<PAGE> 1
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) NOVEMBER 26, 1999.
Fremont Home Loan Owner Trust Series 1999-3
(Exact name of registrant as specified in its charter)
Delaware 333-79283 56-2160422
(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
(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 NOVEMBER 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.
- -------------------
20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed
Certificates Series 1999-3 relating to the NOVEMBER 26, 1999 Payment Date.
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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: DECEMBER 9, 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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EXHIBIT INDEX
20.1 Monthly statement to holders of Fremont Home Loan Asset-Backed
Certificates Series 1999-3 relating to the NOVEMBER 26, 1999 Payment Date.
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[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-3
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
Original Beginning Ending
Certificate Certificate Certificate Total Certificate
Class Cusip Rate Balance Balance Interest Principal Distribution Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 35729BAE1 5.7925% 325,000,000.00 322,948,468.75 1,610,862.48 4,525,099.65 6,135,962.13 318,423,369.10
Factors per
Thousand 4.95649994 13.92338354 18.87988348 979.76421262
- -----------------------------------------------------------------------------------------------------------------------------------
A-2 35729BAF8 5.8325% 161,000,000.00 159,887,335.22 803,023.04 1,998,414.47 2,801,437.51 157,888,920.75
Factors per
Thousand 4.98772075 12.41251224 17.40023298 980.67652640
- -----------------------------------------------------------------------------------------------------------------------------------
B 35729BAG6 9.2500% 14,257,334.00 14,257,334.00 109,900.28 0.00 109,900.28 14,257,334.00
Factors per
Thousand 7.70833313 0.00000000 7.70833313 1000.00000000
- -----------------------------------------------------------------------------------------------------------------------------------
*X 0.0000% 500,257,334.00 497,093,137.97 0.00 0.00 0.00 497,093,137.97
- -----------------------------------------------------------------------------------------------------------------------------------
R 0.0000% 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS 500,257,334.00 497,093,137.97 2,523,785.80 6,523,514.12 9,047,299.92 490,569,623.85
- -----------------------------------------------------------------------------------------------------------------------------------
* NOTIONAL AMOUNT
===================================================================================================================================
</TABLE>
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
<PAGE> 2
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-3
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 1
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 6,372,650.01 Aggregate Beginning Balance of Loans 251,689,099.15
(Trust Fees and Expenses) (162,329.34) Aggregate Ending Balance of Loans 248,211,278.30
Available Distribution Amount 6,210,320.66 Interest Carry-Forward 0.00
Regular Distribution Amount 5,088,683.33 Loan Count 2,478
Insured Payment 0.00 Overcollateralization Amount 10,285,243.95
Excess Spread 1,047,278.81 Overcollateralization Deficiency Amount 6,965,024.10
------------ Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 17,250,268.05
- ---- Principal Prepayments 3,352,969.39
Servicer Fee 69,214.50 Scheduled Principal 124,851.46
Master Servicer Fee 35,655.96 Securities Insurer Reimbursement 0.00
Trustee Fee 2,082.71 Weighted Average Home Loan Interest Rate (WAC) 9.9462%
Guaranty Insurance Premium 55,376.18 Weighted Average Maturity (WAM) 352.85
------------
TOTAL FEES 162,329.34
AGGREGATE INFORMATION
Capitalized Interest Requirement 1,111,945.64
Capitalized Interest Required Amount 988,084.87
Pre-Funding Account 121,708,378.44
Reserve Account Requirement 0.00
==================================================================================================================================
</TABLE>
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
<PAGE> 3
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-3
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
==================================================================================================================================
POOL 2
SCHEDULE OF REMITTANCE POOL INFORMATION
<S> <C> <C> <C>
Available Collection Amount 2,917,414.71 Aggregate Beginning Balance of Loans 124,638,616.09
(Trust Fees and Expenses) (80,435.45) Aggregate Ending Balance of Loans 123,128,819.57
Available Distribution Amount 2,836,979.26 Interest Carry-Forward 0.00
Regular Distribution Amount 2,312,819.57 Loan Count 869
Insured Payment 0.00 Overcollateralization Amount 4,915,045.76
Excess Spread 488,617.94 Overcollateralization Deficiency Amount 3,624,307.33
------------ Overcollateralization Deficit Amount 0.00
Overcollateralization Reduction Amount 0.00
FEES Overcollateralization Target Amount 8,539,353.08
- ---- Principal Prepayments 1,447,666.53
Servicer Fee 34,275.62 Scheduled Principal 62,130.00
Master Servicer Fee 17,657.14 Securities Insurer Reimbursement 0.00
Trustee Fee 1,030.01 Weighted Average Home Loan Interest Rate (WAC) 9.8203%
Guaranty Insurance Premium 27,472.68 Weighted Average Maturity (WAM) 353.95
------------
TOTAL FEES 80,435.45
==================================================================================================================================
</TABLE>
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
<PAGE> 4
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-3
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 1
- --------------------------------- ----------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ----------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 248,211,278.30 Delinquent 30-59 Days 5 741,500.88 0.298738%
- --------------------------------- Delinquent 60-89 Days 5 965,661.20 0.389048%
Delinquent 90+ Days 3 391,316.73 0.157655%
REO 0 0.00 0.000000%
Loans in Foreclosure 14 1,095,866.84 0.441506%
Loans in Bankruptcy 6 623,334.89 0.251131%
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TOTAL 33 3,817,680.54 1.538077%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------------
Defaulted Home Loans 8 518,352.29 1,095,866.84
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
----------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
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
<PAGE> 5
[FIRST UNION LOGO]
FREMONT HOME LOAN OWNER TRUST 1999-3
STATEMENT TO CERTIFICATEHOLDER
RECORD DATE: 10/31/99
PREVIOUS DISTRIBUTION: 10/25/99
DISTRIBUTION DATE: 11/26/99
<TABLE>
<CAPTION>
====================================================================================================================================
POOL 2
- --------------------------------- ----------------------------------------------------------------------------------------------
Aggregate Ending Balance of Loans DELINQUENT INFOR. # LOANS AMOUNT %
- --------------------------------- ----------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 123,128,819.57 Delinquent 30-59 Days 17 1,594,988.65 1.295382%
- --------------------------------- Delinquent 60-89 Days 14 931,526.49 0.756546%
Delinquent 90+ Days 9 851,439.52 0.691503%
REO 0 0.00 0.000000%
Loans in Foreclosure 3 677,037.09 0.549861%
Loans in Bankruptcy 0 0.00 0.000000%
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TOTAL 43 4,054,991.75 3.293292%
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OTHER INFORMATION # LOANS AMOUNT CUMULATIVE
----------------------------------------------------------------------------------------------
Defaulted Home Loans 2 357,500.70 677,037.09
Liquidated Home Loans 0 0.00 0.00
Deleted Home Loans 0 0.00 0.00
Net Loan Losses 0 0.00 0.00
----------------------------------------------------------------------------------------------
====================================================================================================================================
</TABLE>
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
