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: May 27, 1999
(Date of earliest event reported)
Commission File No. 333-61785
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Pooling
and Servicing Agreement, dated as of May 1, 1999, relating to the New South Home
Equity Trust 1999-1, Home Equity Asset Backed Certificates, Series 1999-1)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
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(Exact name of registrant as specified in its charter)
Delaware 06-1204982
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(State of Incorporation) (I.R.S. Employer Identification No.)
1285 Avenue of the Americas
New York, New York 10019
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(Address of principal executive offices) (Zip Code)
(212) 713-2000
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(Registrant's Telephone Number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
------------
On May 27, 1999, New South Home Equity Trust 1999-1 (the "TRUST")
issued the Home Equity Asset Backed Certificates, Series 1999-1, Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-6IO (the
"OFFERED CERTIFICATES"), having an aggregate original principal balance of
$432,734,027. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of May 1, 1999 (the "POOLING AND SERVICING
AGREEMENT"), among PaineWebber Mortgage Acceptance Corporation IV, as depositor,
New South Federal Savings Bank, as transferor and servicer, and The Chase
Manhattan Bank, as trustee, a copy of which is filed as an exhibit hereto. The
Depositor's Home Equity Asset Backed Certificates, Series 1999-1, Class X-IO,
Class Z-IO and Class R (together with the Offered Certificates, the
"CERTIFICATES") were also issued pursuant to the Pooling and Servicing
Agreement. The Certificates represent, in the aggregate, the entire beneficial
ownership interest in a separate trust fund (the "TRUST FUND"), the property of
which is primarily comprised of a pool of closed-end, fixed-rate loans secured
primarily by first or second mortgages or deeds of trust on residential one- to
four-family properties and security interests in manufactured homes (the
"LOANS").
The statistical information presented in the Prospectus Supplement,
dated May 24, 1999 (the "PROSPECTUS SUPPLEMENT"), concerning the Loans is based
on the characteristics of a portion of such Loans as of May 1, 1999. Capitalized
terms used in this Form 8-K and not defined herein shall have the meaning
assigned to such terms in the Prospectus Supplement. Attached hereto as Exhibit
99 to this Form 8-K is information concerning all of the Loans as of May 1, 1999
(the "CUT-OFF DATE").
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------- -----------
(99) Information concerning the
final pool of Loans as of the
Cut-Off Date
<PAGE>
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.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
June 3, 1999
By: /s/ BARBARA J. DAWSON
-----------------------------
Name: Barbara J. Dawson
Title: Senior Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Information concerning the final pool E
of Loans as of the Cut-Off Date
Exhibit 99. Information concerning the Loans as of the Cut-Off Date:
The Loans have original terms to stated maturity of up to 30 years. As of the
Cut-Off Date, the average unpaid principal balance of the Loans was
approximately $55,693. As of the Cut-Off Date, the weighted average interest
rate of the Loans was approximately 9.73% per annum. The weighted average
"COMBINED LOAN-TO-VALUE RATIO" (or "CLTV") (calculated by dividing the sum of
(x) if applicable, any outstanding first lien balance as of the date of
origination of the related Loan plus (y) the unpaid principal balance of such
Loan as of the Cut-Off Date, by the Value of such Property at origination) of
the Loans was approximately 80.08%. The weighted average remaining term to
maturity was approximately 238 months and the latest scheduled maturity of any
Loan is October, 2029; however the actual date on which any Loan is paid in full
may be earlier than the stated maturity date due to unscheduled payments of
principal.
As of the Cut-Off Date, all of the Loans were secured by Mortgaged Properties or
Manufactured Homes. Based on information supplied by the borrowers in connection
with their loan applications at origination, Properties securing approximately
96.42% of the Loans by Cut-Off Date Principal Balance will be owner occupied
primary residences and Properties securing approximately 3.58% of the Loans by
Cut-Off Date Principal Balance will be non-owner occupied or second homes.
Approximately 32.12% of the Loans by Cut-Off Date Principal Balance provide for
penalties upon full prepayment during the first two, three, four or five years
after origination thereof. Each of the Loans is subject to a due-on-sale clause.
Except for approximately 13.42% of the Loans by Cut-Off Date Principal Balance,
the scheduled monthly payment on each Loan includes interest plus an amount that
will amortize the outstanding principal balance of the Loan over its remaining
term.
