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): June 25, 1999
FINANCIAL ASSET SECURITIES CORP.,
as Depositor, United PanAm Mortgage Corporation, as Seller, Pan
American Bank, FSB, as Master Servicer, and Bankers Trust Company
of California, N.A., 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 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)
333-39649 94-324470
(Commission File Number) (I.R.S. Employer Identification No.)
THREE WORLD FINANCIAL CENTER
200 VESEY STREET
NEW YORK, NEW YORK 10022
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (212) 526-7000
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
June 25, 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: July 15, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated as of
June 25, 1999.
United PanAm 1999-1
Loan Asset Backed Certificates
June 25, 1999 Distribution
Contents
TABLE OF CONTENTS
Page
1. Contents
> 1
2. Certificate Payment
> Report 2
3. Collection Account
>Report 6
4. Credit Enhancement
>Report 9
5. Collateral Report
> 10
6. Delinquency Report
> 13
7. REO Report
> 16
8. Prepayment Report
> 17
9. Prepayment Detail R
>eport 20
10. Realized Loss Repor
>t 21
11. Realized Loss Detai
>l Report 24
12. Triggers, Adj. Rate
> Cert. and Miscellaneous Report 25
Total Number of Pag
>es 25
CONTACTS
Administrator: An
>drea B. Davidson
Direct Phone Number
>: (949)224-8066
Address: Bankers
>Trust Company of California, N.A.
3
>Park Plaza 16th Floor, Irvine, CA 92614
Web Site: http://
>online.bankerstrust.com/invr/
Factor Information:
> (800) 735-7777
Main Phone Number:
> (949) 253-7575
ISSUANCE INFORMATION
Seller: United PanAm Mortgage
> Cut-Off Date: March 1, 19
>99
Certificate Insurer: Financial Security Assurance Inc.
> Closing Date: March 11,
>1999
Servicer(s): Pan American Bank Master Serv
>icer First Payment Date: April 25, 1999
>
Fairbanks Capital Corp. Sub-S
>ervicer
Underwriter(s): Greenwich Capital Acceptance, Inc.
> Distribution Date: June 25, 1999
> Record Date: May 28, 1999
> Page 1 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Certificate Payment Report for June 25, 1999 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
A-1 STEP 37221323.17
>35593569.73 200807.06 226747.8915 427554.9515 0
> 0 35366821.84
A-2 STEP 187778676.8
>182339144.6 823147.28 4727602.515 5550749.795 0
> 0 177611542.1
X 0
> 0 0 0 0 0
> 0 0
P 100
> 100 150402.76 0 150402.76 0
> 0 100
R R 0
> 0 0 0 0 0
> 0 0
Total 225000100
>217932814.3 1174357.1 4954350.407 6128707.507 0
> 0 212978463.9
See Class X Breakdown Information
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
A-1 F-30/360 9109
>19AA7 37221323.17 956.2682543 5.394946845 6.09188154 11.4
>8682838 950.1763727
A-2 36305 36335 A-Act/360 9109
>19AB5 187778676.8 971.0322157 4.38360358 25.1764609 29.5
>6006448 945.8557548
X -
> 0 0 0 0
> 0 0
P -
> 100 1000 1504027.6 0 15
>04027.6 1000
R -
> 0 0 0 0
> 0 0
> Page 2 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Certificate Payment Report for June 25, 1999 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
