SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from________________to_______________.
Commission file number '333-77927-02
ADVANTA Mortgage Loan Trust 1999-2
New York 88-0360305 23-2723382
(State of other jurisdictio (IRS Employer
incorporation or organizat Identification No.)
c/o Bankers Trust Company
4 Albany Street
New York, NY 10015
Registrant's telephone number, including area code: (212) 250-2500
Securities registered pursuant to Section 12(b) of the Act.
Title of each class Name of each exchange on
which registered:
None None
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K ($ 229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices
of such stock, as of specified date within 60 days prior to the date of filing:
$462,051,540.84
Documents Incorporated by Reference: Not Applicable
PART 1
ITEM 1 - BUSINESS
The ADVANTA Mortgage Loan Trust 1999-2 (the "Trust" or "Issuer") is
a New York common law trust established as of May 1, 1999
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") between ADVANTA Mortgage Conduit Services, Inc. as sponsors
(the "Sponsor") and ADVANTA Mortgage Corp. USA as Master Servicer
(the "Master Servicer") (together, the "Companies") and Bankers Trust
Company, acting thereunder not in its individual capacity but solely as
trustee (the "Trustee"). The Issuer's only purpose is the issuance of
$517,500,000.00 principal amount of ADVANTA Mortgage Loan Asset-Backed
Certificates, Series 1999-2, Class A-1, Class A-2, Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, (the "Certificates")
and the subordinated residual certificates pursuant to the Pooling
and Servicing Agreement. On May 1, 1999 the Sponsor sold
$517,500,000.00 aggregate principal amount of mortgage loans (the "Mort-
gage Loans"), to the Issuer in exchange for the Certificates, and sold the
Certificates pursuant to a public offering, the underwriting of Class A-1, A-2,
A-3, A-4, A-5, A-6 and A-7 certificates of which was co-managed by
Morgan Stanley Dean Witter, Prudential Securities and Salomon Smith
Barney. The Mortgage Loans and the
distributions thereon, along with certain insurance proceeds, certain proceeds
obtained on foreclosure and any investment income earned thereon, are the
only significant assets of the Issuer. The Certificates represent obligations
solely of the Issuer. The Certificates were registered under a Registration
Statement (file no. 333-77927) on Form S-3 declared effective on May 6,
1999.
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3 - LEGAL PROCEEDINGS
The Master Servicer is not aware of any material pending legal proceedings
involving either the Issuer, the Trustee, the Sponsor or the Master Servicer
with respect to the Certificates or the Issuer's property.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests
in the Issuer through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK-
HOLDER MATTERS
The Trust is not an issuer of common stock in a corporation, although the
Certificates represent equity interest that has voting rights. The equity of
the Trust consists of the beneficial or ownership interest therein for which,
to the best knowledge of the Master Servicer, there is no established
public trading market.
As of March 4, 2000, there were approximately 2 holders of the Class A-1
Certificates, 7 holder of the Class A-2 Certificates, 18 holders of the Class
A-3 Certificates, 7 holders of the Class A-4 Certificates, 2 holders of the
Class A-5 Certificates, 9 holders of the Class A-6 Certificates, 2 holders of
the Class A-7 Certificates. The number of holders includes individual
parrticipants in security position listings. As of December 24, 1999
7 monthly distributions had been made to the holders of the Certificates
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On May 1, 1999, the Issuer issued $114,000,000 aggregate
principal amount of Class A-1 Certificates having a pass-thru rate of Libor +
0.10% (1), $90,000,000 aggregate principal amount of Class A-2 Certificates
having a pass-thru rate of 6.32% per annum, $40,000,000 aggregate
principal amount of Class A-3 Certificates having a pass-thu rate of 6.44% per
annum, $95,000,000 aggregate principal amount of Class A-4 Certificates
having a pass-thru rate of 6.89% per annum, $31,700,000 aggregate
principal amount of Class A-5 Certificates having a pass-thru rate of 7.15% (1)
(2) per annum, $41,000,000 aggregate principal amount of Class A-6 Certificates
having a pass-thru rate of 6.82% (1) per annum, $105,800,000 aggregate principal
amount of Class A-7 Certificates having a pass-thru rate of Libor + 0.22% (1)
(2) per annum which are collateralized by Mortgage Loans.
