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Previous: TD WATERHOUSE GROUP INC, S-1/A, 1999-06-07 |
Next: COMMERCIAL MORTGAGE PASS THROUGH CERTITICATES SERIES 1999 C2, 8-K, 1999-06-07 |
UNITED STATES
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): May 26, 1999
OPTION ONE MORTGAGE ACCEPTANCE CORPORATION
Mortgage Pass-Through Certificates, Series 1999-2 Trust
New York (governing law of 333-14625 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
C/O Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On May 26, 1999 a distribution was made to holders of OPTION ONE MORTGAGE
ACCEPTANCE CORPORATION, Mortgage Pass-Through Certificates, Series 1999-2
Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Mortgage Pass-Through Certificates, Series
1999-2 Trust, relating to the May 26, 1999
distribution.
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.
OPTION ONE MORTGAGE ACCEPTANCE CORPORATION
Mortgage Pass-Through Certificates, Series 1999-2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 06/03/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Mortgage Pass-Through
Certificates, Series 1999-2 Trust, relating to the May 26,
1999 distribution.
<TABLE>
<CAPTION>
Option One Mortgage Acceptance Corporation
Mortgage Pass-Through Certificates
Record Date: 04/30/1999
Distribution Date: 05/26/1999
OPN Series: 1999-2
Contact: Customer Service
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
NOTES 68389CAB7 SEQ 9.66000% 74,300,000.00 538,303.50 138,012.93
OT OPN9902OT SEQ 0.00000% 0.00 0.00 0.00
Totals 74,300,000.00 538,303.50 138,012.93
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
NOTES 0.00 74,161,987.08 676,316.43 0.00
OT 0.00 0.00 0.00 0.00
Totals 0.00 74,161,987.08 676,316.43 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
NOTES 74,300,000.00 74,300,000.00 0.00 138,012.93 0.00 0.00
OT 0.00 0.00 0.00 0.00 0.00 0.00
Totals 74,300,000.00 74,300,000.00 0.00 138,012.93 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
NOTES 138,012.93 74,161,987.08 0.99814249 138,012.93
OT 0.00 0.00 0.00000000 0.00
Totals 138,012.93 74,161,987.08 0.99814249 138,012.93
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
NOTES 74,300,000.00 1000.00000000 0.00000000 1.85750915 0.00000000
OT 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) Per $1,000 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
NOTES 0.00000000 1.85750915 998.14249098 0.99814249 1.85750915
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
NOTES 74,300,000.00 9.66000% 74,300,000.00 538,303.50 0.00 0.00
OT 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 74,300,000.00 538,303.50 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
NOTES 0.00 0.00 538,303.50 0.00 74,161,987.08
OT 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 538,303.50 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
NOTES 74,300,000.00 9.66000% 1000.00000000 7.24500000 0.00000000 0.00000000
OT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
NOTES 0.00000000 0.00000000 7.24500000 0.00000000 998.14249098
OT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 138,012.93
Liquidations, Insurance Proceeds, Reserve Funds 538,303.50
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 676,316.43
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 0.08
Payment of Interest and Principal 676,316.43
Total Withdrawals (Pool Distribution Amount) 676,316.51
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 0.00
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 0.00
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 1,600,000.00 154,874.21 0.00 1,445,125.79
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 97 9,829,019.96 0.571631% 4,914,509.980
60 Days 5 468,717.58 0.029465% 234,358.79000
90+ Days 2 359,762.78 0.011786% 179,881.39000
Foreclosure 115 11,406,509.91 0.677706% 5,703,254.955
REO 0 0.00 0.000000% 0.000000%
Totals 219 22,064,010.23 1.290589% 11,032,005.11
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 8.694000%
Weighted Average Net Coupon 0.000000%
Weighted Average Pass-Through Rate 8.694000%
Weighted Average Maturity(Stepdown Calculation ) 0
Begin Scheduled Collateral Loan Count 0
Number Of Loans Paid In Full 0
End Scheduled Collateral Loan Count 16,969
Begining Scheduled Collateral Balance 74,300,000.00
Ending Scheduled Collateral Balance 200.00
Ending Actual Collateral Balance at 30-Apr-1999 3,533,099,363.30
Monthly P &I Constant 0.00
</TABLE>
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