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 25, 1999
ContiMortgage Home Equity Loan Trust 1999-3
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(Exact name of registrant as specified in its charter)
16-6491815
16-6491818
New York 33-339505 16-6491819
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14240-2599
-------------------------------- ----------
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
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(Former name or former address, if changed since last report)
Note: Please see page 5 for Exhibit Index Page 1
<PAGE>
Item 5. Other Events.
On December 25, 1999 a scheduled distribution was made from the Trust
to holders of the Class A, B and C Certificates. The information contained in
the Trustee's Monthly Servicing Report for the month of November, 1999 dated
December 25, 1999 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer for the month of
November 1999 was $304,783.35
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of November, 1999.
Page 3
<PAGE>
SIGNATURES
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.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Joy B. Tolbert
-----------------------------------------
Name: Joy B. Tolbert
Title: Vice President and Assistant Secretary
Dated: January 7, 2000
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of November 1999.
Page 5
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ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1999-3
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Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WKP9 A-1 209,100,000.00 176,686,113.27 8,296,159.75 945,270.71 9,241,430.46 168,389,953.52
21075WKQ7 A-2 126,300,000.00 126,300,000.00 0.00 712,542.50 712,542.50 126,300,000.00
21075WKR5 A-3 72,700,000.00 72,700,000.00 0.00 419,842.50 419,842.50 72,700,000.00
21075WKS3 A-4 41,500,000.00 41,500,000.00 0.00 246,233.33 246,233.33 41,500,000.00
21075WKT1 A-5 40,900,000.00 40,900,000.00 0.00 250,853.33 250,853.33 40,900,000.00
21075WKU8 A-6 72,700,000.00 72,700,000.00 0.00 465,280.00 465,280.00 72,700,000.00
21075WKV6 A-7 44,800,000.00 44,800,000.00 0.00 271,786.67 271,786.67 44,800,000.00
21075WKW4 A-8 152,000,000.00 141,913,278.54 2,547,493.02 717,332.20 3,264,825.22 139,365,785.52
21075WKY0 B 40,000,000.00 40,000,000.00 0.00 233,333.33 233,333.33 40,000,000.00
21075X2V4 C 0.00 0.00 0.00 15,105.36 15,105.36 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Total 800,000,000.00 757,499,391.81 10,843,652.77 4,277,579.93 15,121,232.70 746,655,739.04
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------------------------------------------------------------------------------------------------------
Original Beginning
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- -------------------------------------------------------------------------------------------------------------------
21075WKX2 A-9IO 185,000,000.00 120,000,000.00 0.00 600,000.00 600,000.00 60,000,000.00
- -------------------------------------------------------------------------------------------------------------------
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AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
-------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate
- -------------------------------------------------------------------------------------------------------------------
21075WKP9 A-1 39.67556074 4.52066337 44.19622410 805.30824256 A-1 6.42000%
21075WKQ7 A-2 0.00000000 5.64166667 5.64166667 1,000.00000000 A-2 6.77000%
21075WKR5 A-3 0.00000000 5.77500000 5.77500000 1,000.00000000 A-3 6.93000%
21075WKS3 A-4 0.00000000 5.93333325 5.93333325 1,000.00000000 A-4 7.12000%
21075WKT1 A-5 0.00000000 6.13333325 6.13333325 1,000.00000000 A-5 7.36000%
21075WKU8 A-6 0.00000000 6.40000000 6.40000000 1,000.00000000 A-6 7.68000%
21075WKV6 A-7 0.00000000 6.06666674 6.06666674 1,000.00000000 A-7 7.28000%
21075WKW4 A-8 16.75982250 4.71929079 21.47911329 916.88016789 A-8 5.87375%
21075WKY0 B 0.00000000 5.83333325 5.83333325 1,000.00000000 A-9IO 6.00000%
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Total 13.55456596 5.32809321 18.88265918 933.31967380 B 7.00000%
- -------------------------------------------------------------------------------------------------------------------
LIBOR: 5.59375%
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Uncapped A-8 Rate: 5.87375%
----------------
-----------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------
21075WKX2 A-9IO 0.00000000 3.24324324 3.24324324 324.32432432
- ------------------------------------------------------------------------------------
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C> <C>
SEC. 7.09 (a) (ii) Scheduled Principal Received 503,114.69 67,163.33 570,278.02
Prepayments (incl. Curtailments) 7,131,549.01 1,742,621.15 8,874,170.16
Purchased Principal 0.00 0.00 0.00
Liquidation Proceeds applied to principal 167,322.80 117,018.54 284,341.34
Realized Loss of Principal 28,060.15 33,529.52 61,589.67
Realized Loss of Interest 0.00 (180.00) (180.00)
Extra Principal Distribution 494,173.25 620,690.00 1,114,863.25
SEC. 7.09 (a) (iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9IO Interest Carry-Forward Amount 0.00
Class B Interest Carry-Forward Amount 0.00
Group I Group II Total
------- -------- -----
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 604,757,099.35 147,875,326.68 752,632,426.03
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Information Provided at Calendar Year End.
