<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): February 7, 2000
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-75405-04 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For the Remittance Date of February 7, 2000, Bank of New York, as
Trustee, made the monthly distributions to the holders of the Vanderbilt
Mortgage and Finance, Inc. Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1999D.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
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<CAPTION>
Exhibit No. Description Page
-----------------------------------------------------------------
<S> <C> <C>
20 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with the distributions
on the Remittance Date specified
in Item 5 above.
</TABLE>
SIGNATURES
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.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
-------------------------------
Name: David R. Jordan
Title: Secretary
Dated: February 7, 2000
<PAGE> 1
<TABLE>
<CAPTION>
F118 F28 H28 J28 L28
BANK OF NEW YORK DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES FOR THE PERIOD ENDED: 25-JAN-00
SERIES 1999D LOCK-OUT DATE: DEC-03
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S) SECTION 7.01 - GROUP I
CLASS I A-1 CLASS I A-2 CLASS I A-3 CLASS I A-4
(a) Class I A and Class I B Distribution Amounts 1,347,371.17 176,054.17 152,966.67 155,446.30
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 370,751.40
(b) Partial Prepayments Received 28,056.15
(c) Principal Payments in Full (Scheduled Balance) 740,953.21
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 1,139,760.76 0.00 0.00 0.00
(c) Interest Distribution 207,610.41 176,054.17 152,966.67 155,446.30
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 207,610.41 176,054.17 152,966.67 155,446.30
(d) Beginning Class I A and Class I B Principal
Balance 40,232,951.10 31,000,000.00 26,000,000.00 25,483,000.00
Less: Principal Distribution 1,139,760.76 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal
Balance 39,093,190.34 31,000,000.00 26,000,000.00 25,483,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 CLASS I A-1 0.90914396
Section 6.02 Reimbursement Amount 14,298.00 CLASS I A-2 1.00000000
Reimburseable Fees 0.00 CLASS I A-3 1.00000000
------------- CLASS I A-4 1.00000000
Total Fees Due Servicer 14,298.00 CLASS I A-5 1.00000000
CLASS I M-1 1.00000000
NO. OF UNPAID PRINCIPAL CLASS I B-1 1.00000000
(f) Delinquency CONTRACTS BALANCE CLASS I B-2 1.00000000
31-59 Days Delinquent 82 2,949,761
60-89 Days Delinquent 14 410,328
90+ Days Delinquent 9 382,250
3-Month Avg Thirty-day Delinquency Ratio 3.10%
3-Month Avg Sixty-day Delinquency Ratio 0.32%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 386,910.30
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 73,427.08
(Y) Remaining Amount Available 430,699.13
------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
NO. $
(p) Units Repossessed 9 331,950.81
(q) Principal Prepayments Paid 769,009.36
(r) Scheduled Principal Payments 370,751.40
(s) Weighted Average Interest Rate 10.46%
<CAPTION>
F118 N28 P28 R28 T28
BANK OF NEW YORK
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
SERIES 1999D
<S> <C> <C> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S) SECTION 7.01 - GROUP I
CLASS I A-5 CLASS I M-1 CLASS I B-1 CLASS I B-2
(a) Class I A and Class I B Distribution Amounts 45,056.55 41,571.54 45,186.46 73,427.08
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------ ------------ -------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 45,056.55 41,571.54 45,186.46 73,427.08
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ -------------
Total Interest Distribution 45,056.55 41,571.54 45,186.46 73,427.08
(d) Beginning Class I A and Class I B Principal
Balance 6,972,000.00 6,197,000.00 6,197,000.00 10,070,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------ ------------ -------------
Remaining Class A and Class B Principal
Balance 6,972,000.00 6,197,000.00 6,197,000.00 10,070,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 43,000,000.00 5.9925% 5.79250% Libor
