SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from________________to_______________.
Commission file number '333-75295-03
ADVANTA Mortgage Loan Trust 1999-4
New York 88-0360305
(State of other jurisdictio (IRS Employer
incorporation or organizat Identification No.)
c/o Bankers Trust Company
4 Albany Street
New York, NY 10015
Registrant's telephone number, including area code: (212) 250-2500
Securities registered pursuant to Section 12(b) of the Act.
Title of each class Name of each exchange on
which registered:
None None
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K ($ 229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices
of such stock, as of specified date within 60 days prior to the date of filing:
$197,547,882.75
Documents Incorporated by Reference: Not Applicable
PART 1
ITEM 1 - BUSINESS
The ADVANTA Mortgage Loan Trust 1999-4 (the "Trust" or "Issuer") is
a New York common law trust established as of November, 1, 1999
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") between ADVANTA Mortgage Conduit Services, Inc. as sponsors
(the "Sponsor") and ADVANTA Mortgage Corp. USA as Master Servicer
(the "Master Servicer") (together, the "Companies") and Bankers Trust
Company, acting thereunder not in its individual capacity but solely as
trustee (the "Trustee"). The Issuer's only purpose is the issuance of
$200,000,000.00 principal amount of ADVANTA Mortgage Loan Asset-Backed
Certificates, Series 1999-4, in a single class
and the subordinated residual certificates pursuant to the Pooling
and Servicing Agreement. On November 1, 1999 the Sponsor sold
$200,000,000.00 aggregate principal amount of mortgage loans (the "Mort-
gage Loans"), to the Issuer in exchange for the Certificates, and sold the
Certificates pursuant to a public offering, the underwriting of Note Certificate
of which was managed by Bear, Stearns & Co. Inc. the underwriting for
The Mortgage Loans and the distributions thereon, along with certain
insurance proceeds, certain proceeds obtained on foreclosure and any
investment income earned thereon, are the only significant assets of the
Issuer. The Certificates represent obligations solely of the Issuer. The
Certificates were registered under a Registration Statement (file no.333-75295)
on Form S-3 declared effective on September 1, 1998.
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3 - LEGAL PROCEEDINGS
The Master Servicer is not aware of any material pending legal proceedings
involving either the Issuer, the Trustee, the Sponsor or the Master Servicer
with respect to the Certificates or the Issuer's property.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests
in the Issuer through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK-
HOLDER MATTERS
The Trust is not an issuer of common stock in a corporation, although the
Certificates represent equity interest that has voting rights. The equity of
the Trust consists of the beneficial or ownership interest therein for which,
to the best knowledge of the Master Servicer, there is no established
public trading market.
As of March 4, 2000, there were approximately 12 holders of the Note
Certificate. The number of holders includes individual
participants in security position listings. As of December 24, 1999
1 monthly distribution had been made to the holders of the Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On November 1, 1999, the Issuer issued $200,000,000 aggregate
principal amount of Note Certificate having a pass-thru rate of LIBOR
plus 0.375% per annum which are collateralized by Mortgage Loans.
The sale of the Mortgage Loans to the Issuer, the issuance of the
Certificates and the simultaneous delivery of the Certificates to the
Companies for sale pursuant to a public offering, the underwriting for Note
Certificate was managed by Bear, Stearns & Co. Inc., for as a sale of the
Certificates.
The value of the Certificates issued by the Issuer equaled the value of the
Mortgage Loans conveyed to the Issuer by the Companies, plus funds held in
the Prefunding Account (if any) and subsequently used to acquire additional
mortgage loans. Accordingly, there was no income, expense, gain or loss
resulting from the aforementioned transaction.
