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) February 24, 2000
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV (as depositor under the Pooling
and Servicing Agreement, relating to the New South Home Equity Trust 1999-2,
Home Equity Asset Backed Certificates, Series 1999-2)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
Delaware 333-79283 06-1204982
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
1285 Avenue of the Americas, New York, New York 10019
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 713-2000
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(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. Other Events
On February 24, 2000 (the "Closing Date"), The Bank of New York (in such
capacity, the "Trustee") completed the purchase of the Subsequent Loans pursuant
to Section 2.5 of the Pooling and Servicing Agreement, dated as of November 1,
1999 (the "Pooling and Servicing Agreement"), among PaineWebber Mortgage
Acceptance Corporation IV, as depositor (the "Depositor"), New South Federal
Savings Bank, as transferor (in such capacity, the "Transferor") and servicer,
and the Trustee. The Subsequent Loans were transferred to the Trustee pursuant
to (i) a Subsequent Transfer Agreement, dated as of December 28, 1999, and (ii)
a Subsequent Transfer Agreement, dated as of February 24, 2000 (collectively,
the "Subsequent Transfer Agreements"), each among the Transferor, the Depositor
and the Trustee. Attached as Exhibit 99 are certain characteristics of the
Initial Loans and the Subsequent Loans (collectively, the "Loans"), as of
February 29, 2000 (the "Cut-Off Date").
Capitalized terms used herein and not defined herein have the same
meanings ascribed to such terms in the Pooling and Servicing Agreement.
<PAGE>
ITEM 7. Financial Statements and Exhibits
---------------------------------
(c) Exhibits
Item 601(a) of Regulation S-K
Exhibit No. Description
- ----------------------------- -----------
99 Description of the Loans
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION IV
March 9, 2000
By: /s/ Joseph Piscina
----------------------------
Joseph Piscina
President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- ----------- --------------
99 Description of the Loans E
EXHIBIT 99
GEOGRAPHIC DISTRIBUTION OF LOANS
% OF CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
JURISDICTION OF LOANS BALANCE BALANCE
- ------------ -------- --------- -----------
Alabama................................. 903 $48,992,363 22.04%
Louisiana............................... 683 35,563,008 16.00
Florida................................. 347 24,886,541 11.20
Georgia................................. 238 17,176,380 7.73
Tennessee............................... 207 15,349,173 6.91
Mississippi............................. 297 15,064,542 6.78
Illinois................................ 140 12,818,246 5.77
Arkansas................................ 115 7,237,070 3.26
California.............................. 66 6,524,774 2.94
Texas................................... 65 5,171,947 2.33
North Carolina.......................... 51 4,040,610 1.82
Colorado................................ 45 3,682,609 1.66
New York................................ 42 2,912,210 1.31
South Carolina.......................... 39 2,406,145 1.08
Washington.............................. 25 2,301,167 1.04
Wisconsin............................... 24 2,296,110 1.03
Arizona................................. 20 2,161,356 0.97
Virginia................................ 16 1,930,074 0.87
Utah.................................... 20 1,875,646 0.84
New Mexico.............................. 19 1,653,072 0.74
Nevada.................................. 18 1,564,555 0.70
Ohio.................................... 23 1,475,420 0.66
Kentucky................................ 21 1,271,612 0.57
Massachusetts........................... 11 824,292 0.37
Maryland................................ 8 741,924 0.33
Indiana................................. 5 566,371 0.25
Oregon.................................. 9 468,433 0.21
Pennsylvania............................ 2 360,551 0.16
Oklahoma................................ 4 208,723 0.09
Minnesota............................... 3 208,035 0.09
Michigan................................ 1 173,365 0.08
Connecticut............................. 2 155,466 0.07
West Virginia........................... 2 112,311 0.05
Missouri................................ 2 111,235 0.05
---- ---------- ------
Total................................. 3,473 $222,285,338 100.00%
===== ============ ======
No more than approximately 0.80% of the Loans, by Cut-Off Date principal
balance, will be secured by properties located in any one zip code.
<PAGE>
PRINCIPAL BALANCES
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
RANGE OF PRINCIPAL BALANCES OF LOANS BALANCE BALANCE
- --------------------------- -------- --------- ---------
$ 0.01 - $ 10,000.00........... 26 $ 233,799 0.11%
$ 10,000.01 - $ 15,000.00........... 121 1,568,741 0.71
$ 15,000.01 - $ 20,000.00........... 178 3,157,813 1.42
$ 20,000.01 - $ 30,000.00........... 451 11,426,746 5.14
$ 30,000.01 - $ 40,000.00........... 482 16,985,353 7.64
$ 40,000.01 - $ 50,000.00........... 464 20,893,827 9.40
$ 50,000.01 - $100,000.00........... 1,213 84,027,403 37.80
$100,000.01 - $250,000.00........... 490 68,432,636 30.79
$250,000.01 - $500,000.00........... 48 15,559,020 7.00
------ ---------- ------
Total............................... 3,473 $222,285,338 100.00%
===== ============ ======
As of the Cut-Off Date, the average unpaid principal balance of the Loans,
by Cut-Off Date principal balance, was approximately $64,004.
