OPTION ONE MORT LN TR 1999-3 ASSET BACKED CERT SER 1999-3
8-K, 1999-12-07
ASSET-BACKED SECURITIES
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                                  UNITED STATES
                       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

                         OPTION ONE MORTGAGE LOAN TRUST
                    Asset Backed Certificates, Series 1999-3


New York (governing law of          333-14625-02   Pending
Pooling and Servicing Agreement)    (Commission    IRS EIN
(State or other                     File Number)
jurisdiction


        C/O Norwest Bank Minnesota, N.A.
        11000 Broken Land Parkway                            21044
        Columbia, Maryland                                  (Zip Code)
        (Address of principal executive offices)


       Registrant's telephone number, including area code:  (410) 884-2000



          Former name or former address, if changed since last report)


ITEM 5.  Other Events

On November 26, 1999 a distribution was made to holders of OPTION ONE
MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 1999-3.




  ITEM 7.  Financial Statements and Exhibits

        (c)  Exhibits furnished in accordance with Item 601(a) of
  Regulation S-K

             Exhibit Number                      Description
                                 Monthly report distributed to holders of
             EX-99.1             Asset Backed Certificates, Series
                                 1999-3, relating to the November 26,
                                  1999 distribution.






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 hereunto duly authorized.



                         OPTION ONE MORTGAGE LOAN TRUST
                    Asset Backed Certificates, Series 1999-3

              By:   Norwest Bank Minnesota, N.A., as Trustee
              By:   /s/ Sherri Sharps, Vice President
              By:   Sherri Sharps, Vice President
              Date: 12/01/99


                                INDEX TO EXHIBITS

Exhibit Number                   Description

EX-99.1        Monthly report distributed to holders of OPTION ONE MORTGAGE LOAN
               TRUST Asset Backed Certificates, Series  1999-3,  relating to the
               November 26, 1999 distribution.




<TABLE>
<CAPTION>
Option One Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date:            10/31/99
Distribution Date:      11/26/99


OOMC  Series: 1999-3
Contact: Customer Service
         Norwest Bank Minnesota, N.A.
         Securities Administration Services
         7485 New Horizon Way
         Frederick, MD 21703
         Telephone: (301) 846-8130
         Fax:       (301) 846-8152


                                             Certificateholder Distribution Summary

                       Certificate      Certificate        Beginning
                          Class        Pass-Through      Certificate          Interest      Principal
Class          CUSIP   Description             Rate          Balance         Distribution   Distribution
<S>          <C>        <C>            <C>            <C>               <C>             <C>
     A         68389FAL8                      5.81750%    144,750,000.00      678,344.74      637,037.66
     S         68389FAM6                      4.00000%              0.00       50,000.00            0.00
     OC        OPT9903OC                      0.00000%      5,250,000.00            0.00            0.00
    R-1        OPT9903R1                      0.00000%              0.00            0.00            0.00
    R-2        OPT9903R2                      0.00000%              0.00       99,062.75            0.00
     P         OPT99003P                      0.00000%              0.00            0.00            0.00
Totals                                                    150,000,000.00      827,407.49      637,037.66
</TABLE>
<TABLE>
<CAPTION>

                                       Certificateholder Distribution Summary (continued)


                          Current                Ending                                             Cumulative
                         Realized           Certificate                   Total                      Realized
Class                        Loss               Balance            Distribution                       Losses
<S>           <C>                  <C>                     <C>                      <C>
A                              0.00         144,112,962.34             1,315,382.40                      0.00
S                              0.00                   0.00                50,000.00                      0.00
OC                             0.00           5,250,000.00                     0.00                      0.00
R-1                            0.00                   0.00                     0.00                      0.00
R-2                            0.00                   0.00                99,062.75                      0.00
P                              0.00                   0.00                     0.00                      0.00
Totals                         0.00         149,362,962.34             1,464,445.15                      0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.