The sale of the Mortgage Loans to the Issuer, the issuance of the
Certificates and the simultaneous delivery of the Certificates to the
Companies for sale pursuant to a public offering, the underwriting for Class
A-1, A-2, A-3, A-4, A-5, A-6, and A-7 was co-managed by Morgan Stanley
Dean Witter, Prudential Securities and Salomon Smith Barney
for as a sale of the Certificates.
The value of the Certificates issued by the Issuer equaled the value of the
Mortgage Loans conveyed to the Issuer by the Companies, plus funds held in
the Prefunding Account (if any) and subsequently used to acquire additional
mortgage loans. Accordingly, there was no income, expense, gain or loss
resulting from the aforementioned transaction.
CAPITAL RESOURCES AND LIQUIDITY
The Issuer's primary sources of funds with respect to the Certificates will be
receipts of interest on and principal of the Mortgage Loans, along with certain
insurance proceeds, certain proceeds obtained on foreclosure and any
investment income earned thereon. The respective management's of the
Companies believe that the Issuer will have sufficient liquidity and capital
resources to pay all amounts on the Certificates as they become due and
all other anticipated expenses of the Issuer. The Issuer does not have, nor
will it have in the future, any significant source of capital for payment of the
Certificates and its operating expenses other than the receipt of interest on
and principal of the mortgage loans, certain insurance proceeds and certain
proceeds obtained on foreclosure and any payments made by the Certificate
Insurer. The Issuer is a limited purpose trust. The Certificates represent
obligations solely of the Issuer.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.See "Item 10-Directors and Executive Officers of the Registrant".
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (i) the name and address of each entity owning
more than 5% of the outstanding principal amount of the ADVANTA
Mortgage Loan Certificates, Series 1999-2, Class A-1 ("Class A-1 Certificates"),
Class A-2 ("Class A-2 Certificates"), Class A-3 ("Class A-3 Certificates"),
Class A-4 ("Class A-4 Certificates"), Class A-5 ("Class A-5 Certificates"),
Class A-6 ("Class A-6 Certificates"), Class A-7 ("Class A-7 Certificates"),
(ii) the principal amount of the Class A-1 Certificates, Class A-2 Certificates,
Class A-3 Certificates, Class A-4 Certificates, Class A-5 Certificates, Class
A-6 Certificates, Class A-7 Certificates,
Certificates and (iii) the percent that the principal amount of Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7
Certificates owned represents of the outstanding principal amount of
the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6
Class A-7 respectively. The information set forth in the table is based upon
information obtained by the Issuer from Depository Trust Company.
The Master Servicer is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
Amount Owned
(All Dollar Amounts are in Thousands)
Name and Address Principal Percent
Class A-1 Certificates
Banker Trust Company
John Lasher
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211 80.71%
Investors Bank & Trust/M.F. Custody
JoAnne Lowe
200 Clarendon Street
15th Fl. Hancock Tower
Boston, MA 02116 19.30%
Class A-2 Certificates
Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza, 13th Floor
New York, NY 10004 13.34%
Comerica Bank
Tom Deboever
Cap. Chg./Proxy 7CBB/MC 3530
Detroit, MI 48275-3530 11.12%
Compass Bank
Sharon Weaver
701 South 20th Street- 11th Floor
Birmingham, AL 35233 16.67%
Prudential Securities Incorporated
Issuer Services
C/O ADP Proxy Services
51 Mercedes Way
Edgewood, NY 11717 5.56%
SSB- Trust Custody
David Paldino
225 Franklin Street
Boston, MA 02110 11.12%
State Street Bank and Trust Company
Joseph J. Callahan
1776 Heritage Dr.
Global Corp. Action Unit JAB 5NW
No. Quincy, MA 02171 36.67%
U.S. Bank National Association
Ron Williams
MPFP 1606 Proxy Unit
601 Second Avenue South
Minneapolis, MN 55402 5.56%
Class A-3 Certificates
Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259 10,575 26.44%
Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza, 13th Floor
New York, NY 10004 27.07%
SSB- Trust Custody
David Paldino
225 Franklin Street
Boston, MA 02110 17.57%
State Street Bank and Trust Company
Joseph J. Callahan
1776 Heritage Dr.
Global Corp. Action Unit JAB 5NW
No. Quincy, MA 02171 9.94%
Class A-4 Certificates
American Express Trust Company
Kathy Senty Haugen
180 East 5th Street, Safekeeping
St. Paul, MN 55101 23.16%
Bank of New York (The)
