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Previous: ATLAS ASSET MANAGEMENT INC, 13F-HR/A, 1999-08-10 |
Next: VANDERBILT MORT & FIN INC PASS THROU CERT SER 1999A, 15-15D, 1999-08-10 |
<PAGE> 1
99A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): July 7, 1999
Vanderbilt Mortgage and Finance, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
(State or other jurisdiction of incorporation or organization)
333-43583-06 62-0997810
- ------------------------ ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
-----------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For the Remittance Dates of July 7, 1999 and June 7, 1999, The
Chase Manhattan Bank, as Trustee, made the monthly distributions to the holders
of the Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1999A.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
20 Monthly Reports delivered by 3
the Trustee to Certificateholders in
connection with the distributions on the
Remittance Dates specified in Item 5 above.
</TABLE>
SIGNATURES
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.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
-------------------
Name: David R. Jordan
Title: Secretary
Dated: July 7, 1999
<PAGE> 1
Exhibit 20
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-THROUGH FOR THE PERIOD ENDED: 25-MAY-99
CERTIFICATES SERIES 1999A LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
<TABLE>
<CAPTION>
CLASS I A-1 CLASS I A-2 CLASS I A-3 CLASS I A-4
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,397,764.26 223,687.50 131,733.33 69,062.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 547,632.84
(b) Partial Prepayments Received 40,676.28
(c) Principal Payments in Full (Scheduled Balance) 1,629,181.48
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 2,217,490.60 0.00 0.00 0.00
(c) Interest Distribution 180,273.66 223,687.50 131,733.33 69,062.50
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 180,273.66 223,687.50 131,733.33 69,062.50
(d) Beginning Class I A and Class I B Principal Balance 41,190,369.19 45,000,000.00 26,000,000.00 13,000,000.00
Less: Principal Distribution 2,217,490.60 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 38,972,878.59 45,000,000.00 26,000,000.00 13,000,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE 187,463.93 (h) POOL FACTOR ORIGINAL BALANCE
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.79536487 49,000,000.00
Section 6.02 Reimbursement Amount 4,260.00 Class I A-2 1.00000000 45,000,000.00
Reimbursable Fees 0.00 Class I A-3 1.00000000 26,000,000.00
------------- Class I A-4 1.00000000 13,000,000.00
TOTAL FEES DUE SERVICER 191,723.93 Class I A-5 1.00000000 20,034,000.00
Class I A-6 1.00000000 11,267,000.00
Class I M-1 1.00000000 6,573,000.00
Class I B-1 1.00000000 6,573,000.00
Class I B-2 1.00000000 10,328,000.00
</TABLE>
<TABLE>
<CAPTION>
CLASS I A-5 CLASS I A-6 CLASS I M-1 CLASS I B-1
------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 109,435.73 63,376.88 40,177.46 46,339.65
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 109,435.73 63,376.88 40,177.46 46,339.65
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Total Interest Distribution 109,435.73 63,376.88 40,177.46 46,339.65
(d) Beginning Class I A and Class I B Principal Balance 20,034,000.00 11,267,000.00 6,573,000.00 6,573,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 20,034,000.00 11,267,000.00 6,573,000.00 6,573,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE RATE
Section 8.06 Reimbursement Amount 5.0825% 4.9025% LIBOR
Section 6.02 Reimbursement Amount 5.9650% 0.18% SPREAD
Reimbursable Fees 6.0800%
6.3750%
TOTAL FEES DUE SERVICER 6.5550%
6.7500%
7.3350%
8.4600%
8.7500%
</TABLE>
<TABLE>
<CAPTION>
CLASS I B-2
-------------
<S> <C>
(a) Class I A and Class I B Distribution Amounts 75,308.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------
Total Principal Distribution 0.00
(c) Interest Distribution 75,308.33
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 75,308.33
(d) Beginning Class I A and Class I B Principal Balance 10,328,000.00
Less: Principal Distribution 0.00
-------------
Remaining Class A and Class B Principal Balance 10,328,000.00
RATE
(e) FEES DUE SERVICER Class A-1 5.083% 41,190,369.19 2,093,501
MONTHLY SERVICING FEE Class A-2 5.965% 45,000,000.00 2,684,250
Section 8.06 Reimbursement Amount Class A-3 6.080% 26,000,000.00 1,580,800
Section 6.02 Reimbursement Amount Class A-4 6.375% 13,000,000.00 828,750
Reimbursable Fees Class A-5 6.555% 20,034,000.00 1,313,229
Class A-6 6.750% 11,267,000.00 760,523
Class M-1 7.335% 6,573,000.00 482,130
Class B-1 8.460% 6,573,000.00 556,076
Class B-2 8.750% 10,328,000.00 903,700
TOTAL FEES DUE SERVICER 179,965,369.19 11,202,957 6.23%
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C> <C> <C>
31-59 Days Delinquent 72 2,600,551
60-89 DAYS DELINQUENT 13 499,329
90+ DAYS DELINQUENT 8 276,864
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 1.16%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.23%
(g) SECTION 3.05 REPURCHASES 0.00
(i) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSSESSION PROFITS 0.00
(j) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 146,552.50
(k) AGGREGATE NET LIQUIDATION LOSSES 0.00
(l) (x) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 0.00
(y) REMAINING AMOUNT AVAILABLE 512,233.93
---------------
AMOUNT OF (x) OVER (y) 0.00
(m) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(n) GUARANTEE PAYMENT 0.00
(o) UNADVANCED SHORTFALLS 0.00
NO.
