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 27,1999
Saxon Asset Securities Trust 1999-3
Mortgage Loan Asset Backed Certificates, Series 1999-3
(Exact name of registrant as specified in its charter)
Virginia 333-59479 52-1785164
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation or organization) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code : (804) 967-7400
N/A
(Former name or former address, if changed since last report.)
Page 1 of 4
This report consists of 8 consecutively numbered pages.
<PAGE>
Item 5. Other Events.
On December 27,1999 distributions were made to the Certificateholders.
Specific information with respect to the distributions is
filed as Exhibit 99.1. No other reportable transactions or
matters have occurred during the current reporting period.
Item 7. Financial Statements and Exhibits.
(c) The following exhibits are filed as part of this report:
Monthly Payment Report on December 27,1999 filed
as Exhibit 99.1 hereto.
-2-
<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.
SAXON ASSET SECURITIES TRUST 1999-5
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-5
Date: By: /s/ Bradley D. Adams
---------------
Bradley D. Adams
Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Description of Exhibits
99.1 Monthly Payment Report Statement on
December 27,1999
-4-
<PAGE>
Exhibit 99.1
Monthly Payment Report on December 27,1999
-5-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
PAYMENT DISTRIBUTION STATEMENT
SAXON ASSET SECURITIES TRUST 1999-5
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-5
STATEMENT TO CERTIFICATEHOLDER
Distribution Date: 27-Dec-99
Cer- Cerifi-
tifi- cates
Interest cates Carry Applied
Carry Carry over Realized Total Ending
Certificate Certificate Principal Interest Forward Over Amount Loss Distri- Certificate
Class Cusip # Balance Balance Distribution Distribution Amount Amount Paid Amount bution Balance
AF 805564EY3 264,000,000.00 264,000,000.00 1,071,897.69 1,641,420.00 - N/A N/A N/A 2,713,317.69 262,928,102.31
MF-1 805564EZ0 15,750,000.00 15,750,000.00 0.00 105,367.50 - N/A N/A 105,367.50 105,367.50 15,750,000.00
MF-2 805564FA4 11,250,000.00 11,250,000.00 0.00 80,475.00 - N/A N/A 80,475.00 80,475.00 11,250,000.00
BF 805564FB2 9,000,000.00 9,000,000.00 0.00 69,750.00 - N/A N/A 69,750.00 69,750.00 9,000,000.00
C 80556C3 N/A N/A N/A - N/A N/A N/A N/A - N/A
R 80556R3 N/A N/A N/A - N/A N/A N/A N/A - N/A
TOTALS 300,000,000.00 300,000,000.00 1,071,897.69 1,897,012.50 - 2,968,910.19 298,928,102.31
300,000,000.00 300,000,000.00 1,071,897.69 1,897,012.50 2,968,910.19 298,928,102.31
Factor Information per $1,000 of the Original Balance
Certi- Current
Interest Certi- ficates Pass
Principal Interest Carry ficates Carryover End Prin Through
Class Cusip # Distribution Distribution Forward Carryover Paid Balance Rate
AF 805564EY3 4.06022 6.21750 0.00000 N/A N/A 995.93978 7.46100%
MF-1 805564EZ0 0.00000 6.69000 0.00000 N/A N/A 1,000.00000 8.02800%
MF-2 805564FA4 0.00000 7.15333 0.00000 N/A N/A 1,000.00000 8.58400%
BF 805564FB2 0.00000 7.75000 0.00000 N/A N/A 1,000.00000 9.30000%
If there are any questions or comments, please contact:
Joan Dolce
Saxon Mortgage
4880 Cox Road
Richmond, VA 23060
(804) 967-5814
-6-
<PAGE>
PAYMENT DISTRIBUTION STATEMENT
SAXON ASSET SECURITIES TRUST 1999-5
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-5
Aggregate Scheduled Mortgage Principal Balance1 226,090,041.00
Prepayment Amount 917,275.99
Substitution Shortfall Amount -
Repurchase Amounts -
Other Recoveries -
Extra Principal Distribution Amount -
Applied Realized Loss Amount -
Unpaid Realized Loss Amount -
Net Rate 9.76588%
Largest Mortgage Loan Balance 278,752.96
Servicing Fees 93,091.36
Master Servicing Fees 9,464.41
Beginning Pre-Funded Amount 72,854,206.76
Ending Pre-Funded Amount1 -
The Number and Aggregate Principal Balances
of all Delinquent Mortgage Loans as of the Remittance Date
Category Number Percentage Principal Balance
30-59 Days 70 2.12384% 4,801,800.24
60-89 Days 4 0.14100% 318,780.12
90+ Days - - -
Number of Mortgage Loans in Foreclosure Proceedings -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure Proceedings -
Number of Mortgage Loans in Foreclosure in Prior Month -
Scheduled Principal Balance of all Mortgage Loans in Foreclosure in Prior Month -
Number of Mortgagors in Bankruptcy Proceedings -
Scheduled Principal Balances of Mortgage Loans in Bankruptcy Proceedings -
Number of any REO Properties -
Book Value of any REO Properties -
Servicer Number Principal Balance
Number of 60+ Delinquent Loans Meritech 4 318,780.12
Amount on Deposit in Asset Proceeds Account 2,968,910.19
Interest Funds 1,817,158.87
Capitalized Interest Requirement 79,853.63
Scheduled Principal 138,476.25
Unscheduled Principal 917,275.99
Prefunded Amount Transfer1 16,145.45
1. The trust acquired $72,838,061.31 of Subsequent Mortgage Loans on 12/15/99.
-7-
<PAGE>
PAYMENT DISTRIBUTION STATEMENT
SAXON ASSET SECURITIES TRUST 1999-5
MORTGAGE LOAN ASSET BACKED CERTIFICATES
SERIES 1999-5
STATEMENT TO CERTIFICATEHOLDERS
Realized Losses for the current period -
Cumulative Realized Losses -
Applied Realized Losses -
Unpaid Realized Losses -
Trigger Event Has not occurred
Subordinate Trigger Event Has not occurred
Overcollateralization Target Amount 12,320,000.00
Overcollateralization Amount 16,145.45
8-
</TABLE>