Cecile Lamarco
925 Patterson Plank Rd.
Secausus, NJ 07094 19.90%
Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza, 13th Floor
New York, NY 10004 42.11%
Northern Trust Company (The)
Jarvis A. McKee
801 S. Canal C-IN
Chicago, IL 60607 5.27%
Class A-5 Certificates
Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza, 13th Floor
New York, NY 10004 75.71%
U.S. Bank National Association
Ron Williams
MPFP 1603 Proxy Unit
601 Second Avenue South
Minneapolis, MN 55402 24.29%
Class A-6 Certificates
Banker Trust Company
John Lasher
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211 25.13%
Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259 11.28%
Merrill, Lynch, Pierce Fenner & Smith Safekeeping
Veronica E. O'Neill
4 corporate Place
Corporate Park 287
Piscataway, NJ 08855 29.27%
Northern Trust Company (The)
Jarvis A. McKee
801 S. Canal C-IN
Chicago, IL 60607 12.20%
State Street Bank and Trust Company
Joseph J. Callahan
1776 Heritage Dr.
Global Corp. Action Unit JAB 5NW
No. Quincy, MA 02171 15.71%
Class A-7 Certificates
Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 73.54%
Pittsburgh, PA 15259
Chase Manhattan Bank
Orma Trim, Supervisor
4 New York Plaza, 13th Floor
New York, NY 10004 26.47%
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements: Not applicable.
2. Financial Statement Schedules: Not applicable.
3. Exhibits: As the Issuer was established as of May 1,
1999, the Master Servicer was obligated to prepare an Annual Statement to
Certificateholders as to Compliance for the year ended December 31, 1999,
and mail such statement to the Certificateholders on or before the last day
of March, 2000 and Independent Certified Public Accountants were required
to prepare an annual report pertaining to the compliance of the Master Servicer
with its servicing obligations pursuant to the Pooling and Servicing Agreement
on or before the last day of March, 2000. The Annual Statement to Certificate-
holders as to Compliance is included herewith as Exhibit 28.1 and the Annual
Independent Certified Public Accountants' Report is included herewith as
Exhibit 28.2. The Statement to Certificateholders on December 24, 1999, is
included herewith as Exhibit 28.3.
Exhibit No. Description
*3.1 Certificates of Incorporation of the
Companies
*3.2 By-laws of the Companies
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders
as to Compliance for the year ended
December 31, 1999.
28.2 Annual Independent Certified Public
Accountants' Report.
28.3 Report of Management on Compliance
with Minimum Servicing Standards.
28.4 Statement to Certificateholders on
December 24, 1999.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective May 6, 1999
(b) Reports on Form 8-K.
Seven reports on Form 8-K have been filed by the Issuer
during the period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
June 25, 1999 Monthly Report for the May 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
July 25, 1999 Monthly Report for the June 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
August 25, 1999 Monthly Report for the July 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
September 27, 19Monthly Report for the August 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
October 25, 1999Monthly Report for the September 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
November 26, 199Monthly Report for the October 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
December 27, 199Monthly Report for the November 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-2, Class A-1
Class A-2, Class A-3, Class A-4, Class A-5,
Class A-6, Class A-7, issued by the ADVANTA
Mortgage Loan Trust 1999-2.
(c) See "Item 14(a) (3)-Exhibits".
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
ADVANTA Mortgage Corp., USA,
as Master Servicer and on behalf of
ADVANTA Mortgage Loan Trust 1999-2
Registrant
BY; /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
March 31, 2000
INDEX TO EXHIBITS (Item 14(c))
Exhibit # Description
*3.1 Certificates of Incorporation of the Companies
*3.2 By-laws of the Companies.
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders as to
Compliance for the year ended December 31,
1999.
28.2 Annual Independent Certified Public Account-
ants' Report.
28.3 Report of Management on Compliance with
Minimum Servicing Standards.
28.4 Statement to Certificateholders on December 28,
1999.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective May 6, 1999
<TABLE>
EXHIBIT 28.1
<S>
March 24, 1999
Bankers Trust Company
Attention: Mark McNeill
1761 East St. Andrew Place
Santa Ana, CA 92705-4934
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of
May 1, 1999, relating to ADVANTA Mortgage Loan Trust 1999-2, I,
H. John Berens, hereby certify that (I) a review of the activities of the Servicer
during the preceding year and the performance under this Agreement has
been made under my supervision, and (II) to the best of my knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement
for such year.
