DELTA FUNDING HOME EQUITY LOAN TR 99-3 HOME EQ AS BK SE 99-3
8-K, 1999-12-29
ASSET-BACKED SECURITIES
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                                  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 15, 1999

                            DELTA FUNDING CORPORATION
            Home Equity Loan Asset-Backed Certs., Series 1999-3


New York (governing law of          333-51545-05   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, MD                                        (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 15, 1999 a distribution was made to holders of DELTA FUNDING
CORPORATION, Home Equity Loan Asset-Backed Certs., Series 1999-3.



  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             Home Equity Loan Asset-Backed Certs.,
                                 Series 1999-3 , relating to the
                                  December 15, 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.



                             DELTA FUNDING CORPORATION
             Home Equity Loan Asset-Backed Certs., Series 1999-3

              By:   Norwest Bank Minnesota, N.A., as Securities Administrator
              By:   /s/ Sherri  Sharps, Vice President
              By:   Sherri  Sharps, Vice President
              Date: 12/29/99


                                INDEX TO EXHIBITS

Exhibit Number                   Description

EX-99.1        Monthly report distributed to holders of Home Equity Loan
                Asset-Backed Certs., Series 1999-3, relating to the
                December 15, 1999 distribution.






<TABLE>
<CAPTION>
Delta Funding Corporation
Mortgage Pass-Through Certificates
Record Date:            11/30/99
Distribution Date:     12/15/99


