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Previous: BEAR STEARNS ASSET BAC SE INC MOR BA LIB NOT CL A SE 1999-1, 8-K, 2000-11-14 |
Next: BEAR STEARNS ASSET BAC SE INC MOR BA LIB NOT CL A SE 1999-1, 15-15D, 2000-11-14 |
<PAGE> 1
EXHIBIT 10.1
<PAGE> 2
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate Certificate Beginning Current Ending Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses
-------- --------- ----------- ------------ -------------- ------------ ------------ -------- -------------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A 02926NAA4 SEQ 6.97188 % 128,073,372.26 744,093.49 5,363,377.73 0.00 122,709,994.53 6,107,471.22 0.00
INV_CERT ARE991INV SUB 0.00000 % 5,316,432.65 97,323.00 0.00 0.00 5,316,432.65 97,323.00 0.00
Totals 133,389,804.91 841,416.49 5,363,377.73 0.00 128,026,427.18 6,204,794.22 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> 3
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Principal Distribution Statement
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
-------- -------------- -------------- ------------ ------------ --------- --------
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 128,073,372.26 0.00 5,363,377.73 0.00 0.00
INV_CERT 7,285,896.30 5,316,432.65 0.00 0.00 0.00 0.00
Totals 236,285,896.30 133,389,804.91 0.00 5,363,377.73 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
-------- ------------ -------------- ---------- ------------
<S> <C> <C> <C> <C>
A 5,363,377.73 122,709,994.53 0.53585150 5,363,377.73
INV_CERT 0.00 5,316,432.65 0.72968821 0.00
Totals 5,363,377.73 128,026,427.18 0.54182848 5,363,377.73
</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 Description
Page 2
<PAGE> 4
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class (2) Amount Balance Distribution Distribution Accretion Loss (3)
--------- -------------- ------------ ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 559.27236795 0.00000000 23.42086345 0.00000000 0.00000000
INV_CERT 7,285,896.30 729.68821283 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Principal Certificate Certificate Principal
Class (2) Reduction Balance Percentage Distribution
--------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
A 23.42086345 535.85150450 0.53585150 23.42086345
INV_CERT 0.00000000 729.68821283 0.72968821 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 Description
Page 3
<PAGE> 5
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning
Original Current Certificate/ Current Payment of Current Non-Supported
Face Certificate Notional Accrued Unpaid Interest Interest
Class Amount Rate Balance Interest Interest Shortfall Shortfall
--------- -------------- ----------- -------------- ---------- ---------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.97188% 128,073,372.26 744,093.49 0.00 0.00 0.00
INV_CERT 7,285,896.30 0.00000% 5,316,432.65 0.00 0.00 0.00 0.00
Totals 236,285,896.30 744,093.49 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Loss(4) Distribution Shortfall Balance
--------- -------- ------------ --------- --------------
<S> <C> <C> <C> <C>
A 0.00 744,093.49 0.00 122,709,994.53
INV_CERT 0.00 97,323.00 0.00 5,316,432.65
Totals 0.00 841,416.49 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> 6
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall
-------- -------------- ----------- ------------ ---------- ----------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 229,000,000.00 6.97188% 559.272368 3.24931655 0.00000000 0.00000000 0.00000000
INV_CERT 7,285,896.30 0.00000% 729.6882128 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class(5) Loss(6) Distribution Shortfall Balance
-------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
A 0.00000000 3.24931655 0.00000000 535.8515045
INV_CERT 0.00000000 13.35772512 0.00000000 729.6882128
</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> 7
<TABLE>
<CAPTION>
<S> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Certificateholder Component Statement
<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% 24,547.40 24,223.94 0.00 0.00 55.19029009%
</TABLE>
Page 6
<PAGE> 8
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Certificateholder Account Statement
<TABLE>
<S> <C>
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 6,508,535.09
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (194,308.71)
------------
Total Deposits 6,314,226.38
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 109,432.16
Payment of Interest and Principal 6,204,794.22
------------
Total Withdrawals (Pool Distribution Amount) 6,314,226.38
Ending Balance 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
------------
Non-Supported Prepayment/Curtailment Interest Shortfal 0.00
============
SERVICING FEES
Gross Servicing Fee 55,579.08
Management Fee 1,000.00
