- -------------------------------------------------------------------------------
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
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of June 1, 1999, providing for the issuance of AFC Mortgage Loan Asset
Backed Notes, Series 1999-1)
SUPERIOR BANK FSB
------------------------------------------------------
(Exact name of registrant as specified in its charter)
UNITED STATES 333-83597 36-1414142
- ---------------------------- --------- ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
ONE LINCOLN CENTRE
OAKBROOK TERRACE, ILLINOIS 60181
- -------------------------- ---------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
--------------
- -------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
On November 26, 1999 (a "Remittance Date" a scheduled remittance was made
to the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1999-3, issued pursuant to a Pooling and Servicing
Agreement, dated as of September 1, 1999, among Superior Bank FSB., as Depositor
and Servicer and LaSalle National Bank, as Trustee. The information contained in
the Servicer's Monthly Remittance Report to the Trustee, which shall be
forwarded by the Trustee to the Certificateholders, is attached hereto as
Exhibit 21.1 and is incorporated herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the Pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of November, 1999.
<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 thereunto duly authorized.
SUPERIOR BANK F.S.B.
By: /s/ WILLIAM C. BRACKEN
----------------------------------
Name: William C. Bracken
Title: Senior Vice President
Dated: November 26, 1999
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of November, 1999.
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 805,166.80
2 Total Permanent Buydown Companion Interest 39,967.23
3 Total Actual Interest Collections 1,530,194.65
4 Less Service Fees Service Fees Previously Remitted 95,580.45
5 Additional Proceeds
------------------
6 Total Collections: 2,279,748.23
7 Pre-Funding Account Transfer 108,963.11
8 Interest Coverage Account Transfer 476,877.13
9 Deferred Interest Coverage Account Transfer 167,874.67
------------------
10 Aggregate Amount Received: 3,033,463.14
Monthly Advances
11 Interest Advance 620,714.54
12 Compensating Interest 1,558.27
13 Amounts Held for Future Distributions 0.00
14 Cross Collateral Deposit 0.00
15 Reserve Withdrawal per Sec. 6.14c 0.00
------------------
16 Available Remittance Amount: 3,655,735.95
17 Service Fees 40,267.32
18 Expense Account Deposit: 2,722.99
------------------
19 Adjusted Remittance Amount: 3,612,745.64
Remaining Amount Available:
20 Adjusted Remittance Amount 3,612,745.64
21 Insured Payments 0.00
22 Monthly Premium @ 20 bp
due Certificate Insurer 51,998.56
23 Cross Collateral Withdrawal 0.00
24 Class Remittance Amounts 3,560,747.08
25 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------------
Total Remaining Amount Available: 0.00
==================
Amount of Reimbursements Pursuant to Sec. 5.04
26 Servicing Fee 0.00
27 Monthly Advances and Servicer Advances 0.00
28 Other Mortgage Payments 0.00
29 Interest Earned on P&I Deposits 0.00
30 Additional Servicing Compensation 0.00
- --------------------------------------------------------------------------------
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 1A EQUITY CERTIFICATE
----- -------- -------------------
<S> <C> <C> <C> <C>
31 Loans Outstanding - BOM 4146
32 Original Loan Balance 258,060,431.06 258,060,431.06
34 Pre-Funding Account Balance 68,697,952.48 68,697,952.48
35 Initial Overcollateralization 13,852,821.31 13,852,821.31
36 Realized Losses, LTD 0.00 0.00
38 Carryforward Amount 0.00 0.00
39 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------------------------------------------
40 Total Class Note Principal Balance 312,905,562.23 312,905,562.23
41 Group Factor per Loan Balance 81.9239464% 81.9239464%
42 Group Factor per Class Note Balance 99.3350991% 99.3350991%
43 Excess Spread 0.00 0.00
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00
46 Additional Principal due Note A 980,916.56 980,916.56
47 Interest Remittance @ Pass-Through Rates 1,665,700.61 1,665,700.61
PRINCIPAL ADDITIONS:
48 Number of loans 1206 1206
49 Transfers from Pre-Funding Account 68,588,989.37 68,588,989.37
PRINCIPAL REDUCTIONS:
50 Prepayments - Number 9 9