CAPITAL RESOURCES AND LIQUIDITY
The Issuer's primary sources of funds with respect to the Certificates will be
receipts of interest on and principal of the Mortgage Loans, along with certain
insurance proceeds, certain proceeds obtained on foreclosure and any
investment income earned thereon. The respective management's of the
Companies believe that the Issuer will have sufficient liquidity and capital
resources to pay all amounts on the Certificates as they become due and
all other anticipated expenses of the Issuer. The Issuer does not have, nor
will it have in the future, any significant source of capital for payment of the
Certificates and its operating expenses other than the receipt of interest on
and principal of the mortgage loans, certain insurance proceeds and certain
proceeds obtained on foreclosure and any payments made by the Certificate
Insurer. The Issuer is a limited purpose trust. The Certificates represent
obligations solely of the Issuer.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.See "Item 10-Directors and Executive Officers of the Registrant".
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (i) the name and address of each entity owning
more than 5% of the outstanding principal amount of the ADVANTA
Mortgage Loan Certificates, Series 1999-4, Note Certificate
(ii) the principal amount of the Note Certificate and (iii) the percent that the
principal amount of Note Certificate owned represents
of the outstanding principal amount of the Note Certificate respectively.
The information set forth in the table is based upon information obtained
by the Issuer from Depository Trust Company. The Master Servicer is not
aware of any Schedules 13D or 13G filed with the Securities and
Exchange Commission in respect of the Certificates.
Amount Owned
(All Dollar Amounts are in Thousands)
Name and Address Principal Percent
Note Certificate
The Bank of New York
Cecile Lamarco
925 Patterson Plank Rd
Secaucus, NJ 07094 5.85%
Bankers Trust Company
J. Lasher c/o BT Services, Tennessee
648 Grassmere Park Drive
Nashville, TN 37211 18.00%
Boston Safe Deposit and Trust Company
Constance Holloway
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259 6.70%
Citibank, N.A.
Marta Hoosain
P O Box 30576
Tampa, FL 33630-3576 8.75%
Deutsche Bank Securities Inc
Lou Pagnotta
175 Water Street
New York, NY 10038 21.50%
Norwest Bank Minnesota, National Association
John Kemper
733 Marquette Avenue
Minneapolis, MN 55479-0056 21.80%
State Street Bank and Trust Company
Joseph J. Callahan
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171 13.35%
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements: Not applicable.
2. Financial Statement Schedules: Not applicable.
3. Exhibits: As the Issuer was established as of November
1, 1999, the Master Servicer was obligated to prepare an Annual Statement to
Certificateholders as to Compliance for the year ended December 31, 1999,
and mail such statement to the Certificateholders on or before the last day
of March, 2000 and Independent Certified Public Accountants were required
to prepare an annual report pertaining to the compliance of the Master Servicer
with its servicing obligations pursuant to the Pooling and Servicing Agreement
on or before the last day of March, 2000. The Annual Statement to Certificate-
holders as to Compliance is included herewith as Exhibit 28.1 and the Annual
Independent Certified Public Accountants' Report is included herewith as
Exhibit 28.2. The Statement to Certificateholders on December 24, 1999, is
included herewith as Exhibit 28.3.
Exhibit No. Description
*3.1 Certificates of Incorporation of the
Companies
*3.2 By-laws of the Companies
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders
as to Compliance for the year ended
December 31, 1999.
28.2 Annual Independent Certified Public
Accountants' Report.
28.3 Report of Management on Compliance
with Minimum Servicing Standards.
28.4 Statement to Certificateholders on
December 24, 1999.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective September
1, 1998.
(b) Reports on Form 8-K.
One report on Form 8-K have been filed by the Issuer
during the period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
December 27, 199Monthly Report for the November 1999 Monthly
Period relating to the ADVANTA Mortgage Loan
Asset- Backed Certificates 1999-4, Note
Certificate issued by the ADVANTA
Mortgage Loan Trust 1999-4.
(c) See "Item 14(a) (3)-Exhibits".
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ADVANTA Mortgage Corp., USA,
as Master Servicer and on behalf of
ADVANTA Mortgage Loan Trust 1999-4
Registrant
BY; /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
March 31, 2000
INDEX TO EXHIBITS (Item 14(c))
Exhibit # Description
*3.1 Certificates of Incorporation of the Companies
*3.2 By-laws of the Companies.
