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Previous: OPPENHEIMER STABLE VALUE FUND, N-1A/A, 1999-04-08 |
Next: SURGICAL SAFETY PRODUCTS INC, 4, 1999-04-08 |
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): March 25, 1999
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1999-1 Trust
New York (governing law of 333-54027 PENDING
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 March 25, 1999 a distribution was made to holders of CENTEX HOME EQUITY
CORPORATION, Home Equity Loan Asset-Backed Certs., 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 Home Equity Loan Asset-Backed Certs.,
Series 1999-1 Trust, relating to the March
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.
CENTEX HOME EQUITY CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1999-1 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 04/07/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1999-1 Trust, relating to the
March 25, 1999 distribution.
<TABLE>
<CAPTION>
Centex Home Equity Corporation
Mortgage Pass-Through Certificates
Record Date: 02/28/1999
Distribution Date: 03/25/1999
CHEC Series: 1999-1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
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>
A-1 152314AW0 SEQ 6.07000% 65,000,000.00 328,791.66 987,516.63
A-2 152314AX8 SEQ 6.04500% 20,000,000.00 100,750.00 0.00
A-3 152314AY6 SEQ 6.24000% 33,000,000.00 171,600.00 0.00
A-4 152314AZ3 SEQ 6.39000% 27,000,000.00 143,775.00 0.00
A-5 152314BA7 SEQ 6.83500% 19,267,000.00 109,741.62 0.00
A-6 152314BB5 SEQ 6.45000% 18,000,000.00 96,750.00 0.00
A-7 152314BC3 SEQ 5.25688% 58,863,000.00 240,672.23 743,759.08
A-8 152314BD1 SEQ 6.00000% 20,000,000.00 100,000.00 0.00
X-IO CTX991XIO SEQ 0.00000% 0.00 0.00 0.00
OC CTX9901OC SUB 0.00000% 14,482.41 0.00 0.00
R-1 CTX9901R1 SEQ 0.00000% 0.00 0.00 0.00
R-2 CTX9901R2 SEQ 0.00000% 0.00 0.00 0.00
MBIA CTX9901FS SUB 1,200.00000% 0.00 32,641.00 0.00
Totals 261,144,482.41 1,324,721.51 1,731,275.71
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 64,012,483.37 1,316,308.29 0.00
A-2 0.00 20,000,000.00 100,750.00 0.00
A-3 0.00 33,000,000.00 171,600.00 0.00
A-4 0.00 27,000,000.00 143,775.00 0.00
A-5 0.00 19,267,000.00 109,741.62 0.00
A-6 0.00 18,000,000.00 96,750.00 0.00
A-7 0.00 58,119,240.92 984,431.31 0.00
A-8 0.00 20,000,000.00 100,000.00 0.00
X-IO 0.00 0.00 0.00 0.00
OC 0.00 508,102.74 0.00 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
MBIA 0.00 0.00 32,641.00 0.00
Totals 0.00 259,906,827.03 3,055,997.22 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>
A-1 65,000,000.00 65,000,000.00 0.00 987,516.63 0.00 0.00
A-2 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00
A-3 33,000,000.00 33,000,000.00 0.00 0.00 0.00 0.00
A-4 27,000,000.00 27,000,000.00 0.00 0.00 0.00 0.00
A-5 19,267,000.00 19,267,000.00 0.00 0.00 0.00 0.00
A-6 18,000,000.00 18,000,000.00 0.00 0.00 0.00 0.00
A-7 58,863,000.00 58,863,000.00 0.00 743,759.08 0.00 0.00
A-8 20,000,000.00 20,000,000.00 0.00 0.00 0.00 0.00
X-IO 0.00 0.00 0.00 0.00 0.00 0.00
OC 14,482.41 14,482.41 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
MBIA 0.00 0.00 0.00 0.00 0.00 0.00
Totals 261,144,482.41 261,144,482.41 0.00 1,731,275.71 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>
A-1 987,516.63 64,012,483.37 0.98480744 987,516.63
A-2 0.00 20,000,000.00 1.00000000 0.00
A-3 0.00 33,000,000.00 1.00000000 0.00
A-4 0.00 27,000,000.00 1.00000000 0.00
A-5 0.00 19,267,000.00 1.00000000 0.00
A-6 0.00 18,000,000.00 1.00000000 0.00
A-7 743,759.08 58,119,240.92 0.98736457 743,759.08
A-8 0.00 20,000,000.00 1.00000000 0.00
X-IO 0.00 0.00 0.00000000 0.00
OC 0.00 508,102.74 35.08412895 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
MBIA 0.00 0.00 0.00000000 0.00
Totals 1,731,275.71 259,906,827.03 0.99526065 1,731,275.71