DFH  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-1F       24763LFU9         SEN          7.46200%    418,160,000.00    2,600,258.27    3,342,712.08
    A-2F       24763LFV7         SEN          7.56100%     32,790,000.00      206,604.32      262,118.64
    IOF        24763LFW5         SEN          6.00000%              0.00    1,001,000.00            0.00
    A-1A       24763LFX3         SEN          6.01750%    150,000,000.00      376,093.75    1,199,078.85
    M-1        24763LFY1         MEZ          7.60000%     44,450,000.00      281,516.67            0.00
    M-2        24763LFZ8         MEZ          7.60000%     24,850,000.00      157,383.33            0.00
     B         24763LGA2         JUN          7.60000%     29,750,000.00      188,416.67            0.00
    BIO        DFH993BIO         JUN          0.00000%              0.00            0.00            0.00
     P         DFH99300P         SEN          0.00000%            100.00       45,326.98            0.00
     OC        DFH9903OC         SEN          0.00000%              0.00            0.00            0.00
    R-1        DFH9903R1         JUN          0.00000%              0.00            0.00            0.00
    R-2        DFH9903R2         JUN          0.00000%              0.00            0.00            0.00
    R-3        DFH9903R3         JUN          0.00000%              0.00            0.00            0.00
Totals                                                    700,000,100.00    4,856,599.99    4,803,909.57
</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-1F                           0.00         414,817,287.92             5,942,970.35                      0.00
A-2F                           0.00          32,527,881.36               468,722.96                      0.00
IOF                            0.00                   0.00             1,001,000.00                      0.00
A-1A                           0.00         148,800,921.15             1,575,172.60                      0.00
M-1                            0.00          44,450,000.00               281,516.67                      0.00
M-2                            0.00          24,850,000.00               157,383.33                      0.00
B                              0.00          29,750,000.00               188,416.67                      0.00
BIO                            0.00                   0.00                     0.00                      0.00
P                              0.00                   0.00                45,326.98                      0.00
OC                             0.00             738,130.70                     0.00                      0.00
R-1                            0.00                   0.00                     0.00                      0.00
R-2                            0.00                   0.00                     0.00                      0.00
R-3                            0.00                   0.00                     0.00                      0.00
Totals                         0.00         695,934,221.13             9,660,509.56                      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-1F                418,160,000.00     418,160,000.00         364,974.11    2,977,737.97           0.00            0.00
A-2F                 32,790,000.00      32,790,000.00          28,619.43      233,499.21           0.00            0.00
IOF                           0.00               0.00               0.00            0.00           0.00            0.00
A-1A                150,000,000.00     150,000,000.00          51,148.21    1,147,930.64           0.00            0.00
M-1                  44,450,000.00      44,450,000.00               0.00            0.00           0.00            0.00
M-2                  24,850,000.00      24,850,000.00               0.00            0.00           0.00            0.00
B                    29,750,000.00      29,750,000.00               0.00            0.00           0.00            0.00
BIO                           0.00               0.00               0.00            0.00           0.00            0.00
P                           100.00             100.00               0.00            0.00           0.00            0.00
OC                            0.00               0.00               0.00            0.00           0.00            0.00
R-1                           0.00               0.00               0.00            0.00           0.00            0.00
                              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
                              0.00               0.00               0.00            0.00           0.00            0.00
R-3                           0.00               0.00               0.00            0.00           0.00            0.00
                              0.00               0.00               0.00            0.00           0.00            0.00
Totals              700,000,100.00     700,000,100.00         444,741.75    4,359,167.82           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-1F                          3,342,712.08        414,817,287.92           0.99200614      3,342,712.08
A-2F                            262,118.64         32,527,881.36           0.99200614        262,118.64
IOF                                   0.00                  0.00           0.00000000              0.00
A-1A                          1,199,078.85        148,800,921.15           0.99200614      1,199,078.85
M-1                                   0.00         44,450,000.00           1.00000000              0.00
M-2                                   0.00         24,850,000.00           1.00000000              0.00
B                                     0.00         29,750,000.00           1.00000000              0.00
BIO                                   0.00                  0.00           0.00000000              0.00
P                                     0.00                  0.00           0.00000000              0.00
OC                                    0.00            738,130.70           0.00000000              0.00
R-1                                   0.00                  0.00           0.00000000              0.00
R-1                                   0.00                  0.00           0.00000000              0.00
R-2                                   0.00                  0.00           0.00000000              0.00
R-2                                   0.00                  0.00           0.00000000              0.00
R-3                                   0.00                  0.00           0.00000000              0.00
R-3                                   0.00                  0.00           0.00000000              0.00
Totals                        4,803,909.57        695,934,221.13           0.99419160      4,803,909.57
</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-1F                  418,160,000.00       1000.00000000         0.87280971          7.12104929        0.00000000
A-2F                   32,790,000.00       1000.00000000         0.87280970          7.12104941        0.00000000
IOF                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
A-1A                  150,000,000.00       1000.00000000         0.34098807          7.65287093        0.00000000
M-1                    44,450,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
M-2                    24,850,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
B                      29,750,000.00       1000.00000000         0.00000000          0.00000000        0.00000000
BIO                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
P                             100.00       1000.00000000         0.00000000          0.00000000        0.00000000
OC                              0.00          0.00000000         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
