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Previous: S&T INVESTMENT CO INC/DE, 13F-HR, 1999-08-06 |
Next: EQUITY INVESTOR FD SEL TEN PORT 1999 INTL SE 3 UK PORT DEF, 487, 1999-08-06 |
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 26, 1999
NOVUS HOME EQUITY LOAN TRUST
Asset Backed Notes, Series 1999-1
Delaware (governing law of 333-64909-01 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, Maryland (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 26, 1999 a distribution was made to holders of NOVUS
HOME EQUITY LOAN TRUST, Asset Backed Notes, Series 1999-1.
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,
relating to the July 26, 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
By: Wilmington Trust Co., as Owner Trustee
By: /s/ Rosaline Maney, Officer
By: Rosaline Maney, Officer
Date: 8/2/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1999-1 , relating to the July 26,
1999 distribution.
<TABLE>
<CAPTION>
Novus Financial Corporation
Mortgage Pass-Through Certificates
Record Date: 6/30/99
Distribution Date: 7/26/99
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 5.32250% 323,141,761.47 1,481,043.97 12,274,061.84
OC NOV9901OC SUB 0.00000% 1,223,892.20 0.00 0.00
CERT NOV9901CT SUB 0.00000% 0.00 0.00 0.00
Totals 324,365,653.67 1,481,043.97 12,274,061.84
</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 0.00 310,867,699.63 13,755,105.81 0.00
OC 15,939.41 2,448,553.59 0.00 15,939.41
CERT 0.00 0.00 0.00 0.00
Totals 15,939.41 313,316,253.22 13,755,105.81 15,939.41
<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>
NOTE 335,659,538.88 323,141,761.47 0.00 12,274,061.84 0.00 0.00
OC 0.00 1,223,892.20 0.00 0.00 0.00 15,939.41
CERT 0.00 0.00 0.00 0.00 0.00 0.00
Totals 335,659,538.88 324,365,653.67 0.00 12,274,061.84 0.00 15,939.41
<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 12,274,061.84 310,867,699.63 0.92613992 12,274,061.84
OC 15,939.41 2,448,553.59 0.00000000 0.00
CERT 0.00 0.00 0.00000000 0.00
Totals 12,290,001.25 313,316,253.22 0.93343468 12,274,061.84
</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 335,659,538.88 962.70692187 0.00000000 36.56699846 0.00000000
OC 0.00 305973050000.000 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 36.56699846 926.13992341 0.92613992 36.56699846
OC 3984852500.0000000 3984852500.0000000 612,138,397,500.0 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 5.32250% 323,141,761.47 1,481,043.97 0.00 0.00
OC 0.00 0.00000% 1,223,892.20 0.00 0.00 0.00
CERT 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 335,659,538.88 1,481,043.97 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 1,481,043.97 0.00 310,867,699.63
OC 0.00 0.00 0.00 0.00 2,448,553.59
CERT 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 1,481,043.97 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 5.32250% 962.70692187 4.41233988 0.00000000 0.00000000
OC 0.00 0.00000% 973050000.00006000 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 4.41233988 0.00000000 926.13992341
OC 0.00000000 0.00000000 0.00000000 0.00000000 38397500.00000000
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% 323,141,761.47 310,867,699.64 0.00 0.00 92.61399234%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 13,956,358.64
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (15,939.41)
Total Deposits 13,940,419.23
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 185,313.42
Payment of Interest and Principal 13,755,105.81
Total Withdrawals (Pool Distribution Amount) 13,940,419.23
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 142,310.64
Indenture Trustee Fee 1,013.64
Credit Enhancement Premium 41,739.14
Owner Trustee Fee 250.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 185,313.42
</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>
Certificateholder Delinquency/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 51 1,477,544.71 0.504501% 0.471583%
60 Days 11 269,239.31 0.108814% 0.085932%
90+ Days 10 576,376.08 0.098922% 0.183960%
Foreclosure 8 418,553.33 0.079137% 0.133588%
REO 0 0.00 0.000000% 0.000000%
Totals 80 2,741,713.43 0.791374% 0.875063%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 15,939.41
Cumulative Realized Losses - Includes Interest Shortfall 15,939.41
Current Period Class A Insufficient Funds
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 10.754375%
Weighted Average Net Coupon 10.227893%
Weighted Average Pass-Through Rate 10.068803%
Weighted Average Maturity(Stepdown Calculation ) 74
Beginning Scheduled Collateral Loan Count 10,791
Number Of Loans Paid In Full 682
Ending Scheduled Collateral Loan Count 10,109
Begining Scheduled Collateral Balance 324,365,653.67
Ending Scheduled Collateral Balance 313,316,253.23
Ending Actual Collateral Balance at 30-Jun-1999 313,316,253.23
Monthly P &I Constant 0.00
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 1,240,600.81
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 5,874,041.93
Overcollateralized Amount 2,464,493.01
Overcollateralized Deficiency Amount 4,650,149.73
Base Overcollateralization Amount 5,874,041.93
Extra Principal Distribution Amount 1,240,600.81
Excess Cash Amount 1,240,600.81
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement Draw Amount 0.00
Aggregate Credit Enhancement Draw Amount 0.00
Aggregate Additional Balances 12,545,714.28
Investor Amount 310,867,699.63
</TABLE>
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