(p) UNITS REPOSSESSED 4 $ 122,210.56
(q) PRINCIPAL PREPAYMENTS PAID 1,669,857.76
(r) SCHEDULED PRINCIPAL PAYMENTS 547,632.84
(s) WEIGHTED AVERAGE INTEREST RATE 10.39%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 3,453,005.25
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER-21ST 587,696.42
(II) MONTHLY ADVANCE MADE 0.00
(III) SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 10,437.67
(III) SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER-21ST 1,612.28
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 164,918.31
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER-21ST 26,989.81
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 187,463.93
(IV) REIMBURSABLE LIQUIDATION EXPENSES 4,260.00
(V) SECTION 6.04 (c) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER-21ST 0.00
TOTAL DUE SERVICER 191,723.93
AVAILABLE DISTRIBUTION AMOUNT-VANDERBILT 3,106,800.68
AVAILABLE DISTRIBUTION AMOUNT-SUBSERVICER-21ST 562,318.89
TO CLASS A AND B 3,156,885.64
MONTHLY EXCESS CASHFLOW 512,233.93
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 218.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 179,965,369.19
CURRENT BALANCE 177,750,340.43
ADV PRINCIPAL 42,293.04
DEL PRINCIPAL 44,754.88
POOL SCHEDULED BALANCE 177,747,878.59
PRINCIPAL PAYMENTS IN FULL 1,629,181.48
PARTIAL PREPAYMENTS 40,676.28
SCHEDULED PRINCIPAL 547,632.84
COLLATERAL BALANCE 177,750,340.43
</TABLE>
<PAGE> 2
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-THROUGH FOR THE PERIOD ENDED: 25-MAY-99
CERTIFICATES SERIES 1999A LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
<TABLE>
<CAPTION>
CLASS II A-1 CLASS II B-1 CLASS II B-2 CLASS II B-3
------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 2,477,510.44 50,999.66 33,077.69 46,910.80
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 178,287.72
(b) PARTIAL PREPAYMENTS RECEIVED 57,886.24
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 1,353,008.88
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
(g) ACCELERATED PRINCIPAL PAYMENT 600,304.09
------------- ------------- ------------ ------------
TOTAL PRINCIPAL DISTRIBUTION 2,189,486.93 0.00 0.00 0.00
(x) INTEREST DISTRIBUTION 288,023.51 50,999.66 33,077.69 46,910.80
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
TOTAL INTEREST DISTRIBUTION 288,023.51 50,999.66 33,077.69 46,910.80
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 64,045,746.69 10,705,000.00 5,120,000.00 6,982,000.00
LESS: PRINCIPAL DISTRIBUTION 2,189,486.93 0.00 0.00 0.00
------------- ------------- ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 61,856,259.76 10,705,000.00 5,120,000.00 6,982,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE 93,482.34 (AC) POOL FACTOR ORIGINAL BALANCE
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.88020291 70,275,000.00
Section 6.02 Reimbursement Amount 28,000.00 Class II B-1 1.00000000 10,705,000.00
Reimbursable Fees 0.00 Class II B-2 1.00000000 5,120,000.00
------------- Class II B-3 1.00000000 6,982,000.00
Total Fees Due Servicer 121,482.34
</TABLE>
<TABLE>
<S> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
(g) ACCELERATED PRINCIPAL PAYMENT
TOTAL PRINCIPAL DISTRIBUTION
(x) INTEREST DISTRIBUTION
UNPAID INTEREST SHORTFALL
TOTAL INTEREST DISTRIBUTION
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE
LESS: PRINCIPAL DISTRIBUTION
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE RATE LIBOR SPREAD
Section 8.06 Reimbursement Amount 5.2225% 4.9025% 0.32% 64,045,747 3,344,789
Section 6.02 Reimbursement Amount 5.5325% 0.63% 10,705,000 592,254
Reimbursable Fees 7.5025% 2.60% 5,120,000 384,128
7.8025% 2.90% 6,982,000 544,771
---------- ---------
Total Fees Due Servicer 86,852,747 4,865,942 5.60%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(aa) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 105 3,991,795
60-89 DAYS DELINQUENT 13 455,318
90+ DAYS DELINQUENT 7 329,261
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 3.19%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.67%
(ab) SECTION 3.05 REPURCHASES 0.00
(ad) CLASS R DISTRIBUTION AMOUNT 146,717.60
REPOSSESSION PROFITS 0.00
(ae) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 68,789.15
(af) AGGREGATE NET LIQUIDATION LOSSES 0.00
(ag) (x) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 46,910.80
(y) REMAINING AMOUNT AVAILABLE 234,787.76
--------------
AMOUNT OF (x) OVER (y) 0.00
(ah) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(ai) GUARANTEE PAYMENT 0.00
(aj) UNADVANCED SHORTFALLS 0.00
NO.