R-3                             0.00          0.00000000         0.00000000          0.00000000        0.00000000
<FN>
All Classes are 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-1F                    0.00000000          7.99385900            992.00614100          0.99200614         7.99385900
A-2F                    0.00000000          7.99385910            992.00614090          0.99200614         7.99385910
IOF                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
A-1A                    0.00000000          7.99385900            992.00614100          0.99200614         7.99385900
M-1                     0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
M-2                     0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
B                       0.00000000          0.00000000          1,000.00000000          1.00000000         0.00000000
BIO                     0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
P                       0.00000000          0.00000000              0.00000000          0.00000000         0.00000000
OC                      0.00000000          0.00000000  1845326749999.99980000          0.00000000         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
R-3                     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-1F              418,160,000.00        7.46200%     418,160,000.00        2,600,258.27           0.00             0.00
A-2F               32,790,000.00        7.56100%      32,790,000.00          206,604.32           0.00             0.00
IOF                         0.00        6.00000%     200,200,000.00        1,001,000.00           0.00             0.00
A-1A              150,000,000.00        6.01750%     150,000,000.00          376,093.75           0.00             0.00
M-1                44,450,000.00        7.60000%      44,450,000.00          281,516.67           0.00             0.00
M-2                24,850,000.00        7.60000%      24,850,000.00          157,383.33           0.00             0.00
B                  29,750,000.00        7.60000%      29,750,000.00          188,416.67           0.00             0.00
BIO                         0.00        0.00000%               0.00                0.00           0.00             0.00
P                         100.00        0.00000%             100.00                0.00           0.00             0.00
OC                          0.00        0.00000%               0.00                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
R-3                         0.00        0.00000%               0.00                0.00           0.00             0.00
Totals            700,000,100.00                                           4,811,273.01           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-1F                           0.00                0.00         2,600,258.27                0.00     414,817,287.92
 A-2F                           0.00                0.00           206,604.32                0.00      32,527,881.36
 IOF                            0.00                0.00         1,001,000.00                0.00     200,200,000.00
 A-1A                           0.00                0.00           376,093.75                0.00     148,800,921.15
 M-1                            0.00                0.00           281,516.67                0.00      44,450,000.00
 M-2                            0.00                0.00           157,383.33                0.00      24,850,000.00
 B                              0.00                0.00           188,416.67                0.00      29,750,000.00
 BIO                            0.00                0.00                 0.00                0.00               0.00
 P                              0.00                0.00            45,326.98                0.00               0.00
 OC                             0.00                0.00                 0.00                0.00         738,130.70
 R-1                            0.00                0.00                 0.00                0.00               0.00
 R-2                            0.00                0.00                 0.00                0.00               0.00
 R-3                            0.00                0.00                 0.00                0.00               0.00
 Totals                         0.00                0.00         4,856,599.99                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-1F                418,160,000.00        7.46200%        1000.00000000        6.21833334        0.00000000        0.00000000
A-2F                 32,790,000.00        7.56100%        1000.00000000        6.30083318        0.00000000        0.00000000
IOF                           0.00        6.00000%        1000.00000000        5.00000000        0.00000000        0.00000000
A-1A                150,000,000.00        6.01750%        1000.00000000        2.50729167        0.00000000        0.00000000
M-1                  44,450,000.00        7.60000%        1000.00000000        6.33333341        0.00000000        0.00000000
M-2                  24,850,000.00        7.60000%        1000.00000000        6.33333320        0.00000000        0.00000000
B                    29,750,000.00        7.60000%        1000.00000000        6.33333345        0.00000000        0.00000000
BIO                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
P                           100.00        0.00000%        1000.00000000        0.00000000        0.00000000        0.00000000
OC                            0.00        0.00000%           0.00000000        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
R-3                           0.00        0.00000%           0.00000000        0.00000000        0.00000000        0.00000000
<FN>
All Classes are 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-1F                  0.00000000        0.00000000         6.21833334          0.00000000          992.00614100
A-2F                  0.00000000        0.00000000         6.30083318          0.00000000          992.00614090
IOF                   0.00000000        0.00000000         5.00000000          0.00000000         1000.00000000
A-1A                  0.00000000        0.00000000         2.50729167          0.00000000          992.00614100
M-1                   0.00000000        0.00000000         6.33333341          0.00000000         1000.00000000
M-2                   0.00000000        0.00000000         6.33333320          0.00000000         1000.00000000
B                     0.00000000        0.00000000         6.33333345          0.00000000         1000.00000000
BIO                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
P                     0.00000000        0.00000000    453269.80000000          0.00000000            0.00000000
OC                    0.00000000        0.00000000         0.00000000          0.00000000 845326749999.99980000
R-1                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R-2                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
R-3                   0.00000000        0.00000000         0.00000000          0.00000000            0.00000000
<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 Component Statement
                      Component       Beginning            Ending       Beginning            Ending          Ending
                  Pass-Through        Notional          Notional       Component         Component       Component
                          Rate         Balance           Balance         Balance           Balance      Percentage
Class
<S>             <C>             <C>               <C>               <C>               <C>               <C>
      MBIA          1,200.00000%             0.00               0.00             0.00               0.00      0.00000000%
       SEN              0.00000%             0.00               0.00             0.00               0.00      0.00000000%

