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: November 5, 1999
(Date of earliest event reported)
Commission File No.: 333-56213
ACE Securities Corp.
- --------------------------------------------------------------------------------
Delaware 56-2088493
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(State of Incorporation) (I.R.S. Employer Identification No.)
6525 Morrison Boulevard, Suite 318
Charlotte, North Carolina 28211
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Address of principal executive offices (Zip Code)
(704) 365-0569
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
Attached as an exhibit are the Collateral Term Sheets (as defined
in the no-action letter dated February 17, 1995 issued by the Securities and
Exchange Commission to the Public Securities Association) which are hereby filed
pursuant to such letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
- ----------------- -----------
(99) Collateral Term Sheets prepared
in connection with Mortgage
Lenders Network Home Equity
Loan Trust 1999-2, Asset-Backed
Notes, Series 1999-2
<PAGE>
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.
ACE SECURITIES CORP.
November 5, 1999
By: /s/ Elizabeth Eldridge
--------------------------------
Elizabeth Eldridge
Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
(99) Collateral Term Sheets E
prepared in connection with
Mortgage Lenders Network
Home Equity Loan Trust
1999-2, Asset-Backed Notes,
Series 1999-2
DEUTSCHE BANK SECURITIES
NON CONFORMING BALANCE
371 RECORDS
MORTGAGE LENDERS NETWORK
1999-2
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SELECTION CRITERIA: NON CONFORMING BALANCE
TABLE OF CONTENTS
1. Pool Summary
2. Data as of Date
3. Current Balance
4. Original Balance
5. Current Gross Rate
6. Amortization Type
7. Lien
8. Original Term
9. Stated Remaining Term
10. Age
11. Remaining Amort Term
12. Gross Margin
13. Maximum Rate
14. Minimum Rate
15. Lifetime Rate Cap
16. First Periodic Rate Cap
17. Subsequent Periodic Rate Cap
18. Next Rate Adjustment
19. Months to Roll
20. Original LTV
21. Combined LTV
22. State Concentration
23. Occupancy Type
24. Property Type
25. Loan Purpose
26. Documentation Type
27. Product
28. Debt Ratios
29. FICO Score
30. Grade
31. PrePayment Month
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1. POOL SUMMARY
Balance: 25,282,480.35
WAC: 11.1955
Count: 371
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2. DATA AS OF DATE
DATA AS OF DATE %
1999-11-01 100.0
TOTAL: 100.0
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3. CURRENT BALANCE
CURRENT BALANCE # % BALANCE
- --------------- - - -------
=< 100,000.00 323 69.260 17,510,531.70
100,000.01 - 200,000.00 34 16.944 4,283,849.26
200,000.01 - 250,000.00 9 8.317 2,102,860.66
250,000.01 - 300,000.00 5 5.479 1,385,238.73
TOTAL: 371 100.000 25,282,480.35
Avg: 68,146.85
Min: 9,978.10
Max: 293,721.62
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4. ORIGINAL BALANCE
CURRENT BALANCE # % BALANCE
- --------------- - - -------
=< 100,000 323 69.260 17,510,531.70
100,001 - 200,000 34 16.944 4,283,849.26
200,001 - 250,000 9 8.317 2,102,860.66
250,001 - 300,000 5 5.479 1,385,238.73
TOTAL: 371 100.000 25,282,480.35
Avg: 68,241
Min: 10,000
Max: 294,000
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5. CURRENT GROSS RATE
CURRENT GROSS RATE # % BALANCE
- ------------------ - - -------
7.501 - 8.000 2 0.729 184,384.29
8.001 - 8.500 4 1.103 278,964.65
8.501 - 9.000 14 4.013 1,014,631.31
9.001 - 9.500 11 4.242 1,072,435.51
9.501 - 10.000 25 9.752 2,465,486.84
10.001 - 10.500 38 12.535 3,169,211.04
10.501 - 11.000 61 18.031 4,558,708.73
11.001 - 11.500 39 9.525 2,408,097.01
11.501 - 12.000 51 12.966 3,278,019.72
12.001 - 12.500 51 11.702 2,958,681.56
12.501 - 13.000 40 8.839 2,234,632.32
13.001 - 13.500 11 2.224 562,231.98
13.501 - 14.000 9 2.132 538,904.36
14.001 - 14.500 6 0.853 215,564.12