A-1 37221323.17 614289.52
>1785786.611 68714.72004 1854501.332 2468790.852 0
> 0 35366821.84
A-2 187778676.8 2873226.6
> 9897875.53 269259.2 10167134.73 13040361.33 0
> 0 177611542.1
X 0 0
> 0 0 0 0 0
> 0 0
P 100 150402.76
> 0 0 0 150402.76 0
> 0 100
R 0 0
> 0 0 0 0 0
> 0 0
Total 225000100 3637918.88
>11683662.14 337973.92 12021636.06 15659554.94 0
> 0 212978463.9
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
A-1 0.0677 35593569.73
> 200807.06 0 0 0 200807.06 20
>0807.06 0
A-2 0.052425 182339144.6
> 823147.28 0 0 0 823147.28 82
>3147.28 0
X 0
> 0 0 0 0 0
> 0 1755581.441
P 100
> 0 0 0 150402.76 0 15
>0402.76 0
R 0
> 0 0 0 0 0
> 0 0
Total 217932814.3
> 1023954.34 0 0 150402.76 1023954.34 11
>74357.1 1755581.441
> Page 3 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Class X Components Series 1999-1
Certificate Payment Report for June 25, 1999 Distribution
Distribution in Dollars - Current Period
Prio
>r
> Current
Class Original Prin
>cipal Total Realized Deferred
> Principal
Class Type Face Value Bala
>nce Interest Principal Distribution Losses Interest
> Balance
(1)
> (2) (3) (4)=(2)+(3) (5) (6)
> (7)=(1)-(3)-(5)+(6)
X-1 0
> 0 0 0 0 0
> 0 0
X-2 0
> 0 0 0 0 0
> 0 0
Total 0
> 0 0 0 0 0
> 0 0
Class X-1 and X-2 represent components of Class X
Interest Accrual Detail Curr
>ent Period Factor Information per $1,000 of Original Face
> Orig. PrincipalPrior
> Current
Period Period
> (with Notional)Principal Total
> Principal
Class Starting Ending Method Cusi
>p Balance Balance Interest Principal Distribu
>tion Balance
> (1) (2) (3) (4)=(2)+
>(3) (5)
X-1 F-30/360
> 0 0 0 0
> 0 0
X-2 36305 36335 A-Act/360
> 0 0 0 0
> 0 0
> Page 4 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Class X Components Series 1999-1
Certificate Payment Report for June 25, 1999 Distribution
Distribution in Dollars - to Date
>
> Current
Original Unsc
>heduled Scheduled Total Total Realized Deferred
> Principal
Class Face Value Interest Prin
>cipal Principal Principal Distribution Losses Interest
> Balance
(1) (2) (3)
> (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8)
> (9)=(1)-(5)-(7)+(8)
X-1 0 0
> 0 0 0 0 0
> 0 0
X-2 0 0
> 0 0 0 0 0
> 0 0
Total 0 0
> 0 0 0 0 0
> 0 0
Interest Detail
Pass- Prior Principal
> Non- Prior Unscheduled Paid or
> Current
Through (with Notional) Accr
>ued Supported Unpaid Interest Optimal Deferred
> Unpaid
Class Rate Balance Inte
>rest Interest SF Interest Adjustments Interest Interest
> Interest
(1)
> (2) (3) (4) (5)=(1)-(2)+(3)(6)
> (7)=(5)-(6)
X-1 0
> 74961.1796 142781.4695 142781.4695 0 217742.6491
> 0 217742.6491
X-2 0
> 530932.756 1006906.036 1006906.036 0 1537838.792
> 0 1537838.792
Total 0
>605893.9356 1149687.505 1149687.505 0 1755581.441
> 0 1755581.441
> Page 5 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Collection Account Report for June 25, 1999 Distribution
Collection Account Report
SUMMARY
> ADJUSTABLE FIXED TOTAL
Principal Collections
> 4,140,522.80 136,956.07 4,277,478.87
Principal Withdrawals
> 0.00 0.00 0.00
Principal Other Accounts
> 0.00 0.00 0.00
TOTAL PRINCIPAL
