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: May 3, 1999
(Date of earliest event reported)
Commission File No. 333-61785
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Sale and
Servicing Agreement, dated as of April 1, 1999, relating to the Empire Funding
Home Loan Owner Trust 1999-1, Home Loan Asset Backed Notes, Series 1999-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 06-1204982
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(State of Incorporation) (I.R.S. Employer
Identification No.)
1285 Avenue of the Americas
New York, New York 10019
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(Address of principal executive offices) (Zip Code)
(212) 713-2000
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(Registrant's Telephone Number, including area code)
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)
<PAGE>
ITEM 5. Other Events
The Empire Funding Home Loan Owner Trust 1999-1 (the "ISSUER") was
formed pursuant to an owner trust agreement, dated as of April 1, 1999, and
entered into by PaineWebber Mortgage Acceptance Corporation IV, as depositor
(the "DEPOSITOR"), Wilmington Trust Company, as owner trustee, U.S. Bank
National Association ("U.S. BANK"), as paying agent, and Empire Funding Corp.
("EMPIRE FUNDING"). The Issuer issued the Home Loan Asset Backed Notes pursuant
to an indenture, dated as of April 1, 1999, between the Issuer and U.S. Bank, as
indenture trustee.
As of the Closing Date, assets of the Issuer consist primarily of a
Grantor Trust Certificate evidencing 100% of the ownership interest in Empire
Funding Grantor Trust 1999-1 (the "GRANTOR TRUST") formed pursuant to a grantor
trust agreement, dated as of April 1, 1999, and entered into by the Depositor,
U.S. Bank, as grantor trustee, and Empire Funding, as transferor and
subservicer, ContiMortgage Corporation ("CONTIMORTGAGE"), as transferor and
servicer, and California Lending Group, Inc. d/b/a United Lending Group ("ULG"),
as transferor, the assets of which consist primarily of a pool of certain
closed-end, fixed rate home loans (the "Loans") as described herein which are
either secured primarily by second lien mortgages, deeds of trust or other
similar security instruments or unsecured.
The statistical information presented in the Prospectus Supplement,
dated April 29, 1999 (the "Prospectus Supplement"), concerning the Loans is
based on the characteristics of a portion of such Loans as of March 31, 1999.
Capitalized terms used in this Form 8-K and not defined herein shall have the
meaning assigned to such terms in the Prospectus Supplement. Attached hereto as
Exhibit 99 to this Form 8-K is information concerning all of the Loans as of
March 31, 1999 (the "Cut-Off Date").
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Information concerning the
final pool of Loans as of the
Cut-Off Date
<PAGE>
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.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
May 18, 1999
By: /s/ BARBARA DAWSON
-----------------------------
Name: Barbara J. Dawson
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Information concerning the final E
pool of Loans as of the Cut-Off Date
Exhibit 99. Information concerning the Loans as of the Cut-Off Date:
As of the Cut-Off Date, the Loans consisted of 6,989 Loans with an
aggregate Principal Balance of $250,000,566. As of the Cut-Off Date, the Loans
bear interest at fixed Loan Rates, which range from 6.00% per annum to 18.99%
per annum and have a weighted average Loan Rate of approximately 13.49% per
annum. As of the Cut-Off Date, the Principal Balances of the Loans range from
$1,009 to $106,366 and average approximately $35,771. As of the Cut-Off Date,
the weighted average remaining term to stated maturity of the Loans was
approximately 233 months and the weighted average number of months that have
elapsed since origination was approximately 6 months. As of the Cut-Off Date,
6,788 of the Loans (representing approximately 97.68% of the Principal Balance)
had a Combined Loan-to-Value Ratio in excess of 100%. As of the Cut-Off Date,
the weighted average Combined Loan-to-Value Ratio of the Loans was approximately
117.96%, with the highest Combined Loan-to-Value Ratio being 158.00%. As of the
Cut-Off Date, all of the Loans have original stated maturities of not more than
30 years. As of the Cut-Off Date, no Loan was scheduled to mature later than May
2028.