Sincerely,
BY; /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
HJB/lp
cc: Mr. James L. Shreero
Mary T. Woehr, Esq.
<S>
</TABLE>
<TABLE>
EXHIBIT 28.2
<S>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To ADVANTA Mortgage Corp. USA:
We have examined management's assertion included in the accompanying Report
of Management on Compliance with Minimum Servicing Standards, that Advanta
Mortgage Corp. USA, an indirect wholly-owned subsidiary of Advanta Corp., complied
with the minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that
Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million
and errors and omissions coverage in the amount of $5 million per occurrence as of and
during the year ended December 31, 1999. Management is responsible for Advanta
Mortgage Corp. USA's compliance with minimum servicing standards and for maintaining
a fidelity bond and errors and omission policy. Our responsibility is to express
an opinion on management's assertion about Advanta Mortgage Corp. USA's
compliance based on our examination.
Our examination was conducted in accordance with attestation standards established
by the American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination provides
provides a reasonable basis for our opinion. Our examination does not provide a legal
determination on Advanta Mortgage Corp. USA's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the
aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in
effect fidelity bond coverage in the amount of $15 million and errors and omissions
coverage in the amount of $5 million per occurrence as of and during the year
ended December 31, 1999 is fairly stated, in all material respects.
BY; /s/ Arthur Andersen LLP
Philadelphia, PA
January 21, 2000
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
<S>
REPORT OF MANAGEMENT ON COMPLIANCE WITH
MINIMUM SERVICING STANDARDS
As of and during the year ended December 31, 1999, Advanta Mortgage Corp. USA has
complied in all material respects with the minimum servicing standards as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and during the same period, Advanta Mortgage Corp. USA had in effect fidelity
bond coverage in the amount of $15 million and errors and omissions coverage in the amount
of $5 million per occurrence.
BY; /s/ H. John Berens BY; /s/ James L. Shreero
H. John Berens James L. Shreero
Senior Vice President Senior Vice President
Loan Servicing Officer and Chief Financial
Officer
<S>
</TABLE>
<TABLE>
EXHIBIT 28.4
ADVANTA Mortgage Loan Trust 1999-2
Statement to Certificateholders
Distribution in Dollars - Current Period
<CAPTION>
Prior
Original Principal Total Realized
Class Face Value Balance Interest Principal Distribution Losses
<S> <C> <C> <C> <C> <C> <C>
A-1 114,000,000. 89,213,711 437,1 5,724,783 6,161,90
A-2 90,000,000 90,000,000 474,0 474,0
A-3 40,000,000 40,000,000 214,6 214,6
A-4 95,000,000 95,000,000 545,4 545,4
A-5 31,700,000 31,700,000 188,8 188,8
A-6 41,000,000 41,000,000 233,0 233,0
A-7 105,800,000. 96,456,593 482,5 1,740,977 2,223,55
B
BS
R
Totals 517,500,000. 483,370,304. 2,575,72 7,465,760 10,041,481
</TABLE>
<TABLE>
<CAPTION>
Current
Deferred Principal
Class Interest Balance
<S> <C> <C>
A-1 83,488,928.19
A-2 90,000,000.00
A-3 40,000,000.00
A-4 95,000,000.00
A-5 31,700,000.00
A-6 41,000,000.00
A-7 94,715,616.51
B -
BS -
R -
Totals 475,904,544.70
</TABLE>
<TABLE>
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face
<CAPTION>
Orig. Principal Prior
Period Period (with Notional) Principal
Class Starting Ending Method Cusip Balance Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 11/26/99 12/26/99 A-Act/360 00755WGN0 114,000,000. 782.576
A-2 F-30/360 00755WGP5 90,000,000 1,000.0000
A-3 F-30/360 00755WGQ3 40,000,000 1,000.0000
A-4 F-30/360 00755WGR1 95,000,000 1,000.0000
A-5 A-30/360 00755WGS9 31,700,000 1,000.0000
A-6 A-30/360 00755WGT7 41,000,000 1,000.0000
A-7 11/26/99 12/26/99 A-Act/360 00755WGU4 105,800,000. 911.688
B
BS
R
</TABLE>
<TABLE>
<CAPTION>
Current
Total Principal
Class Interest Principal Distribution Balance
<S> <C> <C> <C> <C>
A-1 3.8 50.2 54.0 732.359019
A-2 5.2 5.2 1,000.000000
A-3 5.3 5.3 1,000.000000
A-4 5.7 5.7 1,000.000000
A-5 5.9 5.9 1,000.000000
A-6 5.6 5.6 1,000.000000
A-7 4.5 16.4 21.0 895.232670
B -
BS -
R -
</TABLE>
<TABLE>
Distribution in Dollars - To Date
<CAPTION>
Original Unscheduled Scheduled Total Total
Class Face Value Interest Principal Principal Principal Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 114,000,000. 3,152,88 27,045,908 3,465,163 30,511,071 33,663,952.
