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)
October 25, 1999
ContiMortgage Home Equity Loan Trust 1999-1
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(Exact name of registrant as specified in its charter)
16-1565856
16-1565858
New York 33-339505 16-1565859
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14240-2599
-------------------------------- ----------------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
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(Former name or former address, if changed since last report)
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Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On October 25, 1999 a scheduled distribution was made from the Trust to
holders of the Class A, B and C Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of September 1999 dated October
25, 1999 attached hereto as Exhibit 19 is hereby incorporated by reference.
In addition to the information included in the Trustee's Monthly Report,
the gross servicing compensation paid to the Servicer for the month of September
1999 was $233,655.80.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of September 1999.
Page 3
<PAGE>
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Joy B. Tolbert
-----------------------------------------
Name: Joy B. Tolbert
Title: Vice President and Assistant Secretary
Dated: November 1, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of September 1999.
Page 5
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1999-1
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Distribution Period: 25-Oct-99
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WJT3 A-1 164,250,000.00 132,998,867.61 11,167,465.91 666,102.66 11,833,568.57 121,831,401.70
21075WJU0 A-2 96,940,000.00 96,940,000.00 0.00 484,700.00 484,700.00 96,940,000.00
21075WJV8 A-3 53,259,000.00 53,259,000.00 0.00 273,840.03 273,840.03 53,259,000.00
21075WJW6 A-4 29,905,000.00 29,905,000.00 0.00 157,001.25 157,001.25 29,905,000.00
21075WJX4 A-5 31,401,000.00 31,401,000.00 0.00 166,686.98 166,686.98 31,401,000.00
21075WJY2 A-6 53,245,000.00 53,245,000.00 0.00 303,940.21 303,940.21 53,245,000.00
21075WJZ9 A-7 34,125,000.00 34,125,000.00 0.00 183,990.63 183,990.63 34,125,000.00
21075WKA2 A-8 154,375,000.00 135,660,304.51 4,700,442.94 597,470.59 5,297,913.53 130,959,861.57
21075WKC8 B 32,500,000.00 32,500,000.00 0.00 230,208.33 230,208.33 32,500,000.00
21075X2P7 C 0.00 0.00 0.00 12,076.27 12,076.27 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
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Total 650,000,000.00 600,034,172.12 15,867,908.85 3,076,016.95 18,943,925.80 584,166,263.27
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------------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
------------------------------------------------------------------------------------------------------------
21075WKB0 A-9IO 34,125,000.00 34,125,000.00 0.00 199,062.50 199,062.50 34,125,000.00
- --------------------------------------------------------------------------------------------------------------------------
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AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
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Ending
Principal Interest Total Certificate Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate
- --------------------------------------------------------------------------------------------------------------------------
21075WJT3 A-1 67.99066003 4.05541954 72.04607957 741.74369376 A-1 6.01000%
21075WJU0 A-2 0.00000000 5.00000000 5.00000000 1,000.00000000 A-2 6.00000%
21075WJV8 A-3 0.00000000 5.14166676 5.14166676 1,000.00000000 A-3 6.17000%
21075WJW6 A-4 0.00000000 5.25000000 5.25000000 1,000.00000000 A-4 6.30000%
21075WJX4 A-5 0.00000000 5.30833349 5.30833349 1,000.00000000 A-5 6.37000%
21075WJY2 A-6 0.00000000 5.70833336 5.70833336 1,000.00000000 A-6 6.85000%
21075WJZ9 A-7 0.00000000 5.39166681 5.39166681 1,000.00000000 A-7 6.47000%
21075WKA2 A-8 30.44821338 3.87025483 34.31846821 848.32298993 A-8 5.66250%
21075WKC8 B 0.00000000 7.08333323 7.08333323 1,000.00000000 A-9IO 7.00000%
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Total 24.41216746 4.71375489 29.12592235 898.71732811 B 8.50000%
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LIBOR: 5.38250%
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Uncapped A-8 Rate: 5.66250%
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Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
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21075WKB0 A-9IO 0.00000000 5.83333333 5.83333333 1,000.00000000
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</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
<PAGE>
Distribution Period: 25-Oct-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 350,889.21 67,357.20 418,246.41
Prepayments (incl. Curtailments) 8,335,710.48 5,269,808.66 13,605,519.14
Purchased Principal 47,917.41 0.00 47,917.41
Liquidation Proceeds applied to principal 253,295.66 62,542.88 315,838.54
Realized Loss of Principal 106,679.34 6,087.58 112,766.92
Realized Loss of Interest 38,463.03 2,793.27 41,256.30
Extra Principal Distribution 2,179,653.15 (699,265.80) 1,480,387.35
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9IO Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
Group I Group II Total
------- -------- -----
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 447,510,750.97 138,023,132.73 585,533,883.70
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Group I Group II Total
SEC. 7.09 (a) (viii) Loan Purchase Prices 49,291.04 0.00 49,291.04
Substitution Amounts 0.00 0.00 0.00
SEC. 7.09 (a) (ix) & (x) Weighted Average Coupon 10.2775% 10.1903% 10.2566%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 265 350 285
SEC. 7.09 (a) (xii) Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Overcollateralization Amount 1,367,620.43
Targeted Overcollateralization Amount 16,575,000.00
Class A Optimal Balance 536,458,883.70
Class B Optimal Balance 32,500,000.00
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- -----------
Class B 0.00 0.00 0.00
SEC. 7.09 (a) (xvi) Group I Group II
------- --------
Available Funds Cap 9.06604% 9.00367%
SEC. 7.09 (a) (xvii) Insured Payment 0.00
SEC. 7.09 (a) (xviii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xx) Largest Home Equity Loan Balance Outstanding 409,803.33
2nd Largest Home Equity Loan Balance Outstanding 401,630.00
3rd Largest Home Equity Loan Balance Outstanding 392,917.66
SEC. 7.09 (a) (xxi) Class B Available Funds Cap Carry-Forward Amount 0.00
</TABLE>
Page 2
<PAGE>
Distribution Period: 25-Oct-99
<TABLE>
<CAPTION>
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SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
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<S> <C> <C> <C> <C> <C> <C>
30-59 Days 146 2.31342% 8,618,844.31 1.92595%
Group I 60-89 Days 55 0.87149% 3,388,592.90 0.75721%
90+ Days 137 2.17081% 9,881,859.89 2.20818%
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30-59 Days 43 2.79402% 2,733,341.47 1.98035%
Group II 60-89 Days 14 0.90968% 1,387,522.90 1.00528%
90+ Days 45 2.92398% 3,388,602.12 2.45510%
-------------------------------------------------------------------------------------------------
30-59 Days 189 2.40764% 11,352,185.78 1.93878%
TOTAL 60-89 Days 69 0.87898% 4,776,115.80 0.81569%
90+ Days 182 2.31847% 13,270,462.01 2.26639%
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Total Group I 6,311 100.00000% 447,510,750.97 100.00000%
---------------------------------------------------------------------------------
Total Group II 1,539 100.00000% 138,023,132.73 100.00000%
---------------------------------------------------------------------------------
Total 7,850 100.00000% 585,533,883.70 100.00000%
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(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count
and balance.