> 4,140,522.80 136,956.07 4,277,478.87
Interest
> 1,504,244.81 308,849.90 1,813,094.71
Interest Withdrawals
> 0.00 0.00 0.00
Interest Other Accounts
> 0.00 0.00 0.00
Total Interest Fees
> (94,017.83) (18,251.01) (112,268.84)
TOTAL INTEREST
> 1,410,226.98 290,598.89 1,700,825.87
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION
> 5,550,749.78 427,554.96 5,978,304.74
PRINCIPAL - COLLECTIONS
> ADJUSTABLE FIXED TOTAL
Scheduled Principal Received
> 88,519.19 23,406.33 111,925.52
Prepayments In Full
> 4,033,460.83 111,612.84 4,145,073.67
Curtailments
> 18,542.78 1,936.90 20,479.68
Liquidations
> 0.00 0.00 0.00
Insurance Principal
> 0.00 0.00 0.00
Repurchased Principal Amounts
> 0.00 0.00 0.00
Other Principal
> 0.00 0.00 0.00
Total Realized Loss Of Principal
> 0.00 0.00 0.00
Delinquent Principal
> (4,802.27) (799.69) (5,601.96)
Advanced Principal
> 4,802.27 799.69 5,601.96
TOTAL PRINCIPAL COLLECTED
> 4,140,522.80 136,956.07 4,277,478.87
Page 6 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Collection Account Report for June 25, 1999 Distribution
Collection Account Report
PRINCIPAL - WITHDRAWALS
> ADJUSTABLE FIXED TOTAL
SPACE INTENTIONALLY LEFT BLANK
PRINCIPAL - OTHER ACCOUNTS
> ADJUSTABLE FIXED TOTAL
Prefunding Account Deposit
> 0.00 0.00 0.00
TOTAL OTHER ACCOUNTS PRINCIPAL
> 0.00 0.00 0.00
INTEREST - COLLECTIONS
> ADJUSTABLE FIXED TOTAL
Scheduled Interest
> 1,508,384.37 309,656.28 1,818,040.65
Liquidation Interest
> 0.00 0.00 0.00
Repurchased Interest
> 0.00 0.00 0.00
Insurance Interest
> 0.00 0.00 0.00
Other Interest
> 0.00 0.00 0.00
Delinquent Interest
> (99,141.21) (20,648.15) (119,789.36)
Prepayment Interest Shortfalls
> (18,411.47) (881.66) (19,293.13)
Civil Relief Act Shortfalls
> 0.00 0.00 0.00
Compensating Interest
> 18,411.47 881.66 19,293.13
Interest Advanced
> 95,001.65 19,841.77 114,843.42
TOTAL INTEREST COLLECTED
> 1,504,244.81 308,849.90 1,813,094.71
Page 7 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Collection Account Report for June 25, 1999 Distribution
Collection Account Report
INTEREST - WITHDRAWALS
> ADJUSTABLE FIXED TOTAL
Trust Fund Expenses
> 0.00 0.00 0.00
Current Nonrecoverable Advances
> 0.00 0.00 0.00
Cumulative Nonrecoverable Advances
> 0.00 0.00 0.00
Reimbursements to Master Servicer
> 0.00 0.00 0.00
TOTAL INTEREST WITHDRAWALS
> 0.00 0.00 0.00
INTEREST - OTHER ACCOUNTS
> ADJUSTABLE FIXED TOTAL
Capitalized Interest Requirement
> 0.00 0.00 0.00
Prefunded Interest Earnings
> 0.00 0.00 0.00
TOTAL INTEREST OTHER ACCOUNTS
> 0.00 0.00 0.00
INTEREST - FEES
> ADJUSTABLE FIXED TOTAL
Current Servicing Fees
> 63,233.46 12,244.59 75,478.05
Trustee Fee Amount
> 1,914.01 370.77 2,284.78
Insurance Premium Amount
> 28,870.36 5,635.65 34,506.01
TOTAL INTEREST OTHER FEES
> 94,017.83 18,251.01 112,268.84
Page 8 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Credit Enhancement Report for June 25, 1999 Distribution
Credit Enhancement Report
ACCOUNTS
> ADJUSTABLE FIXED TOTAL
SPACE INTENTIONALLY LEFT BLANK
INSURANCE
> ADJUSTABLE FIXED TOTAL
Insurance Premium Due
