January 13, 2000
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: United PanAm Mortgage Loan Trust 1999-2 Asset-Backed Certificates,
Series 1999-2; File No. 333-62547.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of October 1, 1999 (the "Pooling and Servicing Agreement")
among Asset Backed Funding Corporation, as depositor (the "Depositor"),
Pan American Bank, FSB, as seller (in such capacity, the "Seller") and
master servicer (in such capacity, the "Master Servicer") and Bankers
Trust Company of California, N.A., as trustee (the "Trustee").
The United PanAm Mortgage Loan Asset Backed Certificates, Series 1999-2
will issue the Class A-1 and Class A-2 Certificates (together, the "Class
A Certificates"), the Class X Certificate and the Class R Certificates
(the "Residual Certificates"). The Class A Certificates, the Class X
Certificate and the Residual Certificates are collectively referred to in
the Prospectus Supplement dated October 7, 1999 as the "Certificates."
Only the Offered Certificates are offered hereby.
The Offered Certificates were registered under the Securities Act of 1933,
as amended, by a Registration Statement on Form S-11 (File No.
333-62547). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The Trust intends to fulfill these filing
requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as defined in
the Pooling and Servicing Agreement), a Current Report on Form 8-K in
substantially the form enclosed herewith, including as an exhibit thereto
the applicable Distribution Date report. Each such Current Report will
also disclose under Item 5 any matter occurring during the relevant
reporting period which would be reportable under Item 1, 2, 4 or 5 of
Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 247-6255.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for United PanAm Mortgage Loan Trust 1999-2
Asset-Backed Certificates, Series 1999-2.
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): November 26, 1999
ASSET BACKED FUNDING CORPORATION,
as Depositor, Pan American Bank, FSB, as Seller and Master Servicer,
and Bankers Trust Company of California, N.A., as trustee (the
"Trustee") under the Pooling and Servicing Agreement, dated as of
October 1, 1999, providing for the issuance of the United PanAm
Mortgage Loan Trust 1999-2 Asset-Backed Certificates, Series 1999-2.
UNITED PANAM MORTGAGE LOAN ASSET BACKED CERTIFICATES 1999-2
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-62547 75-2533468
(Commission File Number) (I.R.S. Employer Identification No.)
100 NORTH TRYON STREET
CHARLOTTE, NORTH CAROLINA 28255
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (704) 386-2400
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements to the
Certificateholders which was derived from the monthly information
submitted by the Master Servicer of the Trust to the Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
November 26, 1999.
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, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of October 1, 1999.
Date: January 13, 2000 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders
dated as of November 26, 1999.
United PanAm Mortgage Loan Trust 1999-2
Asset Backed Certificates
November 26, 1999 Distribution
Contents
TABLE OF CONTENTS
> Page
1. Cont
>ents 1
2. Cert
>ificate Payment Report 2
3. Coll
>ection Account Report 8
4. Cred
>it Enhancement Report 11
5. Coll
>ateral Report 12
6. Deli
>nquency Report 15
7. REO
>Report 18
8. Prep
>ayment Report 19
9. Prep
>ayment Detail Report 22
10. Real
>ized Loss Report 23
11. Real
>ized Loss Detail Report 26
12. Trig
>gers, Adj. Rate Cert. and Miscellaneous Report 27
Tota
>l Number of Pages
> 27
CONTACTS
Adm
>inistrator: Andrea B. Davidson
Dir
>ect Phone Number: (714)247-6412
Add
>ress: Deutsche Bank
> 1761 E. St. Andrew Place, Santa Ana, CA 92705
Web
> Site: http://www-apps.gis.deutsche-bank.com/invr
Fac
>tor Information: (800) 735-7777
Mai
>n Phone Number: (714) 247-6000
ISSUANCE INFORMATION
Seller: United PanAm Mortga
>ge Cut-Off Date:
> October 12, 1999
Certificate Insurer: Financial Security
>Assurance Inc. Closing Date:
> October 12, 1999
Servicer(s): Fairbanks Capital C
>orp. Sub-Servicer First Payment Date:
> November 26, 1999
Pan American Bank
> Master Servicer
Fairbanks Capital C
>orp. Special Servicer
Underwriter(s): Banc Of America Sec
>urities LLC Underwriter Distribution Date:
> November 26, 1999
> Record Date:
> November 25, 1999
>
> October 31, 1999
> Page 1 of 27
> (c) COPYRIGHT 1999 Deutsche Bank
HISTORICAL DATA
> - STATEMENT 1 GROUP TOTAL
1
issue_idperiod
> t_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
UP9902 199911
> 01.44E+0810975508 2355364 0 0 1126 96 22
> 0 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 1
1
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
UP9902 199911
> 11.06E+08 7655620 1956338 0 0 1012 86 21
