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Previous: TIVO INC, S-1/A, 1999-09-08 |
Next: E PIPHANY INC, S-1/A, 1999-09-08 |
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): August 25, 1999
NOVUS HOME EQUITY LOAN TRUST
Asset Backed Notes, Series 1999-1 Trust
Delaware (governing law of 333-64909-02 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 August 25, 1999 a distribution was made to holders of NOVUS HOME EQUITY
LOAN TRUST, Asset Backed Notes, Series 1999-1 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 Asset Backed Notes, Series 1999-1
Trust, relating to the August 25, 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.
NOVUS HOME EQUITY LOAN TRUST
Asset Backed Notes, Series 1999-1 Trust
By: Wilmington Trust Co., as Owner Trustee
By: /s/ Roseline K. Maney, Officer
By: Roseline K. Maney, Officer
Date: 8/30/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Notes, Series 1999-1 Trust, relating to the August 25,
1999 distribution.
<TABLE>
<CAPTION>
Novus Financial Corporation
Mortgage Pass-Through Notes
Record Date: 7/31/99
Distribution Date: 8/25/99
NOV Series: 1999-1
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>
NOTE 67010NAA4 SEN 5.39375% 310,867,699.63 1,397,285.55 12,635,188.81
OC NOV9901OC SUB 0.00000% 2,448,553.59 0.00 0.00
CERT NOV9901CT SUB 0.00000% 0.00 0.00 0.00
Totals 313,316,253.22 1,397,285.55 12,635,188.81
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
NOTE 0.00 298,232,510.83 14,032,474.36 0.00
OC 4,338.36 3,565,235.12 0.00 20,277.77
CERT 0.00 0.00 0.00 0.00
Totals 4,338.36 301,797,745.95 14,032,474.36 20,277.77
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</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>
NOTE 335,659,538.88 310,867,699.63 0.00 12,635,188.81 0.00 0.00
OC 0.00 2,448,553.59 0.00 0.00 0.00 4,338.36
CERT 0.00 0.00 0.00 0.00 0.00 0.00
Totals 335,659,538.88 313,316,253.22 0.00 12,635,188.81 0.00 4,338.36
<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>
NOTE 12,635,188.81 298,232,510.83 0.88849705 12,635,188.81
OC 4,338.36 3,565,235.12 0.00000000 0.00
CERT 0.00 0.00 0.00000000 0.00
Totals 12,639,527.17 301,797,745.95 0.89911863 12,635,188.81
</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>
NOTE 335,659,538.88 926.13992341 0.00000000 37.64287126 0.00000000
OC 0.00 612138397500.000 0.00000000 0.00000000 0.00000000
CERT 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
</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>
NOTE 0.00000000 37.64287126 888.49705218 0.88849705 37.64287126
OC 1084590000.0000000 1084590000.0000000 891,308,780,000.0 0.00000000 0.00000000
CERT 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>
NOTE 335,659,538.88 5.39375% 310,867,699.63 1,397,285.55 0.00 0.00
OC 0.00 0.00000% 2,448,553.59 0.00 0.00 0.00
CERT 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 335,659,538.88 1,397,285.55 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>
NOTE 0.00 0.00 1,397,285.55 0.00 298,232,510.83
OC 0.00 0.00 0.00 0.00 3,565,235.12
CERT 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,397,285.55 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>
NOTE 335,659,538.88 5.39375% 926.13992341 4.16280602 0.00000000 0.00000000
OC 0.00 0.00000% 612138397500.00000000 0.00000000 0.00000000 0.00000000
CERT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) Per $1 denomination.
</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>
NOTE 0.00000000 0.00000000 4.16280602 0.00000000 888.49705218
OC 0.00000000 0.00000000 0.00000000 0.00000000 891308780000.00000000
CERT 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 Component Statement
Component Beginning Ending Beginning Ending Ending
Pass-Through Notional Notional Component Component Component
Rate Balance Balance Balance Balance Percentage
Class
<S> <C> <C> <C> <C> <C> <C>
SUB 0.15500% 310,867,699.63 298,232,510.83 0.00 0.00 88.84970522%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 14,202,406.25
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 14,202,406.25
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 169,931.89
Payment of Interest and Principal 14,032,474.36
Total Withdrawals (Pool Distribution Amount) 14,202,406.25
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
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 128,549.04
Indenture Trustee Fee 979.11
Credit Enhancement Premium 40,153.74
Owner Trustee Fee 250.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 169,931.89
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
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>
<TABLE>
<CAPTION>
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 52 2,013,019.08 0.530558% 0.667009%
60 Days 11 287,465.12 0.112233% 0.095251%
90+ Days 15 721,832.74 0.153046% 0.239178%
Foreclosure 13 690,797.85 0.132640% 0.228894%
REO 0 0.00 0.000000% 0.000000%
Totals 91 3,713,114.79 0.928477% 1.230332%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 4,338.36
Cumulative Realized Losses - Includes Interest Shortfall 20,277.77
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 10.295938%
Weighted Average Net Coupon 9.803596%
Weighted Average Pass-Through Rate 9.645100%
Weighted Average Maturity(Stepdown Calculation ) 73
Beginning Scheduled Collateral Loan Count 10,109
Number Of Loans Paid In Full 308
Ending Scheduled Collateral Loan Count 9,801
Beginning Scheduled Collateral Balance 313,316,253.23
Ending Scheduled Collateral Balance 301,797,745.95
Ending Actual Collateral Balance at 31-Jul-1999 301,797,745.95
Monthly P & I Constant 0.00
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 1,121,019.89
Overcollateralized reduction Amount 0.00
Specified O/C Amount 5,874,041.93
Overcollateralized Amount 3,565,235.12
Overcollateralized Deficiency Amount 3,429,826.70
Base Overcollateralization Amount 5,874,041.93
Extra principal distribution Amount 1,121,019.89
Excess Cash Amount 1,121,019.89
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement Draw Amount 0.00
Aggregate Credit Enhancement Draw Amount 0.00
Aggregate Additional Balances 17,600,813.23
Investor Amount 298,232,510.83
</TABLE>
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