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Previous: SALOMON BROTHERS MORT SEC VII FL RTE PA THR CER SER 1999-LBI, 8-K, 2000-01-07 |
Next: LANIER WORLDWIDE INC, 11-K, 2000-01-07 |
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): December 27, 1999
NOVUS FINANCIAL CORPORATION
Asset Backed Certificates, 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 1000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 27, 1999 a distribution was made to holders of NOVUS FINANCIAL
CORPORATION, Asset Backed Certificates, 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 Certificates, Series 1999-1
Trust, relating to the December 27, 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 FINANCIAL CORPORATION
Asset Backed Certificates, Series 1999-1 Trust
By: Wilmington Trust Co., as Owner Trustee
By: /s/ Roseline K. Maney, Officer
By: Roseline K. Maney, Officer
Date: 01/05/2000
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset Backed
Certificates, Series 1999-1 Trust, relating to the December 27,
1999 distribution.
<TABLE>
<CAPTION>
Novus Financial Corporation
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/27/99
NOV Series: 1999-1
Contact: Customer Service - CTSLink
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 846-8152
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 5.82000% 274,091,363.81 1,373,654.55 7,280,584.83
OC NOV9901OC SUB 0.00000% 5,874,041.93 0.00 0.00
CERT NOV9901CT SUB 0.00000% 0.00 1,030,200.75 0.00
Totals 279,965,405.74 2,403,855.30 7,280,584.83
</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 0.00 266,810,778.98 8,654,239.38 0.00
OC 12,694.90 5,874,041.93 0.00 201,885.81
CERT 0.00 0.00 1,030,200.75 0.00
Totals 12,694.90 272,684,820.91 9,684,440.13 201,885.81
<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 335,659,538.88 274,091,363.81 0.00 7,280,584.83 0.00 0.00
OC 0.00 5,874,041.93 0.00 0.00 0.00 12,694.90
CERT 0.00 0.00 0.00 0.00 0.00 0.00
Totals 335,659,538.88 279,965,405.74 0.00 7,280,584.83 0.00 12,694.90
<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 7,280,584.83 266,810,778.98 0.79488514 7,280,584.83
OC 12,694.90 5,874,041.93 0.00000000 0.00
CERT 0.00 0.00 0.00000000 0.00
Totals 7,293,279.73 272,684,820.91 0.81238514 7,280,584.83
</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 335,659,538.88 816.57552389 0.00000000 21.69038560 0.00000000
OC 0.00 1468510482500.00 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 21.69038560 794.88513829 0.79488514 21.69038560
OC 3173725000.0000005 3173725000.0000005 1,468,510,482,500 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 5.82000% 274,091,363.81 1,373,654.55 0.00 0.00
OC 0.00 0.00000% 5,874,041.93 0.00 0.00 0.00
CERT 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 335,659,538.88 1,373,654.55 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 1,373,654.55 0.00 266,810,778.98
OC 0.00 0.00 0.00 0.00 5,874,041.93
CERT 0.00 0.00 1,030,200.75 0.00 0.00
Totals 0.00 0.00 2,403,855.30 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 5.82000% 816.57552389 4.09240433 0.00000000 0.00000000
OC 0.00 0.00000% 1468510482500.000 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 4.09240433 0.00000000 794.88513829
OC 0.00000000 0.00000000 0.00000000 0.00000000 1468510482500.0002
CERT 0.00000000 0.00000000 257550187500.000 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% 274,091,363.81 266,810,778.98 0.00 0.00 79.48851383%
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,852,614.13
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses (12,694.90)
Total Deposits 9,839,919.23
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 155,479.10
Payment of Interest and Principal 9,684,440.13
Total Withdrawals (Pool Distribution Amount) 9,839,919.23
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 118,950.74
Indenture Trustee Fee 874.89
Credit Enhancement Premium 35,403.47
Owner Trustee Fee 250.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 155,479.10
</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 67 2,579,454.51 0.755525% 0.945947%
60 Days 10 934,685.90 0.112765% 0.342772%
90+ Days 17 619,359.08 0.191700% 0.227134%
Foreclosure 20 800,943.10 0.225530% 0.293725%
REO 1 30,000.00 0.011276% 0.011002%
Totals 115 4,964,442.59 1.296797% 1.820579%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 12,694.90
Cumulative Realized Losses - Includes Interest Shortfall 201,885.81
Principal Balance of Contaminated Properties 0.00
Current Period Class A Insufficient Funds 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed & Arm
Weighted Average Gross Coupon 11.024345%
Weighted Average Net Coupon 10.514493%
Weighted Average Pass-Through Rate 10.357923%
Weighted Average Maturity(Stepdown Calculation ) 69
Beginning Scheduled Collateral Loan Count 9,065
Number Of Loans Paid In Full 197
Ending Scheduled Collateral Loan Count 8,868
Beginning Scheduled Collateral Balance 279,965,405.74
Ending Scheduled Collateral Balance 272,684,820.91
Ending Actual Collateral Balance at 30-Nov-1999 272,684,820.91
Monthly P &I Constant 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement Draw Amount 0.00
Aggregate Credit Enhancement Draw Amount 0.00
Current Period Additional Balances 3,473,294.13
Aggregate Additional Balances 35,635,697.87
Investor Amount 272,684,820.91
</TABLE>
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