> 0 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 2
1
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
UP9902 199911
> 238125677 3319888399025.5 0 0 114 10 1
> 0 0 0 0 0 0 0 0 0 0
> 0
HISTORICAL DATA
> - STATEMENT 1 GROUP 3
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
HISTORICAL DATA
> - STATEMENT 1 GROUP 4
0
issue_idperiod
>sub_poolt_del_0_t_del_1_t_del_2_t_del_3_t_del_4_t_del_0 t_del_1 t_del_2 t_del_
>3t_del_4 t_for_0_t_for_1_t_for_2_t_for_3_t_for_4_t_for_0 t_for_1 t_for_2 t_for
>_3
>
> 0 0
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 013330871 118 0 0 0 0 0 01.96E
>+08
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 0 9611958 107 0 0 0 0 0 01.47E
>+08
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
0 0 0 0 0 0 0 0 0
>0 0 0 0 0 0 0 0 0 0
> 0 0 3718914 11 0 0 0 0 0 048825
>542
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
t_for_4 t_bnk_0_t_bnk_1_t_bnk_2_t_bnk_3_t_bnk_4_t_bnk_0 t_bnk_1 t_bnk_2 t_bnk_3
>t_bnk_4 t_reo_0_t_reo_1_t_reo_2_t_reo_3_t_reo_4_t_reo_0 t_reo_1 t_reo_2 t_reo_
>3t_reo_4 t_del_tot_del_tot_for_tot_for_tot_bnk_tot_bnk_tot_reo_tot_reo_tot_beg
>_ba
26
>0 0 356.158
> 0 0 0.06935449
92242.47 320663399021.82 0 0 26
>0 0 354.069
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
1.92E+08 1580 155492242.47 320663399021.82 0 0 26
>0 0 015914.1265590.64193446391836658218166244349.7502354.59193.5778
>780.0561680.1629880.1019350.0089730.008973 0 0 0.06935449
>
> 0 0.06668261
67293.97 249905974640.76 0 0 24
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
1.44E+08 1435 141167293.97 249905974640.76 0 0 24
>0 0 013024.48 48136.3147353491400142013853001 349354.06983.5476
>66 0.056220.1643540.1022180.0090370.009037 0 0 0.066682612
>
> 0 0.07736673
24948.5707573.624381.06 0 0 2
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
48068639 145 143 24948.5707573.624381.06 0 0 2
>0 0 0 2889.6417454.34 4609290 4365163 4313243 352356.15773.6684
>730.0560120.1588820.101085 0.00878 0.00878 0 0 0.077366733
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
>
> 0 0
0 0 0 0 0 0
>0 0
> 0
t_prepayt_repur
>ct_liquid_loan warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cup_down
t_end_bat_beg_lot_end_lot_sch_prt_prepayt_curt t_repurct_liquidt_prepayt_repur
>ct_liquidt_prepayt_curr_st_del_sft_curr_wt_curr_wt_curr_wt_wamm warat was
> wa_grosswa_max_iwa_min_iwa_per_cwa_per_cpool_reareo_bookt_del_1_2_bal_p
0 0.06935449 0 0 0 0.1
>01
0 0.0
>94
BankruptREO Total Total Total
>
> Total Total Total
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.06935449 0 0 0 Nov-99192.21350.0988
>93 0.0169070.983093
> 0.0169070.185043 0.1850433.57787825.85926
0 0.06668261 0 0 0
BankruptREO Group I Group I Group
>I
> Group I Group I Group I
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa1or 2 padel_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.066682612 0 0 0 Nov-99144.14490.1003
>87 0.0175420.982458
> 0.0175420.191334 0.1913343.54766626.96615
0 0.07736673 0 0 0
BankruptREO Group IIGroup IIGroup
>II
> Group II Group II Group II
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0.077366733 0 0 0 Nov-9948.068640.0944
>03 0.0149990.985001
> 0.0149990.165857 0.1658573.66847322.60569
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
0 0 0 0 0
BankruptREO
t_del_3_4_bal_pt_del_total_bal_p t_for_tot_bnk_tot_reo_toPeriod t_end_bawac
> 1or 2 pa3+ pay 6del_totafor_totabnk_totareo_tota1MSMM (1-1MSMM3MSMM 12MSM
>M CUMSMM 1MCPR 3MCPR 12MCPR CUMCPR MIN(30,W1MPSA 3MPSA 12MPSA
>
> Printing Pages Starting# Pages # Pag
>es
Total Total
>
> 1 1Contents 1 1
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity 2 2Certificate Payment Repo 2 6
> 0
25.859263305.654 0 1 0 0
> 0 0 0
> 3 3Collection Account Repor 8 3
> 0
>
> 4 4Credit Enhancement Repor 11 1
>
> 5 5Collateral Report 12 3
> 0
>
> 6 6Delinquency Report 15 3
> 0
>
> 7 7REO Report 18 1
>
> 8 Foreclosure Report 0
>
> 9 8Prepayment Report 19 3
> 0
>
> 10 9Prepayment Detail Report 22 1
>
> 11 10Realized Loss Report 23 3
> 0
>
> 12 11Realized Loss Detail Rep 26 1
>
> 13 12Triggers, Adj. Rate Cert 27 1
>
> 14 Other Related Information 0
>
> 15 Additional Certificate Report 0
>
> 16 Historical Certificate Payment Report
>
> 17 Credit Ratings
>
> Total Total Total Number of Pages 27
Group I Group I Group I
> Group I Group I
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
26.96615 2573.7 0 1 0 0
> 0 0 0
Group IIGroup II Group II
> Group II Group II
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
22.60569731.9546 0 1 0 0
> 0 0 0
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
CUMPSA prep+cur1MMDR (1-MDR) 3MMDR 12MMDR CUMMDR 1MCDR 3MCDR 12MCDR
>CUMCDR 1MSDA 3MSDA 12MSDA CUMSDA loss_sev3M_loss_12M_lossCUM_loss_sever
>ity
# Pages Total # # Standard Pgs per Report
1 1
0 6 2 1
0 3 3 1
1 1 1
0 3 3 1
0 3 1 1
1 1
0 0
0 3 3 1
1 1
0 3 3 1
1 1
1 1 1
0 0
0 1 0
0 0
0 0
27