A-2 90,000,000 3,318,00 3,318,000
A-3 40,000,000 1,502,66 1,502,666
A-4 95,000,000 3,818,20 3,818,208
A-5 31,700,000 1,322,15 1,322,154
A-6 41,000,000 1,631,11 1,631,116
A-7 105,800,000. 3,211,44 10,689,865 394,51 11,084,383 14,295,829.
B
BS
R 192,5 192,58
Totals 517,500,000. 18,149,056 37,735,773 3,859,681 41,595,455 59,744,511.
</TABLE>
<TABLE>
<CAPTION>
Current
Realized Deferred Principal
Class Losses Interest Balance
<S> <C> <C> <C>
A-1 83,488,928.19
A-2 90,000,000.00
A-3 40,000,000.00
A-4 95,000,000.00
A-5 31,700,000.00
A-6 41,000,000.00
A-7 94,715,616.51
B -
BS -
R -
Totals 475,904,544.70
</TABLE>
<TABLE>
Interest Detail
<CAPTION>
Pass Prior Principal Non- Prior Unscheduled
Through (with Notional) Accrued Supported Unpaid Interest
Class Rate Balance Interest Interest SF Interest Adjustments
<S> <C> <C> <C> <C> <C> <C>
A-1 5.69000% 89,213,711 437,1
A-2 6.32000% 90,000,000 474,0
A-3 6.44000% 40,000,000 214,6
A-4 6.89000% 95,000,000 545,4
A-5 7.15000% 31,700,000 188,8
A-6 6.82000% 41,000,000 233,0
A-7 5.81000% 96,456,593 482,5
B
BS
R
Totals 483,370,304. 2,575,72
</TABLE>
<TABLE>
<CAPTION>
Paid or Current
Optimal Deferred Unpaid
Class Interest Interest Interest
<S> <C> <C> <C>
A-1 437,1 437,1 -
A-2 474,0 474,0 -
A-3 214,6 214,6 -
A-4 545,4 545,4 -
A-5 188,8 188,8 -
A-6 233,0 233,0 -
A-7 482,5 482,5 -
B -
BS -
R -
Totals 2,575,72 2,575,72 -
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Summary Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Principal Collections 1,509,727 4,969,88 6,479,615
Principal Withdrawals
Principal Other Accounts
TOTAL PRINCIPAL 1,509,727 4,969,88 6,479,615
Interest Collected 773,75 3,089,28 3,863,040
Interest Withdrawals
Interest Other Accounts
Fees (59,9 (241,2 (301,17
TOTAL INTEREST 713,82 2,848,03 3,561,865
TOTAL AVAILABLE TO CERTIFICATEHOLDERS 2,223,554 7,817,92 10,041,481.
