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Previous: NORTHPOINT COMMUNICATIONS GROUP INC, S-1/A, 1999-04-28 |
Next: HYTEC FLOW SYSTEMS INC, RW, 1999-04-28 |
<PAGE> 1
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): March 8, 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 Date of March 8, 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 Report delivered by 3
the Trustee to Certificateholders
in connection with the distributions
on the Remittance Date 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: March 8, 1999
<PAGE> 1
Monthly Report (March 8, 1999 Remittance Date)
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
Class II A-1 Class II B-1
<S> <C> <C>
(v) Class II A and Class II B Distribution Amounts 2,611,298.12 16,561.17
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 491,847.14
(b) Partial Prepayments Received 53,667.72
(c) Principal Payments in Full (Scheduled Balance) 662,058.98
(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 1,301,056.80
------------ -------------
Total Principal Distribution 2,508,630.64 0.00
(x) Interest Distribution 102,667.48 16,561.17
Unpaid Interest Shortfall 0.00 0.00
------------ -------------
Total Interest Distribution 102,667.48 16,561.17
(y) Beginning Class I A and Class I B Principal Balance 70,275,000.00 10,705,000.00
Less: Principal Distribution 2,508,630.64 0.00
------------ -------------
Remaining Class A and Class B Principal Balance 67,766,369.36 10,705,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac)
Section 8.06 Reimbursement Amount 0.00 Class II A-1
Section 6.02 Reimbursement Amount 0.00 Class II B-1
Reimbursable Fees 0.00 Class II B-2
Class II B-3
------------
Total Fees Due Servicer 0.00
<CAPTION>
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 18 757,182
60-89 Days Delinquent 4 109,775
90+ Days Delinquent 0 0
3-Month Avg Thirty-Day Delinquency Ratio 0.27%
3-Month Avg Sixty-Day Delinquency Ratio 0.04%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 15,204.04
(y) Remaining Amount Available 398,314.68
------------
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 0 0.00
(al) Principal Prepayments paid 715,726.70
(am) Scheduled Principal Payments 491,847.14
(an) Weighted Average Interest Rate 10.34%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,815,050.12
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 64,006.24
(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 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(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 0.00
Available Distribution Amount 1,751,043.88
To Class A and B - Scheduled Principal and Interest 1,352,729.20
Monthly Excess Cashflow Class II 398,314.68
Monthly Excess Cashflow Class I 902,742.12
Accelerated Principal Payment 1,301,056.80
Weighted Average Remaining Term (months) 222.00
Scheduled Balance Computation
Prior Month Balance 93,082,000.00
Current Balance 91,881,699.59
Adv Principal 13,048.93
Del Principal 20,322.36
Pool Scheduled Balance 91,874,426.16
Principal Payments in Full 662,058.98
Partial Prepayments 53,667.72
Scheduled Principal 491,847.14
Collateral Balance 91,881,699.59
Overcollateralization Amount 1,301,057
Required Overcollateralization Amount 3,490,600
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
Class II B-2 Class II B-3
<S> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 10,722.67 15,204.04
(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 0.00 0.00
(x) Interest Distribution 10,722.67 15,204.04
Unpaid Interest Shortfall 0.00 0.00
------------ ------------
Total Interest Distribution 10,722.67 15,204.04
(y) Beginning Class I A and Class I B Principal Balance 5,120,000.00 6,982,000.00
Less: Principal Distribution 0.00 0.00
------------ ------------
Remaining Class A and Class B Principal Balance 5,120,000.00 6,982,000.00
(z) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.96430266 70,275,000.00 5.2594%
Section 6.02 Reimbursement Amount 1.00000000 10,705,000.00 5.5694%
Reimbursable Fees 1.00000000 5,120,000.00 7.5394%
Total Fees Due Services 1.00000000 6,982,000.00 7.8394%
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 -
<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 543,470.04
Unpaid Interest Shortfall
Total Interest Distribution When
90,573,369.36
(y) Beginning Class I A and Class I B Principal Balance is less than
Less: Principal Distribution 93,082,000.00 2,508,630.64
X
Remaining Class A and Class B Principal Balance 0.10
9,308,200.00
(z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Libor Spread
Section 8.06 Reimbursement Amount 4.9394% 0.32% 70,275,000 3,696,029
Section 6.02 Reimbursement Amount 0.63% 10,705,000 596,202
Reimbursable Fees 2.60% 5,120,000 386,016
Total Fees Due Servicer 2.90% 6,982,000 547,346
---------------------------------
93,082,000 5,225,593 5.61%
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,256,420.57 223,687.50 131,733.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 346,448.12
(b) Partial Prepayments Received 219,289.26
(c) Principal Payments in Full (Scheduled Balance) 1,621,002.74
(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 2,186,740.12 0.00 0.00
(c) Interest Distribution 69,680.45 223,687.50 131,733.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 69,680.45 223,687.50 131,733.33