(ak) UNITS REPOSSESSED 2 $ 70,621.77
(al) PRINCIPAL PREPAYMENTS PAID 1,410,895.12
(am) SCHEDULED PRINCIPAL PAYMENTS 178,287.72
(an) WEIGHTED AVERAGE INTEREST RATE 10.32%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,402,215.86
(II) MONTHLY ADVANCE MADE 0.00
(III) SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 6,411.53
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 44,162.79
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 93,482.34
(IV) REIMBURSABLE LIQUIDATION EXPENSES 28,000.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 121,482.34
AVAILABLE DISTRIBUTION AMOUNT 2,242,982.26
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 2,008,194.50
MONTHLY EXCESS CASHFLOW CLASS II 234,787.76
MONTHLY EXCESS CASHFLOW CLASS I 512,233.93
ACCELERATED PRINCIPAL PAYMENT 600,304.09
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 218.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 89,743,042.60
CURRENT BALANCE 88,187,616.07
ADV PRINCIPAL 9,924.61
DEL PRINCIPAL 43,680.92
POOL SCHEDULED BALANCE 88,153,859.76
PRINCIPAL PAYMENTS IN FULL 1,353,008.88
PARTIAL PREPAYMENTS 57,886.24
SCHEDULED PRINCIPAL 178,287.72
COLLATERAL BALANCE 88,187,616.07
OVERCOLLATERALIZATION AMOUNT 3,490,600
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,490,600
</TABLE>
<PAGE> 3
CHASE BANK, TRUSTEE DETERMINATION DATE: 02-JUL-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUL-99
SENIOR/SUBORDINATED PASS-THROUGH FOR THE PERIOD ENDED: 25-JUN-99
CERTIFICATES SERIES 1999A LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
<TABLE>
<CAPTION>
CLASS I A-1 CLASS I A-2 CLASS I A-3 CLASS I A-4
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,633,229.83 223,687.50 131,733.33 69,062.50
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 662,653.37
(b) Partial Prepayments Received 90,837.67
(c) Principal Payments in Full (Scheduled Balance) 1,713,048.54
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 2,466,539.58 0.00 0.00 0.00
(c) Interest Distribution 166,690.25 223,687.50 131,733.33 69,062.50
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 166,690.25 223,687.50 131,733.33 69,062.50
(d) Beginning Class I A and Class I B Principal Balance 38,972,878.59 45,000,000.00 26,000,000.00 13,000,000.00
Less: Principal Distribution 2,466,539.58 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 36,506,339.01 45,000,000.00 26,000,000.00 13,000,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE 185,154.04 (H) POOL FACTOR ORIGINAL BALANCE
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS I A-1 0.74502733 49,000,000.00
SECTION 6.02 REIMBURSEMENT AMOUNT 16,023.96 CLASS I A-2 1.00000000 45,000,000.00
REIMBURSABLE FEES 0.00 CLASS I A-3 1.00000000 26,000,000.00
CLASS I A-4 1.00000000 13,000,000.00
TOTAL FEES DUE SERVICER 201,178.00 CLASS I A-5 1.00000000 20,034,000.00
CLASS I A-6 1.00000000 11,267,000.00
CLASS I M-1 1.00000000 6,573,000.00
CLASS I B-1 1.00000000 6,573,000.00
CLASS I B-2 1.00000000 10,328,000.00
</TABLE>
<TABLE>
<CAPTION>
CLASS I A-5 CLASS I A-6 CLASS I M-1 CLASS I B-1
------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 109,435.73 63,376.88 40,177.46 46,339.65
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 109,435.73 63,376.88 40,177.46 46,339.65
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Total Interest Distribution 109,435.73 63,376.88 40,177.46 46,339.65
(d) Beginning Class I A and Class I B Principal Balance 20,034,000.00 11,267,000.00 6,573,000.00 6,573,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 20,034,000.00 11,267,000.00 6,573,000.00 6,573,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 5.1325% 4.9525% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 5.9650% 0.18% SPREAD
REIMBURSABLE FEES 6.0800%
6.3750%
TOTAL FEES DUE SERVICER 6.5550%
6.7500%
7.3350%
8.4600%
8.7500%
</TABLE>
<TABLE>
<CAPTION>
CLASS I B-2
-------------
<S> <C>