</TABLE>
<TABLE>
<CAPTION>
Principal - Collections Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Scheduled Principal 56,7 561,1 617,87
Curtailments
Prepayments in Full 1,452,968 4,297,07 5,750,038
Repurchased Principal Amounts
Substitution Principal Amount
Liquidations 111,8 111,85
Insurance Principal
Other Principal
Total Realized Loss of Principal (
TOTAL PRINCIPAL COLLECTED 1,509,727 4,969,88 6,479,615
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Principal - Withdrawals Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Principal - Other Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Amounts Remaining in Pre-Funding Account
</TABLE>
<TABLE>
<CAPTION>
Interest - Collections Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Scheduled Interest 788,61 3,139,18 3,927,801
Repurchased Interest
Substitution Interest Amount
Liquidation Interest 1, 1,0
Insurance Interest
Other Interest
Delinquent Interest (199,87 (695,5 (895,42
Interest Advanced 185,01 644,5 829,58
Prepayment Interest Shortfalls ( (3, (3,6
Compensating Interest 3, 3,6
Civil Relief Act Shortfalls
TOTAL INTEREST COLLECTED 773,75 3,089,28 3,863,040
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Interest - Withdrawals Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Nonrecoverable Advances
TOTAL INTEREST WITHDRAWALS
</TABLE>
<TABLE>
<CAPTION>
Interest - Other Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Capitalized Interest Requirement
Pre-Funding Account Earnings
Capitalized Interest Account
</TABLE>
<TABLE>
<CAPTION>
Interest - Fees Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Servicing Fees 46,5 193,8 240,39
Trustee Fee Amount 2, 3,6
Insurance Premium Amount 12,6 44,4 57,1
TOTAL FEES 59,9 241,2 301,17
</TABLE>
<TABLE>
Credit Enhancement Report
<CAPTION>
Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Insurance Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Total Insured Payments
</TABLE>
<TABLE>
<CAPTION>
Structural Features Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Specified Overcollateralization Amount 5,555,670.07 6,175,500.00 11,731,170.07
Current Overcollateralization Amount 2,044,882.08 5,541,357.17 7,586,239.25
Overcollateralization Deficiency Amount 3,742,037.64 1,389,038.04 5,131,075.68
Overcollateralization Deficit Amount
Overcollateralization Increase Amount 231,249.65 754,895.21 986,144.86
Overcollateralization Reduction Amount
Components of Change in Overcollateralization*
Excess Interest Generated by Pool 231,249.65 754,895.21 986,144.86
Pre-Funding Account Interest Earnings
Additional Principal
TOTAL 231,24 754,895.21 986,144.86
*(NOTE: If at specified amount, components will not equal increase amount)
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Collateral Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Loan Count:
Original
Prior
Prefunding
Scheduled Paid Offs
Full Voluntary Prepayments
Repurchases
Liquidations
Current
Principal Balance
Original 105,822,287.04 372,463,932.96 478,286,220.00
Prior 98,270,226.05 391,700,326.30 489,970,552.35
Prefunding
Scheduled Principal (56,759.39) (561,115.29) (617,874.68)
Partial and Full Voluntary Prepayments (1,452,968 (4,297,07 (5,750,038
Repurchases
Liquidations (111,8 (111,85
Current 96,760,498. 386,730,285. 483,490,783.
</TABLE>
<TABLE>
<CAPTION>
Prefunding Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
PRE-FUNDING ACCOUNT
Original Pre-Funded Amount 39,236,067.04 39,236,067.04
Balance of Subsequent Mortgage Loans Added This Period
Pre-Funding Account Earnings
Withdrawal Account Earnings
Pre-Funding Account Ending Balance
CAPITALIZED INTEREST ACCOUNT
Original Capitalized Interest Deposit 192,583.70 192,583.70
Capitalized Interest Requirement
Withdrawal Remaining Amounts
Capitalized Interest Account Ending Balance
