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) :August 25, 1999
Saxon Asset Securities Trust 1999-1
Mortgage Loan Asset Backed Certificates, Series 1999-1
(Exact name of registrant as specified in its charter)
Virginia 333-59479-01 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 7 consecutively numbered pages.
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Item 5. Other Events.
On August 25, 1999 distributions were made to the Certificateholders.
Specific information with respect to the distributions is
filed as Exhibit 99.1. No other reportable transactions or
matters have occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Statement to Certificateholders on August 25, 1999 filed
as Exhibit 99.1 hereto.
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<PAGE>
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.
SAXON ASSET SECURITIES TRUST 1999-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-1
Date: August 30, 1999 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Certificateholder Statement on
August 25, 1999 6
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Exhibit 99.1
Monthly Certificateholder Statement on August 25, 1999
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<S> <C> <C> <C> <C> <C> <C>
SAXON ASSET SECURITIES TRUST 1999-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-AUG-99 PAGE # 1
RECORD DATE: 30-JUL-99
- ------------------------------------------------------------------------------------------------------------------------------------
Certi- Certifi-
fi- cates
Interest cates Carry- Applied
Original Beginning Principal Interest Carry Carry- over Realized Total Ending
Certificate Certificate Distri- Distri- Forward over Amt Loss Distri- Certificate
Class Cusip # Balance Balance bution bution Amt Amt Paid Amount bution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
AF-1 805564CU3 80,000,000.00 63,369,643.32 3,688,666.03 283,249.10 - N/A N/A N/A 3,971,915.13 59,680,977.29
AF-2 805564CV1 38,000,000.00 38,000,000.00 - 189,366.67 - N/A N/A N/A 189,366.67 38,000,000.00
AF-3 805564CW9 35,000,000.00 35,000,000.00 - 179,958.33 - N/A N/A N/A 179,958.33 35,000,000.00
AF-4 805564CX7 28,000,000.00 28,000,000.00 - 148,166.67 - N/A N/A N/A 148,166.67 28,000,000.00
AF-5 805564CY5 17,389,000.00 17,389,000.00 - 98,175.40 - N/A N/A N/A 98,175.40 17,389,000.00
AF-6 805564DG3 22,043,000.00 22,043,000.00 - 116,644.21 - N/A N/A N/A 116,644.21 22,043,000.00
MF-1 805564CZ2 14,825,000.00 14,825,000.00 - 82,093.44 - N/A N/A - 82,093.44 14,825,000.00
MF-2 805564DA6 10,958,000.00 10,958,000.00 - 65,656.68 - N/A N/A - 65,656.68 10,958,000.00
BF-1 805564DB4 6,446,000.00 6,446,000.00 - 45,524.88 - N/A N/A - 45,524.88 6,446,000.00
BF-2 N/A 2,579,000.00 2,579,000.00 - 19,900.06 - N/A N/A - 19,900.06 2,579,000.00
BF-3 N/A 2,579,000.00 2,579,000.00 - 19,900.06 - N/A N/A - 19,900.06 2,579,000.00
AV-1 805564DC2 200,358,000.00 181,025,124.94 4,604,349.64 824,230.02 - - - N/A 5,428,579.66 176,420,775.30
MV-1 805564DD0 20,728,000.00 20,728,000.00 - 99,904.64 - - - - 99,904.64 20,728,000.00
MV-2 805564DE8 16,331,000.00 16,331,000.00 - 85,516.60 - - - - 85,516.60 16,331,000.00
BV-1 805564DF5 7,538,000.00 7,538,000.00 - 49,711.54 - - - - 49,711.54 7,538,000.00
BV-2 N/A 2,513,000.00 2,513,000.00 - 19,085.71 - - - - 19,085.71 2,513,000.00
BV-3 N/A 3,769,000.00 3,769,000.00 - 28,624.77 - - - - 28,624.77 3,769,000.00
C N/A N/A N/A N/A 1,246,518.18 N/A N/A N/A N/A 1,246,518.18 N/A
R N/A N/A N/A N/A - N/A N/A N/A N/A - N/A
===================================================================================================================================
TOTALS 509,056,000.00 473,092,768.26 8,293,015.67 3,602,226.96 - - - - 11,895,242.63 464,799,752.59
===================================================================================================================================
Grp I 257,819,000.00 241,188,643.32 3,688,666.03 1,248,635.50 - 4,937,301.53 237,499,977.29
Grp II 251,237,000.00 231,904,124.94 4,604,349.64 1,107,073.28 - 5,711,422.92 227,299,775.30
==============
LIBOR RATE 5.16375%
===============
Factor Information Per $1,000 of the Original Balance Pass Through Rate
- --------------------------------------------------------------------------------------------------------------------------------
Principal Interest Interest Certificates Certificates End Prin Current Pass
Class Cusip # Distribution Distribution Carry Forward Carryover Carryover Paid Balance Through Rate