LIEN PRIORITY
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
LIEN PRIORITY OF LOANS BALANCE BALANCE
- ------------- -------- --------- ---------
First Lien.............................. 2,748 $201,170,179 90.50%
Second Lien............................. 725 21,115,159 9.50
------- ------------ ------
Total................................. 3,473 $222,285,338 100.00%
===== ============ ======
LOAN INTEREST RATES
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
RANGE OF LOAN INTEREST RATES OF LOANS BALANCE BALANCE
- ---------------------------- -------- --------- ----------
7.001% - 8.000%................... 40 $ 4,078,440 1.83%
8.001% - 9.000%................... 528 46,971,382 21.13
9.001% - 10.000%................... 1,124 83,864,492 37.73
10.001% - 11.000%................... 950 55,255,347 24.86
11.001% - 12.000%................... 429 19,982,326 8.99
12.001% - 13.000%................... 201 5,975,776 2.69
13.001% - 14.000%................... 137 4,258,016 1.92
14.001% - 15.000%................... 43 1,202,594 0.54
15.001% - 16.000%................... 16 570,396 0.26
16.001% - 17.000%................... 5 126,569 0.06
----- ---------- ------
Total................................ 3,473 $222,285,338 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average interest rate of the Loans,
by Cut-Off Date principal balance, was approximately 9.98% per annum.
<PAGE>
PROPERTY TYPES
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
PROPERTY TYPE OF LOANS BALANCE BALANCE
- ------------- -------- --------- ---------
Single Family........................... 3,355 $215,164,127 96.80%
Town House/Condominium.................. 49 3,083,978 1.39
Two to Four Family...................... 28 1,762,002 0.79
Manufactured Housing.................... 28 1,246,873 0.56
Condominium............................. 10 558,626 0.25
Town House.............................. 3 469,733 0.21
------ -------------- ------
Total................................. 3,473 $222,285,338 100.00%
===== ============ ======
COMBINED LOAN-TO-VALUE RATIOS
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
RANGE OF COMBINED LOAN-TO-VALUE RATIO OF LOANS BALANCE BALANCE
- ------------------------------------- -------- --------- ---------
10.001% - 15.000%.................. 1 $ 114,384 0.05
15.001% - 20.000%.................. 2 45,597 0.02
20.001% - 25.000%.................. 11 232,626 0.10
25.001% - 30.000%.................. 21 648,298 0.29
30.001% - 35.000%.................. 13 285,761 0.13
35.001% - 40.000%.................. 20 617,144 0.28
40.001% - 45.000%.................. 32 1,212,447 0.55
45.001% - 50.000%.................. 63 3,090,027 1.39
50.001% - 55.000%.................. 58 2,219,576 1.00
55.001% - 60.000%.................. 88 4,049,197 1.82
60.001% - 65.000%.................. 131 7,687,361 3.46
65.001% - 70.000%.................. 242 13,317,973 5.99
70.001% - 75.000%.................. 437 30,544,023 13.74
75.001% - 80.000%.................. 993 82,803,438 37.25
80.001% - 85.000%.................. 543 33,450,988 15.05
85.001% - 90.000%.................. 403 24,588,306 11.06
90.001% - 95.000%.................. 140 8,473,016 3.81
95.001% - 100.000%.................. 275 8,905,176 4.01
--- ----------- ------
Total................................ 3,473 $222,285,338 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average CLTV of the Loans, by Cut-Off
Date principal balance, was approximately 78.90%.
OCCUPANCY STATUS
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
OCCUPANCY OF LOANS BALANCE BALANCE
- --------- -------- --------- ----------
Owner Occupied......................... 3,393 $218,668,746 98.37%
Non-Owner Occupied..................... 63 2,929,123 1.32
Second Home............................ 17 687,469 0.31
------ -------------- ------
Total................................ 3,473 $222,285,338 100.00%
===== ============ ======
<PAGE>
AGE
% OF
CUT-OFF
AGGREGATE DATE POOL
NUMBER PRINCIPAL PRINCIPAL
RANGE OF LOAN AGE (IN MONTHS) OF LOANS BALANCE BALANCE
- ----------------------------- -------- --------- ---------
0 - 6................................ 1,946 $127,606,113 57.41%
6+ - 12................................ 1,475 91,305,026 41.08
12+ - 18................................ 42 2,752,775 1.24
18+ - 24................................ 9 603,373 0.27
OVER 24................................ 1 18,051 0.01
------ -------------- ------
Total................................. 3,473 $222,285,338 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted age of the Loans, by Cut-Off Date
principal balance, was approximately 6 months.
REMAINING TERMS TO MATURITY
% OF
CUT-OFF
AGGREGATE DATE POOL
RANGE OF REMAINING TERMS NUMBER PRINCIPAL PRINCIPAL
TO MATURITY (IN YEARS) OF LOANS BALANCE BALANCE
- ------------------------ -------- --------- ---------
Up to 5............................... 14 $ 322,962 0.15
5+ - 10............................... 168 5,741,081 2.58
10+ - 15............................... 1,833 88,608,577 39.86
15+ - 18............................... 2 73,029 0.03
18+ - 20............................... 262 14,588,202 6.56
20+ - 25............................... 9 652,002 0.29
25+ - 30............................... 1,185 112,299,485 50.52
----- ----------- -----
Total................................ 3,473 $222,285,338 100.00%
===== ============ ======
As of the Cut-Off Date, the weighted average remaining term to maturity of
the Loans, by Cut-Off Date principal balance, was approximately 267 months.