Group I Group II Total
------- -------- -----
SEC. 7.09 (a) (viii) Loan Purchase Prices 0.00 0.00 0.00
Substitution Amounts 0.00 0.00 0.00
SEC. 7.09 (a) (ix)&(x) Weighted Average Coupon 10.1815% 10.0242% 10.1506%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 255 352 274
SEC. 7.09 (a) (xii) Cumulative Realized Loss Trigger Event Occurrence NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Overcollateralization Amount 5,976,686.99
Targeted Overcollateralization Amount 19,600,000.00
Class A Optimal Balance 693,032,426.03
Class B Optimal Balance 40,000,000.00
SEC. 7.09 (a) (xiv) Applied Realized Realized Loss Unpaid Realized
Loss Amount Amortization Amount Loss Amount
----------- ------------------- -----------
Class B 0.00 0.00 0.00
SEC. 7.09 (a) (xvi) Group I Group II
------- --------
Available Funds Cap 8.26335% 8.78062%
SEC. 7.09 (a) (xvii) Insured Payment 0.00
SEC. 7.09 (a) (xviii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xx) Largest Home Equity Loan Balance Outstanding 496,775.19
2nd Largest Home Equity Loan Balance Outstanding 438,927.62
3rd Largest Home Equity Loan Balance Outstanding 414,739.70
</TABLE>
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
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SEC. 7.09 (b) (i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 144 1.70414% 8,970,263.98 1.48328%
Group I 60-89 Days 57 0.67456% 3,553,076.72 0.58752%
90+ Days 101 1.19527% 7,088,264.53 1.17208%
--------------------------------------------------------------------------------------------
30-59 Days 25 1.80505% 2,062,453.13 1.39472%
Group II 60-89 Days 19 1.37184% 1,718,035.83 1.16181%
90+ Days 43 3.10469% 4,437,909.74 3.00112%
--------------------------------------------------------------------------------------------
30-59 Days 169 1.71835% 11,032,717.11 1.46588%
TOTAL 60-89 Days 76 0.77275% 5,271,112.55 0.70036%
90+ Days 144 1.46416% 11,526,174.27 1.53145%
--------------------------------------------------------------------------------------------
Total Group I 8,450 100.00000% 604,757,099.35 100.00000%
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Total Group II 1,385 100.00000% 147,875,326.68 100.00000%
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Total 9,835 100.00000% 752,632,426.03 100.00000%
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(1) Includes Bankruptcies, Foreclosures and REOs ; Based on each respective Group's loan count and balance.
