|
|
|
|
|
|
|
|
|
|
Previous: LUMINANT WORLDWIDE CORP, S-1/A, 1999-08-10 |
Next: VANDERBILT MORT & FINANCE PASS THROUGH CERT SERIES 1999B, 15-15D, 1999-08-10 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): July 7, 1999
Vanderbilt Mortgage and Finance, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
--------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-75405-02 62-0997810
- ------------------------ ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
-----------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
-------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For the Remittance Dates of July 7, 1999 and June 7, 1999, The
Chase Manhattan Bank, as Trustee, made the monthly distributions to the holders
of the Vanderbilt Mortgage and Finance, Inc. Manufactured Housing Contract
Senior/Subordinate Pass-Through Certificates, Series 1999B.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
20 Monthly Reports delivered by 3
the Trustee to Certificateholders in
connection with the distributions on the
Remittance Dates specified in Item 5 above.
</TABLE>
SIGNATURES
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.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
-------------------
Name: David R. Jordan
Title: Secretary
Dated: July 7, 1999
<PAGE> 1
Exhibit 20
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-THROUGH
CERTIFICATES SERIES 1999B FOR THE PERIOD ENDED: 25-MAY-99
LOCK-OUT DATE: JUN-04
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
<TABLE>
<CAPTION>
CLASS I A-1 CLASS I A-2 CLASS I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 5,560,404.82 201,500.00 329,700.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 1,818,803.85
(b) Partial Prepayments Received 128,813.52
(c) Principal Payments in Full (Scheduled Balance) 3,451,648.91
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
Total Principal Distribution 5,399,266.28 0.00 0.00
-------------- ------------- -------------
(c) Interest Distribution 161,138.54 201,500.00 329,700.00
Unpaid Interest Shortfall 0.00 0.00 0.00
Total Interest Distribution 161,138.54 201,500.00 329,700.00
-------------- ------------- -------------
(d) Beginning Class I A and Class I B Principal Balance 105,000,000.00 40,000,000.00 63,000,000.00
Less: Principal Distribution 5,399,266.28 0.00 0.00
-------------- ------------- -------------
Remaining Class A and Class B Principal Balance 99,600,733.72 40,000,000.00 63,000,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (h) POOL FACTOR
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.94857842
SECTION 6.02 REIMBURSEMENT AMOUNT 0.00 CLASS I A-2 1.00000000
REIMBURSABLE FEES 0.00 CLASS I A-3 1.00000000
---- CLASS I A-4 1.00000000
TOTAL FEES DUE SERVICER 0.00 CLASS I A-5 1.00000000
CLASS I A-6 1.00000000
CLASS I A-7 1.00000000
CLASS I M-1 1.00000000
CLASS I B-1 1.00000000
CLASS I B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
CLASS I A-4 CLASS I A-5 CLASS I A-6 CLASS I A-7
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 338,158.33 151,087.50 146,613.79 172,880.65
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
(c) Interest Distribution 338,158.33 151,087.50 146,613.79 172,880.65
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
Total Interest Distribution 338,158.33 151,087.50 146,613.79 172,880.65
------------- ------------- ------------- -------------
(d) Beginning Class I A and Class I B Principal Balance 62,000,000.00 27,000,000.00 25,406,000.00 28,934,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 62,000,000.00 27,000,000.00 25,406,000.00 28,934,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
Section 8.06 Reimbursement Amount 105,000,000.00 5.0225% 4.9025% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 40,000,000.00 6.0450% 0.12% SPREAD
REIMBURSABLE FEES 63,000,000.00 6.2800%
62,000,000.00 6.5450%
TOTAL FEES DUE SERVICER 27,000,000.00 6.7150%
25,406,000.00 6.9250%
28,934,000.00 7.1700%
16,534,000.00 7.4150%
16,534,000.00 8.3950%
28,934,000.00 8.7500%
</TABLE>
<TABLE>
<CAPTION>
CLASS I M-1 CLASS I B-1 CLASS I B-2
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 102,166.34 115,669.11 210,977.08
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
