<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) OCTOBER 25, 1999.
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Fremont Home Loan Owner Trust Series 1999-3
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(Exact name of registrant as specified in its charter)
Delaware 333-79283 56-2160422
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o First Union National Bank, 230 S. Tryon Street, 9th Floor,
Charlotte, NC 28288-1179
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 383-9568
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- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE> 2
Item 5. See the monthly statement to Bondholders attached as Exhibit 20.1
hereto reflecting the required information for the OCTOBER 1999
payment to the Fremont Home Loan Asset-Backed Certificates
Series 1999-3
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Item 601 (a) of Regulation.
S-K Exhibit Number.
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20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed
Certificates Series 1999-3 relating to the OCTOBER 25, 1999 Payment Date.
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<PAGE> 3
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on behalf of Fremont
Home Loan Owner Trust Series 1999-3 by the undersigned thereunto duly
authorized.
Dated: NOVEMBER 17, 1999 By: First Union National Bank, as Indenture
Trustee and on behalf of Fremont Home
Loan Owner Trust Series 1999-3
BY: Robert Ashbaugh
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Vice President
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<PAGE> 4
EXHIBIT INDEX
20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed
Certificates Series 1999-3 relating to the OCTOBER 25, 1999 Payment Date.
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<PAGE> 1
(FIRST UNION LOGO)
<TABLE>
<CAPTION>
FREMONT HOME LOAN OWNER TRUST 1999-3 RECORD DATE: 9/23/99
STATEMENT TO CERTIFICATEHOLDER DISTRIBUTION DATE: 10/25/99
===================================================================================================================================
Original Beginning
Certificate Certificate Certificate
Class Cusip Rate Balance Balance Interest Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 35729BAE1 5.7300% 325,000,000.00 325,000,000.00 1,655,333.33 2,051,531.25
Factors per
Thousand 5.09333332 6.31240385
- -----------------------------------------------------------------------------------------------------------------------------------
A-2 35729BAF8 5.7700% 161,000,000.00 161,000,000.00 825,751.11 1,112,664.78
Factors per
Thousand 5.12888888 6.91096137
- -----------------------------------------------------------------------------------------------------------------------------------
B 35729BAG6 9.2500% 14,257,334.00 14,257,334.00 109,900.28 0.00
Factors per
Thousand 7.70833313 0.00000000
- -----------------------------------------------------------------------------------------------------------------------------------
*X 0.0000% 500,257,334.00 500,257,334.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 500,257,334.00 500,257,334.00 2,590,984.72 3,164,196.03
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
===============================================================================
Ending
Total Certificate
Class Distribution Balance
- -------------------------------------------------------------------------------
<S> <C> <C>
A-1 3,706,864.58 322,948,468.75
Factors per
Thousand 11.40573717 993.68759615
- -------------------------------------------------------------------------------
A-2 1,938,415.89 159,887,335.22
Factors per
Thousand 12.03985025 993.08903863
- -------------------------------------------------------------------------------
B 109,900.28 14,257,334.00
Factors per
Thousand 7.70833313 1000.00000000
- -------------------------------------------------------------------------------
*X 0.00 500,257,334.00
- -------------------------------------------------------------------------------
R 0.00 0.00
- -------------------------------------------------------------------------------
TOTALS 5,755,180.75 497,093,137.97
- -------------------------------------------------------------------------------
* NOTIONAL AMOUNT
===============================================================================
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
STRUCTURED FINANCE TRUST SERVICES VICE PRESIDENT
230 SOUTH TRYON STREET, 9TH FLOOR PHONE: 704-383-9568
CHARLOTTE, NORTH CAROLINA 28288-1179 FAX: 704-383-6039
</TABLE>
<PAGE> 2
(FIRST UNION LOGO)
<TABLE>
<CAPTION>
FREMONT HOME LOAN OWNER TRUST 1999-3 RECORD DATE: 9/23/99
STATEMENT TO CERTIFICATEHOLDER DISTRIBUTION DATE: 10/25/99
=============================================================================================
POOL 1
SCHEDULE OF REMITTANCE
<S> <C>
Available Collection Amount 3,944,064.27
(Trust Fees and Expenses) (163,478.59)
Available Distribution Amount 3,780,585.68
Regular Distribution Amount 3,466,664.26
Insured Payment 0.00
Excess Spread 240,200.31
---------------------------
FEES
----
Servicer Fee 69,712.62
Master Servicer Fee 35,912.56
Trustee Fee 2,091.39
Guaranty Insurance Premium 55,762.02
---------------------------
TOTAL FEES 163,478.59
=============================================================================================
<CAPTION>
POOL INFORMATION
<S> <C>
Aggregate Beginning Balance of Loans 253,500,430.07
Aggregate Ending Balance of Loans 251,689,099.15
Interest Carry-Forward 0.00
Loan Count 2,503
Overcollateralization Amount 9,622,609.07
