<PAGE>
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
March 15, 2000
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity
Loan Trust 1999-1 Home Equity Loan Asset-Backed Notes, Series 1999-1,
Class A-1 Notes and Class A-2 Notes)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<CAPTION>
Delaware 333-79833 68-0397342
-------- --------- ----------
<S> <C> <C>
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939
----------------------------------------------------------
(Address of Principal Executive Offices)
(415) 461-6790
--------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
------------
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of the Headlands Home Equity Loan
Trust 1999-1 Home Equity Loan Asset-Backed Notes Series, 1999-1,
Class A-1 Notes and Class A-2 Notes (the "Series 1999-1 Notes").
The following exhibit which relates specifically to the Series 1998-
1 Notes is included with this Current Report:
Item 7(c). Exhibits
--------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1999-1 Notes dated March 15, 2000.
<PAGE>
SIGNATURE
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.
Date: March 20, 2000
GREEPOINT MORTGAGE SECURITIES
INC. (SUCCESSOR TO HEADLANDS
MORTGAGE SECURITIES INC.)
By: /s/ Gilbert J. MacQuarrie
----------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to holders
of Series 1999-1 Notes dated March 15, 2000.................. 5
</TABLE>
<PAGE>
Exhibit 10.1
Headlands SERVICING CERTIFICATE
Mortgage
<TABLE>
<CAPTION>
=============================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.88500% Current Collection Period: 2/1/00-2/29/00
Asset-Backed Notes Margin A-1: 0.35500% P&S Agreement Date: 9/1/99
Series 1999-1 Class A-1 Note Rate: 6.24000% Original Closing Date: 9/29/99
Class A-2 Note Rate: 6.28500% Distribution Date: 3/15/00
Margin A-2: 0.40000% Record Date: 3/14/00
Interest Period 2/15/00 thru
3/14/00: 29 Pool Factor: 90.2163462%
Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 1,600,227.33
Class A-1 Premium Fee Rate: 0.18000% Initial Class A-2 O/C Amt: 431,934.61
Class A-2 Premium Fee Rate: 0.18000%
Class A-1 O/C Amt as of Pmt 5,270,534.54
Date:
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt 1,273,324.90
Date:
Class A-1 Weighted Avg Loan Rate: 11.67624%
Class A-2 Weighted Avg Loan
Rate: 11.46729%
Total Management Fee 1,000.00
=====================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning Class A-1 Pool Balance 208,032,663.03
Beginning Class A-2 Pool Balance 47,640,173.81
Beginning Class A-1 Note Balance -- CUSIP 422093AK0 203,677,733.01
Beginning Class A-2 Note Balance -- CUSIP 422093AL8 46,608,370.49
Class A-1 Overcollateralization Amount to Fill 2,194,728.42
Class A-2 Overcollateralization Amount to Fill 738,262.81
Ending Class A-1 Pool Balance 204,405,502.98
Ending Class A-2 Pool Balance 44,581,254.35
Ending Class A-1 Note Balance -- CUSIP 422093AK0 199,134,968.44
Ending Class A-2 Note Balance -- CUSIP 422093AL8 43,307,929.45
Additional Balances Class A-1 3,614,139.63
Additional Balances Class A-2 107,370.20
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 0
Cumulative Subsequent Mortgage Loan Asset Balance 0.00
Class A-1 Cummulative Excess of Draws Over Principal Paydown 0.00
Beginning Loan Count 5,910
Ending Loan Count 5,803
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 9,300,016.93
2 Total Mortgage Interest Collections (Gross) 2,058,717.25
Servicing Fees (current collection period) 86,680.28
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 7,241,299.68
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 7,241,299.68
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 3,671,130.43
2 Total Mortgage Interest Collections (Gross) 504,840.77
Servicing Fees (current collection period) 19,850.07
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 3,166,289.66
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 3,166,289.66
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 12,971,147.36
2 Total Mortgage Interest Collections (Gross) 2,563,558.02
Servicing Fees (current collection period) 106,530.35
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 10,407,589.34
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 10,407,589.34
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
Class A-1 Net Interest Collection 1,972,036.97
Class A-2 Net Interest Collection 484,990.70
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 1,023,820.07
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 30,551.66
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 915,604.52
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,272.99
Management Fee 8.6 (d)(iii) 787.74
Payment to Servicer 0.00
Deferred Interest 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 1,972,036.98
Maximum Principal Payment 3,627,160.05
Scheduled Principal Collection Payment ((x)the excess of Max Prin
Pymt (y) the HELOC Pool O/C Redctin Amt) 8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 915,604.52
Loan Loss 0.00
Class A-1 Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 4,542,764.57
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 235,974.30
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 6,991.26
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 241,521.58
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 291.30
Management Fee 8.6 (d)(iii) 212.26
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 484,990.69
Maximum Principal Payment 3,058,919.46
Scheduled Principal Collection Payment ((x)the excess of Max Prin
Pymt (y) the Second Pool O/C Redctin Amt) 8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 241,521.58
Loan Loss 0.00
Class A-2 Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 3,300,441.04
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,259,794.37
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 37,542.92
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 1,157,126.10
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,564.29
Management Fee 8.6 (d)(iii) 1,000.00
Payment to Servicer per Section 7.03 5.01 (x) 0.00
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 0.00
Total Certificateholders Distribution Allocable to Interest 2,457,027.67
Maximum Principal Payment 6,686,079.51
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 1,157,126.10
Loan Loss 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 7,843,205.61
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.8363435
Interest Distribution Amount 4.8363435
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 21.4592101
Maximum Principal Payment 17.1340576
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 4.3251526
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.1368517
Interest Distribution Amount 4.1368517
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 57.8598408
Maximum Principal Payment 53.6257400
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 4.2341008
Total Interest Amount Distributed to Class A Certificateholder 8.9731953
Total Principal Amount Distributed to Class A Certificateholder 79.3190509
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 68
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 2,618,725.32
Number of Mortgages 60 to 89 Days Delinquent 10
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 357,590.04
Number of Mortgages 90 to 179 Days Delinquent 6
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 334,846.67
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 10
Aggregate Principal Balances of Mortgage Loans in Foreclosure 389,029.23
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 5
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 418,136.31
Number of Mortgages 60 to 89 Days Delinquent 0
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 0.00
Number of Mortgages 90 to 179 Days Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 0.00
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 1
Aggregate Principal Balances of Mortgage Loans in Foreclosure 399,190.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 242,594.50
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 73
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 3,036,861.63
Number of Mortgages 60 to 89 Days Delinquent 10
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 357,590.04
Number of Mortgages 90 to 179 Days Delinquent 6
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 334,846.67
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 11
Aggregate Principal Balances of Mortgage Loans in Foreclosure 788,219.23
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 242,594.50
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
==================================================================================================================
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificate were made in
conformity with the Pooling and Servicing Agreement.