(c) Interest Distribution 102,166.34 115,669.11 210,977.08
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 102,166.34 115,669.11 210,977.08
(d) Beginning Class I A and Class I B Principal Balance 16,534,000.00 16,534,000.00 28,934,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 16,534,000.00 16,534,000.00 28,934,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE
Section 8.06 Reimbursement Amount
SECTION 6.02 REIMBURSEMENT AMOUNT
REIMBURSABLE FEES
TOTAL FEES DUE SERVICER
</TABLE>
<TABLE>
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution
Remaining Class A and Class B Principal Balance
(e) FEES DUE SERVICER Class A-1 5.023% 105,000,000.00 5,273,625
MONTHLY SERVICING FEE Class A-2 6.045% 40,000,000.00 2,418,000
Section 8.06 Reimbursement Amount Class A-3 6.280% 63,000,000.00 3,956,000
SECTION 6.02 REIMBURSEMENT AMOUNT Class A-4 6.545% 62,000,000.00 4,057,900
REIMBURSABLE FEES Class A-5 6.715% 27,000,000.00 1,813,050
Class A-6 6.925% 25,406,000.00 1,759,366
Class A-7 7.170% 28,934,000.00 2,074,568
Class M-1 7.415% 16,534,000.00 1,255,996
Class B-1 8.395% 16,534,000.00 1,388,029
Class B-2 8.750% 28,934,000.00 2,531,725
TOTAL FEES DUE SERVICER 113,342,000.00 26,498,659 6.41%
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C> <C>
31-59 Days Delinquent 393 11,252,314
60-89 Days Delinquent 56 1,619,853
90+ Days Delinquent 2 19,478
3-Month Avg Thirty-Day Delinquency Ratio 0.92%
3-Month Avg Sixty-Day Delinquency Ratio 0.13%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 222,216.92
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 0.00
(y) Remaining Amount Available 989,628.21
----------
-
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 3,580,462.43
(r) Scheduled Principal Payments 1,818,803.85
(s) Weighted Average Interest Rate 10.48%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 8,232,256.90
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 382,253.02
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer-21st 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 283,314.86
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer-21st 12,409.23
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimbursable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer-21st 0.00
Total Due Servicer 0.00
Available Distribution Amount-Vanderbilt 7,948,942.04
Available Distribution Amount-SubServicer-21st 369,843.79
To Class A and B 7,329,157.62
Monthly Excess Cashflow 989,628.21
Weighted Average Remaining Term (months) 242.00
Scheduled Balance Computation
Prior Month Balance 413,342,000.00
Current Balance 408,079,402.04
Adv Principal 64,665.74
Del Principal 201,334.06
Pool Scheduled Balance 407,942,733.72
Principal Payments in Full 3,451,648.91
Partial Prepayments 128,813.52
Scheduled Principal 1,818,803.85
Collateral Balance 408,079,402.04
</TABLE>
<PAGE> 2
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-JUN-99
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JUN-99
SENIOR/SUBORDINATED PASS-
THROUGH CERTIFICATES SERIES 1999B FOR THE PERIOD ENDED: 25-MAY-99
LOCK-OUT DATE: JUN-04
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<TABLE>
<CAPTION>
CLASS II A-1 CLASS II B-1 CLASS II B-2
<S> <C> <C> <C>
(V) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 3,173,151.36 18,513.45 13,761.99
(W) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 705,312.48
(B) PARTIAL PREPAYMENTS RECEIVED 22,198.79
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 878,575.12
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
(G) ACCELERATED PRINCIPAL PAYMENT 1,438,523.68
------------- ------------- ------------
TOTAL PRINCIPAL DISTRIBUTION 3,044,610.07 0.00 0.00
(X) INTEREST DISTRIBUTION 128,541.29 18,513.45 13,761.99
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- ------------
TOTAL INTEREST DISTRIBUTION 128,541.29 18,513.45 13,761.99
(Y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 81,547,000.00 11,349,000.00 5,807,000.00
LESS: PRINCIPAL DISTRIBUTION 3,044,610.07 0.00 0.00
------------- ------------- ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 78,502,389.93 11,349,000.00 5,807,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (AC) POOL FACTOR
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.96266435
