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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): December 27, 1999
OPTION ONE MORTGAGE LOAN TRUST
Asset Backed Certificates, Series 1999-1 Trust
New York (governing law of 333-44067-07 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 December 27, 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 December 27, 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: 1/6/00
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 December 27,
1999 distribution.
<TABLE>
<CAPTION>
Option One Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/27/99
OOMC Series: 1999-1
Contact: Customer Service - CTSLink
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
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% 59,469,164.32 317,168.88 941,278.04
A-2 68389FAB0 SEQ 6.12500% 105,553,066.16 556,719.12 3,019,391.38
R OPT99012R RES 0.00000% 0.00 174,619.63 0.00
OC OPT9901OC SUB 0.00000% 9,189,192.48 0.00 0.00
Totals 174,211,422.96 1,048,507.63 3,960,669.42
</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 58,527,886.28 1,258,446.92 0.00
A-2 0.00 102,533,674.78 3,576,110.50 0.00
R 0.00 0.00 174,619.63 0.00
OC 0.00 9,317,128.09 0.00 0.00
Totals 0.00 170,378,689.15 5,009,177.05 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>
A-1 65,900,000.00 59,469,164.32 0.00 941,278.04 0.00 0.00
A-2 128,437,000.00 105,553,066.16 0.00 3,019,391.38 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
OC 5,662,024.53 9,189,192.48 0.00 0.00 0.00 0.00
Totals 199,999,024.53 174,211,422.96 0.00 3,960,669.42 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-1 941,278.04 58,527,886.28 0.88813181 941,278.04
A-2 3,019,391.38 102,533,674.78 0.79831882 3,019,391.38
R 0.00 0.00 0.00000000 0.00
OC 0.00 9,317,128.09 1.64554711 0.00
Totals 3,960,669.42 170,378,689.15 0.85189760 3,960,669.42
</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 65,900,000.00 902.41524006 0.00000000 14.28343005 0.00000000
A-2 128,437,000.00 821.82755873 0.00000000 23.50873487 0.00000000
R 0.00 0.00000000 0.00000000 0.00000000 0.00000000
OC 5,662,024.53 1622.95172536 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 14.28343005 888.13181002 0.88813181 14.28343005
A-2 0.00000000 23.50873487 798.31882386 0.79831882 23.50873487
R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
OC 0.00000000 0.00000000 1,645.54710786 1.64554711 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% 59,469,164.32 317,168.88 0.00 0.00
A-2 128,437,000.00 6.12500% 105,553,066.16 556,719.12 0.00 0.00
R 0.00 0.00000% 0.00 0.00 0.00 0.00
OC 5,662,024.53 0.00000% 9,189,192.48 0.00 0.00 0.00
Totals 199,999,024.53 873,888.00 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 0.00 317,168.88 0.00 58,527,886.28
A-2 0.00 0.00 556,719.12 0.00 102,533,674.78
R 0.00 0.00 174,619.63 0.00 0.00
OC 0.00 0.00 0.00 0.00 9,317,128.09
Totals 0.00 0.00 1,048,507.63 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% 902.41524006 4.81288134 0.00000000 0.00000000
A-2 128,437,000.00 6.12500% 821.82755873 4.33456963 0.00000000 0.00000000
R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
OC 5,662,024.53 0.00000% 1622.95172536 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 4.81288134 0.00000000 888.13181002
A-2 0.00000000 0.00000000 4.33456963 0.00000000 798.31882386
R 0.00000000 0.00000000 436549075000.000 0.00000000 0.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 1645.54710786
<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
Class Rate Balance Balance Balance Balance Percentage
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 37,130.00 36,239.00 0.00 0.00 82.87746421%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 5,054,462.56
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 64,432.59
Realized Losses 0.00
Total Deposits 5,118,895.15
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 72,588.09
Payment of Interest and Principal 5,046,307.06
Total Withdrawals (Pool Distribution Amount) 5,118,895.15
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 72,588.09
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 72,588.09
</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> CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans(7) Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 8 2,767,733.44 1.515152% 1.624460%
60 Days 2 509,377.60 0.378788% 0.298968%
90+ Days 17 5,148,923.83 3.219697% 3.022047%
Foreclosure 16 4,978,607.68 3.030303% 2.922084%
REO 0 0.00 0.000000% 0.000000%
Totals 43 13,404,642.55 8.143939% 7.867558%
<FN>
(7) The Foreclosure and bankruptcy loans are also included in the 30, 60, 90
stratification data. As a result, the foreclosure and bankruptcy loans
will be double-counted in the total line amount.