</TABLE>
<TABLE>
<CAPTION>
                                             CERTIFICATEHOLDER ACCOUNT STATEMENT
                                                      CERTIFICATE ACCOUNT

<S>                                                                                   <C>
Beginning Balance                                                                                        0.00
Deposits
    Payments of Interest and Principal                                                           9,934,133.33
    Liquidations, Insurance Proceeds, Reserve Funds                                                      0.00
    Proceeds from Repurchased Loans                                                                      0.00
    Other Amounts (Servicer Advances)                                                                    0.00
    Realized Losses                                                                                      0.00
Total Deposits                                                                                   9,934,133.33

Withdrawals
    Reimbursement for Servicer Advances                                                                  0.00
    Payment of Service Fee                                                                         273,623.77
    Payment of Interest and Principal                                                            9,660,509.56
Total Withdrawals (Pool Distribution Amount)                                                     9,934,133.33

Ending Balance                                                                                           0.00

</TABLE>
<TABLE>
<CAPTION>

                                            PREPAYMENT/CURTAILMENT INTEREST SHORTFALL


<S>                                                                                   <C>
Total Prepayment/Curtailment Interest Shortfall                                                      5,958.92
Servicing Fee Support                                                                                5,958.92

Non-Supported Prepayment/Curtailment Interest Shortfall                                                  0.00
</TABLE>
<TABLE>
<CAPTION>

                                                         SERVICING FEES


<S>                                                                                   <C>
Gross Servicing Fee                                                                                237,237.03
Certificate Administration Fee                                                                       7,291.66
Supported Prepayment/Curtailment Interest Shortfall                                                  5,958.92
Net Servicing Fee                                                                                  238,569.77

</TABLE>
<TABLE>
<CAPTION>

                                                         OTHER ACCOUNTS
                                               Beginning          Current          Current          Ending
Account Type                                     Balance      Withdrawals         Deposits         Balance
<S>                                    <C>                 <C>               <C>              <C>
Net Rate Cap Fund                                 5,000.00              0.00              0.00         5,000.00
Reserve Fund                                          0.00              0.00              0.00             0.00
Class P Deposit                                     100.00              0.00              0.00             0.00
Reserve Fund                                          0.00              0.00              0.00             0.00
Libor Carryover Fund                              5,000.00              0.00              0.00         5,000.00
Financial Guaranty                                    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                                 224     16,634,648.47               3.063457%          2.942607%
60 Days                                  76      5,546,237.51               1.039387%          0.981109%
90+ Days                                  2        104,589.66               0.027352%          0.018502%
Foreclosure                               0              0.00               0.000000%          0.000000%
REO                                       0              0.00               0.000000%          0.000000%
Totals                                  302     22,285,475.64               4.130197%          3.942217%
</TABLE>
<TABLE>
<CAPTION>

                                                       OTHER INFORMATION
<S>                                                                             <C>
Current Period Realized Loss - Includes Interest Shortfall                                           0.00
Cumulative Realized Losses - Includes Interest Shortfall                                             0.00
Principal Balance of Contaminated Properties                                                         0.00
Current Period Class A Insufficient Funds                                                            0.00
Periodic Advance                                                                                     0.00
</TABLE>






 <TABLE>
 <CAPTION>
                               COLLATERAL STATEMENT
 <S>                                                                       <C>
 Collateral Description                                         Mixed Fixed & Arm

 Weighted Average Gross Coupon                                        12.284942%
 Weighted Average Net Coupon                                          11.784942%
 Weighted Average Pass-Through Rate                                   11.769574%
 Weighted Average Maturity(Stepdown Calculation )                            359
 Beginning Scheduled Collateral Loan Count                                 7,353

 Number Of Loans Paid In Full                                                 41
 Ending Scheduled Collateral Loan Count                                    7,312
 Beginning Scheduled Collateral Balance                           700,000,000.01
 Ending Scheduled Collateral Balance                              565,303,105.26
 Ending Actual Collateral Balance at 30-Nov-1999                  565,447,406.43
 Monthly P &I Constant                                              6,273,628.15
 Ending Scheduled Balance for Premium Loans                       565,303,105.26
 Scheduled Principal                                                  444,742.52
 Unscheduled Principal                                              3,621,038.82

