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
Saxon Asset Securities Trust 1999-2
Mortgage Loan Asset Backed Certificates, Series 1999-2
(Exact name of registrant as specified in its charter)
Virginia 333-59479 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8 consecutively numbered pages.
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Item 5. Other Events.
On July 26, 1999 distributions were made to the Certificateholders.
Specific information with respect to the distributions is
filed as Exhibit 99.1. No other reportable transactions or
matters have occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Monthly Payment Report on July 26, 1999 filed
as Exhibit 99.1 hereto.
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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.
SAXON ASSET SECURITIES TRUST 1999-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-2
Date: By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
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INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits Page
99.1 Monthly Payment Report Statement on
July 26, 1999 6
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Exhibit 99.1
Monthly Payment Report on July 26, 1999
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<S> <C> <C> <C> <C> <C> <C>
MONTHLY PAYMENT REPORT
SAXON ASSET SECURITIES TRUST 1999-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 26-Jul-99
- ------------------------------------------------------------------------------------------------------------------------
Cerit- Certifi-
fi- cates-
Interest cates Carry Appleid
Original Beginning Prinicpal Interest Carry Carry- over Realized Total Ending
Certificate Certificate Distri- Distri- Forward over amt Loss Distri- Certificate
Class Cusip # Balance Balance bution bution Amt Amt paid Amount bution Balance
- ------------------------------------------------------------------------------------------------------------------------
AF-1 805564DM0 80,000,000.00 76,120,977.46 1,880,603.13 339,705.72 - N/A N/A N/A 2,220,308.85 74,240,374.33
AF-2 805564DN8 33,000,000.00 33,000,000.00 - 164,175.00 - N/A N/A N/A 164,175.00 33,000,000.00
AF-3 805564DP3 36,000,000.00 36,000,000.00 - 183,150.00 - N/A N/A N/A 183,150.00 36,000,000.00
AF-4 805564DQ1 27,000,000.00 27,000,000.00 - 145,012.50 - N/A N/A N/A 145,012.50 27,000,000.00
AF-5 805564DR9 16,713,000.00 16,713,000.00 - 94,915.91 - N/A N/A N/A 94,915.91 16,713,000.00
AF-6 805564DS7 21,412,800.00 21,412,800.00 - 114,469.26 - N/A N/A N/A 114,469.26 21,412,800.00
MF-1 805564DT5 12,449,000.00 12,449,000.00 - 70,336.85 - N/A N/A - 70,336.85 12,449,000.00
MF-2 805564DU2 9,337,000.00 9,337,000.00 - 55,827.48 - N/A N/A - 55,827.48 9,337,000.00
BF-1 805564DV0 8,092,000.00 8,092,000.00 - 56,711.43 - N/A N/A - 56,711.43 8,092,000.00
BF-1A 805564DW8 4,980,000.00 4,737,243.18 301,655.08 31,285.54 - N/A N/A - 332,940.63 4,435,588.09
AV-1 805564DX6 177,840,800.00 172,747,884.70 2,464,384.41 791,749.14 - - - N/A 3,256,133.55 170,283,500.29
MV-1 805564DY4 16,884,000.00 16,884,000.00 - 80,582.41 - - - - 80,582.41 16,884,000.00
MV-2 805564DZ1 14,070,000.00 14,070,000.00 - 73,209.92 - - - - 73,209.92 14,070,000.00
BV-1 805564EA5 9,567,000.00 9,567,000.00 - 64,196.56 - - - - 64,196.56 9,567,000.00
BV-1A 805564EB3 6,704,000.00 6,560,354.14 362,525.78 45,403.12 - - - - 407,928.90 6,197,828.36
C 80556C2 N/A N/A N/A 665,301.55 N/A N/A N/A N/A 665,301.55 N/A
R 80556R2 N/A N/A N/A - N/A N/A N/A N/A - N/A
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TOTALS 474,049,600.00 464,691,259.47 5,009,168.40 2,976,032.40 7,985,200.80 459,682,091.07
- -----------------------------------------------------------------------------------------------------------------------
Group I 248,983,800.00 244,862,020.64 2,182,258.21 1,255,589.70 3,437,847.91 242,679,762.42
Group II 225,065,800.00 219,829,238.84 2,826,910.19 1,055,141.15 3,882,051.34 217,002,328.65
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===============
One Month LIBOR RATE 5.09250%
===============
Factor Information per $1,000 of the Original Balance
- ------------------------------------------------------------------------------------------------------------------------
Interest Certificates Certificates End Prin Current
Principal Interest Carry Carryover Carryover Balance Pass Through
Class Cusip # Distribution Distribution Forward Paid Rate
- ------------------------------------------------------------------------------------------------------------------------