> 28,870.36 5,635.65 34,506.01
Insurance Premium Paid
> 28,870.36 5,635.65 34,506.01
Reimbursements to Certificate Insurer
> 0.00 0.00 0.00
Guaranteed Principal Distribution Amount
> 0.00
STRUCTURAL FEATURES
> ADJUSTABLE FIXED TOTAL
Over Collateralization Amount
> 1,405,407.01 0.00 1,405,407.01
Over Collateralization Release Amount
> 0.00 0.00 0.00
Over Collateralization Deficiency Amount
> 6,137,878.04 1,183,580.89 7,321,458.93
Over Collateralization Target Amount
> 7,543,285.05 1,183,580.89 8,726,865.95
General Excess Available Amount
> 587,079.72 89,791.82 676,871.54
Page 9 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Collateral Report for June 25, 1999 Distribution
Collateral Report
COLLATERAL
> ADJUSTABLE FIXED TOTAL
Loan Count
Original
> 1392 439 1831
Prior
> 1368 431 1799
Scheduled Paid Offs
> 0 0 0
Full Voluntary Prepayments
> 18 1 19
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 1350 430 1780
Principal Balance
Original
> 188563997.1 36400280.31 224964277.4
Prior
> 183744551.6 35593569.73 219338121.4
Scheduled Principal
> 88519.19 23406.33 111925.52
Partial and Full Voluntary Prepayments
> 4052003.61 113549.74 4165553.35
Repurchases
> 0 0 0
Liquidations
> 0 0 0
Current
> 179604028.8 35456613.66 215060642.5
PREFUNDING
> ADJUSTABLE FIXED TOTAL
Prefunding Beginning Balance
> 0.00 0.00 0.00
Balance of Subsequent Loans Transfered
> 0.00 0.00 0.00
Prefunded Amount Dispursed To Offered Certificates
> 0.00 0.00 0.00
Prefunding Ending Balance
> 0.00 0.00 0.00
Prefunding Earnings
> 0.00 0.00 0.00
Capitalized Interest Beginning Balance
> 0.00 0.00 0.00
Capitalized Interest Earnings
> 0.00 0.00 0.00
Capitalized Interest Requirement
> 0.00 0.00 0.00
Capitalized Interest Released to Seller
> 0.00 0.00 0.00
Capitalized Interest Ending Balance
> 0.00 0.00 0.00
Fixed
Adjustable
Current Prin Balance by Groups (in millions of dollars) Tota
>l Current Principal Balance (in millions of dollars)
Page 10 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Collateral Report for June 25, 1999 Distribution
Collateral Report
CHARACTERISTICS
> ADJUSTABLE FIXED TOTAL
Weighted Average Coupon Original
> 0.09491006 0.101838279 0.096031078
Weighted Average Coupon Prior
> 0.098071908 0.104437621 0.09909722
Weighted Average Coupon Current
> 0.098509655 0.104397378 0.099465098
Weighted Average Months to Maturity Original
> 355 288 344.2084
Weighted Average Months to Maturity Prior
> 353 287 342.2897
Weighted Average Months to Maturity Current
> 353 286 341.9538
Weighted Avg Remaining Amortization Term Original
> 351 287 340.6916539
Weighted Avg Remaining Amortization Term Prior
> 350.21 285.16 339.6538701
Weighted Avg Remaining Amortization Term Current
> 349.61 283.91 338.7781737
Weighted Average Seasoning Original
> 3.6 3.31 3.553290307
Weighted Average Seasoning Prior
> 4.57 4.23 4.514825762
Weighted Average Seasoning Current
> 5.55 5.23 5.497242246
Note: Original information refers to deal issue.
Fixed
Adjustable
WAC by Groups Tota
>l WAC
WARAT by Groups Tota
>l WARAT
Note: Dates correspond to distribution dates.