 Required Overcollateralization Amount                                      0.00
 Overcollateralized Increase Amount                                   738,130.70
 Overcollateralized reduction Amount                                        0.00
 Specified O/C Amount                                               9,800,000.00
 Overcollateralized Amount                                            738,130.70
 Overcollateralized Deficiency Amount                               9,800,000.00
 Base Overcollateralized Amount                                             0.00
 Extra principal distribution Amount                                  738,130.70
 Excess Cash Amount                                                   738,030.70
 </TABLE>
<TABLE>
<CAPTION>
           <S>                                        <C>
Group F Curtailments                                             $147,380.84
Group A Curtailments                                              $17,599.50
Group F Allocated Pre-Funding Amount                         $101,332,860.33
Group A Allocated Pre-Funding Amount                          $29,298,255.55
</TABLE>
 <TABLE>
 <CAPTION>
                                      Group Level Collateral Statement
 <S>                                                                <C>
 Group ID                                                                     2                         4                   Total
 Collateral Description                                           Fixed 30 Year                 Mixed ARM
 Weighted Average Coupon Rate                                         12.896118                 10.734398
 Weighted Average Net Rate                                            12.380748                 10.218864
 Weighted Average Maturity                                                 0.00                      0.00
 Beginning Loan Count                                                     5,853                     1,500                   7,353
 Loans Paid In Full                                                          33                         8                      41
 Ending Loan Count                                                        5,820                     1,492                   7,312
 Beginning Scheduled Balance                                     448,667,139.67            120,701,744.45          569,368,884.12
 Ending scheduled Balance                                        445,458,304.24            119,844,801.02          565,303,105.26
 Record Date                                                           11/30/99                  11/30/99
 Principal And Interest Constant                                   4,834,012.46              1,130,865.33            5,964,877.79
 Scheduled Principal                                                 393,593.54                 51,148.21              444,741.75
 Unscheduled Principal                                             2,815,241.89                805,795.22            3,621,037.11
 Scheduled Interest                                                4,457,460.13              1,079,717.12            5,537,177.25


 Servicing Fees                                                      172,821.78                 50,292.39              223,114.17
 Master Servicing Fees                                                     0.00                      0.00                    0.00
 Trustee Fee                                                               0.00                      0.00                    0.00
 FRY Amount                                                                0.00                      0.00                    0.00
 Special Hazard Fee                                                        0.00                      0.00                    0.00
 Other Fee                                                             5,729.16                  1,562.50                7,291.66
 Pool Insurance Fee                                                        0.00                      0.00                    0.00
 Spread Fee 1                                                              0.00                      0.00                    0.00
 Spread Fee 2                                                              0.00                      0.00                    0.00
 Spread Fee 3                                                              0.00                      0.00                    0.00
 Net Interest                                                      4,279,325.85              1,027,862.23            5,307,188.08
 Realized Loss Amount                                                      0.00                      0.00                    0.00
 Cumulative Realized Loss                                                  0.00                      0.00                    0.00
 Percentage of Cumulative Losses                                           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
  2     Principal Balance     11,889,687.78    4,720,593.44       104,589.66           0.00            0.00       63,581.48
        Percentage Of Balance        2.669%          1.060%           0.023%         0.000%          0.000%         0.014%
        Loan Count                      157              62                2              0               0              1
        Percentage Of Loans          2.698%          1.065%           0.034%         0.000%          0.000%         0.017%

  3     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%

  4     Principal Balance      4,744,960.69      825,644.07             0.00           0.00            0.00            0.00
        Percentage Of Balance        3.959%          0.689%           0.000%         0.000%          0.000%         0.000%
        Loan Count                       67              14                0              0               0              0
        Percentage Of Loans          4.491%          0.938%           0.000%         0.000%          0.000%         0.000%

 Totals:Principal Balance     16,634,648.47    5,546,237.51       104,589.66           0.00            0.00       63,581.48
        Percentage of Balance        2.943%          0.981%           0.019%         0.000%          0.000%         0.011%
        Loan Count                      224              76                2              0               0              1
        Percentage Of Loans          3.063%          1.039%           0.027%         0.000%          0.000%         0.014%

 </TABLE>









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