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)
January 25, 2000
ContiMortgage Home Equity Loan Trust 1999-1
------------------------------------------------------
(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 January 25, 2000 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 December 1999 dated
January 25, 2000 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
December 1999 was $223,952.56.
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 December, 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: February 9, 2000
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of December 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-Jan-00
<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-1 164,250,000.00 103,959,527.49 9,371,316.04 520,663.97 9,891,980.01 94,588,211.45
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-8 154,375,000.00 121,998,561.23 4,621,004.87 664,472.79 5,285,477.66 117,377,556.36
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 15,095.40 15,095.40 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------
Total 650,000,000.00 557,333,088.72 13,992,320.91 3,000,599.59 16,992,920.50 543,340,767.81
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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
- --------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
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 57.05519659 3.16994807 60.22514466 575.87952177 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 29.93363479 4.30427718 34.23791197 760.34044606 A-8 6.76125%
21075WKC8 B 0.00000000 7.08333323 7.08333323 1,000.00000000 A-9IO 7.00000%
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Total 21.52664755 4.59308337 26.11973092 835.90887355 B 8.50000%
- --------------------------------------------------------------------------------------------------------------------------
LIBOR: 6.48125%
----------------
Uncapped A-8 Rate: 6.76125%
----------------
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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-Jan-00
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 377,881.75 54,964.98 432,846.73
Prepayments (incl. Curtailments) 7,970,602.82 3,725,191.22 11,695,794.04
Purchased Principal 0.00 0.00 0.00
Liquidation Proceeds applied to principal 248,829.42 348,949.16 597,778.58
Realized Loss of Principal 95,456.77 63,968.66 159,425.43
Realized Loss of Interest 2,588.10 16.00 2,604.10
Extra Principal Distribution 774,002.05 491,899.51 1,265,901.56
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: 423,564,528.11 124,685,949.72 548,250,477.83
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 10.2553% 10.2475% 10.2535%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 263 347 282
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 4,909,710.02
Targeted Overcollateralization Amount 16,575,000.00
Class A Optimal Balance 499,175,477.83
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 8.96660% 9.01130%
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 409,295.36
2nd Largest Home Equity Loan Balance Outstanding 401,019.57
3rd Largest Home Equity Loan Balance Outstanding 392,200.32
SEC. 7.09 (a) (xxi) Class B Available Funds Cap Carry-Forward Amount 0.00
</TABLE>
Page 2
<PAGE>
Distribution Period: 25-Jan-00
<TABLE>
<CAPTION>
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SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
30-59 Days 156 2.60739% 9,231,697.43 2.17953%
Group I 60-89 Days 49 0.81899% 3,158,116.49 0.74560%
90+ Days 209 3.49323% 14,605,843.62 3.44832%
-------------------------------------------------------------------------------------------------
30-59 Days 43 3.08244% 3,097,666.70 2.48438%
Group II 60-89 Days 14 1.00358% 1,119,586.53 0.89793%
90+ Days 82 5.87814% 5,933,254.79 4.75856%
-------------------------------------------------------------------------------------------------
30-59 Days 199 2.69721% 12,329,364.13 2.24886%
TOTAL 60-89 Days 63 0.85389% 4,277,703.02 0.78025%
90+ Days 291 3.94416% 20,539,098.41 3.74630%
-------------------------------------------------------------------------------------------------