Page 11 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Collateral Report for June 25, 1999 Distribution
Collateral Report
ARM CHARACTERISTICS
> ADJUSTABLE FIXED TOTAL
Weighted Average Margin Original
> 0.06326241
Weighted Average Margin Prior
> 0.06321864
Weighted Average Margin Current
> 0.06318135
Weighted Average Max Rate Original
> 0.13045909 0.10453021
Weighted Average Max Rate Prior
> 0.13056649 0.10445096
Weighted Average Max Rate Current
> 0.1305233 0.10441084
Weighted Average Min Rate Original
> 0.09286945 0.10429199
Weighted Average Min Rate Prior
> 0.09280301 0.10420976
Weighted Average Min Rate Current
> 0.09283306 0.10416741
Weighted Average Cap Up Original
> 0.00702179
Weighted Average Cap Up Prior
> 0.00705585
Weighted Average Cap Up Current
> 0.0070454
Weighted Average Cap Down Original
> 0.0092331
Weighted Average Cap Down Prior
> 0.00928226
Weighted Average Cap Down Current
> 0.00926907
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES
> ADJUSTABLE FIXED TOTAL
Current Servicing Fees
> 63,233.45 12,244.59 75,478.04
Delinquent Servicing Fees
> 4,139.55 806.39 4,945.94
TOTAL SERVICING FEES DUE MASTER SERVICER
> 67,373.00 13,050.98 80,423.98
Total Servicing Fees Due to Master Servicer
> 67,373.00 13,050.98 80,423.98
Compensating Interest
> 18,411.47 881.66 19,293.13
Delinquent Servicing Fees
> 4,139.55 806.39 4,945.94
COLLECTED SERVICING FEES
> 44,821.98 11,362.93 56,184.91
Prepayment Interest Shortfalls
> 18,411.47 881.66 19,293.13
Total Advanced Interest
> 95,001.65 19,841.77 114,843.42
Current Nonrecoverable Advances
> 0.00 0.00 0.00
Cumulative Nonrecoverable Advances
> 0.00 0.00 0.00
ADDITIONAL COLLATERAL INFORMATION
> ADJUSTABLE FIXED TOTAL
SPACE INTENTIONALLY LEFT BLANK
Page 12 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Delinquency Report for June 25, 1999 Distribution
Delinquency Report - Total
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 6532898.02 2001585.9 2283661.19 10818145.11
% Balance
>0.030377004 0.009307077 0.010618685 0.050302766
# Loans
> 60 19 16 95
% # Loans
>0.033707865 0.010674157 0.008988764 0.053370787
FORECLOSURE Balance 0
> 0 0 2286506.32 2286506.32
% Balance 0
> 0 0 0.010631914 0.010631914
# Loans 0
> 0 0 14 14
% # Loans 0
> 0 0 0.007865169 0.007865169
BANKRUPTCY Balance 40759.38
> 0 167173.24 211021.46 418954.08
% Balance 0.000189525
> 0 0.000777331 0.000981218 0.001948074
# Loans 1
> 0 2 2 5
% # Loans 0.000561798
> 0 0.001123596 0.001123596 0.002808989
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 40759.38
> 6532898.02 2168759.14 4781188.97 13523605.51
% Balance 0.000189525
>0.030377004 0.010084407 0.022231818 0.062882754
# Loans 1
> 60 21 32 114
% # Loans 0.000561798
>0.033707865 0.011797753 0.017977528 0.064044944
Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Pay
>ments = 90+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 13 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Delinquency Report for June 25, 1999 Distribution
Delinquency Report - Fixed Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 1454589 397753.66 222743.82 2075086.48
% Balance
>0.041024476 0.011218039 0.006282152 0.058524666
# Loans
> 18 6 3 27
% # Loans
>0.041860465 0.013953488 0.006976744 0.062790698
FORECLOSURE Balance 0
> 0 0 79311.5 79311.5
% Balance 0
> 0 0 0.002236861 0.002236861
# Loans 0
> 0 0 1 1
% # Loans 0
> 0 0 0.002325581 0.002325581
BANKRUPTCY Balance 40759.38
> 0 44030.11 0 84789.49
% Balance 0.001149556
> 0 0.001241802 0 0.002391359
# Loans 1
> 0 1 0 2
% # Loans 0.002325581
> 0 0.002325581 0 0.004651163
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 40759.38
> 1454589 441783.77 302055.32 2239187.47
% Balance 0.001149556
>0.041024476 0.012459841 0.008519012 0.063152886