Section 6.02 Reimbursement Amount 31,000,000.00 6.8150% 0.20% Spread
Reimburseable Fees 26,000,000.00 7.0600%
5,483,000.00 7.3200%
Total Fees Due Servicer 6,972,000.00 7.7550%
6,197,000.00 8.0500%
NO. OF UNPAID PRINCIPAL 6,197,000.00 8.7500%
(f) Delinquency CONTRACTS BALANCE 10,070,000.00 8.7500%
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
3-Month Avg Thirty-day Delinquency Ratio 3.10%
3-Month Avg Sixty-day Delinquency Ratio 0.32%
<CAPTION>
F118
BANK OF NEW YORK
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES
SERIES 1999D
<S> <C> <C> <C> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S) SECTION 7.01 - GROUP I
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
897,319.18
(c) Interest Distribution 1,254,591.23
Unpaid Interest Shortfall
Total Interest Distribution
When
(d) Beginning Class I A and Class I B Principal
Balance 151,012,190.34
Less: Principal Distribution 1,139,760.76 is less than
Remaining Class A and Class B Principal 154,919,000.00
Balance 0.10
5,491,900.00
(e) Fees Due Servicer
Monthly Servicing Fee We can prepay
Section 8.06 Reimbursement Amount Rate
Section 6.02 Reimbursement Amount CLASS A-1 5.993% 40,232,951.10 2,410,960
Reimburseable Fees CLASS A-2 6.815% 31,000,000.00 2,112,650
CLASS A-3 7.060% 26,000,000.00 1,835,600
Total Fees Due Servicer CLASS A-4 7.320% 25,483,000.00 1,865,356
CLASS A-5 7.755% 6,972,000.00 540,679
NO. OF UNPAID PRINCIPAL CLASS A-6 8.050% 6,197,000.00 498,859
(f) Delinquency CONTRACTS BALANCE CLASS B-1 8.750% 6,197,000.00 542,238
CLASS B-2 8.750% 10,070,000.00 881,125
31-59 Days Delinquent
60-89 Days Delinquent 152,151,951.10 10,687,46 7.02%
90+ Days Delinquent
3-Month Avg Thirty-day Delinquency Ratio 3.10%
3-Month Avg Sixty-day Delinquency Ratio 0.32%
</TABLE>
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<TABLE>
<CAPTION>
BANK OF NEW YORK DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES FOR THE PERIOD ENDED: 25-JAN-00
SERIES 1999D LOCK-OUT DATE: DEC-03
<S> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,224,049.00
Certificate Account Balance at Monthly Cutoff-SubServicer-21st 288,376.27
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 6,946.69
(iii) Section 5.05 Certificate Fund Income-Subservicer-21st 705.82
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 97,983.98
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Subservicer-21st 13,443.81
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 14,298.00
(V) Section 6.04 (C) Reimbursement 0.00
(vi) Section 8.06 Reimbursement 0.00
(vii) Amounts Not Required to be Deposited-Subservicer-21st 0.00
Total Due Servicer 14,298.00
Available Distrubution Amount-Vanderbilt 2,118,713.71
Available Distrubution Amount-Subservicer-21st 275,638.28
To Class A and B 2,037,079.94
Monthly Excess Cashflow 357,272.05
Weighted Average Remaining Term (Months) 230.00
Scheduled Balance Computation
Prior Month Balance 152,151,951.10
Current Balance 151,033,581.94
Adv Principal 27,796.38
Del Principal 49,187.98
Pool Scheduled Balance 151,012,190.34
Principal Payments in Full 740,953.21
Partial Prepayments 28,056.15
Scheduled Principal 370,751.40
Collateral Balance 151,033,581.94
</TABLE>
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<TABLE>
<CAPTION>
F130 F29 H29 J29 L29
BANK OF NEW YORK DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999D FOR THE PERIOD ENDED: 25-JAN-00
LOCK-OUT DATE: DEC-03
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
CLASS II A-1 CLASS II B-1 CLASS II B-2 CLASS II B-3
(v) Class II A and Class II B Distribution Amounts 2,322,883.91 73,721.24 24,411.28 40,743.27
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 222,343.69
(b) Partial Prepayments Received 124,421.27
(c) Principal Payments in Full (Scheduled Balance) 798,596.97
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in
(A) through (E) 0.00
(g) Accelerated Principal Payment 672,740.73
-------------- ------------- ------------ ------------
Total Principal Distribution 1,818,102.66 0.00 0.00 0.00
(x) Interest Distribution 504,781.25 73,721.24 24,411.28 40,743.27
