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Previous: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1999 24, 8-K, 2000-01-06 |
Next: MORGAN STANLEY DEAN WITTER SE GLOB 30 PORT 2000-1, 487, 2000-01-06 |
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): December 27, 1999
OPTION ONE MORTGAGE LOAN TRUST
Asset-Backed Certificates, Series 1999-3 Trust
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 December 27, 1999 a distribution was made to holders of OPTION ONE
MORTGAGE LOAN TRUST, Asset-Backed Certificates, Series 1999-3 Trust.
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 Trust, relating to the December 27,
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 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri Sharps, Vice President
By: Sherri Sharps, Vice President
Date: 1/5/00
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Asset-Backed
Certificates, Series 1999-3 Trust, relating to the December 27,
1999 distribution.
<TABLE>
<CAPTION>
Option One Mortgage Loan Trust
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/27/99
OOMC Series: 1999-3
Contact: Customer Service - CTSLink
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
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 SEQ 6.00500% 144,112,962.34 745,204.13 966,703.46
S 68389FAM6 SEQ 4.00000% 0.00 50,000.00 0.00
OC OPT9903OC SUB 0.00000% 5,250,000.00 0.00 0.00
R-1 OPT9903R1 RES 0.00000% 0.00 0.00 0.00
R-2 OPT9903R2 RES 0.00000% 0.00 309,586.90 0.00
P OPT99003P SEQ 0.00000% 0.00 3,448.02 0.00
Totals 149,362,962.34 1,108,239.05 966,703.46
</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 0.00 143,146,258.88 1,711,907.59 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 0.00 309,586.90 0.00
P 0.00 0.00 3,448.02 0.00
Totals 0.00 148,396,258.88 2,074,942.51 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 144,750,000.00 144,112,962.34 0.00 966,703.46 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 150,000,000.00 149,362,962.34 0.00 966,703.46 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 966,703.46 143,146,258.88 0.98892061 966,703.46
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 966,703.46 148,396,258.88 0.98930839 966,703.46
</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 144,750,000.00 995.59904898 0.00000000 6.67843496 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 6.67843496 988.92061402 0.98892061 6.67843496
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 6.00500% 144,112,962.34 745,204.13 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 0.00 0.00 0.00
P 0.00 0.00000% 100.00 0.00 0.00 0.00
Totals 150,000,000.00 795,204.13 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 0.00 745,204.13 0.00 143,146,258.88
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 0.00 309,586.90 0.00 0.00
P 0.00 0.00 3,448.02 0.00 100.00
Totals 0.00 0.00 1,108,239.05 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 6.00500% 995.59904898 5.14821506 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 0.00000000 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 5.14821506 0.00000000 988.92061402
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 773967250000.000 0.00000000 0.00000000
P 0.00000000 0.00000000 34480.20000000 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 2,161,133.99
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 3,664.66
Realized Losses 0.00
Total Deposits 2,164,798.65
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 62,234.50
Payment of Interest and Principal 2,102,564.15
Total Withdrawals (Pool Distribution Amount) 2,164,798.65
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 62,234.50
Trustee Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 62,234.50
</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 5 562,775.65 0.874126% 0.379238%
60 Days 1 349,392.54 0.174825% 0.235446%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 3 503,487.94 0.524476% 0.339286%
REO 0 0.00 0.000000% 0.000000%
Totals 9 1,415,656.13 1.573427% 0.953970%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 3,664.66
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
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 9.597947%
Weighted Average Net Coupon 9.125649%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity(Stepdown Calculation ) 353
Beginning Scheduled Collateral Loan Count 466
Number Of Loans Paid In Full (106)
Ending Scheduled Collateral Loan Count 572
Beginning Scheduled Collateral Balance 115,248,141.17
Ending Scheduled Collateral Balance 148,396,258.88
Ending Actual Collateral Balance at 30-Nov-1999 148,396,107.18
Monthly P &I Constant 1,278,716.23
Ending Scheduled Balance for Premium Loans 148,396,258.88
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 313,034.92
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Prefunding Account Balance Group I 0.00
Prefunding Account Balance Group II 0.00
</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 364,601.62 0.00 0.00 0.00 0.00 0.00
Percentage Of Balance 0.344% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 2 0 0 0 0 0
Percentage Of Loans 0.526% 0.000% 0.000% 0.000% 0.000% 0.000%
Totals:Principal Balance 364,601.62 0.00 0.00 0.00 0.00 0.00
Percentage of Balance 0.246% 0.000% 0.000% 0.000% 0.000% 0.000%
Loan Count 2 0 0 0 0 0
Percentage Of Loans 0.350% 0.000% 0.000% 0.000% 0.000% 0.000%
</TABLE>
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