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): 05/25/99
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 333-61785 06-1204982
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1285 Avenue of the Americas
"New York, New York 10285 " 10019
(Address of Principal Executive Offices) (Zip Code)
"Registrant's telephone number, including area code: (212) 713-2000"
Item 5. Other Events
"One behalf of Empire Funding Home Loan Owner Trust 1999-1, Home Loan Asset"
"Backed Notes, Series 1999-1, a Trust created pursuant to the Sale"
"and Servicing Agreement, dated April 1, 1999, by U.S. Bank"
"National Association d.b.a. First Bank National Association, as"
"Indenture Trustee for the Trust, the Indenture Trustee has caused to be "
"filed with the Commission, the monthly report dated"
05/25/99 .
The Monthly Report is filed pursuant to and in accordance with (1)
numerous no-action letters and (2) current Commission policy in the area.
The filing of the Monthly Report will occur subsequent to each monthly
distribution to the holders of the Certificates.
A. Monthly Report Information
See Exhibit No.1
B. Have and deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities: NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
"F. Item 5: Other Information - Form 10-Q, PartII - Items 1,2,4,5"
if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1
1. Monthly Distribution Report
EMPIRE FUNDING HOME LOAN OWNER TRUST 1999-1
0
DISTRIBUTION STATEMENT
Distribution Date: 05/25/99
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 59749000 1136914.88 186655.88 1323570.76 58612085.12
A-2 35032000 0 0 0 35032000
A-3 29161000 0 0 0 29161000
A-4 30168000 0 0 0 30168000
A-5 15890000 0 0 0 15890000
M-1 28125000 0 0 0 28125000
M-2 16250000 0 0 0 16250000
B-1 19375000 0 0 0 19375000
B-2 16250000 0 0 0 16250000
Total 250000000 1136914.88 186655.88 1323570.76 248863085.1
Payment of Loss Interest Allocable
Reimbursement Carry Forward Reimbursement Carry Forward Loss
Class Deficiency Amount Amount
A-1 NA 0 NA
A-2 NA 0 NA
A-3 NA 0 NA
A-4 NA 0 NA
A-5 NA 0 NA
M-1 0 0 0
M-2 0 0 0
B-1 0 0 0
B-2 0 0 0
" AMOUNTS PER $1,000 UNIT" Ending Current
Principal Interest Total Certificate Pass Through
Class Distribution Distribution Distribution Balance Interest Rate
A-1 19.02818256 3.124000067 22.15218263 980.9718174 0.05112
A-2 0 0 0 1000 0.0629
A-3 0 0 0 1000 0.0644
A-4 0 0 0 1000 0.0682
A-5 0 0 0 1000 0.0738
M-1 0 0 0 1000 0.0803
M-2 0 0 0 1000 0.09
B-1 0 0 0 1000 0.09
B-2 0 0 0 1000 0.09
EMPIRE FUNDING HOME LOAN OWNER TRUST 1999-1
SERIES 1999-1
Distribution Date: 05/25/99
Payment Statement
"Sale and Servicing Agreement Dated February 1, 1998"
i) Available Collection Amount 1533904.56
Available Payment Amount 1323570.76
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 250000566.4
Ending Pool Principal Balance 248896829.8
iii) Class Factors Class A-1 1 0.98097182
Class A-2 1 1
Class A-3 1 1
Class A-4 1 1
Class A-5 1 1
Class M-1 1 1
Class M-2 1 1
Class B-1 1 1
Class B-2 1 1
iv) Interest from Mortgagors / Master Servicer 429219.83
Interest from Purchased Loans 948.15
Interest from Liquidated Mortgage Loans 0
Principal Collections (Regular Installments) 283054.58
Principal Collections (Curtailments and Paid in Fulls) 798815.57
Substitution Adjustment 0
Principal from Liquidated Mortgage Loans 0
Principal from Purchased Loans 21866.43
1103736.58
Total Payments 1533904.56
plus: Amts remaining upon termination of Pre Funded Account 0
"plus: Int. Income on Collection, Certificate, & Note Dist. Accts" 0
less: Trust Fees and Expenses 210333.8
Available Distribution Amount 1323570.76
v) Optimal Principal Balances:
Senior 0
Class M-1 0
Class M-2 0
Class B-1 0
vi) Overcollateralization Deficiency Amount (before distributions8749453.405
Amounts distributed to the Residual Interest 8716275.1
vii) Master Servicer Fee 7291.68
Indenture Trustee Fee 1666.67
Owner Trustee Fee 333.33
Empire Subservicer Fee 100521.06
Servicer Fee 100521.06
Non recoverable advances 0
viii) Overcollateralization Amount 33744.72
Overcollateralization Target Amount 8750019.825
Net Loan Losses 0
Cumulative Net Loan Losses 0
Allocable Loss Amount 0
Excess Spread 33178.3
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 233 232
weighted avg. Home Loan Int Rate of the Home Loans 0.13491 0.1349
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 533858.36
Six-Month Rolling Delinquency Average 533858.36
Net Delinquency Calculation Amount 907559.212
xiii) Current
Aggregate
Combination Loans Number Prin Balance
A)Defaulted Home Loans 0 0
B)Liquidated Home Loans 0 0
C)Deleted Home Loans (Defective) 0 0
D)Deleted Home Loans (Defaulted) 0 0
Cumulative
Aggregate
Combination Loans Number Principal Balance
A)Defaulted Home Loans 0 0
B)Liquidated Home Loans 0 0
C)Deleted Home Loans (Defective) 0 0
D)Deleted Home Loans (Defaulted) 0 0
Current
Aggregate
Debt Consolidation Loans Number Prin Balance
A)Defaulted Home Loans 0 0
B)Liquidated Home Loans 0 0
C)Deleted Home Loans (Defective) 0 0
D)Deleted Home Loans (Defaulted) 0 0
Cumulative
Aggregate
Debt Consolidation Loans Number Principal Balance
A)Defaulted Home Loans 0 0
B)Liquidated Home Loans 0 0
C)Deleted Home Loans (Defective) 0 0
D)Deleted Home Loans (Defaulted) 0 0
xiv) Delinquency And Foreclosure Information:
# of Accounts Prin Balance % of Total
30-59 Days Delinquent 44 1210319.79 0.004862737
60-89 Days Delinquent 15 400435.27 0.00160884
90-179 Days Delinquent 1 44480.36 0.00017871
180 or more Days Delinquent 0 0 0
Loans in foreclosure proceedings 0 0 0
Foreclosed Properties 0 0 0
Loans in bankruptcy proceedings # of Accounts Prin Balance % of Total
30-59 Days Delinquent 3 114012.06 0.00045807
60-89 Days Delinquent 3 88942.73 0.000357348
90-179 Days Delinquent 0 0 0
180 or more Days Delinquent 0 0 0
Aggregate 6 202954.79
Current
Original Period
Class A-1 Note Interest Rate 0.05112 0.05112
One-Month LIBOR 0.04912 0.04912
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 thereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
By:/s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
U.S. Bank Trust National Association
Dated: 5/31/99