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- ------------- ------------ ------------
Total Interest Distribution 504,781.25 73,721.24 24,411.28 40,743.27
(Y) Beginning Class I A and Class I B Principal Balance 95,433,061.89 13,227,000.00 3,969,000.00 5,291,000.00
Less: Principal Distribution 1,818,102.66 0.00 0.00 0.00
-------------- ------------- ------------ ------------
Remaining Class a and Class B Principal Balance 93,614,959.23 13,227,000.00 3,969,000.00 5,291,000.00
(Z) Fees Due Servicer
Monthly Servicing Fee 0.00 (AC) Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.00 CLASS II A-1 0.93128827 100,522,000.00
Section 6.02 ReimbUrsement Amount 20,000.00 CLASS II B-1 1.00000000 13,227,000.00
Reimburseable Fees 0.00 CLASS II B-2 1.00000000 3,969,000.00
CLASS II B-3 1.00000000 5,291,000.00
--------------
Total Fees Due Servicer 20,000.00 CLASS II B-4 1.00000000 9,259,000.00
<CAPTION>
F130 N29
BANK OF NEW YORK
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999D
<S> <C> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
CLASS II B-4
(v) Class II A and Class II B Distribution Amounts 72,096.10
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in
(A) through (E)
(g) Accelerated Principal Payment
--------------
Total Principal Distribution 0.00
(x) Interest Distribution 72,096.10 715,753.14
Unpaid Interest Shortfall 0.00
-------------
Total Interest Distribution 72,096.10 When
125,360,959.23
(Y) Beginning Class I A and Class I B Principal Balance 9,259,000.00 Is Less Than
Less: Principal Distribution 0.00 1,818,102.66 123,009,000.00
-------------- X
Remaining Class A and Class B Principal Balance 9,259,000.00 0.10
12,300,900.00
(Z) Fees Due Servicer We can prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 6.1425% 5.79250% 0.35% 95,433,062 5,861,976
Section 6.02 ReimbUrsement Amount 6.4725% 0.68% 13,227,000 856,118
Reimburseable Fees 7.1425% 1.35% 3,969,000 283,486
8.9425% 3.15% 5,291,000 473,148
---------------------
Total Fees Due Servicer 9.0425% 3.25% 117,920,062 7,474,727 6.34%
<CAPTION>
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 111 4,087,037
60-89 Days Delinquent 30 1,253,542
90+ Days Delinquent 3 101,238
3-Month Avg Thirty-Day Delinquency 2.10%
3-Month Avg Sixty-Day Delinquency 0.50%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 95,949.54
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 40,743.27
(y) Remaining Amount Available 315,468.68
------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units Repossessed 4 103,799.48
(al) Principal Prepayments Paid 923,018.24
(am) Scheduled Principal Payments 222,343.69
(an) Weighted Average Interest Rate 10.17%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
F130 F29 H29 J29 L29
BANK OF NEW YORK DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999D FOR THE PERIOD ENDED: 25-JAN-00
LOCK-OUT DATE: DEC-03
<S> <C> <C> <C> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,231,709.11
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 7,021.53
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 42,146.89
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes From Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 20,000.00
(v) Section 6.04 (C) Reimbursement 0.00
(vi) Section 8.06 Reimbursement 0.00
(vii) Amounts Not Required to be Deposited-Subservicer 0.00
TOtal Due Servicer 20,000.00
Available Distrubution Amount 2,176,583.75
to Class a and B - Scheduled Principal and Interest 1,861,115.07
Monthly Excess Cashflow Class II 315,468.68
Monthly Excess Cashflow Class I 357,272.05
Accelerated Principal Payment 672,740.73
Weighted Average Remaining Term (Months) 235.00
Scheduled Balance Computation
Prior Month Balance 128,963,519.35
Current Balance 127,863,699.81
Adv Principal 7,689.08
Del Principal 53,231.47
Pool Scheduled Balance 127,818,157.42
Principal Payments in Full 798,596.97
Partial Prepayments 124,421.27
Scheduled Principal 222,343.69
Collateral Balance 127,863,699.81
Overcollateralization Amount 2,457,198
Required Overcollateralization Amount 4,629,411
</TABLE>