51 Prepayments - Dollar 491,602.33 491,602.33
52 Delinquent Loans Repurchased - Number 0 0.00
53 Delinquent Loans Repurchased - Dollar 0.00 0.00
54 Net Liquidation Proceeds 0.00 0.00
55 Curtailments 66,473.50 66,473.50
56 Normal and Excess Payments 247,090.97 247,090.97
57 Pre-Funding Account Transfer 108,963.11 108,963.11
----------------------------------------------------------------------
58 Total Principal Remittance 914,129.91 914,129.91
59 Additional Principal Reduction 980,916.56 980,916.56
----------------------------------------------------------------------
60 Total Remittance 3,560,747.08 3,560,747.08 0.00
======================================================================
61 Current Month Realized Loss - Number 0 0
62 Current Month Realized Loss - Dollar 0.00 0.00
61 LTD Realized Loss - Number 0
62 LTD Realized Loss - Dollar 0.00
CLASS NOTE PRINCIPAL BALANCE - EOM
64 Loans Outstanding - EOM 5343
65 Closing Loan Balance 325,844,253.63 325,844,253.63
67 Pre-Funding Account Balance 0.00 0.00
68 Additional Principal Reduction, LTD 14,833,737.87 14,833,737.87
69 Realized losses, LTD 0.00 0.00
71 Aggregate Unpaid Principal Balance of Delinquent
72 Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------------------------------------------
73 Total Class Note Principal Balance 311,010,515.76 311,010,515.76
74 Group Factor per Loan Balance 103.4426202% 103.4426202%
75 Group Factor per Class Note Balance 98.7334971% 98.7334971%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A-1
----- ---------
<S> <C> <C> <C>
76 Weighted Note Rate - THIS Remittance 10.40766 %
77 Weighted Note Rate - NEXT Remittance 10.40766%
78 Related Remittance Period for Libor Rate 25-Oct-99 thru 25-Nov-99
79 Days in Related Period 32
80 Pass-Through Rates 5.98875%
81 Weighted Average Remaining Term 258.61
82 Original Pool - Principal Balance 202,789,370.29 202,789,370.29
84 Original Pool - Pre-Funding Account 124,483,356.98 124,483,356.98
85 Original Pool - Additional Principal Reduction 12,272,727.27 12,272,727.27
----------------------------------------------------------------------
86 Original Pool Total 315,000,000.00 315,000,000.00
87 Original Pool - Number of Loans 3224
- -----------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
----------------------------------------------------
88 Additional Principal Reduction, LTD 13,852,821.31 980,916.56 14,833,737.87
89 Cross Collateral Deposits 0.00 0.00 0.00
90 Realized Losses, LTD 0.00 0.00 0.00
----------------------------------------------------
92 Overcollateralization of Principal 13,852,821.31 980,916.56 14,833,737.87
====================================================
93 Base Overcollateralization Required 26,181,818.18
94 Required Overcollateralization Amount 26,181,818.18
AGGREGATE OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
----------------------------------------------------
Class 1A Overcollateralization of Principal 13,852,821.31 980,916.56 14,833,737.87
Class 2A Overcollateralization of Principal 7,600,476.46 679,884.83 8,280,361.29
----------------------------------------------------
Overcollateralization of Principal 21,453,297.77 1,660,801.38 23,114,099.16
====================================================
Base Aggregate Overcollateralization Required 39,707,889.42
Required Aggregate Overcollateralization Amount 39,707,889.42
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
----------------------------------------------------
95 Original Subordinated Amount 40,909,090.91 N/A 40,909,090.91
96 Less: Cumulative Realized Losses 0.00 0.00 0.00
97 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
----------------------------------------------------
98 Current Subordinated Amount 40,909,090.91 40,909,090.91
====================================================
NONRECOVERABLE ADVANCE RECONCILIATION
99 Beginning of Month 0.00
100 Current Month Unpaid Nonrecoverable Advance 0.00
101 Less: Current Month Reimbursement 0.00
-----------------
102 End of Month 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- -----------------------------------------------------------------------------------------
CLASS
TOTAL A1
-----------------------------------
<S> <C> <C>
103 Total Class Note Principal - Original Pool $315,000,000.00 $315,000,000.00
104 Interest Remittance Amount 1,665,700.61 1,665,700.61
105 Interest Rate Factor / 1000 5.287938 5.287938