- --------------------------------------------------------------------------------------------------------------------------------
AF-1 805564CU3 46.10832538 3.54061375 0.0000000 N/A N/A 746.0122161 5.3638%
AF-2 805564CV1 - 4.98333342 0.0000000 N/A N/A 1000.0000000 5.9800%
AF-3 805564CW9 - 5.14166657 0.0000000 N/A N/A 1000.0000000 6.1700%
AF-4 805564CX7 - 5.29166679 0.0000000 N/A N/A 1000.0000000 6.3500%
AF-5 805564CY5 - 5.64583357 0.0000000 N/A N/A 1000.0000000 6.7750%
AF-6 805564DG3 - 5.29166674 0.0000000 N/A N/A 1000.0000000 6.3500%
MF-1 805564CZ2 - 5.53750017 0.0000000 N/A N/A 1000.0000000 6.6450%
MF-2 805564DA6 - 5.99166636 0.0000000 N/A N/A 1000.0000000 7.1900%
BF-1 805564DB4 - 7.06250078 0.0000000 N/A N/A 1000.0000000 8.4750%
BF-2 N/A - 7.71619232 0.0000000 N/A N/A 1000.0000000 9.2594%
BF-3 N/A - 7.71619232 0.0000000 N/A N/A 1000.0000000 9.2594%
AV-1 805564DC2 22.98061290 4.11378642 0.0000000 0.0000000 0.0000000 880.5277319 5.4638%
MV-1 805564DD0 - 4.81979159 0.0000000 0.0000000 0.0000000 1000.0000000 5.7838%
MV-2 805564DE8 - 5.23645827 0.0000000 0.0000000 0.0000000 1000.0000000 6.2838%
BV-1 805564DF5 - 6.59479172 0.0000000 0.0000000 0.0000000 1000.0000000 7.9138%
BV-2 N/A - 7.59479109 0.0000000 0.0000000 0.0000000 1000.0000000 9.1138%
BV-3 N/A - 7.59479172 0.0000000 0.0000000 0.0000000 1000.0000000 9.1138%
- ------------------------------------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact the Relationship Manager listed below
---------------------------------------
Mary Jo Davis
Chase Bank of Texas
600 Travis Street, 10th Floor
Houston, Texas
(713) 216-4756
---------------------------------------
CHASE BANK OF TEXAS
MASTER SERVICER
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SAXON ASSET SECURITIES TRUST 1999-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
DIST DATE: 25-AUG-99 PAGE # 2
RECORD DATE: 30-JUL-99
Group I Group II
---------------------------------
Sec.3.04(a)(i)(c) Aggregate Scheduled Mortgage Principal Balance 237,499,977.29 227,299,775.30
Prepayment Amount 3,485,076.54 4,461,644.99
Liquidation Amount 107,258.34 97,420.89
Substitution Shortfalls Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount 21,818.67 24,630.80
Applied Realized Loss Amount - -
Unpaid Realized Loss Amount - -
---------------------------------
Sec.3.04(a)(ii) Group I Net Rate 9.25943%
Group II Net Rate 9.25012%
Sec.3.04(a)(iii) The Largest Mortgage Loan Balance Outstanding in Group I 747,050.95
The Largest Mortgage Loan Balance Outstanding in Group II 789,238.94
Group I Group II
----------------------------------
Sec.3.04(a)(iv) Servicing Fees 101,996.48 96,616.36
Master Servicing Fees 7,235.66 6,957.12
----------------------------------
Sec. 3.04 (b) The Number and Aggregate Principal Balances of all Delinquent Mortgage Loans in each Group
(i)-(ii) as of the Close of Business as of the end of the Related Prepayment Period
Group I Group II
----------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
----------------------------------------------------------------------------------------------------
30-59 Days 65 2.04048% 4,846,130.90 58 2.76978% 6,295,693.01
60-89 Days 4 0.17089% 405,852.57 10 0.47567% 1,081,187.41
90+ Days 4 0.14097% 334,811.63 3 0.15692% 356,681.20
----------------------------------------------------------------------------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b) Number of Mortgage Loans in Foreclosure Proceedings 52 58
(iii) Scheduled Principal Balance of all Mortgage Loans in Foreclosure
Proceedings 4,089,187.33 6,626,502.74
Number of Mortgage Loans in Foreclosure in Prior Month 43 52
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in
Prior Month 3,053,663.56 6,226,866.42
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(iv) Number of Mortgagors in Bankruptcy Proceedings 22 16
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings 2,142,648.04 1,514,021.31
-----------------------------------
Group I Group II
-----------------------------------
Sec. 3.04(b)(v) Number of REO Preperties in the Prepayment Period 4 1
Aggregate book value of REO Preperties 197,831.42 575,463.77
-----------------------------------
Servicer Group I Group II
---------------------------------------------------
Sec. 3.04 (b)(vi) Number of 60+ Day Delinquent Loans Meritech 77 78
---------------------------------------------------
Amount by Principal Balance of 60+ Day Delinquent Loans Meritech 6,374,805.16 9,276,163.60
---------------------------------------------------
CHASE BANK OF TEXAS
MASTER SERVICER
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