|
|
|
|
|
|
|
|
|
|
Previous: SILVER BOW ANTIQUE AVIATION, 10SB12G/A, 1999-08-05 |
Next: STRUCTURED ASSET SEC CORP MORT PAS THR CERT SER 1999-BC1, 8-K, 1999-08-05 |
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): July 26, 1999
OPTION ONE MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 1999-1 Trust
New York (governing law of 333-67329-02 52-2157008
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 July 26, 1999 a distribution was made to holders of OPTION ONE MORTGAGE
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 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.
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: 7/30/99
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 July 26,
1999 distribution.
<TABLE>
<CAPTION>
Option One Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date: 6/30/99
Distribution Date: 7/26/99
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% 62,982,144.91 335,904.77 1,543,734.96
A-2 68389FAB0 SEQ 5.62500% 119,724,402.01 579,915.07 1,928,084.53
R OPT99012R RES 0.00000% 0.00 0.00 0.00
OC OPT9901OC SUB 0.00000% 7,736,110.34 0.00 0.00
Totals 190,442,657.26 915,819.84 3,471,819.49
</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 61,438,409.95 1,879,639.73 0.00
A-2 0.00 117,796,317.48 2,507,999.60 0.00
R 0.00 0.00 0.00 0.00
OC 0.00 8,108,793.46 0.00 0.00
Totals 0.00 187,343,520.89 4,387,639.33 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 62,982,144.91 0.00 1,543,734.96 0.00 0.00
A-2 128,437,000.00 119,724,402.01 0.00 1,928,084.53 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
OC 5,662,024.53 7,736,110.34 0.00 0.00 0.00 0.00
Totals 199,999,024.53 190,442,657.26 0.00 3,471,819.49 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 1,543,734.96 61,438,409.95 0.93229757 1,543,734.96
A-2 1,928,084.53 117,796,317.48 0.91715251 1,928,084.53
R 0.00 0.00 0.00000000 0.00
OC 0.00 8,108,793.46 1.43213676 0.00
Totals 3,471,819.49 187,343,520.89 0.93672217 3,471,819.49
</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 65,900,000.00 955.72298801 0.00000000 23.42541669 0.00000000
A-2 128,437,000.00 932.16442310 0.00000000 15.01190880 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 5,662,024.53 1366.31522859 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 23.42541669 932.29757132 0.93229757 23.42541669
A-2 0.00000000 15.01190880 917.15251431 0.91715251 15.01190880
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 1,432.13675904 1.43213676 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% 62,982,144.91 335,904.77 0.00 0.00
A-2 128,437,000.00 5.62500% 119,724,402.01 579,915.07 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
OC 5,662,024.53 0.00000% 7,736,110.34 0.00 0.00 0.00
Totals 199,999,024.53 915,819.84 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 0.00 335,904.77 0.00 61,438,409.95
A-2 0.00 0.00 579,915.07 0.00 117,796,317.48
R 0.00 0.00 0.00 0.00 0.00
OC 0.00 0.00 0.00 0.00 8,108,793.46
Totals 0.00 0.00 915,819.84 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% 955.72298801 5.09718923 0.00000000 0.00000000
A-2 128,437,000.00 5.62500% 932.16442310 4.51517141 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 5,662,024.53 0.00000% 1366.31522859 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>
A-1 0.00000000 0.00000000 5.09718923 0.00000000 932.29757132
A-2 0.00000000 0.00000000 4.51517141 0.00000000 917.15251431
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 1432.13675904
<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% 41,109.00 40,328.00 0.00 0.00 92.22887984%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,463,579.18
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 44,520.26
Realized Losses 0.00
Total Deposits 4,508,099.44
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 79,351.11
Payment of Interest and Principal 4,428,748.33
Total Withdrawals (Pool Distribution Amount) 4,508,099.44
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 79,351.10
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 79,351.10
</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>
Certificateholder Deliquency / Credit Enhancement Statement
<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 3 984,553.35 0.519031% 0.525534%
60 Days 3 923,211.21 0.519031% 0.492791%
90+ Days 10 3,406,609.86 1.730104% 1.818376%
Foreclosure 13 4,329,821.07 2.249135% 2.311167%
REO 0 0.00 0.000000% 0.000000%
Totals 29 9,644,195.49 5.017301% 5.147867%
</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 44,520.26
Class OC 0.00 0.00000000% 0.00 0.00000000% 4.328302% 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 8.878030%
Weighted Average Net Coupon 8.378030%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 326
Begin Scheduled Collateral Loan Count 580
Number Of Loans Paid In Full 2
Ending Scheduled Collateral Loan Count 578
Beginning Scheduled Collateral Balance 190,442,657.26
Ending Scheduled Collateral Balance 187,343,520.89
Ending Actual Collateral Balance at 30-Jun-1999 187,382,742.70
Monthly P &I Constant 1,526,164.24
Ending Scheduled Balance for Premium Loans 187,343,520.89
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2 Total
Collateral Description Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 8.648104 8.997566
Weighted Average Net Rate 8.148104 8.497566
Weighted Average Maturity 271.00 353.00
Beginning Loan Count 197 383 580
Loans Paid In Full 1 1 2
Ending Loan Count 196 382 578
Beginning Scheduled Balance 65,142,002.43 125,300,654.83 190,442,657.26
Ending scheduled Balance 63,690,511.56 123,653,009.33 187,343,520.89
Record Date 6/30/99 6/30/99
Principal And Interest Constant 514,287.85 1,011,876.39 1,526,164.24
Scheduled Principal 44,825.49 72,375.68 117,201.17
Unscheduled Principal 1,406,665.38 1,575,269.82 2,981,935.20
Scheduled Interest 469,462.36 939,500.71 1,408,963.07
Servicing Fees 27,142.50 52,208.60 79,351.10
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 0.00 0.00 0.00
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 442,319.86 887,292.11 1,329,611.97
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 Total
Required Overcollateralization Amount 0.00 0.00 0.00
Overcollateralization Increase Amount 92,244.09 280,439.03 372,683.12
Overcollateralization Reduction Amount 0.00 0.00 0.00
Specified Overcollateralization Amount 2,365,641.39 6,951,486.70 9,317,128.09
Overcollateralization Amount 2,252,101.61 5,856,691.85 8,108,793.46
Overcollateralization Deficiency Amount 205,783.87 1,375,233.88 1,581,017.75
Base Overcollateralization Amount 0.00 0.00 0.00
Extra Principal Distribution Amount 92,244.09 280,439.03 372,683.12
Excess Cash Amount 92,244.09 280,439.03 372,683.12
</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 259,113.50 319,025.96 0.00 319,025.96 0.00 0.00
Percentage Of Balance 0.407% 0.501% 0.000% 0.501% 0.000% 0.000%
Loan Count 1 1 0 1 0 0
Percentage Of Loans 0.510% 0.510% 0.000% 0.510% 0.000% 0.000%
2 Principal Balance 725,439.85 604,185.25 3,406,609.86 4,010,795.11 0.00 0.00
Percentage Of Balance 0.587% 0.489% 2.755% 3.244% 0.000% 0.000%
Loan Count 2 2 10 12 0 0
Percentage Of Loans 0.524% 0.524% 2.618% 3.141% 0.000% 0.000%
Total
Principal Balance 984,553.35 923,211.21 3,406,609.86 4,329,821.07 0.00 0.00
Percentage Of Balance 0.526% 0.493% 1.818% 2.311% 0.000% 0.000%
Loan Count 3 3 10 13 0 0
Percentage Of Loans 0.519% 0.519% 1.730% 2.249% 0.000% 0.000%
</TABLE>
|
|