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 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)
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On December 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 November 1999 dated
December 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
November 1999 was $232,311.73.
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 November, 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: January 7, 2000
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of November 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-Dec-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-1 164,250,000.00 112,492,704.70 8,533,445.25 563,400.96 9,096,846.21 103,959,259.45
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-8 154,375,000.00 126,469,169.26 4,470,748.45 639,266.52 5,110,014.97 121,998,420.81
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 17,185.93 17,185.93 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------------
Total 650,000,000.00 570,336,873.96 13,004,193.70 3,020,220.84 16,024,414.54 557,332,680.26
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate
- --------------------------------------------------------------------------------------------------------------------------
21075WJT3 A-1 51.95400457 3.43014283 55.38414740 632.93308645 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 28.96031385 4.14099770 33.10131155 790.27317124 A-8 5.87000%
21075WKC8 B 0.00000000 7.08333323 7.08333323 1,000.00000000 A-9IO 7.00000%
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Total 20.00645185 4.62005371 24.62650555 857.43489271 B 8.50000%
- --------------------------------------------------------------------------------------------------------------------------
LIBOR: 5.59000%
----------------
Uncapped A-8 Rate: 5.87000%
----------------
----------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------
21075WKB0 A-9IO 0.00000000 5.83333333 5.83333333 1,000.00000000
- ------------------------------------------------------------------------------------------
</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-Dec-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 363,686.04 60,119.61 423,805.65
Prepayments (incl. Curtailments) 6,335,970.39 4,157,673.96 10,493,644.35
Purchased Principal 0.00 0.00 0.00
Liquidation Proceeds applied to principal 502,551.54 238,723.30 741,274.84
Realized Loss of Principal 110,363.46 11,387.22 121,750.68
Realized Loss of Interest 8.50 25.00 33.50
Extra Principal Distribution 1,331,237.28 14,231.58 1,345,468.86
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: 432,257,298.87 128,879,023.74 561,136,322.61
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 0.00 0.00 0.00
Substitution Amounts 0.00 0.00 0.00
SEC. 7.09 (a) (ix) & (x) Weighted Average Coupon 10.2600% 10.2268% 10.2523%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 264 348 284
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 3,803,642.35
Targeted Overcollateralization Amount 16,575,000.00
Class A Optimal Balance 512,061,322.61
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 8.98932% 8.99981%
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 409,550.27
2nd Largest Home Equity Loan Balance Outstanding 401,019.57
3rd Largest Home Equity Loan Balance Outstanding 392,441.23
SEC. 7.09 (a) (xxi) Class B Available Funds Cap Carry-Forward Amount 0.00
</TABLE>
Page 2
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 118 1.93189% 7,669,049.25 1.77419%
Group I 60-89 Days 44 0.72037% 2,706,114.55 0.62604%
90+ Days 185 3.02881% 13,024,881.00 3.01322%
-------------------------------------------------------------------------------------------------
30-59 Days 26 1.80556% 1,767,900.77 1.37175%
Group II 60-89 Days 14 0.97222% 946,117.45 0.73411%
90+ Days 77 5.34722% 5,891,010.81 4.57096%
-------------------------------------------------------------------------------------------------
30-59 Days 144 1.90779% 9,436,950.02 1.68176%
TOTAL 60-89 Days 58 0.76842% 3,652,232.00 0.65086%
90+ Days 262 3.47112% 18,915,891.81 3.37100%
-------------------------------------------------------------------------------------------------
Total Group I 6,108 100.00000% 432,257,298.87 100.00000%
---------------------------------------------------------------------------------
Total Group II 1,440 100.00000% 128,879,023.74 100.00000%
---------------------------------------------------------------------------------
Total 7,548 100.00000% 561,136,322.61 100.00000%
---------------------------------------------------------------------------------
(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 101 37 138
Loans in Foreclosure (LIF): Balance 6,883,633.31 2,984,743.28 9,868,376.59
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 41 16 57
Loans in Bankruptcy: Balance 3,054,694.01 1,352,622.68 4,407,316.69
SEC. 7.09 (b)(iv) & (v) REO Properties: Count 6 1 7
REO Properties: Balance 757,477.17 43,174.59 800,651.76
Loans in Loss Mitigation: Count 29 6 35
Loans in Loss Mitigation: Balance 1,935,408.81 510,044.87 2,445,453.68
Loans in Forbearance: Count 7 4 11
Loans in Forbearance: Balance 384,820.46 316,927.07 701,747.53
SEC. 7.09 (b) (vi) Cumulative Realized Losses 475,853.11 51,156.56 527,009.67
Current Period Reimbursed Delinquency and Servicing Advances -
Unreimbursed Delinquency and Servicing Advances 405.03
SEC. 7.09 (b) (vii) Loan Balance of 90+ Day Delinquent Loans 13,024,881.00 5,891,010.81 18,915,891.81
SEC. 7.09 (b) (viii) Six Month Rolling Average 90+ Day Delinquency Rate 2.10141%
Six-Month Rolling Average Excess Spread 0.21876%
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0 0
</TABLE>
Page 3
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 16,331,963.11
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
Class A-1 Allocation 9,096,846.21 9,096,846.21
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 5110014.97 5110014.97
Class A-9IO Allocation 199,062.50 199,062.50
--------------------------------
Class A Distribution Amount 15,976,082.78 15,976,082.78
================================
Class B Allocation 230,208.33 230,208.33
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 *
A-1 112,492,704.70 8,533,445.25 103,959,259.45
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 0.00 34,125,000.00
A-8 126,469,169.26 4,470,748.45 121,998,420.81
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) 110,371.96 11,412.22 121,784.18
Cumulative Realized Losses 475,853.11 51,156.56 527,009.67
SEC. 7.08(b)(vii) Six-Month Rolling Average Excess Spread 0.21876%
Six-Month Rolling Average 90+ Day Delinquency Rate 2.10141%
</TABLE>
<PAGE>
Distribution Period: 25-Dec-99
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
8099681 148,000.00 Eviction
7388457 143,865.07 List Pending
7638695 82,409.94 List Pending
7425622 77,350.84 List Pending
8405474 38,249.11 List Pending
7564503 267,602.21 Listed
8123788 43,174.59 Listed
Page 4
<PAGE>
Insurer's Report
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 982,674.93 362,793.93 1,345,468.86
* Premium paid from cash flow (1) 67,139.04 20,333.07 87,472.11
* Trustee Fee paid from cash flow (1) 1,470.61 446.12 1,916.73
* Master Serv Fee paid from cash flow 14,652.33 4,444.90 19,097.23
* Interest Collected on Mortgage
Loans (net of Service Fee) 3,575,186.59 1,080,865.75 4,656,052.34
* Current Period Realized Losses:
Principal 110,363.46 11,387.22 121,750.68
Interest 8.50 25.00 33.50
</TABLE>
(1) Allocated based upon the related Certificate Balances.
