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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: March 10, 2000
(Date of earliest event reported)
FIRST HORIZON ASSET SECURITIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 333-74467 75-2808384
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
4000 Horizon Way
Irving, Texas 75063
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 441-4000
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Item 5. Other Events.
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Reference is hereby made to the Registrant's Registration Statement on Form
S-3 (File No. 333-74467) filed with the Securities and Exchange Commission (the
"Commission") on March 16, 1999, as amended by Amendment No. 1 thereto filed
with the Commission on May 21, 1999, as further amended by Amendment No. 2
thereto filed with the Commission on July 6, 1999, as further amended by
Amendment No. 3 thereto filed with the Commission on December 20, 1999, and as
further amended by Amendment No. 4 thereto filed with the Commission on January
21, 2000 (as so amended, the "Registration Statement"), pursuant to which the
Registrant registered $1,500,000,000 aggregate principal amount of its mortgage
pass-through certificates, issuable in various series, for sale in accordance
with the provisions of the Securities Act of 1933, as amended. Reference is also
hereby made to the Prospectus and the related Prospectus Supplement
(collectively, the "Prospectus"), which will be filed with the Commission
pursuant to Rule 424(b)(5), with respect to the Registrant's Mortgage Pass-
Through Certificates, Series 2000-A (the "Offered Securities").
The Registrant is filing this Current Report on Form 8-K to provide
prospective investors with certain materials which constitute "ABS Term Sheets"
as described in the no-action letter dated February 27, 1995 issued by the
Division of Corporation Finance of the Commission to the Public Securities
Association, the filing of which materials is a condition of the relief granted
in such letters (such materials being the "ABS Term Sheets"). The ABS Term
Sheets are set forth in Exhibit 99.1 hereto.
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The assumptions used in preparing the ABS Term Sheets were based upon a
preliminary compilation of the underlying collateral and the estimated principal
amount and other features of the Offered Securities. The actual features of the
Offered Securities and a detailed description of the final constituency of the
underlying collateral will be set forth in the Prospectus and in a Current
Report on Form 8-K to be filed with the Commission.
Due to the preliminary nature of the information regarding the collateral
and the structure of the Offered Securities used in preparing the ABS Term
Sheets, no assurance can be given as to either the ABS Term Sheets' or the
underlying assumptions' accuracy, appropriateness or completeness in any
particular context; nor can assurance be given as to whether the ABS Term Sheets
and/or the assumptions upon which they are based reflect present market
conditions or future market performance. These ABS Term Sheets should not be
construed as either projections or predictions or as legal, tax, financial or
accounting advice.
The specific characteristics of the Offered Securities may differ from
those shown in the ABS Term Sheets due to differences between the actual
collateral and the preliminary collateral used in preparing the ABS Term Sheets.
As noted above, the principal amount and designation of any security described
in the ABS Term Sheets are subject to change prior to issuance.
Please be advised that auto loan backed securities may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayments, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
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Any statement or information contained in the ABS Term Sheets shall be
deemed to be modified or superseded for purposes of the Prospectus and the
Registration Statement by statements or information contained in the Prospectus.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits
Exhibit No. Description
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99.1 ABS Term Sheet
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Signatures
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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.
FIRST HORIZON ASSET SECURITIES, INC.
March 10, 2000 By: /s/ Wade Walker
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Wade Walker
Senior Vice President - Asset Securitization
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Exhibit 99.1
ABS Term Sheet
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FIRST HORIZON ASSET SECURITIES, INC.
PROPRIETARY JUMBO WHOLE LOAN CMO PROGRAM
<TABLE>
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|<S> | <C> |
|Overview: | First Horizon Home Loans, Dallas, TX (Formerly FT Mortgage), a wholly owned |
| | subsidiary of First Tennessee Bank, working in conjunction with First Tennessee |
| | Securities Corporation ("FTSC") has filed a $1,500,000,000 shelf registration with |
| | the SEC to issue Jumbo Whole Loan CMO's. The registration became effective in |
| | February, 2000. |
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|Timing: | FTSC expects the first transaction be in mid to late March 2000. |
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|Underwriter: | FTSC will co-underwrite each transaction with a "TBA" street dealer. We expect that |
| | FTSC will initially underwrite 25% to 50% of each deal. |
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|Frequency: | It is anticipated that an FHASI ("f-ZEE") Jumbo CMO will be priced and in the market|
| | at regular intervals of about six to eight weeks. Each transaction will be |
| | approximately $200 to $400 million each. |
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</TABLE>
COLLATERAL AND ANTICIPATED CMO STRUCTURE DESCRIPTION
<TABLE>
<CAPTION>
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|<S> | <C> |
|Loan Type: | 30 year Fixed Rate Jumbo (Initial seasoning 8 months on first deal) |
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|Purpose Approximate | 65% Purchase, 25% Refi, 10% Other (Initial Pool) |
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|Geographic Concentration: | CA 21%; VA 11%; GA 9%; MD 9%; AZ 6% (Initial Pool) |
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|Current LTV: | 77% |
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|FICO Scores: | Average score 725. Calculated as the lower of the borrower's and Co-borrower's |
| | median FICO score. This is a more conservative reflection of FICO scores than in most|
| | other Whole Loan CMOs. |
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|Property Type: | Single Family 64%; PUD 31%; Condo & Other 5% |
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|Occupancy: | Owner Occupied 98%; 2nd Home & Investor 2% |
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|Origination Channel: | 55% Wholesale, 40% Retail, 5% Correspondent |
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|Rating Agencies: | Two of the following: Fitch, S&P or Moody's. Approximately 95.75% of the transaction |
| | will be rated in the highest category by two of the four national rating agencies. |
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|Servicer: | First Horizon Home Loans, Dallas, TX |
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|Trustee: | Bank of New York |
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|Credit Enhancement | Senior/Sub, 4.25% to 4.5% initial subordination to AAA/Aaa1 senior bonds. |
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</TABLE>
KEY LOAN SERVICER STATISTICS
<TABLE>
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<S> | <C> | <C> | <C> | <C> |
|Loan Administration | 9/30/1999 | 12/1998 | 12/1997 | 12/1996 |
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|Volume ($000) | 48,509,500 | 39,726,760 | 27,511,674 | 22,490,102 |
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|No. of loans | 474,789 | 410,075 | 320,878 | 278,280 |
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|Delinquency (% of loans) | | | | |
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|Total | 5.22 | 5.28 | 6.23 | 6.48 |
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|30 days | 3.31 | 3.25 | 3.58 | 3.68 |
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|60 days | 0.82 | 0.71 | 0.97 | 1.13 |
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|90+ days | 1.09 | 1.32 | 1.70 | 1.67 |
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|Foreclosures | 0.41 | 0.54 | 0.69 | 0.62 |
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|Bankruptcies | 1.10 | 1.05 | 1.20 | .96 |
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|No. of REOs | | 687 | 550 | 336 |
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</TABLE>
