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Previous: BILLSERV COM INC, 10-12B/A, 1999-07-28 |
Next: SOUTHERN GROUP INTERNATIONAL INC, 10SB12G/A, 1999-07-28 |
UNITED STATES
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): July 15, 1999
DELTA FUNDING CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1999-2 Trust
New York (governing law of 333-51545-04 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On July 15, 1999 a distribution was made to holders of DELTA FUNDING
CORPORATION, Home Equity Loan Asset-Backed Certs., Series 1999-2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Home Equity Loan Asset-Backed Certs.,
Series 1999-2 Trust, relating to the July
15, 1999 distribution.
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.
DELTA FUNDING CORPORATION
Home Equity Loan Asset-Backed Certs., Series 1999-2 Trust
By: Norwest Bank Minnesota, N.A., as Administrator
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 7/27/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Home Equity Loan
Asset-Backed Certs., Series 1999-2 Trust, relating to the July
15, 1999 distribution.
<TABLE>
<CAPTION>
Delta Funding Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/99
Distribution Date: 7/15/99
DFH Series: 1999-2
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1F 24763LFG0 SEN_FI 6.14000% 123,276,000.00 630,762.20 1,221,264.15
A-2F 24763LFH8 SEN_FI 6.50000% 56,861,000.00 307,997.08 0.00
A-3F 24763LFJ4 SEN_FI 6.58000% 27,651,000.00 151,619.65 0.00
A-4F 24763LFK1 SEN_FI 6.83000% 18,534,000.00 105,489.35 0.00
A-5F 24763LFL9 SEN_FI 7.07000% 21,609,000.00 127,313.02 0.00
A-6F 24763LFM7 SEN_FI 7.37000% 32,569,000.00 200,027.94 0.00
A-7F 24763LFN5 SEN_FI 7.03000% 37,000,000.00 216,758.33 0.00
IOF 24763LFT2 SEN_NT 6.00000% 0.00 557,560.00 0.00
A-1A 24763LFS4 SEN_FT 5.32000% 50,000,000.00 206,888.89 192,325.06
M-1 24763LFP0 SEN_FI 7.37000% 17,850,000.00 109,628.75 0.00
M-2 24763LFQ8 SEN_FI 7.37000% 17,850,000.00 109,628.75 0.00
B 24763LFR6 JUN_FI 7.37000% 16,800,000.00 103,180.00 0.00
BIO DFH992BIO JUN_FI 0.00000% 0.00 449,940.29 0.00
P DFH99200P JUN_FI 0.00000% 100.00 2,546.74 0.00
OC DFH9902OC JUN_FI 0.00000% 0.00 0.00 0.00
R-1 DFH9902R1 JUN_RE 0.00000% 0.00 0.00 0.00
R-2 DFH9902R2 JUN_RE 0.00000% 0.00 0.00 0.00
R-3 DFH9902R3 JUN_RE 0.00000% 0.00 0.00 0.00
Totals 420,000,100.00 3,279,340.99 1,413,589.21
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1F 0.00 122,054,735.85 1,852,026.35 0.00
A-2F 0.00 56,861,000.00 307,997.08 0.00
A-3F 0.00 27,651,000.00 151,619.65 0.00
A-4F 0.00 18,534,000.00 105,489.35 0.00
A-5F 0.00 21,609,000.00 127,313.02 0.00
A-6F 0.00 32,569,000.00 200,027.94 0.00
A-7F 0.00 37,000,000.00 216,758.33 0.00
IOF 0.00 0.00 557,560.00 0.00
A-1A 0.00 49,807,674.94 399,213.95 0.00
M-1 0.00 17,850,000.00 109,628.75 0.00
M-2 0.00 17,850,000.00 109,628.75 0.00
B 0.00 16,800,000.00 103,180.00 0.00
BIO 0.00 0.00 449,940.29 0.00
P 0.00 100.00 2,546.74 0.00
OC 0.00 0.01 0.00 0.00
R-1 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00
Totals 0.00 418,586,510.80 4,692,930.20 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
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-1F 123,276,000.00 123,276,000.00 291,443.66 929,820.49 0.00 0.00
A-2F 56,861,000.00 56,861,000.00 0.00 0.00 0.00 0.00
A-3F 27,651,000.00 27,651,000.00 0.00 0.00 0.00 0.00
A-4F 18,534,000.00 18,534,000.00 0.00 0.00 0.00 0.00
A-5F 21,609,000.00 21,609,000.00 0.00 0.00 0.00 0.00
A-6F 32,569,000.00 32,569,000.00 0.00 0.00 0.00 0.00
A-7F 37,000,000.00 37,000,000.00 0.00 0.00 0.00 0.00