# Loans 1
> 18 7 4 30
% # Loans 0.002325581
>0.041860465 0.01627907 0.009302326 0.069767442
Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Pay
>ments = 90+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 14 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Delinquency Report for June 25, 1999 Distribution
Delinquency Report - Adjustable Group
CURRENT 1 PA
>YMENT 2 PAYMTS 3+ PAYMTS TOTAL
DELINQUENT Balance
> 5078309.02 1603832.24 2060917.37 8743058.63
% Balance
>0.028275028 0.008929823 0.011474784 0.048679635
# Loans
> 42 13 13 68
% # Loans
>0.031111111 0.00962963 0.00962963 0.05037037
FORECLOSURE Balance 0
> 0 0 2207194.82 2207194.82
% Balance 0
> 0 0 0.012289228 0.012289228
# Loans 0
> 0 0 13 13
% # Loans 0
> 0 0 0.00962963 0.00962963
BANKRUPTCY Balance 0
> 0 123143.13 211021.46 334164.59
% Balance 0
> 0 0.000685637 0.001174926 0.001860563
# Loans 0
> 0 1 2 3
% # Loans 0
> 0 0.000740741 0.001481481 0.002222222
REO Balance 0
> 0 0 0 0
% Balance 0
> 0 0 0 0
# Loans 0
> 0 0 0 0
% # Loans 0
> 0 0 0 0
TOTAL Balance 0
> 5078309.02 1726975.37 4479133.65 11284418.04
% Balance 0
>0.028275028 0.00961546 0.024938938 0.062829426
# Loans 0
> 42 14 28 84
% # Loans 0
>0.031111111 0.01037037 0.020740741 0.062222222
Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Pay
>ments = 90+
> 6 Months Moving Average
1 or 2 Payments Delinquent 3 or
> More Payments Delinquent
Total Foreclosure Tota
>l Bankruptcy and REO
Note: Dates correspond to distribution dates.
Page 15 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
REO Report for June 25, 1999 Distribution
REO Report - Mortgage Loans that Become REO During Current Dis
>tribution
SUMMARY LOAN GROUP
Total Loan Count = 0 Loan Group 1
>= Fixed Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00 Loan Group 2
> = Adjustable Group; REO Book Value = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
REO Book Value reported corresponds to total REO loans, including loans that be
>come REO during current distribution.
Loan Number Original Stated Curr
>ent State &
& Principal Principal Paid to Note
> LTV at Original Origination
Loan Group Balance Balance Date Rate
> Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page 16 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Prepayment Report for June 25, 1999 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENTS
> ADJUSTABLE FIXED TOTAL
Current
Number of Paid in Full Loans
> 18 1 19
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 18 1 19
Paid in Full Balance
> 4033460.83 111612.84 4145073.67
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 18542.78 1936.9 20479.68
Total Prepayment Amount
> 4052003.61 113549.74 4165553.35
Cumulative
Number of Paid in Full Loans
> 42 9 51
Number of Repurchased Loans
> 0 0 0
Total Number of Loans Prepaid in Full
> 42 9 51
Paid in Full Balance
> 8657726.86 871098.69 9528825.55
Repurchased Loans Balance
> 0 0 0
Curtailments Amount
> 32982.21 3853.24 36835.45
Total Prepayment Amount
> 8690709.07 874951.93 9565661
SPACE INTENTIONALLY LEFT BLANK
Total Prepayments by Groups (in thousands of dollars) Tota
>l Prepayments (in thousands of dollars)
Page 17 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Prepayment Report for June 25, 1999 Distribution
Prepayment Report - Voluntary Prepayments
VOLUNTARY PREPAYMENT RATES
> ADJUSTABLE FIXED TOTAL
SMM
> 0.022063003 0.003192275 0.019001166
3 Months Avg SMM
> 0.015622919 0.008085642 0.01439601
12 Months Avg SMM
Avg SMM Since Cut-off
> 0.015622919 0.008085642 0.01439601
CPR
> 0.234878303 0.037641824 0.20563172
3 Months Avg CPR
> 0.172176175 0.09282699 0.159709539
12 Months Avg CPR
Avg CPR Since Cut-off
> 0.172176175 0.09282699 0.159709539
PSA
> 21.16020744 3.598644717 18.70317069