</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>
A-1 65,000,000.00 1000.00000000 0.00000000 15.19256354 0.00000000
A-2 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 33,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 27,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 19,267,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 18,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7 58,863,000.00 1000.00000000 0.00000000 12.63542599 0.00000000
A-8 20,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 14,482.41 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All Classes are 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>
A-1 0.00000000 15.19256354 984.80743646 0.98480744 15.19256354
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7 0.00000000 12.63542599 987.36457401 0.98736457 12.63542599
A-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 35,084.12895368 35.08412895 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 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>
A-1 65,000,000.00 6.07000% 65,000,000.00 328,791.67 0.00 0.00
A-2 20,000,000.00 6.04500% 20,000,000.00 100,750.00 0.00 0.00
A-3 33,000,000.00 6.24000% 33,000,000.00 171,600.00 0.00 0.00
A-4 27,000,000.00 6.39000% 27,000,000.00 143,775.00 0.00 0.00
A-5 19,267,000.00 6.83500% 19,267,000.00 109,741.62 0.00 0.00
A-6 18,000,000.00 6.45000% 18,000,000.00 96,750.00 0.00 0.00
A-7 58,863,000.00 5.25688% 58,863,000.00 240,672.23 0.00 0.00
A-8 20,000,000.00 6.00000% 20,000,000.00 100,000.00 0.00 0.00
X-IO 0.00 0.00000% 0.00 0.00 0.00 0.00
OC 14,482.41 0.00000% 14,482.41 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
MBIA 0.00 1,200.00000% 0.00 32,641.00 0.00 0.00
Totals 261,144,482.41 1,324,721.52 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>
A-1 0.00 0.00 328,791.66 0.00 64,012,483.37
A-2 0.00 0.00 100,750.00 0.00 20,000,000.00
A-3 0.00 0.00 171,600.00 0.00 33,000,000.00
A-4 0.00 0.00 143,775.00 0.00 27,000,000.00
A-5 0.00 0.00 109,741.62 0.00 19,267,000.00
A-6 0.00 0.00 96,750.00 0.00 18,000,000.00
A-7 0.00 0.00 240,672.23 0.00 58,119,240.92
A-8 0.00 0.00 100,000.00 0.00 20,000,000.00
X-IO 0.00 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 508,102.74
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
MBIA 0.00 0.00 32,641.00 0.00 0.00
Totals 0.00 0.00 1,324,721.51 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>
A-1 65,000,000.00 6.07000% 1000.00000000 5.05833338 0.00000000 0.00000000
A-2 20,000,000.00 6.04500% 1000.00000000 5.03750000 0.00000000 0.00000000
A-3 33,000,000.00 6.24000% 1000.00000000 5.20000000 0.00000000 0.00000000
A-4 27,000,000.00 6.39000% 1000.00000000 5.32500000 0.00000000 0.00000000
A-5 19,267,000.00 6.83500% 1000.00000000 5.69583329 0.00000000 0.00000000
A-6 18,000,000.00 6.45000% 1000.00000000 5.37500000 0.00000000 0.00000000
A-7 58,863,000.00 5.25688% 1000.00000000 4.08868440 0.00000000 0.00000000
A-8 20,000,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
X-IO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 14,482.41 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00 1,200.00000% 0.00000000 1000.00000000 0.00000000 0.00000000
<FN>
(5) All Classes are 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>
A-1 0.00000000 0.00000000 5.05833323 0.00000000 984.80743646
A-2 0.00000000 0.00000000 5.03750000 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.20000000 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.32500000 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.69583329 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 5.37500000 0.00000000 1000.00000000
A-7 0.00000000 0.00000000 4.08868440 0.00000000 987.36457401
A-8 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