</FN>
</TABLE>
<TABLE>
<CAPTION>

                                                Principal Distribution Statement

                        Original         Beginning             Scheduled    Unscheduled
                            Face       Certificate              Principal      Principal                     Realized
Class                     Amount           Balance            Distribution   Distribution     Accretion       Loss (1)
<S>             <C>               <C>                 <C>               <C>             <C>             <C>
A                   144,750,000.00     144,750,000.00               0.00      637,037.66           0.00            0.00
S                             0.00               0.00               0.00            0.00           0.00            0.00
OC                    5,250,000.00       5,250,000.00               0.00            0.00           0.00            0.00
R-1                           0.00               0.00               0.00            0.00           0.00            0.00
R-2                           0.00               0.00               0.00            0.00           0.00            0.00
P                             0.00               0.00               0.00            0.00           0.00            0.00
Totals              150,000,000.00     150,000,000.00               0.00      637,037.66           0.00            0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                          Principal Distribution Statement (continued)

                                   Total               Ending                 Ending            Total
                               Principal          Certificate              Certificate        Principal
Class                          Reduction              Balance                Percentage     Distribution
<S>               <C>                     <C>                    <C>                 <C>
A                               637,037.66        144,112,962.34           0.99559905        637,037.66
S                                     0.00                  0.00           0.00000000              0.00
OC                                    0.00          5,250,000.00           1.00000000              0.00
R-1                                   0.00                  0.00           0.00000000              0.00
R-2                                   0.00                  0.00           0.00000000              0.00
P                                     0.00                  0.00           0.00000000              0.00
Totals                          637,037.66        149,362,962.34           0.99575308        637,037.66
</TABLE>
<TABLE>
<CAPTION>


                                              Principal Distribution Factors Statement
                          Original          Beginning           Scheduled        Unscheduled
                              Face        Certificate             Principal          Principal
Class (2)                   Amount            Balance          Distribution       Distribution        Accretion

<S>          <C>                    <C>                 <C>                 <C>                <C>
A                     144,750,000.00       1000.00000000         0.00000000          4.40095102        0.00000000
S                               0.00          0.00000000         0.00000000          0.00000000        0.00000000
OC                      5,250,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
R-1                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
R-2                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
P                               0.00          0.00000000         0.00000000          0.00000000        0.00000000
<FN>
(2) Per 1000 denomination
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                      Principal Distribution Factors Statement (continued)

                                              Total                   Ending              Ending             Total
                        Realized          Principal              Certificate         Certificate         Principal
Class                   Loss (3)          Reduction                    Balance          Percentage      Distribution

<S>            <C>                 <C>                 <C>                    <C>                 <C>
A                       0.00000000          4.40095102            995.59904898          0.99559905         4.40095102
S                       0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
OC                      0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
R-1                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
R-2                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
P                       0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
    Unless Otherwise Disclosed.
    Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>

                                                 Interest Distribution Statement

                                                      Beginning                           Payment of
                      Original        Current      Certificate/            Current           Unpaid         Current
                          Face    Certificate          Notional            Accrued         Interest         Interest
Class                   Amount           Rate           Balance           Interest          Shortfall       Shortfall
<S>           <C>               <C>             <C>                 <C>                <C>             <C>
A                 144,750,000.00        5.81750%     144,750,000.00          678,344.74           0.00             0.00
S                           0.00        4.00000%      15,000,000.00           50,000.00           0.00             0.00
OC                  5,250,000.00        0.00000%       5,250,000.00                0.00           0.00             0.00
R-1                         0.00        0.00000%               0.00                0.00           0.00             0.00
R-2                         0.00        0.00000%               0.00           99,062.75           0.00             0.00
P                           0.00        0.00000%             100.00                0.00           0.00             0.00
Totals            150,000,000.00                                             827,407.49           0.00             0.00

</TABLE>
 <TABLE>
 <CAPTION>

                                            Interest Distribution Statement (continued)

                                                                                       Remaining            Ending
                     Non-Supported                                  Total                   Unpaid      Certificate/
                          Interest            Realized           Interest               Interest           Notional
 Class                   Shortfall          Losses (4)       Distribution               Shortfall           Balance
 <S>            <C>                  <C>                 <C>                 <C>                 <C>
 A                              0.00                0.00           678,344.74                0.00     144,112,962.34
 S                              0.00                0.00            50,000.00                0.00      15,000,000.00
 OC                             0.00                0.00                 0.00                0.00       5,250,000.00
 R-1                            0.00                0.00                 0.00                0.00               0.00
 R-2                            0.00                0.00            99,062.75                0.00               0.00
 P                              0.00                0.00                 0.00                0.00             100.00
 Totals                         0.00                0.00           827,407.49                0.00
 <FN>
 (4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
     Please Refer to the Prospectus Supplement for a Full Description.
 </FN>
 </TABLE>
<TABLE>
<CAPTION>