3 Months Avg PSA Approximation
> 18.8239258 10.90371848 17.66000596
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation
> 18.8239258 10.90371848 17.66000596
Fixed
Adjustable
CPR by Groups Tota
>l CPR
PSA by Groups Tota
>l PSA
Page 18 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Prepayment Report for June 25, 1999 Distribution
Prepayment Report - Voluntary Prepayments
Fixed
Adjustable
CPR Avg since Cut-Off by Groups Tota
>l CPR Avg since Cut-Off
PSA Avg since Cut-Off by Groups Tota
>l PSA Avg since Cut-Off
PREPAYMENT CALCULATION METHODOLOGY
Single Monthly Mortality (SMM): (Voluntary partial and full p
>repayments + Repurchases)/(Beg Principal Balance - Sched Principal)
Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)
PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))
Average SMM over period between nth month and mth month (AvgSMMn
>,m): [(1-SMMn) * (1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)
Average CPR over period between the nth month and mth month (Avg
>CPRn,m): 1-((1-AvgSMMn,m)^12)
Average PSA Approximation over period between the nth month and
>mth month: AvgCPRn,m/(0.02*Avg WASn,m))
Average WASn,m: (min(30,WASn)+min(30,WASn+1)+..+min(30,WASm)
>/(number of months in the period n,m)
Weighted Average Seasoning (WAS)
Note: Prepayment rates are calculated since deal issue date and
> include partial and full voluntary prepayments and repurchases.
Dates correspond to distribution dates.
Page 19 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Prepayment Detail Report for June 25, 1999 Distribution
Prepayment Detail Report - Loans Prepaid in Full During Curren
>t Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 19
> Loan Group 1 = Fixed Group
Total Original Principal Balance = 4,154,950.00
> Loan Group 2 = Adjustable Group
Total Prepayment Amount = 4,145,073.67
Loan Number Original
> Current State & Type Prepayment
& Loan Principal Prepayment Prep
>ayment Note LTV at & Origination
Loan Group Status Balance Amount Date
> Rate Origination Original Term Date
1335322 1 111800 111612.84
> 36286 0.11375CA - 65.00% Paid Off - 36 36097
1329937 2 628000 625170.46
> 36301 0.1025VA - 79.20% Paid Off - 36 36000
1332337 2 313200 312258.51
> 36284 0.11125CA - 89.80% Paid Off - 36 36055
1332949 2 283500 282305.01
> 36292 0.095CA - 68.10% Paid Off - 36 36063
1333269 2 98625 98218.96
> 36305 0.0875AK - 72.30% Paid Off - 36 36061
1333665 2 488000 486778.52
> 36301 0.10375CA - 73.80% Paid Off - 36 36077
1333780 2 83250 83035.98
> 36284 0.1025CO - 69.30% Paid Off - 36 36084
1335454 2 35000 34947.44
> 36286 0.11875OH - 58.30% Paid Off - 36 36113
1335488 2 65000 64861.34
> 36290 0.1025OR - 50.00% Paid Off - 36 36103
1336627 2 63750 63673.84
> 36297 0.11875GA - 84.90% Paid Off - 36 36133
1336999 2 14000 13973.52
> 36285 0.0975CA - 5.60% Paid Off - 36 36136
1338144 2 320000 319511.56
> 36287 0.1075CA - 79.90% Paid Off - 36 36145
1340595 2 496500 495978.35
> 36297 0.11125NJ - 74.10% Paid Off - 36 36174
1341734 2 470250 469247.86
> 36301 0.0775CA - 72.30% Paid Off - 36 36174
1341742 2 297500 297219.81
> 36285 0.11625CA - 85.00% Paid Off - 18 36168
1345404 2 60000 59945.26
> 36292 0.09875CO - 75.00% Paid Off - 36 36207
1345677 2 112000 111889.38
> 36292 0.095CO - 80.00% Paid Off - 36 36208
1346931 2 94575 94507.25
> 36305 0.11WA - 49.78% Paid Off - 36 36216
1348689 2 120000 119937.78
> 36299 0.0925OH - 80.00% Paid Off - 36 36221
Page
> 20 of 25 (c) COPYRIGHT 1999 Banker
>s Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Realized Loss Report for June 25, 1999 Distribution
Realized Loss Report - Collateral
COLLATERAL REALIZED LOSSES
> ADJUSTABLE FIXED TOTAL
Current
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
Cumulative
Number of Loans Liquidated
> 0 0 0
