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Previous: FIRST BOSTON MORTGAGE SEC CORP CON MOR PAS THR CER SR 1988-2, 10-K, 1999-03-09 |
Next: STRUCTURED ASSET SEC CORP MORT PAS THR CERT SER 1999-BC1, 8-K, 1999-03-09 |
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): February 25, 1999
OPTION ONE MORTGAGE LOAN TRUST
Asset-Backed Certificates, Series 1999-1
New York (governing law of 333-67329-02 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, Maryland (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 February 25, 1999 a distribution was made to holders of OPTION ONE
MORTGAGE LOAN TRUST, Asset-Backed Certificates, 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 Certificates, Series 1999-1
relating to the February 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.
OPTION ONE MORTGAGE LOAN TRUST
Asset-Backed Certificates, 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: 03/05/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Assets-Backed
Certificates, Series 1999-1, relating to the February 25,
1999 distribution.
<TABLE>
<CAPTION>
Option One Mortgage Loan Trust
Asset-Backed Certificates
Record Date: 01/31/1999
Distribution Date: 02/25/1999
OOMC 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>
A-1 68389FAA2 SEQ 6.40000% 65,900,000.00 351,466.67 147,188.10
A-2 68389FAB0 SEQ 5.43969% 128,437,000.00 601,621.71 1,034,874.14
R OPT99012R RES 0.00000% 0.00 0.00 0.00
OC OPT9901OC SUB 0.00000% 5,662,024.53 0.00 0.00
Totals 199,999,024.53 953,088.38 1,182,062.24
</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 65,752,811.90 498,654.77 0.00
A-2 0.00 127,402,125.86 1,636,495.85 0.00
R 0.00 0.00 0.00 0.00
OC 0.00 6,066,085.60 0.00 0.00
Totals 0.00 199,221,023.36 2,135,150.62 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 65,900,000.00 65,900,000.00 0.00 147,188.10 0.00 0.00
A-2 128,437,000.00 128,437,000.00 0.00 1,034,874.14 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
OC 5,662,024.53 5,662,024.53 0.00 0.00 0.00 0.00
Totals 199,999,024.53 199,999,024.53 0.00 1,182,062.24 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>
A-1 147,188.10 65,752,811.90 0.99776649 147,188.10
A-2 1,034,874.14 127,402,125.86 0.99194255 1,034,874.14
R 0.00 0.00 0.00000000 0.00
OC 0.00 6,066,085.60 1.07136336 0.00
Totals 1,182,062.24 199,221,023.36 0.99610998 1,182,062.24
</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 65,900,000.00 1000.00000000 0.00000000 2.23350683 0.00000000
A-2 128,437,000.00 1000.00000000 0.00000000 8.05744560 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 5,662,024.53 1000.00000000 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>
A-1 0.00000000 2.23350683 997.76649317 0.99776649 2.23350683
A-2 0.00000000 8.05744560 991.94255440 0.99194255 8.05744560
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 1,071.36335561 1.07136336 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 65,900,000.00 6.40000% 65,900,000.00 351,466.67 0.00 0.00
A-2 128,437,000.00 5.43969% 128,437,000.00 601,621.71 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
OC 5,662,024.53 0.00000% 5,662,024.53 0.00 0.00 0.00
Total 199,999,024.53 0.00000% 0.00 953,088.38 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 0.00 351,466.67 0.00 65,752,811.90
A-2 0.00 0.00 601,621.71 0.00 127,402,125.86
R 0.00 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 6,066,085.60
Totals 0.00 0.00 953,088.38 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 65,900,000.00 6.40000% 1000.00000000 5.33333338 0.00000000 0.00000000
A-2 128,437,000.00 5.43969% 1000.00000000 4.68417753 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 5,662,024.53 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
5) Per $1,000 denominations.
</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 5.33333338 0.00000000 997.76649317
A-2 0.00000000 0.00000000 4.68417753 0.00000000 991.94255440
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 1071.36335561
<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>
FSA 1,200.00000% 43,726.00 43,459.00 0.00 0.00 99.38937932%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,262,209.51
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 2,262,209.51
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 83,332.91
Payment of Interest and Principal 2,178,876.60
Total Withdrawals (Pool Distribution Amount) 2,262,209.51
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 83,332.91
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 83,332.91
</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 14,827.50 0.00
Financial Guaranty 0.00 0.00 28,898.50 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 0 0.00 0.000000% 0.000000%
60 Days 0 0.00 0.000000% 0.000000%
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 0 0.00 0.000000% 0.000000%
</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 0.00
</TABLE>
Class OC 0.00 0.00000000% 0.00 0.00000000% 3.044902% 0.000000%
Class OC 0.00 0.00000000% 0.00 0.00000000% 3.044902% 0.000000%
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 8.905294%
Weighted Average Net Coupon 8.405294%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 331
Begin Scheduled Collateral Loan Count 605
Number Of Loans Paid In Full 2
End Scheduled Collateral Loan Count 603
Begining Scheduled Collateral Balance 199,999,024.53
Ending Scheduled Collateral Balance 199,221,023.37
Ending Actual Collateral Balance at 31-Jan-1999 199,256,435.55
Monthly P &I Constant 1,605,741.36
Ending Scheduled Balance for Premium Loans 199,221,023.37
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed 6 Month LIBOR ARM
Weighted Average Coupon Rate 8.687597 9.016419
Weighted Average Net Rate 8.187597 8.516419
Weighted Average Maturity 276.00 358.00
Beginning Loan Count 202 403
Loans Paid In Full 0 2
Ending Loan Count 202 401
Beginning Scheduled Balance 64,011,058.80 125,399,393.32
Ending scheduled Balance 67,537,435.99 131,683,587.38
Record Date 01/31/1999 01/31/1999
Principal And Interest Constant 536,952.51 1,068,788.85
Scheduled Principal 47,625.40 73,907.59
Unscheduled Principal 4,692.65 651,775.52
Scheduled Interest 489,327.11 994,881.26
Servicing Fees 28,162.39 55,170.52
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 0.00 0.00
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 461,164.72 939,710.74
Realized Loss Amount 0.00 0.00
Cumulative Realized Loss 0.00 0.00
Group ID 1 2
Required Overcollateralization Amount 0.00 0.00
Overcollateralization Increase Amount 94,870.05 309,191.03
Overcollateralization Reduction Amount 0.00 0.00
Specified Overcollateralization Amount 2,365,641.39 6,951,486.70
Overcollateralization Amount 1,784,624.09 4,281,461.52
Overcollateralization Deficiency Amount 675,887.35 2,979,216.21
Base Overcollateralization Amount 0.00 0.00
Extra Principal Distribution Amount 94,870.05 309,191.03
Excess Cash Amount 94,870.05 309,191.03
</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 0.00 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 0 0 0 0 0 0
Percentage Of Loans 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 0.00 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 0 0 0 0 0 0
Percentage Of Loans 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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