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 83 29 112
Loans in Foreclosure (LIF): Balance 5,569,545.03 2,047,724.80 7,617,269.83
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 37 12 49
Loans in Bankruptcy: Balance 2,928,802.25 1,095,737.01 4,024,539.26
SEC. 7.09 (b)(iv) & (v) REO Properties: Count 4 1 5
REO Properties: Balance 575,362.99 43,174.59 618,537.58
Loans in Loss Mitigation: Count 30 9 39
Loans in Loss Mitigation: Balance 1,719,788.35 867,449.42 2,587,237.77
Loans in Forbearance: Count 5 2 7
Loans in Forbearance: Balance 260,053.84 151,094.73 411,148.57
SEC. 7.09 (b) (vi) Cumulative Realized Losses 203,960.86 37,307.72 241,268.58
SEC. 7.09 (b) (vii) Loan Balance of 90+ Day Delinquent Loans 9,881,859.89 3,388,602.12 13,270,462.01
SEC. 7.09 (b) (viii) Six Month Rolling Average 90+ Day Delinquency Rate 1.19673%
Six-Month Rolling Average Excess Spread .23720%
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0 0
</TABLE>
Page 3
<PAGE>
Distribution Period: 25-Oct-99
<TABLE>
<CAPTION>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 19,236,928.59
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
---------- -----------
<S> <C> <C> <C>
Class A-1 Allocation 11,833,568.57 11,833,568.57
Class A-2 Allocation 484,700.00 484,700.00
Class A-3 Allocation 273,840.03 273,840.03
Class A-4 Allocation 157,001.25 157,001.25
Class A-5 Allocation 166,686.98 166,686.98
Class A-6 Allocation 303,940.21 303,940.21
Class A-7 Allocation 183,990.63 183,990.63
Class A-8 Allocation 5,297,913.53 5,297,913.53
Class A-9IO Allocation 199,062.50 199,062.50
-----------------------------
Class A Distribution Amount 18,900,703.70 18,900,703.70
=============================
Class B Allocation 230,208.33 230,208.33
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<CAPTION>
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
<S> <C> <C> <C> <C>
A-1 132,998,867.61 11,167,465.91 121,831,401.70
A-2 96,940,000.00 0.00 96,940,000.00
A-3 53,259,000.00 0.00 53,259,000.00
A-4 29,905,000.00 0.00 29,905,000.00
A-5 31,401,000.00 0.00 31,401,000.00
A-6 53,245,000.00 0.00 53,245,000.00
A-7 34,125,000.00 0 34,125,000.00
A-8 135,660,304.50 4,700,442.94 130,959,861.60
A-9IO 34,125,000.00 NA 34,125,000.00
B 32,500,000.00 0.00 32,500,000.00
* Denotes Notional Amounts for Class A-9IO.
Group I Group II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 145,142.37 8,880.85 154,023.22
Cumulative Realized Losses 203,960.86 37,307.72 241,268.58
SEC. 7.08(b)(vii) Six-Month Rolling Average Excess Spread .23720%
Six-Month Rolling Average 90+ Day Delinquency Rate 1.19673%
</TABLE>
<PAGE>
Distribution Period: 25-Oct-99
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
7564503 $267,602.21 List Pending
8099681 $148,000.00 Eviction
7638695 $ 82,409.94 List Pending
7425622 $ 77,350.84 Eviction
8123788 $ 43,174.59 List Pending
<PAGE>
Page 4
Insurer's Report
Distribution Period: 25-Oct-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 999,761.83 480,625.52 1,480,387.34
* Premium paid from cash flow (1) 70,117.73 21,826.64 91,944.37
* Trustee Fee paid from cash flow (1) 1,518.83 477.10 1,995.93
* Interest Collected on Mortgage
Loans (net of Service Fee) 3,681,903.22 1,155,427.60 4,837,330.82
* Current Period Realized Losses:
Principal 106,679.34 6,087.58 112,766.92
Interest 38,463.03 2,793.27 41,256.3
</TABLE>
(1) Allocated based upon the related Certificate Balances.