STATISTICAL INFORMATION
Set forth below is a description of certain additional characteristics of the
Loans as of the Cut-Off Date (except as otherwise indicated). Dollar amounts and
percentages may not add up to totals due to rounding.
<PAGE>
GEOGRAPHIC DISTRIBUTION OF LOANS
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
JURISDICTION LOANS BALANCE BALANCE
- ------------ ----- ------- -------
Alabama................................ 2,647 $135,303,492 31.27%
Louisiana.............................. 1,415 70,657,169 16.33
Tennessee.............................. 906 57,970,557 13.40
Mississippi............................ 806 36,605,369 8.46
Florida................................ 589 35,209,666 8.14
Georgia................................ 453 26,516,304 6.13
Arkansas............................... 210 11,590,135 2.68
North Carolina......................... 110 8,563,031 1.98
Illinois............................... 67 7,120,448 1.65
Ohio................................... 77 5,993,846 1.39
Texas.................................. 64 5,907,767 1.37
South Carolina......................... 97 5,490,556 1.27
Virginia............................... 81 4,755,002 1.10
Massachusetts.......................... 26 4,704,779 1.09
Kentucky............................... 50 2,930,092 0.68
Indiana................................ 35 2,124,739 0.49
California............................. 17 2,077,003 0.48
Connecticut............................ 14 1,621,658 0.37
New York............................... 15 1,267,615 0.29
New Jersey............................. 7 1,016,593 0.23
Arizona................................ 9 710,110 0.16
Washington............................. 9 705,406 0.16
Wisconsin.............................. 5 413,931 0.10
Oregon................................. 3 409,978 0.09
Missouri............................... 8 404,486 0.09
Michigan............................... 8 361,313 0.08
West Virginia.......................... 9 352,386 0.08
Colorado............................... 8 341,868 0.08
Oklahoma............................... 5 278,949 0.06
Kansas................................. 2 257,980 0.06
New Mexico............................. 5 231,923 0.05
Nevada................................. 3 206,637 0.05
Rhode Island........................... 1 158,644 0.04
Utah................................... 2 154,793 0.04
Minnesota.............................. 3 120,248 0.03
Pennsylvania........................... 2 102,003 0.02
Maryland............................... 1 67,711 0.02
Delaware............................... 1 29,842 0.01
------ ------------ ------
Total................................ 7,770 $432,734,027 100.00%
====== ============ ======
<PAGE>
PRINCIPAL BALANCES
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
RANGE OF PRINCIPAL BALANCES LOANS BALANCE BALANCE
- --------------------------- ----- ------- -------
$ 0.01 - $ 10,000.00............. 87 $ 705,612 0.16%
$ 10,000.01 - $ 15,000.00............. 292 3,792,118 0.88
$ 15,000.01 - $ 20,000.00............. 436 7,737,364 1.79
$ 20,000.01 - $ 30,000.00............. 1,186 30,068,003 6.95
$ 30,000.01 - $ 40,000.00............. 1,261 44,366,074 10.25
$ 40,000.01 - $ 50,000.00............. 1,144 51,645,953 11.93
$ 50,000.01 - $100,000.00............. 2,573 175,112,552 40.47
$100,000.01 - $250,000.00............. 738 101,656,988 23.49
$250,000.01 - $500,000.00............. 51 16,454,023 3.80
$500,000.01 - $1M..................... 2 1,195,340 0.28
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
As of the Cut-Off Date, the average unpaid principal balance of the Loans was
approximately $55,693.
LIEN PRIORITY
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
LIEN PRIORITY LOANS BALANCE BALANCE
- ------------- ----- ------- -------
First Lien............................. 6,438 $397,843,185 91.94%
Second Lien............................ 1,332 34,890,842 8.06
------ ------------ ------
Total................................ 7,770 $432,734,027 100.00%
====== ============ ======
<PAGE>
CURRENT LOAN INTEREST RATES
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
RANGE OF LOAN INTEREST RATES LOANS BALANCE BALANCE
- ---------------------------- ----- ------- -------
6.001% - 7.000%.................. 106 $ 5,477,162 1.27%
7.001% - 8.000%.................. 293 18,528,910 4.28
8.001% - 9.000%.................. 1,566 102,963,078 23.79
9.001% - 10.000%.................. 2,453 150,257,742 34.72
10.001% - 11.000%.................. 2,167 110,942,726 25.64
11.001% - 12.000%.................. 843 33,815,661 7.81
12.001% - 13.000%.................. 262 8,172,506 1.89
13.001% - 14.000%.................. 58 1,847,762 0.43
14.001% - 15.000%.................. 14 506,364 0.12
15.001% - 16.000%.................. 7 186,164 0.04
16.001% - 17.000%.................. 1 35,953 0.01
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
As of the Cut-Off Date, the weighted average interest rates of the Loans was
approximately 9.73% per annum.