                                            Interest Distribution Factors Statement

                                                          Beginning                            Payment of
                        Original        Current        Certificate/              Current           Unpaid          Current
                            Face    Certificate            Notional             Accrued        Interest          Interest
Class (5)                 Amount           Rate             Balance             Interest        Shortfall        Shortfall
<S>           <C>                 <C>             <C>                  <C>               <C>               <C>
A                   144,750,000.00        5.81750%        1000.00000000        4.68631945        0.00000000        0.00000000
S                             0.00        4.00000%        1000.00000000        3.33333333        0.00000000        0.00000000
OC                    5,250,000.00        0.00000%        1000.00000000        0.00000000        0.00000000        0.00000000
R-1                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
R-2                           0.00        0.00000%           0.00000000   247656875000.00        0.00000000        0.00000000
P                             0.00        0.00000%        1000.00000000        0.00000000        0.00000000        0.00000000
<FN>
(5) Per 1000 denomination.

</FN>

</TABLE>
<TABLE>
<CAPTION>
                                       Interest Distribution Factors Statement (continued)

                                                                            Remaining              Ending
                  Non-Supported                               Total            Unpaid        Certificate/
                       Interest         Realized           Interest          Interest            Notional
Class                 Shortfall       Losses (6)       Distribution         Shortfall             Balance
<S>           <C>               <C>               <C>                 <C>                 <C>
A                     0.00000000        0.00000000         4.68631945          0.00000000          995.59904898
S                     0.00000000        0.00000000         3.33333333          0.00000000         1000.00000000
OC                    0.00000000        0.00000000         0.00000000          0.00000000         1000.00000000
R-1                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R-2                   0.00000000        0.00000000   247656875000.000          0.00000000            0.00000000
P                     0.00000000        0.00000000         0.00000000          0.00000000         1000.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
    Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>



<TABLE>
<CAPTION>
                                             CERTIFICATEHOLDER ACCOUNT STATEMENT
                                                      CERTIFICATE ACCOUNT

<S>                                                                                   <C>
Beginning Balance                                                                                        0.00
Deposits
    Payments of Interest and Principal                                                           1,540,747.41
    Liquidations, Insurance Proceeds, Reserve Funds                                                      0.00
    Proceeds from Repurchased Loans                                                                      0.00
    Other Amounts (Servicer Advances)                                                                    0.00
    Realized Losses                                                                                      0.00
Total Deposits                                                                                   1,540,747.41

Withdrawals
    Reimbursement for Servicer Advances                                                                  0.00
    Payment of Service Fee                                                                          48,285.51
    Payment of Interest and Principal                                                            1,492,188.90
Total Withdrawals (Pool Distribution Amount)                                                     1,540,474.41

Ending Balance                                                                                           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            PREPAYMENT/CURTAILMENT INTEREST SHORTFALL


<S>                                                                                   <C>
Total Prepayment/Curtailment Interest Shortfall                                                          0.00
Servicing Fee Support                                                                                    0.00

Non-Supported Prepayment/Curtailment Interest Shortfall                                                  0.00
</TABLE>
<TABLE>
<CAPTION>

                                                         SERVICING FEES


<S>                                                                                   <C>
Gross Servicing Fee                                                                                 48,285.51
Trustee Fee                                                                                              0.00
Supported Prepayment/Curtailment Interest Shortfall                                                      0.00
Net Servicing Fee                                                                                   48,285.51

</TABLE>
<TABLE>
<CAPTION>

                                                         OTHER ACCOUNTS
                                               Beginning          Current          Current          Ending
Account Type                                     Balance      Withdrawals         Deposits         Balance
<S>                                    <C>                 <C>               <C>              <C>
Financial Guaranty-FSA                                0.00              0.00              0.00             0.00
Reserve Fund                                          0.00              0.00              0.00             0.00
Reserve Fund                                          0.00              0.00              0.00             0.00
Reserve Fund-YMA                                      0.00              0.00              0.00             0.00