Overcollateralization Deficiency Amount 7,605,903.60
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 17,228,512.67
Pre-Funding Account 81,122,179.00
Principal Prepayments 1,685,524.74
Scheduled Principal 125,806.19
Securities Insurer Reimbursement 0.00
Weighted Average Home Loan Interest Rate (WAC) 9.9510%
Weighted Average Maturity (WAM) 353.86
AGGREGATE INFORMATION
Capitalized Interest Requirement 1,967,304.55
Reserve Account Requirement 0.00
=============================================================================================
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
STRUCTURED FINANCE TRUST SERVICES VICE PRESIDENT
230 SOUTH TRYON STREET, 9TH FLOOR PHONE: 704-383-9568
CHARLOTTE, NORTH CAROLINA 28288-1179 FAX: 704-383-6039
</TABLE>
<PAGE> 3
(FIRST UNION LOGO)
<TABLE>
<CAPTION>
FREMONT HOME LOAN OWNER TRUST 1999-3 RECORD DATE: 9/23/99
STATEMENT TO CERTIFICATEHOLDER DISTRIBUTION DATE: 10/25/99
============================================================================================
POOL 2
SCHEDULE OF REMITTANCE
<S> <C>
Available Collection Amount 2,055,598.75
(Trust Fees and Expenses) (81,003.69)
Available Distribution Amount 1,974,595.06
Regular Distribution Amount 1,836,050.78
Insured Payment 0.00
Excess Spread 102,365.11
---------------------------
FEES
----
Servicer Fee 34,553.45
Master Servicer Fee 17,800.26
Trustee Fee 1,035.77
Guaranty Insurance Premium 27,614.20
---------------------------
TOTAL FEES 81,003.69
<CAPTION>
========================================================================================
POOL INFORMATION
<S> <C>
Aggregate Beginning Balance of Loans 125,648,915.76
Aggregate Ending Balance of Loans 124,638,616.09
Interest Carry-Forward 0.00
Loan Count 877
Overcollateralization Amount 4,723,108.76
Overcollateralization Deficiency Amount 3,811,631.37
Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
Overcollateralization Target Amount 8,534,740.13
Pre-Funding Account 40,074,193.00
Principal Prepayments 948,199.43
Scheduled Principal 62,100.24
Securities Insurer Reimbursement 0.00
Weighted Average Home Loan Interest Rate (WAC) 9.8190%
Weighted Average Maturity (WAM) 354.93
========================================================================================
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
STRUCTURED FINANCE TRUST SERVICES VICE PRESIDENT
230 SOUTH TRYON STREET, 9TH FLOOR PHONE: 704-383-9568
CHARLOTTE, NORTH CAROLINA 28288-1179 FAX: 704-383-6039
</TABLE>
<PAGE> 4
[FIRST UNION LOGO]
<TABLE>
<CAPTION>
FREMONT HOME LOAN OWNER TRUST 1999-3 RECORD DATE: 9/23/99
STATEMENT TO CERTIFICATEHOLDER DISTRIBUTION DATE: 10/25/99
====================================================================================================================================
POOL 1
<S> <C>
---------------------------------------- ----------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
---------------------------------------- ----------------------------------------------------------------------------------
$ 251,689,099.15 Delinquent 30-59 Days 7 952,347.44 0.378382%
---------------------------------------- Delinquent 60-89 Days 4 505,018.42 0.200652%
Delinquent 90+ Days 0 0.00 0.000000%
REO 0 0.00 0.000000%
Loans in Foreclosure 6 577,514.55 0.229456%
Loans in Bankruptcy 2 116,380.39 0.046240%
----------------------------------------------------------------------------------
TOTAL 19 2,151,260.80 0.854729%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------
Defaulted Home Loans 6 577,514.55 577,514.55
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
----------------------------------------------------------------------------------
====================================================================================================================================
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
STRUCTURED FINANCE TRUST SERVICES VICE PRESIDENT
230 SOUTH TRYON STREET, 9TH FLOOR PHONE: 704-383-9568
CHARLOTTE, NORTH CAROLINA 28288-1179 FAX: 704-383-6039
</TABLE>
<PAGE> 5
[FIRST UNION LOGO]
<TABLE>
<CAPTION>
FREMONT HOME LOAN OWNER TRUST 1999-3 RECORD DATE: 9/23/99
STATEMENT TO CERTIFICATEHOLDER DISTRIBUTION DATE: 10/25/99
==================================================================================================================================
POOL 2
<S> <C>
----------------------------------------- --------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
----------------------------------------- --------------------------------------------------------------------------------
$ 124,638,616.09 Delinquent 30-59 Days 22 1,377,361.07 1.105084%
----------------------------------------- Delinquent 60-89 Days 9 1,075,037.93 0.862524%
Delinquent 90+ Days 0 0.00 0.000000%
REO 0 0.00 0.000000%
Loans in Foreclosure 1 319,536.39 0.256370%
Loans in Bankruptcy 0 0.00 0.000000%
--------------------------------------------------------------------------------
TOTAL 32 2,771,935.39 2.223978%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
--------------------------------------------------------------------------------
Defaulted Home Loans 1 319,536.39 319,536.39
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
--------------------------------------------------------------------------------
===================================================================================================================================
FIRST UNION NATIONAL BANK ROBERT ASHBAUGH
STRUCTURED FINANCE TRUST SERVICES VICE PRESIDENT
230 SOUTH TRYON STREET, 9TH FLOOR PHONE: 704-383-9568
CHARLOTTE, NORTH CAROLINA 28288-1179 FAX: 704-383-6039
</TABLE>