(a) Class I A and Class I B Distribution Amounts 75,308.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------
Total Principal Distribution 0.00
(c) Interest Distribution 75,308.33
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 75,308.33
(d) Beginning Class I A and Class I B Principal Balance 10,328,000.00
Less: Principal Distribution 0.00
-------------
Remaining Class A and Class B Principal Balance 10,328,000.00
RATE
(e) FEES DUE SERVICER Class A-1 5.133% 38,972,878.59 2,000,283
MONTHLY SERVICING FEE Class A-2 5.965% 45,000,000.00 2,684,250
SECTION 8.06 REIMBURSEMENT AMOUNT Class A-3 6.080% 26,000,000.00 1,580,800
SECTION 6.02 REIMBURSEMENT AMOUNT Class A-4 6.375% 13,000,000.00 828,750
REIMBURSABLE FEES Class A-5 6.555% 20,034,000.00 1,313,229
Class A-6 6.750% 11,267,000.00 760,523
Class M-1 7.335% 6,573,000.00 482,130
Class B-1 8.460% 6,573,000.00 556,076
Class B-2 8.750% 10,328,000.00 903,700
177,747,878.59 11,109,740 6.25%
TOTAL FEES DUE SERVICER
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(f) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 72 2,621,816
60-89 DAYS DELINQUENT 14 421,714
90+ DAYS DELINQUENT 16 602,630
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 1.37%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.42%
(g) SECTION 3.05 REPURCHASES 0.00
(i) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSSESSION PROFITS 0.00
(j) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 251,723.71
(k) AGGREGATE NET LIQUIDATION LOSSES 0.00
(l) (x) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 0.00
(y) REMAINING AMOUNT AVAILABLE 185,865.34
---------------
AMOUNT OF (X) OVER (Y) 0.00
(m) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(n) GUARANTEE PAYMENT 0.00
(o) UNADVANCED SHORTFALLS 0.00
NO.
(p) UNITS REPOSSESSED 6 $ 203,069.82
(q) PRINCIPAL PREPAYMENTS PAID 1,803,886.21
(r) SCHEDULED PRINCIPAL PAYMENTS 662,653.37
(s) WEIGHTED AVERAGE INTEREST RATE 10.38%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 3,273,271.41
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER-21ST 688,437.49
(II) MONTHLY ADVANCE MADE 0.00
(III) SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 8,176.98
(III) SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER-21ST 1,590.58
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 167,995.28
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER-21ST 24,086.63
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 185,154.04
(IV) REIMBURSABLE LIQUIDATION EXPENSES 16,023.96
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER-21ST 0.00
TOTAL DUE SERVICER 201,178.00
AVAILABLE DISTRIBUTION AMOUNT-VANDERBILT 2,912,275.11
AVAILABLE DISTRIBUTION AMOUNT-SUBSERVICER-21ST 665,941.44
TO CLASS A AND B 3,392,351.21
MONTHLY EXCESS CASHFLOW 185,865.34
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 217.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 177,747,878.59
CURRENT BALANCE 175,286,797.30
ADV PRINCIPAL 44,734.55
DEL PRINCIPAL 50,192.84
POOL SCHEDULED BALANCE 175,281,339.01
PRINCIPAL PAYMENTS IN FULL 1,713,048.54
PARTIAL PREPAYMENTS 90,837.67
SCHEDULED PRINCIPAL 662,653.37
COLLATERAL BALANCE $175,286,797.30
</TABLE>
<PAGE> 4
CHASE BANK, TRUSTEE DETERMINATION DATE: 02-JUL-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUL-99
SENIOR/SUBORDINATED PASS-THROUGH FOR THE PERIOD ENDED: 25-JUN-99
CERTIFICATES SERIES 1999A LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
<TABLE>
<CAPTION>
CLASS II A-1 CLASS II B-1 CLASS II B-2 CLASS II B-3
<S> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 1,413,127.31 49,800.55 32,224.00 45,688.46
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 176,922.72
(b) PARTIAL PREPAYMENTS RECEIVED 43,494.76
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 920,928.89
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
(g) ACCELERATED PRINCIPAL PAYMENT 0.00
------------- ------------- ------------ ------------