14.501 - 15.000 9 1.355 342,526.91
TOTAL: 371 100.000 25,282,480.35
Wgt Avg: 11.1955
Min: 7.8500
Max: 14.9500
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6. AMORTIZATION TYPE
AMORTIZATION TYPE # % BALANCE
- ----------------- - - -------
Fully Amortizing 258 69.913 17,675,695.69
Balloon 113 30.087 7,606,784.66
TOTAL: 371 100.000 25,282,480.35
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7. LIEN
LIEN # % BALANCE
- ---- - - -------
1 337 93.862 23,730,691.92
2 34 6.138 1,551,788.43
TOTAL: 371 100.000 25,282,480.35
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8. ORIGINAL TERM
ORIGINAL TERM # % BALANCE
- ------------- - - -------
109 - 120 4 0.685 173,236.33
169 - 180 155 37.016 9,358,491.68
229 - 240 25 5.736 1,450,260.38
289 - 300 8 1.741 440,131.54
349 - 360 179 54.822 13,860,360.42
TOTAL: 371 100.000 25,282,480.35
Wgt Avg: 283.8
Min: 120
Max: 360
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9. STATED REMAINING TERM
STATED REMAINING TERM # % BALANCE
- --------------------- - - -------
61 - 120 4 0.685 173,236.33
121 - 180 155 37.016 9,358,491.68
181 - 240 25 5.736 1,450,260.38
241 - 300 8 1.741 440,131.54
301 - 360 179 54.822 13,860,360.42
TOTAL: 371 100.000 25,282,480.35
Wgt Avg: 281.3
Min: 115.0
Max: 360.0
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10. AGE
AGE # % BALANCE
- --- - - -------
0 70 17.74 4,484,112
1 48 13.91 3,516,398
2 79 23.19 5,864,195
3 61 17.59 4,446,773
4 45 11.82 2,987,533
5 40 9.86 2,491,645
6 18 3.71 939,142
7 7 1.50 379,163
8 1 0.31 77,974
13 1 0.28 71,657
14 1 0.09 23,889
TOTAL: 371 100.00 25,282,480
Wgt Avg: 2.5
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11. REMAINING AMORT TERM
REMAINING AMORT TERM # % BALANCE
- -------------------- - - -------
61 - 120 4 0.685 173,236.33
121 - 180 42 6.929 1,751,707.02
181 - 240 25 5.736 1,450,260.38
241 - 300 8 1.741 440,131.54
301 - 360 292 84.909 21,467,145.08
TOTAL: 371 100.000 25,282,480.35
Wgt Avg: 335.5
Min: 115.0
Max: 360.0
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12. GROSS MARGIN
GROSS MARGIN # % BALANCE
- ------------ - - -------
4.501 - 4.750 1 0.810 57,560.56
5.001 - 5.250 1 1.097 77,973.60
5.251 - 5.500 2 2.054 146,014.81
5.501 - 5.750 1 2.980 211,887.76
6.001 - 6.250 2 2.170 154,282.11
6.251 - 6.500 6 6.412 455,886.42
6.501 - 6.750 8 10.206 725,637.72
6.751 - 7.000 5 4.261 302,956.99
7.001 - 7.250 8 8.860 629,992.59
7.251 - 7.500 8 11.203 796,535.00
7.501 - 7.750 12 14.112 1,003,384.51
7.751 - 8.000 9 11.129 791,330.26
8.001 - 8.250 3 2.197 156,243.15
8.251 - 8.500 4 6.022 428,214.44
8.501 - 8.750 9 6.918 491,922.33
8.751 - 9.000 3 2.822 200,651.75
9.001 - 9.250 3 3.179 226,039.18
9.251 - 9.500 1 1.282 91,175.59
9.501 - 9.750 1 1.164 82,784.75
9.751 - 10.000 1 0.571 40,591.22
10.001>= 1 0.551 39,193.71
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 7.4795
Min: 4.650
Max: 10.150
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13. MAXIMUM RATE
MAXIMUM RATE # % BALANCE
- ------------ - - -------
14.501 - 15.000 1 0.810 57,560.56
15.001 - 15.500 1 1.097 77,973.60
15.501 - 16.000 4 5.780 410,987.67
16.001 - 16.500 2 3.868 275,021.81
16.501 - 17.000 10 10.209 725,885.60
17.001 - 17.500 19 22.531 1,602,029.63
17.501 - 18.000 19 25.051 1,781,177.77
18.001 - 18.500 6 6.808 484,098.14
18.501 - 19.000 11 10.022 712,607.22
19.001 - 19.500 10 8.358 594,307.59
19.501 - 20.000 3 3.179 226,039.18
20.001>= 3 2.286 162,569.68
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 17.7770
Min: 14.9000
Max: 21.5500
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14. MINIMUM RATE
MINIMUM RATE # % BALANCE
- ------------ - - -------
7.501 - 8.000 1 0.810 57,560.56
8.001 - 8.500 1 1.097 77,973.60
8.501 - 9.000 4 5.780 410,987.67
9.001 - 9.500 2 3.868 275,021.81
9.501 - 10.000 10 10.209 725,885.60
10.001 - 10.500 19 22.531 1,602,029.63
10.501 - 11.000 19 25.051 1,781,177.77
