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): 25-Oct-99
NEW CENTURY MORTGAGE SECURITIES, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF SEPTEMBER 1, 1999, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES,
SERIES 1999-NCB)
New Century Mortgage Securities, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-76805 33-0852169
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification
Incorporation) Number)
18400 Von Karman
Irvine, California 92612
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: 949-863-7243
Item 5. Other Events
On 25-Oct-99a scheduled distribution was made from the
trust to holders of the certificates. The Trustee has caused
to be filed with the commission, the Monthly Report dated
25-Oct-99The Monthly Report is filed pursuant to and
in accordance with (1) numerous no-action letters (2) current
Commission policy in the area.
A. Monthly Report Information:
See Exhibit No.1
B. Have any deficiencies occurred? NO.
Date:
Amount:
C. Item 1: Legal Proceedings: NONE
D. Item 2: Changes in Securities:NONE
E. Item 4: Submission of Matters to a Vote of Certificateholders: NONE
F. Item 5: Other Information - Form 10-Q, Part II -
Items 1,2,4,5 if applicable: NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No.
1. Monthly Distribution Report dated 25-Oct-99
NEW CENTURY HOME EQUITY LOAN TRUST
ASSET BACKED PASS-THROUGH CERTIFICATES
SERIES 1999-NCB
STATEMENT TO CERTIFICATEHOLDERS
Distribution Date: 10/25/99
Beginning Ending
Certificate Certificate
Class Cusip Balance(1) PrincipalInterest Losses Balance
A-1 64352VBC4 125,412,3152,950,682 529,553.50 $0.00 122,461,632.53
A-2 64352VBD2 56,000,000. 0.00 33,086.67 $0.00 56,000,000.00
A-3 64352VBE0 54,550,000. 0.00 32,684.54 $0.00 54,550,000.00
A-4 64352VBF7 59,090,000. 0.00 37,078.98 $0.00 59,090,000.00
A-5 64352VBG5 24,609,855. 0.00 16,057.93 $0.00 24,609,855.00
A-6 64352VBH3 35,000,000. 0.00 21,554.17 $0.00 35,000,000.00
A-7 64352VBJ9 63,994,483.679,138.3 40,209.87 $0.00 63,315,344.69
Total 418,656,6533,629,820 710,225.66 $0.00 415,026,832.22
AMOUNTS PER $1,000 UNIT
Ending Current
Certificate Pass-Through
Class Principal Interest Total Balance Losses Interest Rate
A-1 23.5278526 4.2225000027.750352976.4721473 0.00000000 5.63000%
A-2 0.00000000 0.590833390.59083331000.000000 0.00000000 7.09000%
A-3 0.00000000 0.599166640.59916661000.000000 0.00000000 7.19000%
A-4 0.00000000 0.627500080.62750001000.000000 0.00000000 7.53000%
A-5 0.00000000 0.652499980.65249991000.000000 0.00000000 7.83000%
A-6 0.00000000 0.615833430.61583341000.000000 0.00000000 7.39000%
A-7 10.6124509 0.6283333811.240784989.3875490 0.00000000 7.54000%
Distribution Date: 25-Oct-99
Distribution Statement
Pooling and Servicing Agreement Dated June 1, 1997
Group 1 Group 2
a) Beginning Pool Principal Balance 356,265,36464,283,759.81
Ending Pool Principal Balance 353,574,56763,730,012.30
b) Interest from Purchased Loans 0.00
Principal from Purchased Loans 0.00
Substitution Shortfall Amount 0.00
c) Extra Principal Basic Principal
Class Distribution Distribution
A-1 259,885.34 2,690,797.13
A-2 0.00 0.00
A-3 0.00 0.00
A-4 0.00 0.00
A-5 0.00 0.00
A-6 0.00 0.00
A-7 125,390.80 553,747.51
d) Available Funds Shortfall 0.00
Insured Distribution Amount - Principal 0.00
Insured Distribution Amount - Interest 710,225.66
Insured Payment 0.00
Reimbursement Amount 0.00
e) Overcollateralized Amount 1,863,079.8 414,667.61
