May 10, 1999
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: United PanAm Mortgage Loan Trust 1999-1 Asset-Backed Certificates,
Series 1999-1; File No. 333-67329.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of March 1, 1999 (the "Pooling and Servicing Agreement")
among Financial Asset Securities Corp., as depositor (the "Depositor"),
Pan American Bank, FSB, as seller (in such capacity, the "Seller") and
master servicer (in such capacity, the "Master Servicer") and Bankers
Trust Company, as trustee (the "Trustee").
The United PanAm Mortgage Loan Asset Backed Certificates, Series 1999-1
will issue the Class A-1 and Class A-2 Certificates (together, the "Class
A Certificates" or the "Offered Certificates"), the Class X Certificate,
the Class P Certificate and the Class R Certificates (the "Residual
Certificates"). The Class A Certificates, the Class X Certificate, the
Class P Certificates and the Residual Certificates are collectively
referred to in the Prospectus Supplement dated December 4, 1998 as the
"Certificates." Only the Offered Certificates are offered hereby.
The Offered Certificates were registered under the Securities Act of 1933,
as amended, by a Registration Statement on Form S-11 (File No.
333-67329). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as defined in
the Pooling and Servicing Agreement), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit thereto
the applicable Distribution Date report. Each such Current Report will
also disclose under Item 5 any matter occurring during the relevant
reporting period which would be reportable under Item 1, 2, 4 or 5 of
Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company
S.E.C. Reporting Agent for United PanAm Mortgage Loan Trust 1999-1
Asset-Backed Certificates, Series 1999-1.
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): April 26, 1999
FINANCIAL ASSET SECURITIES CORP.,
as Depositor, United PanAm Mortgage Corporation, as Seller, Pan
American Bank, FSB, as Seller and Master Servicer, and Bankers
Trust Company, as trustee (the "Trustee") under the Pooling
and Servicing Agreement, dated as of March 1, 1999, providing
for the issuance of the United PanAm Mortgage Loan Trust 1999-1
Asset-Backed Certificates, Series 1999-1.
United PanAm Mortgage Loan Asset-Backed Certificates, Series 1999-1
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-67329 06-1442101
(Commission File Number) (I.R.S. Employer Identification No.)
600 STEAMBOAT ROAD
GREENWICH, CONNECTICUT 06830
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (203) 622-2700
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
April 26, 1999.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of March 1, 1999.
Date: May 10, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of April 26, 1999.
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1999-1
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A-1 37,221,323.71 37,221,323.71 209,990.30 1,151,812.50 1,
>361,802.80 0.00 0.00 36,069,511.21
A-2 187,778,676.83 187,778,676.83 1,264,480.75 1,400,117.24 2,
>664,597.99 0.00 0.00 186,378,559.59
X 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00
> 0.00 0.00 0.00 100.00
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 225,000,100.54 225,000,100.54 1,474,471.05 2,551,929.74 4,
>026,400.79 0.00 0.00 222,448,170.80
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 1,000.000000 5.641667 30.944963
> 36.586630 969.055037 6.770000% 6.770000%
A-2 1,000.000000 6.733889 7.456210
> 14.190099 992.543790 5.270000% 5.232500%
X 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
P 1,000.000000 0.000000 0.000000
> 0.000000 1,000.000000 0.000000% 0.000000%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: United PanAm Mortgage Corporation ADMI
>NISTRATOR: Andrea Davidson
SERVICER: Pan American Bank, FSB.