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders as to
Compliance for the year ended December 31,
1999.
28.2 Annual Independent Certified Public Account-
ants' Report.
28.3 Report of Management on Compliance with
Minimum Servicing Standards.
28.4 Statement to Certificateholders on December 28,
1999.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective September 1,
1998.
<TABLE>
EXHIBIT 28.1
<S>
March 24, 1999
Bankers Trust Company
Attention: Mark McNeill
1761 East St. Andrew Place
Santa Ana, CA 92705-4934
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of
November 1, 1999, relating to ADVANTA Mortgage Loan Trust 1999-4, I,
H. John Berens, hereby certify that (I) a review of the activities of the Servicer
during the preceding year and the performance under this Agreement has
been made under my supervision, and (II) to the best of my knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement
for such year.
Sincerely,
BY; /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
HJB/lp
cc: Mr. James L. Shreero
Mary T. Woehr, Esq.
<S>
</TABLE>
<TABLE>
EXHIBIT 28.2
<S>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To ADVANTA Mortgage Corp. USA:
We have examined management's assertion included in the accompanying Report
of Management on Compliance with Minimum Servicing Standards, that Advanta
Mortgage Corp. USA, an indirect wholly-owned subsidiary of Advanta Corp., complied
with the minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that
Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million
and errors and omissions coverage in the amount of $5 million per occurrence as of and
during the year ended December 31, 1999. Management is responsible for Advanta
Mortgage Corp. USA's compliance with minimum servicing standards and for maintaining
a fidelity bond and errors and omission policy. Our responsibility is to express
an opinion on management's assertion about Advanta Mortgage Corp. USA's
compliance based on our examination.
Our examination was conducted in accordance with attestation standards established
by the American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination provides
provides a reasonable basis for our opinion. Our examination does not provide a legal
determination on Advanta Mortgage Corp. USA's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the
aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in
effect fidelity bond coverage in the amount of $15 million and errors and omissions
coverage in the amount of $5 million per occurrence as of and during the year
ended December 31, 1999 is fairly stated, in all material respects.
BY; /s/ Arthur Andersen LLP
Philadelphia, PA
January 21, 2000
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
<S>
REPORT OF MANAGEMENT ON COMPLIANCE WITH
MINIMUM SERVICING STANDARDS
As of and during the year ended December 31, 1999, Advanta Mortgage Corp. USA has
complied in all material respects with the minimum servicing standards as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and during the same period, Advanta Mortgage Corp. USA had in effect fidelity
bond coverage in the amount of $15 million and errors and omissions coverage in the amount
of $5 million per occurrence.
BY; /s/ H. John Berens BY; /s/ James L. Shreero
H. John Berens James L. Shreero
Senior Vice President Senior Vice President
Loan Servicing Officer and Chief Financial
Officer
<S>
</TABLE>
<TABLE>
EXHIBIT 28.4
ADVANTA Mortgage Loan Trust 1999-4
Statement to Certificateholders
Distribution in Dollars - Current Period
<CAPTION>
Prior
Original Principal Total Realized
Class Face Value Balance Interest Principal Distribution Losses
<S> <C> <C> <C> <C> <C> <C>
Note 200,000,000. 200,000,000. 1,296,38 220,94 1,517,33
Cert
Totals 200,000,000. 200,000,000. 1,296,38 220,94 1,517,33
</TABLE>
<TABLE>
<CAPTION>
Current
Deferred Principal
Class Interest Balance
<S> <C> <C>
Note 199,779,057.05
Cert -
Totals 199,779,057.05
</TABLE>
<TABLE>
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face
<CAPTION>
Orig. Principal Prior
Period Period (with Notional) Principal
Class Starting Ending Method Cusip Balance Balance
<S> <C> <C> <C> <C> <C> <C>
Note A-Act/360 00755WHC3 200,000,000. 1,000.0000
Cert -
</TABLE>
<TABLE>
<CAPTION>
Current
Total Principal
Class Interest Principal Distribution Balance
<S> <C> <C> <C> <C>
Note 6.4 1.1 7.5 998.895285
Cert -
</TABLE>
<TABLE>
Distribution in Dollars - To Date
<CAPTION>