IOF 0.00 0.00 0.00 0.00 0.00 0.00
A-1A 50,000,000.00 50,000,000.00 20,626.98 171,698.08 0.00 0.00
M-1 17,850,000.00 17,850,000.00 0.00 0.00 0.00 0.00
M-2 17,850,000.00 17,850,000.00 0.00 0.00 0.00 0.00
B 16,800,000.00 16,800,000.00 0.00 0.00 0.00 0.00
BIO 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
OC 0.00 0.00 0.00 0.00 0.00 0.00
R-1 0.00 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00 0.00
Totals 420,000,100.00 420,000,100.00 312,070.64 1,101,518.57 0.00 0.00
<FN>
(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.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1F 1,221,264.15 122,054,735.85 0.99009325 1,221,264.15
A-2F 0.00 56,861,000.00 1.00000000 0.00
A-3F 0.00 27,651,000.00 1.00000000 0.00
A-4F 0.00 18,534,000.00 1.00000000 0.00
A-5F 0.00 21,609,000.00 1.00000000 0.00
A-6F 0.00 32,569,000.00 1.00000000 0.00
A-7F 0.00 37,000,000.00 1.00000000 0.00
IOF 0.00 0.00 0.00000000 0.00
A-1A 192,325.06 49,807,674.94 0.99615350 192,325.06
M-1 0.00 17,850,000.00 1.00000000 0.00
M-2 0.00 17,850,000.00 1.00000000 0.00
B 0.00 16,800,000.00 1.00000000 0.00
BIO 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
OC 0.00 0.01 0.00000000 0.00
R-1 0.00 0.00 0.00000000 0.00
R-2 0.00 0.00 0.00000000 0.00
R-3 0.00 0.00 0.00000000 0.00
Totals 1,413,589.21 418,586,510.80 0.99663431 1,413,589.21
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1F 123,276,000.00 1000.00000000 2.36415572 7.54259134 0.00000000
A-2F 56,861,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3F 27,651,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4F 18,534,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5F 21,609,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6F 32,569,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-7F 37,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
IOF 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-1A 50,000,000.00 1000.00000000 0.41253960 3.43396160 0.00000000
M-1 17,850,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 17,850,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B 16,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
BIO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
OC 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1F 0.00000000 9.90674706 990.09325294 0.99009325 9.90674706
A-2F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-7F 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
IOF 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1A 0.00000000 3.84650120 996.15349880 0.99615350 3.84650120
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
BIO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
OC 0.00000000 0.00000000 25,000.00000000 0.00000000 0.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1F 123,276,000.00 6.14000% 123,276,000.00 630,762.20 0.00 0.00
A-2F 56,861,000.00 6.50000% 56,861,000.00 307,997.08 0.00 0.00
A-3F 27,651,000.00 6.58000% 27,651,000.00 151,619.65 0.00 0.00
A-4F 18,534,000.00 6.83000% 18,534,000.00 105,489.35 0.00 0.00
A-5F 21,609,000.00 7.07000% 21,609,000.00 127,313.02 0.00 0.00
A-6F 32,569,000.00 7.37000% 32,569,000.00 200,027.94 0.00 0.00
A-7F 37,000,000.00 7.03000% 37,000,000.00 216,758.33 0.00 0.00
IOF 0.00 6.00000% 111,512,000.00 557,560.00 0.00 0.00
A-1A 50,000,000.00 5.32000% 50,000,000.00 206,888.89 0.00 0.00
M-1 17,850,000.00 7.37000% 17,850,000.00 109,628.75 0.00 0.00
M-2 17,850,000.00 7.37000% 17,850,000.00 109,628.75 0.00 0.00
B 16,800,000.00 7.37000% 16,800,000.00 103,180.00 0.00 0.00
BIO 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
OC 0.00 0.00000% 0.00 0.00 0.00 0.00