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Characteristics Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Coupon Original 9.671422% 9.655530% 9.659046%
Weighted Average Coupon Prior 9.636915% 9.627981% 9.629786%
Weighted Average Coupon Current 9.629920% 9.620398% 9.622308%
Weighted Average Months to Maturity Original 351 247 270
Weighted Average Months to Maturity Prior 346 244 264
Weighted Average Months to Maturity Current 345 242 263
Weighted Average Remaining Amortization Term Original 352 306 316
Weighted Average Remaining Amortization Term Prior 347 299 308
Weighted Average Remaining Amortization Term Current 345 298 307
Weighted Average Seasoning Original 3.25 2.14 2.39
Weighted Average Seasoning Prior 8.14 7.32 7.48
Weighted Average Seasoning Current 9.13 8.31 8.47
Note: Original information refers to deal issue
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Arm Characteristics Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Margin Original 5.830%
Weighted Average Margin Prior 5.782%
Weighted Average Margin Current 5.768%
Weighted Average Max Rate Original 16.631% 9.656%
Weighted Average Max Rate Prior 16.602% 8.709%
Weighted Average Max Rate Current 16.596% 8.700%
Weighted Average Min Rate Original 9.410% 8.906%
Weighted Average Min Rate Prior 9.368% 8.030%
Weighted Average Min Rate Current 9.355% 8.021%
Weighted Average Cap Up Original 1.017%
Weighted Average Cap Up Prior 1.014%
Weighted Average Cap Up Current 1.013%
Weighted Average Cap Down Original 1.017%
Weighted Average Cap Down Prior 1.014%
Weighted Average Cap Down Current 1.013%
Note: Original information refers to deal issue
</TABLE>
<TABLE>
<CAPTION>
Servicing Fees / Advances Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Servicing Fees 46,5 193,8 240,39
Delinquent Servicing Fees 14,8 50,9 65,8
TOTAL SERVICING FEES 61,4 244,8 306,23
Total Servicing Fees 61,4 244,8 306,23
Compensating Interest ( (3, (3,6
Delinquent Servicing Fees (14,8 (50,9 (65,8
COLLECTED SERVING FEES 46,3 190,3 236,75
Prepayment Interest Shortfall 3, 3,6
Total Advanced Interest 185,01 644,5 829,58
Current Nonrecoverable Advances
Unreimbursed Advances Paid to Servicer This Period
</TABLE>
<TABLE>
<CAPTION>
Additional Collateral Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Coupon Next 9.620354% 9.611733% 9.613459%
</TABLE>
<TABLE>
Delinquency Report - Total
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 8,550,44 2,864,611 422,4 11,837,459.
% Balance 1.77% 0.59% 0.09% 2.45%
# Loans 141 43 11 195
% # Loans 2.16% 0.66% 0.17% 2.99%
FORECLOSURE Balance 334,87 7,759,48 8,094,359
% Balance 0.00% 0.00% 0.07% 1.60% 1.67%
# Loans 3 129 132
% # Loans 0.00% 0.00% 0.05% 1.97% 2.02%
BANKRUPTCY Balance 1,699,68 222,6 256,06 1,555,09 3,733,476
% Balance 0.35% 0.05% 0.05% 0.32% 0.77%
# Loans 26 21 54
% # Loans 0.40% 0.06% 0.05% 0.32% 0.83%
REO Balance 237,0 237,06
% Balance 0.00% 0.00% 0.00% 0.05% 0.05%
# Loans 3
% # Loans 0.00% 0.00% 0.00% 0.05% 0.05%
TOTAL Balance 1,699,68 8,773,07 3,455,553 9,974,04 23,902,355.
% Balance 0.35% 1.82% 0.71% 2.06% 4.94%
# Loans
% # Loans 0.40% 2.22% 0.76% 2.51% 5.89%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Delinquency Report - Fixed Group
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 6,420,55 1,996,746 369,8 8,787,182
% Balance 1.66% 0.52% 0.10% 2.28%
# Loans
% # Loans 2.16% 0.55% 0.18% 2.89%
FORECLOSURE Balance 184,02 5,357,30 5,541,332
% Balance 0.00% 0.00% 0.05% 1.39% 1.44%
# Loans
% # Loans 0.00% 0.00% 0.04% 1.74% 1.78%
BANKRUPTCY Balance 1,023,31 222,6 256,06 1,186,82 2,688,833
% Balance 0.26% 0.06% 0.07% 0.31% 0.70%
# Loans
% # Loans 0.38% 0.07% 0.05% 0.31% 0.81%
REO Balance 41,9 41,9
% Balance 0.00% 0.00% 0.00% 0.01% 0.01%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.02% 0.02%
TOTAL Balance 1,023,31 6,643,18 2,436,836 6,955,98 17,059,315.