Original Unscheduled Scheduled Total Total
Class Face Value Interest Principal Principal Principal Distribution
<S> <C> <C> <C> <C> <C> <C>
Note 200,000,000. 1,296,38 2, 218,59 220,9 1,517,331
Cert
Totals 200,000,000. 1,296,38 2, 218,59 220,9 1,517,331
</TABLE>
<TABLE>
<CAPTION>
Current
Realized Deferred Principal
Class Losses Interest Balance
<S> <C> <C> <C>
Note 199,779,057.05
Cert -
Totals 199,779,057.05
</TABLE>
<TABLE>
Interest Detail
<CAPTION>
Pass Prior Principal Non- Prior Unscheduled
Through (with Notional) Accrued Supported Unpaid Interest
Class Rate Balance Interest Interest SF Interest Adjustments
<S> <C> <C> <C> <C> <C> <C>
Note 5.83375% 200,000,000. 1,296,38
Cert
Totals 200,000,000. 1,296,38
</TABLE>
<TABLE>
<CAPTION>
Paid or Current
Optimal Deferred Unpaid
Class Interest Interest Interest
<S> <C> <C> <C>
Note 1,296,38 1,296,38 -
Cert -
Totals 1,296,38 1,296,38 -
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Summary Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Principal Collections 131,80 131,80
Principal Withdrawals
Principal Other Accounts
TOTAL PRINCIPAL 131,80 131,80
Interest Collected 1,014,958 1,014,958
Interest Withdrawals
Interest Other Accounts 483,10 483,10
Fees (112,53 (112,53
TOTAL INTEREST 1,385,523 1,385,523
TOTAL AVAILABLE TO CERTIFICATEHOLDERS 1,517,331 1,517,331
</TABLE>
<TABLE>
Principal - Collections
<CAPTION>
Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Scheduled Principal 129,46 129,46
Curtailments 2,3 2,3
Prepayments in Full
Repurchased Principal Amounts
Substitution Principal Amount
Liquidations
Insurance Principal
Other Principal
Total Realized Loss of Principal
TOTAL PRINCIPAL COLLECTED 131,80 131,80
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Principal - Withdrawals Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Principal - Other Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Amounts Remaining in Pre-Funding Account
</TABLE>
<TABLE>
<CAPTION>
Interest - Collections Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Scheduled Interest 1,025,117 1,025,117
Repurchased Interest
Substitution Interest Amount
Liquidation Interest
Insurance Interest
Other Interest
Delinquent Interest (137,41 (137,41
Interest Advanced 127,25 127,25
Prepayment Interest Shortfalls
Compensating Interest
Civil Relief Act Shortfalls
TOTAL INTEREST COLLECTED 1,014,958 1,014,958
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Interest - Withdrawals Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Nonrecoverable Advances
TOTAL INTEREST WITHDRAWALS
</TABLE>
<TABLE>
<CAPTION>
Interest - Other Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Capitalized Interest Requirement 329,56 329,56
Pre-Funding Account Earnings 153,53 153,53
Capitalized Interest Account
</TABLE>
<TABLE>
<CAPTION>
Interest - Fees Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Servicing Fees 72,6 72,6
Trustee Fee Amount 1,6 1,6
Owner Trustee Fee Amount
Insurance Premium Amount 37,777.78 37,7
TOTAL FEES 112,53 112,53
</TABLE>
<TABLE>
Credit Enhancement Report
<CAPTION>
Accounts Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Insurance Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Total Insured Payments
</TABLE>
<TABLE>
<CAPTION>
Structural Features Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Specified Overcollateralization Amount 12,195,753.94 12,195,753.94
Current Overcollateralization Amount 5,059,788.74 5,059,788.74
Overcollateralization Deficiency Amount 7,225,099.50 7,225,099.50
Overcollateralization Deficit Amount
Overcollateralization Increase Amount 89,134.30 89,134.30
Overcollateralization Reduction Amount
Components of Change in Overcollateralization*
Excess Interest Generated/(needed) by Pool (393,966.58) (393,966.58)
Pre-Funding Account Interest Earning 153,539.34 153,539.34
Capitalized Interest Requirement 329,561.54 329,561.54
Additional Principal
TOTAL 89,1 89,134.30
*(NOTE: If at specified amount, components will not equal increase amount)
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Collateral Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Loan Count:
Original 1,377 1,377
Prior
Prefunding
Scheduled Paid Offs
Full Voluntary Prepayments
Repurchases
Liquidations
Current 1,377 1,377
Principal Balance
Original 132,550,785.07 132,550,785.07
Prior
Prefunding
Scheduled Principal (129,460.49) (129,460.49)
Partial and Full Voluntary Prepayments (2,3 (2,3
Repurchases
Liquidations
Current 132,418,976. 132,418,976.