106 Total Principal Collections 914,129.91 914,129.91
107 Prefunding Account Transfer 0.00 0.00
108 Additional Principal Reduction 980,916.56 980,916.56
-----------------------------------
109 Principal Remittance Amount 1,895,046.47 1,895,046.47
110 Principal Payment Factor/1000 6.016021 6.016021
111 Principal Factor 987.334970 987.334970
112 Prior Month Principal Factor 993.350991 993.350991
</TABLE>
- --------------------------------------------------------------------------------
Page 4 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE
FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3 GROUP 2 FOR
NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 743,751.33
3 Total Actual Interest Collections 1,039,811.38
4 Less Service Fees Service Fees Previously Remitted 62,752.78
5 Additional Proceeds
-----------------
6 Total Collections: 1,720,809.93
7 Pre-Funding Account Transfer 20,821.26
8 Interest Coverage Account Transfer 310,359.70
9 Deferred Interest Coverage Account Transfer 68,316.18
-----------------
10 Aggregate Amount Received: 2,120,307.07
Monthly Advances
11 Interest Advance 400,237.25
12 Compensating Interest 3,804.42
13 Amounts Held for Future Distributions 0.00
14 Cross Collateral Deposit 0.00
15 Reserve Withdrawal per Sec. 6.14c 0.00
-----------------
16 Available Remittance Amount: 2,524,348.74
17 Service Fees on Interest Coverage 22,821.27
18 Expense Account Deposit: 1,716.31
-----------------
19 Adjusted Remittance Amount: 2,499,811.16
Remaining Amount Available:
20 Adjusted Remittance Amount 2,499,811.16
21 Insured Payments 0.00
22 Monthly Premium @ 20 bp
due Certificate Insurer 32,932.12
23 Cross Collateral Withdrawal 0.00
24 Class Remittance Amounts 2,466,879.04
25 Non-Recoverable Advances not
Previously Reimbursed 0.00
-----------------
Total Remaining Amount Available: 0.00
=================
Amount of Reimbursements Pursuant to Sec. 5.04
26 Servicing Fee 0.00
27 Monthly Advances and Servicer Advances 0.00
28 Other Mortgage Payments 0.00
29 Interest Earned on P&I Deposits 0.00
30 Additional Servicing Compensation 0.00
- --------------------------------------------------------------------------------
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE
FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3 GROUP 2 FOR
NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- -------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 1A EQUITY CERTIFICATES
----- -------- --------------------
<S> <C> <C> <C> <C>
31 Loans Outstanding - BOM 1783
32 Original Loan Balance 162,800,452.85 162,800,452.85
34 Pre-Funding Account Balance 43,157,311.75 43,157,311.75
35 Initial Overcollateralization 7,600,476.46 7,600,476.46
36 Realized Losses, LTD 0.00 0.00
38 Carryforward Amount 0.00 0.00
39 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------------
40 Total Class Note Principal Balance 198,357,288.14 198,357,288.14
41 Group Factor per Loan Balance 81.4002264% 81.4002264%
42 Group Factor per Note Balance 99.1786441% 99.1786441%
43 Excess Spread 0.00 0.00
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00
46 Additional Principal due Class A 679,884.83 679,884.83
47 Interest Remittance @ Pass-Through Rates 1,022,421.62 1,022,421.62
PRINCIPAL ADDITIONS:
48 Number of loans 474 474
49 Transfers from Pre-Funding Account 43,136,490.49 43,136,490.49
PRINCIPAL REDUCTIONS:
50 Prepayments - Number 9 9
51 Prepayments - Dollar 681,729.19 681,729.19
52 Delinquent Loans Repurchased - Number 0 0.00
53 Delinquent Loans Repurchased - Dollar 0.00 0.00
54 Net Liquidation Proceeds 0.00 0.00
55 Curtailments 0.00 0.00
56 Normal and Excess Payments 62,022.14 62,022.14
57 Pre-Funding Account Transfer 20,821.26 20,821.26
---------------------------------------------------------------------
58 Total Principal Remittance 764,572.59 764,572.59
59 Additional Principal Reduction 679,884.83 679,884.83
---------------------------------------------------------------------
60 Total Remittance 2,466,879.04 2,466,879.04 0.00
=====================================================================
61 Current Month Realized Loss - Number 0 0
62 Current Month Realized Loss - Dollar 0.00 0.00
63 LTD Realized Loss - Number 0
64 LTD Realized Loss - Dollar 0.00
CLASS NOTE PRINCIPAL BALANCE - EOM
65 Loans Outstanding - EOM 2248
66 Closing Loan Balance 205,193,192.01 205,193,192.01
67 Pre-Funding Account Balance 0.00 0.00
68 Additional Principal Reduction, LTD 8,280,361.29 8,280,361.29