Total Group I 5,983 100.00000% 423,564,528.11 100.00000%
---------------------------------------------------------------------------------
Total Group II 1,395 100.00000% 124,685,949.72 100.00000%
---------------------------------------------------------------------------------
Total 7,378 100.00000% 548,250,477.83 100.00000%
---------------------------------------------------------------------------------
(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 117 48 165
Loans in Foreclosure (LIF): Balance 7,847,425.62 3,526,428.04 11,373,853.66
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 67 30 97
Loans in Bankruptcy: Balance 5,350,837.31 2,033,360.34 7,384,197.65
SEC. 7.09 (b)(iv) & (v) REO Properties: Count 16 8 24
REO Properties: Balance 1,405,087.50 644,955.97 2,050,043.47
Loans in Loss Mitigation: Count 31 8 39
Loans in Loss Mitigation: Balance 2,008,978.74 695,459.11 2,704,437.85
Loans in Forbearance: Count 8 4 12
Loans in Forbearance: Balance 483,415.84 395,292.94 878,708.78
SEC. 7.09 (b) (vi) Cumulative Realized Losses 573,897.98 115,141.22 689,039.20
Current Period Reimbursed Delinquency and Servicing Advances 0.00
Unreimbursed Delinquency and Servicing Advances 3,009.13
SEC. 7.09 (b) (vii) Loan Balance of 90+ Day Delinquent Loans 14,605,843.62 5,933,254.79 20,539,098.41
SEC. 7.09 (b) (viii) Six Month Rolling Average 90+ Day Delinquency Rate 2.56489%
Six-Month Rolling Average Excess Spread 0.20987%
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0 0
</TABLE>
Page 3
<PAGE>
Distribution Period: 25-Jan-00
<TABLE>
<CAPTION>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 17,302,385.86
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
<S> <C> <C> <C>
Class A-1 Allocation 9,891,980.01 9,891,980.01
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 5,285,477.66 5,285,477.66
Class A-9IO Allocation 199,062.50 199,062.50
--------------------------------
Class A Distribution Amount 16,946,679.27 16,946,679.27
================================
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-1 103,959,527.49 9,371,316.04 94,588,211.45
A-2 96,940,000.00 - 96,940,000.00
A-3 53,259,000.00 - 53,259,000.00
A-4 29,905,000.00 - 29,905,000.00
A-5 31,401,000.00 - 31,401,000.00
A-6 53,245,000.00 - 53,245,000.00
A-7 34,125,000.00 - 34,125,000.00
A-8 121,998,561.23 4,621,004.87 117,377,556.36
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) 98,044.87 63,984.66 162,029.53
Cumulative Realized Losses 573,897.98 115,141.22 689,039.20
SEC. 7.08(b)(vii) Six-Month Rolling Average Excess Spread 0.20987%
Six-Month Rolling Average 90+ Day Delinquency Rate 2.56489%
</TABLE>
<PAGE>
Distribution Period: 25-Jan-00
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
7388457 143,865.07 Eviction
7774961 39,983.77 Eviction
6504427 163,821.83 List Pending
8099681 148,000.00 List Pending
8097487 104,647.02 List Pending
8367542 79,932.74 List Pending
8362345 43,929.12 List Pending
8405474 38,249.11 List Pending
8071672 38,193.46 List Pending
7880305 24,970.70 List Pending
8312522 23,800.00 List Pending
5827308 23,684.67 List Pending
7564503 267,602.21 Listed
8098139 104,647.02 Listed
7425622 77,350.84 Listed
7638695 82,409.94 Pending Closing
8081945 129,444.11 Eviction
7874431 60,265.39 Eviction
7272057 22,469.25 Eviction
7315815 237,022.50 List Pending
7390875 82,288.54 List Pending
7466113 42,329.97 List Pending
8123788 43,174.59 Listed
7539950 27,961.62 Listed
Page 4
<PAGE>
Insurer's Report
Distribution Period: 25-Jan-00
<TABLE>
<CAPTION>
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 961,741.19 304,160.37 1,265,901.56
* Premium paid from cash flow (1) 65,577.20 19,562.93 85,140.13
* Trustee Fee paid from cash flow (1) 1,449.79 432.26 1,882.05
* Master Serv Fee paid from cash flow 18,010.72 5,369.96 23,380.68
* Interest Collected on Mortgage
Loans (net of Service Fee) 3,513,999.69 1,046,871.42 4,560,871.11
* Current Period Realized Losses:
Principal 95,456.77 63,968.66 159,425.43
Interest 2,588.10 16.00 2,604.10
</TABLE>
(1) Allocated based upon the related Certificate Balances.
