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): 06/25/99
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"
06/25/99 .
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: 06/25/99
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 58612085.12 3056406.63 258540.35 3314946.98 55555678.49
A-2 35032000 0 171384.33 171384.33 35032000
A-3 29161000 0 146064.21 146064.21 29161000
A-4 30168000 0 160024.48 160024.48 30168000
A-5 15890000 0 91208.6 91208.6 15890000
M-1 28125000 0 175656.25 175656.25 28125000
M-2 16250000 0 113750 113750 16250000
B-1 19375000 0 135625 135625 19375000
B-2 16250000 0 113750 113750 16250000
Total 248863085.1 3056406.63 1366003.22 4422409.85 245806678.5
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 51.15410517 4.327107567 55.48121274 929.8177123 0.051225
A-2 0 4.892222254 4.892222254 1000 0.0629
A-3 0 5.008888927 5.008888927 1000 0.0644
A-4 0 5.304444444 5.304444444 1000 0.0682
A-5 0 5.74 5.74 1000 0.0738
M-1 0 6.245555556 6.245555556 1000 0.0803
M-2 0 7 7 1000 0.09
B-1 0 7 7 1000 0.09
B-2 0 7 7 1000 0.09
EMPIRE FUNDING HOME LOAN OWNER TRUST 1999-1
SERIES 1999-1
Distribution Date: 06/25/99
Payment Statement
"Sale and Servicing Agreement Dated February 1, 1998"
i) Available Collection Amount 4631817.72
Available Payment Amount 4422409.85
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 248896829.8
Ending Pool Principal Balance 246925470.6
iii) Class Factors Class A-1 0.980971817 0.929817712
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 2660451.84
Interest from Purchased Loans 0
Interest from Liquidated Mortgage Loans 0
Principal Collections (Regular Installments) 305685.73
Principal Collections (Curtailments and Paid in Fulls) 1665673.5
Substitution Adjustment 0
Principal from Liquidated Mortgage Loans 0
Principal from Purchased Loans 0
1971359.23
Total Payments 4631811.07
plus: Amts remaining upon termination of Pre Funded Account 0
"plus: Int. Income on Collection, Certificate, & Note Dist. Accts" 6.65
less: Trust Fees and Expenses 209407.87
Available Distribution Amount 4422409.85
v) Optimal Principal Balances:
Senior 0
Class M-1 0
Class M-2 0
Class B-1 0
vi) Overcollateralization Deficiency Amount (before distributions)8716275.105
Amounts distributed to the Residual Interest 7631227.705
vii) Master Servicer Fee 7260.69
Indenture Trustee Fee 1659.31
Owner Trustee Fee 333.33
Empire Subservicer Fee 100077.27
Servicer Fee 100077.27
Non recoverable advances 0
viii) Overcollateralization Amount 1118792.12
Overcollateralization Target Amount 8750019.825
Net Loan Losses 0
Cumulative Net Loan Losses 0
Allocable Loss Amount 0
Excess Spread 1085047.4
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 232 232
weighted avg. Home Loan Int Rate of the Home Loans 0.1349 0.13486
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 1178604.59
Six-Month Rolling Delinquency Average 856231.475
Net Delinquency Calculation Amount 1422415.208
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 119 3703843.92 0.014999846
60-89 Days Delinquent 24 666340.07 0.002698547
90-179 Days Delinquent 8 209943.12 0.000850229
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 6 196696.21 0.000796581
60-89 Days Delinquent 5 183460.67 0.00074298
90-179 Days Delinquent 4 118860.73 0.000481363
180 or more Days Delinquent 0 0 0
Aggregate 15 499017.61
Current
Original Period
Class A-1 Note Interest Rate 0.05112 0.051225
One-Month LIBOR 0.04912 0.049225
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: 6/30/99
