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): May 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
May 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: June 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
May 25, 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 37,221,323.17 36,069,510.67 203,492.16 475,940.94
>679,433.10 0.00 0.00 35,593,569.73
A-2 187,778,676.83 186,378,559.59 785,598.57 4,039,414.97 4,
>825,013.54 0.00 0.00 182,339,144.62
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 225,000,100.00 222,448,170.26 989,090.73 4,515,355.92 5,
>504,446.65 0.00 0.00 217,932,814.35
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A-1 969.055036 5.467086 12.786782
> 18.253868 956.268254 6.770000% 6.770000%
A-2 992.543790 4.183641 21.511574
> 25.695215 971.032216 5.232500% 5.242500%
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: April 30, 1999
> Irvine, CA 92614
DISTRIBUTION DATE: May 25, 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: May 25, 1999
SERVICING FEES PAID FOR THE CURRENT PERIOD:
> 72,648.27
DELINQUENT SERVICING FEES FOR THE CURRENT PERIOD:
> 9,162.17
NET ACCRUED SERVICING FEE FOR THE CURRENT PERIOD:
> 81,810.44
CURRENT PERIODS MONTHLY SERVICER ADVANCED PRINCIPAL
> 10,474.61
CURRENT PERIODS MONTHLY SERVICER ADVANCED INTEREST
> 212,146.48
DELINQUENT LOAN 30-59
>60-89. 91 +
INFORMATION: DAYS
> DAYS DAYS TOTAL
PRINCIPAL BALANCE 6,138,330.65 1,
>915,443.68 263,322.16 8,317,096.49
NUMBER OF LOANS 37
> 17 2 56
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
> 62,781.80 0.00 62,781.80
NUMBER OF LOANS 0
> 1 0 1
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:
> 1,820.00
ENDING AGGREGATE PRINCIPAL MORTGAGE LOAN BALANCE:
> 1,799.00
WEIGHTED AVERAGE MONTHS TO MATURITY:
> 343.00
WEIGHTED AVERAGE MORTGAGE RATE:
> 9.9097%
PREMIUM AMOUNT PAID TO THE CERTIFICATE INSURER
> 35,220.94
CLASS A-1 OVERCOLLATERALIZED AMOUNT
> (132,138.79)
CLASS A-1 OVERCOLLATERALIZATION RELEASE AMOUNT
> 0.00
CLASS A-1 OVERCOLLATERALIZATION DEFICIENCY AMOUNT
> 1,315,719.68
CLASS A-1 OVERCOLLATERALIZATION TARGET AMOUNT
> 1,183,580.89
GROUP I GENERAL EXCESS AVAILABLE AMOUNT
> 90,013.24
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
> 644,083.02
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: May 25, 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
> 1.02%
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 #VALUE!
> #VALUE!
GROUP I ENDING PRINCIPAL BALANCE
> 35,593,569.73
GROUP II ENDING PRINCIPAL BALANCE
> 183,744,551.63
PRINCIPAL PREPAYMENTS
> 3,654,315.77
GROUP I AVAILABLE FUNDS
> 643,018.56
GROUP II AVAILABLE FUNDS
> 4,896,649.03
PREPAYMENT PREMIUMS
> 0.00
X-1 COMPONENT DISTRIBUTABLE AMOUNT
> 75,784.84
X-1 COMPONENT DISTRIBUTABLE AMOUNT PAID
> 0.00
X-1 COMPONENT DISTRIBUTABLE AMOUNT UNPAID (INCL PRIOR)
> 142,781.47
X-2 COMPONENT DISTRIBUTABLE AMOUNT
> 535,497.53
X-2 COMPONENT DISTRIBUTABLE AMOUNT PAID
> 0.00
X-2 COMPONENT DISTRIBUTABLE AMOUNT UNPAID (INCL PRIOR)
> 1,006,906.04
Page 3 of 3
> (c) COPYRIGHT 1999 Bankers Trust Company