Section 6.02 Reimbursement Amount 0.00 Class II B-1 1.00000000
Reimbursable Fees 0.00 Class II B-2 1.00000000
Class II B-3 1.00000000
Total Fees Due Servicer 0.00
-------------
</TABLE>
<TABLE>
<CAPTION>
CLASS II B-3
<S> <C> <C> <C> <C>
(V) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 15,561.43
(W) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN
(A) THROUGH (E)
(G) ACCELERATED PRINCIPAL PAYMENT
TOTAL PRINCIPAL DISTRIBUTION 0.00
(X) INTEREST DISTRIBUTION 15,561.43
UNPAID INTEREST SHORTFALL 0.00
TOTAL INTEREST DISTRIBUTION 15,561.43
(Y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 6,862,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,862,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE LIBOR SPREAD
Section 8.06 Reimbursement Amount 81,547,000.00 5.1588% 4.9188% 0.24% 81,547,000 4,206,806
Section 6.02 Reimbursement Amount 11,349,000.00 5.3388% 0.42% 11,349,000 605,895
Reimbursable Fees 6,071,000.00 7.4188% 2.50% 5,807,000 430,807
6,598,000.00 7.7188% 2.80% 6,862,000 529,661
----------------------
105,565,000 5,773,168 5.47%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(AA) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C>
31-59 DAYS DELINQUENT 38 1,383,522
60-89 DAYS DELINQUENT 5 205,955
90+ DAYS DELINQUENT 0 0
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 0.44%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.07%
(AB) SECTION 3.05 REPURCHASES 0.00
(AD) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSSESSION PROFITS 0.00
(AE) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 0.00
(AF) AGGREGATE NET LIQUIDATION LOSSES 0.00
(AG) (X) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 15,561.43
(Y) REMAINING AMOUNT AVAILABLE 448,895.47
------------
AMOUNT OF (X) OVER (Y) 0.00
(AH) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(AI) GUARANTEE PAYMENT 0.00
(AJ) UNADVANCED SHORTFALLS 0.00
NO. $
(AK) UNITS REPOSSESSED 0 0.00
(AL) PRINCIPAL PREPAYMENTS PAID 900,773.91
(AM) SCHEDULED PRINCIPAL PAYMENTS 705,312.48
(AN) WEIGHTED AVERAGE INTEREST RATE 10.71%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,275,832.03
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 0.00
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 44,472.01
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 0.00
(IV) REIMBURSABLE LIQUIDATION EXPENSES 0.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 0.00
AVAILABLE DISTRIBUTION AMOUNT 2,231,360.02
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,782,464.55
MONTHLY EXCESS CASHFLOW CLASS II 448,895.47
MONTHLY EXCESS CASHFLOW CLASS I 989,628.21
ACCELERATED PRINCIPAL PAYMENT 1,438,523.68
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 217.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 105,565,000.00
CURRENT BALANCE 103,975,775.16
ADV PRINCIPAL 8,884.43
DEL PRINCIPAL 25,745.98
POOL SCHEDULED BALANCE 103,958,913.61
PRINCIPAL PAYMENTS IN FULL 878,575.12
PARTIAL PREPAYMENTS 22,198.79
SCHEDULED PRINCIPAL 705,312.48
COLLATERAL BALANCE 103,975,775.16
OVERCOLLATERALIZATION AMOUNT 1,438,524
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,694,804
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE:
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE:
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B FOR THE PERIOD ENDED:
LOCK-OUT DATE:
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 - GROUP I
CLASS I A-1
<S> <C> <C> <C> <C>
(a) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 4,623,970.01
(b) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 931,476.29
(b) PARTIAL PREPAYMENTS RECEIVED 102,000.32
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 3,169,472.80
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e) 0.00
-------------
TOTAL PRINCIPAL DISTRIBUTION 4,202,949.41
(c) INTEREST DISTRIBUTION 421,020.60
UNPAID INTEREST SHORTFALL 0.00
-------------
TOTAL INTEREST DISTRIBUTION 421,020.60
(d) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 99,600,733.72
LESS: PRINCIPAL DISTRIBUTION 4,202,949.41
-------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 95,397,784.31
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00
SECTION 6.02 REIMBURSEMENT AMOUNT 25,772.03
REIMBURSABLE FEES 0.00
-------------