11.001 - 11.500 6 6.808 484,098.14
11.501 - 12.000 11 10.022 712,607.22
12.001 - 12.500 10 8.358 594,307.59
12.501 - 13.000 3 3.179 226,039.18
13.001 - 13.500 1 0.571 40,591.22
13.501 - 14.000 1 1.164 82,784.75
14.501 - 15.000 1 0.551 39,193.71
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 10.7770
Min: 7.9000
Max: 14.5500
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15. LIFETIME RATE CAP
LIFETIME RATE CAP # % BALANCE
- ----------------- - - -------
6.751 - 7.000 89 100.000 7,110,258.45
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 7.0000
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16. FIRST PERIODIC RATE CAP
FIRST PERIODIC RATE CAP # % BALANCE
- ----------------------- - - -------
3.000 89 100.000 7,110,258.45
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 3.0000
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17. SUBSEQUENT PERIODIC RATE CAP
SUBSEQUENT PERIODIC RATE CAP # % BALANCE
- ---------------------------- - - -------
1.000 89 100.000 7,110,258.45
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 1.0000
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18. NEXT RATE ADJUSTMENT
NEXT RATE ADJUSTMENT # % BALANCE
- -------------------- - - -------
2000-11-19 1 1.008 71,657.18
2001-04-03 1 1.097 77,973.60
2001-05-12 1 0.560 39,831.94
2001-05-27 1 0.688 48,912.99
2001-06-01 2 0.746 53,063.16
2001-07-01 2 1.061 75,455.98
2001-07-30 1 0.978 69,522.63
2001-08-01 6 7.414 527,155.42
2001-08-06 1 1.416 100,705.58
2001-08-14 1 1.181 83,994.43
2001-08-28 1 1.051 74,710.03
2001-09-01 4 3.723 264,691.69
2001-09-03 1 0.669 47,564.86
2001-09-09 1 0.847 60,254.78
2001-09-10 1 1.423 101,186.37
2001-09-12 1 0.797 56,667.32
2001-09-19 1 1.180 83,926.15
2001-09-24 1 1.636 116,350.86
2001-09-30 2 2.382 169,362.63
2001-10-01 18 23.796 1,691,980.74
2001-10-07 1 1.195 84,968.00
2001-10-08 1 0.869 61,814.50
2001-10-09 2 2.208 156,993.10
2001-10-10 1 1.455 103,469.38
2001-10-14 2 4.389 312,060.23
2001-10-15 1 1.327 94,366.26
2001-10-23 1 1.379 98,056.60
2001-10-24 1 0.664 47,182.03
2001-10-29 1 1.012 71,970.76
2001-10-30 1 0.998 70,946.18
2001-11-01 24 26.426 1,878,965.13
2001-11-04 1 1.240 88,168.47
2001-11-07 1 0.630 44,800.00
2001-11-08 2 1.655 117,650.00
2001-11-15 1 0.898 63,879.47
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 2001-09-25
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19. MONTHS TO ROLL
MONTHS TO ROLL # % BALANCE
- -------------- - - -------
11 1 1.008 71,657.18
16 1 1.097 77,973.60
17 2 1.248 88,744.93
18 2 0.746 53,063.16
19 3 2.039 144,978.61
20 9 11.062 786,565.46
21 12 12.658 900,004.66
22 30 39.293 2,793,807.78
23 29 30.849 2,193,463.07
TOTAL: 89 100.000 7,110,258.45
Wgt Avg: 21.6
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20. ORIGINAL LTV
ORIGINAL LTV # % BALANCE
- ------------ - - -------
=< 60.000 72 14.401 3,640,901.01
60.001 - 70.000 60 14.905 3,768,287.22
70.001 - 80.000 200 55.179 13,950,661.56
80.001 - 85.000 24 9.665 2,443,557.47
85.001 - 90.000 15 5.850 1,479,073.09
TOTAL: 371 100.000 25,282,480.35
Wgt Avg: 72.06
Min: 5.95
Max: 90.00
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21. COMBINED LTV
COMBINED LTV # % BALANCE
- ------------ - - -------
=< 60.000 43 8.899 2,249,809.23
60.001 - 70.000 72 16.904 4,273,780.78
70.001 - 80.000 210 57.313 14,490,168.74
80.001 - 85.000 27 10.377 2,623,628.38
85.001 - 90.000 16 6.058 1,531,573.09
95.001>= 3 0.449 113,520.13
TOTAL: 371 100.000 25,282,480.35
Wgt Avg: 74.89
Max: 100.00
Min: 14.00
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22. STATE CONCENTRATION
STATE CONCENTRATION # % BALANCE
- ------------------- - - -------
OH 31 7.696 1,945,724.36
NY 19 6.486 1,639,840.17
MA 19 6.308 1,594,890.50
TN 26 6.005 1,518,310.95
MD 24 5.923 1,497,470.97
PA 21 5.437 1,374,531.53
IL 17 4.588 1,159,855.11
CT 12 4.362 1,102,825.65
NC 18 4.043 1,022,197.09
GA 15 3.919 990,808.24