Trustee Fee 555.77
FSA Insurance Premium 24,547.40
Mortgage Insurance Premium 27,749.91
Supported Prepayment/Curtailment Interest Shortfall 0.00
------------
Net Servicing Fee 109,432.16
============
</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> 9
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
Loan Status Stratification/Credit Enhancement Statement
DELINQUENT
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
------ ------------
<S> <C> <C>
30 Days 48 4,047,995.86
60 Days 7 997,983.10
90 Days 14 865,361.95
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
69 5,911,340.91
</TABLE>
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
-------- --------
<S> <C> <C>
30 Days 3.983402% 3.161844%
60 Days 0.580913% 0.779513%
90 Days 1.161826% 0.675924%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
5.726141% 4.617282%
</TABLE>
BANKRUPTCY
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
------ ------------
<S> <C> <C>
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 52 6,128,576.38
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
---- ------------
52 6,128,576.38
</TABLE>
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
-------- --------
<S> <C> <C>
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 4.315353% 4.786962%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
4.315353% 4.786962%
</TABLE>
FORECLOSURE
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
------ ------------
<S> <C> <C>
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 58 5,717,347.64
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
58 5,717,347.64
</TABLE>
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
-------- --------
<S> <C> <C>
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 4.813278% 4.465756%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
4.813278% 4.465756%
</TABLE>
REO
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
------ ------------
<S> <C> <C>
0-29 Days 0 0.00
30 Days 0 0.00
60 Days 0 0.00
90 Days 27 2,727,298.09
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
-- ------------
27 2,727,298.09
</TABLE>
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
-------- --------
<S> <C> <C>
0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000%
90 Days 2.240664% 2.130262%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
-------- --------
2.240664% 2.130262%
</TABLE>
TOTAL
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
------ -------------
<S> <C> <C>
0-29 Days 0 0.00
30 Days 48 4,047,995.86
60 Days 7 997,983.10
90 Days 151 15,438,584.06
120 Days 0 0.00
150 Days 0 0.00
180+ Days 0 0.00
--- -------------
206 20,484,563.02
</TABLE>
<TABLE>
<CAPTION>
NO. OF PRINCIPAL
LOANS BALANCE
--------- ---------
<S> <C> <C>
0-29 Days 0.000000% 0.000000%
30 Days 3.983402% 3.161844%
60 Days 0.580913% 0.779513%
90 Days 12.531120% 12.058904%
120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000%
--------- ---------
17.095436% 16.000261%
</TABLE>
(7) The 90 day category of REO, foreclosure and bankruptcies contain all loans
in their respective category.
<TABLE>
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 2,929,337.57
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 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% 5,316,432.65 4.15260565% 95.847394% 0.000000%
</TABLE>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
Page 8
<PAGE> 10
<TABLE>
<S> <C> <C>
American Residential Eagle Certificate Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Sep-2000 Securities Administration Services
Distribution Date: 25-Oct-2000 7485 New Horizon Way
Frederick, MD 21703
24-Oct-2000 7:05:46PM Telephone: (301) 815-6600
Fax: (301) 846-8152
</TABLE>
ARE Series 1999-1
COLLATERAL STATEMENT
<TABLE>
<S> <C>
Collateral Description Fixed Mixed & ARM & Balloon
Weighted Average Gross Coupon 10.302245%
Weighted Average Net Coupon 9.802245%
Weighted Average Pass-Through Rate 9.797245%
Weighted Average Maturity (Stepdown Calculation) 310
Beginning Scheduled Collateral Loan Count 1,245
Number of Loans Paid in Full 40
Ending Scheduled Collateral Loan Count 1,205
Beginning Scheduled Collateral Balance 133,389,804.93
Ending Scheduled Collateral Balance 128,026,427.20
Ending Actual Collateral Balance at 30-Sep-2000 128,026,427.20
Monthly P&I Constant 1,231,088.15
Class A Optimal Amount 6,132,018.62
Ending Scheduled Balance for Premium Loans 128,026,427.20
Scheduled Principal 85,909.48
Unscheduled Principal 5,277,468.25
Required Overcollateralized Amount 5,316,432.65
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 5,316,432.65
Overcollateralized Amount 5,316,432.65
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 5,316,432.65
Extra Principal Distribution Amount 0.00
Excess Cash Amount 291,631.71
</TABLE>
Page 9
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