</TABLE>
<TABLE>
<CAPTION>
Prefunding Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
PRE-FUNDING ACCOUNT
Original Pre-Funded Amount 72,419,869.37 72,419,869.37
Balance of Subsequent Mortgage Loans Added This Period
Pre-Funding Account Earnings 153,53 153,53
Withdrawal Account Earnings
Pre-Funding Account Ending Balance 72,419,869. 72,419,869.
CAPITALIZED INTEREST ACCOUNT
Original Capitalized Interest Deposit 845,803.72 845,803.72
Capitalized Interest Requirement 329,56 329,56
Withdrawal remaining amounts
Capitalized Interest Account Ending Balance 516,24 516,24
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Characteristics Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Coupon Original 9.280529% 9.280529%
Weighted Average Coupon Prior 0.000000% 0.000000%
Weighted Average Coupon Current 9.280529% 9.280529%
Weighted Average Months to Maturity Original 345 345
Weighted Average Months to Maturity Prior -
Weighted Average Months to Maturity Current 345 345
Weighted Average Remaining Amortization Term Original 346 346
Weighted Average Remaining Amortization Term Prior -
Weighted Average Remaining Amortization Term Current 346 346
Weighted Average Seasoning Original 3.35 3.35
Weighted Average Seasoning Prior -
Weighted Average Seasoning Current 3.35 3.35
Note: Original information refers to deal issue
</TABLE>
<TABLE>
Collateral Report
<CAPTION>
Arm Characteristics Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Margin Original 5.240% 5.240%
Weighted Average Margin Prior 0.000% 0.000%
Weighted Average Margin Current 5.240% 5.240%
Weighted Average Max Rate Original 16.241% 16.241%
Weighted Average Max Rate Prior 0.000% 0.000%
Weighted Average Max Rate Current 16.241% 16.241%
Weighted Average Min Rate Original 8.706% 8.706%
Weighted Average Min Rate Prior 0.000% 0.000%
Weighted Average Min Rate Current 8.706% 8.706%
Weighted Average Cap Up Original 1.032% 1.032%
Weighted Average Cap Up Prior 0.000% 0.000%
Weighted Average Cap Up Current 1.032% 1.032%
Weighted Average Cap Down Original 1.032% 1.032%
Weighted Average Cap Down Prior 0.000% 0.000%
Weighted Average Cap Down Current 1.032% 1.032%
Note: Original information refers to deal issue
</TABLE>
<TABLE>
<CAPTION>
Servicing Fees / Advances Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current Servicing Fees 72,684.81 72,6
Delinquent Servicing Fees 10,159.43 10,1
TOTAL SERVICING FEES 82,844.24 82,8
Total Servicing Fees 82,844.24 82,8
Compensating Interest -
Delinquent Servicing Fees (10,159.43) (10,1
COLLECTED SERVING FEES 72,684.81 72,6
Prepayment Interest Shortfall -
Total Advanced Interest 127,252.36 127,25
Current Nonrecoverable Advances - 0.00
Unreimbursed Delq / Servicing Advances Paid to Servicer
</TABLE>
<TABLE>
<CAPTION>
Additional Collateral Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Weighted Average Coupon Next 9.280616% 9.280616%
</TABLE>
<TABLE>
Delinquency Report - Total
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 1,502,35 63,6 1,566,046
% Balance 1.13% 0.05% 0.00% 1.18%
# Loans
% # Loans 1.09% 0.07% 0.00% 1.16%
FORECLOSURE Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
BANKRUPTCY Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