TOTAL FEES DUE SERVICER 25,772.03
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE 02-JUL-99
MANUFACTURED HOUSING CONTRACTS 07-JUL-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B 25-JUN-99
JUN-04
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 -
CLASS I A-2 CLASS I A-3 CLASS I A-4
<S> <C> <C> <C> <C>
(a) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 201,500.00 329,700.00 338,158.33
(b) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e)
------------- ------------- --------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
(c) INTEREST DISTRIBUTION 201,500.00 329,700.00 338,158.33
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- --------------
TOTAL INTEREST DISTRIBUTION 201,500.00 329,700.00 338,158.33
(d) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 40,000,000.00 63,000,000.00 62,000,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------- --------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 40,000,000.00 63,000,000.00 62,000,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE (h) POOL FACTOR ORIGINAL BALANCE
SECTION 8.06 REIMBURSEMENT AMOUNT CLASS I A-1 0.90855033 105,000,000.00
SECTION 6.02 REIMBURSEMENT AMOUNT CLASS I A-2 1.00000000 40,000,000.00
REIMBURSABLE FEES CLASS I A-3 1.00000000 63,000,000.00
CLASS I A-4 1.00000000 62,000,000.00
TOTAL FEES DUE SERVICER CLASS I A-5 1.00000000 27,000,000.00
CLASS I A-6 1.00000000 25,406,000.00
CLASS I A-7 1.00000000 28,934,000.00
CLASS I M-1 1.00000000 16,534,000.00
CLASS I B-1 1.00000000 16,534,000.00
CLASS I B-2 1.00000000 28,934,000.00
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 -
CLASS I A-5 CLASS I A-6 CLASS I A-7
<S> <C> <C> <C> <C>
(a) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 151,087.50 146,613.79 172,880.65
(b) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e)
------------- ------------- -------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
(c) INTEREST DISTRIBUTION 151,087.50 146,613.79 172,880.65
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- -------------
TOTAL INTEREST DISTRIBUTION 151,087.50 146,613.79 172,880.65
(d) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 27,000,000.00 25,406,000.00 28,934,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 27,000,000.00 25,406,000.00 28,934,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 5.0725% 4.9525% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 6.0450% 0.12% SPREAD
REIMBURSABLE FEES 6.2800%
6.5450%
TOTAL FEES DUE SERVICER 6.7150%
6.9250%
7.1700%
7.4150%
8.3950%
8.7500%
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B
INFORMATION FOR CLAUSES (a) THROUGH (s), SECTION 7.01 -
CLASS I M-1 CLASS I B-1 CLASS I B-2
<S> <C> <C> <C> <C>
(a) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 102,166.34 115,669.11 210,977.08
(b) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e)
------------- ------------- -------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
(c) INTEREST DISTRIBUTION 102,166.34 115,669.11 210,977.08
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
------------- ------------- -------------
TOTAL INTEREST DISTRIBUTION 102,166.34 115,669.11 210,977.08
(d) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 16,534,000.00 16,534,000.00 28,934,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 16,534,000.00 16,534,000.00 28,934,000.00
(e) FEES DUE SERVICER
MONTHLY SERVICING FEE Rate
SECTION 8.06 REIMBURSEMENT AMOUNT Class A-1 5.073% 99,600,733.72 5,052,247
SECTION 6.02 REIMBURSEMENT AMOUNT Class A-2 6.045% 40,000,000.00 2,418,000
REIMBURSABLE FEES Class A-3 6.280% 63,000,000.00 3,956,400
Class A-4 6.545% 62,000,000.00 4,057,900
Class A-5 6.715% 27,000,000.00 1,813,050
Class A-6 6.925% 25,406,000.00 1,759,366
Class A-7 7.170% 28,934,000.00 2,074,568
Class M-1 7.415% 16,534,000.00 1,225,996
Class B-1 8.395% 16,534,000.00 1,388,029
Class B-2 8.750% 28,934,000.00 2,531,725
TOTAL FEES DUE SERVICER 407,942,733.72 26,277,281 6.44%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(f) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 405 11,918,259
60-89 DAYS DELINQUENT 73 2,254,877
90+ DAYS DELINQUENT 36 1,073,528
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 1.90%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.41%