Other 169 45.233 11,436,025.78
TOTAL: 371 100.000 25,282,480.35
#: 37
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23. OCCUPANCY TYPE
OCCUPANCY TYPE # % BALANCE
- -------------- - - -------
Primary 344 92.159 23,300,186.77
Secondary 1 0.329 83,139.06
Investor 26 7.512 1,899,154.52
TOTAL: 371 100.000 25,282,480.35
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24. PROPERTY TYPE
PROPERTY TYPE # % BALANCE
- ------------- - - -------
Single Family 285 77.604 19,620,265.21
2-4 Family 26 6.758 1,708,471.12
PUD 6 3.380 854,484.51
Condo 7 1.198 302,965.73
Manufactured Housing 47 11.060 2,796,293.78
TOTAL: 371 100.000 25,282,480.35
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25. LOAN PURPOSE
LOAN PURPOSE # % BALANCE
- ------------ - - -------
Purchase 52 17.494 4,422,822.42
Rate/Term Refi 6 1.787 451,781.20
Cash Out Refi 313 80.719 20,407,876.73
TOTAL: 371 100.000 25,282,480.35
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26. DOCUMENTATION TYPE
DOCUMENTATION TYPE # % BALANCE
- ------------------ - - -------
Full Documentation 323 83.919 21,216,812.69
LIMITED 16 8.535 2,157,872.91
STATED 32 7.546 1,907,794.75
TOTAL: 371 100.000 25,282,480.35
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27. PRODUCT
PRODUCT # % BALANCE
- ------- - - -------
30 Year Fixed Rate 123 34.176 8,640,493.89
15 Year Fixed Rate 159 37.701 9,531,728.01
2/28 89 28.123 7,110,258.45
TOTAL: 371 100.000 25,282,480.35
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28. DEBT RATIOS
DEBT RATIOS # % BALANCE
- ----------- - - -------
=< 28.00 75 16.741 4,232,492.50
28.01 - 32.00 42 13.922 3,519,810.36
32.01 - 36.00 45 10.108 2,555,518.28
36.01 - 42.00 52 13.061 3,302,240.07
42.01 - 46.00 51 15.092 3,815,564.06
46.01>= 106 31.076 7,856,855.08
TOTAL: 371 100.000 25,282,480.35
Wgt. Avg: 38.175
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29. FICO SCORE
FICO SCORE # % BALANCE
- ---------- - - -------
=<540.000 110 25.766 6,514,222.00
540.001 - 560.000 65 16.390 4,143,721.56
560.001 - 580.000 44 10.692 2,703,222.16
580.001 - 600.000 51 15.699 3,969,127.85
600.001 - 620.000 37 12.128 3,066,218.88
620.001 - 640.000 29 8.758 2,214,363.90
640.001 - 660.000 14 4.451 1,125,398.20
660.001 - 680.000 9 2.825 714,120.96
680.001>= 12 3.291 832,084.84
TOTAL: 371 100.000 25,282,480.35
Wgt. Avg: 581.259
Max: 838.000
Min: 0.000
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30. GRADE
GRADE # % BALANCE
- ----- - - -------
A 61 21.938 5,546,554.56
A+ 29 9.674 2,445,715.01
B 19 4.124 1,042,676.60
B+ 17 5.538 1,400,223.98
C 130 31.413 7,941,927.67
C- 44 9.511 2,404,657.56
C+ 39 11.286 2,853,471.77
D 32 6.515 1,647,253.20
TOTAL: 371 100.000 25,282,480.35
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31. PREPAYMENT MONTH
PREPAYMENT MONTH # % BALANCE
- ---------------- - - -------
000 129 34.802 8,798,865.02
100 2 0.668 168,926.48
111 11 2.234 564,931.11
211 1 0.732 185,099.51
221 3 1.029 260,097.12
222 8 1.735 438,550.20
300 6 2.391 604,482.42
320 5 1.621 409,822.56
321 144 36.519 9,232,912.95
3322 6 1.293 326,813.46
3322 2 28 6.928 1,751,466.17
500 14 4.409 1,114,656.53
550 14 5.640 1,425,856.82
TOTAL: 371 100.000 25,282,480.35
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This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileded and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purpose of evaluating such
information. Prospective investors are advised to read carefully, and rely
solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in making their
investment decisions. This material does not include all relevent information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forcasts, predictions, or opinions with respect to value. Prior to
making any investment decisions, a prospective investor shall receive and fully
review the final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