COMBINED LOAN-TO-VALUE RATIOS
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
RANGE OF COMBINED LOAN-TO-VALUE RATIO LOANS BALANCE BALANCE
- ------------------------------------- ----- ------- -------
10.001% - 15.000%................ 4 $ 140,182 0.03%
15.001% - 20.000%................ 15 388,609 0.09
20.001% - 25.000%................ 27 552,141 0.13
25.001% - 30.000%................ 27 741,155 0.17
30.001% - 35.000%................ 49 1,467,084 0.34
35.001% - 40.000%................ 66 2,119,643 0.49
40.001% - 45.000%................ 102 3,770,403 0.87
45.001% - 50.000%................ 135 5,232,487 1.21
50.001% - 55.000%................ 149 6,791,494 1.57
55.001% - 60.000%................ 219 9,711,498 2.24
60.001% - 65.000%................ 303 16,862,491 3.90
65.001% - 70.000%................ 448 23,427,287 5.41
70.001% - 75.000%................ 755 43,509,194 10.05
75.001% - 80.000%................ 1,615 105,309,322 24.34
80.001% - 85.000%................ 1,460 84,971,838 19.64
85.001% - 90.000%................ 1,205 78,483,795 18.14
90.001% - 95.000%................ 343 18,384,716 4.25
95.001% - 100.000%................ 848 30,870,687 7.13
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
As of the Cut-Off Date, the weighted average Combined Loan-to-Value Ratio of the
Loans was approximately 80.08%.
<PAGE>
OCCUPANCY STATUS
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
OCCUPANCY LOANS BALANCE BALANCE
- --------- ----- ------- -------
Owner Occupied......................... 7,477 $417,225,670 96.42%
Non-Owner Occupied..................... 130 7,775,009 1.80
Second Home............................ 163 7,733,349 1.79
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
PROPERTY TYPES
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
PROPERTY TYPE LOANS BALANCE BALANCE
- ------------- ----- ------- -------
Single Family.......................... 7,049 $401,520,954 92.79%
Manufactured Housing................... 651 24,661,205 5.70
Townhouse.............................. 55 5,397,096 1.25
Two to Four Family..................... 9 947,563 0.22
Condominium............................ 6 207,208 0.05
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
LOAN AGE
AGGREGATE % OF CUT-OFF
NUMBER OF PRINCIPAL DATE PRINCIPAL
RANGE OF LOAN AGE (IN MONTHS) LOANS BALANCE BALANCE
- ----------------------------- ----- ------- -------
0 - 6............................. 3,150 $175,079,468 40.46%
6+ - 12............................. 2,253 139,578,191 32.25
12+ - 18............................. 1,337 70,596,863 16.31
18+ - 24............................. 603 29,504,311 6.82
Over 24.............................. 427 17,975,194 4.15
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
As of the Cut-Off Date, the weighted average number of months since origination
of the Loans was approximately 10 months.
<PAGE>
REMAINING TERMS TO MATURITY
AGGREGATE % OF CUT-OFF
RANGE OF REMAINING TERMS TO NUMBER OF PRINCIPAL DATE PRINCIPAL
MATURITY (IN YEARS) LOANS BALANCE BALANCE
- ------------------- ----- ------- -------
Up to 5.............................. 82 $ 1,360,600 0.31%
5+ - 10............................. 892 48,486,743 11.20
10+ - 15............................. 3,898 172,092,694 39.77
15+ - 18............................. 34 1,674,198 0.39
18+ - 20............................. 756 40,751,737 9.42
20+ - 25............................. 119 4,711,960 1.09
25+ - 30............................. 1,989 163,656,095 37.82
------ ------------ ------
Total............................... 7,770 $432,734,027 100.00%
====== ============ ======
As of the Cut-Off Date, the weighted average remaining term to maturity of the
Loans was approximately 238 months.