(g) SECTION 3.05 REPURCHASES 0.00
(i) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSSESSION PROFITS 0.00
(j) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 444,977.30
(k) AGGREGATE NET LIQUIDATION LOSSES 0.00
(l) (x) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 0.00
(y) REMAINING AMOUNT AVAILABLE 955,801.53
-------------
AMOUNT OF (x) OVER (y) 0.00
(m) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(n) GUARANTEE PAYMENT 0.00
(o) UNADVANCED SHORTFALLS 0.00
NO. $
(p) UNITS REPOSSESSED 14 403,258.34
(q) PRINCIPAL PREPAYMENTS PAID 3,271,473.12
(r) SCHEDULED PRINCIPAL PAYMENTS 931,476.29
(s) WEIGHTED AVERAGE INTEREST RATE 10.48%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(i) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 7,349,393.92
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER-21ST 316,153.56
(ii) MONTHLY ADVANCE MADE 0.00
(iii)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 13,495.98
(iii)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER-21ST 594.89
(v) PRINCIPAL DUE HOLDERS 0.00
LESS:
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 290,704.98
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER-21ST 14,637.00
(ii) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(i) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(ii) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(iii) MONTHLY SERVICING FEE 0.00
(iv) REIMBURSABLE LIQUIDATION EXPENSES 25,772.03
(v) SECTION 6.04 (c) REIMBURSEMENT 0.00
(vi) SECTION 8.06 REIMBURSEMENT 0.00
(vii) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER-21ST 0.00
TOTAL DUE SERVICER 25,772.03
AVAILABLE
DISTRIBUTION AMOUNT-VANDERBILT 7,046,412.89
AVAILABLE DISTRIBUTION AMOUNT-SUBSERVICER-21ST 302,111.45
TO CLASS A AND B 6,392,722.81
MONTHLY EXCESS CASHFLOW 955,801.53
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 241.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 407,942,733.72
CURRENT BALANCE 403,884,679.69
ADV PRINCIPAL 67,743.81
DEL PRINCIPAL 212,639.19
POOL SCHEDULED BALANCE 403,739,784.31
PRINCIPAL PAYMENTS IN FULL 3,169,472.80
PARTIAL PREPAYMENTS 102,000.32
SCHEDULED PRINCIPAL 931,476.29
COLLATERAL BALANCE 403,884,679.69
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE:
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE:
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B FOR THE PERIOD ENDED:
LOCK-OUT DATE:
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 - GROUP II
CLASS II A-1 CLASS II B-1
<S> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 3,331,906.39 50,810.42
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE 203,059.57
(b) PARTIAL PREPAYMENTS RECEIVED 61,786.71
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 1,411,102.37
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e) 0.00
(g) ACCELERATED PRINCIPAL PAYMENT 1,316,271.36
------------- -------------
TOTAL PRINCIPAL DISTRIBUTION 2,992,220.01 0.00
(x) INTEREST DISTRIBUTION 339,686.38 50,810.42
UNPAID INTEREST SHORTFALL 0.00 0.00
------------- -------------
TOTAL INTEREST DISTRIBUTION 339,686.38 50,810.42
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 78,502,389.93 11,349,000.00
LESS: PRINCIPAL DISTRIBUTION 2,992,220.01 0.00
------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 75,510,169.92 11,349,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (ac)
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS II A-1
SECTION 6.02 REIMBURSEMENT AMOUNT 6,000.00 CLASS II B-1
REIMBURSABLE FEES 0.00 CLASS II B-2
CLASS II B-3
-------------
TOTAL FEES DUE SERVICER 6,000.00
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE 02-JUL-99
MANUFACTURED HOUSING CONTRACTS 07-JUL-99
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B 25-JUN-99
JUN-04
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 -
CLASS II B-2 CLASS II B-3
<S> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 37,703.44 42,625.83
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e)
(g) ACCELERATED PRINCIPAL PAYMENT
------------ ------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00
(x) INTEREST DISTRIBUTION 37,703.44 42,625.83
UNPAID INTEREST SHORTFALL 0.00 0.00
------------ ------------
TOTAL INTEREST DISTRIBUTION 37,703.44 42,625.83
