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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) December 27, 1999
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of February 1, 1999, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1999-1)
Superior Bank FSB
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-61691 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
--------------
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<PAGE>
Item 5. Other Events
On December 27, 1999 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1999-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of February 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 December, 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: December 27, 1999
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of December, 1999.
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1
GROUP 1 FOR DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
- ----------------------------------------------------------------------------
1 Total Actual Principal Collections 4,018,034.65
2 Total Permanent Buydown Companion Principal 13,578.84
3 Total Actual Interest Collections 2,007,671.36
4 Less Service Fees Service Fees Previously Remitted 123,021.24
5 Additional Proceeds
----------------
6 Total Collections: 5,916,263.61
Monthly Advances
7 Interest Advance 233,233.80
8 Compensating Interest 16,657.55
9 Amounts Held for Future Distributions 0.00
10 Cross Collateral Deposit 0.00
11 Reserve Withdrawal per Sec. 6.14c 0.00
----------------
12 Available Remittance Amount: 6,166,154.96
13 Expense Account Deposit: 2,004.14
----------------
14 Adjusted Remittance Amount: 6,164,150.82
Remaining Amount Available:
15 Adjusted Remittance Amount 6,164,150.82
16 Insured Payments 0.00
Monthly Premium @ 20 bp
17 due Certificate Insurer 40,079.54
18 Cross Collateral Withdrawal 0.00
19 Class Remittance Amounts 6,124,071.28
Non-Recoverable Advances not
20 Previously Reimbursed 0.00
----------------
21 Total Remaining Amount Available: 0.00
================
Amount of Reimbursements Pursuant to Sec. 5.04
22 Servicing Fee 232.66
23 Monthly Advances and Servicer Advances 5,228.25
24 Other Mortgage Payments 0.00
25 Interest Earned on P&I Deposits 0.00
26 Additional Servicing Compensation 0.00
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Page 1 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1
GROUP 1 FOR DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
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<CAPTION>
TOTAL CLASS 1A CLASS R
----- -------- -------
<S> <C> <C> <C>
27 Loans Outstanding - BOM 4240
28 Original Loan Balance 255,093,607.61 255,093,607.61
29 Original Permanent Buydown Companion Loan Balance 773,210.97 773,210.97
30 Additional Principal Reduction, LTD 11,312,294.03 11,312,294.03
31 Realized Losses, LTD 20,065.31 20,065.31
32 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00
33 Carryforward Amount 0.00 0.00
34 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
---- -----------------------------------------------------------------
35 Total Class Principal Balance 244,574,589.86 244,574,589.86
36 Pool Factor per Loan Balance 92.7613119% 92.7613119%
37 Pool Factor per Class Balance 88.9362145% 88.9362145%
38 Excess Spread 0.00 0.00
39 Cross Collateral Withdrawal 0.00 0.00
40 Cross Collateral Deposit 0.00 0.00
41 Additional Principal due Class A 814,343.25 814,343.25
42 Interest Remittance @ Pass-Through Rates 1,278,114.54 1,278,114.54
PRINCIPAL REDUCTIONS:
43 Prepayments - Number 63 63
44 Prepayments - Dollar 3,638,030.00 3,638,030.00
45 Delinquent Loans Repurchased - Number 0 0.00
46 Delinquent Loans Repurchased - Dollar 0.00 0.00
47 Net Liquidation Proceeds 0.00 0.00
48 Curtailments 98,688.39 98,688.39
49 Normal and Excess Payments 281,316.26 281,316.26
50 Permanent Buydown Companion Principal 13,578.84 13,578.84
----------------------------------------------------------------------
51 Total Principal Remittance 4,031,613.49 4,031,613.49
52 Additional Principal Reduction 814,343.25 814,343.25
----------------------------------------------------------------------
53 Total Remittance 6,124,071.28 6,124,071.28 0.00
======================================================================
54 Current Month Realized Loss - Number 2 2
55 Current Month Realized Loss - Dollar 45,700.00 45,700.00
56 Current Month Permanent Buydown Companion Loan
Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
57 Loans Outstanding - EOM 4175
58 Closing Loan Balance 251,029,872.96 251,029,872.96
59 Closing Permanent Buydown Companion Loan Balance 759,632.13 759,632.13
60 Additional Principal Reduction, LTD 12,126,637.28 12,126,637.28
61 Realized losses, LTD 65,765.31 65,765.31
62 Permanent Buydown Companion Loan Losses, LTD 0.00
63 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-----------------------------------------------------------------
64 Total Class Principal Balance 239,728,633.12 239,728,633.12
65 Pool Factor per Loan Balance 91.2835902% 91.2835902%
66 Pool Factor per Class Balance 87.1740484% 87.1740484%
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Page 2 of 4
</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1
GROUP 1 FOR DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
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<CAPTION>
TOTAL CLASS A-1