% Balance 0.26% 1.72% 0.63% 1.81% 4.43%
# Loans
% # Loans 0.38% 2.23% 0.64% 2.25% 5.50%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Delinquency Report - Adjustable Group
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 2,129,88 867,86 52,5 3,050,276
% Balance 2.20% 0.90% 0.05% 3.15%
# Loans
% # Loans 2.13% 1.20% 0.09% 3.42%
FORECLOSURE Balance 150,85 2,402,17 2,553,026
% Balance 0.00% 0.00% 0.16% 2.48% 2.64%
# Loans
% # Loans 0.00% 0.00% 0.09% 3.15% 3.24%
BANKRUPTCY Balance 676,3 368,2 1,044,643
% Balance 0.70% 0.00% 0.00% 0.38% 1.08%
# Loans
% # Loans 0.46% 0.00% 0.00% 0.37% 0.83%
REO Balance 195,0 195,09
% Balance 0.00% 0.00% 0.00% 0.20% 0.20%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.19% 0.19%
TOTAL Balance 676,3 2,129,88 1,018,717 3,018,06 6,843,039
% Balance 0.70% 2.20% 1.06% 3.11% 7.07%
# Loans
% # Loans 0.46% 2.13% 1.29% 3.80% 7.68%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Prepayment Report - Voluntary Prepayments
<CAPTION>
Voluntary Prepayments Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current
Number of Paid in Full Loans 15 70 85
Number of Repurchased Loans
Total Number of Loans Prepaid in Full 15 70 85
Paid in Full Balance 1,452,968 4,297,07 5,750,038
Repurchase Loans Balance
Curtailments Amount
Total Prepayment Amount 1,452,968 4,297,07 5,750,038
Cumulative
Number of Paid in Full Loans 90 340 430
Number of Repurchased Loans 2 3 5
Total Number of Loans Prepaid in Full 92 343 435
Paid in Full Balance 8,555,995 20,843,323 29,399,318.
Repurchase Loans Balance 111,63 179,0 290,63
Curtailments Amount ( (13,4 (13,8
Total Prepayment Amount 8,667,270 21,008,874 29,676,145.
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
Prepayment Report - Voluntary Prepayments
<CAPTION>
Voluntary Prepayment Rates Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SMM 1.48% 1.10% 1.18%
3 Months Average SMM 1.53% 0.91% 1.04%
12 Months Average SMM
Average SMM Since Cut-Off 1.22% 0.75% 0.85%
CPR 16.38% 12.42% 13.22%
3 Months Average CPR 16.91% 10.44% 11.78%
12 Months Average CPR
Average CPR Since Cut-Off 13.66% 8.68% 9.72%
PSA 896.89% 747.00% 780.25%
3 Months Average PSA Approximation 1037.79% 713.25% 787.05%
12 Months Average PSA Approximation
Average PSA Since Cut-Off Approximation 1104.43% 818.19% 885.38%
</TABLE>
<TABLE>
Realized Loss Report - Collateral
<CAPTION>
Collateral Realized Losses Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current
Number of Loan Liquidated
Collateral Realized Loss / (Gain) Amount
Net Liquidation Proceeds 111,7 111,70
Cumulative
Number of Loans Liquidated
Collateral Realized Loss / (Gain) Amount 25,1 25,1
Net Liquidation Proceeds 406,8 406,84
Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
Realized Loss Report - Collateral
<CAPTION>
Default Speeds Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
MDR 0.00% 0.03% 0.02%
3 Months Average MDR 0.00% 0.02% 0.01%
12 Months Average MDR
Average MDR Since Cut-Off 0.00% 0.02% 0.01%
CDR 0.00% 0.34% 0.27%
3 Months Average CDR 0.00% 0.18% 0.14%
12 Months Average CDR
Average CDR Since Cut-Off 0.00% 0.19% 0.15%
SDA 0.00% 2.06% 1.61%
3 Months Average SDA Approximation 0.00% 1.24% 0.97%
12 Months Average SDA Approximation
Average SDA Since Cut-Off Approximation 0.00% 1.75% 1.35%
Loss Severity Approximation for Current Period 0.14% 0.14%
3 Months Average Loss Severity Approximation 0.00% 0.07% 0.07%
12 Months Average Loss Severity Approximation
Average Loss Severity Approximation Since Cut-Off 0.00% 3.33% 3.33%
</TABLE>
<TABLE>
Triggers, Adj. Rate Cert. And Miscellaneous Report
<CAPTION>
Trigger Events Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Has Servicer Termination Loss Trigger Occurred? No
</TABLE>
<TABLE>
<CAPTION>
Adjustable Rate Certificate Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Next Pass-Through Rates for Adjustable Rate Certificates
Class A-1 6.581250%
Class A-5 7.150000%
Class A-6 6.820000%
Class A-7 6.701250%
</TABLE>
<TABLE>
<CAPTION>
Additional Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SUPPLEMENTAL INTEREST ACCOUNT
Supplemental Interest Amount
Supplemental Interest Shortfall Carry-Forward Amount
Supplemental Interest Shortfall Amount
Deposit to Supp Int Acct (Class B Distribution)
Payment to Supplemental interest Right
Supplemental Interest Account Ending Balance
</TABLE>