(d) Beginning Class I A and Class I B Principal Balance 49,000,000.00 45,000,000.00 26,000,000.00
Less: Principal Distribution 2,186,740.12 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 46,813,259.88 45,000,000.00 26,000,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.95537265
Section 6.02 Reimbursement Amount 0.00 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I A-3 1.00000000
Class I A-4 1.00000000
------------
Total Fees Due Servicer 0.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I M-1 1.00000000
(f) Delinquency Contracts Balance Class I B-1 1.00000000
Class I B-2 1.00000000
31-59 Days Delinquent 18 338,657
60-89 Days Delinquent 3 80,925
90+ Days Delinquent 0 0
3-Month Avg Thirty-Day Delinquency Ratio 0.06%
3-Month Avg Sixty-Day Delinquency Ratio 0.01%
(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 0.00
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 0.00
(y) Remaining Amount Available 902,742.12
----------
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 0 0.00
(q) Principal Prepayments paid 1,840,292.00
(r) Scheduled Principal Payments 346,448.12
(s) Weighted Average Interest Rate 10.27%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 3,683,679.37
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 488,365.75
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 221,548.46
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 32,212.59
(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 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(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 0.00
Available Distrubution Amount-Vanderbilt 3,462,130.91
Available Distrubution Amount-SubServicer-21st 456,153.16
To Class A and B 3,015,541.95
Monthly Excess Cashflow 902,742.12
Weighted Average Remaining Term (months) 233.00
Scheduled Balance Computation
Prior Month Balance 187,775,000.00
Current Balance 185,563,603.06
Adv Principal 52,908.08
Del Principal 28,251.26
Pool Scheduled Balance 185,588,259.88
Principal Payments in Full 1,621,002.74
Partial Prepayments 219,289.26
Scheduled Principal 346,448.12
Collateral Balance 185,563,603.06
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 69,062.50 109,435.73 63,376.88
(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
(c) Interest Distribution 69,062.50 109,435.73 63,376.88
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 69,062.50 109,435.73 63,376.88
(d) Beginning Class I A and Class I B Principal Balance 13,000,000.00 20,034,000.00 11,267,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 13,000,000.00 20,034,000.00 11,267,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 49,000,000.00 5.1194% 4.9394%
Section 6.02 Reimbursement Amount 45,000,000.00 5.9650% 0.18%
Reimbursable Fees 26,000,000.00 6.0800%
13,000,000.00 6.3750%
Total Fees Due Servicer 20,034,000.00 6.5550%
11,267,000.00 6.7500%
No. of 6,573,000.00 7.3350%
(f) Delinquency Contracts 6,573,000.00 8.4600%
10,328,000.00 8.7500%
31-59 Days Delinquent 18
60-89 Days Delinquent 3
90+ Days Delinquent 0
3-Month Avg Thirty-Day Delinquency Ratio 0.06%
3-Month Avg Sixty-Day Delinquency Ratio 0.01%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I M-1 Class I B-1 Class I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 40,177.46 46,339.65 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 0.00 0.00
(c) Interest Distribution 40,177.46 46,339.65 75,308.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 40,177.46 46,339.65 75,308.33
(d) Beginning Class I A and Class I B Principal Balance 6,573,000.00 6,573,000.00 10,328,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 6,573,000.00 6,573,000.00 10,328,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Libor
Section 6.02 Reimbursement Amount Spread
Reimbursable Fees
Total Fees Due Servicer
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 18
60-89 Days Delinquent 3
90+ Days Delinquent 0
3-Month Avg Thirty-Day Delinquency Ratio 0.06%
3-Month Avg Sixty-Day Delinquency Ratio 0.01%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-MAR-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-MAR-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999A FOR THE PERIOD ENDED: 25-FEB-99
LOCK-OUT DATE: MAR-04
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(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
(c) Interest Distribution 828,801.83
Unpaid Interest Shortfall
Total Interest Distribution 2,186,740.12
When
(d) Beginning Class I A and Class I B Principal Balance 185,588,259.88
Less: Principal Distribution is less than
185,588,259.88
Remaining Class A and Class B Principal Balance 0.10
18,558,825.99
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 5.119% 49,000,000.00 2,508,496
Section 6.02 Reimbursement Amount Class A-2 5.965% 45,000,000.00 2,684,250
Reimbursable Fees Class A-3 6.080% 26,000,000.00 1,580,800
Class A-4 6.375% 13,000,000.00 828,750
Total Fees Due Servicer Class A-5 6.555% 20,034,000.00 1,313,229
Class A-6 6.750% 11,267,000.00 760,523
No. of Class M-1 7.335% 6,573,000.00 482,130
(f) Delinquency Contracts Class B-1 8.460% 6,573,000.00 556,076
Class B-2 8.750% 10,328,000.00 903,700
31-59 Days Delinquent 18
60-89 Days Delinquent 3
90+ Days Delinquent 0
3-Month Avg Thirty-Day Delinquency Ratio 0.06%
3-Month Avg Sixty-Day Delinquency Ratio 0.01% 187,775,000.00 11,617,953 6.19%
</TABLE>
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