----- ---------
<S> <C> <C> <C>
67 Weighted Note Rate - THIS Remittance 10.69277%
68 Weighted Note Rate - NEXT Remittance 10.68164%
69 Related Remittance Period for Libor Rate 26-Nov-99 thru 26-Dec-99
70 Days in Related Period 31
71 Pass-Through Rates 6.06875%
72 Weighted Average Remaining Term 244.02
73 Original Pool - Principal Balance 168,415,194.04 168,415,194.04
74 Original Pool - Permanent Buydown Companion Balance 907,775.49 907,775.49
75 Original Pool - Pre-Funding Account 108,384,000.73 108,384,000.73
76 Original Pool - Additional Principal Reduction 2,706,970.26 2,706,970.26
-----------------------------------------------------------------
77 Original Pool Total 275,000,000.00 275,000,000.00
78 Original Pool - Number of Loans 2782
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CLASS A OVERCOLLATERALIZATION RECONCILIATION
<CAPTION>
Beg. of Month Current Month End of Month
-----------------------------------------------------------------
79 Additional Principal Reduction, LTD 11,312,294.07 814,343.25 12,126,637.32
80 Cross Collateral Deposits 0.00 0.00 0.00
81 Realized Losses, LTD 20,065.31 45,700.00 65,765.31
82 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00 0.00
-----------------------------------------------------------------
83 Overcollateralization of Principal 11,292,228.76 814,343.25 12,060,872.01
=================================================================
84 Base Overcollateralization Required 16,331,152.49
85 Required Overcollateralization Amount 16,331,152.49
CURRENT MONTH SUBORDINATED AMOUNT Beg. of Month Current Month End of Month
-----------------------------------------------------------------
86 Original Subordinated Amount 33,741,821.84 N/A 33,741,821.84
87 Less: Cumulative Realized Losses (excluding
Permanent Buydown Companion Loans) 20,065.31 45,700.00 65,765.31
88 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-----------------------------------------------------------------
89 Current Subordinated Amount 33,721,756.53 33,676,056.53
=================================================================
NONRECOVERABLE ADVANCE RECONCILIATION
90 Beginning of Month 0.00
91 Current Month Unpaid Nonrecoverable Advance 5,460.91
92 Less: Current Month Reimbursement 0.00
----------------
93 End of Month 5,460.91
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</TABLE>
Page 3 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1
GROUP 1 FOR DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
- --------------------------------------------------------------------------------
CLASS
TOTAL A1
----------------------------------
94 Total Class Principal - Original Pool $275,000,000.00 $275,000,000.00
95 Interest Remittance Amount 1,278,114.54 1,278,114.54
96 Interest Rate Factor / 1000 4.647689 4.647689
97 Total Principal Collections 4,031,613.49 4,031,613.49
98 Prefunding Account Transfer 0.00 0.00
99 Additional Principal Reduction 814,343.25 814,343.25
----------------------------------
100 Principal Remittance Amount 4,845,956.74 4,845,956.74
101 Principal Payment Factor/1000 17.621661 17.621661
102 Principal Factor 871.740483 871.740483
103 Prior Month Principal Factor 889.362144 889.362144
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Page 4 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF FEBRUARY 1, 1999 AND THE INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999,
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR
DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 7,854,951.76
2 Total Actual Interest Collections 1,811,697.11
3 Less: Service Fees Previously Remitted 113,334.83
4 Additional Proceeds
-----------------
5 Total Collections: 9,553,314.04
Monthly Advance
6 Interest Advance 82,881.91
7 Compensating Interest 30,922.82
8 Amounts Held for Future Distributions 0.00
9 Reserve Withdrawal Per Sec. 6.08 VII 0.00
-----------------
10 Available Remittance Amount: 9,667,118.77
11 Less: Expense Account Deposit 1,692.45
12 Cross Collateral Deposit 0.00
-----------------
13 Adjusted Remittance Amount: 9,665,426.32
Remaining Amount Available:
14 Adjusted Remittance Amount 9,665,426.32
15 Insured Payments 0.00
16 Monthly Premium @ 20 bp
due Certificate Insurer 33,845.85
17 Class Remittance Amounts 9,631,580.47
18 Cross Collateral Withdrawal 0.00
19 Non-Recoverable Advances not
Previously Reimbursed 0.00
-----------------
20 Total Remaining Amount Available: 0.00
=================
Amount of Reimbursements Pursuant to Sec. 5.04
21 Servicing Fee 0.00
22 Monthly Advances and Servicer Advances 0.00
23 Other Mortgage Payments 0.00
24 Interest Earned on P&I Deposits 0.00
25 Additional Servicing Compensation 0.00
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Page 1 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF FEBRUARY 1, 1999 AND THE INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999,
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR
DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TOTAL CLASS 2-A CLASS R
----- --------- -------
<S> <C> <C> <C>
26 Number of Loans - BOM 2202
27 Original Principal Balance 222,548,474.32 222,548,474.32
28 Additional Principal Reduction, LTD 11,540,833.68 11,540,833.68
29 Realized Losses, LTD 19,165.80 19,165.80
30 Carryforward Amount 0.00 0.00
31 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------------------
32 Opening Class Principal Balance 211,026,806.44 211,026,806.44