As of the Cut-Off Date, all of the Loans were secured by Mortgaged
Properties or Manufactured Homes located in 48 states and the District of
Columbia. As of the Cut-Off Date, 6,989 of the Loans were secured by Mortgaged
Properties or Manufactured homes represented by the related borrowers to be
owner-occupied. As of the Cut-Off Date, 5 Loans, representing approximately
0.07% of the Principal Balance, provide for monthly payments of principal based
on amortization schedules significantly longer than the remaining terms of such
Loans. As of the Cut-Off Date, 27 Loans, representing approximately 0.31% of the
Principal Balance, are secured by liens on Manufactured homes.
As of the Cut-Off Date, 94 of the Loans, representing approximately 1.13%
of the Principal Balance, were 30 days or more past due. As of the Cut-Off Date,
the weighted average Credit Score for the Loans as determined at origination was
approximately 686. See "Underwriting Criteria" in the Prospectus Supplement.
The following tables are based on certain characteristics with respect to
the Loans that comprise the Principal Balance as of the Cut-Off Date. The sum of
the dollar amounts and percentages in the following tables may not equal the
totals due to rounding.
TRANSFERORS
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
TRANSFEROR OF LOANS BALANCE BALANCE
- ---------- -------- --------- ---------
Empire Funding Corp.................. 6,087 $217,894,596 87.16%
United Lending Group................. 492 17,311,427 6.92
ContiMortgage Corporation............ 410 14,794,544 5.92
----- ------------ ------
Total .......................... 6,989 $250,000,566 100.00%
===== ============ ======
<PAGE>
PRINCIPAL BALANCES
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
RANGE OF PRINCIPAL BALANCES OF LOANS BALANCE BALANCE
- --------------------------- -------- --------- ---------
$10,000 or less ..................... 37 $ 342,854 0.14%
$10,000.01 to $20,000 ............... 801 13,501,811 5.40
$20,000.01 to $30,000 ............... 2,078 52,921,607 21.17
$30,000.01 to $40,000 ............... 2,024 70,434,485 28.17
$40,000.01 to $50,000 ............... 1,024 46,356,607 18.54
$50,000.01 to $60,000 ............... 404 22,301,340 8.92
$60,000.01 to $70,000 ............... 331 21,530,973 8.61
$70,000.01 to $80,000 ............... 220 16,333,251 6.53
$80,000.01 or greater ............... 70 6,277,639 2.51
----- ------------ ------
Total ............................ 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the average Principal Balance of the Loans was
approximately $35,771.
<PAGE>
GEOGRAPHIC DISTRIBUTION OF LOANS
AGGREGATE % OF
NUMBER OF PRINCIPAL PRINCIPAL
STATE LOANS BALANCE BALANCE
- ----- --------- --------- ---------
California............................ 654 $ 25,140,327 10.06%
Illinois.............................. 485 19,059,096 7.62
Maryland.............................. 449 17,948,328 7.18
Pennsylvania.......................... 464 16,387,186 6.55
Florida............................... 478 16,253,279 6.50
Indiana............................... 389 12,966,465 5.19
North Carolina........................ 315 11,187,581 4.48
Ohio.................................. 315 9,665,425 3.87
Missouri.............................. 283 9,273,741 3.71
Georgia............................... 255 9,023,693 3.61
Colorado.............................. 231 8,752,250 3.50
Arizona............................... 231 7,324,890 2.93
Michigan.............................. 206 7,226,786 2.89
South Carolina........................ 173 6,078,637 2.43
Wisconsin............................. 168 5,996,170 2.40
Washington............................ 140 5,550,500 2.22
Virginia.............................. 152 5,068,013 2.03
Kentucky.............................. 149 5,065,235 2.03
Kansas................................ 143 4,706,386 1.88
Oklahoma.............................. 137 4,656,502 1.86
Nevada................................ 119 4,382,412 1.75
Utah.................................. 126 4,367,315 1.75
New Jersey............................ 95 3,589,673 1.44
Minnesota............................. 83 3,139,543 1.26
Louisiana............................. 82 2,773,651 1.11
