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): 12/27/99
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
"On 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"
12/27/99 .
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: 12/27/99
Beginning Ending
Certificate Principal Interest Total Certificate
Class Balance Distribution Distribution Distribution Balance
A-1 38902654.65 3349668.61 193962.15 3543630.76 35552986.04
A-2 35032000 0 183626.07 183626.07 35032000
A-3 29161000 0 156497.37 156497.37 29161000
A-4 30168000 0 171454.8 171454.8 30168000
A-5 15890000 0 97723.5 97723.5 15890000
M-1 28125000 0 188203.13 188203.13 28125000
M-2 16250000 0 121875 121875 16250000
B-1 19375000 0 145312.5 145312.5 19375000
B-2 16250000 0 121875 121875 16250000
Total 229153654.7 3349668.61 1380529.52 4730198.13 225803986
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 56.06233761 3.246282783 59.3086204 595.0390139 0.0579
A-2 0 5.241666762 5.241666762 1000 0.0629
A-3 0 5.366666781 5.366666781 1000 0.0644
A-4 0 5.683333333 5.683333333 1000 0.0682
A-5 0 6.15 6.15 1000 0.0738
M-1 0 6.691666844 6.691666844 1000 0.0803
M-2 0 7.5 7.5 1000 0.09
B-1 0 7.5 7.5 1000 0.09
B-2 0 7.5 7.5 1000 0.09
EMPIRE FUNDING HOME LOAN OWNER TRUST 1999-1
SERIES 1999-1
Distribution Date: 12/27/99
Payment Statement
"Sale and Servicing Agreement Dated February 1, 1998"
i) Available Collection Amount 4952033.75
Available Payment Amount 4730198.13
ii) Beginning and Ending Class Principal Balances See page 1
Beginning Pool Principal Balance 234198657.4
Ending Pool Principal Balance 231446720
iii) Class Factors Class A-1 0.651101351 0.595039014
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 2584978.32
Interest from Purchased Loans 0
Interest from Liquidated Mortgage Loans 1003.34
Principal Collections (Regular Installments) 328439.74
Principal Collections (Curtailments and Paid in Fulls) 2012935.59
Substitution Adjustment 0
Principal from Liquidated Mortgage Loans 81.34
Principal from Purchased Loans 0
2341456.67
Total Payments 4927438.33
plus: Amts remaining upon termination of Pre Funded Account 0
"plus: Int. Income on Collection, Certificate, & Note Dist. Accts" 24595.42
less: Trust Fees and Expenses 221835.62
Available Distribution Amount 4730198.13
v) Optimal Principal Balances:
Senior 0
Class M-1 0
Class M-2 0
Class B-1 0
vi) Overcollateralization Deficiency Amount (before distributions) 4115497.785
Amounts distributed to the Residual Interest 3107285.845
vii) Master Servicer Fee 15244.53
Indenture Trustee Fee 1561.32
Owner Trustee Fee 333.33
Empire Subservicer Fee 94167.38
Servicer Fee 110349.06
Non recoverable advances 180
viii) Overcollateralization Amount 5642733.98
Overcollateralization Target Amount 8750019.825
Net Loan Losses 0
Cumulative Net Loan Losses 92156.76
Allocable Loss Amount 0
Excess Spread 1008211.94
Beginning Ending
ix) Weighted Average Maturity of the Home Loans 228 227
weighted avg. Home Loan Int Rate of the Home Loans 0.13451 0.13447
x) Performance information in Servicer's Monthly Remittance Report
60 Day Delinquency Amount 4760330.69
Six-Month Rolling Delinquency Average 3570215.113
Net Delinquency Calculation Amount 3068340.083
xiii) Current
Aggregate
Combination Loans Number Prin Balance
A)Defaulted Home Loans 1 19874.42
B)Liquidated Home Loans 1 19874.42
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 7 194512.41
B)Liquidated Home Loans 7 194512.41
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 13 390687.64
B)Liquidated Home Loans 13 390687.64
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 53 1565177.67
B)Liquidated Home Loans 53 1565177.67
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 84 2521506.21 0.010894543
60-89 Days Delinquent 42 1362632.78 0.005887458
90-179 Days Delinquent 71 2191953.52 0.009470661
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 8 306620.28 0.001324799
60-89 Days Delinquent 10 310993.75 0.001343695
90-179 Days Delinquent 26 894750.64 0.003865903
180 or more Days Delinquent 0 0 0
Aggregate 44 1512364.67
Current
Original Period
Class A-1 Note Interest Rate 0.05112 0.0579
One-Month LIBOR 0.04912 0.0559
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: 12/31/99