Overcollateralization Target Amount 14,072,481.2,539,208.51
Overcollateralization Release Amount 0.00 0.00
Group 1 Group 2
f) Servicing Fee 51,948.68 9,374.23
Trustee Fee 2,078.21 374.99
Insurer Premium 52,756.72 9,497.30
Group 1 Group 2
g) Net WAC Cap 9.25942% 9.17265%
Realized Losses 0.00 0.00
Cumulative Realized Losses 0.00
Cut-Off Date Pool Balance (includes prefunde420,549,124.36
Cumulative Realized Losses/Cut-Off Date Pool 0.00000%
Cumulative Number of liquidated Loans 0.00
Cumulative Balance of liquidated Loans 0.00
Beginning Ending
h) weighted average of the remaining terms of th 325 324
weighted average Mortgage Rate of the Mortg 9.93234% 9.92881%
number of the Mortgage Loans outstanding 4,999
i) Delinquency Advances for the current period 13,371.93
Servicing Advances for the current period 0.00
Aggregate Outstanding Delinquency Advances m 13,371.93*
Aggregate Nonrecoverable Delinquency Advance 0.00
Prepayment Interest Shortfalls advanced by t 430.50
Group 1 Group 2
j) Principal Distribution Amount 2,950,682.4 679,138.31
Interest Distribution Amount 670,015.79 40,209.87
k) Has the Stepdown Requirement been satisfied? NO
Has the Servicer Termination Test been viol NO
Performance Measures used in above tests:
Rolling Delinquency Percentage 0.24342%
Cumulative Loss Percentage 0.00000%
Annual Loss Percentage 0.00000%
Group 1 Group 2
l) Prepayment Penalties 3,236.08 0.00
Scheduled Principal 294,456.40 54,639.04
Full and Partial Prepayments 2,396,340.7499,108.47
Liquidation Proceeds 0.00 0.00
m) Original Cut-off Loan Balance of modified or extended Loans:
Loan NumberOriginal BaCurrent Balance
n) Residual Class Total Distribution 0.00
o) Delinquency And Foreclosure Information:
Group 1
# of AccoPrincipal B% of Total
30-59 Days Delinquent 201,832,703.1 0.518%
60-89 Days Delinquent 101,015,810.3 0.287%
90 or more Days Delin 0 0.00 0.000%
Aggregate 302,848,513.4 0.806%
The above statistics include Mortgage Loans in foreclosure
and bankruptcy but exclude REO Properties
# of AccoPrincipal B% of Total
Loans in foreclosure 4 327,617.23 0.093%
Loans in bankruptcy p 2 140,528.39 0.040%
REO Properties 0 0.00 0.000%
Group 2
# of AccoPrincipal B% of Total
30-59 Days Delinquent 0 0.00 0.000%
60-89 Days Delinquent 0 0.00 0.000%
90 or more Days Delin 0 0.00 0.000%
Aggregate 0 0.00 0.000%
The above statistics include Mortgage Loans in foreclosure
and bankruptcy but exclude REO Properties
# of AccoPrincipal B% of Total
Loans in foreclosure 0 0.00 0.000%
Loans in bankruptcy p 0 0.00 0.000%
REO Properties 0 0.00 0.000%
REO Properties Value of Estimated CUnreimburseValue Established
Loan BalanLoan NumberProperty of Disposal Advances by latest appraisal
Group 1
Loans in Foreclosure Original Current
Loan-to-V Value of last Loan-to-Value
Loan BalanLoan Number Ratio Property paid-to-dat Ratio
$188,563.3 229737 90.00% 210,000.00 7/1/99 89.79%
$33,524.26 239885 80.00% 42,000.00 7/1/99 79.82%
$33,733.62 250335 75.00% 45,000.00 7/1/99 74.96%
$71,795.96 253015 65.00% 115,000.00 7/1/99 62.43%
$327,617.23
Group 2
Loans in Foreclosure Original Current
Loan-to-V Value of last Loan-to-Value
Loan BalanLoan Number Ratio Property paid-to-dat Ratio
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 thereunto duly authorized.
NEW CENTURY HOME EQUITY
LOAN TRUST
By: /s/ Eve Kaplan
Name: Eve Kaplan
Title: Vice President
U.S. Bank National Association
Dated: 10/31/99
