<PAGE> 1
Exhibit 10.1
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Certificateholder Distribution Summary
</TABLE>
<TABLE>
<CAPTION>
Certificate Certificate Beginning Current Ending
Class Pass-Through Certificate Interest Principal Realized Certificate
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance
-------- --------- ----------- ------------ -------------- ------------ ------------ -------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 7.00125% 150,990,678.17 851,571.70 9,305,778.01 0.00 141,684,900.16
INV_CERT ARE991INV SUB 0.00000% 5,148,060.64 0.00 0.00 0.00 5,248,284.26
-------------- ---------- ------------ ---- --------------
Totals 156,138,738.81 851,571.70 9,305,778.01 0.00 146,933,184.42
</TABLE>
<TABLE>
Cumulative
Total Realized
Class Distribution Losses
-------- ------------- ---------
<S> <C> <C>
A 10,157,349.71 0.00
INV_CERT 0.00 0.00
------------- ----
Totals 10,157,349.71 0.00
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Page 1
<PAGE> 2
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Principal Distribution Statement
</TABLE>
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled Total Ending
Face Certificate Principal Principal Realized Principal Certificate
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction Balance
-------- -------------- -------------- ------------ ------------ --------- -------- ------------ --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 150,990,678.17 0.00 9,305,778.01 0.00 0.00 9,305,778.01 141,684,900.16
INV_CERT 7,285,896.30 5,148,060.64 0.00 0.00 0.00 0.00 0.00 5,248,284.26
-------------- -------------- ----- ------------ ---- ---- ------------ --------------
Totals 236,285,896.30 156,138,738.81 0.00 9,305,778.01 0.00 0.00 9,305,778.01 146,933,184.42
</TABLE>
<TABLE>
Ending Total
Certificate Principal
Class Percentage Distribution
-------- ---------- ------------
<S> <C> <C>
A 0.61871135 9,305,778.01
INV_CERT 0.72033475 0.00
---------- ------------
Totals 0.62184492 9,305,778.01
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Descript
Page 2
<PAGE> 3
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Principal Distribution Factors Statement
</TABLE>
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled Total Ending
Face Certificate Principal Principal Realized Principal Certificate
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction Balance
--------- -------------- ------------ ------------ ------------ ---------- ---------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 659.34793961 0.00000000 40.63658520 0.00000000 0.00000000 40.63658520 618.71135441
INV_CERT 7,285,896.30 706.57890643 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 720.33474591
</TABLE>
<TABLE>
Ending Total
Certificate Principal
Class(2) Percentage Distribution
--------- ---------- ------------
<S> <C> <C>
A 0.61871135 40.63658520
INV_CERT 0.72033475 0.00000000
</TABLE>
(1) All denominations are Per $1000.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Descript
Page 3
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Interest Distribution Statement
</TABLE>
<TABLE>
<CAPTION>
Beginning
Original Current Certificate/ Current Payment of Current Non-Supported
Face Certificate Notional Accrued Unpaid Interest Interest Realized
Class Amount Rate Balance Interest Interest Shortfall Shortfall Loss(4)
-------- -------------- --------- -------------- ---------- ---------- --------- ------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 7.00125% 150,990,678.17 851,571.70 0.00 0.00 0.00 0.00
INV_CERT 7,285,896.30 0.00000% 5,148,060.64 0.00 0.00 0.00 0.00 0.00
-------------- ---------- ---- ---- ---- ----
Totals 236,285,896.30 851,571.70 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
-------- ------------ ---------- --------------
<S> <C> <C> <C>
A 851,571.70 0.00 141,684,900.16
INV_CERT 0.00 0.00 5,248,284.26
---------- ----
Totals 851,571.70 0.00
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.
Page 4
<PAGE> 5
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Interest Distribution Factors Statement
</TABLE>
<TABLE>
<CAPTION>
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss(6)
-------- -------------- --------- ------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 7.00125% 659.34793961 3.71865371 0.00000000 0.00000000 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 706.57890643 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
Remaining Ending
Total Unpaid Certificate/
Interest Interest Notional
Class(5) Distribution Shortfall Balance
-------- ---------- ---------- ------------
<S> <C> <C> <C>
A 3.71865371 0.00000000 618.71135441
INV_CERT 0.00000000 0.00000000 720.33474591
</TABLE>
(1) All denominations are Per $1000.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Description.