R-1 0.00 0.00000% 0.00 0.00 0.00 0.00
R-2 0.00 0.00000% 0.00 0.00 0.00 0.00
R-3 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 420,000,100.00 2,826,853.96 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1F 0.00 0.00 630,762.20 0.00 122,054,735.85
A-2F 0.00 0.00 307,997.08 0.00 56,861,000.00
A-3F 0.00 0.00 151,619.65 0.00 27,651,000.00
A-4F 0.00 0.00 105,489.35 0.00 18,534,000.00
A-5F 0.00 0.00 127,313.02 0.00 21,609,000.00
A-6F 0.00 0.00 200,027.94 0.00 32,569,000.00
A-7F 0.00 0.00 216,758.33 0.00 37,000,000.00
IOF 0.00 0.00 557,560.00 0.00 111,512,000.00
A-1A 0.00 0.00 206,888.89 0.00 49,807,674.94
M-1 0.00 0.00 109,628.75 0.00 17,850,000.00
M-2 0.00 0.00 109,628.75 0.00 17,850,000.00
B 0.00 0.00 103,180.00 0.00 16,800,000.00
BIO 0.00 0.00 449,940.29 0.00 0.00
P 0.00 0.00 2,546.74 0.00 100.00
OC 0.00 0.00 0.00 0.00 0.01
R-1 0.00 0.00 0.00 0.00 0.00
R-2 0.00 0.00 0.00 0.00 0.00
R-3 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 3,279,340.99 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1F 123,276,000.00 6.14000% 1000.00000000 5.11666667 0.00000000 0.00000000
A-2F 56,861,000.00 6.50000% 1000.00000000 5.41666661 0.00000000 0.00000000
A-3F 27,651,000.00 6.58000% 1000.00000000 5.48333333 0.00000000 0.00000000
A-4F 18,534,000.00 6.83000% 1000.00000000 5.69166667 0.00000000 0.00000000
A-5F 21,609,000.00 7.07000% 1000.00000000 5.89166644 0.00000000 0.00000000
A-6F 32,569,000.00 7.37000% 1000.00000000 6.14166662 0.00000000 0.00000000
A-7F 37,000,000.00 7.03000% 1000.00000000 5.85833324 0.00000000 0.00000000
IOF 0.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000
A-1A 50,000,000.00 5.32000% 1000.00000000 4.13777780 0.00000000 0.00000000
M-1 17,850,000.00 7.37000% 1000.00000000 6.14166667 0.00000000 0.00000000
M-2 17,850,000.00 7.37000% 1000.00000000 6.14166667 0.00000000 0.00000000
B 16,800,000.00 7.37000% 1000.00000000 6.14166667 0.00000000 0.00000000
BIO 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
OC 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
All denominations are Per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1F 0.00000000 0.00000000 5.11666667 0.00000000 990.09325294
A-2F 0.00000000 0.00000000 5.41666661 0.00000000 1000.00000000
A-3F 0.00000000 0.00000000 5.48333333 0.00000000 1000.00000000
A-4F 0.00000000 0.00000000 5.69166667 0.00000000 1000.00000000
A-5F 0.00000000 0.00000000 5.89166644 0.00000000 1000.00000000
A-6F 0.00000000 0.00000000 6.14166662 0.00000000 1000.00000000
A-7F 0.00000000 0.00000000 5.85833324 0.00000000 1000.00000000
IOF 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000
A-1A 0.00000000 0.00000000 4.13777780 0.00000000 996.15349880
M-1 0.00000000 0.00000000 6.14166667 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 6.14166667 0.00000000 1000.00000000
B 0.00000000 0.00000000 6.14166667 0.00000000 1000.00000000
BIO 0.00000000 0.00000000 1124850725000.00 0.00000000 0.00000000
P 0.00000000 0.00000000 25467.40000000 0.00000000 1000.00000000
OC 0.00000000 0.00000000 0.00000000 0.00000000 25000.00000000
R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 4,869,381.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 4,869,381.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 176,450.80
Payment of Interest and Principal 4,692,930.20
Total Withdrawals (Pool Distribution Amount) 4,869,381.00
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 3,798.54
Servicing Fee Support 3,798.54
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 174,999.34
Admin Fee - Norwest 5,250.00
Supported Prepayment/Curtailment Interest Shortfall 3,798.54