The Attached Servicing Certificate is true and correct in all material
respects.
-------------------------------------------------------
A Servicing Officer Teri Martine
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
==================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.88500% Current Collection Period: 2/1/00-2/29/00
Asset-Backed Notes Margin: 0.35500% P&S Agreement Date: 9/1/99
Series 1999-1 Class A-1 Note Rate: 6.24000% Original Closing Date: 9/29/99
Class A-2 Note Rate: 6.28500% Distribution Date: 3/15/00
Record Date: 3/14/00
Interest Period 2/15/00 thru 29 Pool Factor: 90.2163462%
3/14/00:
==================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 208,032,663.03
Beginning Second Lien Pool Balance 47,640,173.81
Beginning Class A-1 Note Balance -- CUSIP 422093AK0 203,677,733.01
Beginning Class A-2 Note Balance -- CUSIP 422093AL8 46,608,370.49
Ending Class A-1 Pool Balance 204,405,502.98
Ending Class A-2 Pool Balance 44,581,254.35
Ending Class A-1 Note Balance -- CUSIP 422093AK0 199,134,968.44
Ending Class A-2 Note Balance -- CUSIP 422093AL8 43,307,929.45
Additional Balances Class A-1 3,614,139.63
Additional Balances Class A-2 107,370.20
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all SubsequentSecond Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 0
Cumulative Subsequent Mortgage Loan Asset Balance 0.00
Class A-1 Cummulative Excess of Draws Over Principal Paydown 0.00
Beginning Loan Count 5,910
Ending Loan Count 5,803
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 9, 213,336.65
Total Mortgage Interest Collections 2,058,717.25
Servicing Fees (current collection period) (86,680.28)
Mortgage Principal Collections 7,241,299.68
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 7,241,299.68
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 3,651,280.36
Total Mortgage Interest Collections 504,840.77
Servicing Fees (current collection period) (19,850.07)
Mortgage Principal Collections 3,166,289.66
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 3,166,289.66
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 12,971,147.36
Total Mortgage Interest Collections 2,563,558.02
Mortgage Principal Collections 10,407,589.34
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 10,407,589.34
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 1,023,820.07
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 3,627,160.05
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 915,604.52
Loan Loss 0.00
Class A-1 Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 4,542,764.57
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 235,974.30
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 3,058,919.46
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 241,521.58
Loan Loss 0.00
Class A-2 Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 3,300,441.04
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,259,794.37
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 6,686,079.51
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 1,157,126.10
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 7,843,205.61
</TABLE>
<PAGE>
<TABLE>
<S> <C>
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.8363435
Interest Distribution Amount 4.8363435
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 21.4592101
Maximum Principal Payment 17.1340576
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 4.3251526
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.1368517
Interest Distribution Amount 4.1368517
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 57.8598408
Maximum Principal Payment 53.6257400
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 4.2341008
Total Interest Amount Distributed to Class A Certificateholder 8.9731953
Total Principal Amount Distributed to Class A Certificateholder 79.3190509
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 68
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 2,618,725.32
Number of Mortgages 61 to 90 Days Delinquent 10
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 357,590.04
Number of Mortgages 91 to 180 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 334,846.67
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 10
Aggregate Principal Balances of Mortgage Loans in Foreclosure 389,029.23
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Class A-2
Number of Mortgages 31 to 60 Days Delinquent 5
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 418,136.31
Number of Mortgages 61 to 90 Days Delinquent 0
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent -
Number of Mortgages 91 to 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 0.00
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 1
Aggregate Principal Balances of Mortgage Loans in Foreclosure 399,190.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 242,594.50
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 31 to 60 Days Delinquent 73
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 3,036,861.63
Number of Mortgages 61 to 90 Days Delinquent 10
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 357,590.04
Number of Mortgages 91 to 180 or more Days Delinquent 6
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 334,846.67
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 11
Aggregate Principal Balances of Mortgage Loans in Foreclosure 788,219.23
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 242,594.50
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
===============================================================================================================
</TABLE>
<TABLE>
<S> <C> <C> <C>
Class A-1 Note Rate For Next Distribution LIBOR 6.00375% 6.35875%
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
</TABLE>