Nebraska.............................. 71 2,605,684 1.04
Iowa.................................. 71 2,536,971 1.01
New Mexico............................ 60 2,448,667 0.98
Oregon................................ 53 2,102,874 0.84
Tennessee............................. 63 1,905,360 0.76
New York.............................. 48 1,905,330 0.76
Idaho................................. 50 1,716,837 0.69
Connecticut........................... 42 1,668,344 0.67
Massachusetts......................... 22 1,034,070 0.41
Texas................................. 28 801,653 0.32
Hawaii................................ 14 652,170 0.26
Mississippi........................... 21 635,967 0.25
Delaware.............................. 21 625,584 0.25
West Virginia......................... 20 590,834 0.24
New Hampshire......................... 13 586,066 0.23
Rhode Island.......................... 13 533,782 0.21
Maine................................. 14 511,368 0.20
Montana............................... 8 311,055 0.12
South Dakota.......................... 6 283,842 0.11
Alaska................................ 6 281,723 0.11
Arkansas.............................. 10 281,400 0.11
Wyoming............................... 6 204,213 0.08
North Dakota.......................... 5 135,487 0.05
District of Columbia.................. 2 58,201 0.02
----- ------------ ------
Total............................. 6,989 $250,000,566 100.00%
===== ============ ======
<PAGE>
LOAN RATES
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
RANGE OF LOAN RATES OF LOANS BALANCE BALANCE
- ------------------- -------- --------- ---------
7.000% and less...................... 1 $ 34,307 0.01%
8.501% - 9.000%..................... 6 130,805 0.05
9.001% - 9.500%..................... 7 245,500 0.10
9.501% - 10.000%................... 6 146,631 0.06
10.001% - 10.500%................... 41 1,294,307 0.52
10.501% - 11.000%................... 150 6,225,281 2.49
11.001% - 11.500%................... 379 16,261,982 6.50
11.501% - 12.000%................... 670 27,723,800 11.09
12.001% - 12.500%................... 349 14,070,401 5.63
12.501% - 13.000%................... 1,460 54,663,761 21.87
13.001% - 13.500%................... 758 28,759,474 11.50
13.501% - 14.000%................... 588 21,431,216 8.57
14.001% - 14.500%................... 393 12,405,293 4.96
14.501% - 15.000%................... 931 31,182,295 12.47
15.001% - 15.500%................... 228 6,845,460 2.74
15.501% - 16.000%................... 458 13,426,799 5.37
16.001% - 16.500%................... 337 9,221,770 3.69
16.501% - 17.000%................... 127 3,450,605 1.38
17.001% - 17.500%................... 55 1,255,754 0.50
17.501% - 18.000%................... 32 904,395 0.36
18.001% - 18.500%................... 6 128,098 0.05
18.501% - 19.000%................... 7 192,631 0.08
----- ------------ ------
Total............................. 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average Loan Rate of the Loans was
approximately 13.49% per annum.
LIEN PRIORITY
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
LIEN PRIORITY OF LOANS BALANCE BALANCE
- ------------- -------- --------- ---------
First Lien........................... 58 $ 2,158,279 0.86%
Second Lien.......................... 6,931 247,842,287 99.14
----- ------------ ------
Total............................. 6,989 $250,000,566 100.00%
===== ============ =======
<PAGE>
COMBINED LOAN-TO-VALUE RATIOS
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
RANGE OF COMBINED LOAN-TO-VALUE RATIOS OF LOANS BALANCE BALANCE
- -------------------------------------- -------- --------- ---------
Up to 100.00%........................ 201 $ 5,795,800 2.32%
100.01% to 105.00%................... 359 10,859,593 4.34
105.01% to 110.00%................... 741 23,686,408 9.47
110.01% to 115.00%................... 1,124 37,879,899 15.15
115.01% to 120.00%................... 1,370 49,575,363 19.83
120.01% to 125.00%................... 3,149 120,597,611 48.24
125.01% or greater................... 45 1,605,892 0.64
----- ------------ ------
Total ............................ 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average Combined Loan-To-Value Ratio of the
Loans was approximately 117.96%.