Net Servicing Fee 176,450.80
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 5,000.00 0.00 5,000.00 10,000.00
Reserve Fund 5,000.00 0.00 5,000.00 10,000.00
</TABLE>
<TABLE>
<CAPTION>
Certificate Deliquency/Credit Enhancement Statement
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 94 5,952,606.48 1.823472% 1.422073%
60 Days 0 0.00 0.000000% 0.000000%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 94 5,952,606.48 1.823472% 1.422073%
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Fixed & Mixed ARM
Weighted Average Gross Coupon 9.877267%
Weighted Average Net Coupon 9.377269%
Weighted Average Pass-Through Rate 9.362269%
Weighted Average Maturity(Stepdown Calculation ) 0
Beginning Scheduled Collateral Loan Count 3,895
Number Of Loans Paid In Full (1,260)
Ending Scheduled Collateral Loan Count 5,155
Begining Scheduled Collateral Balance 420,000,100.00
Ending Scheduled Collateral Balance 418,586,510.79
Ending Actual Collateral Balance at 30-Jun-1999 418,653,779.06
Monthly P &I Constant 3,107,511.34
Ending Scheduled Balance for Premium Loans 418,586,510.79
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 100.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization 0.00
Extra principal distribution Amount 0.00
Excess Cash Amount 449,928.10
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Group F Curtailments 55,647.66
Group A Curtailments 2,937.99
</TABLE>
<TABLE>
<CAPTION>
Group Level Collateral Statement
<S> <C>
Group ID 1 2
Collateral Description Mixed Fixed Mixed ARM
Weighted Average Coupon Rate 9.905276 9.670316
Weighted Average Net Rate 9.390275 9.155316
Weighted Average Maturity 318.00 358.00
Beginning Loan Count 3,417 478 3,895
Loans Paid In Full (1,135) (125) (1,260)
Ending Loan Count 4,552 603 5,155
Beginning Scheduled Balance 279,091,512.56 39,374,270.94 318,465,783.50
Ending scheduled Balance 368,610,073.89 49,976,436.90 418,586,510.79
Record Date 6/30/99 6/30/99
Principal And Interest Constant 3,345,214.33 422,314.30 3,767,528.63
Scheduled Principal 291,089.78 19,392.53 310,482.31
Unscheduled Principal 1,098,483.30 2,938.92 1,101,422.22
Scheduled Interest 3,054,123.70 402,919.90 3,457,043.60
Servicing Fees 154,166.52 20,832.82 174,999.34
Master Servicing Fees 0.00 0.00 0.00
Trustee Fee 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00
Other Fee 4,625.00 625.00 5,250.00
Pool Insurance Fee 0.00 0.00 0.00
Spread Fee 1 0.00 0.00 0.00
Spread Fee 2 0.00 0.00 0.00
Spread Fee 3 0.00 0.00 0.00
Net Interest 2,895,332.18 381,462.10 3,276,794.28
Realized Loss Amount 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00
Percentage of Cummulative Losses 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> Delinquency Status By Groups
<S> <C> <C> <C> <C> <C> <C>
Group
30 Days 60 Days 90 + Days Foreclosure REO Bankruptcy
1 Principal Balance 4,953,165.60 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 1.344% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 81 0 0 0 0 0
Percentage Of Loans 1.779% 0.000% 0.000% 0.000% 0.000% 0.000%
2 Principal Balance 999,440.89 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 2.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 13 0 0 0 0 0
Percentage Of Loans 2.156% 0.000% 0.000% 0.000% 0.000% 0.000%
Totals
Principal Balance 5,952,606.49 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 1.422% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 94 0 0 0 0 0
Percentage Of Loans 1.823% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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