Page 5
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Certificateholder Component Statement
</TABLE>
<TABLE>
<CAPTION>
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Class Rate Balance Balance Balance Balance Percentage
----- ------------- --------- --------- --------- --------- -------------
<S> <C> <C> <C> <C> <C> <C>
FSA 1,200.00000% 28,939.88 27,156.27 0.00 0.00 61.87112498%
</TABLE>
Page 6
<PAGE> 7
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Certificateholder Account Statement
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 10,544,729.59
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (260,047.55)
-------------
Total Deposits 10,284,682.04
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 127,332.33
Payment of Interest and Principal 10,157,349.71
-------------
Total Withdrawals (Pool Distribution Amount) 10,284,682.04
Ending Balance 0.00
=============
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
---------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
=========
SERVICING FEES
Gross Servicing Fee 65,057.83
Management Fee 1,000.00
Trustee Fee 650.67
FSA Insurance Premium 28,939.88
Mortgage Insurance Premium 31,683.95
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 127,332.33
==========
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
Page 7
<PAGE> 8
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
Certificateholder Delinquency/Credit Enhancement Statement
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT BANKRUPTCY FORECLOSURE
------------------------------------- ------------------------------------ -----------------------------------
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
--------- ------------- --------- ------------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
30 Days 51 4,623,436.31 30 Days 3 465,551.11 30 Days 1 236,505.38
60 Days 12 1,088,517.22 60 Days 4 334,500.47 60 Days 7 533,503.64
90 Days 31 3,682,730.62 90 Days 27 3,349,659.55 90 Days 64 6,819,142.45
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180 Days 0 0.00 180 Days 0 0.00 180 Days 0 0.00
========= ============= ========= ============= ========= =============
94 9,394,684.15 34 4,149,711.13 72 7,589,151.47
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
--------- ------------- --------- ------------- --------- -------------
30 Days 3.825956% 3.146625% 30 Days 0.225056% 0.316845% 30 Days 0.075019% 0.160961%
60 Days 0.900225% 0.740825% 60 Days 0.300075% 0.227655% 60 Days 0.525131% 0.363093%
90 Days 2.325581% 2.506398% 90 Days 2.025506% 2.279716% 90 Days 4.801200% 4.640982%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000%
========= ============= ========= ============= ========= =============
7.051763% 6.393848% 2.550638% 2.824216% 5.401350% 5.165036%
</TABLE>
<TABLE>
<CAPTION>
REO Total
---------------------------------------- ------------------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
------------- -------------- --------- -------------
<S> <C> <C> <C> <C> <C>
30 Days 0 0.00 30 Days 55 5,325,492.80
60 Days 0 0.00 60 Days 23 1,956,521.33
90 Days 24 2,419,820.01 90 Days 146 16,271,352.63
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180 Days 0 0.00 180 Days 0 0.00
============= ============== ========= =============
24 2,419,820.01 224 23,553,366.76
No. of Principal No. of Principal
Loans Balance Loans Balance
------------- -------------- --------- -------------
30 Days 0.000000% 0.000000% 30 Days 4.126032% 3.624432%
60 Days 0.000000% 0.000000% 60 Days 1.725431% 1.331572%
90 Days 1.800450% 1.646885% 90 Days 10.952738% 11.073981%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
50 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180 Days 0.000000% 0.000000% 180 Days 0.000000% 0.000000%
============= ============== ========= =============
1.800450% 1.646885% 16.804201% 16.029985%
</TABLE>
(7) Delinquencies are stratified according to the information the Servicer has
provided. Bankruptcies are included in the 30, 60 and 90 day fields.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00
Cumulative Realized Losses - Includes Interest Shortfall 2,354,214.31 Periodic Advance 0.00
Current Period Class A Insufficient Funds 0.00
</TABLE>
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS
PERCENTAGE AND PREPAYMENT PERCENTAGE
<TABLE>
<CAPTION>
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
------- ------------ ------------ ------------ ------------ ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Class A 7,285,896.30 3.08350876% 5,248,284.26 3.57188492% 96.428115% 0.000000%
</TABLE>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
Page 8
<PAGE> 9
<TABLE>
<S> <C> <C> <C>
Contact: Customer Service - CTSLink
American Residential Eagle Certificate Trust Wells Fargo Bank Minnesota, N.A.
Mortgage Pass-Through Certificates Securities Administration Services
Record Date: 30-Jun-2000 7485 New Horizon Way
Distribution Date: 25-Jul-2000 Frederick, MD 21703
ARE Series 1999-1 Telephone: (301) 815-6600
26-Jul-2000 9:33:36AM Fax: (301) 846-8152
COLLATERAL STATEMENT
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.300168%
Weighted Average Net Coupon 9.800168%
Weighted Average Pass-Through Rate 9.795167%
Weighted Average Maturity (Stepdown Calculation) 313
Beginning Scheduled Collateral Loan Count 1,401
Number of Loans Paid in Full 68
Ending Scheduled Collateral Loan Count 1,333
Beginning Scheduled Collateral Balance 156,138,738.81
Ending Scheduled Collateral Balance 146,933,184.42
Ending Actual Collateral Balance at 30-Jun-2000 146,933,184.42
Monthly P&I Constant 1,405,154.07
Class A Optimal Amount 10,188,289.57
Ending Scheduled Balance for Premium Loans 146,933,184.42
Scheduled Principal 97,662.94
Unscheduled Principal 9,208,115.07
Required Overcollateralized Amount 5,316,432.67
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 428,419.57
Specified O/C Amount 5,316,432.67
Overcollateralized Amount 5,248,284.26
Overcollateralized Deficiency Amount 428,419.57
Base Overcollateralization Amount 5,316,432.67
Extra Principal Distribution Amount 360,271.17
Excess Cash Amount 360,271.17
Bankruptcy 34
Bankruptcies are included in the 30, 60, and 90 day delinquencies $ 4,149,711.13
</TABLE>
Page 9