> Bankers Trust Company
LEAD UNDERWRITER: Lehman ASB Corporation
> 3 Park Plaza
RECORD DATE: March 31, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: April 26, 1999
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1999-1
Statement To Certificateholders
Distribution Date: April 26, 1999
SERVICING FEES PAID FOR THE CURRENT PERIOD:
> 66,261.67
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD:
> 14,100.81
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 80,362.48
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL
> 14,701.60
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST
> 314,152.50
DELINQUENT LOAN 30-59
>60-89. 91 +
INFORMATION: DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 5,687,220.69
>482,620.45 0.00 6,169,841.14
NUMBER OF LOANS 50
> 5 0 55
FORECLOSURE LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
NUMBER OF LOANS 0
> 0 0 0
BANKRUPTCY LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
NUMBER OF LOANS 0
> 0 0 0
REO LOAN INFORMATION:
PRINCIPAL BALANCE 0.00
> 0.00 0.00 0.00
NUMBER OF LOANS 0
> 0 0 0
* Note: Totals in Foreclosure and REO Loans include all loans that are less th
>an 30 days delinquent
BOOK VALUE OF REO LOANS
> 0.00
ENDING AGGREGATE MORTGAGE LOAN COUNT:
> 1,831.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE:
> 1,820.00
WEIGHTED AVERAGE MONTHS TO MATURITY:
> 344.00
WEIGHTED AVERAGE MORTGAGE RATE:
> 9.6031%
PREMIUM AMOUNT PAID TO THE CERTIFICATE INSURER
> 35,625.00
CLASS A-1 OVERCOLLATERALIZED AMOUNT
> (803,450.08)
CLASS A-1 OVERCOLLATERALIZATION RELEASE AMOUNT
> 0.00
CLASS A-1 OVERCOLLATERALIZATION DEFICIENCY AMOUNT
> 1,987,030.97
CLASS A-1 OVERCOLLATERALIZATION TARGET AMOUNT
> 1,183,580.89
GROUP I GENERAL EXCESS AVAILABLE AMOUNT
> 85,705.40
CLASS A-2 OVERCOLLATERALIZED AMOUNT
> 803,449.54
CLASS A-2 OVERCOLLATERALIZATION RELEASE AMOUNT
> 0.00
CLASS A-2 OVERCOLLATERALIZATION DEFICIENCY AMOUNT
> 6,739,835.51
CLASS A-2 OVERCOLLATERALIZATION TARGET AMOUNT
> 7,543,285.05
GROUP II GENERAL EXCESS AVAILABLE AMOUNT
> 585,605.35
AGGREGATE NON COVERED PREPAYMENT INTEREST SHORTFALL:
> 0.00
EXTRAORDINARY TRUST FUND EXPENSES
> 0.00
GROUP II AVAILABLE FUNDS CAP CARRYOVER AMOUNT
> 0.00
Page 2 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm Mortgage Loan
Asset Backed Certificates
Series 1999-1
Statement To Certificateholders
Distribution Date: April 26, 1999
STEP DOWN CUMULATIVE LOSS TEST
> NO
STEP DOWN ROLLING DELIQUENCY TEST
> YES
STEP DOWN ROLLING LOSS TEST
> YES
STEP UP CUMULATIVE LOSS TEST
> NO
STEP UP ROLLING DELINQUENCY TEST
> NO
STEP UP ROLLING LOSS TEST
> NO
STEP UP SPREAD SQUEEZE TEST
> NO
DELINQUENCY PERCENTAGE
> 0.22%
ANNUAL LOSS PERCENTAGE
> 0.00%
DETAIL OF LOANS THAT BECAME REO DURING COLLECTION PERIOD
Book
> Stated Principal Date Property
Loan Number Value
> Principal Balance Became REO
TOTAL 0.00
> 0.00
GROUP I ENDING PRINCIPAL BALANCE
> 35,937,371.88
GROUP II ENDING PRINCIPAL BALANCE
> 187,182,009.13
PRINCIPAL PREPAYMENTS
> 1,729,436.11
GROUP I AVAILABLE FUNDS
> 782,090.83
GROUP II AVAILABLE FUNDS
> 3,279,934.96
PREPAYMENT PREMIUMS
> 0.00
X-1 COMPONENT DISTRIBUTABLE AMOUNT
> 66,996.63
X-1 COMPONENT DISTRIBUTABLE AMOUNT PAID
> 0.00
X-1 COMPONENT DISTRIBUTABLE AMOUNT UNPAID (INCL PRIOR)
> 66,996.63
X-2 COMPONENT DISTRIBUTABLE AMOUNT
> 471,408.51
X-2 COMPONENT DISTRIBUTABLE AMOUNT PAID
> 0.00
X-2 COMPONENT DISTRIBUTABLE AMOUNT UNPAID (INCL PRIOR)
> 471,408.51
Page 3 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