MONTHS SINCE ORIGINATION
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
RANGE OF LOAN AGE (IN MONTHS) OF LOANS BALANCE BALANCE
- ----------------------------- -------- --------- ---------
Less than 1 ....................... 1,055 $ 37,334,919 14.93%
1 to 3 ............................ 1,175 44,870,128 17.95
4 to 6 ............................ 2,254 83,392,965 33.36
7 to 9 ............................ 1,100 40,093,282 16.04
10 or greater ..................... 1,405 44,309,272 17.72
----- ------------ ------
Total ............................ 6,989 $250,000,566 100.00%
===== ============= ======
As of the Cut-Off Date, the weighted average number of months since origination
of the Loans was approximately 6 months.
<PAGE>
REMAINING TERMS TO MATURITY
AGGREGATE % OF
RANGE OF REMAINING TERMS TO NUMBER PRINCIPAL PRINCIPAL
MATURITY (IN MONTHS) OF LOANS BALANCE BALANCE
- --------------------------- -------- --------- ---------
31 to 60 ............................. 13 $ 278,030 0.11%
61 to 90 ............................. 16 313,378 0.13
91 to 120 ............................ 507 14,388,317 5.76
121 to 150 ........................... 27 689,455 0.28
151 to 180 ........................... 2,452 79,937,319 31.97
181 to 210 ........................... 9 307,211 0.12
211 to 240 ........................... 1,274 46,942,535 18.78
241 to 270 ........................... 3 119,329 0.05
271 to 300 ........................... 2,685 106,806,860 42.72
301 or greater ....................... 3 218,134 0.09
----- ------------ ------
Total ............................ 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average remaining term to maturity of the
Loans was approximately 233 months.
ORIGINAL TERMS TO MATURITY
AGGREGATE % OF
RANGE OF ORIGINAL TERMS TO NUMBER PRINCIPAL PRINCIPAL
MATURITY (IN MONTHS) OF LOANS BALANCE BALANCE
- -------------------------- -------- --------- ---------
31 to 60............................. 10 $ 207,257 0.08%
61 to 90............................. 13 298,099 0.12
91 to 120............................ 508 14,336,588 5.73
121 to 150 .......................... 29 733,504 0.29
151 to 180 .......................... 2,449 79,897,521 31.96
181 to 210 .......................... 9 246,147 0.10
211 to 240 .......................... 1,280 47,137,128 18.85
241 to 270 .......................... 1 30,745 0.01
271 to 300 .......................... 2,687 106,895,444 42.76
301 or greater....................... 3 218,134 0.09
----- ------------ ------
Total............................. 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average original term to maturity of the
Loans was approximately 239 months.
<PAGE>
CREDIT SCORES
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
RANGE OF CREDIT SCORES OF LOANS BALANCE BALANCE
- ---------------------- -------- --------- ---------
619 or less........................... 137 $ 4,112,112 1.64%
620 to 639............................ 623 17,321,743 6.93
640 to 659............................ 1,184 35,547,472 14.22
660 to 679............................ 1,268 45,065,959 18.03
680 to 699............................ 1,543 62,043,912 24.82
700 to 719............................ 1,113 43,353,488 17.34
720 or greater........................ 1,121 42,555,879 17.02
----- ------------ ------
Total.............................. 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average Credit Score as determined at
origination of the Loans was approximately 686.
DEBT-TO-INCOME RATIO
AGGREGATE % OF
NUMBER PRINCIPAL PRINCIPAL
RANGE OF DEBT TO INCOME RATIOS OF LOANS BALANCE BALANCE
- ------------------------------ -------- --------- ----------
20.00 or less......................... 100 $ 3,103,104 1.24%
20.01 to 25.00........................ 302 9,430,178 3.77
25.01 to 30.00........................ 670 22,201,707 8.88
30.01 to 35.00........................ 1,520 52,334,466 20.93
35.01 to 40.00........................ 2,295 80,960,405 32.38
40.01 to 45.00........................ 1,805 71,633,899 28.65
45.01 to 50.00%....................... 273 9,357,684 3.74
50.01% or greater..................... 24 979,124 0.39
----- ------------ ------
Total.............................. 6,989 $250,000,566 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average Debt-to-Income Ratio as calculated
at origination of the Loans was approximately 37.90%.