TOTAL PRINCIPAL DISTRIBUTION 1,141,346.37 0.00 0.00 0.00
(x) INTEREST DISTRIBUTION 271,780.94 49,800.55 32,224.00 45,688.46
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
TOTAL INTEREST DISTRIBUTION 271,780.94 49,800.55 32,224.00 45,688.46
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 61,856,259.76 10,705,000.00 5,120,000.00 6,982,000.00
LESS: PRINCIPAL DISTRIBUTION 1,141,346.37 0.00 0.00 0.00
------------- ------------- ------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 60,714,913.39 10,705,000.00 5,120,000.00 6,982,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE 91,826.94 (AC) POOL FACTOR ORIGINAL BALANCE
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.86396177 70,275,000.00
Section 6.02 Reimbursement Amount 24,000.00 Class II B-1 1.00000000 10,705,000.00
Reimbursable Fees 0.00 Class II B-2 1.00000000 5,120,000.00
------------- Class II B-3 1.00000000 6,982,000.00
Total Fees Due Servicer 115,826.94
</TABLE>
<TABLE>
<S> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
(g) ACCELERATED PRINCIPAL PAYMENT
TOTAL PRINCIPAL DISTRIBUTION
(x) INTEREST DISTRIBUTION 610,562.77
UNPAID INTEREST SHORTFALL
When
TOTAL INTEREST DISTRIBUTION 83,521,913.39
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE is less than
LESS: PRINCIPAL DISTRIBUTION 93,082,000.00 1,141,346.37
X
0.10
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 9,308,200.00
(z) FEES DUE SERVICER We can prepaid
MONTHLY SERVICING FEE RATE LIBOR SPREAD
Section 8.06 Reimbursement Amount 5.2725% 4.9525% 0.32% 61,856,260 3,261,371
Section 6.02 Reimbursement Amount 5.5825% 0.63% 10,705,000 597,607
Reimbursable Fees 7.5525% 2.60% 5,120,000 386,688
7.8525% 2.90% 6,982,000 548,262
------------- ---------
Total Fees Due Servicer 84,663,260
4,793,927 5.66%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(aa) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 104 3,768,513
60-89 DAYS DELINQUENT 17 607,482
90+ DAYS DELINQUENT 12 491,874
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 3.98%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.93%
(ab) SECTION 3.05 REPURCHASES 0.00
(ad) CLASS R DISTRIBUTION AMOUNT 396,934.16
REPOSSESSION PROFITS 0.00
(ae) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 141,247.35
(af) AGGREGATE NET LIQUIDATION LOSSES 0.00
(ag) (x) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 45,688.46
(y) REMAINING AMOUNT AVAILABLE 211,068.82
--------------
AMOUNT OF (x) OVER (y) 0.00
(ah) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(ai) GUARANTEE PAYMENT 0.00
(aj) UNADVANCED SHORTFALLS 0.00
NO.
(ak) UNITS REPOSSESSED 2 $ 70,856.82
(al) PRINCIPAL PREPAYMENTS PAID 964,423.65
(am) SCHEDULED PRINCIPAL PAYMENTS 176,922.72
(an) WEIGHTED AVERAGE INTEREST RATE 10.32%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,909,355.99
(II) MONTHLY ADVANCE MADE 0.00
(III) SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 4,659.29
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 46,279.20
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 91,826.94
(IV) REIMBURSABLE LIQUIDATION EXPENSES 24,000.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 115,826.94
AVAILABLE DISTRIBUTION AMOUNT 1,751,909.14
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,540,840.32
MONTHLY EXCESS CASHFLOW CLASS II 211,068.82
MONTHLY EXCESS CASHFLOW CLASS I 185,865.34
ACCELERATED PRINCIPAL PAYMENT 0.00
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 217.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 88,153,859.76
CURRENT BALANCE 87,051,162.24
ADV PRINCIPAL 10,780.17
DEL PRINCIPAL 49,429.02
POOL SCHEDULED BALANCE 87,012,513.39
PRINCIPAL PAYMENTS IN FULL 920,928.89
PARTIAL PREPAYMENTS 43,494.76
SCHEDULED PRINCIPAL 176,922.72
COLLATERAL BALANCE 87,051,162.24
OVERCOLLATERALIZATION AMOUNT 3,490,600
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,490,600
</TABLE>
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