33 Pool Factor per Loan Balance 89.0193897% 89.0193897%
34 Pool Factor per Class Balance 84.4107226% 84.4107226%
35 Excess Spread 0.00 0.00
36 Additional Principal due Class A 692,002.22 692,002.22
37 Cross Collateral Deposit 0.00 0.00
38 Cross Collateral Withdrawal 0.00 0.00 0.00
39 Interest Remittance 1,084,626.49 1,084,626.49
40 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
PRINCIPAL REDUCTIONS:
41 Prepayments - Number 57 57
42 Prepayments - Dollar 6,895,144.73 6,895,144.73
43 Delinquent Loans Repurchased - Number 0 0
44 Delinquent Loans Repurchased - Dollar 0.00 0.00
45 Net Liquidation Proceeds 462,967.50 462,967.50
46 Curtailments 396,803.70 396,803.70
47 Normal and Excess Payments 100,035.83 100,035.83
--------------------------------------------------------------
48 Total Principal Remittance 7,854,951.76 7,854,951.76
49 Additional Principal Reduction 692,002.22 692,002.22
--------------------------------------------------------------
50 Total Remittance 9,631,580.47 9,631,580.47 0.00
==============================================================
51 Carryforward Amount 0.00
52 Current Month Realized Loss - Number 4 4
53 Current Month Realized Loss - Dollar 77,589.25 77,589.25
CLASS PRINCIPAL BALANCE - EOM
54 Number of Loans # 2141
55 Closing Loan Balance 214,615,933.31 214,615,933.31
56 Additional Principal Reduction, LTD 12,232,835.90 12,232,835.90
57 Realized Losses, LTD 96,755.05 96,755.05
58 Carryforward Amount 0.00 0.00
59 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------------------
60 Closing Class Principal Balance 202,479,852.46 202,479,852.46
61 Pool Factor per Loan Balance 85.8463733% 85.8463733%
62 Pool Factor per Class Balance 80.9919410% 80.9919410%
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</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF FEBRUARY 1, 1999 AND THE INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999,
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR
DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TOTAL CLASS A1
----- --------
<S> <C> <C> <C>
63 Weighted Note Rate - This Remittance: 10.41557%
64 Weighted Note Rate - Next Remittance: 10.42013%
65 Available Cap Carry Forward Amount - This Remittance: 0.00
(see schedule C)
66 Pass-Through Rate: 5.96875% 5.96875%
67 Related Remittance Period: 26-Nov-99 thru 26-Dec 99
68 Days in Related Period: 31
69 Weighted Average Remaining Term 348.43
70 Original Pool - Principal Balance 156,587,131.22 156,587,131.22
71 Original Pool - Pre-Funding Account Balance 97,477,909.43 97,477,909.43
72 Original Pool - Initial Overcollateralization 4,065,040.65 4,065,040.65
---------------------------------------------
73 Original Pool - Class Principal Balance 250,000,000.00 250,000,000.00
74 Original Pool - Number of Loans 1490
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
<CAPTION>
Beginning of Month Current Month End of Month
--------------------------------------------------------------
75 Initial Overcollateralization 11,540,833.68 692,002.22 12,232,835.90
76 Cross Collateral Deposits, LTD 0.00 0.00 0.00
77 Less: Realized Losses, LTD 19,165.80 77,589.25 96,755.05
--------------------------------------------------------------
78 Overcollateralization of Principal 11,521,667.88 614,412.97 12,136,080.85
==============================================================
79 Base Overcollateralization Requirement 13,846,544.72
80 Required Overcollateralization 13,846,544.72
CURRENT MONTH SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
--------------------------------------------------------------
81 Original Subordinated Amount 30,360,772.36 N/A 30,360,772.36
82 Less: Cumulative Realized Losses 19,165.80 77,589.25 96,755.05
83 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
--------------------------------------------------------------
84 Current Subordinated Amount 30,341,606.56 30,264,017.31
==============================================================
NONRECOVERABLE ADVANCE RECONCILIATION
85 Beginning of Month 0.00
86 Current Month Nonrecoverable Advance 0.00
87 Less: Current Month Reimbursment 0.00
------------------
88 End of Month 0.00
==================
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Page 3 of 4
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS
OF FEBRUARY 1, 1999 AND THE INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999,
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR
DECEMBER 27, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: DECEMBER 1, 1999
- --------------------------------------------------------------------------------
CLASS
A1
---------------------------------
89 Total Class Principal - Original Pool $250,000,000.00 $250,000,000.00
90 Interest Remittance Amount 1,084,626.49 1,084,626.49
91 Interest Rate Factor / 1000 4.338506 4.338506
92 Total Principal Collections 7,854,951.76 7,854,951.76
93 Prefunding Account Transfer 0.00 0.00
94 Additional Principal Reduction 692,002.22 692,002.22
---------------------------------
95 Principal Remittance Amount 8,546,953.98 8,546,953.98
96 Principal Payment Factor/1000 34.187816 34.187816
97 Principal Factor 809.919409 809.919410
98 Prior Month Principal Factor 844.107225 844.107225
- --------------------------------------------------------------------------------
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