69 Realized losses, LTD 0.00 0.00
70 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------------
71 Total Class Note Principal Balance 196,912,830.72 196,912,830.72
72 Group Factor per Loan Balance 102.5965960% 102.5965960%
73 Group Factor per Class Note Balance 98.4564154% 98.4564154%
- ------------------------------------------------------------------------------------------------------------------------
Page 2 of 4
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE
FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3 GROUP 2 FOR
NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- ------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A-1
----- ---------
<S> <C> <C> <C>
74 Weighted Note Rate - THIS Remittance 10.78552 %
75 Weighted Note Rate - NEXT Remittance 10.78552%
76 Related Remittance Period for Libor Rate 25-Oct-99 thru 25-Nov-99
77 Days in Related Period 32
78 Pass-Through Rates 5.79875%
79 Weighted Average Remaining Term 356.70
80 Original Pool - Principal Balance 128,473,131.74 128,473,131.74
81 Original Pool - Pre-Funding Account 78,031,772.75 78,031,772.75
82 Original Pool - Additional Principal Reduction 6,504,904.49 6,504,904.49
---------------------------------------------------------------------
83 Original Pool Total 200,000,000.00 200,000,000.00
84 Original Pool - Number of Loans 1402
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
---------------------------------------------------
<S> <C> <C> <C> <C>
85 Additional Principal Reduction, LTD 7,600,476.46 679,884.83 8,280,361.29
86 Cross Collateral Deposits 0.00 0.00 0.00
87 Realized Losses, LTD 0.00 0.00 0.00
---------------------------------------------------
88 Overcollateralization of Principal 7,600,476.46 679,884.83 8,280,361.29
===================================================
89 Base Overcollateralization Required 13,526,071.24
90 Required Overcollateralization Amount 13,526,071.24
AGGREGATE OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
---------------------------------------------------
91 Class 1A Overcollateralization of Principal 13,852,821.31 980,916.56 14,833,737.87
92 Class 2A Overcollateralization of Principal 7,600,476.46 679,884.83 8,280,361.29
---------------------------------------------------
93 Overcollateralization of Principal 21,453,297.77 1,660,801.38 23,114,099.16
===================================================
94 Base Aggregate Overcollateralization Required 39,707,889.42
95 Required Aggregate Overcollateralization Amount 39,707,889.42
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
---------------------------------------------------
96 Original Subordinated Amount 26,845,637.58 N/A 26,845,637.58
97 Less: Cumulative Realized Losses 0.00 0.00 0.00
98 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
---------------------------------------------------
99 Current Subordinated Amount 26,845,637.58 26,845,637.58
===================================================
NONRECOVERABLE ADVANCE RECONCILIATION
100 Beginning of Month 0.00
101 Current Month Unpaid Nonrecoverable Advance 0.00
102 Less: Current Month Reimbursement 0.00
-----------------
103 End of Month 0.00
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
by SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
AFC MORTGAGE LOAN ASSET BACKED NOTES, SERIES
1999-3 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF SEPTEMBER 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE
FOLLOWING INFORMATION PERTAINING TO SERIES 1999-3 GROUP 2 FOR
NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- -----------------------------------------------------------------------------------------------------------------------
CLASS
TOTAL A1
----------------------------------
<S> <C> <C> <C>
104 Total Class Note Principal - Original Pool $200,000,000.00 $200,000,000.00
105 Interest Remittance Amount 1,022,421.62 1,022,421.62
106 Interest Rate Factor / 1000 5.112108 5.112108
107 Total Principal Collections 764,572.59 764,572.59
108 Prefunding Account Transfer 0.00 0.00
109 Additional Principal Reduction 679,884.83 679,884.83
----------------------------------
110 Principal Remittance Amount 1,444,457.42 1,444,457.42
111 Principal Payment Factor/1000 7.222287 7.222287
112 Principal Factor 984.564154 984.564154
113 Prior Month Principal Factor 991.786441 991.786441
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