</TABLE>
<TABLE>
<CAPTION>                           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                                                       DELINQUENCY STATUS

                                                                            Percentage Delinquent
                                                                                  Based On
                                   Current           Unpaid
                                    Number        Principal                 Number            Unpaid
                                  Of Loans          Balance               Of Loans           Balance
<S>                        <C>                 <C>                   <C>                <C>
30 Days                                   1        349,546.33               0.214592%          0.303299%
60 Days                                   0              0.00               0.000000%          0.000000%
90+ Days                                  0              0.00               0.000000%          0.000000%
Foreclosure                               0              0.00               0.000000%          0.000000%
REO                                       0              0.00               0.000000%          0.000000%
Totals                                    1        349,546.33               0.214592%          0.303299%
</TABLE>
<TABLE>
<CAPTION>

                                                       OTHER INFORMATION
<S>                                                                             <C>
Current Period Realized Loss - Includes Interest Shortfall                                           0.00
Cumulative Realized Losses - Includes Interest Shortfall                                             0.00
Principal Balance of Contaminated Properties                                                         0.00
Current Period Class A Insufficient Funds                                                            0.00
Periodic Advance                                                                                     0.00


Class    P                  0.00      0.00000000%               0.00    0.00000000%       0.000000%      0.000000%
Class    R-II               0.00      0.00000000%               0.00    0.00000000%       0.000000%      0.000000%
<FN>
Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
</FN>
</TABLE>



 <TABLE>
 <CAPTION>
                               COLLATERAL STATEMENT
 <S>                                                                       <C>
 Collateral Description                               Fixed Mixed & ARM & Balloon

 Weighted Average Gross Coupon                                         9.355157%
 Weighted Average Net Coupon                                           8.970178%
 Weighted Average Pass-Through Rate                                    0.000000%
 Weighted Average Maturity(Stepdown Calculation )                            354
 Beginning Scheduled Collateral Loan Count                                   467

 Number Of Loans Paid In Full                                                  1
 Ending Scheduled Collateral Loan Count                                      466
 Beginning Scheduled Collateral Balance                           150,000,000.00
 Ending Scheduled Collateral Balance                              115,248,141.17
 Ending Actual Collateral Balance at 31-Oct-1999                  115,248,141.17
 Monthly P &I Constant                                                965,796.44
 Ending Scheduled Balance for Premium Loans                       115,248,141.17

 Required Overcollateralization Amount                                      0.00
 Overcollateralized Increase Amount                                         0.00
 Overcollateralized reduction Amount                                        0.00
 Specified O/C Amount                                               5,250,000.00
 Overcollateralized Amount                                          5,250,000.00
 Overcollateralized Deficiency Amount                                       0.00
 Base Overcollateralized Amount                                             0.00
 Extra principal distribution Amount                                        0.00
 Excess Cash Amount                                                    99,062.75
 </TABLE>
<TABLE>
<CAPTION>
           <S>                                        <C>
</TABLE>





    <TABLE>
    <CAPTION>                                           Delinquency Status By Groups

       <S>                          <C>             <C>             <C>             <C>             <C>            <C>
 Group                             30 Days        60 Days         90 + Days     Foreclosure         REO         Bankruptcy
  1     Principal Balance              0.00            0.00             0.00           0.00            0.00           0.00
        Percentage Of Balance        0.000%          0.000%           0.000%         0.000%          0.000%         0.000%
        Loan Count                        0               0                0              0               0              0
        Percentage Of Loans          0.000%          0.000%           0.000%         0.000%          0.000%         0.000%

  2     Principal Balance              0.00            0.00             0.00           0.00            0.00           0.00
        Percentage Of Balance        0.000%          0.000%           0.000%         0.000%          0.000%         0.000%
        Loan Count                        0               0                0              0               0              0
        Percentage Of Loans          0.000%          0.000%           0.000%         0.000%          0.000%         0.000%

 Totals:Principal Balance              0.00            0.00             0.00           0.00            0.00           0.00
        Percentage of Balance        0.000%          0.000%           0.000%         0.000%          0.000%         0.000%
        Loan Count                        0               0                0              0               0              0
        Percentage Of Loans          0.000%          0.000%           0.000%         0.000%          0.000%         0.000%

 </TABLE>




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