AF-1 805564DM0 23.50754 4.24632 0.00000 N/A N/A 928.00468 5.18250%
AF-2 805564DN8 0.00000 4.97500 0.00000 N/A N/A 1,000.00000 5.97000%
AF-3 805564DP3 0.00000 5.08750 0.00000 N/A N/A 1,000.00000 6.10500%
AF-4 805564DQ1 0.00000 5.37083 0.00000 N/A N/A 1,000.00000 6.44500%
AF-5 805564DR9 0.00000 5.67917 0.00000 N/A N/A 1,000.00000 6.81500%
AF-6 805564DS7 0.00000 5.34583 0.00000 N/A N/A 1,000.00000 6.41500%
MF-1 805564DT5 0.00000 5.65000 0.00000 N/A N/A 1,000.00000 6.78000%
MF-2 805564DU2 0.00000 5.97917 0.00000 N/A N/A 1,000.00000 7.17500%
BF-1 805564DV0 0.00000 7.00833 0.00000 N/A N/A 1,000.00000 8.41000%
BF-1A 805564DW8 60.57331 6.28224 0.00000 N/A N/A 890.68034 7.92500%
AV-1 805564DX6 13.85725 4.45201 0.00000 0.00000 0.00000 957.50525 5.32250%
MV-1 805564DY4 0.00000 4.77271 0.00000 0.00000 0.00000 1,000.00000 5.54250%
MV-2 805564DZ1 0.00000 5.20326 0.00000 0.00000 0.00000 1,000.00000 6.04250%
BV-1 805564EA5 0.00000 6.71021 0.00000 0.00000 0.00000 1,000.00000 7.79250%
BV-1A 805564EB3 54.07604 6.77254 0.00000 0.00000 0.00000 924.49707 8.30500%
- ------------------------------------------------------------------------------------------------------------------------
If there are any questions or comments, please contact:
Joan Dolce
Saxon Mortgage
4880 Cox Road
Richmond, VA 23060
(804) 967-5814
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MONTHLY PAYMENT REPORT
SAXON ASSET SECURITIES TRUST 1999-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
------------------------
Group I Group II
------------------------
Aggregate Scheduled Mortgage Principal Balance 243,224,174.33 217,508,500.29
Prepayment Amount 1,712,308.18 2,356,867.15
Substitution Shortfall Amount - -
Repurchase Amounts - -
Other Recoveries - -
Extra Principal Distribution Amount - -
Applied Realized Loss Amount - -
Unpaid Realized Loss Amount - -
-------------------------
Group I Group II
-------------------------
Net Rate 9.42911% 9.35178%
Largest Mortgage Loan Balance 499,152.86 996,570.82
Servicing Fees 101,312.06 91,655.40
Master Servicing Fees 10,212.70 9,165.54
The Number and Aggregate Principal Balances
of all Delinquent Mortgage Loans as of the Remittance Date
Group I Group II
---------------------------------------------------------------------------------------------------
Category Number Percentage Principal Balance Number Percentage Principal Balance
---------------------------------------------------------------------------------------------------
30-59 Days 64 2.23512% 5,436,356.43 46 2.36793% 5,150,450.11
60-89 Days 19 0.63097% 1,534,678.19 15 1.11684% 2,429,213.36
90+ Days 4 0.09680% 235,445.57 8 0.34218% 744,280.51
---------------------------------------------------------------------------------------------------
------------------------
Group I Group II
------------------------
Number of Mortgage Loans in Foreclosure Proceedings 39 44
Scheduled Principal Balance of all Mortgage Loans in Foreclosure Proceedings 4,131,547.11 4,205,997.49
Number of Mortgage Loans in Foreclosure in Prior Month 20 18
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in Prior Month 2,380,727.42 2,098,774.91
-------------------------
Group I Group II
------------------------
Number of Mortgagors in Bankruptcy Proceedings 4 7
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings 486,037.47 690,421.86
------------------------
Group I Group II
------------------------
Number of any REO Properties - 1
Book Value of any REO Properties - 40,656.69
------------------------
Group I Group II
Servicer Number Principal Balance Number Principal Balance
----------------------------------------------------------
Number of 60+ Delinquent Loans Meritech 60 5,606,514.74 68 7,376,819.34
----------------------------------------------------------
Amount on Deposit in Asset Proceeds Account 7,985,200.80
Interest 3,640,213.26
Scheduled Principal 275,812.21
Unscheduled Principal 4,069,175.33
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MONTHLY PAYMENT REPORT
SAXON ASSET SECURITIES TRUST 1999-2
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-2
STATEMENT TO CERTIFICATEHOLDERS
Group I Group II
-------------------------
Realized Losses for the current period - -
Cumulative Realized Losses - -
Applied Realized Losses - -
Unpaid Realized Losses - -
Group I Group II
--------------------------
Trigger Event Has not occurred Has not occurred
Subordinate Trigger Event Has not occurred Has not occurred
Overcollateralization Target Amount 4,980,038.67 6,704,192.51
Overcollateralization Amount 544,411.91 506,171.64
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