Group I Group II Total
------- -------- -----
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 51 25 76
Loans in Foreclosure (LIF): Balance 3,492,255.06 2,433,194.47 5,925,449.53
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 29 4 33
Loans in Bankruptcy: Balance 1,930,057.75 341,974.06 2,272,031.81
SEC. 7.09 (b)(iv) & (v)REO Properties: Count 2 0 2
REO Properties: Balance 183,463.07 0.00 183,463.07
Loans in Loss Mitigation: Count 12 6 18
Loans in Loss Mitigation: Balance 632,316.53 830,652.05 1,462,968.58
Loans in Forbearance: Count 1 3 4
Loans in Forbearance: Balance 40,902.67 208,689.42 249,592.09
SEC. 7.09 (b) (vi) Cumulative Realized Losses 28,923.38 33,349.52 62,272.90
Current Period Reimbursed Delinquency and Servicing Advances 0.00
Unreimbursed Delinquency and Servicing Advances 0.00
SEC. 7.09 (b) (vii) Loan Balance of 90+ Day Delinquent Loans 7,088,264.53 4,437,909.74 11,526,174.27
SEC. 7.09 (b) (viii) Six-Month Rolling Average 90+ Day Delinquency Rate 0.64024%
Six-Month Rolling Average Excess Spread 0.12023%
Cumulative Realized Loss Trigger Event Occurrence NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0.00 0.00
</TABLE>
Page 3
<PAGE>
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 15,875,588.51
SEC. 7.08(b)(ii) & (iv) Amount Due Amount Paid
---------- -----------
Class A-1 Allocation 9,241,430.46 9,241,430.46
Class A-2 Allocation 712,542.50 712,542.50
Class A-3 Allocation 419,842.50 419,842.50
Class A-4 Allocation 246,233.33 246,233.33
Class A-5 Allocation 250,853.33 250,853.33
Class A-6 Allocation 465,280.00 465,280.00
Class A-7 Allocation 271,786.67 271,786.67
Class A-8 Allocation 3,264,825.22 3,264,825.22
Class A-9IO Allocation 600,000.00 600,000.00
-------------------------------
Class A Distribution Amount 15,472,794.01 15,472,794.01
===============================
Class B Allocation 233,333.33 233,333.33
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
------------------------------------------------------------
A-1 176,686,113.27 8,296,159.75 168,389,953.52
A-2 126,300,000.00 0.00 126,300,000.00
A-3 72,700,000.00 0.00 72,700,000.00
A-4 41,500,000.00 0.00 41,500,000.00
A-5 40,900,000.00 0.00 40,900,000.00
A-6 72,700,000.00 0.00 72,700,000.00
A-7 44,800,000.00 0.00 44,800,000.00
A-8 141,913,278.54 2,547,493.02 139,365,785.52
A-9IO 120,000,000.00 NA 60,000,000.00
B 40,000,000.00 0.00 40,000,000.00
* Denotes Notional Amounts for Class A-9IO.
Group I Group II Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 28,060.15 33,349.52 61,409.67
Cumulative Realized Losses 28,923.38 33,349.52 62,272.90
SEC. 7.08(b)(vii) Six-Month Rolling Average 90+ Day Delinquency Rate 0.640237%
Six-Month Rolling Average Excess Spread 0.120233%
</TABLE>
Distribution Period: 25-Dec-99
REO Status
SEC. 7.09 (b) (v&vi) Loan Number Book Value Status
----------- ---------- ------
8423170 126,359.60 Eviction
8447518 57,103.47 List Pending
Page 4
<PAGE>
Insurer's Report
Distribution Period: 25-Dec-99
<TABLE>
<CAPTION>
Group I Group II Total
------- -------- -----
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 719,065.13 395,798.12 1,114,863.25
* Premium paid from cash flow (1) 99,275.74 24,389.01 123,664.75
* Master Servicing Fee paid from cash flow (1) 22,972.02 5,618.84 28,590.86
* Trustee Fee paid from cash flow (1) 1,687.46 412.74 2,100.20
* Interest Collected on Mortgage
Loans (net of Service Fee) 4,942,286.73 1,189,406.90 6,131,693.63
* Current Period Realized Losses:
Principal 28,060.15 33,529.52 61,589.67
Interest 0.00 (180.00) (180.00)
</TABLE>
(1) Allocated based upon the related Certificate Balances.
