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
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 December 27,1999 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 December 27,1999 filed
as Exhibit 99.1 hereto.
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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.
SAXON ASSET SECURITIES TRUST 1999-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-1
Date: December 27, 1999 By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Monthly Certificateholder Statement on
December 27,1999
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Exhibit 99.1
Monthly Certificateholder Statement on December 27,1999
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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
Distribution Date: 27-Dec-99
Cer- Certit-
tifi- cates
Interest cates Carry Applied
Original Beginning Carry Carry- Over Realizes Total Ending
Certificate Certificate Principal Interest Forward Over Amount Loss Distri- Certificate
Class Cusip # Balance Balance Distribution Distribution Amount Amount Paid Amount bution Balance
AF-1 805564CU3 80,000,000.00 49,859,325.92 3,201,284.75 248,590.29 - N/A N/A - 3,449,875.04 46,658,041.17
AF-2 805564CV1 38,000,000.00 38,000,000.00 - 189,366.67 - 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 - 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 - 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 - 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 - 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 805564XX1 2,579,000.00 2,579,000.00 - 19,825.50 - N/A N/A - 19,825.50 2,579,000.00
BF-3 805564XX3 2,579,000.00 2,579,000.00 - 19,825.50 - N/A N/A - 19,825.50 2,579,000.00
AV-1 805564DC2 200,358,000.00 159,513,556.98 5,492,008.43 809,043.90 - - - - 6,301,052.33 154,021,548.55
MV-1 805564DD0 20,728,000.00 20,728,000.00 - 110,842.98 - - - - 110,842.98 20,728,000.00
MV-2 805564DE8 16,331,000.00 16,331,000.00 - 94,361.43 - - - - 94,361.43 16,331,000.00
BV-1 805564DF5 7,538,000.00 7,538,000.00 - 54,135.40 - - - - 54,135.40 7,538,000.00
BV-2 805564XX2 2,513,000.00 2,513,000.00 - 20,032.09 - 612.21 612.21 - 20,644.30 2,513,000.00
BV-3 805564XX4 3,769,000.00 3,769,000.00 - 30,044.14 - 918.19 918.19 - 30,962.34 3,769,000.00
C 80556C N/A N/A N/A 988,172.20 N/A N/A N/A N/A 988,172.20 N/A
R 80556R N/A N/A N/A - N/A N/A N/A N/A - N/A
TOTALS 509,056,000.00 438,070,882.90 8,693,293.18 3,320,459.70 12,015,283.28 429,377,589.72
Group I 257,819,000.00 227,678,325.92 3,201,284.75 1,213,827.56 4,415,112.31 224,477,041.17
Group II 251,237,000.00 210,392,556.98 5,492,008.43 1,118,459.94 6,611,998.77 204,900,548.55
One Month LIBOR RATE 5.59000%
Factor Information per $1,000 of the Original Balance
Certi- Current
Interest Certi- ficates Pass
Principal Interest Carry ficates Carryover End Prin Through
Class Cusip # Distribution Distribution Forward Carryover Paid Balance Rate
AF-1 805564CU3 40.0161 3.1074 0.0000 0.0000 0.0000 583.2255 5.79000%
AF-2 805564CV1 0.0000 4.9833 0.0000 0.0000 0.0000 1,000.0000 5.98000%
AF-3 805564CW9 0.0000 5.1417 0.0000 0.0000 0.0000 1,000.0000 6.17000%
AF-4 805564CX7 0.0000 5.2917 0.0000 0.0000 0.0000 1,000.0000 6.35000%
AF-5 805564CY5 0.0000 5.6458 0.0000 0.0000 0.0000 1,000.0000 6.77500%
AF-6 805564DG3 0.0000 5.2917 0.0000 0.0000 0.0000 1,000.0000 6.35000%
MF-1 805564CZ2 0.0000 5.5375 0.0000 0.0000 0.0000 1,000.0000 6.64500%
MF-2 805564DA6 0.0000 5.9917 0.0000 0.0000 0.0000 1,000.0000 7.19000%
BF-1 805564DB4 0.0000 7.0625 0.0000 0.0000 0.0000 1,000.0000 8.47500%
BF-2 805564XX1 0.0000 7.6873 0.0000 0.0000 0.0000 1,000.0000 9.22474%
BF-3 805564XX3 0.0000 7.6873 0.0000 0.0000 0.0000 1,000.0000 9.22474%
AV-1 805564DC2 27.4110 4.0380 0.0000 0.0000 0.0000 768.7317 5.89000%
MV-1 805564DD0 0.0000 5.3475 0.0000 0.0000 0.0000 1,000.0000 6.21000%
MV-2 805564DE8 0.0000 5.7781 0.0000 0.0000 0.0000 1,000.0000 6.71000%
BV-1 805564DF5 0.0000 7.1817 0.0000 0.0000 0.0000 1,000.0000 8.34000%
BV-2 805564XX2 0.0000 7.9714 0.0000 0.0000 0.2436 1,000.0000 9.25709%
BV-3 805564XX4 0.0000 7.9714 0.0000 0.0000 0.2436 1,000.0000 9.25709%
If there are any questions or comments, please contact:
Joan Dolce
Saxon Mortgage
4880 Cox Road
Richmond, VA 23060
(804) 967-5814
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SAXON ASSET SECURITIES TRUST 1999-1
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-1
STATEMENT TO CERTIFICATEHOLDERS
Group I Group II
Aggregate Scheduled Mortgage Prinicpal Balance 224,477,041.17 204,900,548.55
Prepayment Amount 3,021,808.38 5,333,551.75
Substitution Shortfall Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount - 47,058.32
Applied Realized Loss Amount - -
Group I Group II
Net Rate 9.22474% 9.25709%
Largest Mortgage Loan Balance 745,304.26 787,573.57
Servicing Fees 96,170.82 87,663.63
Master Servicing Fees 6,830.35 6,311.78
The Number and Aggregate Principal Balances
of all Delinquent Mortgage Loans as of the Remittance Date
Group I Group II
Category Number Percentage Principal Balance Number Percentage Principal Balance
30-59 Days 77 2.75907% 6,193,485.43 79 3.74173% 7,666,818.40
60-89 Days 4 0.23324% 523,559.27 3 0.10244% 209,892.55
90+ Days 3 0.11595% 260,289.31 2 0.13231% 271,106.94
Group I Group II
Number of Mortgage Loans in Foreclosure Proceedings 92 88
Scheduled Principal Balance of all Mortgage Loans in Foreclosure Proceedings 8,164,569.97 8,837,262.81
Number of Mortgage Loans in Foreclosure in Prior Month 80 72
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in Prior Month 6,882,541.75 6,947,204.56
Group I Group II
Number of Mortgagors in Bankruptcy Proceedings 45 25
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings 3,734,734.77 3,155,406.23
Group I Group II
Number of any REO Properties 18 9
Book Value of any REO Properties 1,078,564.02 1,184,829.55
Group I Group II
Servicer Number Principal Balance Number Principal Balance
Number of 60+ Delinquent Loans Meritech 145 12,210,591.71 118 12,838,644.79
Amount on Deposit in Asset Proceeds Account 12,015,283.28
Interest 3,369,048.42
Scheduled Principal 290,874.73
Unscheduled Principal 8,355,360.13
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