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 6,071,000.00 6,598,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00
------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,071,000.00 6,598,000.00
(z) FEES DUE SERVICER
MONTHLY SERVICING FEE POOL FACTOR ORIGINAL BALANCE
SECTION 8.06 REIMBURSEMENT AMOUNT 0.92597116 81,547,000.00
SECTION 6.02 REIMBURSEMENT AMOUNT 1.00000000 11,349,000.00
REIMBURSABLE FEES 1.00000000 6,071,000.00
1.00000000 6,598,000.00
TOTAL FEES DUE SERVICER
</TABLE>
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999B
INFORMATION FOR CLAUSES (v) THROUGH (ap), SECTION 7.01 -
<S> <C> <C> <C> <C> <C> <C> <C>
(v) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS
(w) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(a) SCHEDULED PRINCIPAL DUE
(b) PARTIAL PREPAYMENTS RECEIVED
(c) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(d) LIQUIDATED CONTRACT SCHEDULED BALANCE
(e) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(f) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (a) THROUGH (e)
(g) ACCELERATED PRINCIPAL PAYMENT
TOTAL PRINCIPAL DISTRIBUTION
(x) INTEREST DISTRIBUTION 831,295.90
UNPAID INTEREST SHORTFALL
TOTAL INTEREST DISTRIBUTION When
99,528,169.92
(y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE is less than
LESS: PRINCIPAL DISTRIBUTION 105,565,000.00 2,992,220.01
X
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 0.10
10,556,500.00
(z) FEES DUE SERVICER We can prepaid
MONTHLY SERVICING FEE RATE LIBOR SPREAD
SECTION 8.06 REIMBURSEMENT AMOUNT 5.1925% 4.9525% 0.24% 78,502,390 4,076,237
SECTION 6.02 REIMBURSEMENT AMOUNT 5.3725% 0.42% 11,349,000 609,725
REIMBURSABLE FEES 7.4525% 2.50% 6,071,000 452,441
7.7525% 2.80% 6,598,000 511,510
----------- ---------
TOTAL FEES DUE SERVICER 102,520,390 5,649,913 5.51%
</TABLE>
<TABLE>
<CAPTION>
NO. OF UNPAID PRINCIPAL
(aa) DELINQUENCY CONTRACTS BALANCE
<S> <C> <C> <C> <C>
31-59 DAYS DELINQUENT 59 1,910,308
60-89 DAYS DELINQUENT 4 131,933
90+ DAYS DELINQUENT 2 76,650
3-MONTH AVG THIRTY-DAY DELINQUENCY RATIO 1.07%
3-MONTH AVG SIXTY-DAY DELINQUENCY RATIO 0.13%
(ab) SECTION 3.05 REPURCHASES 0.00
(ad) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSSESSION PROFITS 0.00
(ae) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 92,403.79
(af) AGGREGATE NET LIQUIDATION LOSSES 0.00
(ag) (x) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 42,625.83
(y) REMAINING AMOUNT AVAILABLE 360,469.83
----------
AMOUNT OF (x) OVER (y) 0.00
(ah) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(ai) GUARANTEE PAYMENT 0.00
(aj) UNADVANCED SHORTFALLS 0.00
NO. $
(ak) UNITS REPOSSESSED 2 97,141.90
(al) PRINCIPAL PREPAYMENTS PAID 1,472,889.08
(am) SCHEDULED PRINCIPAL PAYMENTS 203,059.57
(an) WEIGHTED AVERAGE INTEREST RATE 10.71%
</TABLE>
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<TABLE>
<S> <C> <C>
(i) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,561,172.48
(ii) MONTHLY ADVANCE MADE 0.00
(iii)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 4,352.90
(v) PRINCIPAL DUE HOLDERS 0.00
LESS:
(i) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 52,280.83
(ii) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(i) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(ii) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(iii) MONTHLY SERVICING FEE 0.00
(iv) REIMBURSABLE LIQUIDATION EXPENSES 6,000.00
(v) SECTION 6.04 (c) REIMBURSEMENT 0.00
(vi) SECTION 8.06 REIMBURSEMENT 0.00
(vii) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 6,000.00
AVAILABLE DISTRIBUTION AMOUNT 2,507,244.55
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 2,146,774.72
MONTHLY EXCESS CASHFLOW CLASS II 360,469.83
MONTHLY EXCESS CASHFLOW CLASS I 955,801.53
ACCELERATED PRINCIPAL PAYMENT 1,316,271.36
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 215.00
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 103,958,913.61
CURRENT BALANCE 102,303,533.14
ADV PRINCIPAL 9,972.02
DEL PRINCIPAL 30,540.20
POOL SCHEDULED BALANCE 102,282,964.96
PRINCIPAL PAYMENTS IN FULL 1,411,102.37
PARTIAL PREPAYMENTS 61,786.71
SCHEDULED PRINCIPAL 203,059.57
COLLATERAL BALANCE 102,303,533.14
OVERCOLLATERALIZATION AMOUNT 2,754,795
REQUIRED OVERCOLLATERALIZATION AMOUNT 3,694,804
</TABLE>
|
|