Collateral Realized Loss/(Gain) Amount
> 0 0 0
Net Liquidation Proceeds
> 0 0 0
Note: Collateral realized losses may include adjustments to loan
>s liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
Fixed
> 3 Months Moving Average
Adjustable
Collateral Loss Severity Approximation by Groups Coll
>ateral Loss Severity Approximation
Page 21 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Realized Loss Report for June 25, 1999 Distribution
Realized Loss Report - Collateral
DEFAULT SPEEDS
> ADJUSTABLE FIXED TOTAL
MDR
> 0 0 0
3 Months Avg MDR
> 0 0 0
12 Months Avg MDR
Avg MDR Since Cut-off
> 0 0 0
CDR
> 0 0 0
3 Months Avg CDR
> 0 0 0
12 Months Avg CDR
Avg CDR Since Cut-off
> 0 0 0
SDA
> 0 0 0
3 Months Avg SDA Approximation
> 0 0 0
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation
> 0 0 0
Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
Fixed
Adjustable
CDR by Groups Tota
>l CDR
SDA by Groups Tota
>l SDA
Page 22 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Realized Loss Report for June 25, 1999 Distribution
Realized Loss Report - Collateral
Fixed
Adjustable
CDR Avg since Cut-Off by Groups Tota
>l CDR Avg since Cut-Off
SDA Avg since Cut-Off by Groups Tota
>l SDA Avg since Cut-Off
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
Monthly Default Rate (MDR): (Beg Principal Balance of Liquida
>ted Loans)/(Total Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.
>02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn
>,m): [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (Avg
>CDRn,m): 1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and
>mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX
>(0.03,MIN(30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +..+ WASm )/(number of months
> in the period n,m)
Loss Severity Approximation for current period: sum(Realized Los
>s Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth mont
>h and mth month: Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and
include realized gains and additional realized losses and gains from prior
periods.
Dates correspond to distribution dates.
Page 23 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
>
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Realized Loss Detail Report for June 25, 1999 Distribution
Realized Loss Detail Report - Loans Liquidated During Current
>Distribution
SUMMARY
> LOAN GROUP
Total Loan Count = 0
> Loan Group 1 = Fixed Group
Total Original Principal Balance = 0.00
> Loan Group 2 = Adjustable Group
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Loan Number Original Prior
> Current State &
& Loan Principal Principal Real
>ized Note LTV at Original Origination
Loan Group Status Balance Balance Loss
>/(Gain) Rate Origination Term Date
SPACE INTENTIONALLY LEFT BLANK
Page
> 24 of 25 (c) COPYRIGHT 1999 Banker
>s Trust Company
United PanAm 1999-1
Loan Asset Backed Certificates
Series 1999-1
Triggers, Adj. Rate Cert. and Miscellaneous Report for June 25,
>1999 Distribution
Triggers, Adj. Rate Cert. and Miscellaneous Report
TRIGGER EVENTS
> ADJUSTABLE FIXED TOTAL
Step Down Cumulative Loss Test
> No
Step Down Rolling Delinquency Test
> No
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
> 3.2316%
Annual Loss Percentage
> 0.0000%
ADJUSTABLE RATE CERTIFICATE INFORMATION
> ADJUSTABLE FIXED TOTAL
Group II Available Funds Cap Carryover Amount
> 0.00 0.00 0.00
ADDITIONAL INFORMATION
> ADJUSTABLE FIXED TOTAL
X Component Distributable Amount
> 530,932.76 74,961.18 605,893.94
X Component Distributable Amount Paid
> 0.00 0.00 0.00
X Component Distributable Amount Unpaid
> 1,006,906.04 142,781.47 1,149,687.51
Prepayment Premiums
> 134,285.38 16,117.38 150,402.76
Page 25 of 25
> (c) COPYRIGHT 1999 Bankers Trust Company