REO Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL Balance 1,502,35 63,6 1,566,046
% Balance 0.00% 1.13% 0.05% 0.00% 1.18%
# Loans
% # Loans 0.00% 1.09% 0.07% 0.00% 1.16%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Prepayment Report - Voluntary Prepayments
<CAPTION>
Voluntary Prepayments Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current
Number of Paid in Full Loans 0
Number of Repurchased Loans
Total Number of Loans Prepaid in Full 0
Paid in Full Balance
Repurchase Loans Balance
Curtailments Amount 2,3 2,3
Total Prepayment Amount 2,3 2,3
Cumulative
Number of Paid in Full Loans 0 0 0
Number of Repurchased Loans 0 0 0
Total Number of Loans Prepaid in Full 0 0 0
Paid in Full Balance
Repurchased Loans Balance
Curtailments Amount 2,3 2,3
Total Prepayment Amount 2,3 2,3
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</TABLE>
<TABLE>
Prepayment Report - Voluntary Prepayments
<CAPTION>
Voluntary Prepayment Rates Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SMM 0.00% 0.00%
3 Months Average SMM 0.00% 0.00%
12 Months Average SMM 0.00% 0.00%
Average SMM Since Cut-Off 0.00% 0.00%
CPR 0.02% 0.02%
3 Months Average CPR 0.00% 0.00%
12 Months Average CPR 0.00% 0.00%
Average CPR Since Cut-Off 0.02% 0.02%
PSA 3.18% 3.18%
3 Months Average PSA Approximation 0.00% 0.00%
12 Months Average PSA Approximation 0.00% 0.00%
Average PSA Since Cut-Off Approximation 3.18% 3.18%
</TABLE>
<TABLE>
Realized Loss Report - Collateral
<CAPTION>
Collateral Realized Losses Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Current
Number of Loan Liquidated
Collateral Realized Loss / (Gain) Amount
Net Liquidation Proceeds
Cumulative
Number of Loans Liquidated
Collateral Realized Loss / (Gain) Amount
Net Liquidation Proceeds
Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.
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</TABLE>
<TABLE>
Realized Loss Report - Collateral
<CAPTION>
Default Speeds Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
MDR 0.00% 0.00%
3 Months Average MDR 0.00% 0.00%
12 Months Average MDR 0.00% 0.00%
Average MDR Since Cut-Off 0.00% 0.00%
CDR 0.00% 0.00%
3 Months Average CDR 0.00% 0.00%
12 Months Average CDR 0.00% 0.00%
Average CDR Since Cut-Off 0.00% 0.00%
SDA 0.00% 0.00%
3 Months Average SDA Approximation 0.00% 0.00%
12 Months Average SDA Approximation 0.00% 0.00%
Average SDA Since Cut-Off Approximation 0.00% 0.00%
Loss Severity Approximation for Current Period 0.00% 0.00%
3 Months Average Loss Severity Approximation 0.00% 0.00%
12 Months Average Loss Severity Approximation 0.00% 0.00%
Average Loss Severity Approximation Since Cut-Off 0.00% 0.00%
</TABLE>
<TABLE>
Triggers, Adj. Rate Cert. And Miscellaneous Report
<CAPTION>
Trigger Events Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Has Servicer Termination Loss Trigger Occurred? No
</TABLE>
<TABLE>
<CAPTION>
Adjustable Rate Certificate Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
Next Pass-Through Rates for Adjustable Rate Certificates 6.856250%
</TABLE>
<TABLE>
<CAPTION>
Additional Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
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</TABLE>