</FN>
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 299,318.75
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 64,432.59
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Class OC 0.00 0.00000000% 0.00 0.00000000% 5.468482% 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 8.859313%
Weighted Average Net Coupon 8.359313%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 321
Beginning Scheduled Collateral Loan Count 539
Number Of Loans Paid In Full 11
Ending Scheduled Collateral Loan Count 528
Beginning Scheduled Collateral Balance 174,211,422.96
Ending Scheduled Collateral Balance 170,378,689.15
Ending Actual Collateral Balance at 30-Nov-1999 170,378,689.15
Monthly P&I Constant 1,400,534.50
Ending Scheduled Balance for Premium Loans 170,378,689.15
</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 8.649878 8.974554
Weighted Average Net Rate 8.149878 8.474554
Weighted Average Maturity 266.00 348.00
Beginning Loan Count 190 349 539
Loans Paid In Full 3 8 11
Ending Loan Count 187 341 528
Beginning Scheduled Balance 61,834,805.71 112,376,617.25 174,211,422.96
Ending scheduled Balance 60,893,527.67 109,485,161.48 170,378,689.15
Record Date 11/30/99 11/30/99
Principal And Interest Constant 491,925.88 908,608.62 1,400,534.50
Scheduled Principal 46,206.25 68,166.91 114,373.16
Unscheduled Principal 895,071.79 2,823,288.86 3,718,360.65
Scheduled Interest 445,719.63 840,441.71 1,286,161.34
Servicing Fees 25,764.50 46,823.59 72,588.09
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 419,955.13 793,618.12 1,213,573.25
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 299,318.75 299,318.75
Percentage of Cumulative Losses 0.00 0.00 0.00
Group ID
Required Overcollateralization Amount 1 2 Total
0.00 0.00 0.00
Overcollateralization Increase Amount 0.00 127,935.61 127,935.61
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 2,365,641.39 6,951,486.70 9,317,128.09
Overcollateralization Deficiency Amount 0.00 127,935.61 127,935.61
Base Overcollateralization Amount 0.00 0.00 0.00
Extra Principal Distribution Amount 0.00 127,935.61 127,935.61
Excess Cash Amount 89,405.25 213,150.00 302,555.25
</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 440,134.54 258,197.78 1,020,164.43 944,156.74 0.00 530,713.97
Percentage Of Balance 0.723% 0.424% 1.675% 1.551% 0.000% 0.872%
Loan Count 1 1 4 3 0 2
Percentage Of Loans 0.535% 0.535% 2.139% 1.604% 0.000% 1.070%
2 Principal Balance 2,327,598.90 251,179.82 4,128,759.40 4,034,450.94 0.00 837,124.01
Percentage Of Balance 2.126% 0.229% 3.771% 3.685% 0.000% 0.765%
Loan Count 7 1 13 13 0 3
Percentage Of Loans 2.053% 0.293% 3.812% 3.812% 0.000% 0.880%
Totals:Principal Balance 2,767,733.44 509,377.60 5,148,923.83 4,978,607.68 0.00 1,367,837.98
Percentage of Balance 1.624% 0.299% 3.022% 2.922% 0.000% 0.803%
Loan Count 8 2 17 16 0 5
Percentage Of Loans 1.515% 0.379% 3.220% 3.030% 0.000% 0.947%
</TABLE>
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