X-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 35084.12895368
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
MBIA 0.00000000 0.00000000 1000.00000000 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>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 3,165,895.53
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 3,165,895.53
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 109,898.30
Payment of Interest and Principal 3,055,997.23
Total Withdrawals (Pool Distribution Amount) 3,165,895.53
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 108,810.20
Trustee Fee 1,088.10
Pool Insurance Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 109,898.30
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
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 20 1,181,064.90 0.545405% 0.454419%
60 Days 2 88,800.00 0.054540% 0.034166%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 22 1,269,864.90 0.599945% 0.488585%
</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 11,342.03
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & 6 Month LIBOR
Weighted Average Gross Coupon 8.860575%
Weighted Average Net Coupon 8.360575%
Weighted Average Pass-Through Rate 8.355575%
Weighted Average Maturity(Stepdown Calculation ) 357
Begin Scheduled Collateral Loan Count 3,678
Number Of Loans Paid In Full 11
End Scheduled Collateral Loan Count 3,667
Begining Scheduled Collateral Balance 261,130,000.00
Ending Scheduled Collateral Balance 259,906,827.03
Ending Actual Collateral Balance at 28-Feb-1999 259,906,827.03
Monthly P &I Constant 2,074,370.55
Ending Scheduled Balance for Premium Loans 259,906,827.03
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Largest Loan Balance - Group 1 749,168.99
Largest Loan Balance - Group 2 477,295.20
Number and Balance of Balloon Loans - 7 307,948.85
Group 1
Number and Balance of Balloon Loans - 0 0.00
Group 2
Annual Loss Percentage - Group 1 0.00%
Annual Loss Percentage - Group 2 0.00%
90+ Delinquency Percentage - Group 1 0.00%
90+ Delinquency Percentage - Group 2 0.00%
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 8.895893 8.778942
Weighted Average Net Rate 8.390893 8.273943
Weighted Average Maturity 319.00 357.00
Beginning Loan Count 2,887 791
Loans Paid In Full 6 5
Ending Loan Count 2,881 786
Beginning Scheduled Balance 182,280,562.19 78,863,918.50
Ending scheduled Balance 181,593,434.90 78,313,392.13
Record Date 02/28/1999 02/28/1999
Principal And Interest Constant 1,473,364.02 601,006.53
Scheduled Principal 122,073.64 24,055.03
Unscheduled Principal 565,053.65 526,471.34
Scheduled Interest 1,351,290.38 576,951.50
Servicing Fees 75,950.24 32,859.96
Master Servicing Fees 0.00 0.00
Trustee Fee 0.00 0.00
FRY Amount 0.00 0.00
Special Hazard Fee 0.00 0.00
Other Fee 759.51 328.59
Pool Insurance Fee 0.00 0.00
Spread Fee 1 0.00 0.00
Spread Fee 2 0.00 0.00
Spread Fee 3 0.00 0.00
Net Interest 1,274,580.63 543,762.95
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
1 2
Group ID 13,562.19 918.50
Subordinate Amount 0.00 0.00
Subordinate Reduction Amount 3,827,891.84 3,430,580.46
Required Subordinate Amount 3,814,329.65 3,429,661.96
Subordinate Increase Amount 300,389.34 193,232.70
Extra Principal Distribution Amount 300,389.34 193,232.70
Excess Cash Amount
</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 639,463.33 88,800.00 0.00 0.00 0.00 0.00
Percentage Of Balance 0.352% 0.049% 0.000% 0.000% 0.000% 0.000%
Loan Count 12 2 0 0 0 0
Percentage Of Loans 0.417% 0.069% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 541,601.57 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 0.692% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 8 0 0 0 0 0
Percentage Of Loans 1.018% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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