257,439.94 1,004.07232860 0.00
R 0.00 0.00 0.00000000 0.00
Totals 2,335,794.54 138,731,281.39 0.95603393 2,335,794.54
</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 100,538,000.00 966.89140395 0.73197030 14.61698194 0.00000000
A2 44,572,000.00 955.76388832 0.61450283 17.16889437 0.00000000
OC 1,252.34 754207.95470879 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 15.34895224 951.54245171 0.95154245 15.34895224
A2 0.00000000 17.78339720 937.98049089 0.93798049 17.78339720
OC 0.00000000 0.00000000 1,004,072.3286008 1004.07232860 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% 97,209,327.97 562,598.99 0.00 0.00
A2 44,572,000.00 6.99500% 42,600,308.03 248,324.30 0.00 0.00
OC 1,252.34 0.00000% 944,524.79 0.00 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 145,111,252.34 810,923.29 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 0.00 562,598.99 0.00 95,666,175.01
A2 0.00 0.00 248,324.30 0.00 41,807,666.44
OC 0.00 0.00 0.00 0.00 1,257,439.94
R 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 810,923.29 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% 966.89140395 5.59588404 0.00000000 0.00000000
A2 44,572,000.00 6.99500% 955.76388832 5.57130710 0.00000000 0.00000000
OC 1,252.34 0.00000% 754207.95470879 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 5.59588404 0.00000000 951.54245171
A2 0.00000000 0.00000000 5.57130710 0.00000000 937.98049089
OC 0.00000000 0.00000000 0.00000000 0.00000000 1004072.32860086
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% 23,306.00 22,917.00 0.00 0.00 94.73749483%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,871,467.83
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 359,549.34
Realized Losses 0.00
Total Deposits 3,231,017.17
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 84,299.34
Payment of Interest and Principal 3,146,717.83
Total Withdrawals (Pool Distribution Amount) 3,231,017.17
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 58,647.59
MBIA Insurance Premium 23,306.00
Trustee Fee 2,345.75
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 84,299.34
</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 115 7,397,035.88 5.662235% 5.331916%
60 Days 29 1,841,825.67 1.427868% 1.327621%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 54 3,445,933.93 2.658789% 2.483891%
REO 2 190,794.27 0.098474% 0.137528%
Totals 200 12,875,589.75 9.847366% 9.280956%
</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 359,549.34
</TABLE>
<TABLE>
<S> <C>
Class OC 0.00 0.00000000% 0.00 0.00000000% 0.906385% 0.000000%
</TABLE>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 10.299983%
Weighted Average Net Coupon 9.799983%
Weighted Average Pass-Through Rate 9.581287%
Weighted Average Maturity(Stepdown Calculation ) 267
Beginning Scheduled Collateral Loan Count 2,055
Number Of Loans Paid In Full 24
Ending Scheduled Collateral Loan Count 2,031
Beginning Scheduled Collateral Balance 140,754,160.79
Ending Scheduled Collateral Balance 138,731,281.40
Ending Actual Collateral Balance at 30-Sep-1999 138,769,490.91
Monthly P &I Constant 1,309,095.45
Ending Scheduled Balance for Premium Loans 138,731,281.40
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Principal Balance of Three largest Loans 702,849.77
- - Group 1
Principal Balance of Three Largest Loans 1,129,146.68
- - Group 2
Delinquency Percentage - Group 1 2.733099%
Delinquency Percentage - Group 2 2.321039%
Rolling Loss Percentage - Group 1 0.0000%
Rolling Loss Percentage - Group 2 0.0000%
Servicer Advances - Group 1 251,832.84
Servicer Advances - Group 2 107,716.50
</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 10.305571 10.287252
Weighted Average Net Rate 9.785571 9.767252
Weighted Average Maturity 265.00 270.00
Beginning Loan Count 1,507 548 2,055
Loans Paid In Full 16 8 24
Ending Loan Count 1,491 540 2,031
Beginning Scheduled Balance 97,822,813.83 42,931,346.96 140,754,160.79
Ending scheduled Balance 96,498,566.93 42,232,714.47 138,731,281.40
Record Date 9/30/99 9/30/99
Principal And Interest Constant 913,677.14 395,418.31 1,309,095.45
Scheduled Principal 73,590.83 27,389.62 100,980.45
Unscheduled Principal 1,250,656.07 671,242.87 1,921,898.94
Scheduled Interest 840,099.96 368,037.98 1,208,137.94
Servicing Fees 40,759.52 17,888.07 58,647.59
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 1,630.39 715.52 2,345.91
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 797,710.05 349,434.39 1,147,144.44
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Group ID
1 2 Total
Required Overcollateralization Amount 6,431,856.10 2,855,264.05 9,287,120.15
Overcollateralization Increase Amount 218,906.06 94,009.09 312,915.16
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 832,391.92 425,048.03 1,257,439.94
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 218,906.06 94,009.09 312,915.16
Excess Cash Amount 218,906.06 94,009.09 312,915.16
</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 5,258,971.48 1,134,239.93 0.00 2,683,373.67 46,348.09 653,874.07
Percentage Of Balance 5.450% 1.175% 0.000% 2.781% 0.048% 0.678%
Loan Count 88 21 0 38 1 11
Percentage Of Loans 5.902% 1.408% 0.000% 2.549% 0.067% 0.738%
2 Principal Balance 2,138,064.40 707,585.74 0.00 762,560.26 144,446.18 35,422.34
Percentage Of Balance 5.063% 1.675% 0.000% 1.806% 0.342% 0.084%
Loan Count 27 8 0 16 1 1
Percentage Of Loans 5.000% 1.481% 0.000% 2.963% 0.185% 0.185%
Totals:Principal Balance 7,397,035.88 1,841,825.67 0.00 3,445,933.93 190,794.27 689,296.41
Percentage of Balance 5.332% 1.328% 0.000% 2.484% 0.138% 0.497%
Loan Count 115 29 0 54 2 12
Percentage Of Loans 5.662% 1.428% 0.000% 2.659% 0.098% 0.591%
</TABLE>
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