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)
Jun 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
-------- --------- ----------
(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 Jun 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 May, 1999 dated Jun 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 May,
1999 was $240,286.41.
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 May, 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: July 8, 1999
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of May, 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-Jun-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-1 164,250,000.00 155,702,570.19 4,090,927.86 779,810.37 4,870,738.23 151,611,642.33
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-8 154,375,000.00 148,655,500.62 2,940,216.33 665,966.32 3,606,182.65 145,715,284.29
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 1,628,949.63 1,628,949.63 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Total 650,000,000.00 635,733,070.81 7,031,144.19 4,875,093.75 11,906,237.94 628,701,926.62
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
- ---------------------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WJT3 A-1 24.90671452 4.74770393 29.65441845 923.05413900 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 19.04593574 4.31395187 23.35988761 943.90467556 A-8 5.20250%
21075WKC8 B 0.00000000 7.08333323 7.08333323 1,000.00000000 A-9IO 7.00000%
- ---------------------------------------------------------------------------------------------------------------------------
Total 10.81714491 4.99406788 15.81121278 967.23373326 B 8.50000%
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LIBOR: 4.92250%
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Uncapped A-8 Rate: 5.20250%
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</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
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-Jun-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 356,478.26 63,638.32 420,116.58
Prepayments (incl. Curtailments) 3,605,198.43 2,942,402.15 6,547,600.58
Purchased Principal 63,173.72 0.00 63,173.72
Liquidation Proceeds applied to principal 0.00 0.00 0.00
Realized Loss of Principal 253.31 0.00 253.31
Realized Loss of Interest 5.96 0.00 5.96
Extra Principal Distribution 66,077.45 (65,824.14) 253.31
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: 475,043,449.72 153,658,476.90 628,701,926.62
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 64,737.08 0.00 64,737.08
Substitution Amounts 0.00 0.00 0.00
SEC. 7.09 (a) (ix) & (x) Weighted Average Coupon 10.2975% 10.1338% 10.2571%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 268 353 289
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 0.00
Targeted Overcollateralization Amount 0.00
Class A Optimal Balance 596,201,926.62
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 9.10682% 9.44382%
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 411,041.41
2nd Largest Home Equity Loan Balance Outstanding 402,422.41
3rd Largest Home Equity Loan Balance Outstanding 394,077.87
SEC. 7.09 (a) (xxi) Class B Available Funds Cap Carry-Forward Amount 0.00
</TABLE>
Page 2
<PAGE>
DISTRIBUTION PERIOD: 25-Jun-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>
30-59 Days 99 1.47761% 5,669,849.01 1.19354%
Group I 60-89 Days 37 0.55224% 2,418,903.76 0.50920%
90+ Days 30 0.44776% 2,284,581.18 0.48092%
--------------------------------------------------------------------------------------------------
30-59 Days 27 1.59669% 2,194,939.28 1.42845%
Group II 60-89 Days 10 0.59137% 783,560.24 0.50994%
90+ Days 17 1.00532% 1,380,566.86 0.89846%
--------------------------------------------------------------------------------------------------
30-59 Days 126 1.50161% 7,864,788.29 1.25096%
TOTAL 60-89 Days 47 0.56012% 3,202,464.00 0.50938%
90+ Days 47 0.56012% 3,665,148.04 0.58297%
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Total Group I 6,700 100.00000% 475,043,449.72 100.00000%
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Total Group II 1,691 100.00000% 153,658,476.90 100.00000%
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Total 8,391 100.00000% 628,701,926.62 100.00000%
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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 19 14 33
Loans in Foreclosure (LIF): Balance 1,198,944.25 1,013,560.41 2,212,504.66
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 12 3 15
Loans in Bankruptcy: Balance 800,740.71 255,103.57 1,055,844.28
SEC. 7.09 (b)(iv) & (v) REO Properties: Count 1 0 1
REO Properties: Balance 267,602.21 0.00 267,602.21
Loans in Loss Mitigation: Count 3.00 1.00 4.00
Loans in Loss Mitigation: Balance 467,306.03 99,813.08 567,119.11
Loans in Forbearance: Count 0.00000% 0.00000% 0.00000%
Loans in Forbearance: Balance 0.00000% 0 0
SEC. 7.09 (b) (vi) Cumulative Realized Losses 403052.0000% 0 4030.52
SEC. 7.09 (b) (vii) Loan Balance of 90+ Day Delinquent Loans 2,284,581.18 1,380,566.86 3,665,148.04
SEC. 7.09 (b) (viii) Six Month Rolling Average 90+ Day Delinquency Rate 0.002978677
Six-Month Rolling Average Excess Spread 0.002298397
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0 0
</TABLE>
Page 3
<PAGE>
Distribution Period: 25-JUN-99
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 12,206,758.55
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
Class A-1 Allocation 4,870,738.23 4,870,738.23
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 3606182.65 3606182.65
Class A-9IO Allocation 199,062.50 199,062.50
------------------------------
Class A Distribution Amount 10,246,142.48 10,246,142.48
==============================
Class B Allocation 230208.33 230208.33
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
----- --------- ------------ ---------
<S> <C> <C> <C>
A-1 155,702,570.19 4,090,927.86 151,611,642.33
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-8 148,655,500.62 2,940,216.33 145,715,284.29
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.
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 259.27 0 259.27
Cumulative Realized Losses 4030.52 0 4030.52
SEC. 7.08(b)(vii) Six-Month Rolling Average Excess Spread 0.002298397
Six-Month Rolling Average 90+ Day Delinquency Rate 0.002978677
</TABLE>
<PAGE>
Distribution Period: 25-JUN-99
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
7564503 267602.21 List Pending
Page 4
<PAGE>
Insurer's Report
Distribution Period: 25-JUN-99
Group I Group II Total
------- -------- -----
* Monthly Excess Cashflow Amount 1,112,206.52 510,229.50 1,622,436.02
* Premium paid from cash flow (1) 75,081.11 24,285.88 99,366.99
Trustee Fee paid from cash flow (1) 1,575.80 515.32 2,091.12
Interest Collected on Mortgage
Loans (net of Service Fee) 3,911,373.20 1,257,727.55 5,169,100.75
Current Period Realized Losses:
Principal 253.31 0 253.31
Interest 5.96 0 5.96
(1) Allocated based upon the related Certificate Balances.
